Dow Tops 10K, Boehner Says 'No Big Deal'

Today the Dow Jones Industrial Average closed above 10,000 for the first time in 12 months. Many critics would see this as a positive, but Rep. John Boehner (R-OH) feels it is of no significance.

Just seven months ago Rep. Boehner was critical of President Obama's policies citing the market trends:

"The president certainly remains popular, but his policies are becoming less and less popular... Certainly the stock market hasn't acted very well"

This year the Dow has increased by 13 percent and after the market hit 10,000 today, Boehner has revised his method of evaluation. Apparently, anyone who feels this milestone is a significant event is "certainly not talking to the American people."

It remains to be seen whether todays surge in the financial markets was an apparition or a sign of growing confidence. One thing that is certain, the Dow has been on the rise since March and is now up by over 40 percent. Rep. Boehner's comment seems to contain two obvious flaws by implying the following:

• Restabilization of the market has little to do with economic recovery.
• Unemployment rates do not depend on economic stabilization and industry profitability.

As for public opinion, I beg to see the poll questions being used by Rep. Boehner as well as the demographic he is polling. Of course American's are concerned that the unemployment rates are still escalated; but what American would complain that the markets have risen, and that their 401k's or stock portfolio's are respectable once again?


John Boehner downplays Dow 10,000 - Jake Sherman - POLITICO.com