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Economy Continues To Sink After Obama Win

Posted By Daniel Greenfield On November 20, 2012 @ 10:54 am In The Point | 2 Comments

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.


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