Dave Ramsey on How the Election Will Affect the Economy 

After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!

We’ve talked a lot about how the 2024 election might impact the markets. Has anyone made significant gains or losses in previous election years?

I love how Dave puts it. He obviously favors one party over the other, but he will not get brain wash to believe that one party will come in as his knight in shining armor to save him. Like he said, he has made money and done well regardless of which party is in the white house. I think more people need to think that way. As Dave said: "Do it in spite of them, not because of them" with finding success regardless of who is president.

I disagree that it won’t effect us much. But I agree we can’t worry about it. Pray, vote, and continue to make wise decisions.

You're rich so you don't feel the pain.

Balanced take. Anyone who has been listening to Dave since the 1990’s should know his stance on working your plan and minding your own business despite who’s in office.

The upcoming election is expected to significantly impact the economy, with potential increases in government spending and easing of central banking policies. Key issues like immigration, abortion, and economic policy may influence the outcome, affecting sectors like consumer spending, housing, and global trade. The election's impact will depend on various factors, including the outcome, policy changes, and global events.

I once told someone that there is no such thing as a business-friendly environment. No matter the economic landscape, some businesses will thrive, and others will fail. The businesses that endure for decades are those that adapt.

One thing for certain is if you spend more than you take in it leads to major problems and when people stop receiving free money there will be major problems. Better be prepared

Elections do have consequences people. We ha e seen that the past 4 years

Kevin O’Leary would like a word.

I disagree that it doesn’t matter much. People are struggling out there because of the politics of the current administration. High Inflation is causing people to stop spending money. I know personally! But I think Dave is really tiptoeing around anything political and I get it. I’m sure he believes what he’s said in this clip, however, probably feels a bit more strongly than he’s letting on.

"What happens in your house is way more important than what happens in The White House; as a future indicator of your success." - PREACH!

As a pastor I appreciate a great honest answer Dave. I know it is so tempting for people nowadays to delve into all sorts of partisan comments that are highly exaggerated. No need for people doing all sorts of fear mongering as there are plenty people doing that. Thanks again, Dave!

Giving our taxes to illegal immigrants is ridiculous. Giving cash to first time homeowners won’t help. They won’t be able to make the mortgage payments.

Pray for our leaders and our country. To God be the Glory!!🙏🏻

I don’t get any money from the government either Dave, but under the current regime , I have a lot less money. Im not a multi millionaire like you Dave, but my savings has gone down. Twice as much for gas and food and electric alone has hurt us. We’ll be fine, but I can’t save and invest like I could before.

I could not hear his question as I was entranced by the energy of that glorious beard. I must go now and tell the tale of the legend.

You sound like a politician. Opinions change with wealth. Same old, same old.

Ive been saying the same thing for years. Ive had businesses for 40 years and have prospered even if it was minimal at times)under every administration. Not one president called me, not one president had the power to tell me how much or how little I was allowed to charge. Who did tell me and had all the power was the American consumer. If I charged to much I got no business. To little I made no money, so the public sets the price mostly, and businesses push back if its to low Presidents do not create jobs. Individual business, People who have an idea, start a business and then hire people

This time it's not about the economy for me, I'll be fine. One party is evil.

Either way I’m currently preparing a quarter acre of yard to grow 80% of my families produce and made friends with local farmers and ranchers so I will be getting a few hogs and a cow this Christmas so my family can eat without going bankrupt.

Very balanced. The market and politics are two separate forces. They do intersect, but for the most part the market does its thing regardless of who is in charge.

I don’t agree with Dave’s personal politics… but it’s so refreshing to hear this perspective. YOU have the power to affect your personal outcome more than any politician does. Enough complaining about gas and grocery prices. Go out and make more money. The whole world has struggled with inflation following massive supply chain hiccups following a worldwide pandemic. This idea that any candidate is going to meddle in a free market economy to bring grocery prices down is ludicrous. Prices are largely here to stay. Pull yourself up by the bootstraps!

This was spot on. My savings and investments increased but only because i paid off my car. Moved in with roommates and did what I had to do to spend less. Such is life.

You told us that much wasn’t going to change with this past election either but I don’t know about anyone else but these grocery store prices ARE RIDICULOUS…. So yeah it did change my life … and I already had a home but I bet people wish they were under the trump administration trying to buy a home. These interest rates are insane.

So you don’t buy groceries you don’t pay for gas and you don’t realize that the cost-of-living is double what it was four years ago

There is one party who is trying to meddle in your household remotely from the white house. Keep them out.

Finally this is addressed. We can’t keep baby steps in this economy

The business cycle happens no matter who’s in office.

I vote Dave for Secretary of treasury to stop the national debt insanity

We have to have a non-throw away culture.This would bring back, and benefit the manufacturing of quality products, again in the U.S..

I am very concerned about the tax on unrealized income.

But for a middle-class individual (or family), the government under certain leaders TOTALLY affects our finances. Dave dose not run a small business anymore, he has a big business... good for him, and I love him and his general advice. However, he's now out of touch with middle-class families and small business owners in such places like California, where the election has dire ramifications.

“What happens in your house is way more important than what happens in the White House” - Dave Ramsey Pray for our country and Go vote!! What happens in your house is way more important than what happens in the White House” - Dave Ramsey

The American dream still possible. You only need to be smart with your income.

Thanks for spreading some truth Dave.

He’s done everything he said he would do

Unless the government reduces spending, your taxes are not really lowered, they are postponed. Reducing taxes while running up deficits is like making the minimum credit card payment.

He did do that first term and started coming back

From what I’ve read the economy does the best when each party controls one house of Congress. We, the American people, have historically succeeded the most when Congress has been in a state of gridlock and hasn’t done anything. When either party is in control and is able to push their agenda through American citizens suffer.

Right on Dave .You give good honest answers..

I agree that you have control of your money regardless of who is in office. I don't agree that it can't hurt you considerably. I can't tell you how much more money my husband and I would have saved up if these gas, grocery and rent prices haven't shot up well over 20% in the last 3+ years. Arguably in the 4 digits. So ya, it won't ruin your life, but it will hurt like a bitch. People like Ramsey tend to forget what it's like for people like us near the bottom trying to clean up our messes and get to the top responsibly, only to constantly be getting kicked down every time these prices keep skyrocketing. Must be nice being in a spot you can hardly feel the change and tell everyone else they're over exaggerating.

Most sensible advise I’ve heard. Thanks

Washington DC is a closed party and your not invited. But you are paying for said party. Enjoy…

You were able to do what you did bc of the policies/systems in place at whatever time you prospered more or less, not just what YOU did. Wait till they start taxing unrealized gains & see how well you/others/we do!

I think people don’t realize that Dave is in the business of entertainment. This is another example that he really doesn’t know what he talks about. But as long as you believe what he says, then he will still be in business.

I like your opinion on all of this; very wise!

Politicians, Econists and weathermen.

I did it my way!

muddle thru in spite of them….well put

Jobs are not coming back until labor costs here in US go down to the level that they become comparable to costs in foreign countries. Companies are still exporting jobs. If we are saying that AI will bring jobs back, question is how many???

AMEN to the low tax, avoid: high taxes, socialism & Marksist!! MAGA🇺🇸2024

If you bring manufacturing back to the U.S. , where are you going to find the workers?

Also Dave, I hate to break it to you, but your business is primarily driven by negative economic factors namely debt. The more that politicians hurt people by driving them into taking out debt for either literal needs or luxuries, the more your business prospers.

Still waiting for that trickle down......

Good stance...❤

Why would I care what Mr. Ramsey has to say ? He literally talks about economists and weather people. LOL

This is very sound advice. Biblical. I pray we have an end to these outrageous gas and grocery prices! Praying to be debt free! Thanks for giving good advice

I have never had one politician put food on my table.

You can just buy a company in Canada to bring in your business parts from China and avoid the Tarrifs. That’s what my company did. Sales are slow/low and yet still making money, but the profit bonus will be lower.

both parties keep spending beyond our means & keep getting us into further debt

Do you vote Dave ? You said neither one of those “goobers” effects your wallet. But I think you don’t want to say anything positive or negative of either one because you don’t want to lose any viewers. But I’ll say this, one party is against God and all that God has created. Think about that.

This is a great perspective

Bringing manufacturing back to the us means high levels of automation. That is the only way to compete with overseas manufacturing. It's either a 'premium' made in usa product or it needs to be so automated that it's cheap. I dont think bringing manufacturing back to the usa is going to generate more jobs.

I am with you Dave. However if using the bible as reference; God cannot change, override, or alter free will. Hence praying for decisions is not a viable prayer.

Oh, Dave I love you! KaMALA! That's great! You don't even realize that you just said something considered offensive! 😂

Is it too much to ask for our presidential and legislative branches to just leave us be and stop experimenting with its people?

Supply and demand is what affects cost of goods. If you don’t need it don’t buy it. Have’s and wants! Don’t look to the government for help. They can barely function as it is.

No country has ever been able to tax people into prosperity..

Dave's long winded answer: 🇺🇸Vote Trump!🇺🇸

VERY WEIRD QUESTION: Is it possible to bring back 80 percent of the manufacturing jobs? What would have happened if the jobs that were never shipped overseas? Would the US have been better off?

The fact that he gave this answer without once mentioning Trump's tarrifs shows that his answer is substantially colored by his personal political leanings. But the bottom line answer is correct.

I think it’s insane to obsess on a candidate in the way the right absolutely does, some of these people liken him to a god like degree. That being said the left speaks on change and love and their current candidate is currently in office and vows to change something yet she’s currently in office. How did we live in 2015-19 vs how we’ve lived in the last 3 1/2? That’s the question to ask ourselves…

"In spite of them, NOT because of them."

Very well said 👏🏾👏🏾👏🏾

A lot of Gobley goop

Dave is beginning to become out-of-touch with people who aren't millionaires. He's a multi-millionaire many times over. Increased taxes don't have the same impact on him as they do on a single parent trying to raise a couple kids.

You forgot "hitters" in baseball and they get worse every year and paid more. For those that rely on the government for everything it will matter who is elected. For those that rely on themselves, not so much.

Your dogs and cats might feel safer under Trump

Agree with everything you said

Dave is correct. However, depending on who is elected to the White House and to Congress, then it may be wise to make financial moves in December, to mitigate possible substantial tax punishment once the new Congress and President ratchet up taxes the next year or two.

Scripture tells us to pray for them, but it doesn't tell us WHAT to pray for them....😈

The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?

Well, the stock market does tend to go up from bad leadership. Mainly due to the lack of value in the dollar. We’re doing real well farming. Some of what we produce is directly to consumers, and what isn’t is still directly marketed, not as tied to the commodities market. We have a lot invested in land, but don’t buy in all the inputs like conventional operations. We’re going to be fine, no matter what happens.

Not a compassionate conservative, I guess.

Waiting on the Rapture of the church Jesus Christ is Lord!

Any talk of bring back manufacturing to America needs to include continued inflation. Trading Chinese wages for American wages is very inflationary. Maybe using Mexico to make products would be a somewhat cheaper solution.

Chase Oliver of the Libertarian Party!!

The bonus depreciation was a key part of the’17 tax reform, it was 100%, now it’s 60% immediate depreciation of any tangible asset with a 20 year life. It’s in the code available to all businesses. It makes Kamala’s $50k credit a moot point. Startups rarely make a profit, it took Amazon 9 years to turn a profit

I'm 78 and I figure this election won't change my life much either way , everything I own is paid for , I have money saved ,farm land that is rented , and SS . There is a great Mark Twain quote " Sometime I wonder if the world is being run by smart people who are putting us on , or imbeciles who really mean it." You decide .

End the insane war on drugs.

President’s don’t wave magic wands to lower prices there’s also 535 lawmakers in DC & the judicial system

Dave’s numbers are way down after the show length change. I think it’s silly and we need to remember the heart of the lesson and not get hung up on silly things like show length.

The general concept that it really doesn't matter who is president, your life is not going to drastically change. However, I have several thoughts based on what was said in this video: 1. For manufacturers, Trump's proposed tariffs should be a major concern. Unless your supply chain is 100% in the United States, the tariffs will make things more expensive for you and your customers. Tariffs, if used correctly, can be beneficial to our country. But we must be very careful about them, because in the 1930's we used tariffs to try to protect American manufacturing and jobs, but all it did was cause a trade war and deepened the depression. 2. I want to comment on social programs and the tax environment. I have thought deeply about this the last 15 years that began with the passing of the ACA. My general observation is economic health of the consumer is key to economic growth. This was reinforced by the actions we took during COVID, where the economy did not completely collapse despite the shut downs, and this happened because of the generous unemployment benefits in the US and the generous subsidies to keep people employed in Europe and Canada. Our biggest mistake during that time was probably allowing all the layoffs that impacted supply chain. This event I think clearly demonstrates the benefits of a strong social safety net. We need to keep people employed, keep people solvent, keep viable small businesses solvent, understand and strengthen supply chain, and essentially make it easy for people to spend money and make money. So, I think it is worth it to have policies to provide universal healthcare, housing affordability measures, better city planning, universal child care, universal education, generous unemployment benefits, generous retirement pensions, and the like because even though these might raise taxes on businesses and individuals, it will keep capital flowing and the economy growing. We have been doing fine under the feast and famine ways of the economy, but the well to do often do the best under this while a majority do poorly. If we even out these cycles, it will give everyone a chance to prosper, and that will strengthen our economy and I believe it will generate more growth. 3. As an add-on, I also believe in strong investments by the government to develop advanced industry in the US. Innovation is our competitive advantage and it benefits us to be first movers in new technologies that can make a big impact on our lives. I think moving forward, if we fail to do this, China and Europe will eventually surpass us. I already see some of this related to the lithium ion battery industry despite the IRA act. Many of the companies building manufacturing here are foreign behemoths in competition with American start-ups. We are already at a disadvantage, but hopefully we pull through and can compete.

Well how did that answer his question it didn't

Ramsey seems to be on the far right side. 😂

Every time one party or the other cuts wealth taxes, or comes up with some other tax gimmick - "writeoffs" and the like, its the same as sending him money. He either doesn't understand how a ledger works, or more likely, he's ideologically driven, just like everyone else, when it comes to politics.

There is an equal market chance associated with each crash or collapse. I have seen people accumulate up to $1 million during a crisis, and even make it work in a strong economy if they are prepared and well-informed. Without a doubt, the bubble/collapse is making someone wealthy.

It is a historical fact for the past 30 years that the traditional measurements of the economy have been better under democratic presidents. I personally can’t tie that back to any particular policies but it is what the data show. And we know that massive tariffs on imported goods is a tax on the consumer.