Back towards the beginning of the year when the GOP primaries were ramping up hot and heavy, I remember hearing several conservative commentators predicting that unemployment and gasoline prices would continue to rise until just before the election. They predicted that within a month of the election, that both gasoline and unemployment would suddenly drop and that Obama would take credit for the sudden turn around. Likewise the failing housing market would also make a surprising last month recovery, just in time of the election.
- Just a couple of weeks ago, gas prices in our area were tipping near the $4 mark. Today we see gas prices as low as $3.39/gal.
- The unemployment level has been over 8% for 43 consecutive months. With less than a month to go, it suddenly drops to below 8%.
- The housing market has been in a 6 year slump until a month before the election and suddenly we see a large increase in new home construction.
Watching everything turn around just before the election kind of reminds me of Mary Poppins’ carpetbag from which she pulled out almost anything she needed, including a tall pole lamp. Whatever Mary Poppins needed, she managed to pull it out from her bag just in the nick of time.
I wonder if I’m the only one that finds it hard to believe that unemployment, gas prices and new home construction would simultaneously rebound within a month of the election? Do any of you also find it too coincidental that these are all based upon government figures?
If you do believe the latest figures and that all three of these economic indicators really did rebound all at the same time just before the elections, then I’ve got a bridge to sell you.