Kamala Harris will be better for Wall Street investors because she will import more low-wage legal and illegal migrants from around the world, according to Goldman Sachs, a New York investment firm.
The choice was admitted in a September 3 report, titled “The Election and the Economy: Estimating Immigration, trade and Fiscal Effects”:
If Harris wins, we expect that net immigration will continue [at] 1.5mn [million] per year, somewhat above the pre-pandemic trend of 1mn [legal immigrants]. If Trump wins with divided government, we expect net immigration will fall to 1.25mn. If Republicans sweep, Congress could increase enforcement resources, and we expect net immigration would fall to 0.75mn.
The biggest short-term impact, says Goldman, would be caused by President Donald Trump’s support for tariffs to protect U.S. industry, jobs, and science.
However, the firm’s charts show that reduced migration would have the second biggest change, especially after January 2026. “We estimate that the contribution from immigration to labor force growth would be about 30,000 per month higher if Vice President Harris is elected than in the Republican sweep scenario,” the report said. […]
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