Text size About the author: Desmond Lachman is a senior fellow at the American Enterprise Institute. He was a deputy director in the International Monetary Fund’s Policy Development and Review Department and the chief emerging market economic strategist at Salomon Smith Barney. President Biden’s loss of his majority in the House of Representatives would bode poorly for the U.S. economy and its financial markets. At a time when the country appears to be on the cusp of a meaningful economic recession, the last thing we need is a hobbled administration incapable of responding to a swooning economy. Financial markets are...