Harris Resort goes to Wishcraft in Pittsburgh to win the hearts of business leaders
Vice President Kamala Harris is Change her public image from left-wing progressive to pragmatic pro-business candidate In a speech this week at the Economic Club of Pittsburgh, he made a litany of false and misleading statements, but offered few policy details.
“I'm a capitalist,” Harris declared.
This is the latest example of a strategy we've frequently discussed here at Breitbart Business Digest. It's a kind of magical thinking. By saying the right words, there is magic that shapes reality.. We've seen the Biden-Harris administration deploy this verbal wizardry several times when it decides that inflation is one of its biggest problems and public dissatisfaction with economic conditions is inconvenient. .
“We have explained this in the past as wish Rather than a national strategy. They argue that public opinion is not influenced by policy or reality, but by the words used to describe it. This is a form of magical thinking where the right combination of words actually changes reality. “As the philosopher Arthur Schopenhauer famously argued in a book of that title, the world is merely 'will and representation,'” we wrote in January.
As detailed in yesterday's Breitbart Business Digest, Harris said this week: Goldman Sachs Analyst Notes That, she argued, would be better for the economy. She falsely claimed on at least two occasions that Goldman economists predicted that President Trump would shrink the economy and cause a recession next year. In fact, they only expected growth to be slightly lower under the Trump administration. This was mainly due to the temporary impact of reduced labor supply due to tightened border controls, as well as agreement that tariffs would have a negative impact on the economy.
Harris will deploy similar analysis from Goldman Notes and Moody's Analytics, run by Democratic economist Mark Zandi, to show there is consensus in the business community that Harris will do a better job. It is said that But that's incorrect. While most of the U.S. business community may not want tariffs and believe that open borders will create both cheaper labor and demand for their products and services, The overwhelming evidence is that Trump is still seen as good for the economy..
Please take it CNBC's latest survey of chief financial officers. it is, 55% of CFOs think Trump is doing better on the economy and inflation. Only 17% said Harris was better.
One reason is that American corporate finance executives know that: Inflation, interest rates, taxation, regulations It's far more important to their business than increasing import duties. 10% or even 20% tariffs on imports that account for a small portion of American business activity pale in comparison to the difference between Mr. Trump's proposed 15% corporate tax rate and Ms. Harris's 28%.
The numbers reveal it. In the survey, 38% of CFOs said inflation and interest rates are the most important issues for their business. 24% cited tax policy and regulation. Only 7% cited tariffs.
Although CFOs don't hold many votes, they have a significant influence on economic growth through investment decisions. So the fact that 55% of CFOs think Harris has a good chance of winning, compared to 31% for Trump. It's probably already a drag on the economy..
Rare bipartisan improvement in consumer sentiment
As the US presidential election reaches its final stages, something unexpected is happening. Americans are feeling a little better about the economy.
Perhaps even more unusual is that for the first time in months, there is a perceived improvement in public opinion on the economy. across the political spectrum.
The University of Michigan's Consumer Confidence Index rose 3.2% in September, the highest level since March.
“This increase was seen across all education groups and political affiliations,” research director Joan Hsu said in a statement. “Furthermore, all five index components rose, driven by a 6% rise in one-year economic forecasts.”
I'm still feeling pretty down. The index was 70.1, down 7 points from April. it is That's 9 points lower than when Joe Biden and Kamala Harris took office. In January 2021, it reached almost the same level as the worst month of the pandemic. This is an increase of nearly 20 points compared to the peak of inflation in June 2022, and a decrease of about 30 points from the current level during the Trump administration.
The results of consumer sentiment surveys are always distorted by partisanshipRepublicans feel better when a Republican is in the White House, and Democrats feel better when a Democrat is in the White House. For example, as of September 2020, the sentiment among Republicans was 98.9, while the sentiment among Democrats was 67.7. By March of the following year, Republican support had plummeted to 67.4, while Democratic support had risen to 102.5.
But by September, emotions were running high among both Republicans and Democrats. Additionally, improvements were seen in both current assessment and expectations. However, sentiment among independents only improved by the expected amount. The current measures have actually made things worse.
There has been no bipartisan improvement in consumer sentiment since March. In the preceding months, Democrats' gains coincided with Republicans' declines, and vice versa. Most shockingly, Democratic sentiment soared in July when it became clear to the nation that then-Democratic candidate and current President Joe Biden was too weak to run for a second term. It's the lowest point of the year. This was due to a sharp drop in the Democratic Party's expectations index, which reflected the Republican Party's rising expectations.
What's driving this? If I had to guess, as Election Day approaches; Both sides are hunkering down and hoping for victory..
