Wednesday, November 2, 2016

What the hell do economists know anyway?!

Donald Trump claims to be an expert deal maker and businessman. Hundreds of economists aren't convinced and have urged voters to consider another candidate on Nov. 8.

Donald Trump is an expert businessman. Just ask him and he'll tell you.

Throughout his campaign for the presidency Trump has promoted his books, including Art of the Deal and Great Again: How to fix our crippled America, and touted his success as a businessman and deal maker.

Yet, hundreds of the nation's top economists weren't fooled by Trump and his con man antics.

Nearly 400 prominent economists, including Oliver Hart, the Harvard University professor who won a Nobel Memorial Prize in Economic Sciences this year, and Paul Romer, the chief economist of the World Bank, signed an open letter urging voters to choose another candidate:
"Donald Trump is a dangerous, destructive choice for the country," the letter said. "He misinforms the electorate, degrades trust in public institutions with conspiracy theories, and promotes willful delusion over engagement with reality."
According to AOL Finance, the economists highlighted some of their reasons for the letter saying Trump:
  • "Misled voters in in states like Ohio and Michigan" by saying that renegotiating the Nafta trade agreement would increase employment in manufacturing. The economists said manufacturing losses were due mostly to automation and not trade.
  • "Claims that he will eliminate the fiscal deficit" while proposing a plan that the Tax Foundation says would decrease tax revenue by $2.6 trillion to $5.9 trillion. 
  •  "Uses immigration as a red herring to mislead voters about issues of economic importance," including the stagnation of wages in households with lower education levels, which the economists say "diverts the public debate."
  • "Misled the public by asserting that U.S. manufacturing has declined," though the economists point out that the level of manufacturing output in the US has more than doubled since 1980.
  • "Has lowered the seriousness of the national dialogue" by proposing that the elimination of government departments such as the Environmental Protection Agency and the Department of Education would significantly reduce the fiscal deficit.
Trump supporters will dismiss this letter. Hopefully, the educated among you won't be fooled.

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