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FIRST ON FOX: A letter signed by 16 prime economists warning of the financial risks of electing former President Trump, which is being amplified by the Biden marketing campaign and different Biden surrogates, is suffering from signatories who’ve both donated to Biden or supported him politically previously.
“Whereas every of us has completely different views on the particulars of assorted financial insurance policies, all of us agree that Joe Biden’s financial agenda is vastly superior to Donald Trump,” the economists wrote in a letter first reported on by Axios this week that has been promoted by numerous members of the Biden marketing campaign on X, previously often known as Twitter.
A Fox Information Digital overview of the letter’s Nobel Prize-winning signatories exhibits political donations to President Biden’s 2020 and 2024 campaigns. The signatories additionally donated tens of hundreds of {dollars} to different Democrat candidates and signed earlier letters supporting Biden’s agenda, together with attacking “egocentric and stressed” Trump.
Economist Joseph Stiglitz, the Columbia College professor who reportedly spearheaded the letter, beforehand signed a letter supporting Biden’s Construct Again Higher agenda and donated $1,250 to the Biden Victory Fund in 2020.
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Former President Trump and President Biden (Getty Pictures)
Between 2004 and 2020, Stiglitz donated over $90,000 to Democrat candidates, FEC information present.
Georgetown College Professor George A. Akerlof, who’s married to Biden’s Treasury Secretary Janet Yellen, donated $25,000 to the Biden Victory Fund and maxed out as a donor in 2020, giving the marketing campaign $5,600.
Akerlof, who donated practically $90,000 to Democrats between the Nineties and 2022, additionally signed a letter supporting Construct Again Higher, and signed a letter in 2020 calling Trump’s re-election effort “egocentric and reckless.”
Treasury Secretary Janet Yellen speaks throughout a press convention on the U.S. Embassy in Beijing, China, July 9, 2023. (AP Photograph/Mark Schiefelbein)
Harvard College economist and historian Claudia Goldin donated $500 to the Biden marketing campaign in 2020 and 2024 and has donated over $8,000 to Democrats in recent times. Goldin additionally signed a 2020 letter endorsing the Biden marketing campaign.
Economist and mathematician Eric Maskin signed a 2020 letter expressing assist for the Biden marketing campaign’s agenda and donated $3,000 to Democrats in recent times, together with Senate candidates Raphael Warnock, Beto O’Rourke and Jon Ossoff.
When reached for touch upon his background supporting Biden and Democrats, Maskin mentioned, “Though I’m a registered Democrat and have donated cash to Democratic candidates occasionally, I’ve additionally voted for a lot of Republicans through the years (together with Invoice Weld and Charlie Baker for governor of Massachusetts)” in a press release to Fox Information Digital.
He added that he considers himself to “be extra a centrist than a powerful partisan in both ideological route” and pointed to an op-ed he just lately wrote towards political polarization in favor of a Republican senator and “supported the 2020 Biden agenda on its financial deserves and signed the current letter for a similar causes.”
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Paul Milgrom, an economist at Stanford College, additionally beforehand signed letters supporting Construct Again Higher and calling Trump’s 2020 marketing campaign “egocentric and reckless.”
Daniel McFadden, an economics professor at UC Berkeley, donated a minimum of $4,500 to Democrats in 2020. He additionally signed onto a letter saying Biden’s Construct Again Higher plan will “ease” inflation. He was additionally a part of one other letter endorsing Biden in 2020.
President Biden has obtained backlash over his “Construct Again Higher” agenda from Republicans and Democrats. (Reuters)
Roger Myerson, an economist on the College of Chicago, donated $2,350 to the Biden marketing campaign in 2020 and $250 in 2024 on prime of donating over $40,000 to Democrats between 2004 and 2024.
Myerson additionally beforehand signed a letter backing Construct Again Higher and Biden’s financial restoration agenda. The College of Chicago economist took to X after the letter was printed, posting, “A dictator from day 1 can be dangerous for America, and we must always testify to that reality as patriotic People.”
“As economists we will testify that his insurance policies wouldn’t assist towards inflation both,” he added.
Economist Edmund S. Phelps wrote an article in 2020 known as “The Financial Case for Biden” and in addition mentioned that every little thing Trump has stood for previously has been a “catastrophe.”
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Phelps has additionally donated to Democrats previously, together with a $1,500 donation to a Democratic Home candidate and $25 to Pete Buttigieg.
Paul Romer, an economist at Boston Faculty, has beforehand described the Trump years as “depressing” and publicly supported his impeachment. Romer endorsed Biden in a 2020 letter, praised Biden’s pandemic plan, and signed a letter in assist of Construct Again Higher.
Stanford College economist Alvin Roth additionally signed a number of letters opposing Trump and supported the letter that referred to him as “egocentric and reckless” on prime of donating $1,250 to presidential candidate Barack Obama in 2008.
Nobel Prize-winning economist William Sharpe donated $500 to the Biden marketing campaign and $500 to the Biden Victory Fund in 2020. Sharpe additionally signed a letter to enterprise leaders in 2020 arguing that it was time to talk out towards Trump and the “risk” he “poses to the Republic.”
Former President Obama confers with President Biden throughout a ceremony to unveil Obama’s official White Home portrait on Sept. 7, 2022, in Washington, D.C. (Kevin Dietsch/Getty Pictures)
Robert Shiller, a Yale College economist, donated $1,000 to the Biden Victory Fund in 2020 and over $20,000 to Democrats in whole in recent times. In 2019, Shiller mentioned he would assist any candidate over Trump.
Princeton College economist Christopher Sims donated $500 to the Biden Victory Fund in 2020 and over $9,000 to varied Democrats.
Two British economists on the checklist, Sir Oliver Hart and Sir Angus Deaton, signed a letter in assist of Construct Again Higher. Hart endorsed Biden in 2020 and in addition signed the 2020 letter calling Trump “egocentric and reckless.”
A number of Biden marketing campaign officers pounced on the story Tuesday morning to amplify the Axios report, together with the Biden marketing campaign’s speedy response adviser, James Singer, and marketing campaign supervisor, Julie Chavez Rodriguez.
White Home senior deputy press secretary Andrew Bates and different Biden surrogates additionally shared the report and quoted from it, together with California Gov. Gavin Newsom.
Tim Murtaugh, who served as Trump’s 2020 marketing campaign spokesman, mocked the report on social media Tuesday saying, “How wonderful that this occurs simply in time for Biden to reference it within the upcoming debate (it’s a great guess that he does).”
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“It’s nearly as a lot of a stroke of luck because the letter from 51 intelligence officers claiming that Hunter’s laptop computer was Russian disinformation,” Murtaugh continued. “Wonderful.”
Axios didn’t observe the earlier political activism of the economists within the story nor did they observe that one of many prime signatories is married to Biden’s treasury secretary, Janet Yellen.
Axios didn’t reply to a request for remark from Fox Information Digital.
Fox Information Digital reached out to the Biden marketing campaign and all 16 economists for remark.
Andrew Mark Miller is a reporter at Fox Information. Discover him on Twitter @andymarkmiller and e mail tricks to [email protected].
