Veteran investor Peter Schiff believes a potential stock market crash on Monday could further improve Democrats’ chances of taking control of the Senate in the upcoming U.S. midterm elections.
Peter Schiff Sees 71% Odds Of Democratic Senate Victory
On Friday, Schiff took to X, saying the probability of Democrats winning the Senate had climbed to 71%, marking a new high.
He warned that a stock market crash on Monday could push those odds even higher, arguing that Republicans are struggling to defend their economic record.
“The odds of the Democrats winning the Senate are now 71%, a new high. If the stock market crashes on Monday expect those odds to rise further,” he wrote.
Adding, “The problem for Republicans is that they have to lie that a bad economy is good. Democrats just have to lie that they can make it better.”
In a separate post, Schiff argued that a stock market crash on Monday could effectively seal a Democratic sweep in Tuesday’s midterm elections.
“Ironically, a crash that helps Democrats win may be driven by investors pricing in that outcome, as Democrats will likely raise corporate taxes and be more fiscally reckless than Republicans,” he stated.
Democrats Lead National Polls as Trump’s Approval Falls
The warning comes as Democrats hold an 8.2-percentage-point lead over Republicans nationally, with 51.4% support compared with 43.2%, Al Jazeera reported, citing RealClearPolling.
President Donald Trump’s approval rating has also weakened. A Marquette Law School poll conducted in Wisconsin from Oct. 14-22 found that 37% of respondents approved of his performance, while 61% disapproved.
The survey also highlighted growing economic dissatisfaction, with just 16% saying they were financially better off than a year ago, compared with 42% who felt worse off.
Economic Concerns Could Complicate Republican Midterm Hopes
The cost of living remains a major concern for voters, with higher energy prices following the Iran war adding to household financial pressures. Healthcare costs and immigration are also key campaign issues.
Republicans currently control both chambers of Congress, but Democrats are targeting competitive Senate races in states including Alaska, Iowa, Ohio and Texas.
A Democratic takeover could complicate Trump’s legislative agenda during the final two years of his presidency.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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