Until last week, November's gubernatorial election in New York state was considered a foregone conclusion. The incumbent, Andrew Cuomo (son of former governor Mario Cuomo), was supposed to be a shoo-in, and many expected him to run for the White House in 2020.
Enter Cynthia Nixon, an actress best known for her role in the 1990s TV series Sex and the City. She plans to challenge Cuomo in September's Democratic primary. Nixon has generated quite a buzz, and Ladbrokes is now pricing her at 3/1 (25%) to capture the governor's mansion in Albany. Cuomo's price is 1/3 (75%).
The victories of Jesse Ventura in Minnesota and Arnold Schwarzenegger in California prove that it is possible for a celebrity to mount a successful long-shot campaign for governor. But in both cases they were only successful because the incumbent had been severely weakened by a major scandal. Despite one of his former aides being convicted of corruption, Cuomo remains broadly popular in the Empire State, with his approval rating around 52%.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Recent polls underscore Cuomo's advantage, with one suggesting that he leads Nixon by up to 35%. While Nixon has likened her campaign to that of Democratic outsider Bernie Sanders in the 2016 presidential primary, even that isn't going to help her very much, given that Hillary Clinton got 58% of the primary vote against him in New York state. Take Ladbrokes' odds on Cuomo. I'm putting £2 on him myself.
-
Steve Webb: The triple lock is there to do a job. I’m not embarrassed or ashamed of itThe triple lock means 13 million pensioners will now get an above-inflation state pension boost in April. While the rising cost of the policy has stirred controversy, Steve Webb, who served as pensions minister when it was introduced, argues the triple lock is vital and should stay. Webb speaks to Kalpana Fitzpatrick on the new episode of MoneyWeek Talks – out now.
-
How retirement pots risk running out 11 years early if inflation remains highPension savers could find their retirement income may not last as long as they anticipated over fears that inflation may not slow down
