The stock market is falling broadly today for yet another trading session. We have gone down ten percent from the high on the Dow Jones Industrials Average. For many people, this is a "correction", but for many others, it is a signal that the economy is heading into a recession.
The validity of the stock market as an indicator of future economic activity is suspect at best. It was famously said that the stock market predicted nine of the last five recessions. Nevertheless, no one can deny that the decline of the stock market is a bad sign for the US economy. Further, everyone would agree that a decline of this magnitude is very troubling. We have to wonder why it is that the markets are collapsing this rapidly.
The sad thing about this market movement is that president Obama is just ignoring it. There has been no plan to speed up economic growth. There has been no effort to talk up the economy. Indeed, Obama has been more interested in his golf game than in the economy. All the recent actions by Obama have had the effect of slowing economic growth. Regulations that will raise the cost of energy will slow growth. Regulations that will raise the cost of labor will slow economic growth. Most of the other regs coming from Obamaland likewise slow economic growth.
The current economy is intolerable for much of the American people. Oh, a few rich people may like it (although those folks probably lost a bundle as the market has tanked.) The average American, however, just watches as his or her income goes down. It has been a disaster for years, and Obama has done nothing. Even Obama's favorite excuse that the GOP has blocked his programs doesn't fly when it comes to the economy. Obama has proposed nothing. Clearly, he does not care about the economy.
We are in the sixth year of the Obama "recovery" and people are still hurting. If we slide back into recession, the pain will be enormous. Is it too much to ask those wanting to be president for their economic programs? We've had enough of aimless wandering. America needs leadership to get back on track.
The validity of the stock market as an indicator of future economic activity is suspect at best. It was famously said that the stock market predicted nine of the last five recessions. Nevertheless, no one can deny that the decline of the stock market is a bad sign for the US economy. Further, everyone would agree that a decline of this magnitude is very troubling. We have to wonder why it is that the markets are collapsing this rapidly.
The sad thing about this market movement is that president Obama is just ignoring it. There has been no plan to speed up economic growth. There has been no effort to talk up the economy. Indeed, Obama has been more interested in his golf game than in the economy. All the recent actions by Obama have had the effect of slowing economic growth. Regulations that will raise the cost of energy will slow growth. Regulations that will raise the cost of labor will slow economic growth. Most of the other regs coming from Obamaland likewise slow economic growth.
The current economy is intolerable for much of the American people. Oh, a few rich people may like it (although those folks probably lost a bundle as the market has tanked.) The average American, however, just watches as his or her income goes down. It has been a disaster for years, and Obama has done nothing. Even Obama's favorite excuse that the GOP has blocked his programs doesn't fly when it comes to the economy. Obama has proposed nothing. Clearly, he does not care about the economy.
We are in the sixth year of the Obama "recovery" and people are still hurting. If we slide back into recession, the pain will be enormous. Is it too much to ask those wanting to be president for their economic programs? We've had enough of aimless wandering. America needs leadership to get back on track.
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