“It’s the economy, stupid.”
That is the exact phrase widely used during Bill Clinton’s 1992 presidential campaign against George H.W. Bush. And it worked. Clinton was elected in large part due to the poor performance of the economy during the last few years of Bush’s term.
That’s not the way things should be. It is just the way they are.
It doesn’t matter if the state of the economy is the result of actions taken by the current president. More often than not, presidential elections come down to money . . . that is to say, how much money is sitting in the pockets of the 300 million voters.
Consider this: Jimmy Carter and George Bush Sr. are the only two presidents over the last 31 years who have not been granted a second term. Both were damned with a dismal economy on Election Day.
Obama will be next, unless things change. (Watch Meltdown on Main Street for more details.
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America’s economy is in a meltdown. Unemployment remains historically high with just 58% of working-age Americans in the labor force — the lowest reading since 1983.
Homeowners have been hit with falling prices (down 33% in the last five years).
And, while the stock markets have swung violently in both directions, the S&P 500 is actually lower today than it was 12 years ago.
It’s no wonder that the Center for Economic and Policy Research reports that the median household net worth (for a person between the ages of 45 to 64) fell by nearly 50% since 2003.
“This kind of economic data amounts to a formidable headwind for any incumbent president hoping for a second term,” writes Karen Tumulty of the Washington Post. “And Democrats are worried that time could be running out to change the direction of the gale.”
It is undeniable at this point. There is a meltdown on Main Street, and it is hitting middle-class America the hardest of all.
These recent headlines tell the somber story . . .
- Wall Street Journal: “Bleak News for Americans’ Income: Pay Fell 7% in Last Decade”
- CBS News: “The Middle Class Faces a Lost Decade”
- Bloomberg: “Falling Wages Threatening U.S.”
But some smart Americans aren’t waiting for the President to turn the economy around. They have embraced the “new normal” and are taking matters into their own hands to overcome this meltdown.
Newsmax Media recently produced a documentary that highlights how these savvy Americans have found protection and profits in the midst of the ongoing Meltdown on Main Street.
The broadcast features Robert Wiedemer, author of The New York Times best-selling book “Aftershock,” and Tom Hutchinson, a former Wall Street insider who goes uncensored and “tells all.”
Hundreds of thousands tuned in to watch the premiere showing. Viewers like Jean Bowlen, who said, “Meltdown on Main Street
should be required viewing for everyone in America.”
And Leon Mandipe from Mantua, N.J., who added, “Thanks to Meltdown on Main Street
my fiscal and economic jitters are transformed to awareness, preparedness, and empowerment.”
Jack Hubbard from Gig Harbor, Wash., confessed, “This was my wake-up. I have known our nation was in deep trouble for some time, but I was stuck . . .”
Commenting on the documentary’s ability to deliver both the harsh truth of our current predicament as well as hope that the future could be much brighter, Tom Hutchinson said, “I literally received 176 emails the first morning this went live, from average Americans who took Meltdown on Main Street’s
message to heart.
It opened up one viewer’s eyes so much that he said: ‘This is the video that will get Obama fired.’ Of course, that isn’t my intention. However, it is clear that do-nothing Washington needs to do something.”
Obama can campaign all he wants to win the confidence of voters before November. But unless the economy drastically recovers from this meltdown, he will likely be joining the ranks of the unemployed.
Republican hopeful Mitt Romney has already pouncing on the current economic weakness, “When you see what this president has done to the economy in just three years, you know why America doesn’t want to find out what he can do in eight.”
While our politicians fight over who deserves the blame, it is time for middle-class Americans to take their financial future into their own hands to protect and grow what they have worked so hard for.
Editor’s Note: Viewers of Meltdown on Main Street can receive a Middle Class Survival Guide that includes a DVD, book, and investment newsletter. Click here to watch the feature presentation and claim your free package today!
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