EDITOR'S NOTE: Here’s a question for you: Can a newly elected president take credit over a stock market whose fundamentals began with his predecessor? The stock market took off initially but then lost $7.6 TRILLION since Biden took the helm. Disastrous! Surely, he’s "solely" to blame, right? So, can we give credit to former President Clinton for taking credit over an economy and market that began over George Bush senior? What about former President Trump’s setup thanks to Obama? Well, it’s more nuanced than that. Biden’s fiscal policy and meanderings over things economic don’t give many of us that much confidence; whether we’re Republicans or Democrats. The same could be said for Fed Chair Powell. And, yes, the markets are seeing a major reckoning from overvalued heights that probably never should have been reached in the first place. Biden bears some responsibility here. And as for who gets to take credit or not, most of you will likely cherry-pick your own rationales regardless. But as far as where the market is heading, things don’t look too bright domestically or globally. So, as an investor, what’s the smart move?
This is classic Joe Biden.
Joe Biden destroys everything he touches.
Just like Barack Obama famously said, “Never underestimate Joe’s ability to f*ck things up.”
In January, Biden took credit when the stock market rallied.
“It has hit record after record after record on my watch, while making things more equitable for working class people,” Biden said in January.
Joe Biden also took a swipe at Trump.
“The stock market -— the last guy’s measure of everything, is about 20% higher than it was when my predecessor was there,” Biden said.
Pres. Biden: "The stock market—the last guy's measure of everything—is about 20% higher than it was when my predecessor was there."
— ABC News (@ABC) January 7, 2022
Fast-forward 9 months later and the US economy is in a recession.
The stock market has also taken a brutal beating since Joe Biden was installed.
Fox News is now reporting that the stock market is down $7.6 trillion since Joe Biden took office.
Source: The Gateway Pundit
Originally published on The Gateway Pundit.