The Obama Economy
As the Dow keeps dropping, the President is running out of people to blame.
(The Wall Street Journal) - As 2009 opened, three weeks before Barack Obama took office, the Dow Jones Industrial Average closed at 9034 on January 2, its highest level since the autumn panic. Yesterday the Dow fell another 4.24% to 6763, for an overall decline of 25% in two months and to its lowest level since 1997. The dismaying message here is that President Obama's policies have become part of the economy's problem.
Americans have welcomed the Obama era in the same spirit of hope the President campaigned on. But after five weeks in office, it's become clear that Mr. Obama's policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery. From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence -- and thus a longer period of recession or subpar growth.
(The Wall Street Journal) - As 2009 opened, three weeks before Barack Obama took office, the Dow Jones Industrial Average closed at 9034 on January 2, its highest level since the autumn panic. Yesterday the Dow fell another 4.24% to 6763, for an overall decline of 25% in two months and to its lowest level since 1997. The dismaying message here is that President Obama's policies have become part of the economy's problem.
Americans have welcomed the Obama era in the same spirit of hope the President campaigned on. But after five weeks in office, it's become clear that Mr. Obama's policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery. From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence -- and thus a longer period of recession or subpar growth.
posted by BP News Bureau | 12:00 PM
2 Comments:
In other words, everything is going exactly as everyone who knows anything about economics predicted. The Pollyannas who were certain the that Obama's hope-change would spell the end of economic gloom and doom and the birds would sing and the forest would green are reaping their just desserts.
Being right isn't always pleasant.
I believe the Pollyannas are happy because they are socialists. What else explains their delusion? I know a few of them, and they have an excuse for everything that Obama does. It's like they don't care that the economy is tanking and their 401(k)s are being wiped out. Obama is making George W. Bush look like a cheapskate when it comes to budget matters.
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