Shortly before midnight on Tuesday, we all learned that Barack Obama had won a second term as President. Like so many elections in the past the news had an immediate effect on the nation.
On Wednesday, the Stock Market was so thrilled with facing another four years of Obamanomics that it fell 313 points. Wall Street is blaming the drop on the uncertainty of the Fiscal cliff standoff between President Obama and the Republicans. If nothing is resolved by Jan. 1 and the Bush era tax cuts are allowed to stop, the economy is expected to suffer, so some investors are already selling while the Stock Market is relatively high and before it plunges further down.
Under Obama, the Defense Department is facing more drastic cuts as the President continues to weaken America’s strength. In response, Boeing, revealed their plans to restructure their defense division. Those plans include reducing management jobs by 30%, consolidating several of their business divisions to save money and to shut down their facilities in California.
In Las Vegas, one business owner believed he was left with no choice but to lay off 22 of his 114 employees because of Obama’s victory. He said that his costs of running a business and having to pay more in taxes and health insurance costs due to Obamacare left him no alternative. He told a local radio station that there have been times that he has gone without a paycheck just to make sure his employees were paid. However, he is being forced to be realistic and think about providing for him and his family, which left him no alternative. He said he is being proactive and taking the action now before things get worse.
If you ask me, the Fiscal Cliff is not January 1 as everyone claims, but it was November 6, 2012. When American’s voted to give Obama a second term, America began its topple over that Fiscal Cliff. We are already seeing the first few rocks tumbling down the face of the cliff and believe me, there is a lot more to come and when it does, we will find ourselves buried beneath it with little hope of getting out.