Democatic presidential candidate Kamala Harris has claimed that a Goldman Sachs analysis prefers her economic plan to Trump's, but the bank's CEO corrected her on the gross exaggeration.
Harris repeated the claim during a debate with former President Donald Trump Tuesday in an attempt to gain Americans' trust on the economy.
'I think this blew up into something that's bigger than what it was intended to be.'
"I am offering what I describe as an opportunity economy, and the best economists in our country, if not the world, have reviewed our relative plans for the future of America," said the vice president. "What Goldman Sachs has said is that Donald Trump's plan would make the economy worse, mine would strengthen the economy."
Goldman Sachs CEO David Solomon told CNBC that the claim was grossly exaggerated and relied on an independent analysis.
"That report, which was mentioned last night in the debate, came from an independent analyst, and it's interesting, Scott, I think a lot more has been made of this than should be," said Solomon.
"What the report did is it looked at a handful of policy issues that have been put out by both sides, and it tried to model their impact on GDP growth," Solomon explained. "The reason I say a bigger deal has been made of it is what it showed is the difference between the sets of policies that they've put forward is about two-tenths of 1%."
So while Harris might be technically correct, the difference between the two economic plans in the analysis was so minuscule as to be insignificant.
Solomon went on to say that it was unclear whether either plan would even be implemented given the political obstacles to approving such policies.
"I think our clients are trying to look at what's going on from a policy perspective and make judgments. I think this blew up into something that's bigger than what it was intended to be," he added.
That cautionary outlook on candidates' economic plans was shared by IBM vice chairman Gary Cohn, who previously served as the national economic adviser in the Trump administration.
Polls have shown Americans trust Trump and Republicans far more on economic policies after high inflation robbed them of wage gains and raised costs across the board.
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