A depressing quote from Paul Krugman: Economics and Elections
[A] large body of political science research [on elections shows] … What mainly matters is income growth immediately before the election. And I mean immediately: We’re talking about something less than a year, maybe less than half a year.
This is, if you think about it, a distressing result, because it says that there is little or no political reward for good policy. A nation’s leaders may do an excellent job of economic stewardship for four or five years yet get booted out because of weakness in the last two quarters before the election.
This is why we see political stunts in odd years (threats to not pay the bills, government shutdowns). People forget quickly.
Monday:
• At 10:00 AM, Job Openings and Labor Turnover Survey for February from the BLS. Job openings increased in January to 4.998 million from 4.877 million in December. The number of job openings were up 28% year-over-year, and Quits were up 17% year-over-year.
• At 3:00 PM, Consumer Credit for March from the Federal Reserve. The consensus is for a $14 billion increase in credit.