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07 October 2020

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srw

Vote your future pocketbook?

"None other than the likes of Goldman Sachs, the Wall Street Journal, Moody’s, and Bloomberg have turned on Trump, saying that Biden is better for the economy.  In a note to clients, Goldman’s chief economist, Jan Hatzius said,
All else equal, such a blue wave would likely prompt us to upgrade our forecasts. The reason is that it would sharply raise the probability of a fiscal stimulus package of at least $2 trillion shortly after the presidential inauguration on January 20, followed by longer-term spending increases on infrastructure, climate, health care and education that would at least match the likely longer-term tax increases on corporations and upper-income earners.
In the WSJ, Jason Furman, a professor of practice at Harvard, was chairman of the White House Council of Economic Advisers, 2013-17, said,
Over the longer run, the proposed tax increases would help pay for important measures to boost economic growth and ensure that it is shared more broadly. An allowance of at least $3,000 a child is a step that, if made permanent, would reduce child poverty and increase economic mobility. Expanded child care, a critical need exposed by the pandemic, would increase the labor supply. And investments in infrastructure and clean energy would dial up productivity growth. The three other estimates I am aware of for the complete Biden program, from the Penn-Wharton Budget Model, Oxford Economics and Moody’s Economy.com, also predict that it would add to overall economic growth.
Wall Street has clearly turned on Trump, and his own Madness of King George rage tweeting since returning to the Whitehouse while still contagious is cementing opinions that he’s profoundly unfit for office.  Wall Street always votes its own wallet, and it’s learned that their vote in 2016 was folly.  The path here is clear.  Trump must be removed, either by the 25th Amendment or at least at the ballot box.  Enough is enough."

Fred

srw,

When was Wallstreet ever for Trump? Wallstreet votes it's wallet? Just how many votes are their on Wall Street?

Richard Ong

Evans-Pritchard is not on firm ground if he thinks "Joe's madcap spending would lead to enormous growth." The ratio of GDP per dollars of deficit spending has decreased so that large deficits yield increasingly anemic returns. On top of which the growth is froth, not in productive activity.

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