Wall Street Doubts Trump’s Immigration and Spending Promises

Investors project limited deportations and modest budget cuts despite ambitious claims by Trump and Musk.

A Goldman Sachs survey found that only 6% of investors expect net immigration to turn negative under Trump, despite his pledge to deport millions of undocumented immigrants.
Experts and investors cite legal, logistical, and economic constraints as major hurdles to large-scale deportations or sweeping immigration reforms.
Elon Musk, appointed to lead the new Department of Government Efficiency (DOGE), has promised $2 trillion in budget cuts, but 42% of investors expect only insignificant or modest reductions.
Analysts argue that cutting $2 trillion is unrealistic without targeting entitlement programs like Social Security and Medicare, which Trump has vowed to protect.
Tariffs are seen as a more likely policy shift, with 60% of investors expecting higher tariffs, raising concerns about inflation and economic growth.