Let’s talk presidential election 2020

Let’s talk presidential election 2020

May 8th, 2019 // 6:30 am @ Oliver DeMille

News of the Day

May 2019:

Let’s talk politics briefly–specifically the 2020 U.S. presidential election. Who is the leading candidate for the Democrats? According to the polls, it’s Joe Biden. But it’s way too early for the polls to get things right, and even if the polls could make an accurate prediction right now, the real answer to this question (“Who is the leading candidate?”) goes much deeper than polls, or even who’s running for office.

The real question, as political insiders understand, is this: “Who is the greatest threat to each party’s candidate?” The answers are significant. In the case of Democrats, the major threat is Donald Trump. This is always true of incumbent presidents, so no surprise here. But in the case of who looms as the biggest threat to president Trump in 2020, the answer is a bit surprising for most people, and certainly for anyone who gets their news from the mainstream media. Again, for insiders the answer is clear. But what is it?

Trump vs. ???

Does Trump’s major threat come from Joe Biden? Or Bernie Sanders? What about Kamala Harris, or Cory Booker, or any other Democrat senator, governor, mayor, representative or billionaire running for office? Or perhaps a serious run by Michele Obama, if she makes the unlikely choice to seek the Oval Office?

Answer: None of these. In fact, Trump’s major threat for the 2020 election comes from a former short-time member of George H.W. Bush’s administration in 1992. As mentioned, this is a surprise. But real. The big threat to Trump winning the election is Jerome Powell. For most Americans, the immediate response is “Jerome who…?”

Powell is the chair of the Federal Reserve, and Fed decisions between now and election day 2020 can almost single-handedly determine whether Donald Trump ends up serving one or two terms. How? Answer: As Bill Clinton advisor James Carville once quipped, “It’s the economy, stupid.”

It’s the Economy, Stupid

The 2016 election pitted strongly-blue states against firmly-red states, but came down to Republican wins in the Rust Belt: Pennsylvania, Michigan, Wisconsin, Indiana, Ohio, and West Virginia. Today these states are experiencing precisely what they voted for in 2016: a booming economy and rising wages, most notably among middle class working voters. If this continues, or even holds steady at current levels (barring major catastrophe of some kind), 2020 is likely a “shoo-in” for Trump/Pence.

If the boom stagnates, or returns to economic decline and “slow growth or no growth as the new normal,” as experienced from 2008-2016, the eventual Democratic nominee will likely sweep the Rust Belt and many-if-not-most of the Purple swing states. That’s the game.

The most significant factors determining economic upswing or downturn, now that the current Administration has drastically reduced the regulatory red tape that hampered business growth during the Bush and Trump eras, are the choices made at the sole discretion of the Federal Reserve. Jerome Powell, not the political parties and not even the media, potentially (if the Fed chooses to put its thumb on the scale) holds the future in his hands.

The Constitutional Question

For me, the real issue here is the following question: “What would the American Framers and Founders say about this arrangement?” Probably the same thing most Americans should be thinking about a lot more:

Why does an institution not even mentioned in the Constitution, and facing only one minor Constitutional balance and no serious Constitutional checks from any of the three branches of the U.S. Government, have this kind of power?

Whatever your politics, why does one organization and its head, virtually unknown to the large majority of Americans, control our future? This is THE question of the 2020 election, but so far I haven’t heard it voiced anywhere.

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