The last time this happened, voters didn’t credit Bill Clinton. That may be a bad omen, or a good one.
If the stock market chose presidents, Joe Biden would be a shoo-in for reelection in 2024. The market rallied this month amid growing optimism about the economy, with the S&P 500 zooming 1.9 percent Tuesday on news that the consumer price index rose only 3.2 percent in October (compared to 3.7 percent in September). Stocks rallied again Wednesday on news that the producer price index fell 0.5 percent. Commentators are no longer debating whether the economy will experience a “soft landing” (i.e., a reduction in inflation without recession). The only question now is when it will arrive. The S&P 500 seems to have decided it’s already here.
But the stock market doesn’t choose presidents. Voters do, and polls continue to show they think the economy is in terrible shape. A Financial Times–Michigan Ross Nationwide Survey conducted November 2–7 is absolutely brutal on this point.
This is the truth. The fact that this is all due to inflation that was caused by Federal Reserve money printing during the Trump administration will be lost on most people.
Granted that was all due to COVID (and exasperated by ignoring it for a time), but still, Biden will be blamed.
Biden does bear some blame though. He repaired the economy for the top 10 percent. Even an acknowledgement that it’s not done or that Congress is blocking things that would help the rest of us would help him.
Instead it’s another round of, “my rich friends are happy, why aren’t the people voting for me?”
Because to him and everyone else at the top it’s just them in their walled gardens and we really are just numbers. It’s basically impossible to really comprehend our lives from theirs.
Worse most of it came from over 17trillion given to the banks before covid during trumps administration. This started the inflation climb which was then exacerbated by covid and supply chain issues. And you have the cftc prolonging swap reports almost endlessly to hide short positions being built in equity swaps with those banks. But no one will look to the fed reserve because it was “Biden’s fault” not wall street making bad bets again and getting another handout to balance collateral.
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