The Dow this morning is off more than 300 points. A Romney defeat in the presidential election? No. Simply a catch up to an economic reality that a laser focus on politics has blurred for months — the reality that the U.S. economy is not in a real recovery mode and can’t be because so much of the rest of the world is sinking into an economic funk.
The Eurozone’s endless angst. The China and India slowdowns. Middle Eastern madness that keeps spreading. Corporate profits in this country tanking and the last gasps of good employment numbers now behind us. Why bother fudging this now? The election is behind us. Both sides have given their false and self-servicing analysis. It’s time to take the absolutely necessary steps to check the slide.
President Obama has to lay out the facts. Government programs that promote the well-being of many Americans have to take painful hits, while investments in infrastructure and education that promise a future recovery have to be expanded. And Republicans have to stop the don’t-tax-the-rich nonsense.
There’s no near term, happy face national upside here. There is merely prudence, sanity, and statesmanship by all parties or crushing pain far greater than it needs to be.
Will we finally as a nation face up and behave like adults? Will our political class finally stop misbehaving like insulated, over-compensated, ferociously partisan clowns?
The time window for meaningful actions here is very short. Congress returns in a few days. For all our sakes, it best act very quickly and with a long absent wisdom. Or else…