Sixteen Nobel economists once again prove that our “expert” class is expert at nothing – Behind The Black – Robert Zimmerman

Earlier this week a group of sixteen Nobel laureate economists issued a public letter endorsing Joe Biden’s economic agenda and claiming that a return of Donald Trump to the White House would lead to economic ruin.

“We believe that a second Trump term would have a negative impact on the U.S.’s economic standing in the world, and a destabilizing effect on the U.S.’s domestic economy,” the economists write in the letter. “Many Americans are concerned about inflation, which has come down remarkably fast. There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets.”

You can read their letter here. It was signed by the following (the date of their Nobel award in parenthesis):

George A. Akerlof (2001), Sir Angus Deaton (2015), Claudia Goldin (2023), Sir Oliver Hart (2016), Eric S. Maskin (2007), Daniel L. McFadden (2000), Paul R. Milgrom (2020), Roger B. Myerson (2007), Edmund S. Phelps (2006), Paul M. Romer (2018), Alvin E. Roth (2012), William F. Sharpe (1990), Robert J. Shiller (2013), Christopher A. Sims (2011), Joseph Stiglitz (2001), and Robert B. Wilson (2020).

What is hilarious about their letter is how it exposes these so-called economic giants as partisan hacks. A dive into their campaign contributions finds that eleven are donors to Joe Biden or the Democrats, while the remaining five have all previously endorsed Biden publicly. Before the 2020 election two of these sixteen economists signed a similar letter, calling for Joe Biden’s election, claiming he would “…build an economy that works for all Americans.” In 2021 thirteen of these same economists then followed up with another letter, endorsing all of Biden’s spending proposals then before Congress (costing an expected $1.9 trillion).

A comparison between the claims in all three letters and what actually happened also reveals how little these economists know about economics….