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Off The Wall

Jan 23, 2023

This is the final episode in our 3-part political series on how politics impacts the economy, markets, and your wealth.  


Recently, we had Reince Priebus and Bob Stine on the show. Each guest gave their perspective on politics and the economy, offering a Republican and an economist’s view – now it’s time for the Democratic take. 


In this episode of Off the Wall, hosts David Armstrong and Jessica Gibbs welcome Steve Elmendorf to the podcast. Elmendorf is a political strategist and Co-Founder and Partner of Subject Matter, a strategic communications and government relations consulting firm. 


Steve offers his Democratic viewpoints on the potential showdown over the debt ceiling, his predictions on crypto regulation, and how the Democrats might (if at all) impact federal taxes in 2023 and beyond. 


Who would be better candidates for the 2024 presidential election than Joe Biden and Donald Trump? What politicians might lead the 2024 primaries? Tune in to hear Steve’s candid answers! 


“The Republican side, in the House, has a position that is not sustainable. What they’re advocating for, in terms of spending cuts in return for raising the deficit, it couldn’t pass in their own group, let alone in the broader Congress and get signed by the president.” 

 – Steve Elmendorf 


Episode Timeline/Key Highlights: 

[00:50] Introducing Steve Elmendorf & the topic of today’s episode. 

[02:28] A Democratic view of the 2022 midterms. 

[04:58] Should investors be concerned about the debt ceiling? 

[08:19] Steve’s worries about the debt ceiling timing and a potential government shutdown. 

[10:35] Where is the Democratic party going in 2023? 

[15:20] Tax planning for 2023 and beyond. 

[15:53] Up-and-coming “next generation” politicians we should be paying attention to (in both parties). 

[19:11] Potential frontrunners in the 2024 Republican and Democratic primaries. 


Please see important podcast disclosure information at   


Resources Mentioned: 

Listen to the episode with Reince Priebus:  

Listen to the episode with Bob Stine:  

Learn more about Subject Matter: 


About Steve Elmendorf: 

Steve is widely recognized as one of Washington, D.C.’s., preeminent political strategists. With a career on Capitol Hill and in politics spanning more than 30 years, Steve’s tenure in Washington has been grounded in daily interaction with the White House, administration officials, senators, members of Congress and leading interest groups on the front lines of the economic, social, domestic, national security and foreign policy debates of the last decades. Steve rose to the highest-level Democratic staffer in the House of Representatives as chief of staff to House Democratic Leader Richard Gephardt.  


Upon leaving the Hill, he served as a senior advisor to the Gephardt, Kerry and Clinton presidential campaigns. Since 2006, Steve has represented some of the nation’s most important corporations, trade associations and organizations on critical legislative and regulatory issues, helping to drive their businesses, build their brands and expand their market shares. He has been a frequent guest on CNN, MSNBC and Fox News, and is consistently listed among the most influential leaders in Washington by Politico, The Hill, GQ and other national publications. 


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About “Off the Wall”: 

Off the Wall is a podcast aimed at helping you answer the questions: What is the point of my wealth, and what actions can I take to accomplish that purpose? Your answers to those questions will be different from everyone else’s. As Wealth Managers, we’re skilled at helping our clients think through these challenging, but important, questions.   


Learn more about our hosts, Dave and Jessica on our website at