My predictions are as follows: unemployment is about to soar. There may be a lull before that because a presidential election generates fresh economic activity because people know what to invest in based on the president-elect's or incumbent's policies.
However, I believe there are tens or even hundreds of thousands of businesses who were waiting to decide what to do based on the outcome of this election. They were waiting to take action because they thought maybe Romney would be elected. But now that Obama was re-elected, they don't know what that crazy man is capable of. He could do anything. So in the coming weeks and months, there will be mass layoffs. The unemployment rate will skyrocket.
I was listening to the radio last night, and the host took a call from a business owner who was calling from the Bulls game. This guy was apoplectic. He said basically what I just said, that he can't go on employing as many people because of the costs associated with it now. These business owners have to lay people off now that's they know no help is on the way for the next four years, and right before Christmas, too.
In addition, look for many businesses to cut people back to part time to avoid the Obamacare penalty, and since paying the penalty will be cheaper than paying for health insurance, look for many, perhaps even most employers to drop health insurance as a benefit all together.
Isn't having a communist President fun?