Two more experts warn of a 'dangerous game' under a second Trump term

Two of America's most respected financial minds are pushing back against economic complacency surrounding a possible Trump return.

In a blistering New York Times editorial, former Treasury Secretary Robert Rubin and former American Express CEO Kenneth Chenault argue that Trump is "not a remotely normal candidate" when it comes to the economy.

They warn that a second Trump term "would pose enormous risks" to America's economy.

The op-ed challenges business leaders' complacent view that a Trump return to the White House wouldn't significantly impact the economy any more than it did the first time around.

Rubin and Chenault call this perspective a "dangerous game."

"Some may feel that we made it through one Trump term and are thus likely to make it through another," Rubin and Chenault write. "But a more apt analogy is that after we survived one round of economic Russian roulette, Donald Trump is asking us to take another spin."

"Only this time with many more bullets in the chamber," they added.

Trump’s economy could cause "chaos and unpredictability"

While the op-ed outlines a broad range of concerns, its economic warnings are particularly pointed.

"In aggregate, there is a high likelihood that his agenda would lead to chaos and unpredictability, including global instability, in that way reducing investment and business activity," they argue.

"Meanwhile, inflation would be increased by tariffs, immigration restrictions and larger fiscal deficits."

Rubin and Chenault highlight some worrying numbers and policies, many of which Trump or his team have publicly touted.

They point out that Trump's earlier tax cuts added nearly $3.9 trillion to the national debt without much long-term benefit. Extending these cuts, as Trump has promised, would pile on more debt, potentially pushing up interest rates and inflation.

On trade, Rubin and Chenault are concerned about Trump's publicly stated plan to hike tariffs across the board.

This could make things pricier for American businesses and shoppers, while also making U.S. products less competitive globally. They warn other countries might hit back, hurting American companies that export overseas.

The authors also raise alarms about Trump's approach to the Federal Reserve. They cite predictions from Trump allies that he would fire the Fed chair early in a second term, potentially subjecting monetary policy to political pressures.

When it comes to immigration, Rubin and Chenault worry about Trump's promise to cut back on legal immigrants.

They argue the U.S. economy needs more workers at all levels, not fewer. They also caution that using the military for mass deportations, as Trump has threatened, could cause widespread unrest.

The editorial comes amidst a flurry of warnings from economic experts about the potential consequences of a second Trump term.

Sixteen Nobel laureates recently joined forces and penned a letter criticizing Trump’s economic agenda. Meanwhile, former Treasury Secretary Lawrence Summers called Trump's plan "a prescription for the mother of all stagflations."