A new report from Moody’s Analytics suggests that Donald Trump becoming president would be bad for the economy.
The new data suggests that 3.5 million Americans would lose their jobs, unemployment would leap to seven percent, the stock market would underperform, and home prices would fall.
Moody’s predicts that economic parity in the United States would continue to shrink, noting that it would “be a difficult four years for the typical American family.”
Moody’s, an independent research group, sees particular issues with Trump’s stances on trade, taxes, and immigration in terms of the economy.
As for trade, it is believed that imposing large tariffs on China and Mexico would hurt growth. American consumers would be subject to higher prices on a number of goods and hikes in inflation, while there would be less foreign investment.
As for taxes, Trump’s proposal for widespread cuts for individuals and businesses are thought to be costly, particularly if Social Security and Medicare aren’t pared down. It is believed that under Trump’s proposals, the national debt would increase by $10 trillion over the next decade.
With immigration, it is simply thought that Trump’s proposals are unrealistic and costly.
Further concerns have arisen over the fact that Trump hasn’t disclosed much of what he believes his policy proposals would be.
It should be noted that while Moody’s is nonpartisan, the report’s chief economist and lead writer is Mark Zandi, who has donated to the Clinton campaign.