WASHINGTON, D.C. — President Donald Trump campaigned on the promise of making America great again, but he may have kept his promise a little too well when it comes to gun sales.
According to a report published by Zero Hedge (http://www.zerohedge.com/news/2017-03-14/crashing-gun-sales-post-obama-era-causes-mass-layoffs-remington-manufacturing-facili), the election of Donald Trump has caused gun sales to plummet as Americans once fearful of a Hillary Clinton gun grab no longer worry about their rights under the Second Amendment.
As documented in the report, regulations and threats to restrict gun ownership during the Obama administration drove gun sales and stock ownership in firearm companies to all time highs. Those numbers again peaked during the presidential election amid Democratic candidate Hillary Clinton’s vows to reform laws regarding the Second Amendment.
That all changed, however, when Republican Donald Trump won the election. Trump, who famously campaigned on protecting constitutional rights in America, was endorsed by several powerful pro-Second Amendment groups as candidate and promised to protect every law abiding American’s right to own a gun.
Consequently, Remington Outdoor, a leading manufacturer of firearms in the U.S., has laid off more than 120 workers at its upstate New York manufacturing facility in response to the falling demand for firearms.
“This is a dynamic from which Remington is not immune,” a spokesperson for Remington said on Monday. The company has maintained operations in the Ilion, N.Y. facility since the early 1900’s.
American Outdoor Brands, formerly known as Smith & Wesson, also say they have felt the sting of the reduced demand for guns since Trump’s election.
Financial analysts say the correlation between the reduction in gun sales and Trump’s election can not be denied.
Financial analysts said the possibility of new gun laws under the Obama administration almost certainly contributed to strong growth in gun sales last year.
“We do believe that having a Republican in the White House…negatively impacts gun sales in that it effectively eliminates any threat of new gun regulation for the foreseeable future,” James Hardiman, managing director of equities research for Wedbush Securities Inc told Zero Hedge.
Mr. Hardiman forecasts an additional 10% to 15% decline in FBI background checks for 2017.