https://thehill.com/opinion/finance/4864694-goldman-sachs-trump-economy-harris
Democrats and their media allies are celebrating a report from Goldman Sachs concluding that the economy would be worse off under a second Trump administration than under Kamala Harris.
Given that voters consistently rate Donald Trump more highly than Harris on their respective handling of the economy, this was a breakthrough for the left. Never mind that the much-hyped report concluded that the election of Harris and a Democratic “sweep” would result in only a “very slight boost” to 2025 GDP. Or that the reasons for the Harris edge are unpalatable, unsustainable and, essentially, idiotic.
Sorry, Goldman Sachs, but any leader who has specialized in increasing regulations, plans to significantly hike taxes, routinely bashes Big Business for profiteering and wants to break up America’s leading companies, like Google, can possibly foster a positive environment for growth.
The Goldman Sachs analysts argue that Trump’s tariffs on imported goodswill raise costs to consumers, which could “help spur an economic slowdown” and “likely cost the gross domestic product about 0.5 percent in growth, a negative headwind that would persist throughout 2025.” So, one year’s minor impact. (Not to mention that 60 percent of U.S. CEOs in a recent survey think a recession is imminent, if not already underway.)
Meanwhile, the folks at Goldman Sachs see Trump as likely to oversee a slowdown in illegal immigration. To them, this means lower job growth. “Under a President Harris, job growth would be 10,000 a month higher than if Trump wins with a divided government and 30,000 higher if the GOP controls the White House and both chambers of Congress.”
I have written in the past about the Biden-Harris economy teetering on a wobbly foundation of excessive federal spending and illegal immigration. Astonishingly, the Goldman Sachs analysts propose that the U.S. cannot grow satisfactorily unless the migrant floodgates remain open. This is extremely odd, given that our country had been managing quite well for years before Biden and Harris threw the floodgates open.