New economic projections from Goldman Sachs are “cautioning that US GDP faces a hit in the case of a win for Donald Trump,” while predicting that “U.S. economic growth would likely get the biggest boost in the coming two years from the Democrats, headed by Kamala Harris.”
- “Under Harris, job growth would be 10,000 a month higher than if Trump wins with a divided government, and 30,000 higher than with a Republican sweep.”
The Associated Press reports Donald Trump is “hoping that most economic analyses of his ideas are dead wrong” and “sees tax cuts for businesses and the wealthy as essential for promoting more investment.”
Unfortunately for Donald Trump, economic experts – right, left, and center – widely agree his agenda would be disastrous for the American economy.
- American Action Forum: “Given a 10 percent tariff, U.S. households would have nearly $2,350 in additional annual costs, while adding a 60 percent tariff on China would drive costs up to $3,900.”
- PIIE: “High tariffs also imply a massive shifting of the tax burden from richer taxpayers toward lower-income Americans.”
- Tax Foundation: “We estimate the proposed tariffs would reduce long-run GDP by 0.8 percent, the capital stock by 0.6 percent, and hours worked by 685,000 full-time equivalent jobs.”
- New York Times: “Independent analyses suggest Mr. Trump’s plans could add close to $4 trillion over the next decade to America’s already fast-growing national debt”
- Wall Street Journal: “Economists Say Inflation Would Be Worse Under Trump Than Biden”
The following is a statement from Harris-Walz 2024 spokesperson Joseph Costello:
“Donald Trump is in denial of the fundamental economic facts agreed upon by even conservative experts: His agenda will shrink the economy, crush job growth, raise taxes on the middle class, drive up inflation, and explode the national debt. 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.”
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