This year’s general election is now less than 39 days away and CNN is reporting that the majority of Wall Street executives and investors are flooding the campaign of Democratic presidential nominee Joe Biden with cash at five times the rate being given to President Trump.
Wall Street money did little to help former Secretary of State Hillary Clinton in 2016. She outraised Trump. She raised $88 million to Trump’s $20.8 million according to a CNN audit of contributions; this year the disparity in monies donated to former Vice President Biden raising $51.1 million and President Trump raising only $10.5 million — which is disastrous for the incumbent president who by the way - handed the ultra-rich a substantial tax decrease.
This disparity is likely to grow during the next five weeks before Election Day with Biden climbing in the polls and the increasing likelihood that the U.S. Senate will flip to the Democrat’s control. When looking at these numbers, people should also consider that the former billionaire mayor of New York City has dropped over $100 million in Florida alone. This does not count another $16.5 million to pay fines levied on former nonviolent state prisoners so they can vote.
Meanwhile, it appears that the number of Covid-19 deaths will reach close to 250,000 by Election Day, and the total number of infections in the United States may surpass 9 million by then. As many as 24 states are now suffering from dramatic increases of infections in the aftermath of the Labor Day weekend and widespread school openings.
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President Trump’s unwillingness to confront the Republican-controlled Senate and push for a new round of economic stimulus is likely to be a huge issue in the last 38 days before the general election. Unemployment is starting to show signs of growing along with increasing numbers of bankruptcies. In contrast, the number of evictions and people falling off unemployment benefits appears to be on course to break all historical records by Election Day.
President Trump’s increasing complaints about mail-in voting and affirmations that he can’t possibly lose the election unless the vote is rigged is a clear sign that he realizes he is in trouble. Trump also sees the correlation between himself and that of President Jimmy Carter found himself in 1980 when running against Ronald Reagan. After Jimmy Carter’s defeat, the former president retired gracefully. In the case of President Trump, his defeat will likely lead to his being criminally charged on federal, state and local crimes. These crimes are likely for tax evasion, tax fraud, obstruction of justice, and bank and wire fraud that will envelop his three oldest children, his businesses and more than half of those who served in the administration.