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It’s The Economy Stupid!

by Jeannette Di Louie, Assistant Editor, Mt. Vernon Research

That was the lesson GOP Presidential Candidate John McCain had to learn the hard way last year. And while some of his supporters stuck by their man, and defended him over his out-of-touch perspective on the issues - whether he was right or wrong in focusing on other topics, the fact of the matter was that people were mainly concerned about the recession - he still lost the election as more moderates and even some conservatives went to the polls armed with their personal and financial concerns.

Today, we’ve had change, but not in the way our top elected representative promised. Yeah, the stock market looks like it’s recovering, but that was after the Dow took a frightening plunge or two down towards the 7,000 level.

As for everything else, well, it’s just gone from bad to worse. This year alone, we’ve lost 2.9 million jobs… nearly half of the cuts made since the recession officially started back in 2007; the unemployment rate has skyrocketed up to 9.4%… the most since 1983; and there are over 4 million Americans who’ve been unemployed for 6 months or more… a record number.

Not to mention that the projected federal deficit has skyrocketed up into the trillions, which puts the country at further risk for various economic woes.

So what is President Obama’s answer to all of this? Well, it seems that he might have taught the lesson back during the presidential elections, but he didn’t learn it any better than McCain did. Because he’s just bumped health-care reform and the environment up to top-notch priorities.

Economy? What economy? It’s recovering, remember?

Jeannette Di Louie

Disclosure: No positions