Why the Market Crash? Downgrade or Threat of Tax Increase?

Why the Market Crash? Downgrade or Threat of Tax Increase?
August 8, 2011

James L. Johnston

Jim Johnston is The Heartland Institute's senior fellow for energy and regulatory policy and a... (read full bio)

Thursday, August 4: Senate votes to pass House bill that will raise taxes. Dow Jones Industrial Average loses 513.

Friday, August 5: Standard & Poor’s downgrades U.S. sovereign debt from AAA to AA+. Dow Jones Industrial Average gains 61.

Monday, August 8: President Obama repeats threat to raise taxes as a part of a “balanced” plan to reduce the national debt. Dow Jones Industrial Average loses 635. 

Any questions? 

Jim Johnston (jjohnston@heartland.org) is an economic advisor to The Heartland Institute.

James L. Johnston

Jim Johnston is The Heartland Institute's senior fellow for energy and regulatory policy and a... (read full bio)