1. Overview – 2020 Presidential Election Is Finally Over
2. As Georgia Senate Runoffs Go, So Goes The Country
3. Implications For Stocks If Dems Win GA Runoffs
4. Victor Davis Hanson On GA Runoffs & Fate of Nation
Overview – 2020 Presidential Election Is Finally Over
Late last Friday, the US Supreme Court rejected a lawsuit by Texas and 17 other states which asked the court to disqualify the election results in four battleground states due to vote counting rule changes which were not approved by their state legislatures. The decision not to hear the case came as a surprise to many given how many states joined the Texas lawsuit.
In any event, the election is finally over and the Electoral College declared Joe Biden is officially the 46th President-elect of the United States. Now all the attention will turn to the two Georgia Senate runoff elections scheduled for January 5, which will determine control of the US Senate and potentially the government at large.
As I will discuss below, the stakes in these two Georgia runoffs are enormous! If the Republican candidate wins just one of these two runoff elections, control of the Senate will remain in the hands of the Republicans. Yet if the Democrat candidates win both of these Georgia runoff elections, the Senate will be split 50-50 with Vice President Kamala Harris casting the tie-breaking vote – thus giving Democrats control of all three elected branches of government – the House, the Senate and the White House.
Should this happen, it will open the door for then-President Biden to enact the most liberal elements of his agenda which, in my view, would be very bad for the country. On the other hand, if the Republicans maintain control of the Senate, they should be able to block much of what Mr. Biden and his ultra-liberal backers want to do.
So, the two Georgia Senate runoff races on January 5 will be among the most important elections in our lifetimes, whether you are a conservative or a liberal. As a result, enormous and unprecedented amounts of outside money are gushing into these runoffs. Given the national implications of these two state runoff elections, that’s what we’ll focus on today, because the market implications could be huge as well.