Posted By RichC on June 1, 2012
The Dow’s gains for the year have been officially wiped away.
After thinking 2012 might be the year we work our way out of the long recession, the job numbers tell otherwise. After all the debt-financed stimulus, continued wasteful spending and inefficient use of tax receipts coming from Washington DC … confidence is slipping and so are the economic numbers. Today’s stock market decline is making it the worst day of the year.
Companies have little reason to hire long term employees as the disincentives and risk to hire outweigh the incentives. The current administration continues to target job creators as the enemy and looks to them as a target to increase taxes. If anything, leadership in the Obama administration is either missing or adversarial when it comes to stimulating private business. I’m not sure America can survive another downturn … or even has time to wait until next year with the hope there might be a president who understands the economy, how to inspire businesses to risk capital and create jobs.