To the Editor:
President Donald Trump loves to point to the stock market surge as evidence of his mere presence, let alone any policies he’s put forward. But let’s examine the facts.
Starting with Trump’s inauguration, the Dow has risen from 19,827.3 to 25,075.1, an increase of 26 percent. That’s impressive.
But it’s not as impressive as its performance during the equivalent period under President Barack Obama. Under Obama, the Dow increased from 7,949.1 to 10,572, a rise of 33 percent.
In fact, the Dow’s rise was even more impressive under Obama if you start measuring at the market’s low point, on March 9, 2009, during the depths of the Great Recession. That day, the Dow closed at 6,547.
Between then and Jan. 5, 2010 – a 10-month period – the Dow rose by a stunning 61 percent. That’s more than three times faster than Trump’s rise over the same period in his term.
But the real question is when the market goes down or there is a “correction,” which numerous economists indicate will happen.
Who will accept responsibility?
My guess is that Trump will blame Obama.