Last weeks of the campaign, 2008… Obama long ago won over the progressive vote, the Hillary dems are aboard, but it’s tough to win over the vast suburban middle class when you’re running against a genuine war hero. Then Brat Bush’s ballooned financial markets blew out and the middle class redirected their votes to the party they trust when the economy tanks, the democrats… Obama won easily with massive majorities in congress and on downballot.
We are in similar times, Trump and his republicons having inflated the economy with corporate tax cuts that juiced bottom lines for a few quarters, and like a smart drug dealer Trump is calling for another round of corporate tax cuts to stave of the economy’s eventual ODing. As a stats geek I prefer to follow the S&P 500 and Russell 2000 indexes, as the Dow is too small a sample of big companies and the NASDAQ is too dominated by AAPL. The S&P 500 lost over 2% of it’s value overnight and was down about 8% from it’s peak this morning, which is scary enough. But the Russell 2000 which gives us a bigger sample of the more vulnerable to downturns mid size companies was down over 2% overnight too, and had lost around 13% of it’s value this morning since it’s peak less than two months ago.
The Russell 2000 companies tend to be the suppliers and subcontractors of the bigger S&P 500 companies, which means the millions of us that work for them are seeing overtime cancelled and hearing rumors of layoffs. Over half of us depend on pension funds, IRAs, and 401Ks that rise and fall with the stock market.
Along with health care affordability, this is becoming the major issue of this campaign cycle. If you’re a North Dakota swing voter that farms corn and beans, Trump and his complicit republicons have already destroyed 10% of the value of the crop you’re harvesting. And your “town job” with the Russell 2000 company? Trump and his republicons may soon force you into early retirement. Your 401K and IRA retirement savings? Trump and the GOP just took 10% outa that too, with more to come… It’s enough to make even a republican vote for democrat Heidi Heitkamp!
This is the campaign issue we need to secure the house, take the senate, and win even more downballot… Let’s run with it!