ST. LOUIS, MO (KTVI)- Global markets plunged this morning in the wake of the general election results, thereby leaving many Americans asking, what will a Trump presidency mean for the economy? But as explained by Peter Lazaroff, wealth manager and investment researcher with PlanCorp Financial Services in St. Louis, presidents possess far less influence over the United States economy than one might be lead to believe.
Lazaroff explains that economic stability results from a multituted of factors that are often unpredictable. Historically, presidents have been blamed for as well as have taken credit for drastic shifts in the economy; however, presidential influence is just one of many components that affects the economy. These factors must be examined extensively over an extended period of time to truly understand how the economy will be affected.
Despite this, the stock market has already shown signs of panic this morning. Lazaroff compared the state of this morning’s stock market to that of Brexit; however, he reminds us that panic is not an investment strategy. Individuals should not be encouraged to make hasty financial decisions in the wake of the election.