Reprinted with permission from American Independent
Donald Trump often said ahead of the 2020 election that if Joe Biden were elected, gains in the stock market would be destroyed.
"If he is elected, the stock market will crash," Trump said in a presidential debate on October 22, 2020, one of dozens of times he made the claim during the campaign, according to transcripts gathered by Factbase.
Yet 72 days into Biden's first term as president, the stock market has not only gone up, but it has set multiple records, including on Thursday, when the S&P 500 surpassed 4,000 for the first time in history.
The Dow Jones Industrial Average has also broken records multiple times since Biden was elected, beginning with the day Biden was sworn in. Since then, the Dow has surpassed 33,000 for the first time in history.
CNN reported in January that since Biden was elected in November, the stock market has had the "best post-election market performance for a new president in modern history."
The latest stock market surge follows the announcement of Biden's new infrastructure plan, which could be behind the record stock market performance. Biden's $2 trillion infrastructure plan would modernize the country's roads, bridges, and airports, as well as focus on modernizing infrastructure to help battle climate change.
The stock market news also comes as the vaccine rollout accelerates, and after Biden successfully pushed through a coronavirus relief package in March to help aid the economic recovery effort — without a single Republican vote in the House or Senate.
Experts predicted the relief package would bring "an almost immediate boost to the U.S. economy," the New York Times reported, with $1,400 checks and a $300 weekly increase to unemployment insurance likely to increase consumer spending as parts of the economy most hard-hit by the virus, including hospitality and tourism, began to show signs of life again with increased vaccinations.
On Friday, those predictions were bolstered when the Department of Labor announced that employers created a massive 916,000 jobs in March, including more than 200,000 jobs at restaurants, bars, and hotels. That's even more than the 675,000 jobs predicted in a survey done by Dow Jones last month, according to CNBC.
Stock market futures continued to rise Friday morning.
Published with permission of The American Independent Foundation.