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Trump Would Make America’s Inflation Crisis Worse, 16 Nobel Economists Warn

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In today’s economy, inflation is the public enemy number one. Americans are fed up with the high cost of living, and former President Donald Trump promises to assist.

However, 16 Nobel Prize-winning economists warn that Trump’s policies will not only fail to address inflation but will exacerbate the problem.

“We, the undersigned, are deeply concerned about the risks of a second Trump administration for the US economy,” the economists said in their Tuesday letter, which Axios first reported.

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Trump Would Make America’s Inflation Crisis Worse, 16 Nobel Economists Warn

The letter, spearheaded by renowned economist Joseph Stiglitz, stated that there are legitimate concerns that Trump’s plan may “reignite” inflation.

The academics specifically point to Trump’s “fiscally irresponsible budgets” and nonpartisan studies from the Peterson Institute, Oxford Economics, and Allianz, which conclude that the Trump program, if implemented, will boost inflation.

According to the Committee for a Responsible Federal Budget, Trump has approved $8.4 trillion in new 10-year borrowing during his term, about twice as much as President Joe Biden has thus far.

Not only does Trump want to extend his 2017 tax cuts, which the Congressional Budget Office estimates will cost over $5 trillion, but the former president also told CEOs in a closed-door meeting that he wants to lower corporate tax rates even further.

However, lowering taxes risks speeding up an economy at a time when the Federal Reserve is working hard to slow it down to combat inflation.

“The outcome of this election will have economic repercussions for years, if not decades,” the economists wrote in their letter. “We believe that a second Trump term would have a negative impact on the US’s economic standing in the world and a destabilizing effect on the US’s domestic economy.”

The Stiglitz-led letter did not directly mention Trump’s trade or immigration plans, but several mainstream economists worry they will also be inflationary.

Trump has asked for higher tariffs on China and all other trading partners, which Moody’s Analytics predicts will destroy jobs and increase inflation. Trump claims that tariffs will save jobs while punishing China for trade abuses that both parties are fed up with.

Biden has maintained the vast majority of Trump-era tariffs while recently lifting some tariffs on China but in a more targeted manner.

Some economists also fear that Trump’s intentions to undertake an immigration crackdown, including record deportations, will overheat the labor market and raise consumer prices.

In their letter, the 16 Nobel laureates expressed concern about the rule of law and stability if Trump is elected president again.

“Among the most important determinants of economics success are the rule of law and economic and policy certainty,” according to the letter. “Donald Trump and the vagaries of his action and policies threaten this stability and the US’s standing in the world.”

Beyond Stiglitz, the letter was signed by Robert Shiller, who notably predicted the mid-2000s housing bubble, Paul Romer, former World Bank head economist, and George Akerlof, the husband of US Treasury Secretary Janet Yellen.

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Trump | CNN Image

Trump Would Make America’s Inflation Crisis Worse, 16 Nobel Economists Warn

Economists, on the other hand, praised Biden’s economic efforts, stating that his substantial investments in infrastructure, manufacturing, and climate will reduce long-term inflationary pressures and facilitate the transition to sustainable energy.

“While each of us has different views on the particulars of various economic policies,” the letter’s authors said, “we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump’s.”

In response, Trump’s team slammed economists and blamed Biden for soaring inflation.

“The American people don’t need worthless out-of-touch Nobel Prize winners to tell them which president put more money in their pockets,” Karoline Leavitt, the Trump campaign’s national press secretary, said CNN. “Americans know we cannot afford four more years of Bidenomics, and when President Trump is back in the White House, he will reimplement his pro-growth, pro-energy, pro-jobs agenda to bring down the cost of living and uplift all Americans.”

To be sure, both economists and Nobel Prize recipients have a crystal ball.

And voters give Trump stronger scores for the economy.

According to CNN’s Harry Enten, the average of surveys shows that Trump is leading Biden by 18 points in inflation and 13 points in the economy.

In a May ABC News/Ipsos poll, more than 80% of respondents said the economy and inflation were major factors in their vote, with Trump leading Biden by 14 points on both subjects.

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Trump | CNN Image

Trump Would Make America’s Inflation Crisis Worse, 16 Nobel Economists Warn

Voters have expressed worries about Biden’s economic policies. In a late April CNN poll, only 34% of Americans supported Biden’s economic policy, and even fewer (29%) supported Biden’s stance on inflation.

However, other analysts are concerned about what Trump’s ideas may imply for the economy.

Last week, Moody’s Analytics warned that if Republicans win power in November, a toxic combination of higher tariffs, fewer immigrants, and tax cut-fueled stimulus will force inflation to reaccelerate, unemployment to rise beyond 5%, and the US economy to enter a recession.

In contrast, Moody’s discovered that if Biden wins and Congress is divided, the Fed will decrease interest rates, inflation will return to normal, and the US economy will avoid a recession.

SOURCE – (CNN)

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Kiara Grace
Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics. Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Telehealth May Be Able to Stop Suicide in High-Risk Individuals.

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HealthDay

(VOR News) – The results of a recent study suggest that telehealth therapy may lower the risk of suicide. In the United States, a study was conducted.

The results of a study that was published in the journal JAMA Network Open on November 12 indicate that cognitive behavior therapy can help lower the number of suicide attempts and thoughts.

US Telehealth researchers conducted the study.

This predicament is still true even when therapy is delivered via telehealth for a little period of time. As a result of the information they discovered during the investigation, the researchers finally reached this conclusion.

According to a study conducted by clinical psychologist Justin Baker, a researcher at Ohio State University, this is information that should be promoted.

According to Baker, this is a result of the fact that, at this specific point in history, therapy is increasingly being delivered via the use of virtual methods.

Baker was said to have stated, “The nearly overnight shift from mostly in-person to mostly virtual therapy appointments following the onset of the COVID-19 pandemic was the impetus for this research question.” Ohio State published a press release that contained this message.

In making this claim, Baker was alluding to the fact that the shift occurred very immediately after the outbreak began. Baker was referring to the changes brought about by the pandemic outbreak spreading significantly.

It has long been thought that patients who are deemed to be at high risk are not suitable candidates for virtual healthcare. This is because the use of virtual healthcare is linked to both accountability and the possibility of harm.

We randomly assigned the following telehealth programs to 96 Americans:

They received instruction on how to control and alter the disturbing ideas and bad notions they were experiencing through telehealth cognitive behavioral therapy, with a special emphasis on suicide. They received this instruction while participating in the activity.

A treatment method called present-centered therapy is used to help patients deal with the difficulties they are currently confronting in their life.

The results of the study conducted by the researchers demonstrated that a present-focused approach to treatment is a successful way to reduce depressive symptoms and suicidal thoughts. Research has shown that therapeutic approaches that focus on the present moment are useful.

However, the results of this study show that when it came to reducing the proportion of patients who attempted suicide while getting telehealth services, cognitive behavioral therapy outperformed present-centered therapy.

Furthermore, the results showed that both treatments were effective in lowering the number of suicidal thoughts that patients thought about taking their own lives. The effectiveness of both therapies served as evidence for this.

Craig Bryan, a researcher and the chairman of telehealth Ohio State University’s Suicide Prevention Program, says, “We have good, tested treatments that will lead to significant symptom reduction and improved quality of life for those who are suffering from suicidal thoughts and behaviors.”

In addition, Bryan is currently the program’s leader. Additionally, Bryan is currently in charge of the program. “We have treatments that have been proven to be effective.”

Bryan said that a considerable percentage of therapists are still maintaining some aspect of their telemedicine practice following the epidemic, even though limitations are being loosened.

This leads to the scenario even when boundaries are being loosened. “The results of this study have the potential to expand access to essential treatments that are supported by evidence for people living in rural and difficult-to-reach areas.”

You should call the telehealth Suicide and Crisis Lifeline at 988 if you or a loved one is experiencing an emotional or suicide crisis if you are experiencing emotional distress. They are available to listen to your issues as well as offer support.

SOURCE: USN

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The Main US Inflation Tracker Increased For The First Time Since March.

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Salman Ahmad
Salman Ahmad is a seasoned freelance writer who contributes insightful articles to VORNews. With years of experience in journalism, he possesses a knack for crafting compelling narratives that resonate with readers. Salman's writing style strikes a balance between depth and accessibility, allowing him to tackle complex topics while maintaining clarity. His commitment to thorough research ensures his pieces are well-informed and thought-provoking. Salman's contributions enrich VORNews' content, offering readers a fresh perspective on current events and pressing issues.
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The Main US Inflation Tracker Increased For The First Time Since March.

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(VOR News) – The challenging road to lower levels is demonstrated by the fact that one of the most important measures of inflation in the United States has increased for the first time since March.

The consumer price index (CPI), a metric that gauges price inflation across a variety of goods, at an annual rate of 2.6% as October reached its peak. The CPI has never been higher than it was at this time.

According to reports, the rate was 2.4% last month, the lowest in over three years. This rate is higher than the one that was noted the month before.

Eliminating food and energy, “core” inflation stayed at 3.3%.

This occurred upon completion of the computation. Following this stage, the index underwent a thorough analysis. A reading was considered accurate if it agreed with the estimates provided by economists.

Even though inflation has somewhat decreased since reaching its greatest level in four decades in the summer of 2022, many Americans still face financial hardship as a result of years of rising prices. This can be attributed to the fact that inflation peaked in the summer of 2022.

According to exit poll results, a significant number of Republican voters expressed dissatisfaction with their own financial circumstances as well as the state of the US economy.

Their voiced displeasure was a reflection of their dissatisfaction. A significant factor that contributed to the election was the ire generated by the rising cost of living. This rage was among the most important factors.

Concerns have been expressed regarding the real effects that these reforms would have on the inflation rate. Donald Trump proposed tax cuts and tariffs as workable answers throughout his campaign, but there have been questions raised over the real effects of these measures.

The next president has promised to levy tariffs on all U.S. imports that are at least 10 percent higher than the current rate, according to the results of a research by Yale’s Budget Lab.

The implementation of this strategy, which many industry experts believe would almost surely result in an increase in inflation of up to 5.1%, has already been made public.

It was the first time in four years that the Federal Reserve started lowering interest rates in September, which marked the first time in four years they had done so.

This was the first time they had ever implemented inflation.

The Federal Reserve has reached a significant turning point in its attempts to control inflation at this particular moment. Additional interest rate cuts were implemented Monday, lowering them to their lowest point since February 2023. Since February 2023, they have not been this low.

The Federal Reserve’s chairman, Jerome Powell, said the Fed “has gained confidence that we’re on a sustainable path down to 2%,” the target it has set for its inflation rate.

He hosted a news conference where he made this declaration. Considering the previously mentioned, he added that “the task is incomplete.”

As part of its “dual mandate,” the Fed is working to keep inflation from rising while also keeping the unemployment rate from rising. This is being done from the Federal Reserve’s point of view.

Over the past few months, the labor market has been significantly slowing down; in October, the United States created just 12,000 new jobs.

This suggests that there is a downturn in the labor market. In October 2023, the unemployment rate was 4.1%, which was a low figure that was similar to levels before the sickness started. Since the illness had not yet spread, this was the situation. This occurred following a reduction in the rate, which came to 3.4% in February 2023.

In response to a query concerning the impact of the election on the Federal Reserve’s interest rate decisions, Powell said that officials “do not know the timing or substance of any policy changes.”

Powell was questioned on the significance of the election. As a consequence, we are unable to determine the possible economic impact of this. The current circumstances are to blame for this.

SOURCE: TG

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Salman Ahmad
Salman Ahmad is a seasoned freelance writer who contributes insightful articles to VORNews. With years of experience in journalism, he possesses a knack for crafting compelling narratives that resonate with readers. Salman's writing style strikes a balance between depth and accessibility, allowing him to tackle complex topics while maintaining clarity. His commitment to thorough research ensures his pieces are well-informed and thought-provoking. Salman's contributions enrich VORNews' content, offering readers a fresh perspective on current events and pressing issues.
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Trudeau Government Forces Port Workers Back to Work

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The Canadian Labor Minister Steven MacKinnon forced striking union workers back to work.

The Trudeau government has invoked federal authority to halt union strike actions at the ports of Vancouver, Prince Rupert, and Montreal, claiming economic damage and the loss of trading partners.

This is the second time in a few months that the Trudeau government has intervened to end a labor conflict. In August, Trudeau ordered work stoppages at the country’s two main railway corporations to cease.

Canadian Labor Minister Steven MacKinnon stated that the supply chain has been damaged and that it will take weeks to clear the container congestion affecting Canadian and US companies. He informed reporters that he had ordered the country’s industrial relations board to end the strike and impose binding arbitration.

“As the economic losses threaten the country and begin to mount, it is up to the government to ensure that … we can get on with the economic life of this country and avoid layoffs and other carnage,” he stated during a news conference.

“Canadians have a limited tolerance right now for economic self-harm.”

The issue, which MacKinnon claimed was hurting more than C$1.3 billion ($932 million) in goods every day, has already hampered shipments of canola oil, forest products, and other goods. Business organizations applauded the announcement.

Union Strike Action Heads to Court

International Longshore and Warehouse Union Local 514, representing supervisory longshore workers at the core of the British Columbia conflict, has announced that it will submit a legal challenge to the minister’s instructions.

“We will fight this order in the courts,” stated Frank Morena, president of ILWU Local 514.

“And we will not forget how these employers and this federal Liberal government have attacked not only the ILWU but all of labor.”

MacKinnon said the Canada Industrial Relations Board, which is independent but reports to Ottawa, will issue the required orders in a few days.

The left-leaning government has previously declared that it prefers to resolve labor problems through collective bargaining. MacKinnon said he was forced to interfere when federal mediators reported that discussions in Montreal and Vancouver had reached a stalemate.

The left-of-center opposition New Democrats, a pro-union group supporting the minority Liberal administration, accused Ottawa of giving in to employers.

“Back-to-work orders suppress wages for all Canadians, so billionaires get richer, and the rest of us fall further behind,” leader Jagmeet Singh said in a statement but did not mention bringing the Liberals down.

Trudeau Government Sends Dangerous Message

The Teamsters union, representing employees at the two major train companies, has launched court challenges to labor board judgments that ordered them back to work.

“The government is sending a dangerous message: employers can bypass meaningful negotiations, lock out their workers, and wait for political intervention to secure a more favorable deal,” the Canadian Labour Congress said.

After rejecting a final offer for a new labor deal, the Montreal Longshoremen’s Union called a lockout. As a result, canola oil and forest products exports from West Coast ports, including Vancouver, have ceased.

“These work stoppages are impacting our supply chain, hundreds of thousands of Canadian jobs, our economy, and our reputation as a reliable international trading partner,” said MacKinnon, who said employers and unions had not acted quickly enough.

“I’ve directed the Canada Industrial Relations Board to order that all operations and duties at the ports resume and to assist the parties in settling their collective agreements by imposing final and binding arbitration,” he told reporters.

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Geoff Thomas
Geoffrey Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.
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