Is Debt Ceiling Deal Good for Business?
"The National Association of Home Builders appreciates the hard work by the White House and Republican and Democratic congressional leaders to craft a bipartisan compromise to resolve the debt ceiling crisis,” said Bob Nielsen, a Nevada home builder and NAHB chairman, in a statement this week. “It will help to put our nation's fiscal house in order and provide greater certainty to the business community so they can start hiring again and get our economy on firmer footing.”
That’s about as positive an assessment of the past few days in Washington that I’ve seen. Generally, it seems those in the center are most supportive of the debt ceiling agreement passed by Congress and signed by President Obama. Those further to the left or right are much less enthusiastic.
How about you? Are you satisfied with the agreement? Relieved? Angry? Post a comment to share your thoughts. Meanwhile, we’ll use our poll this week to see how many of you agree with NAHB’s chair and believe the agreement will be good for business moving forward.
The debt ceiling agreement:
May have helped to avoid an economic meltdown, but won't help business improve much this year.
Will have a negative impact on business this year.
Should improve the business environment for the rest of the year.
Wall Street seems to be catching up with the window and door industry. The beginning of this year saw nervous hope that the worst was over and things will start picking up with regards to the economy in general and our markets specifically. As the year has progressed, that hope has faded. More and more of window and door executives I speak with are saying they don't see the improvement coming this year.
This was evident long before the debt deal was reached. Now that we've passed that hurdle, our poll suggests our industry is probably relieved that another calamity was avoided, but few see new reasons for hope. We're still skeptical business will improve in 2011.
The downgrade of America's credit rating didn't help, but markets fell last week as Wall Street too seemed to recognize that with the drama of the debt deal passed, the economy isn't likely to get that much better for the rest of the year. Personally, I find it hard to say what it all means. I hope the small minority of our poll takers hoping business might improve is right, but I'm content for the moment to be with the majority who are grateful things didn't get much worse.