President Trump
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As of Trump’s inauguration day, the Dow Jones Industrial Average rose from 19,827 to 30,930 on Tuesday, up 56 percent.
That increase is lower than the 73.2 percent increase the Dow saw during Obama’s first term, or the 105.8 percent increase during Clinton’s first term.
A similar trend was true for the S&P 500, which gained 67.8 percent under Trump, from 2,263 to 3,799. It won 84.5 percent in Obama’s first term and 79.2 percent in Clinton’s first term.
The only exception in the past three decades was George W. Bush, who saw the Dow drop 3.7 percent and the S&P 12.5 percent in his first four years in office.
The figure will be unwelcome news to Trump, who regularly praised the stock market’s performance as a sign of his economic acumen and business policy.
The outgoing president highlighted the market in a farewell speech on Tuesday.
“The stock market set record after record, with 148 stock market heights in this short period, boosting the retirement and pensions of hardworking citizens in our country,” he said, adding that 401 (k) s hit 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 fell short of some of his big economic campaign promises.
Trump, who campaigned for the unlikely pledge to wipe out the public’s $ 14.4 trillion debt, oversaw a whopping 50 percent increase in debt levels, keeping it at $ 21.6 trillion.
While a significant portion of that increase was due to emergency spending to combat the COVID-19 pandemic, more than half is due to the combination of unfunded tax cuts and increases in domestic and military spending on top of the previous growth trajectory of debt.
Trump also failed to achieve the 3 percent annual growth rate he promised on the campaign trail and in office, let alone the 4, 5, or 6 percent percentages he occasionally quoted.
He oversaw the largest quarterly growth ever recorded in the third quarter, which rose 33.1 percent year-on-year, but that was largely a recovery from the worst quarter on record with a 31.4 percent decline in the second quarter amidst the pandemic and 5 percent the previous quarter.
The one area where Trump’s economic legacy shone was unemployment, which fell to 50-year lows of 3.5 percent under his wing, and saw historic lows in groups such as African Americans and Latinos.
But if he leaves office, those figures are high due to the pandemic, with unemployment at 6.7 percent, of which 9.9 percent for African Americans and 9.3 percent for Latinos.