But something happened, and the anticipated 'red wave' did not materialize, and as such, on Wednesday, Wall Street -- which was looking for a GOP blowout to put the brakes on Biden's economy-busting agenda -- reacted negatively.
The stock market had been rising in anticipation of a red wave, which would have limited the capacity of President Joe Biden to further advance his legislative agenda. The Dow Jones Industrial Index fell 530 points, or 1.6%, as of Wednesday afternoon, while the technology-heavy NASDAQ fell 229 points, or 2.2%, as markets have a distaste for volatility, especially with respect to government and public policy.
The Biden administration’s first two years were marked by a number of spending packages. While the American Rescue Plan is anticipated to spend $1.9 trillion, other omnibus proposals include the $370 billion Bipartisan Infrastructure Law, the $80 billion CHIPS and Science Act, and $55 billion in aid for Ukraine. Executive orders related to health care will lead to $175 billion in new deficits, while an increase in food stamp spending will add $185 billion.
GOP candidates managed to lose a number of high-profile races on Tuesday after they failed to convince enough voters that the inflation-and-crime-and-high gas prices agenda implemented by Biden and his Democrat congressional majority was bad for the country. GOP Senate candidates Don Bolduc of New Hampshire and Dr. Mehmet Oz in Pennsylvania both lost though they were backed by former President Donald Trump (which actually may have been their downfall). And the Georgia Senate race between Trump-backed GOP candidate Herschel Walker and Dem incumbent Sen. Raphael Warnock is headed to a December runoff in what has become a repeat of the 2020 election.
"Republicans, however, managed to hold a handful of seats in the Senate. Ted Budd defeated Democratic rival Cheri Beasley in North Carolina, while J.D. Vance fended off Democrat Tim Ryan in Ohio. The races in Nevada and Arizona have not yet been called by any major networks at the time of writing," The Daily Wire noted further.
"Meanwhile, Republicans easily defeated their opponents in several high-profile gubernatorial races. Democrats Beto O’Rourke and Stacey Abrams were soundly eclipsed by Greg Abbott and Brian Kemp in Texas and Georgia, respectively, while Ron DeSantis defeated Democratic challenger Charlie Crist in a landslide victory that was among the bright spots for conservatives," the report said.
There is some good news for Republican voters: The GOP is slated to take a slim majority in the House, but smaller than the current smallish Democratic majority.
"51 of 83 competitive House races called. Only #NY3 #NY04 have broken against ratings (GOP win vs. Tilt D rating) 12 of 20 Toss-up races called and they've gone 9 D, 3 R #CO03 #CA41 rated Solid R but are at risk Narrow path for Dem control. Probably R +4-11," political handicapper and analyst Nathan Gonzales tweeted Wednesday.
Narrow path for Dem control. Probably R +4-11
— Nathan Gonzales (@nathanlgonzales) November 9, 2022
So what happened to the anticipated 'red wave'? Some political analysts opined on Wednesday that while Biden's policies of inflation and immigration chaos were on the ballot, many Americans voted against their own best interests because GOP candidates were not of higher quality. That, believe it or not, would be more on former President Donald Trump's recommendation and support of and for them than anything else, many critics are saying.