Former President Donald Trump likes to tout the economy as a measure of success for his time in office, but it didn’t fare well when the Covid pandemic hit. The twice-impeached one-term president failed to take the spreading disease seriously, which led to the economy shutting down while he held super-spreader events. Trump left office with the worst jobs record since Herbert Hoover. Trump isn’t going to like an analysis by Forbes magazine that shows President Joe Biden flouncing his predecessor with the stock market. And Trump touted stock market gains repeatedly.
“The S&P 500 closed at a record high on Thursday at 4,704.54 (its third close above 4,700) and fell just short of another record on Friday when it dropped 6.58 points or 0.14% to 4,697.96,” Chuck Jones at Forbes reports. “The Nasdaq closed at a record high of 16,057, its first close above 16,000 while the Dow Industrials is the laggard at 35,601, almost 1,000 points below its record.”
Trump isn’t going to like this part, either.
“By President Trump’s favorite measure of success, President Biden’s post-election gains in the S&P 500 Index have soundly beaten Trump’s equivalent at just over their one-year election anniversary,” the report continues. “While the Dow Industrials captures the most attention, the S&P 500 Index covers a wider range of the economy and is the most used Index for passive index investing.”
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“Charlie Bilello, Founder and CEO of Compound Capital Advisors, has created a chart that shows how many times the S&P 500 has hit record highs in any year since 1929,” the report states. “For 2021 the Index has eclipsed the record 66 times, which is the second highest number to 1995’s 77 times. Biden’s record number also eclipses Trump’s best year in 2017 when the Index broke its all-time high 62 times.”
“Using the Index’s returns from when Biden’s election was called the weekend after the election to Friday, Biden’s market returns are substantially above Trump’s by 13.3% and 9.7% from his inauguration,” the report adds.
As for the job market, it has grown steadily under the Biden administration, according to numbers from the U.S. Bureau of Labor Statistics. Trump left office with 3 million fewer jobs than when he was inaugurated, marking the worst presidential job record since the Great Depression.
You can read the full report here.