Obama Wins, Market Tanks
“Because people who have skin in the game understand economics,” writes White House blogger Keith Koffler.
Stocks accelerated their post-election sell-off across the board Wednesday, triggered by worries over the looming “fiscal cliff” and as fears over Europe’s economy reemerged.
The Dow tumbled below 13,000, while the S&P 500 broke 1,400, both for the first time since early September.
With Obama back in the White House for another four years, and Democrats enjoying what is looking to be a 10-vote majority in the Senate, the idea that we’re going to get a fix for the nation’s fiscal problems that is based on sound economic policy is unlikely. We can either do nothing, and continue the budgetless fiscal trudge of the last few years adding trillions more in debt, or Republicans can cave to Democrats and allow massive, economy-crippling tax hikes.
As the market reflects, neither is a palatable option.Tags: Barack Obama, deficits, Economy, national debt, Taxes