Goldman Sachs CEO downplays firm's report on Harris' economic plan
David Solomon says report that Harris touted at debate shows her plan is not all that different from Trump's
Kamala Harris didn't make case on policy at debate: Freeman
WSJ editorial page assistant editor James Freeman discusses whether former President Trump should agree to a second debate with Harris on 'Varney & Co.'
The CEO of Goldman Sachs weighed in on Vice President Kamala Harris' comments during Tuesday night's presidential debate in which she touted the investment bank's analysis of the benefits of her economic plan, saying the Democratic nominee made the report seem like a bigger deal than reality shows.
"I am offering what I describe as an opportunity economy, and the best economists in our country, if not the world, have reviewed our relative plans for the future of America," Harris said during the debate. "What Goldman Sachs has said is that Donald Trump's plan would make the economy worse, mine would strengthen the economy."
Goldman Sachs CEO David Solomon said in a Wednesday appearance on CNBC with host Scott Wapner, "So, that report, which was mentioned last night in the debate, came from an independent analyst, and it's interesting, Scott, I think a lot more has been made of this than should be."
"What the report did is it looked at a handful of policy issues that have been put out by both sides, and it tried to model their impact on GDP growth," Solomon explained. "The reason I say a bigger deal has been made of it is what it showed is the difference between the sets of policies that they've put forward is about two-tenths of 1%."
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Goldman Sachs CEO David Solomon said on CNBC that the report Vice President Kamala Harris touted showed only a very small economic growth disparity between her plan and former President Trump's plan. (Jeenah Moon/Bloomberg via Getty Images)
"So, the economy grows, if you took these particular sets of policies they looked at — and by the way, we have no idea whether these policies, these things that are talked about, will ultimately be implemented — and what was the growth impact? And the differential was two-tenths of 1%," he said.
"I think our clients are trying to look at what's going on from a policy perspective and make judgments. I think this blew up into something that's bigger than what it was intended to be," Solomon said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 592.25 | +10.43 | +1.79% |
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Reuters reported that the analysis in question said that higher tariffs and tighter immigration policy under a potential Trump administration "would outweigh the positive fiscal impulse" of other policies to bring down GDP growth.
Further, it predicted that Democrats' spending policies and tax credits would "slightly more than offset lower investment due to higher corporate tax rates" and result "in a very slight boost to GDP growth on average over 2025-2026."
Vice President Kamala Harris claimed that Goldman Sachs said former President Trump's plan "would make the economy worse," whereas hers would "strengthen the economy." (Glen Stubbe/Star Tribune via Getty Images)
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FOX Business reached out to Goldman Sachs for comment.
Reuters contributed to this report.