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Off The Wall

Dec 13, 2022

Bob is back!

Robert Stein, Deputy Chief Economist at First Trust Advisors, joins us again for our final episode of the year. With the midterms in the rear view and 2023 just around the corner, many people are wondering: What is the 2023 economy going to look like? What can we expect for the 2024 presidential election? Why are gas prices coming down? What can we expect with inflation and the housing market over the next two years?

In this episode of Off the Wall, hosts David Armstrong and Jessica Gibbs get Bob’s take on the 2022 midterm results and his predictions for a looming 2023 recession and the 2024 presidential election.

Bob shares his perspective on who will and will not run for president in 2024, how inflation and home prices will change in 2023, and what changes we can expect in government over the next two years.

“I think there’s going to be a lot of paralysis on Capitol Hill and spending time on investigations. I’m not pro or con, it’s just how they’re going to spend their time, looking into various things. There’s not going to be a lot of legislation on new territory, whether it’s green energy, whether it’s tech, whether it’s taxes, those bills will not get to the President’s desk.”  – Bob Stein

Episode Timeline/Key Highlights:

[01:15] Introducing Bob Stein & The topics of today’s episode.

[03:08] Addressing the 2022 Midterms Results: Why did the Republican party lose a seat in the Senate and barely capture the House?

[08:49] Were the 2022 Midterm elections a rebuke of President Trump?

[09:35] The Democrats’ strategy during the primaries to throw money and advertising behind Trump-endorsed candidates

[10:36] Bob’s thoughts on the Republican presidential run: What chance does Trump have to get nominated? What chance does Ron DeSantis have to get nominated? Are any candidates being overlooked?

[14:27] Will Biden run for president again? Will Kamala Harris run again?

[15:56] Why is Gavin Newsom so popular?

[18:53] Would Biden run with Newsom?

[19:54] Taxes, infrastructure, tech, green energy, fuel prices, inflation - Bob’s predictions for the future.

[22:39] Why are gas prices coming down?

[25:25] Changes in the government, inflation, and housing we can expect in the next two years.

[37:33] Are mortgage interest rates going to increase in 2023?

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Resources Mentioned:

Listen to Bob’s episode from June 2022:


About Robert Stein, CFA:

Bob is Deputy Chief Economist at First Trust Advisors. He is responsible for managing forecasting and analyzing economic indicators as well as writing economic commentaries.

Prior to joining First Trust, Bob was Assistant Secretary for Economic Policy at the U.S. Treasury Department. While there, Bob was responsible for briefing the Secretary of the Treasury on U.S. macroeconomic developments and formulating policy proposals. Day to day, he was responsible for leading a team of twenty economists conducting in-depth economic analysis and research.

Between 1996 and 2002, Bob was chief economist for the Senate Budget Committee on Capitol Hill and an economist for the Senate Banking Committee and Joint Economic Committee. Prior to his tenure on Capitol Hill and the Treasury Department, Bob was a journalist for Investor’s Business Daily where he covered the economy and authored many front-page stories.

Bob received a BA in both Economics and Government from Georgetown University. He is also a CFA Charterholder.


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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. 

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