The Blubber

“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 lower markets."

A recent analysis by The Washington Post of the Dow Jones Industrial Average and S&P 500 during Joe Biden's presidency offers the current president a significant boost when it comes to market performance.

However, one notable hedge fund billionaire, John Paulson, who made his fortune betting against subprime mortgages before the 2007 financial crisis, is expressing concerns about what might happen if Vice President Kamala Harris wins the presidency in November.

Paulson, who is worth $3.9 billion according to Forbes, has been a major supporter of Donald Trump. In an interview with Fox Business, he shared his fears about how the market might react if Harris becomes president. “If Harris is elected and implements her proposed tax and economic plans, I’d be very concerned,” Paulson said. “I would pull my money from the market, move to cash, and invest in gold because the uncertainty from her policies could lower the markets.”

Paulson supports Trump in part due to his commitment to extending the 2017 Tax Cuts and Jobs Act, which was a major achievement of Trump's first term. The law significantly benefited the wealthy, with the nonpartisan Center on Budget and Policy Priorities (CBPP) noting that it was skewed in favor of the rich. According to the Urban Institute & Brookings Institution Tax Policy Center, the top 1% of households received an average tax cut of over $60,000, compared to less than $500 for those in the bottom 60%.