Democrats need the rich to get richer

[bdgan]

This week's market drop might be a temporary correction but where will it be 1 year from today? What if we're down another 10%?

• Government pensions will be in trouble and states will be looking to raise taxes even further.
• 401-k and IRA balances will be lower and people will feel much less comfortable about retirement.
• The negative wealth effect means fewer vacations, home, and auto purchases.
• All of this is negative for jobs.
• Tax revenues will be down and deficits will be higher.

People vote with their wallets and will demand change. Democratic candidates cannot afford a weak stock market. They need the rich to get richer.

 

[m.knox]

This is premium content. Please subscribe to view.