The stock market is at the highest level of Obama’s term. Housing prices have stabilized. Most current economic signs posted by the media over the past several weeks have been positive. The economy appears to be climbing out of the pit into the sunshine.
This should be good news if it were not for a few caveats.
The first is some believe this is not really a recovery, but an anomaly – that unemployment will remain high, consumer spending will weaken, and the failing European economies will depress the longer term economic picture.
Second, whether or not there is any substance behind this perceived recovery, it is likely Obama’s reelection efforts will be strengthened by it. Any positive economic indicators “team Obama” can point to, no matter how tenuous or temporary, will be an asset to his reelection. A one or two point drop in the unemployment rate will trigger celebration in the streets of our short-sighted , easily finagled electorate.
And finally, if we are truly in the midst of an economic recovery, it only means that we will continue to engage in “business as usual”, we will continue on the same tax, borrow, and spend course we’ve been on, and we put off our economic Armageddon for another year or two. But hey, that’s just enough to reelect our newfound savior.