Tag Archives: Dow Jones Industrial Average

‘Mess’? Mr. President, you inherited a ‘mess’?

Barack Hussein Obama doesn’t need me to defend him.

Aww, what the heck. I’ll do so anyway.

His successor as president of the United States told us Tuesday night once again that he inherited a “mess” when he took office a little more than a month ago.

Donald J. Trump’s assertion came during his speech to a joint session of Congress. He talked about 94 million Americans no longer looking for work and about how the economic recovery is the slowest in 60-plus years.

He blamed President Obama’s economic policies.

Ayyye!

I’ll stipulate up front that the economic recovery isn’t as robust as most of us would like.

But …

The economy isn’t a “mess,” as Trump said it is. You want a “mess”? Consider what Obama inherited when he took office in 2009: Employers were shucking jobs at 700,000 per month; the stock market plummeted, costing trillions of dollars in wealth; the auto industry was failing; banks were failing; the economy was heading straight into the crapper, man!

Eight years later, where do we stand? The Dow Jones Industrial Average┬ávirtually tripled in wealth; the jobless rate has been cut in half; we’ve had 80 consecutive months of job growth; the auto industry has been revived; bank closures have all but stopped.

Oh, the 94 million figure Trump cited about those who are no longer seeking employment? That number includes retirees and students. It’s a phony statistic.

The debt? Sure, it’s high. I wish it were less than it is, too. Why did we accrue such debt? Because the economic stimulus package Congress approved shortly after Obama took office required the infusion of public money to shore up an economy on the verge of total collapse.

I’ll add — for the umpteenth time — this point as well: The annual federal budget deficit has been cut by nearly two-thirds during the past eight years.

A mess, Mr. President? No, sir. You did not “inherit a mess.” Stop repeating that outright lie!

‘I inherited a mess’; no you didn’t, Mr. President

Donald J. Trump wouldn’t know a “mess” if he slipped and fell in the middle of one. Indeed, he hasn’t yet acknowledged the┬ámess he’s created since becoming president of the United States.

The president said today at his hastily called press conference that he “inherited a mess” from President Barack H. Obama.

Really, Mr. President?

Let’s see: 80 consecutive months of job growth; millions of jobs created during the past eight years; an annual budget deficit that’s been cut by two-thirds; a vibrant housing industry; the Dow Jones Industrial Average has nearly tripled in eight years; commandos killed Osama bin Laden; other terrorist leaders have been killed or captured; we have avoided a major terror attack; Iran has been banned from developing a nuclear weapon.

A mess? Are you kidding me?

Barack Obama and Congress cleaned up the mess they inherited and left you with a country in far better shape than when your immediate predecessor took office.

No, the country’s not in perfect condition. But it’s no “mess,” man!

Paraphrasing the famous “Saturday Night Live” routine involving Dan Aykroyd and Jane Curtin in their┬áhilarious point/counterpoint spoof: Don, you ignorant shlub!

Elections have consequences

donald

I’ll be brief, as I’m feeling as though there’ll be a lot more to say in the days and weeks to come.

Do elections have consequences? You bet they do.

Look at what the Dow Jones futures market is doing at this very moment. It is plunging more than 600 points. Why is that? It’s the prospect of a Donald J. Trump presidency.

Therein lies the first consequence of this election, no matter how it turns out.

The very notion that someone such as the 2016 GOP nominee can be this close to becoming the Leader of the Free World is going to cost a lot of us a lot of money.

 

Economy has kicked into high(er) gear

What’s this? The nation’s Gross Domestic Product grew by 5 percent annually?

That’s the greatest increase in the GDP in 11 years. The economy not only has pulled itself back from the abyss, it has kicked itself into high gear.

http://www.msn.com/en-us/money/markets/dow-crosses-18000-for-first-time-on-gdp-surge/ar-BBh9Hg9

What were investors’ reaction? The Dow Jones Industrial Average today closed at more than 18,000 points for the first time in history. The S&P set another record. Investors are happy. My own retirement account is making me happy again.

Here, though, is where I get confused.

I keep reading doomsayers lament the “wrong direction” the country allegedly is headed. Wrong direction.

The price of gasoline is down. Supply of fossil fuel is up. The United States is now the world’s No. 1 producer of petroleum. That’s one segment of the economy that’s looking up, and is getting the credit for the revised increase in the GDP.

You want more? The budget deficit has been cut by more than half. Remember the yammering of those who wondered whether the economic stimulus would bankrupt the Treasury? It didn’t happen. I consider myself a deficit hawk, so I┬áview the reduction in the deficit as a positive sign that government spending is not hurtling out of control, as some have suggested.

Here’s another kick in the teeth to the naysayers. The most recent jobs report posted more than 300,000 added to the labor force. Even better is that wages are up. It was that pesky wage figure that kept fanning the flames of those who just couldn’t believe the economy had actually turned the corner.

The gloom-and-doom squad is continuing to outshout the other side.

I do not intend to let them get away with it so easily.