Time the GOP admits Obama ain’t THAT bad for business
Okay, look, I know the stock market doesn’t necessarily present us with a perfect economic snapshot of things. For all I know, it could be currently on a great big bubble like it was in 2007. But with news today that the NYSE has reached an all-time high, can we at least admit that Obama’s policies haven’t been that bad for business?
You hear it all the time from Republicans. Oh, Obamacare is killing the economy! Oh, all this regulation and Dodd-Frank is killing the economy and business! Oh, the EPA’s restrictions are crushing companies! And so on and so on. But are things really that bad when the stock market is at an all-time high?
More and more Americans put more cash into the stock market every year (well, with the Bush recession of 2008 a bump in the road). Since E*Trade and all that, individual involvement in the market and buying stocks has exploded. But despite that, most Americans’ stake in the market is simple–as the market goes, so does their 401Ks and retirement plans.
With the stock market high, more Americans can retire. With more Americans retiring, more jobs open up. Heck, if these companies are doing well, more jobs open up, and things are good.
It’s time for Republicans to admit that Obama’s regulations have generally not harmed the business climate much. What the Democrats have achieved in overseeing the financial markets in an effort to prevent Enron-type shenanigans, improving the environment, and most importantly giving people health care greatly outweighs the small impediments those regulations have created to businesses in America.
I can see the Republicans’ response to this simple bit of logic right now. The Fortune 500 doesn’t represent the small businesses in America that drive this country. No, it doesn’t. But stocks like Bank of America simply don’t almost triple their value unless they are lending to said small businesses, and big retail companies in that Fortune 500 don’t grow in value unless they’re selling stuff–often to said small businesses. Remember the oft-maligned Caterpillar company, a big seller to farms and small businesses that supposedly couldn’t survive? It’s up 275% since 2009.
It’s not like the stock market operates in a vacuum. Economic news has been generally good lately, and while there remain many concerns, things appear on the upswing. If our economic recovery has in part been slightly slower due to Obama’s regulations, that may be unfortunate, but I’ll gladly take it in exchange for the almost countless protections we’ve been afforded under them.