The president's vulgar comment gives the Democrats a lot of ammunition for their election campaign. They are going to run on Trump: The man, the style, the language, his demeanor as president.
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They are calling him a racist. Such a man, they say, is unfit to be president.
The Republicans will run on the president's record. Primarily his record on the economy. They will point to jobs, growth, bonuses and rising wages. Not to mention the stock market's gains that have pumped up everyone's pension plan.
Trump's presidency versus Trump's presidential record.
It’s a question about the nature of elections. I'm inclined to believe that voters cast their ballot thinking, well, what has this candidate done for me? Ronald Reagan asked the question: "Are you better off than you were four years ago". He won in a landslide because he'd identified the economy as the driver of elections. The republicans will be asking that question again in November.
The Democrats have a problem with this. Their policy on the economy has been "resistance" oppose tax cuts. Oppose de-regulation, without putting forward any alternative. And they appear out of touch: Multi-millionaire Nancy Pelosi thinks $1,000 bonuses are "pathetic crumbs”. Tell that to the two million people who are getting the checks.
November is 11 months away, and in politics, that’s a lifetime. Who knows if the president's language and demeanor will change? Probably not. Who knows if the market will hold up, or the economy will keep growing.
But the contest will be the same: It’s all about Trump. His record versus his presidential style.
We talk a lot about watching financial history. Clearly, we are also watching political history too. I love it all.