A reader spars with Andrew Sullivan over which administration(s) deserve credit for the Dow hitting 10,000: The Daily Dish – Dissent of the Day
Allow me to offer a different dissent:
In 1999, when the Dow hit 10,000, the unemployment rate was 4-4.5%. In 2009 when the Dow hit 10,000, the unemployment rate was 9.5%.
Let’s not start uncorking the champagne just yet.
Most Americans don’t enjoy a lot of benefit directly from the stock market. Even for those of us who have significant savings there, it’s mostly tied up in retirement accounts.
Yes, growth can lead to jobs. But it doesn’t necessarily have to. And until it does, the recession will not be over for most people, especially those looking for a job. So why don’t we all sit back, take down the “Mission Accomplished” banner hanging over Wall Street, and maintain a little bit of cautious optimism instead?