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Virginia Gov. Youngkin predicts GOP midterm wins may assist ease recession fears

Glenn Youngkin talking at CNBC’s Delivering Alpha, Sept. 28, 2022.

Scott Mlyn | CNBC

Virginia Gov. Glenn Youngkin predicts that Republican good points within the 2022 midterms may assist curb recession fears.

“I feel that might be a relaxing affect. Now as a substitute of getting single-party authorities, we now have divided authorities and we may find yourself with, I feel, slightly extra rational spending,” Youngkin advised CNBC’s Ylan Mui on the Delivering Alpha convention in New York Metropolis on Wednesday. “I’m anticipating that if that may occur we are going to see, sure, a slowdown, however we cannot see a tough touchdown.”

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Youngkin, a Republican, mentioned People typically suppose his celebration will take again the Home and that he is “cautiously optimistic” it’s going to additionally retake the Senate. A former non-public fairness govt, Youngkin’s victory in Virginia final yr was his first elected workplace. He ran for governor after 25 years with The Carlyle Group, one of many world’s most influential non-public fairness corporations, retiring as co-CEO.

“I feel there is a second right here the place, sure, demand is feeling an actual strain from the rise in rates of interest, however I do suppose we will handle by way of this with an election consequence that I feel restores stability, however on high of that, firms sustaining confidence, shifting ahead with their long-term funding plans and sustaining their hiring plans.”

Youngkin has declared Virginia “open for enterprise” and has sought to draw firms to the state. Virginia is ranked third in CNBC’s America’s High States for Enterprise in 2022 after holding the highest spot for the earlier two consecutive years.

Youngkin predicted that Republican good points in November’s midterm elections may enhance the financial system in the identical means that, he says, former President Donald Trump’s 2016 win did six years in the past.

He mentioned there’s broad worry now that the financial system is heading towards a recession, which he mentioned is attributable to a decline in shopper confidence.

“In the event you bear in mind, return to 2016 the place it was clear that we have been going to go right into a recession and it was additionally broadly thought that Hillary Clinton was going to win,” Youngkin mentioned “What occurred, after all, was there was a swap, a change. When Donald Trump gained the entire sudden optimism went again into the market and we prevented a recession.”

The College of Michigan Client Sentiment Index rose 8.2 factors above the November preelection studying after Trump’s election in 2016, pushing the index 6.6 factors increased for all the month.

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