US Economy: Trump Or Biden Better For The Country? Economists Weigh In On Candidates
While the coronavirus outbreak, Supreme Court appointments and universal health care are considered key issues in the 2020 presidential campaign, most voters in this election cycle may still cast their vote for the candidate who is best for the economy.
On Friday, 765 economists issued an open letter warning against President Donald Trump, offering 15 bullet points that rejected the current administration.
"[Trump] has made the country a less appealing place to do business by creating an atmosphere of perpetual chaos and uncertainty, and by using the levers of government to punish individuals and businesses that were insufficiently reverential," the letter reads.
Some of the economists include Nobel laureates Paul Milgrom, Oliver Hart and Alvin Roth. In total, there were 12 Harvard economists who signed the letter.
Trump has had a contentious relationship with economists. Janet Yellen, who was in the letter, stated in February 2019 that Trump does not have a grasp of economic policy. Trump in August 2019 described Fed chairman Jay Powell as an "enemy" and likened him to Chinese President Xi Jinping.
The letter also states that Trump "claimed to have the unique ability to generate growth [in real GDP] of between 4% and 6%, but never surpassed 2.9% in his first three years in office. Furthermore, analysts at Goldman Sachs and Moody’s Analytics have projected that Joe Biden’s economic plans, if implemented, would actually generate faster growth in both employment and real GDP."
The letter comes after Trump slammed Biden's economic policy in Thursday's presidential debate.
"[Biden] wants to raise everybody’s taxes and he wants to put new regulations on everything. He will kill it," Trump said. "If he gets in, you will have a Depression, the likes of which you’ve never seen. Your 401(k)s will go to hell, and it’ll be a very, very sad day for this country."
The economy is the most important issue for voters in the election, according to a survey released in August by the Pew Research Center.
The survey showed that 79% of registered voters "say the economy will be very important to them in making their decision about who to vote for in the 2020 presidential election." The voters also listed health care (68%), Super Court appointments (64%) and the coronavirus outbreak (62%) as issues that are "very important."
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