23 Nobel-Winning Economists Say Harris Will Be Better for the Economy: Here’s Why
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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Economic issues are top of mind for many voters as they head to the polls this election cycle. According to a recent GOBankingRates survey, the top economic concerns among American voters are inflation (49%) and the future of Social Security and Medicare (27%). As for which candidate they feel would be better for the U.S. economy, Americans seem to be almost evenly split — 44% believe Vice President Kamala Harris will be better for the economy, while 39% believe former President Donald Trump will benefit the economy more.
While the American public doesn’t see a clear winner when it comes to which presidential candidate will be better for the economy, many economic experts believe the economy is in better hands under a Harris White House. More than half of the living U.S. recipients of the Nobel Prize for economics signed a letter stating that a Harris agenda would be “vastly better for the U.S. economy” — here’s why.
‘Harris’ Policies Will Result in a Stronger Economic Performance’
The group of 23 Nobel Prize-winning economists outlined a number of reasons why they felt Harris would be better for the U.S. economy than Trump.
“While each of us has different views on the particulars of various economic policies, we believe that, overall, Harris’ economic agenda will improve our nation’s health, investment, sustainability, resilience, employment opportunities and fairness, and be vastly superior to the counterproductive economic agenda of Donald Trump,” the letter stated.
The economists who signed the letter expressed concerns about the effects of Trump’s proposed tariffs and tax cuts.
“His policies, including high tariffs — even on goods from our friends and allies — and regressive tax cuts for corporations and individuals, will lead to higher prices, larger deficits and greater inequality,” they wrote. “Among the most important determinants of economic success are the rule of law and economic and political certainty, and Trump threatens all of these.”
The economists believe that even though “details of the presidential candidates’ economic programs are not fully laid out yet,” Harris’ proposed policies should improve the overall economy.
“Harris has emphasized policies that strengthen the middle class, enhance competition and promote entrepreneurship,” they wrote. “On issue after issue, Harris’ economic agenda will do far more than Donald Trump’s to increase the economic strength and well-being of our nation and its people.
“Simply put,” the letter concluded, “Harris’ policies will result in a stronger economic performance, with economic growth that is more robust, more sustainable and more equitable.”
Not All Experts Agree
While this group of economists came out in strong support of Harris, other financial experts believe that a Trump presidency would be better for the economy. Cliff Ambrose, founder and wealth manager at Apex Wealth, previously spoke to GOBankingRates about the reasons he feels a Trump presidency would be better for the economy, including the likely renewal of the Tax Cuts and Jobs Act and looser regulations that could spark economic growth and reduce unemployment.
“I think if you take his character out of it and just focus on what his strengths are, it would be in the deal-making arena,” Ambrose said. “A guy who is incredibly successful in business sounds like a guy I would want running, arguably, one of the most powerful corporations in the world, which is the United States. From that pure economic standpoint, that would be my opinion.”
Dawn Allcot contributed to the reporting for this article.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. For more coverage on this topic, please check out I’m an Economist: Here Are the Financial Reasons To Vote for Trump.
Survey methodology: GOBankingRates surveyed 1,004 Americans ages 18 and older from across the country between Aug. 5 and Aug. 7, 2024, asking 20 different questions: (1) Where do you think is the safest place to keep your money?; (2) How much physical cash do you keep at home? ; (3) If you’ve ever been the victim of identity theft, which type of theft did you experience? (Select all that apply); (4) If you’ve ever been the victim of a financial scam, which type of scam did you experience? (Select all that apply); (5) If you’ve ever been the victim of financial fraud, what type of fraud did you experience? (Select all that apply); (6) Altogether, approximately how much money have you lost due to identity theft, financial scams and/or financial fraud?; (7) What red flag tips you off most about a potential scam?; (8) How often do you worry whether your money is unprotected?; (9) Which presidential candidate or potential presidential candidate’s policies do you believe will keep your money safest if elected to the presidency in November 2024?; (10) Which presidential candidate or potential presidential candidate’s policies do you believe will protect Social Security the best if elected to the presidency in November 2024?; (11) Have you ever been scammed while using one of these apps? (Select all that apply); (12) Have you ever been scammed while using any of these social media platforms?; (13) Have you ever paid for services to protect yourself from fraud/scams? (If so, how much do you pay (monthly/annually?); (14) How confident are you that your money is safe where it currently stands?; (15) Which presidential candidate or potential presidential candidate’s policies do you believe will benefit the economy the best if elected to the presidency in November 2024?; (16) Which of the following economic/finance issues is most important to you for the 2024 election cycle?; (17) Which presidential candidate or potential presidential candidate’s policies do you believe will tackle the issue of inflation the best if elected to the presidency in November 2024?; (18) How much does your personal financial situation impact your choice of candidate in the 2024 presidential election?; (19) If you aren’t yet retired, how much do you expect to get from Social Security during your retirement?; and (20) How much of your retirement do you plan to fund with Social Security? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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