Trucking Group Warns Impeachment of President Trump Could Endanger Truckers
Washington D.C. – For only the third time in American history, the U.S. House of Representatives has approved articles of impeachment against the president of the United States.
On Wednesday night the House approved two articles of impeachment (Abuse of Power and Obstruction of Congress) against President Donald Trump.
Two Democrats broke ranks and joined with Republicans in opposition to Article I: Abuse of Power.
Three Democrats also sided with Republicans voting in opposition to Article II: Obstruction of Congress.
The impeachment of President Trump is the culmination of what Speaker Nancy Pelosi (D-CA) admitted last week at the Women Rule summit in Washington was a “two and a half year” effort by the Democratically-controlled House.
The matter is now Constitutionally-bound over to the U.S. Senate for trial where it is expected to be taken up early next year.
Senate Majority Leader Mitch McConnell (R-KY) has already signaled the articles of impeachment against President Trump are likely to be “dead on arrival” in the Senate.
Now the question appears to be will the articles ever reach the U.S. Senate.
According to new reporting by both CNN and FOX News, Speaker Pelosi is considering delaying the transmittal of the articles of impeachment to the Senate.
Such a move would be unprecedented in the nation’s history.
While most political experts agree President Trump will likely not be removed from office regardless of what Speaker Pelosi decides, many are warning the partisan political divide in America will only worsen as we head into the 2020 election cycle.
Warning For Truckers
One trucking group is already warning truckers could be endangered by possible political unrest as a result of the impeachment of President Trump.
“This could very well set off a chain of events that could result in nationwide riots that will impede truckers’ ability to make deliveries of products for Americans’ consumption,” James Lamb, president of the Small Business in Transportation Coalition (SBTC) said.
“While there is sure to be a backlash by the President’s supporters… we are more concerned about probable violent reactions of the Left when the Republican-controlled Senate expectedly votes to acquit,” he added.
POLL: Truckers Do Not Support Impeachment
A strong majority of truckers do not support the impeachment of President Trump, according to a recent poll.
Results of an online poll commissioned last week by the SBTC reveal that nearly 80% of truckers are against the impeachment and removal of the president, while only about 17% are in favor.
About 3% would like to see President Trump censured by the U.S. House of Representatives, but still not removed from office.
While not scientific, the poll is notable since it collected a respectable polling sample size of well more than 400 respondents.
How Will Markets React?
A major question yet to be answered is how will the markets respond to impeachment?
Observers of history will remember that impeachment proceedings against Richard Nixon and Bill Clinton were each associated with an equity bear market.
In Nixon’s case, the S&P 500 fell 23.7% from the date of the Watergate break-in in 1972 to the day he resigned in August 1974.
The bear market in Clinton’s case did not last as long.
That decline lasted for six weeks between mid-July and the end of August of 1998, during which the S&P 500, on an intraday basis, fell 21.0%.
However, as CNBC recently reported, economists point to record highs in the stock market and continued strength in consumer confidence levels as evidence the impeachment of President Trump will not cause a prolonged or even short downturn.
This would be much welcomed news for a trucking market experts say is experiencing a freight recession in 2019.