Prosperity Minute news update: Nov 4, 2022



November 18, 2022

SPECIAL PRE-ELECTION EDITION

Republicans Now Predicted to Win House and Senate

Polling aggregation website FiveThirtyEight gives the GOP an 85 percent likelihood of winning back the House of Representatives and a 55 percent chance for Senate. This is based on a polling model that ran 40,000 simulations. One blogger with the site says the party is a within the margin of error for either a landslide or a wipe out – calling the most likely outcome a “red ripple.”
However, Joe Rogan predicts a red wave like the blood pouring out of the elevators on The Shining, and a new poll from The Wall Street Journal shows they favor the GOP by 15 percent.

But Can Republicans Save Your 401K?

U.S. stocks fell even lower Thursday after the Federal Reserve delivered a fourth consecutive interest rate hike. The S&P 500 sank 1.1 percent after the index plunged 2.5 percent in the previous session, its worst loss on a one day since January 2021, the month Biden took office.

Mike Lee Looking Very Safe Now

While much has been made about the vulnerability of Utah’s senior Senator, recent polls from Emerson and OHPI give Mike Lee a 10 point and 19 point (!) advantage over his challenger respectively. So now the question is not if Lee could lose but rather what’s the address for his victory party on Tuesday evening.

Local Budgets Ballooning – “Investment” or Waste?

Salt Lake County Mayor Jenny Wilson released her budget for 2023, which proposes a 25.65% property tax increase to generate $11 million more for the county library program. Her slide deck assigns the need for more money to Biden’s inflation.
Meanwhile, UTA’s 2023 $1.3 billion budget continues to reward inefficiency and inequitable transit service, an issue on which Riverton Mayor Trent Staggs has shined a light, with southwestern parts of the valley neglected in favor of serving mostly incorporate Salt Lake City itself.