City to Political Establishment: Drop Dead

This week, Democratic voters in New York elected Zohran Mamdani to be their candidate for the mayoral election in November. Perhaps not surprisingly, the 33-year old’s popularity with the younger generations helped to catapult to victory. However, his political platform and campaign processes are giving the traditional elites the fits. Rent freezes? Free public transportation. Free childcare? Government-run grocery stores? Higher taxes for corporations and the so-called 1%? A $30/hour minimum wage? Regulating delivery apps? It is very aggressive and more than a little bit idealistic. The question remains: why do these economically questionable positions appeal to younger voters?  

In this week’s Trading Perspectives, Sam Clement and John Norris discuss the recent mayoral primaries in New York, and analyze the winner’s appeal to younger voters.

The title is an allusion to a famous headline in New York during the Ford Administration….when Gerald Ford essentially blocked a financial bailout for the city.