As Donald Trump prepares for the upcoming 2024 presidential debates, he’s been hit with troubling news: Wall Street, a sector he once touted as an ally, has officially turned its back on him. For four straight years, Trump consistently claimed to be the best candidate for the economy, but this time around, major financial institutions are backing Kamala Harris, his Democratic opponent.
Recent analyses from the prestigious investment firm Goldman Sachs have revealed that Harris’ economic plans could boost U.S. economic growth significantly more than Trump’s outdated tariff policies. This news comes as a shock, considering Trump’s long-standing rhetoric about his supposed superior economic leadership. According to a Reuters report, Goldman Sachs projects the U.S. economy would see its greatest growth under Harris’ leadership. Meanwhile, Trump’s return to the White House would likely stunt that growth, even leading to potential economic harm.
Trump’s economic blunders are not new. Back in the 2020 presidential debate, he predicted a massive economic crash akin to 1929 if Joe Biden and Kamala Harris were to win the election. Fast-forward to today, and his predictions have proven wildly inaccurate. Instead of a collapse, the stock market has steadily grown, bolstered by Biden’s and Harris’ policies, which have worked to stabilize and expand the economy.
Trump’s insistence that a “Kamala Crash” is on the horizon reflects his deep misunderstanding of economic realities. His predictions of doom and gloom were no different than those during Biden’s presidency, where he incorrectly forecasted the downfall of the U.S. economy multiple times. Every time, however, the markets thrived, making his warnings seem out of touch with actual trends.
This is not the first time Trump has failed to provide coherent answers on key policy issues. Recently, during a public appearance, Trump stumbled through an awkward and confusing response when asked about how he plans to make childcare more affordable. Instead of providing a straightforward plan, he rambled about tariffs and foreign taxes, completely missing the point of the question. His disjointed response left many wondering whether he even understands the importance of childcare policy to millions of American families.
Adding to Trump’s woes, the Fox News network reported that economists at Goldman Sachs had predicted that Trump’s return to office would likely hurt the U.S. economy. Harris, on the other hand, is expected to strengthen GDP growth, bolstering job creation and economic stability. This analysis is not limited to just one firm. Other nonpartisan economic groups, including the Penn Wharton Budget Model, have projected that Trump’s policies would lead to an increase in the national deficit by $5.8 trillion, while Harris’ plans would add significantly less—just $1.2 trillion.
Goldman Sachs isn’t alone in sounding the alarm. Moody’s Analytics, another respected economic forecaster, echoed concerns over Trump’s tariff policies. Tariffs, which Trump repeatedly promotes as a way to strengthen the U.S. economy, are actually harmful to American consumers, as they lead to higher prices on goods and services. When asked about his economic plans, Trump tends to fall back on these tariffs, ignoring their detrimental impact on the economy.
What makes this situation even more problematic for Trump is his diminishing support among corporate leaders. While Trump once boasted of the backing of Fortune 500 CEOs, many in the business community have distanced themselves from him, concerned about the potential economic damage his return to the White House could cause. The Trump administration’s policies—tax cuts for the rich and ballooning national debt—are still fresh in their minds. These executives are now turning to Harris, who promises a more stable and sustainable economic future.
Trump’s credibility as a businessman, one of the key pillars of his appeal to voters, is also crumbling. While he frequently claims that his background in business makes him uniquely qualified to handle the U.S. economy, his actual record tells a different story. Trump’s businesses have suffered numerous bankruptcies—six to date—and his latest venture, Trump Media (the parent company of Truth Social), is on track to become his seventh failed business. The stock price of Trump Media has plummeted by 70% over the past six months, raising serious concerns about Trump’s ability to lead any enterprise, let alone the nation’s economy.
Yet, despite all these glaring issues, some voters still believe Trump is the better candidate for handling the economy. They often point to his business experience as the reason for their trust, but a closer examination of his financial history and the state of his current ventures paints a different picture. His proposals for more tax cuts aimed at the wealthiest Americans and corporations, coupled with massive increases in tariffs, would add trillions to the national debt, all while leaving ordinary Americans to foot the bill.
In contrast, Kamala Harris’ economic policies are designed to stimulate growth while also addressing key issues like childcare, healthcare, and infrastructure. Harris has been vocal about the need to support small businesses, promising tax credits and incentives for startups to help fuel innovation and job creation. Her plans, supported by respected financial institutions like Goldman Sachs, indicate a vision for the U.S. economy that prioritizes sustainable growth and fairness, in stark contrast to Trump’s outdated, top-down approach.
As Trump heads into the debate, it’s clear that his economic message is in disarray. With Wall Street turning its back on him and economists lining up behind Harris, the former president finds himself increasingly isolated. His reliance on tariffs and tax cuts for the wealthy is no longer seen as a viable solution to the complex challenges facing the U.S. economy.
Ultimately, the upcoming election will be a critical test for Trump, who is not only facing a more formidable opponent in Harris but also losing the trust of the financial sector. If the latest analyses from Goldman Sachs and others are anything to go by, Trump’s return to the White House could spell disaster for the U.S. economy. As voters weigh their options, they’ll have to consider whether they want a president with a history of failed businesses and misguided economic policies—or one who has a clear plan for growth and prosperity.
