Does the president drive the economy?

Jim Paulsen, chief investment strategist at Wells Capital Management, says that the economy will improve despite the election.  He believes that the president does not drive the economy and economic growth is correlated with the existence of gridlock and a split power base in Washington.

“In the last four years, the first two under Obama were a lot worse than the second two — in the second two there was more gridlock and split power and the economy came back and the markets went to new highs,” he says. “I don’t think that’s just a coincidence. I really think the private sector is the driver going forward and the government’s along for the ride.”

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