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Last night was a 'shot in the arm' for the Democrats, says Evercore's Roger Altman

Name: Last night was a 'shot in the arm' for the Democrats, says Evercore's Roger Altman
Uploaded: 2025-11-05T12:57:10Z
Description: Evercore founder and senior chairman Roger Altman joins 'Squawk Box' to discuss the Zohran Mamdani's election victory to become the next mayor of New York City, impact on the business community, future of the Democratic Party, state of the ongoing government shutdown, and more.

11/5/2025, 12:57:10 PM

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Economic Summary

The economy is the top voter issue and President Trump’s economic approval is low (~37%), which could hurt incumbents if economic sentiment doesn't improve.
The current government shutdown is producing visible hardship (food bank lines) and risks broader economic and political fallout; a short-term resolution with a guaranteed vote on enhanced Obamacare subsidies (~$35 billion) is suggested.
New York’s mayoralty has limited fiscal and infrastructural authority (no taxing power; airports/ports run by Port Authority; MTA separate), implying a new mayor’s policy impact on business and budgets is constrained.

Bullish

New York City historically resilient; it functioned under de Blasio and Adams despite poor leadership.
Recent state and local wins position Democrats reasonably well for the November 26 off-year elections.
A move toward the center (per recent 'Deciding to Win' polling) could improve Democratic electoral prospects.

Bearish

Momdani is 34 with no prior management experience, risking early chaos in city government.
Democratic Party remains deeply divided between left and center, weakening long-term electoral strength.
Ongoing government shutdown causing humanitarian strain and political damage.

People mentioned

Roger AltmanBeckyMomdaniBill De BlasioEric AdamsKathy WildJesse TishAbigail SpanbergerMikie SherrillChuck SchumerAlexandria Ocasio-CortezJohn Fetterman