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Joe Biden Destroyed the Stock Market
31 Dec 2022 ~~ By Matt Margolis You probably don’t need me or anyone else to tell you that 2022 was a brutal year for your stock portfolio. If you were planning to retire in 2023, you may want to put it off, as it may be a while before your retirement fund recovers. It turns out that 2022 was the worst year for the stock market since 2008. You remember the financial collapse in 2008, right?
In 2022, the S&P 500 lost 19.44%, the DOW lost 8.78%, and the NASDAQ lost 33.10%.
Let’s go Brandon!
Last year, Joe Biden was quick to take credit for any positive economic news (which was really the result of the economy reopening after the COVID shutdowns), including the stock market’s rise.
“[The stock market] has hit record after record after record on my watch, while making things more equitable for working class people,” Biden said back in January 2022.
Will he take credit for the current state of the stock market?
It’s worth noting here that Donald Trump predicted the stock market would crash under Biden. Once again, he was right.
Commentary:
Shutting down the U.S and abroad over the Chinese flu wrecked the economy. Most everyone saw the recession coming, long before it got here.
The fact that Trump's policies were right, and have been vindicated, is beyond debate.
Until an anti fossil fuel administration took over, doubling the price of fuel slowing the economy to a crawl, followed by a never before seen attack on citizen’s wealth.
Total damage=$17 trillion in lost equity in the stock and bond market so far.
The notion that this was somehow baked in the cake and the most anti fossil fuel and anti business administration in the nation’s history had nothing to do with anything is not accurate.
As an aside, it is much, much, much easier to grow an economy from the bottom than after years of growth. i.e., not only did Obama have an incredible spot starting at an economic meltdown but Biden’s spot not that long after a pandemic was a decent too.
Unfortunately, Biden's personal brand has become poison (roughly on the same level as Nazis) to the Maoist Democrat half the country, and therefore we have a paradox of an extremely effective policy executor.
We have transcended policies into the realm of ideological tribalism. It is no longer a policy debate.