President Trump
Donald Trump Giuliani used provisional ballot to vote in the 2020 election, the same method that he discredited in the fight to overturn the results. retire MORE is ending its mandate with a significant increase in the stock market, but fell short of the stock gains seen in its predecessors Barack Obama
Barack Hussein ObamaBiden faces monumental task of healing the divided country Garth Brooks to perform at Biden’s oath ceremony. Obama honors MLK Day: ‘He never gave in to violence, he never waved a traitorous flag’ MORE and Bill Clinton
William (Bill) Jefferson ClintonThe challenge of Biden’s early days: staying focused and on the message Why the Senate should not rush an impeachment trial Reviewing the power of forgiveness – let House Speaker and Congress have a voice MORE.
Since Trump’s inauguration day, the Dow Jones Industrial Average has risen from 19,827 to 30,930 on Tuesday, an increase of 56 percent.
This increase is below the 73.2% increase Dow saw in Obama’s first term, or 105.8% in Clinton’s first term.
A similar trend was true for the S&P 500, which gained 67.8 percent with Trump, rising from 2,263 to 3,799. He won 84.5% in Obama’s first term and 79.2% in Clinton’s first term.
The only exception in the past three decades was George W. Bush, who saw the Dow drop 3.7% and the S&P 12.5% in his first four years in office.
The number will be unwelcome news for Trump, who often praises the stock market’s performance as a sign of his economic acumen and business-oriented policies.
The outgoing president also highlighted the market in a farewell speech on Tuesday.
“The stock market hit record after record, with 148 hikes during this short period of time, and boosted the pensions of working citizens across our country,” he said, adding that 401 (k) s hit new maximum.
“We have never seen numbers like the ones we saw before and after the pandemic.”
Other indicators also show that Trump has not fulfilled several of his main economic campaign promises.
Trump, who campaigned on the unlikely pledge to eliminate the publicly held $ 14.4 trillion debt, oversaw a colossal 50 percent increase in the debt level, leaving it at $ 21.6 trillion.
Although a significant part of this increase is due to emergency spending to combat the COVID-19 pandemic, more than half is attributable to the combination of unfunded tax cuts and increases in domestic and military spending over the previous debt growth path .
Trump also failed to achieve the 3% annual growth rate he promised in the campaign and in office, let alone the 4, 5 or 6% rates he occasionally proclaimed.
He oversaw the highest quarterly economic growth ever recorded in the third quarter, which increased at an annual rate of 33.1 percent, but was largely a recovery from the worst quarter ever recorded, with a 31.4 percent drop in the second. quarter amid a pandemic and 5% in the previous quarter.
The only area where Trump’s economic legacy shone was in unemployment, which fell to the 50-year low of 3.5 percent under his supervision, and saw historic casualties among groups like African-Americans and Latinos.
But when he leaves office, those numbers are high as a result of the pandemic, with unemployment at 6.7%, including 9.9% for African Americans and 9.3% for Latinos.