CBS News
16 Nobel Prize-winning economists are warning that Trump’s economic plans could reignite inflation
Sixteen of the world’s most notable economists — all Nobel Prize winners — are warning that former President Donald Trump could stoke inflation if he wins the presidency in November and moves forward with his economic plans.
“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,” according to a letter signed by the economists, who include Joseph Stiglitz, a Columbia University professor who won the Nobel prize for economics in 2001; and Yale professor Robert Shiller, who won the Nobel prize for economics in 2013.
The warning comes as the U.S. continues to battle sticky inflation, with the Federal Reserve maintaining the highest interest rates in more than two decades with the goal of cooling the economy and driving inflation down to a 2% annual rate. Even though inflation has cooled from a recent peak of 9.1% in June 2022, inflation-weary Americans are glum about the economy, with 6 in 10 rating it as either bad, fairly bad or very bad, according to the latest CBS News poll.
Trump’s policies could prove to be inflationary, other economists also warned, such as his proposal to create a 10% across-the-board tariff on all imports to deporting immigrants. The tariff plan would add $1,700 in annual costs for the typical U.S. household, essentially acting as an inflationary tax, according to experts at the Peterson Institute for International Economics.
Deporting immigrants could shrink the labor force, creating more competition for U.S. workers and pushing up wages, also adding to inflationary pressure, economists warn.
While the letter from Stiglitz and the other 15 Nobel Prize winners didn’t detail the specifics of any part of Trump’s plans, it did single out praise for some of President Joe Biden’s economic policies, ranging from his Inflation Reduction Act to investment in U.S. manufacturing.
“In his first four years as President, Joe Biden signed into law major investments in the U.S. economy, including in infrastructure, domestic manufacturing and climate,” the letter said. “Together, these investments are likely to increase productivity and economic growth while lowering long-term inflationary pressures and facilitating the clean energy transition.”
They added, “While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump’s.”
“Top economists, Nobel Prize winners, and business leaders all know America can’t afford Trump’s dangerous economic agenda,” Biden campaign spokesperson, James Singer, told CBS MoneyWatch.
“In Donald Trump’s America, the rich pay less, and working Americans pay more,” he added.
“The American people don’t need worthless out-of-touch Nobel Prize winners to tell them which president put more money in their pockets,” Trump campaign national press secretary Karoline Leavitt said in an emailed statement to CBS MoneyWatch.
If re-elected, Trump plans to implement a “pro-growth, pro-energy, pro-jobs agenda to bring down the cost of living and uplift all Americans,” she added.
“We the undersigned”: Read the letter
You can read the text of the letter below:
We the undersigned are deeply concerned about the risks of a second Trump administration for the U.S. economy.
Among the most important determinants of economic success are the rule of law and economic and political certainty. For a country like the U.S., which is embedded in deep relationships with other countries, conforming to international norms and having normal and stable relationships with other countries is also an imperative. Donald Trump and the vagaries of his actions and policies threaten this stability and the U.S.’s standing in the world.
While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump’s. In his first four years as President, Joe Biden signed into law major investments in the U.S. economy, including in infrastructure, domestic manufacturing, and climate. Together, these investments are likely to increase productivity and economic growth while lowering long-term inflationary pressures and facilitating the clean energy transition.
During Joe Biden’s presidency we have also seen a remarkably strong and equitable labor market recovery — enabled by his pandemic stimulus. An additional four years of Joe Biden’s presidency would allow him to continue supporting an inclusive U.S. economic recovery.
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. Nonpartisan researchers, including at Evercore, Allianz, Oxford Economics, and the Peterson Institute, predict that if Donald Trump successfully enacts his agenda, it will increase inflation.
The outcome of this election will have economic repercussions for years, and possibly decades, to come. 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.
Signed,
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 E. Stiglitz (2001)
Robert B. Wilson (2020)
CBS News
2 sisters, 7 years apart in age, also receive heart transplants 7 years apart in Chicago
CHICAGO (CBS) — Two sisters have grateful hearts after they both received heart transplants at the same age—seven years apart.
Younger sister Meredith Everhart and older sister Abbey Cannon are now bonded by a genetic condition and a second chance at life.
“What’s ironic is that when she needed a heart transplant, was exactly the same age I needed a heart transplant,” said Cannon. “Seven years apart in age, seven years apart within 30 days of transplant, and our birthdays are within 30 days.”
The sisters share a special bond of getting a second chance at life, which they both received at the age of 38 years old.
Both sisters suffer from hypertrophic cardiomyopathy—otherwise known as HCM.
The genetic condition is a form of heart disease that causes the heart muscle to thicken.
In 2012, Cannon had chest pain. She was misdiagnosed in Nashville, Tennessee, and got a second opinion at Northwestern Medicine in 2016.
“Within six months, I was inpatient on an aortic balloon pump waiting for a heart,” Cannon said. “I ended up getting my heart 32 days later, So my date is February 27, 2017.”
Just months after Cannon’s transplant, Everhart was diagnosed with HCM too. She tried medication and participated in clinical trials, but her condition kept getting worse.”
“For me, it was, she’s right—I was in denial for a long time,” said Everhart, “and I didn’t want to be sick. I was in my 20s. I was in my early 30’s. I was like, this is not happening. I saw how bad she suffered.”
In May 2022, Everhart got COVID-19, and it sent her into heart failure.
She was added to the transplant list one year later.
“I got the call on January 29 of this year, 2024, and it’s been a journey,” Everhart said. “It’s been fantastic though. Northwestern has been great.”
Cannon said she can’t stress enough how important it is to become an organ donor.
“Had we not had someone that gave that most selfless gift, neither of us would be here,” she said.
CBS News
Congo says mystery disease behind dozens of deaths of women and children finally identified as severe malaria
Johannesburg — For weeks it was dubbed simply “Disease X.” But the mysterious flu-like disease that has killed more than 143 people — mainly women and young children — in the Democratic Republic of Congo has finally been identified.
“The mystery has finally been solved,” Congo’s health ministry declared in a statement on Tuesday. “It’s a case of severe malaria in the form of a respiratory illness.”
The health agency said malnutrition in the hardest-hit region had weakened the local population’s immunity, leaving them more vulnerable to the disease. People who contracted the malaria infection have exhibited symptoms including headache, fever, cough and body ache.
The Congo’s health minister had told journalists the country was on “maximum alert” over the spread of the previously unidentified disease, and health officials told CBS News in early December that the remoteness of the epicenter of the outbreak and lack of a diagnosis made it difficult to launch a concerted response.
At least 592 cases were reported after the alert was first raised by Congo’s health ministry on Oct. 29. The ministry said the disease had a fatality rate of 6.25%. More than half of the deaths recorded were children younger than five who were severely malnourished when they contracted the disease, according to the World Health Organization.
At a press briefing on Dec. 10, WHO Director-General Tedros Adhanom Ghebreyesus said 10 out of 12 samples from patients suffering from the mysterious disease had tested positive for malaria, but he said they were still testing at the time for other diseases.
The Congolese government had sent a rapid intervention team to the Kwango province, 435 miles southeast of capital city Kinshasa, consisting of epidemiologists and other medical experts. Their objective was to identify the disease and mount a suitable response. Government officials had earlier warned locals to avoid touching people infected with the illness or the bodies of those who had died.
Congo has suffered from many disease outbreaks in recent years, including typhoid, malaria and anemia. The country has also grappled with an mpox outbreak, with more than 47,000 suspected cases and over 1,000 suspected deaths from the disease, according to the WHO.
Anti-malaria medicine provided by the WHO was being distributed at local health centers in Congo, and WHO officials said more medical supplies were due to arrive in the country Wednesday.
It’s the rainy season in Congo, which often sees a rise in malaria cases, and will certainly complicate treating those most at risk.
CBS News
Russia says suspect detained in killing of Gen. Igor Kirillov, head of Russian chemical weapons unit
Moscow — Russia’s security service said Wednesday that it had detained a suspect in the killing of a senior general in a Moscow bomb blast. The suspect was described as an Uzbek citizen whom the agency said had been recruited by Ukrainian intelligence services.
Ukrainian security sources told CBS News on Monday that the Security Service of Ukraine (SBU) was behind the explosion that killed Lt. General Igor Kirillov. The claim couldn’t be independently verified, but Russian officials quickly vowed to take revenge against Ukraine’s leaders.
Russia’s Federal Security Service didn’t name the suspect, but it said he was born in 1995. According to an FSB statement, the suspect said he was recruited by Ukrainian special services.
“Kirillov was a war criminal and an absolutely legitimate target, since he gave orders to use prohibited chemical weapons against the Ukrainian military,” an informed source in the SBU asserted to CBS News. “Such an inglorious end awaits everyone who kills Ukrainians. Retribution for war crimes is inevitable.”
Kirillov was killed by a bomb hidden in an electric scooter outside his apartment building in Moscow, a day after Ukraine’s security service leveled criminal charges against him. His assistant also died in the attack.
The FSB said the suspect had been promised a reward of $100,000 and permission to move to a European Union country in exchange for killing Kirillov. It said that, acting on instructions from Ukraine, the suspect traveled to Moscow, where he picked up a homemade explosive device. He then placed the device on an electric scooter and parked it at the entrance of the residential building where Kirillov lived.
The suspect then rented a car to monitor the location and set up a camera that livestreamed video from the scene to his handlers in the central Ukrainian city of Dnipro. When Kirillov was seen leaving the building, the suspect detonated the bomb.
According to the FSB’s statement, the suspect faces “a sentence of up to life imprisonment.”
Kirillov, 54, was the chief of the Russian military’s radiological, biological and chemical protection forces. Either Kirillov himself or his military unit were sanctioned by several countries, including the U.S., Britain and Canada, for the alleged use of chemical weapons on the battlefield in Ukraine. On Monday, Ukraine’s SBU had opened a criminal investigation against him, accusing him of directing the use of banned chemical weapons.
Ukraine’s SBU has said it recorded more than 4,800 occasions when Russia used chemical weapons on the battlefield since President Vladimir Putin launched his full-scale invasion in February 2022. In May, the U.S. State Department announced sanctions against Kirillov’s unit, saying the U.S. had recorded the use of chloropicrin, a poison gas first deployed in World War I, against Ukrainian troops.
Russia has denied using any chemical weapons in Ukraine and, in turn, has accused Kyiv of using toxic agents in combat, and Kirillov was allegedly behind the spread of that propaganda.
Kirillov, who had been in his post since April 2017, was accused by the U.S. government of helping to spread disinformation about biological weapons and research.
In March 2023, about a year into Russia’s full-scale invasion, the U.S. State Department said Kirillov had “significantly increased his media engagement” to issue repeated, baseless claims that the U.S. government had been involved in creating both the mpox virus and COVID-19, and that the U.S. “is developing biological weapons able to selectively target ethnic groups.”
“The U.S. Government is concerned that this false narrative may be a prelude for a false-flag operation, where Russia itself uses biological, chemical, or nuclear weapons in Ukraine, and then attempts to blame it on Ukraine and/or the United States,” the State Department said at the time.
The bomb used in Tuesday’s attack was triggered remotely, according to Russian news reports. Images from the scene showed shattered windows and scorched brickwork.
Russia’s top state investigative agency said it’s looking into Kirillov’s death as a case of terrorism, and officials in Moscow vowed to punish Ukraine.