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The economy and the 2026 election
The outcome of the midterm election may not hinge on some of the hot topics that drove primary voters to the ballot box. The economy may flip the political narrative in Texas and across the nation.
AUSTIN, Texas - The outcome of the midterm election may not hinge on some of the hot topics that drove primary voters to the ballot box.
The economy may flip the political narrative in Texas and across the nation.
What they're saying:
Small businesses have always been considered the economic backbone of the country, but the unexpected bad news regarding job loss and the spike in gas prices is putting a lot of stress on that important sector.
Even before the war with Iran, economic experts were saying small business owners were taking a hold-the-line approach to 2026. Essentially, a no-hire, no-fire strategy.
The economy was a major topic during the Battleground Texas segment on Friday. A discussion took place on how the economy is shaping up to be a make-or-break issue for every race on the November ballot.
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"There's still inflation. However, you know, people are finding ways to navigate that. So, whether it be supply chains, shifting their supply chains. Their suppliers. You know, how they're thinking about not hiring the next employee. Because payroll is always the biggest expense of a company," said Sharon Miller, who is the President of Business Banking at Bank of America.
Small business owners are not closing ranks, according to Miller. Some told her they have optimism about a late-year rebound.
"And so, business owners are navigating the waters. And I would say here, especially in Austin, where you see one out of every four people living here are coming from the West. You're having a migration here to Austin. So, there's strength in the economy here locally," said Miller.
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Business loans with Bank of America are being made, and according to Miller, much of that money is not about making payroll.
"We're seeing expansion, especially in our client base. So, people are thinking about, they may have one location of a dental practice, and we're seeing multi-practice owners," said Miller.
The outcome of the November General Election cannot be predicted. Miller suggested business owners find ways to be resilient.
"And pivoting and reviewing their business plans and making sure that they're adapting to whatever comes in front of them," said Miller.
Dig deeper:
Some Democrats are showing signs of a pivot back to economic issues and expanding support.
James Talarico spent Friday in Chicago with a number of high-profile democrats for the Jessie Jackson memorial service. The trip was a good opportunity to connect with the African-American voting block that supported his former primary rival Jasmine Crockett.
Meanwhile, the GOP senate primary race remains unresolved.
Ken Paxton and John Cornyn spent much of Friday trading punches. They are still waiting to see if one will get the Trump endorsement, and if one will drop out of the May runoff.
The Source: Information from Battleground Texas