Quantcast

Trump: Biden/Harris Would Crash Stock Market, Cause Depression

(MarketWatch) President Donald Trump on Thursday cast his election battle with Joe Biden as a fight for the future of the U.S. economy, saying the stock market would tank and a depression would ensue if the his Democratic rival wins in November.

“If Biden gets in, this market’s going to crash,” Trump asserted in an interview on Fox Business Network with host Maria Bartiromo. Invoking Biden’s tax plans, Trump also claimed that the former vice president would “tax this country into a depression like in 1929.”

Biden on Tuesday introduced his running mate, Sen. Kamala Harris of California, to the relief of some on Wall Street. Under a Biden administration, analysts have said health-care stocks could benefit, while financials may be negatively impacted.

Trump charges that Biden’s plans would decimate an economy that attempting to recover from the effects of the coronavirus pandemic.

“They’re big taxers,” he said of Biden and Harris. “It’s just something that won’t work.”

Among Biden’s tax plans are hiking levies on individuals with incomes of more than $400,000. According to the nonpartisan but business-friendly Tax Foundation, Biden’s plan would raise tax revenue by $3.8 trillion over the next decade, and reduce gross domestic product by 1.51% over the long term.

Trump in the interview talked up his plans to cut capital-gains taxes, a proposal he has been touting this week along with a middle-income tax cut.

[Read more…]

TRENDING NOW

Landlords Sue to Block Eviction Ban

(Associated Press) As millions of Americans struggle to pay their rent during the coronavirus pandemic, landlords are going to courts, claiming that...

Trump’s $200 Prescription Cards Won’t Hit Mailboxes Just Yet

(Associated Press) If you're on Medicare, don't run to the mailbox looking for a $200 prescription drug card courtesy of President Donald...

Is College Football an Expensive Luxury for Many Universities?

(Laurence Peterson, James G. Martin Center for Academic Renewal) The importance of college football to university education is vastly overrated. Rather than an...

Desk Shortage Forces People to Get Creative About Workspaces

(Associated Press) First it was toilet paper. Disinfectant wipes. Beans. Coins. Computers. Now, desks are in short supply because of the coronavirus...

Court Revives Democrats’ Challenge of Trump Wall Funding

(Associated Press) A federal appeals court on Friday revived a House challenge of President Donald Trump's use of Defense Department money to...