(RepublicanInformer.com)- Fox Business recently published an analysis of the stock market and the economy in President Joe Biden’s first year, and it exposes Treasury Secretary Janet Yellen’s claim that the administration has done a remarkable job as plainly untrue.
The report says that the stock market is getting “whipsawed” as Biden enters his second year in office, with the Nasdaq composite slipping into correction territory midweek, dropping 10% from its peak. The Dow Jones Industrial Average and the S&PT 500 also retreated from record levels through Thursday.
But the stock market isn’t the only indication. In fact, it’s not the best indication of the economy as a whole. All three of the major benchmarks for the economy show that Biden is lagging behind both former presidents Barack Obama and Donald Trump in their first years in office.
First off, Biden has seen record-high inflation levels, reaching 7% – a 40-year record high. Fox also said that there has been an “uneven economic recovery” – which was hurt significantly by the fact that the Democrats continued providing additional unemployment benefits through a significant portion of 2021. The Federal Reserve is also reportedly prepared to hike interest rates as a result.
The S&P 500, which offers the broadest measure of how the stock market is doing, gained 16% in the first year of the Biden administration. That’s less than the roughly 24% figures seen during both the Obama and Trump administrations during that first year.
You can see Fox News’ full analysis here, but perhaps the best way to look at this is to consider your own bank accounts.
Americans are spending more money than ever on groceries and general household goods…not to mention gas at the fuel pump, and energy for the home.
Does this look like a successful first year to you?