Rogoff Says Biden, Trump Favor ‘Blowing Up’ US Debt

March 16, 2024

The former International Monetary Fund chief economist said the escalating borrowing load will create volatility in inflation and interest rates, and encourage political pressures on the Federal Reserve. Story continuesIn the post-global financial crisis era, ultra-low interest rates helped to limit the impact of US deficits. Biden has maintained the higher tariffs on China, and Rogoff characterized his clean-energy legislation as highly protectionist in its preference for US-made products. Rogoff differed from Nobel Prize-winning economist Paul Krugman in his analysis of Trump’s suggested 10% universal tariff on US imports. I think it would tend to be very recessionary, inflationary.” Introducing “10% tariffs would I think push up inflation, they push up interest rates,” he said.