Friday, November 1, 2024

Harris team warns CEOs that Trump is a threat to economy, while Trump promises them historic growth

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WASHINGTON (AP) — Kamala Harris ‘ campaign is actively warning business leaders that Donald Trump has a pattern of disregard for democracy and the rule of law that would threaten U.S. economic growth — a closing argument designed to show the possible consequences for companies and workers if he returns to the White House.

It’s a position that Trump’s team rejects as they tell voters that prices will be lower and growth stronger than ever before if he wins Tuesday’s election. As a billionaire who made his name in real estate, the former president has argued for higher tariffs to bring more factories into the United States and tax cuts for the wealthy and corporations on the premise that will lead to more investment.

The rival positions get at a fundamental distinction between the two candidates on how to guide the world’s largest economy: Harris’ team is arguing that the rule of law creates the certainty that can make markets and workers thrive, while Trump is arguing that tariff increases and tax cuts are the keys for growth.

Gene Sperling, who has guided three Democratic presidents on economic policy and is now advising the Harris campaign, has made what he describes as a “common sense” case to financiers and others about the dangers of a second Trump administration.

“A president who targets people, targets CEOs, targets companies, targets journalists and targets opposition could have a devastating impact on the investment confidence that has been robust for the past four years but also part of America’s strength since its founding,” said Sperling.

But the billionaire hedge fund investor John Paulson, a Trump supporter who sees himself as a possible treasury secretary, pushes back against the Harris campaign’s criticisms by saying the world was more stable under Trump and inflation was lower.

“It’s completely false,” he said of Sperling’s argument about the rule of law being at risk. “When people make these claims, they’re totally spurious. They’re not grounded in reality. Trump is a brilliant businessman. He wants to bring down wasteful spending and encourage growth.”

Trump has derided his opponent’s handling of the economy as “stupid” and claimed the stock market will crash if he loses the election, although the S&P 500 index of stocks has increased roughly 50% during President Joe Biden ‘s term.

“We will give our companies the lowest taxes, the lowest energy cost, the lowest regulatory burdens, and free access to the best and biggest market on the planet,” Trump said at a rally Tuesday in Allentown, Pennsylvania. “The problem is, if we had more of these idiots running our country, you won’t have a big and best market anymore because we’re a nation in decline.”

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