December 12, 2024
Every Christmas season, I have composed a “review and outlook” for the economy set to the rhythm and meter of Clement Moore’s classic, “A Visit from St. Nicholas.” In this year’s rendition – the 41sth – “Santa” shares his perspectives on a truly momentous year.
’Twas the Night Before Christmas
by
David H. Resler
’Twas the night before Christmas it’s Yuletide at last,
St. Nick would arrive soon as he has in the past.
So in the peaceful calm of that holiday eve
I waited for Santa -- ’cause, yes, I still believe.
Over four decades and counting Santa’s come through
With wise thoughts and advice on what all we should do.
When from somewhere nearby I heard a loud clatter,
And I knew right away just what was the matter.
Staring right at me through his most mischievous eyes,
He gleefully declared with no hint of surprise:
“Your unemployment rate’s low, inflation has cooled,
But by these data alone nobody’s been fooled.”
“While some proclaim this soft landing’s most delightful,
“Far many more judge it all so very frightful.”
“The cause of their despair is really quite clear,
“Real wages are down and living costs are too dear.”
And for this Santa blamed past policy mistakes
When the Fed took too long before hitting the brakes.
But now for most of this year, the Fed’s been content
To watch inflation edge near the goal two percent.
But when sales cooled amid a slump in production
The Fed deemed it time for rate target reduction.
This spurred Santa’s current critique of the Fed:
“Inflation’s come down but it’s quite clearly not dead.”
Santa then spoke of stock prices with clear delight
“This soaring stock market paints a future that’s bright!”
“And this rally shows no hint of growing fatigued,
“As the newest high tech keeps investors intrigued.”
Then Santa stopped talking about markets and such
He said “Politics is now the topic I’ll touch.”
“Trump headlined the news for months and unending days,
“While his foes sought his demise in numerous ways.”
“ ’Gainst lawsuits aplenty he endured endless strife
“And then came a crazed shooter’s attempt on his life.”
“Whether ’twas luck or God’s will that let him survive,
“When he stood shouting “fight” I thanked God he’s alive.”
“As if that wasn’t enough election year drama,
“When Biden bowed out, the Dems ran Ms. Kamala.”
“Key issues did Harris and Trump strive to define,
“And again economics was on the top line.”
“While Harris campaigned mainly on Trump hate and fear,
“Just what she’d do different she failed to make clear.”
“Pollsters foretold a toss-up – a race razor-thin,
“But in the end ’twas Trump with a clearly big win.”
“Trump’s now acting boldly but with well-measured haste,
“Picking his A-team as if there’s no time to waste.”
“Trump says he’ll ‘Make America once again great,’
“He’s tasked his team with ending the dreaded ‘deep state.’ ”
“They say they’ll cut costs and end all wasteful spending,
“But that task is quite large and it’s never ending.”
Then suddenly I heard my stereo blaring
And at a sight so bizarre I stood there staring.
For that bearded old elf, his red suit a-ruffle,
Was dancing his take on the Donald Trump shuffle.
And with a smile that spoke of pure holiday cheer
He shouted “Farewell, have a fantastic new year!”
St. Nick would arrive soon as he has in the past.
So in the peaceful calm of that holiday eve
I waited for Santa -- ’cause, yes, I still believe.
Over four decades and counting Santa’s come through
With wise thoughts and advice on what all we should do.
When from somewhere nearby I heard a loud clatter,
And I knew right away just what was the matter.
Staring right at me through his most mischievous eyes,
He gleefully declared with no hint of surprise:
“Your unemployment rate’s low, inflation has cooled,
But by these data alone nobody’s been fooled.”
“While some proclaim this soft landing’s most delightful,
“Far many more judge it all so very frightful.”
“The cause of their despair is really quite clear,
“Real wages are down and living costs are too dear.”
And for this Santa blamed past policy mistakes
When the Fed took too long before hitting the brakes.
But now for most of this year, the Fed’s been content
To watch inflation edge near the goal two percent.
But when sales cooled amid a slump in production
The Fed deemed it time for rate target reduction.
This spurred Santa’s current critique of the Fed:
“Inflation’s come down but it’s quite clearly not dead.”
Santa then spoke of stock prices with clear delight
“This soaring stock market paints a future that’s bright!”
“And this rally shows no hint of growing fatigued,
“As the newest high tech keeps investors intrigued.”
Then Santa stopped talking about markets and such
He said “Politics is now the topic I’ll touch.”
“Trump headlined the news for months and unending days,
“While his foes sought his demise in numerous ways.”
“ ’Gainst lawsuits aplenty he endured endless strife
“And then came a crazed shooter’s attempt on his life.”
“Whether ’twas luck or God’s will that let him survive,
“When he stood shouting “fight” I thanked God he’s alive.”
“As if that wasn’t enough election year drama,
“When Biden bowed out, the Dems ran Ms. Kamala.”
“Key issues did Harris and Trump strive to define,
“And again economics was on the top line.”
“While Harris campaigned mainly on Trump hate and fear,
“Just what she’d do different she failed to make clear.”
“Pollsters foretold a toss-up – a race razor-thin,
“But in the end ’twas Trump with a clearly big win.”
“Trump’s now acting boldly but with well-measured haste,
“Picking his A-team as if there’s no time to waste.”
“Trump says he’ll ‘Make America once again great,’
“He’s tasked his team with ending the dreaded ‘deep state.’ ”
“They say they’ll cut costs and end all wasteful spending,
“But that task is quite large and it’s never ending.”
Then suddenly I heard my stereo blaring
And at a sight so bizarre I stood there staring.
For that bearded old elf, his red suit a-ruffle,
Was dancing his take on the Donald Trump shuffle.
And with a smile that spoke of pure holiday cheer
He shouted “Farewell, have a fantastic new year!”