U.S. President-elect Donald Trump’s plans to increase spending on infrastructure while cutting taxes would endanger public finances, Economics Nobel laureate Oliver Hart said on Wednesday.
With much infrastructure in the United States in bad shape, increased spending could be good even if the details in Trump’s plans were “not so impressive”, he said.
“But then also reducing taxes, I mean that is going to lead to all sorts of budgetary problems in the future,” Hart told a news conference in Stockholm, along with the other winner of the Nobel Prize for Economics, Bengt Holmstrom.
Hart and Holmstrom are due to receive the prize at a ceremony in Stockholm on Saturday.
Hart also criticized the idea of tearing up trade agreements and said reducing taxes on the rich was contrary to his belief of what was needed.
“I would be in favor of actually increasing the tax burden on the wealthy,” he said, adding it was very hard to know what Trump will actually do when taking office.
(Reporting by Daniel Dickson Editing by Jeremy Gaunt.)
‘House Democrats must not delay’: Progressives, 2020 contenders demand Kavanaugh impeachment amid new sexual misconduct accusations
Progressive advocacy groups and 2020 Democratic presidential candidates led the chorus of voices demanding that House Democrats launch impeachment proceedings against Supreme Court Justice Brett Kavanaugh after the New York Times over the weekend published fresh details about sexual misconduct allegations against the judge and FBI failures to investigate complaints made against him prior to his confirmation.
"The evidence that Kavanaugh committed perjury in his Senate testimony is mounting," Demand Justice, Women's March, and Center for Popular Democracy said in a joint statement on Sunday. "Brett Kavanaugh is unfit to sit as a Supreme Court justice in the face of so many credible allegations that he sexually assaulted these women. House Democrats must not delay in launching an impeachment probe."
Oil prices soar more than 10% after Saudi plant attacks
Oil prices surged more than 10 percent Monday after attacks on two Saudi Arabian plants that slashed output in the world's top producer by half, with Donald Trump blaming Iran and raising the possibility of a military strike on the country.
West Texas Intermediate jumped 10.68 percent to $60.71 and Brent climbed 11.77 percent to $67.31 in early Asia trading following the blasts at facilities run by state-owned giant Aramco.
The attack by Tehran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, effectively shut down six percent of the global oil supply.
Trump used to play Elton John at ‘eardrum-rupturing decibels’ on campaign plane for a bizarre reason: AP reporter
MSNBC's Joe Scarborough and Mika Brzezinski mocked President Donald Trump's fixation on singer Elton John.
The rock legend reportedly rejected his longtime fan's invitation to perform at his January 2017 inauguration, and Trump has bitterly fixated on breaking John's attendance records at arenas where he holds campaign rallies.
"The saddest part of this story was when Donald Trump asked his staff members had anybody been writing about the Elton John attendance records that he supposedly broke," Scarborough said. "They said no, and he was angry and upset for days about that, also claiming that it was one more example of how, in the immortal words of Rodney Dangerfield, he don't get no respect."