September 27, 2022 9:35am EDT
Biden thinks stock market doesn't matter: Here's what he doesn't get
President Joe Biden needs to understand that wealth in the US dropped a record $6.1 trillion in the second quarter
By Liz Peek | Fox News
Stock markets are crashing, but Joe Biden doesn’t care.
The cheery president is oblivious, even though U.S. investors have lost $7.6 trillion since he took office and we are now officially in a bear market.
Politico reports that Biden wants to hit the road, eager to tout his economic achievements and confident that the "nation’s outlook is brightening."
This, as economists from Bank of America, among many others, are predicting a recession in 2023 and rising unemployment thanks to the Federal Reserve’s efforts to combat inflation. And, as prominent companies like FedEx and GE confirm such gloomy forecasts by warning more trouble lies ahead.
But then this is the same clueless president who hosted an "Inflation Reduction Party" featuring James Taylor crooning about drug addiction (???) the same day a bad inflation read caused the Dow to plunge 1,200 points – one of the worst drops this year.
Asked recently about the slide in share prices, Biden said, "The stock market doesn’t necessarily reflect the state of the economy, as you well know. And the economy is still strong." Actually, the economy shrank during the past two quarters, the housing market is in freefall and an inverted yield curve is flashing red.
Here's news for President Biden: the stock market matters. The direction of share prices influences consumer sentiment, which in turn helps drive spending, job growth and also… elections. It is not a coincidence that Biden’s approval ratings inched higher this past summer as stock markets recovered some of the ground lost last spring.
Biden has more than once criticized his predecessor for boasting about rising share prices. During the 2020 campaign he said, "Throughout this [pandemic] crisis, Donald Trump has been almost singularly focused on the stock market, the Dow and Nasdaq. Not you. Not your families."
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https://www.foxnews.com/opinion/biden-thinks-stock-market-doesnt-matter-heres-what-he-doesnt-get
