#2020Election #Warren #Sanders Interesting that the market is not connecting the recession in American manufacturing to the election prospects of President #Trump...yet. Remember, his narrow margin of victory was all about PA and the Midwest where manufacturing jobs had been lost under #Obama. Now they are being lost under #Trump. Goldman has estimated that for every 1% of corporate tax cuts lost, SPX earnings will fall 1%. For Warren and Sanders that would be a 35%-21%=14% decline in earnings. Irony there is that the companies would likely then fire people to make up for those declines in earnings.