Here’s a statistic about Obama’s presidency that he won’t want to admit: over 100 million firearms have been sold since he took office. That’s nearly one for every three Americans, and only in the past 7 years.There were twenty million background checks conducted by the FBI – and that number is on track to be eclipsed this year.
Anyone who follows the markets knows they could’ve made a killing (no pun intended, lefties) investing in the firearms industry during the Obama Presidency. And the cause? Fear, of course.
Which leads us to an unintended consequence of (the threat of) gun control: a booming firearms industry.
According to CNN:The gun industry added 24,763 jobs in 2015 for a nationwide total of 287,986, according to the National Shooting Sports Foundation.
That’s an increase of nearly 10% from the year before in manufacturing and retail jobs for guns, ammunition and related supplies, like hunting gear.
Job growth in the last few years has been “nothing short of remarkable,” said the NSSF, which reported a job increase of 73% since 2008.The NSSF, the gun industry group based in Newtown, Connecticut, said the jobs average $50,180 in annual wages and benefits. Many of these jobs are located in rural areas and small towns where cost of living is relatively low.
To put that in perspective, those wages and benefits are about what the median household earns. More on the economic impact:The NSSF said the “economic impact” from revenue, wages, benefits and taxes totaled $49.3 billion last year, an increase of nearly 15% from 2014. This is a broad measure that includes revenue, wages, benefits and taxes related to gun sales.
Liberals like to portray themselves as champions of the middle class – but I’m fairly confident these benefits were unintentional.
[Note: This post was authored by The Analytical Economist]