Donald Trump‘s late-night social media outburst has once again highlighted the stark contrast between political rhetoric and economic reality.
Since he’s been losing ground everywhere and facing the harsh reality of his probable defeat on November 5, Trump has stayed awake late in the night, trying to come up with some big words to show he knows a thing or two about economics. The result is a quick rant on X in which he makes dire economic predictions about Kamala Harris’ potential victory while simultaneously promising an unprecedented economic boom under his leadership.
However, these claims appear to conflict with economic analyses and historical data. Multiple studies suggest that both candidates’ policies would affect the economy differently than Trump claims, with his own proposals potentially leading to higher inflation and significant deficit increases.
Donald Trump’s latest rant shows he doesn’t know anything about US economy
Trump’s claims about economic catastrophe under Harris seem particularly ironic given that the stock market is currently near record highs, and multiple analysts paint a different picture than his dire predictions. For instance, Goldman Sachs projects real GDP growth of 2% or more from 2025 to 2027, while Moody’s economists actually forecast more robust economic growth under Harris (2.1%) compared to Trump (1.3%).
When examining Harris’s actual tax proposals, they’re far from the economic nightmare Trump describes. Her plan would provide tax cuts for all income groups except the wealthiest 1%, with the middle fifth of Americans receiving an average tax cut of $1,980. She’s also committed to not raising taxes on anyone earning less than $400,000 annually.
Contrary to what Trump wants his MAGA followers to believe, Harris’s tax plan focuses on working families. She’s proposing to restore the expanded child tax credit of up to $3,600 per child, introduce a new $6,000 credit for families with infants, and create a tax credit of up to $10,000 for first-time homebuyers. For business owners, she’s proposing to let start-ups deduct up to $50,000 in pre-opening costs, a significant increase from the current $5,000 cap.
In simpler words, Harris’ tax proposals determine that the wealthiest people in the U.S. will pay more taxes so that the working class can pay less. So, Trump’s accusation that the average worker will lose thousands more every year is simply a lie. Shocking, right?
To add some extra irony to this whole affair, Trump’s late-night panic tweet about a “1929-style depression” seems particularly out of touch when considering that his signature economic policies had mixed results under his own presidency. His tariffs were found to have either neutral or negative effects on the economy, potentially costing hundreds of thousands of jobs. At the same time, his 2017 tax cuts fell short of Republican promises.
The fact remains that 23 Nobel laureates in economics have endorsed Harris’s proposals as “vastly superior” to Trump’s agenda. So, as it often happens with the rusty gravy can here, his late-night economic forecasting is nothing more than empty rhetoric, a desperate burst of words to trick people into wasting their vote when Nov. 5 rolls in.