Published December 23, 2023
President Joe Biden, who has typically refrained from discussing the stock market, finally broached the subject in mid-December, celebrating a record high for the Dow Jones. It was an apparent attempt to appeal to voters who are still pessimistic about inflation and the economy.
The president recently trolled former President Donald Trump in a campaign video posted on social media; mocking his predecessor’s 2020 warning of a stock market crash if Mr. Biden were elected.
“Good one, Donald,” President Biden wrote in a Dec. 15 post on X, formerly Twitter.
During the 2020 presidential campaign, President Trump said, “If Biden wins, you’re going to have a stock market collapse the likes of which you’ve never had.”
The recent rally shows three major U.S. indexes notching gains for seven consecutive weeks thanks to the Federal Reserve’s “dovish” stance. Since Oct. 27, the Dow Jones Industrial Average and S&P 500 surged by 15 percent, and the Nasdaq jumped by 17 percent.
On Dec. 13, the central bank concluded its final policy meeting of the year, signaling that its anti-inflation campaign is making progress and that monetary policy tightening has likely come to an end.
The Fed’s policymakers are now predicting three rate cuts in 2024, more than previously projected, offering a ray of hope to investors who have been gloomy for the past two years.
President Biden, who’s running for reelection, has struggled to win over Americans with his economic agenda, which he calls “Bidenomics.” The 46th president may now want to capitalize on the recent stock market gains with the hope of making his economic message appealing to voters.
According to a new CBS News poll, Americans perceive the current economic challenges as the most severe they’ve faced in generations, surpassing the 2008–09 financial crisis and even the inflation rates and gas shortages experienced in the 1970s.
Despite positive job reports and discussions of a “soft landing” in the economy, people still focus on their personal experiences rather than broader economic data. An overwhelming number of respondents say their incomes aren’t keeping up with the rising cost of living.
According to a recent poll by Bankrate, 59 percent of Americans believe the United States is in a recession, with many referring to it as a “silent recession.”
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SOURCE: www.zerohedge.com
RELATED: Biden polls lower than any president in over 40 years with two-thirds of Americans saying economy getting worse
Published December 22, 2023
President Biden will be ready to ring in the new year after seeing these numbers.
The 81-year-old commander-in-chief ends 2023 with a lower approval rating than any of his seven predecessors at a similar point in their first term, according to a new Gallup poll.
Biden, the oldest-over president, will head into 2024 with just 39% of Americans liking his job performance — a slight increase from the 37% he received in October and November, but still below the ratings of every chief executive at the end of their third year in office since Jimmy Carter was in the White House.
Former President George W. Bush had the highest near-midterm approval rating, with 58% of Americans approving of his job performance in December 2003 following the capture of Iraqi dictator Saddam Hussein.
Carter and Ronald Reagan each had 54% approval ratings in December 1979 and 1983, respectively — though only Reagan secured re-election the following year as Carter’s administration was shattered by ongoing economic problems and the Iran hostage crisis.
George H.W. Bush and Bill Clinton each recorded a 51% approval rating in the Gallup surveys for December 1991 and 1995, respectively — though again, only Clinton was able to win a second term.
More recently, former Presidents Donald Trump and Barack Obama scored below 50% with their job approval entering their re-election years, with the former at 45% in December 2019 and the latter at 43% in December 2011.
Biden’s low numbers are fueled by four in five US adults rating the nation’s economy as fair (33%) or poor (45%). Just 3% said economic conditions were excellent and 19% said they were good.
More than two-thirds (68%) of Americans said the economy was getting worse, while just 28% said it was improving — lending credibility to other surveys that show voters are rejecting “Bidenomics,” the president’s moniker for his financial policy.
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SOURCE: www.nypost.com
RELATED: CNN’s Data Reporter Lays Out Massive Economic Indicator That Spells Bad News For Biden
Published December 15, 2023
CNN’s Harry Enten said Friday the biggest economic indicator that spells bad news for President Joe Biden is disposable income.
CNN’s Erica Hill noted the gains in the stock market and said while the U.S. added 200,000 jobs last month and unemployment has dropped to 3.7%, “the vast majority of Americans say the economic conditions right now are poor.”
Enten said most Americans don’t focus on the stock market when judging the health of the economy.
“I mean, if you were to look basically at disposable income, the change in disposable income, that is probably the weakest economic measure there is out there. From the first year of a president’s term to now in a term, look at this. We’ve actually had negative growth. We have actually decreased the amount of disposable income we’ve had, 2.7% for the Biden Administration. Look at that. The average for the president since JFK, is plus 4.5%. And even in the last few months, the last six months, the growth that we’ve had just 0.2%. The average six months since 1961? 1.1%. So we’re even behind on that metric.”
Job growth is only up in three major sectors: government, private education and health services, and leisure and hospitality. Other sectors like transportation and warehousing saw a decrease in jobs or no improvement at all. The job growth was also boosted by government spending.
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SOURCE: www.thedailycaller.com
