The problem is that Obama, increasingly focused only on the golf course, is disengaged in the governing of America.
Frustrated with gridlock in Congress, Obama declared earlier this year that he would use his executive power to circumvent lawmakers on climate change and the minimum wage paid to federal contractors, as well as on immigration. That didn’t help his party yesterday and some, including Vice President Joe Biden, have signaled a willingness to compromise with Republicans.
The irony does not stop there, because the biggest beneficiary of the Obama administration and the split Congress so far has been the 1%, by way of the S&P; 500 rising relentlessly in the fact of bad or good news. That rise continued overnight.
U.S. equity-index futures rose, the dollar strengthened and precious metals fell. Standard & Poor’s 500 Index futures advanced 0.4 percent at 10:03 a.m. in London, signaling the gauge will approach a record. The Bloomberg Dollar Spot Index climbed to its highest level since April 2009. The Stoxx Europe 600 Index jumped 1 percent.
Well, the economy may not get better but at least the rich will get a little richer as the charade continues.