By RF Schatten
Tunes of the old Democratic Party standard, "Happy Days Are Here Again", are resonating throughout the world of Economics...while the GOP appears dazed and confused, wondering why they just can't ever, get it right!! They'll find someone to blame for all this success...personally, I blame Obama!!
The news was not just a big 'Slap' at the GOP's Chicken Little theory..."It's the end of our existence, the Economy is being destroyed by Socialists"...it was a 1-2 Knock Out punch!! First, the news that the DOW reached another milestone of uncharted territory. For the record; The Dow's rise during Bill Clinton's 8 years, was the largest in history...around +7, 010.23...and Clinton became the first President to preside over an economy, while the Dow went over the 10k Mark. In George W. Bush's 8 years, the Dow's rise was +2,985.72...or somewhere around there (couldn't crunch all the numbers...but, it's close). Obama's figures are slightly over +2,000...with 2 more years to go.
Then came the second bit of news...'that', has caused the Republicans some swallowing problems: 1) Unemployment is Down to 6.1% . 2) 288,000 jobs were added in June. 3) 2.3 million jobs in the last 12 months. 4) Hourly wages up 0.2% in June, and up 2% in the past 12 months. 5) Yields on benchmark 10 Year Treasury rose. And the overwhelming majority of the jobs, are in the private sector!!
Overall public opinion and conventional wisdom, hasn't been too kind to any faction of the Republican Party, lately...except, somewhat in "Political" Court Decisions. But, for the next few days...FOXNews, Boehner, Limbaugh, Beck, Palin, and for sure...Ted Cruz...will spin their bullshit, and rewrite the scenario. Demonstrating how, by doing absolutely nothing...they still have the face and the gull, to take credit for others' accomplishments. And when those 15min of BS sound bytes, becomes another mere moment of political public embarrassment? Back to Obamacare!! And if that becomes too boring??...you'll always have Benghazi!!
Dow Tops 17,000 For First Time After Positive Jobs Report