Reality Check w/ John Tracy: Can the US learn from Brexit?
Voters in Britain are now reacting to their decision to divorce the European Union much like one does the morning after a bender.
Similar to a hangover, they’re now coming to grips with the aftermath of a decision that felt good at the time, but resulted in a massive global headache.
Unfortunately, the financial impact from the Brexit was more like a virus instead of a hangover.
Don’t check your 401(k). Our markets are already starting to show signs of a recovery, but the outlook is not so rosy across the pond.
The pound fell to its lowest level in 30 years.
Chances are you didn’t know too much about the Brexit before the vote. Apparently — neither did voters in un-United Kingdom.
Google reports the top two questions Brits researched after the vote was taken were: “What does it mean to leave the EU?” And “What is the EU?”
A little late for the research, don’t you think?
So why exactly did voters decide to leave rather than stay as part of the European Union?
In one word — anger.
Voters were angry with a government that presided over stagnate wages and fewer jobs. And that allowed exiters to blame immigrants.
A poll just before the vote found that about half of those voting for the Brexit said immigrants were a load on the country and bad for Britain’s economy; in spite of studies that showed immigration in Britain had increased the country’s GDP and lowered taxes and health care costs for everyone.
And that’s not the only similarity between what is happening politically in England and here in the U.S. All of that nationalism and zenophobia was sold to voters by former London mayor Boris Johnson.
Yes, the truth is often stranger than fiction. Word is that a lot of voters in Britain are now having serious buyers remorse.
And while the leaders of the Brexit are now backing off some of their claims and promises about the benefits of going at it alone, the warnings about the consequences may be even worse than predicted.
This hangover is going to last a while.
Is there a lesson here for us? I think so.
Same lesson my wife and I have observed for 25 years of marriage.
Don’t go to bed angry and I could add, don’t go into a voting booth angry.
Either way, you’re gonna pay for it in the morning.
John’s opinions are his own, and not necessarily those of Denali Media or its employees.
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