With the presidential election between Vice President Kamala Harris and former President Donald Trump a week away, Dennis Gartman, the editor and publisher of The Gartman Letter, joins Seana Smith on Catalysts to discuss inflationary concerns going into the election and worries about the national deficit.

Gartman tells Yahoo Finance, “My biggest fear going into the election is that we'll have a Democratic House, Democratic Senate, and a Democratic president. That's not going to happen. My next biggest fear is that we'll have a Republican House, a Republican Senate, and a Republican president. The problem shall be that no matter who takes over if we have an overwhelming landslide in one direction or another, they will both be inflationary.”

“The best of all worlds will be probably a Republican president, a Republican Senate, and a Democratic House. So we'll get gridlock. Nothing much will happen. They can't hurt me when they can't do anything. And that's probably the best of all worlds,” he adds. Gartman says, in his view, Republicans “tend to be somewhat more fiscally responsible, but Mr. Trump has been fiscally irresponsible, and Miss Harris will be as at least as fiscally irresponsible as Mr. Trump shall be.”

Gartman says he is especially worried about the deficit rising. “I've been in the business for 50 years, and for 40 [years to] 45 years of my 50 years, I have not been too concerned about the deficit rising. It has been somewhat problematic, but now, for the first time in my lifetime, I'm actually becoming very concerned.”

He explains, “The fact that the deficit is now, what, $3.5 trillion a year, we're going to $36 [trillion] or $37 trillion in the overall budget deficit or the debt that we have, that becomes problematic. And I think it is, for the first time in my lifetime, disconcerting [and] dismaying … I'm worried about the economy and the country fiscally going forward for the younger generation. It's my first time to be very concerned.”

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This post was written by Naomi Buchanan.