In an insightful interview on "The Joe Pags Show," economist Peter St. Onge analyzed the recent fluctuations in the stock market, offering a clear explanation of the factors at play and potential impacts on the market post-2024 election.
St. Onge began by explaining what caused the market crash on Monday, August 5th, noting that it was heavily influenced by developments in Japan and recent employment numbers. He delved into how politics directly affects the stock market, confirming that political events and elections have significant impacts on market behavior. He also touched on the betting markets and how predictions on who may be elected can shift market sentiment.
Reflecting on past elections, St. Onge reminded listeners of the market's reaction in 2016 when Trump won, with markets rising instead of falling as many had predicted. He warned that Kamala Harris’s policies, if she and Tim Walz win the election, could lead to Americans having less money in their pockets, likening it to a potential "Jimmy Carter 2.0" scenario.
The conversation then turned to tax cuts, where St. Onge emphasized that while 40% of Americans don’t pay federal income taxes, tax cuts often lead to accusations of benefiting the rich. He broke down why this perception is misleading and explained how tax cuts can actually contribute to a better government.
Finally, St. Onge discussed how deeply politics and politicians impact the financial well-being of states and countries, stressing the importance of electing the right leaders to protect both personal and national economic interests.
To hear Peter St. Onge’s full interview with Joe Pags, click the link below.