Prosperity Minute news update: Nov 10, 2022



November 17, 2022

Election Results – Republicans Win House, Senate Hangs In the Balance

Although final election tallies will not be known for a while, Republicans are predicted to take control of the House of Representatives, though the fate of the Senate is in limbo. Democrats picked up a Senate seat in Pennsylvania, but it appears they will lose in Nevada – meaning control of the Senate comes down to a run-off race in Georgia. Governors races in Arizona and Nevada are still up in the air.

Yes, the Country Is More Divided Than Ever

Republican wins on Tuesday were underwhelming, despite Biden’s terrible economic track record of the last two years. This could be because of conservative migration from blue states to red states. “The country is divided in more ways than ever. America’s interior just gets redder and the bicoastal corridors bluer,” writes author Victor Davis Hanson. “Out-of-state immigration has only solidified these red-blue brand polarizations. As voters self-select residences on ideological grounds and the deleterious effect of blue-states’ governance, the country is gravitating into two antithetical nations.”

And So Is Utah

A similar phenomenon is happening in Utah, with Salt Lake County getting bluer and blue, with most of the rest of the state getting redder and redder, as this map from Ballotpedia indicates.

Republicans lost every countywide race in Salt Lake.

More Economic Bad News Coming

Inflation is now estimated at “just” , rather than north of 8 percent. The Dow Jones jumped up today 900 points based on the news, but is still well below its yearly high of about 37,000. The NASDAQ is still hurting, down 26 percent for the year. The price of a gallon of oil is about $93 per gallon, more than double what it was two years ago.

Celebrate Veterans Day, Nov. 11!

Friday, Nov. 11, is Veterans Day – be sure to thank those you know who’ve served – and participate in any number of events happening to recognize the men and women of the Armed Forces.