Gun Sales Surge: The Bounce Obama Didn’t Expect
Barack Obama was expecting to see a bump in his numbers after his Democrat National Convention acceptance speech on Thursday evening. However, the bump that has occurred is in the gun industry. The gun market is booming. This is one part of the economy that has held fast during the Obama administration.
In a conference call with analysts, CEO of Smith & Wesson James Debney said, “We are undeserving the market at this moment, we all know that, and that’s a great opportunity going forward for us.”
The gun maker reported stellar earnings which caused its stock to jump more than nineteen percent on Thursday.
Because of the strong sales, S&W have had a backlog of orders. The company has more than doubled its orders since last year at the same time.
However, Smith & Wesson are not alone. Sturm, Ruger & Co. outpaced themselves this year. They produced their millionth gun for the year ahead of last year’s pace.Ruger President and CEO Mike Fifer issued a statement in which he said, “It took us nearly all of 2011 to build one million firearms, but in 2012 we accomplished it on August 15th.”
Here’s a report as to why the demand is so high:
Speculation has focused on fears of a coming regulatory crackdown on gun ownership. Liberal administrations tend to be anti-gun and so, the thinking goes, an Obama re-election would set the stage for stricter gun purchasing requirements. Hence, people are buying now in anticipation of difficulty later.
Indeed, looking at background checks for gun sales (a metric commonly used to gauge general industry performance) 2009 showed a measurable increase that many attributed to Obama’s election.
Is it the same this year? Some anecdotal evidence tends to bear that out.
Though the White House has confirmed that Barack Obama would like to ban guns, no matter what he actually tells people, it seems that he has become the poster child for gun sales.
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