American Workers Get It Done
(749 words)
The most difficult job in the world is President of the United States. We respect our presidents for taking on the job that carries so much responsibility for both America and the world. But presidents come, and presidents go.
In my lifetime, there have been 14 presidents including current President Joe Biden. Through all the economic and social ups and downs over the last 75 years which include 10 recessions, it is reassuring to know that the S&P 500 Stock Index went from 194.66 in July 1949 (my birth month) to a record-setting 5,000+ on Friday, February 9, 2024, which is why Americans are smiling these days when they open their most recent investment account statements.
All 14 presidential transitions back in the day were saturated in negative campaign rhetoric (like today) warning that the financial sky would fall if you elected candidate A for president, or the economic clouds would clear if you elected candidate B. Seventy-five years of history show that has never been the case in the context of the long-term big picture of the American economy. To see for yourself, link over to the following chart of “S&P 500 Performance by President”:
https://www.macrotrends.net/2482/sp500-performance-by-president
You will see that out of 14 presidents, only two presidential terms did not experience an increasing S&P 500 Index: Richard Nixon (R), 1969-74, and George W. Bush (R), 2001-09.
So how do we account for this solid continuum of economic growth? Who can we thank for this economy that has been so resilient over a long period of time despite so much adversity, randomness, and chaos in our world from wars, natural disasters, pandemics and political dysfunction? The answer is…
You! The American Worker!
The American workers and their companies (“American Workforce”) has tens of millions of organizations small to huge, each composed of employee populations that range from one to 2.1M (Walmart). The owners and employees are the ones that make it happen by rolling up their sleeves each day to use their hands and intellect to conceive, design, build, manufacture, distribute and support excellent products and services. No single president or Congress or political party can do this.
It is this rock-solid reliability, repeatability and longevity of the American Workforce that keeps our economy going year after year, decade after decade, presidential term after presidential term. We all take this for granted because we are so focused on getting up each morning, going to work, doing our jobs, coming home, and then repeating our workday routines each day, that we see this as “no big deal,” it is just what we all do.
But it is the BIGGEST deal because of the power of numbers of the American Workforce: approximately 33 million companies and 161,000,000 employees, working round the clock, shift after shift, 365 days a year, never stopping, always showing up, and getting it done. These employees accomplish this in work environments that are free of chaos, conspiracy, corruption, elitism, greed, guns, misinformation, politics, racism, religion, and violence (for the most part, there is still much work to do). In a non-toxic work environment and culture, the American Workforce continuously strives for more speed, efficiency and quality that is inspired by our innate human creativity, ingenuity, and competitiveness.
Add to this the fact that there are almost 2,000,000 nonprofits that rely on 25% of the adult population (U.S. Census) who volunteer their time and talents to help collect and distribute food, fundraise, teach, provide social and healthcare services, general labor, and transportation. American Volunteerism is critical to supporting the overall health and sustainability of our social fabric.
It is easy to get discouraged and worry about the nonstop negative political misinformation during a presidential campaign. What is going to happen with inflation, the economy, my job and investments? What is true, and what is misinformation? Whom can I believe?
Maybe I’m an eternal optimist, but I suggest don’t panic, and keep it all in perspective. Just think about what important legislation is getting done these days in our Congress -- not much. Compare that to what you and your colleagues will accomplish tomorrow when you hit the ground running at work after your first cup of coffee, and then multiply that by 161M. Personally, I’ll place my bet on the American Workforce to keep their noses to the grindstone to carry the American economy on their backs through inevitable periods of inflation and/or recession, no matter who the president is.
I have always believed this, and still do.