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October 20, 2012

Gun industry thrives during Obama term

WASHINGTON — Tennessee lawyer Brian Manookian says he never considered himself a gun enthusiast. He owns just one handgun and was raised in a gun-free home. But the firearms industry has proven so successful in recent years that he decided to give up practicing law and make guns his livelihood.

It’s a decision that’s put Manookian on track to earn four times what he made as a corporate health care attorney, a job that earned him six figures right out of law school, he said.

And he’s far from alone. An analysis by The Associated Press of data tracking the health of the gun industry shows that President Barack Obama has presided over a heyday for guns.

Sales are on the rise, so much that some manufacturers cannot make enough fast enough. Major gun company stock prices are up. The number of federally licensed, retail gun dealers is increasing for the first time in nearly 20 years. The U.S. gun lobby is bursting with cash and political clout. Washington has expressed little interest in passing new gun laws, despite renewed calls to do so after recent deadly shootings in Colorado and Wisconsin.

Four years ago the gun lobby predicted Obama would be the “most anti-gun president in American history.” Yet it is hard to find a single aspect of the gun world that isn’t thriving.

“The driver is President Obama. He is the best thing that ever happened to the firearm industry,” said Jim Barrett, an industry analyst at C.L. King & Associates Inc. in New York.

Obama has made no pledges to push for new gun control legislation and does not have the support in Congress or among voters even if he did. During this week’s presidential debate, he did suggest renewing a U.S. ban on assault weapons and coming up with an overall strategy to reduce violence. But both Obama and Republican presidential nominee Mitt Romney said the real need is for the government to enforce gun laws already on the books.

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