Brace Yourself for Four More Years of a Battered Economy under Obama

Mark Skousen

Named one of the "Top 20 Living Economists," Dr. Skousen is a professional economist, investment expert, university professor, and author of more than 25 books.

It’s incredible that the majority of American voters rejected electing an intelligent business leader in Mitt Romney to become the next U.S. president to help us steer away from disastrous policies and to make the U.S. economy boom again. Rather than electing someone who would reduce unemployment, control runaway spending and implement policies to spur business investment, the results gave President Obama a new four-year term and a continuation of his spending spree that is unprecedented in American history. It’s a sad day in America.

I am by far not alone in my concern about the prospects for the U.S. economy going forward under a second term of an Obama presidency. I received an email from a top CEO (who wished to remain anonymous) warning that we face “collapse” during the next four years. That CEO is not known to make extreme predictions, but he clearly is worried.

“This was the most important election in our lifetime, and America voted for disaster,” the CEO told me.

That CEO is joined by plenty of other people who also see danger ahead, especially for wealthy Americans and successful small business operators who are job creators. Prominent investor Jim Rogers, our scheduled keynote speaker at next year’s FreedomFest, warned that Obama’s re-election means much higher inflation, a collapse in the dollar, and a crisis on Wall Street. “There is no end in the spending under Obama,” Rogers said.

Donald Trump used Twitter to state, “Hopefully the House of Representatives can hold our country together for four more years…stay strong and never give up!”

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You must face the truth. This week’s election is a TIPPING POINT in American history. It is hard to believe that the American electorate chose to vote for ObamaCare, with him supporting massive government regulations of the health-care industry (16% of our economy), 80 tax increases, out-of-control deficits and a national debt now exceeding our GDP ($16 trillion), a stagnating economy and double-digit unemployment rates. We also have a record 47 million Americans on food stamps and the problem could worsen further as Obama has proven unable to address the problem of poverty in America effectively. With Obama in office, Americans suffer needlessly.

But U.S. voters returned Obama to office… and the outlook is very scary for the producers and entrepreneurs in this nation. Obama won 50% of the total vote, compared to 48% for Romney.

Sadly, we have become a benefit-corrupted society. Romney was right — 47% (actually more than 50%) of Americans get benefits from the government one way or another. They voted to keep the money flowing from Washington — and out of the pockets of hard-working taxpayers.

Make no mistake about it – you can expect a “double” attack on your wealth during the next four years. Massive tax increases and rising inflation will dilute your savings and investments. Under the new regulations from Washington, you can expect it to be harder to keep your business operating successfully.

That’s why I urge you to sign up now for my Global Financial Summit, where we have brought together the best and the brightest free-market thinkers, business CEOs, and investment advisors to show you how to survive and prosper during the coming “collapse” in the next four years.

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Yours for peace, prosperity and liberty, AEIOU,

Mark Skousen

Mark Skousen
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You Blew It! 
All my adult life, I’ve compiled famous and not-so-famous proverbs, sayings, poems, and credos. Recently, I published more than 800 of them in “The Maxims of Wall Street,” the first and only collection of all of the best Wall Street sayings, such as “Bears make headlines, bulls make money.” (If you want to learn more about the book, you can go to Amazon.com.)
The most famous collection of sayings is “Bartlett’s Familiar Quotations,” compiled originally by bookseller John Barlett in Plymouth, Mass. The first edition was published in 1855. Last week, Little, Brown issued the 18th edition. Geoffrey O’Brien, the editor, said he and his colleagues added 2,500 new quotations.

While it’s fun to jump around and read various famous lines, Bartlett’s book is frustrating to read due to its sins of omission and commission. There’s no rhyme or reason to its selection process. The book often quotes from obscure passages, while ignoring well known statements. Take, for example, the great Austrian economist Ludwig von Mises. The editor cites two quotes I’ve never heard of, while leaving out one of his most famous lines, “Government is the only agency that can take a valuable commodity like paper, slap some ink on it, and make it totally worthless.”

I could give lots of other examples. I’d add one of Adam Smith’s most famous quotes, “There is much ruin in a nation.” And I would include this one from Milton Friedman, “A society that puts equality ahead of freedom will end up with neither equality nor freedom.” I’d also contribute the following quote to Bill Clinton, “It’s illegal but I’ll do it anyway.” He said this to me in 1996 during the election campaign when I asked him to sign a dollar bill. I have the dollar bill displayed in my home, with his signature on it.

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Here’s one of my own, “Taxation is the price we pay for failing to build a civilized society. The higher the tax level, the greater the failure.” For more, go to http://www.mskousen.com/about/mark-skousen-quotes/.

To remedy Bartlett’s sins of commission and omission, there’s an easy solution: Do an online version, and have people submit suggested changes/additions, subject to editors’ approval.

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Unless a deal is reached in a politically divided Washington, President Obama’s re-election means his administration will push to let tax cuts enacted during the George W. Bush era expire at year-end.

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