Fixed Income   |   June 27, 2019

US Supreme Court Blocks Citizenship Question on the 2020 Census

The November 2018 midterm elections ushered in notable changes at both the governor and state legislature levels. These shifts have implications for state policy ans credit: State governments have become more polarized, with more control by single parties.

  • New governors and legislators have already begun to make policy changes.
  • Redistricting from the 2020 census will be impacted by these legislatures.
Caroline Grandoit
Global Head of Total Portfolio Solutions
Robert Petty
Executive Director and Chief Executive Officer, Fiera Asia
Caroline Grandoit
Global Head of Total Portfolio Solutions
Robert Petty
Executive Director and Chief Executive Officer, Fiera Asia
Judy Wesalo Temel
Senior Vice President, Director of Credit Research
Judy Wesalo Temel
Senior Vice President, Director of Credit Research
Candice Bangsund
Vice President and Portfolio Manager, Global Asset Allocation and Private Markets Solutions
Dominic Bokor-Ingram
Senior Portfolio Manager
Candice Bangsund
Vice President and Portfolio Manager, Global Asset Allocation and Private Markets Solutions
Dominic Bokor-Ingram
Senior Portfolio Manager
Judy Wesalo Temel
Senior Vice President, Director of Credit Research
Dominic Bokor-Ingram
Senior Portfolio Manager
Judy Wesalo Temel
Senior Vice President, Director of Credit Research
Judy Wesalo Temel
Senior Vice President, Director of Credit Research
Kenneth M. Potts
Senior Vice President, Portfolio Manager
Dexter J. Torres
Senior Vice President, Portfolio Manager, Head of Trading
Brian P. Meaney
Senior Vice President, Taxable Bond Strategist
Candice Bangsund
Vice President and Portfolio Manager, Global Asset Allocation and Private Markets Solutions
Candice Bangsund
Vice President and Portfolio Manager, Global Asset Allocation and Private Markets Solutions
Brian P. Meaney
Senior Vice President, Taxable Bond Strategist
Judy Wesalo Temel
Senior Vice President, Director of Credit Research
Brian P. Meaney
Senior Vice President, Taxable Bond Strategist
Candice Bangsund
Vice President and Portfolio Manager, Global Asset Allocation and Private Markets Solutions
Judy Wesalo Temel
Senior Vice President, Director of Credit Research

Governors

State government policies and priorities include, on the expenditure side: education, healthcare, infrastructure and transportation, criminal justice, debt, pensions and general government. On the revenue side these policies include: increasing or lowering sales, income, corporate income and other taxes that are used by state governments.

In November, 36 governor seats were up for election. Ultimately, 8 states changed parties. Democrats took over the governorship in 7 states: Illinois, Kansas, Maine, Michigan, Nevada, New Mexico and Wisconsin. Alaska went from independent to Republican.

With this shift in governors it will be important to look for any major changes in either spending or revenue raising at the state level, and other changes in policy.

Legislatures

A vast majority of the seats in the 99 state legislative chambers were up for election in 2018. There was a net change of 6 Democratic chambers (Colorado State Senate, Maine State Senate, Minnesota House of Representatives, New Hampshire House of Representatives, New Hampshire State Senate, and New York State Senate). There are several key points to make about the legislature elections.

 

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