A WSJ survey finds that most analysts believe that inflation would rise under Trump rather than Biden

Of the fifty economists who responded to the survey about Trump and Biden, twenty-eight thought that the Republican plan had a higher danger of a return to high inflation than did the Democratic plan.

According to eight analysts in the WSJ survey, Biden would lead to more inflation than Trump. The remaining 14 believed there would be little difference between the two agendas.

According to Wall Street analysts and economists, Trump's strict tariff plans, which include a 10% duty on all imports and a 60% to 100% tariff on goods particular to China, might raise producer costs, which would ultimately result in higher consumer prices.

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In order to stop the flow of immigrants who have supported the robust American job market without causing inflation to spike again, Trump also wants to tighten immigration laws.

Large spending plans were noted by the several economists who believed that Biden posed a greater risk to inflation.

Nevertheless, according to 51% of economists surveyed by the WSJ, under Trump—who has suggested making his first round of tax cuts permanent—federal deficits will increase. However, 22% of economists share this opinion of Biden, in part because Democrats have always supported government spending more than Republicans have.

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To bolster its argument for reelection, the Biden team has already started promoting the results of the most recent poll.

Biden-Harris 2024 spokesperson Sarafina Chitika stated, "Experts are sending a clear warning" about what Trump's policy program could entail, "while inflation is falling and manufacturing is booming under President Biden's leadership."

The poll, which was issued on Thursday, adds to the increasing list of economists—which already includes 16 Nobel laureates in Economics—who have already warned of the inflationary risks they perceive in a second Trump term.

The poll, which was conducted from July 5 to July 9, was made public one day after the monthly Consumer Price Index revealed that June had a 0.1% decrease in inflation from the previous month.

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The CPI decreased month over month for the first time in over four years, which is encouraging for the American economy, which has had difficulty recovering from the extremely high rates of inflation that followed the Covid-19 outbreak.

The poll is released at the same time as Biden's political future as the front-runner on the Democratic Party's presidential ticket is still unclear.

Following his rather lackluster debate performance against Trump in June, an increasing number of Democrats on Capitol Hill, among donors, and in some polls indicate that they think the president ought to withdraw from the contest and the party need to select a different nominee.

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Thus far, Biden has resisted the urge to withdraw from the campaign, adamantly declaring his intention to continue running and attempting to refocus attention on Trump.

During a crucial press conference on Thursday, Biden reviewed his well-known red flags on Trump's proposed economic program, which includes imposing a strict tariff on all goods and services, extending tax cuts, and putting pressure on the Federal Reserve to lower interest rates.

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The latest poll of economists released on Friday seems to support Biden's claims. However, a number of academics point out that the president has less influence over the economy than either candidate may want to acknowledge.

Rather, a combination of actions and policies by the Federal Reserve, Congress, the president, independent government agencies, and other uncontrollable external factors account for a large portion of the economy's strength.