16 Nobel Prize Winning Economists Say Trump's Plans Will Destroy The Economy

A group of 16 Nobel Prize-winning economists have signed a letter warning about the economic ruin that Donald Trump's economic plans will bring to the United States if he wins reelection. Specifically, his plans for a blanket 10% tariff on all goods entering the country will lead to sudden and massive inflation that dwarf what we witnessed during and after COVID. These people know what they are talking about, and we should take their warnings very seriously, as Ring of Fire's Farron Cousins explains.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

I'm sure our regular viewers here at Ring of Fire have heard me repeatedly say over the years, and especially a lot recently, that we should always listen to people who are smarter than us. That doesn't mean we always have to do what these people who are smarter than us tell us. But when you have people like, I don't know, mental health professionals repeatedly telling us that Donald Trump has severe cognitive issues, we should at least listen to them. And another instance arose this week when 16 Nobel Prize winning economists signed onto a letter warning the United States of America that if Donald Trump gets back into office, it is essentially going to spell economic disaster for the United States. Again, it's not just 16 economists. These are 16 economists who have won the most prestigious prize in economics available on this planet. They are smarter than us on the issue of the economy.

And when they sit there signing a letter telling us in explicit terms how Trump will destroy the economy if he gets back into office, we should probably listen to those people because they know more than me. They know more than you. They are very good at what they do. Here's what they told us specifically. They called out Donald Trump's decision to, or his promise I should say, it's not even a decision. It's a promise that he is going to once again cut taxes for the wealthy elite and he's going to extend permanently the tax cuts that he signed into law at the end of his first year in office in 2017. Those tax cuts did not benefit anybody in this country unless you're in the top 5% of income earners or unless you're a corporation. And they drove up the national debt, they drove up the federal deficit, and if he does it now, they say what will happen is that it will cause massive rapid inflation, the likes of which will make the inflation that we saw post covid look like child's play.

In other words, if Trump gets into office and follows through on his promise to cut taxes for the wealthy elite, we are going to watch inflation go through the roof, and that is going to screw over the average working class majority of Americans who have to buy goods every day. Now, one thing they did not actually call out by name in this letter is Donald Trump's other economic disaster waiting to happen, and that of course is his trade policy. Donald Trump has said that not only does he want a blanket 10% tariff on every good coming into this United States, no matter what country it's coming from, but he also wants a 100% tariff

On everything coming into this country from China. Those economists may not have mentioned it in the letter, but most of them have called that out previously, telling us that yes, that would raise prices by consumers to the point where the average family would end up spending a few thousand dollars more per year on the things they currently buy. Essentially, we will all be screwed economically, financially, fiscally, however you want to describe it. If Donald Trump gets back into office, that is what the smart people are telling us. And for far too long in this country, the smart people have been ignored. The smart people telling us that Donald Trump's brain is a pile of mush have been ignored. The smart people telling us that we are burning down this planet with climate change have been ignored.