It's Obama's Fault

Think back to family finances before the stock market dive when it became apparent that Obama was going to assume America's highest political office.  It wasn't entirely George W. Bush's fault that the market began to decline in the latter half of 2008.  Do you remember the kind of things Obama was telling us?

America was now going to be so prosperous

Spend your money and enjoy yourself

The more you spend, the more it will boost the economy

Before Obama, most Americans had a significant savings.  The middle class often had a sizable "nest egg".  But, by the time Obama left Washington, there were millions of Americans living "paycheck to paycheck"; and many "nest eggs" were gone.

The COVID-19 response is going to result in incredible economic strain and hardship that I think is not yet understood by most Americans.  I desperately hope that a Democrat does not win the Presidency in November--as that would completely destroy us.  But, whatever a Donald Trump Presiding outcome, I argue that the middle class and "paycheck to paycheck", pre-COVID-19 Americans are not going to suffer the worst of times strictly because of the virus.  They were encouraged to spend by Obama.  Their savings was eroded by Obama.  And, indeed, their hardships are Obama's fault.

Paul Wharton

Special thanks to Eli Lilly & Co. (LLY) for inventing the fuel of my mind