![]() That’s because a unified Democratic government increases the odds of a large fiscal stimulus and infrastructure investment, something along the lines of Biden’s proposal for $2.1 trillion on developing the green economy as well as for traditional projects like roads and bridges.Ī Democratic sweep, however, also has potential downside risks for stocks and the economy: Biden has proposed an increase in taxes for corporations and wealthy Americans. The president said in his debate last week that a Biden presidency would be a calamity for the stock market.īut investors pushed up stocks earlier in the fall on rising bets that a Biden victory combined with Democrats taking the Senate and maintaining the House - a so-called blue wave - would actually be a plus for the economy, at least in the short term. ![]() Trump has consistently held up stock performance as a report card of his stewardship of the economy. By comparison, the price of homes, which are held much more widely by Americans, rose on average 4.8% in Trump’s first three years versus 4.9% during Obama’s last three, according to Mark Zandi of Moody’s Analytics. The broad Standard & Poor’s 500 index jumped by an annual average of 14.7% from the end of December 2016 to year-end 2019 - about double the gain in the comparable period of Obama’s last three years.īut only a small percentage of Americans own substantial amounts of securities, and market fluctuations have relatively little impact on their daily lives. One measure that has clearly outperformed under Trump is the stock market. Looking at just the last three years of the Obama administration, median income grew by 8.4%, a slightly faster pace than during Trump’s first three years as president. It wasn’t until 2013 that household income stopped bleeding and a recovery began. That’s technically correct - median income, adjusted for inflation, went up 5.8% from 2008 to 2016 versus 7.8% from 2016 to 2019, according to the Census Bureau.īut that doesn’t take into account that Obama and Vice President Joe Biden entered office in the middle of the Great Recession. ![]() In recent months, the Trump campaign has talked about how American household incomes rose faster during Trump’s first three years in office than during the entire eight-year period under Obama.
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