Debt weighs on voters on Election Day
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 5 November 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.1 | Good morning. Today is Tuesday, November 5th. I'm Julie Morgan. On this election day, we're hearing from you about the top economic concerns. |
| 0:17.8 | The strike ends at Boeing, and what a difference a day makes for Viking therapeutics. |
| 0:24.1 | It should come as no surprise that today is Election Day in the U.S. |
| 0:28.2 | Even though it is not likely that we will know who is the clear winner by the end of the day in the race for president, |
| 0:34.5 | today is the final day to cast a ballot for either former president Donald Trump |
| 0:38.8 | or current vice president Kamala Harris. A survey by seeking alpha that polled over 2,000 subscribers |
| 0:45.6 | of the Wall Street Breakfast newsletter shows that debt levels are the biggest economic concern |
| 0:50.7 | for Americans coming in at 44%. The cost of illegal immigration and consumer |
| 0:56.9 | inflation both came in at 15 percent. 6 percent said the stock market is a concern and jobs and wages |
| 1:04.5 | are what concerned them the least. Debt loads have soared since the COVID era amid heavy spending |
| 1:10.4 | on the pandemic and conflicts across the globe. |
| 1:13.6 | That's on top of other major contributors to the deficit, including Medicare, Medicaid, and Social Security, |
| 1:19.7 | which have led the national debt to top $35 trillion. |
| 1:23.1 | David Morrison, senior market analyst at Trade Nation, said in a note last week that the most important |
| 1:29.1 | outcome for investors is that there is a clear, unambiguous winner on the 6th of November. |
| 1:35.2 | If there is any uncertainty over which candidate has won and should this lead to a drawn-out |
| 1:39.9 | legal dispute or worse, then the market reaction is likely to be very negative. |
| 1:44.9 | He went on to say that the S&P 500 lost 10% with a month-long wait in 2020 |
| 1:50.4 | between the vote and the outcome that was ultimately forced by the Supreme Court. |
| 1:55.3 | Morgan Stanley in a note Sunday flagged a potential hurry- and wait scenario toward the election outcome. |
| 2:01.8 | One strategist said a repeat of 2020's long and noisy vote count is plausible, as vote-by-mill |
... |
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