President Donald Trump has been bragging about the stock market as he runs for re-election in 2020, hoping the economy will bolster his problematic polling.
There are, however, two major flaws in his argument.
The first is that stock markets are not a representation of the economy, with only 55% of Americans owning any stock.
The second problem is that Trump’s market returns are worse than those experienced under President Barack Obama.
Trump has bragged he is doing better by pointing to the “average” returns by presidents past.
“Trump uses the stock market’s surge as a barometer of his presidency’s success — one that, along with the 50-year low unemployment rate, he’s sure to continue to tout as the 2020 election approaches — but the gains under him lag those under former Presidents Barack Obama, when stocks rebounded from the lows of the financial crisis, and George H.W. Bush,” Axios reported Wednesday.
“Even if you count the 2016 post-election day market rally, the S&P’s performance is still behind former President George H.W. Bush (measuring from election day through the end of the third year in office),” Axios explained.
“Meanwhile, Trump’s trade war, which added to stock market volatility, has cut into the financial well-being of America’s farmers,” Axios added.