Goldman Sachs CEO corrects Kamala Harris on exaggerated claim about her economic plan



Democatic presidential candidate Kamala Harris has claimed that a Goldman Sachs analysis prefers her economic plan to Trump's, but the bank's CEO corrected her on the gross exaggeration.

Harris repeated the claim during a debate with former President Donald Trump Tuesday in an attempt to gain Americans' trust on the economy.

'I think this blew up into something that's bigger than what it was intended to be.'

"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," said the vice president. "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 told CNBC that the claim was grossly exaggerated and relied on an independent analysis.

"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," said Solomon.

"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%."

So while Harris might be technically correct, the difference between the two economic plans in the analysis was so minuscule as to be insignificant.

Solomon went on to say that it was unclear whether either plan would even be implemented given the political obstacles to approving such policies.

"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," he added.

That cautionary outlook on candidates' economic plans was shared by IBM vice chairman Gary Cohn, who previously served as the national economic adviser in the Trump administration.

Polls have shown Americans trust Trump and Republicans far more on economic policies after high inflation robbed them of wage gains and raised costs across the board.

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Beck: Brace yourself for a recession



In another hit to the American people under the Biden administration’s leadership, recent numbers show private sector hiring has substantially decelerated.

Glenn Beck says, “It’s another sign that the U.S. is headed for a sharp slowdown, or dare I say it: recession.”

Julia Pollak, chief economist at ZipRecruiter, said, “The image, for me, that most sums up where we are at labor market is the image tweeted by Bloomberg’s chief economist, which shows that mentions of job cuts are now higher than mentions of labor shortages in earnings calls.”

On top of that, the dollar is weakening and inflation is rising.

Beck asks, “Are any of your friends paying attention to this?”

He continues, “I read a diary of a guy from World War II and he was in Germany during the Weimar Republic. And he said nobody had any idea what hyperinflation even meant. He said we were just going along and we had inflation and, you know, things weren’t great, but it wasn’t hyperinflation.”

“He said seven days later that was the only conversation you would have with anyone in Germany.”

Beck recalls this as a warning, saying, “When this happens, it happens fast.”

“It’s not like we’re doing the slow approach to it now. This is the time for you to explain this to your friends and to your neighbors, that massive change is coming.”

He asks, “Do you remember when the experts all said that a Biden administration would restore us in good standing with the rest of the world? A Biden administration would put us back where we belong?”

“And non-experts like me said no, no they won’t. No one respects us with this kind of leadership. Little did I know we would not only not be respected, but we would be shunned, because of what’s happening in our country.”


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Ford plans to invest nearly $4 billion in the Midwest for next-generation vehicle manufacturing



Ford Motor Company will be investing $3.7 billion in the coming years as it commits to investing in its Midwestern manufacturing capabilities and prepares for the launch of the net-generation Ford Mustang and Ranger in North America.

Last Thursday the company announced the massive financial commitment along with pledging to generate 6,2000 new United Auto Worker (UAW) union jobs, Newsweek reported.

In addition to the massive jobs announcement, Ford revealed that its new line of electric vehicles will begin to be produced at its Ohio based facilities in the mid-2020s. Ford, the country’s largest employer of hourly autoworkers, also plans to expand its Ohio manufacturing site to accommodate these new developments.

The cost of the company’s Ohio expansion will be around $1.5 billion. Once expansion of the Ohio facility is complete, 1,800 UAW union jobs will be installed.

In addition, Ford is planning to spend $100 million in investments in Lima Engine and Sharonville Transmission plants which is estimated to create an additional 90 jobs.

The company also confirmed that the state of Michigan will continue to be the homebase for the Ford Mustang and Ranger as both models move into their next generation of production.

Ford’s Michigan assembly plant in the city of Wayne will continue to constructing the Ranger while the Mustang coupe will be manufactured at the company’s assembly plant in Flat Rock.

These Michigan based manufacturing hubs, in addition to Ford’s Route Electric Vehicle center in Dearborn, account for $2 billion of the company’s Midwest investment. These Michigan based initiatives are expected to create 3,200 jobs.

Ford is also expected to construct a new Ford Customer Service Division packaging facility in Monroe, Michigan that will cost $35 million and is expected to generate 600 UAW union jobs. This facility is expected to open in 2024.

In a press release, Michigan’s Democratic Governor Gretchen Whitmer said, “We are thrilled that Ford is advancing its long legacy in Michigan by investing $2 billion to create 3,200 good-paying UAW jobs.”

She continued, “I am proud that we came together to deliver economic development legislation that has helped us land huge projects creating thousands of jobs. With this announcement, Michigan has added nearly 25,000 auto jobs since I took office, and we continue to lead the future of mobility and electrification. Let's continue in this spirit of collaboration to keep growing our economy, creating jobs, and advancing the future of mobility and electrification.”

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