Biden Endorsed by Group of Nobel Prize-Winning Economists

A group of 13 Nobel Prize-winning economists has announced their endorsement of Democrat Joe Biden in November’s general election.

The economists announced their endorsement in a letter released by the Biden campaign. The signatories are the economists George Akerlof, Peter Diamond, Oliver Hart, Eric Maskin, Daniel McFadden, Roger Myerson, William Nordhaus, Edmund Phelps, Paul Romer, Robert Solow, Michael Spence, Joseph Stiglitz, and Richard Thaler. 

“While each of us has different views on the particulars of various economic policies, we believe that Biden’s overall economic agenda will improve our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness and be vastly superior to the counterproductive economic policies of Donald Trump,” they wrote. 

Elsewhere, they praised Biden for his science-based approach: “Throughout the coronavirus crisis, Biden has recognized that science-based, public health solutions are critical not only to saving lives, but to any viable strategy to restore economic confidence, recovery, and jobs. Similarly, on issue after issue, Biden’s economic agenda will do far more than Donald Trump’s to increase the economic strength and well-being of our nation and its people.” 

Economic prospects have remained grim under President Donald Trump, particularly in the absence of federal relief as the coronavirus pandemic continues to hollow out the economy.

Wall Street analysts say the chances of Congress approving a federal stimulus package are “effectively zero” now that the conversation has shifted to filling the late Justice Ruth Bader Ginsburg’s Supreme Court seat.

With the passing of Justice Ginsburg, the level of rhetorical heat has increased, if that seemed even possible,” Greg Staples, head of fixed income for the Americas at DWS Group, told Axios. “What little time is left on the Congressional calendar … will be focused on Trump’s Supreme Court nominee. We now view the chances of a new stimulus package prior to the election to be effectively zero.”

Lawmakers are no closer to approving a stimulus package than they were in July when a $600 unemployment boost expired. Other provisions in the CARES Act, the financial relief package that passed Congress six months ago, are due to expire by the end of 2020.