I ask this question as objectively and apolitically as possible: what EXACTLY do people mean by “things are slow because people are waiting for the election”?

As a young soon to be grad getting my first real job soon, I’ve seen a lot of people in the industry echo the sentiment that things are slow or bad right now because of the election around the corner. But… what does this exactly mean? Is it the developers and investors thinking a certain candidate will net them more money economically?