President Trump
Donald Trump Giuliani used a provisional vote to vote in the 2020 election, the same method he despised in the fight to nullify the results. is closing its term in office with a significant increase in the stock market, but has fallen below the stock market gains seen by predecessors barack Obama
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Since the day Trump took office, the Dow Jones Industrial Average rose from 19,827 to 30,930 on Tuesday, up 56%.
That increase is below the 73.2 percent increase Dow saw in Obama’s first term or 105.8 percent during Clinton’s first term.
A similar trend was true for the S&P 500, which gained 67.8% under Trump, going 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 last three decades has been George W. Bush, who saw the Dow fall 3.7 percent and the S&P fall 12.5 percent in his first four years in office.
The figure will be unwanted news for Trump, who often promoted stock market performance as a sign of his economic insight and business policies.
The outgoing president still highlighted the market in a farewell speech on Tuesday.
“The stock market set one record after another, with 148 stock market highs during this short period of time, and increased the retirements and pensions of working citizens across our nation,” he said, adding that 401 (k ) s reached new highs.
“We’ve never seen numbers like we’ve seen, and that’s before the pandemic and after the pandemic.”
Other indicators also show that Trump did not deliver on some of his major economic campaign promises.
Trump, who campaigned with the unlikely promise to eliminate the $ 14.4 trillion debt the public had, oversaw a 50 percent increase in the debt level, leaving it at $ 21.6 trillion. .
Although a significant portion of this increase was due to emergency spending to combat the COVID-19 pandemic, more than half is attributed to the combination of unfunded tax cuts and increases in national and military spending. to the previous debt growth trajectory.
Trump also failed to achieve the 3 percent annual growth rate he promised during the campaign and in office, let alone the 4, 5, or 6 percent rates he occasionally promoted.
It oversaw the largest quarterly economic growth in the third quarter, which rose at an annual rate of 33.1 percent, but was largely a rebound from the worst quarter recorded with a 31.4 percent drop. in the second quarter. the pandemic and 5% the previous quarter.
The only area in which Trump’s economic legacy shone was unemployment, which fell to 3.5-year lows of 3.5% under his surveillance and recorded historic lows among groups such as African Americans and Latinos.
But as he leaves office, those numbers increase as a result of the pandemic, with unemployment at 6.7%, including 9.9% for African Americans and 9.3% for Latinos.