The economy is top of mind for American voters heading into the 2022 midterm elections. Prices keep going up while stock market indexes have gone south all year, and now, major companies are gearing up for large-scale layoffs.
It’s a bad look for the party in power, Democrats, as Republicans hope the economy will be a winning issue for them to take control of Congress.
“If the Republicans are able to take control of both the Senate and the House, I think we can basically see an end to further Democratic-initiated spending programs, spending will definitely be reined in. And any attempts that further regulation that would impose a break on business activity is likely to be blocked as well,” said John Quelch, dean of the University of Miami Herbert Business School.
He told Straight Arrow News that Democrats failed with overspending and the so-called Inflation Reduction Act.
“With respect to the Cares Act and the Inflation Reduction Act, the initial proposals in terms of the spending levels from Democrats were much higher than in the end, were approved,” Quelch said.
Quelch also said that what keeps America in the number one position in terms of global economy is its sheer will to innovate and engage in entrepreneurial activity, regardless of who happens to be in power in Washington.
“I always like to emphasize the entrepreneurial spirit and the innovative capacity of the American economy. And there is opportunity, there is a silver lining in every downturn in every recession,” Quelch said.