Why Tonight’s Election Results Are Important; Trump Endorses More Stimulus
Author: Greg Valliere
June 23, 2020
LEFTWARD VEER TONIGHT? Three important primaries today have the potential to shift the 2020 presidential narrative — are the Democrats (and Joe Biden) veering leftward? It’s clear that President Trump wants to portray the Democrats as far-left radicals, so tonight’s results will be important.
THREE INSURGENTS ON THE LEFT, all African-Americans, have a chance of winning primaries:
In New York City, 16-term Democratic Rep. Eliot Engel, 73, appears to be trailing a leftist challenger, education activist Jamaal Bowman. This is a heavyweight race, with party veterans like Hillary Clinton and James Clyburn endorsing Engel, while self-proclaimed,socialists like Alexandria Ocasio-Cortez and Bernie Sanders are endorsing Bowman.
In a district north of NYC, progressive Mondaire Jones apparently is well ahead in the race to succeed retiring Rep. Nita Lowey.
In Kentucky, moderate former Marine pilot Amy McGrath is the slight favorite against state Rep. Charles Booker in a primary to decide who will run against Mitch McConnell. McGrath has been considered the clear favorite but this race has tightened.
WHY THIS IS IMPORTANT: If Engel is ousted, it would be seen as a victory for Ocasio-Cortez, who won a similar primary upset two years ago. And it would send a message to Biden that he has to keep his promise to support the progressive agenda.
FOR PRESIDENT TRUMP, staggering through a miserable June, a breakthrough tonight for the leftists would be a most welcome gift. Biden is a moderate by Democrats’ standards, but Trump will attempt to tie him to the party’s left wing agenda. Tonight could give Trump an opening.
* * * * *
PRESIDENT TRUMP WANTS MORE STIMULUS: There’s been a lot of noise lately that Congress might balk on another stimulus bill; GOP deficit hawks are getting cold feet, some analysts assert. But Trump made it clear yesterday that he wants more stimulus.
IN AN INTERVIEW with Scripps local news, Trump was asked if there would be another bill. “We will be doing another stimulus package,” Trump said, “It will be very good. It will be very generous.” He added that he wants another round of checks to individuals.
AS WE WROTE YESTERDAY, it could take several weeks to iron out details on what will be in the next bill; a measure may not pass until just before the August recess. But with Trump, Jerome Powell, Steve Mnuchin and most Democrats on board with another bill, the GOP deficit hawks are unlikely to block it.
The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.
For further information, please visit AGF.com.
©2021 AGF Management Limited. All rights reserved.