Bad Economic Omens Since The Election

by Hans Bader on November 16, 2012 · 0 comments

in Economy, Employment, Stimulus to Nowhere

Since the election, the stock market has fallen substantially. The S&P 500 has fallen over 5 percent. The prospect of “Taxmageddon” (massive tax increases scheduled for the beginning of 2013), coupled with rising government spending that will crowd out private investment over the long run, is not a good omen. “Welfare is now the largest item in the federal budget, and under Barack Obama’s budget – the one that didn’t get any votes, but may nevertheless be a blueprint for the next four years – it is slated to grow another 30% in Obama’s second term.”  While some middle-class tax cuts enacted under Bush may be extended, new taxes included….To Read More…..