In 1992, then-Democratic candidate for president Bill Clinton famously quipped, “It’s the economy, stupid.”
That may not be the case in 2020, when voters consider whether to send Donald Trump back to the White House or pick a yet-to-be-decided Democratic contender to take his place.
According to a CNBC/Invest in You survey released on Monday, 61 percent of Americans say that the election will be decided on something other than the economic health of the nation. Only 34 percent of respondents say they will base their vote on how well the economy is doing.
What’s more, almost two-thirds of Americans (65 percent) believe that a recession will come about between now and Election Day 2020. Just 33 percent say that’s not likely to happen.
The impeachment proceedings don’t have people worried too much about how they’ll affect the economy, in spite of warnings given by the president earlier last month. “All of this impeachment nonsense, which is going nowhere, is driving the Stock Market, and your 401K’s, down,” Trump said in early October.
All of this impeachment nonsense, which is going nowhere, is driving the Stock Market, and your 401K’s, down. But that is exactly what the Democrats want to do. They are willing to hurt the Country, with only the 2020 Election in mind!
— Donald J. Trump (@realDonaldTrump) October 2, 2019
Yet only 36 percent of Americans said that impeachment would hurt the economy overall, according to the poll findings. Thirty-three percent said there’d be no impact on the markets due to the impeachment inquiry, while 26 percent said impeachment may actually lead to better economic outcomes.
Some economists have suggested that impeachment could hurt the stock market in particular, but others have expressed worries over what Trump could do if impeachment happens versus the impact of impeachment itself.
Impeachment could “embolden [Trump] to be even more resolute and amplify his unconventional style,” which may be disruptive to the markets, Robert Johnson, professor of Finance at Creighton University, said in an exclusive conversation with HillReporter.com.
So far, it doesn’t appear as though impeachment has had an adverse effect on Wall Street at all, as there seemed to be no immediate detrimental effects after Speaker of the House Nancy Pelosi announced the inquiry in September, and the markets have continued to improve since then.