The Wharton School of Business on Friday backed down from Vice President Kamala Harris after she claimed the institution said her economic plan would help strengthen the economy.
Harris made the claim during a political forum with superstar Oprah Winfrey, where he cited Goldman Sachs, Moody’s, the Wharton School of Business and 16 Nobel Prize winners.
Harris’ reference to Wharton appears to be a direct attack on former President Donald Trump, who graduated from the school.
But Wharton clarified their positions on Harris’ claim that Newsweek.
“We found no positive impact on the economy from her plan in any future year. The Trump plan raises GDP for a few years, but lowers it at the end of the 10-year budget window,” a spokesperson for the University of Pennsylvania’s Penn Wharton Budget Model (PWBM) said in a statement.
The school report predicted that Harris’ plan would increase the national deficit by as much as $2 trillion, citing a dynamic estimate that also includes the decline in economic activity.
The report also found that Harris’ plan would lead to a decline in GDP, capital investment, working hours and wages.
However, the survey is not much more positive about Trump’s economic plans.
Donald Trump with his father, Fred Trump, after graduating from Wharton in 1968.
Wharton University of Pennsylvania sign at the school campus
The report estimates that Trump’s plan could increase deficits more than Harris’ plan, but also specifies that “households of all income groups would benefit on a conventional basis.”
Trump mentioned the Wharton School during his presidential debate with Harris.
“Look, I went to the Wharton School of Finance and many of those professors, the top professors, think my plan is a brilliant plan, a great plan. It’s a plan that will raise our value, our value as a country,” he said.
From 1902 to 1971, the business school of Pennsylvania State University known as the ‘Wharton School of Finance and Commerce’ until 1972 when it changed its name to simply ‘Wharton School.’
Trump graduated from university in 1968.
