(DailyEmailNews.com) – Highlighting their bias by labeling their actions as politically motivated, billionaire businessman Howard Lutnick slammed a group of economists who have publicly challenged Republican nominee Donald Trump’s economic strategies.
Watch the video below.
In June, sixteen Nobel Prize-winning economists wrote a letter claiming that Trump’s policies could worsen inflation and have a negative long-term impact on the world economy.
During an appearance on CNBC’s “Squawk Box,” Lutnick compared this to the 2020 letter by 51 intelligence officials that questioned the authenticity of Hunter Biden’s laptop by asserting it was “Russian disinformation.”
Lutnick stated that the only real solution to inflation is lowering energy costs and preventing the Federal Reserve from printing money.
He then argued that current inflation is due to Joe Biden and rising energy prices.
“We all knew where inflation came from. It’s called the American Rescue Plan, $2 trillion of spending,” Lutnick said. “Look, you can’t produce inflation without printing money. You don’t print money, you can’t produce inflation.”
Signed into law in March 2021, the American Rescue Plan injected billions into schools and small businesses and issued $1,400 stimulus checks to most Americans.
Some attribute the ongoing inflation spike to this high spending and the $750 billion Inflation Reduction Act.
Co-host Andrew Ross Sorkin noted that supply chain issues also played a role in inflation and that the Federal Reserve had printed money during the Trump administration as well.
Lutnick countered that the Trump administration did not print “too much” money and criticized the Biden administration for causing oil prices to rise.
He suggested that the U.S. could have increased oil production by at least 2 million barrels per day since 2021 if the Biden administration had continued Trump’s policies.
As for the letter signatories, Fox News reported that some of these economists have shown financial support for Biden’s campaign.
Joseph Stiglitz, the lead author of the letter, donated $1,250 to the Biden Victory Fund in 2020 and endorsed Biden’s Build Back Better agenda.
Georgetown professor and signatory George A. Akerlof, who is also married to Treasury Secretary Janet Yellen, contributed $25,000 to the Biden Victory Fund in 2020.
Meanwhile, Harvard historian and economist Claudia Goldin gave $500 to Biden’s campaign in both 2020 and 2024, and mathematician Eric Maskin has given $3,000 to Democrats in recent years.
Billionaire businessman Howard Lutnick said economists disapproving of Trump's economic policies is "partisan nonsense" pic.twitter.com/Pa49l3dcWQ
— Daily Caller (@DailyCaller) September 16, 2024
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