What is so bad about Kamala Harris winning the November 4th American Presidential elections? Bidenomics has tanked the American economy to its worst since the 2007-2008 Great Recession. Throughout her tenure as the 49th US Vice President, the economy has been on the verge of a recession.
Now, hedge fund managers and billionaires have sworn to withdraw their investments from the market if Kamala wins as POTUS. Billionaire hedge fund manager John Paulson has threatened to remove his money from the US markets if former President Donald Trump is not re-elected in November’s presidential election.
Kamala Harris bad for the American and global economy?
Paulson, whose hedge fund manages an estimated $9 billion across various sectors, voiced concerns about Kamala Harris’ proposed economic policies. Paulson made these remarks on Fox Business’ ‘The Claman Countdown’ segment on Tuesday.
“If Harris was elected, I would pull my money from the market. I’d go into cash, and I’d go into gold because I think the uncertainty regarding the plans they outlined would create a lot of uncertainty in the markets and likely lower markets.”
John Paulson
Paulson’s worries stem from Harris’ tax plans. Kamala plans to implement a 25% tax on unrealized gains, that “would cause mass selling of almost everything—stocks, bonds, homes, art” according to the billionaire. These economic plans would result in a crash in the markets and a “pretty quick recession.”
On the other hand, after predicting the election would come down to “who’s gonna do better for the middle class,” Paulson argued, “When you look at the facts, the Trump policies come out better for the average American.”
Paulson has warned these policies could lead to mass selling and market crashes, predicting a quick recession if enacted.
Middle-class Americans are in trouble
The 64-year-old billionaire stated that the November 5 general election winner will determine the future of the American stock market and economy.
Paulson says that the future of the American economy is very much depends on who is in the White House and who controls Congress. His main concern is if Harris is elected and pursues the tax plans and other economic plans she has, it could be the end of the American greatest economy.
Paulson believes the 2024 presidential election comes down to the middle class. “I think the middle class is key for this election,” Paulson said. “And who’s gonna do better for the middle class. When you look at the facts, the Trump policy had come out better for the average American.”
On Trump, Paulson adds that under his administration average real wages grew about 6.5%. However, under Biden, because of the high inflation, real wages declined from where they were when he started.
“That’s why so many middle [class] Americans are having so many difficulties with common expenses like rent and food.” Paulson believes inflation is coming down, but more can be done to help it. To that end, FED yesterday lowered hike rates on the belief that the American economy has recovered.
In her presidential debate, Kamala Harris tapped into the woes of the middle class. She claimed she was raised in a middle-class household and understood everyone’s fears.
However, not everyone is buying that sentiment. Warren Buffett has been selling his stocks and pilling up cash. Elon Musk says that Buffett has been planning for the very worst.
Musk is also of the opinion that if Kamala wins, the American nation will fall into tyranny. He says “My prediction is that if Kamala wins […] everywhere will be California, but worse.”
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