17 Nobel Prize-winning economists back Biden's $3.5 trillion Build Back Better plan

[Uncle Joe]

Seventeen recipients of the Nobel Prize in economics signed a letter in support of President Joe Biden’s $3.5 trillion Build Back Better package on Monday. They refuted arguments made by Republicans and moderate Democrats that the massive "human infrastructure" bill—which would provide funding to expand education, health care, child care, and climate efforts—is far too expensive.

The economists also came out in support of a proposed $2.9 trillion increase in taxes to pay for the program. The new rates, which would mostly impact the wealthiest Americans and large, multinational corporations, would represent the largest tax increase in decades.

“While we all have different views on the particulars of various economic policies, we believe that key components of this broader agenda are critical—including tax reforms that make our tax system more equitable and that enable our system to raise the additional funds required to facilitate necessary public investments and achieve our collective goals,” the economists wrote. “Because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease longer-term inflationary pressures.”

The signees, who are all currently employed as professors at the nation’s top universities, include Treasury Secretary Janet Yellen’s husband George Akerlof, Sir Angus Deaton, Peter Diamond, Robert Engle, Oliver Hart, Daniel Kahneman, Eric S. Maskin, Daniel McFadden, Paul Milgrom, Roger Myerson, Edmund S. Phelps, Paul Romer, William Sharpe, Robert Shiller, Christopher Sims, Robert Solow, and Joseph Stiglitz.

https://fortune.com/2021/09/21/nobel-prize-winning-economists-back-joe-biden-build-back-better-plan/