Eamon Javers, CNBC’s senior Washington correspondent, weighs in on the alarming growth of the federal budget deficit and its implications for the upcoming elections. Steve Liesman, CNBC’s economics reporter, reveals the surprising public indifference towards soaring national debt and its economic repercussions. Meanwhile, Axios co-founder Mike Allen examines the confidence in MAGA-World just days before the election, while discussing how a potential Trump win could reshape fiscal policies. The conversation highlights the urgent need for responsible fiscal management amid political uncertainty.
The federal deficit is projected to increase significantly regardless of the election outcome, raising concerns about economic resilience.
Jeff Bezos's decision to abstain from political endorsements reflects the media's struggle to maintain independence and public trust amidst rising misinformation.
Deep dives
The Federal Deficit and Economic Health
The rising federal deficit is a pressing concern that will continue to grow regardless of the election outcome. Analyses indicate that both major candidates' policies will lead to significant increases in national debt, with estimates projecting that Trump's plan could add nearly $8 trillion while Harris's plan could increase debt by up to $4 trillion through 2035. This has raised questions about political will and public concern over deficits, as both voters and politicians seem detached from the urgency of the issue. Consequently, this growing debt could hinder the government's ability to respond to economic downturns in the future.
Perceptions of Media and Misinformation
The impact of Jeff Bezos's decision not to endorse Vice President Harris has sparked significant reactions, with reports indicating that over 200,000 subscribers canceled their digital subscriptions to The Washington Post. Bezos argued that endorsements create perceptions of bias, indicating a need for media independence to regain public trust. This situation reflects broader issues in the media landscape, where concerns about misinformation have become prevalent. The dynamics of trust between media outlets and the public highlight challenges faced by organizations in maintaining credibility.
Political Landscape and Election Dynamics
As the election approaches, the political atmosphere reveals a coin flip scenario, with both major parties projecting a sense of confidence. The Republican side has emphasized a narrative of inevitability, bolstered by data that suggests favorable conditions in critical swing states. Conversely, Democrats are recalibrating their optimism, focusing on grassroots efforts and the importance of suburban voter turnout. The evolving strategies reveal a deeper understanding of voter sentiment and the lasting impact of campaign narratives.
Increased Sensitivity Among Business Leaders
The political climate has resulted in hesitancy among corporate leaders to express their political views, highlighting a shift from previous eras of open political engagement. Many executives are now cautious, often influenced by potential backlash from employees and the community. The fear of retribution has shaped corporate strategies, with leaders focusing on issues they can authentically address, such as workplace culture, rather than openly endorsing candidates. This trend indicates a significant transformation in how business leaders navigate their roles within the political landscape.
A Donald Trump presidency could be worse for the federal budget than a Harris presidency, according to a new report from the Committee For a Responsible Federal Budget. Either way the election goes, CNBC’s Eamon Javers says the deficit will grow. CNBC’s Steve Liesman considers why neither politicians nor the broader public seem to care about America’s soaring debt, and shares his concerns about the deficit’s economic impact. A week out from election day, Axios co-founder Mike Allen says the MAGA-World is confident. While the election seems like a coin flip, it could end up a landslide for either candidate. Plus, Trump Media shares surged and Washington Post owner Jeff Bezos published an op-ed defending the newspaper’s decision against endorsing a presidential candidate this election cycle.