WSJ: Obama is Killing the Dow
The US and world economy is shrinking and collapsing faster than anyone could have expected. The new US President Obama came to office with a mandate to change things, to make it work, and to get us all out of the problems we face.
However, according to this Michael Boskin opinion piece in the Wall Street Journal, he fears that Obama is doing all the wrong things with his new budget, and that it will cause the US to continue to suffer and make the Dow drop even further. It is an interesting and thought provoking piece, at least until you get to the end of the article, where the truth comes out: “Mr. Boskin is a professor of economics at Stanford University and a senior fellow at the Hoover Institution. He chaired the Council of Economic Advisers under President George H.W. Bush.”. This places Mr Boskin clearly on the side of the fiscal conservatives. In the last 8 years, fiscal conservatism has driven the US into the ground. To suggest that an Obama budget proposal is what is driving the US into the ground is to forget the last 8 years of letting the rich get richer, without any concern for the future or a rainy day. Well, it’s raining now, and without some sort of backup plan already in place, dramatic things have to happen to make things improve. The stodgy old republican guard that wants to keep going with the trickle down economy probably have the most of lose here, so they are fighting back with all their might.