Donald Trump and his supporters claim that the U.S. Economy is a mess and that if he is elected President in November his administration would set things right. However, the people on Wall Street see things differently. Analysts at Goldman Sachs issued a dire warning this week about the grim prospects for America’s economy should Trump return to the White House.
“We estimate that if Trump wins in a sweep or with divided government, the hit to growth from tariffs and tighter immigration policy would outweigh the positive fiscal impulse,” said the Goldman Sachs analysts.
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At the same time, Goldman Sachs painted a rosy picture for the economy should Kamala Harris become the next president of the United States.
“Vice President Harris has a positive vision to strengthen the economy by building up the middle class, cutting taxes and lowering costs for working families and small businesses, and creating opportunities for all Americans to get ahead,” said Goldman Sachs.
“Vice President Harris has a positive vision to strengthen the economy by building up the middle class, cutting taxes and lowering costs for working families and small businesses, and creating opportunities for all Americans to get ahead. On the economy, the choice could not be any more clear this November,” Harris-Walz campaign spokesperson Joseph Costello said in a statement.
However, Senior Trump campaign adviser Brian Hughes was dismissive of the Goldman Sachs predictions.
“Just like 2016, Wall Street forecasts said that Trump policies would result in lower growth and higher inflation, the media took these forecasts at face value, and the record was never corrected when actual growth and job gains widely outperformed these opinions,” he said in a statement. “In fact, then — as now — Trump policies fuel growth, drive down inflation, inspire American manufacturing, all while protecting the working men and women of our nation from lopsided policies tilted in favor of other countries. These Wall Street elites would be wise to review the record and acknowledge the shortcomings of their past work if they’d like their new forecasts to be seen as credible.”
One of the main criticisms Republicans make of the Biden Administration is that under his tenure inflation has jumped. However, the American political review “The Hill” says that the Federal Reserve is “widely expected to make its first interest rate cut in more than five years in September.” The Fed does not cut rates if it is worried about inflation.
Rate cuts usually stimulate the economy by freeing up more money for investment. Unfortunately for the Kamal Harris campaign, a September rate cut will not come in time to have an affect n the November election.
