Goldman Sachs, or Government Sachs as they are known in the industry, has bet on the establishment candidate. The person who has already spent four years in the White House will somehow repair the damage they caused to the US economy, according to Goldman Sachs, who strongly believes America should stay on the same losing trajectory.
Goldman Sachs Predicts Stronger Economy Under Harris
Posted Sep 6, 2024 By Martin Armstrong |
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Goldman Sachs, or Government Sachs as they are known in the industry, has bet on the establishment candidate. The person who has already spent four years in the White House will somehow repair the damage they caused to the US economy, according to Goldman Sachs, who strongly believes America should stay on the same losing trajectory.
America has spent billions on the migrant crisis which has toppled state and city budgets. We have over 8 million newcomers now living solely off government assistance. Goldman is preaching the same propaganda that these migrants are needed for America’s workforce, despite recent data showing a major slow in hiring in addition to numerous adjusted jobs reports that show NO new jobs have been created outside the public sector under Biden-Harris. They believe GDP would peak by 0.5 percentage points in Q2 of 2025 under a Trump victory.
A Harris victory would lead to a “very slight” boost in GDP compared to Trump, as “new spending and expanded middle-income tax credits would slightly more than offset lower investment due to higher corporate tax rates.” The “experts” believe that “the effects of policy changes would be small and neutral on net,” but the truth of the matter is that a Harris victory would guarantee a major economic downturn. It is astonishing that they expect the public to believe that the middle class will increase their spending through tax credits. They simply do not understand that a lack of confidence is the reason that people hoard, and under this economy, the middle class does not have any disposable income to spend.
Then they state that Trump’s tariffs on China, Mexico, and EU would cause inflation to rise by 30 to 40 bps. I do not support tariffs but we are seeing the Biden Administration slam China with new tariffs and one could reasonably believe Kamala would do the same. Do they understand Kamala’s corporate tax hike proposition and how that would decimate America’s ability to compete?
Harris is proposing taxing capital gains including UNREALIZED gains. The American public has nothing left to offer Uncle Sam and rest assured Harris will raise taxes as her countless spending packages come at a price. Goldman Sachs completely failed to consider the impact government spending has had on the overall economy.
Most importantly, Government Sachs did not factor in the strongest driver of inflation – WAR. War produces nothing and will not lead to an economic increase. Kamala Harris along with Joe Biden helped America become completely embedded in Ukraine and now Israel. Trump is the only candidate who wants to stop sending endless checks to Ukraine and end the war.
America has spent billions on the migrant crisis which has toppled state and city budgets. We have over 8 million newcomers now living solely off government assistance. Goldman is preaching the same propaganda that these migrants are needed for America’s workforce, despite recent data showing a major slow in hiring in addition to numerous adjusted jobs reports that show NO new jobs have been created outside the public sector under Biden-Harris. They believe GDP would peak by 0.5 percentage points in Q2 of 2025 under a Trump victory.
A Harris victory would lead to a “very slight” boost in GDP compared to Trump, as “new spending and expanded middle-income tax credits would slightly more than offset lower investment due to higher corporate tax rates.” The “experts” believe that “the effects of policy changes would be small and neutral on net,” but the truth of the matter is that a Harris victory would guarantee a major economic downturn. It is astonishing that they expect the public to believe that the middle class will increase their spending through tax credits. They simply do not understand that a lack of confidence is the reason that people hoard, and under this economy, the middle class does not have any disposable income to spend.
Then they state that Trump’s tariffs on China, Mexico, and EU would cause inflation to rise by 30 to 40 bps. I do not support tariffs but we are seeing the Biden Administration slam China with new tariffs and one could reasonably believe Kamala would do the same. Do they understand Kamala’s corporate tax hike proposition and how that would decimate America’s ability to compete?
Harris is proposing taxing capital gains including UNREALIZED gains. The American public has nothing left to offer Uncle Sam and rest assured Harris will raise taxes as her countless spending packages come at a price. Goldman Sachs completely failed to consider the impact government spending has had on the overall economy.
Most importantly, Government Sachs did not factor in the strongest driver of inflation – WAR. War produces nothing and will not lead to an economic increase. Kamala Harris along with Joe Biden helped America become completely embedded in Ukraine and now Israel. Trump is the only candidate who wants to stop sending endless checks to Ukraine and end the war.
These reports are meant to mislead the public and are nothing more than establishment propaganda.
Posted originally on Sep 6, 2024 By Martin Armstrong
Slavery is alive and well in the United States. Two-thirds of US prisoners, 800,000 men and women, have jobs in federal and state prisons. While 80% of prisoners work to maintain the prison in terms of maintenance, a growing portion of prisoners hold jobs for private companies. Estimates that that these prisoners are producing at least $11 billion annually for the US government and receiving little to nothing in return.
Non-industry workers can earn between 13 cents to 52 cents per hour. Alabama, Arkansas, Florida, Georgia, Mississippi, South Carolina and Texas are not required to pay these workers. “There’s no way we can take care of our facilities, our roads, our ditches, if we didn’t have inmate labor,” Warren Yeager, a former Gulf county, Florida, commissioner said to the Florida Times-Union. In other words, states have become reliant on free labor from prisoners and actively put this into their budgets.
What some do not understand is that private companies are also employing prisoners. McDonald’s, Burger King, Golden Corral, Walmart, Wendy’s, IBM, Boeing, Motorola, Microsoft, AT&T, Texas Instruments, Dell, Compaq, Honeywell, Hewlett-Packard, Intel, TWA, Nordstrom’s, Revlon, Macy’s, and Target are among hundreds of private companies that have active agreements with state governments to farm out their prisoners. The private companies pay the prisons directly, bypassing the people who are forced to work long hours with no protections.
These workers have a far lower rate at being released on parole. The state believes they are safe enough to work among the public, but refuse to offer them an opportunity to leave. Only non-violent offenders are offered these jobs and most are swindled into accepting the positions to obtain favorable housing.
Alabama, for example, allows non-violent prisoners to work in the private sector for pennies. Yet, the state takes away 40% of their pay before taxes, charges them fees for transportation, laundry, and any extras they find. Alabama now earns more than $450 million annually on the backs of these workers. It comes at no surprise that the parole rate in Alabama plummeted to 8% in 2023.
American Civil Liberties Union (ACLU) found that over 75% of workers are unable to take off work, and if they do, they risk being sentenced to solitary confinement and prevented from visitations with their families. About 70% of these workers said they cannot even afford to call home or purchase soap. They are denied all rights and treated as sub-humans. “The United States has a long, problematic history of using incarcerated workers as a source of cheap labor and to subsidize the costs of our bloated prison system,” said Turner, a principal human rights researcher with the ACLU’s Human Rights Program.
Private prisons, in general, operate as businesses as they are guaranteed a fee per inmate, which US taxpayers pay. The majority of people are African American and Hispanic, but we hear silence from communities demanding reparations and failing to acknowledge that modern-day slavery is alive and well in the US. The private sector is creating jobs for the prison industry on behalf of the US government and this is one of the reasons that we see a decline in available jobs. The business is extremely lucrative because they profit on holding the inmates as well as forcing them to work.
So, these human beings were deemed stable enough to work unsupervised with the public. Yet, those same decision-makers turn around at sentencing and tell these workers that they are simply too dangerous to return home. This is why the United States, home of the free, hosts the largest prison population in the world. It always comes down to greed and money.
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