Economy Continues To Sink After Obama Win

Obama and the economy are like oil and water. They just don’t mix.

Investors have seen $806 billion erased from the value of American equities since President Barack Obama was re-elected Nov. 6 in the biggest decline since May.

Meanwhile in more “good news” for the people who think that government creates jobs…

Half of the nation’s 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls.

Nationwide, business investment in equipment and software—a measure of economic vitality in the corporate sector—stalled in the third quarter for the first time since early 2009. Corporate investment in new buildings has declined.

And Americans are not hopefully about the future…

Most Americans are not saving sufficiently for retirement. Among people still working, more than half do not expect to be able to retire by the age of 65. Of those, 40 percent say it’s because of a lack of funds and an inability to save. Perhaps even more surprising, more than one quarter of people surveyed have no retirement savings at all.

We are heading into Greek waters here.

  • Rick Torn

    The federal government exists in a world of make believe since its revenues do not have to exceed its expenses.The government is restrained only by the ability of the magic printing presses to create paper money … and the people. In contrast, real business (free enterprise) must deal with that pesky requirement of making a profit to survive (and create jobs). The re-election of "the amateur" has caused business and investors to face the grim reality of four more years of class wrfare and increasing federal debt. The performance of the market since Nov 6 has been quite instructive.

  • Moishe Pupick

    Tu., 11/20/12 common era

    People who voted to re-elect President Obama really voted for Santa Claus; they are now in for a major disappointment.

    It’s frightening that someone who likely wouldn’t have passed the background investigation to become a police officer now has access to state secrets and nuclear launch codes.

    • Mary Sue

      yeah, woe to Obamaclaus, the fake Santa, when he finds he has no more goodies left in his sack.