Here’s Why It’s Laughable for Obama and Liberal Media to Take Credit for Trump’s Economic Miracle
Guest post by Joe Hoft
The MSM and Liberals want to give the credit for President Trump’s stock market rally to former President Obama, but this is laughable. The markets and the economy under Obama were stifled by unnecessary regulations, unfair trade deals and a lack of energy and support from Washington. Here’s an analysis of why Obama’s markets were as bad as the Obama GDP growth rate.
As reported yesterday, last week’s rally was the greatest first week rally of a new year in the more than 100 years of the Dow reporting. The Dow was up 576 points for the week. This is the most the Dow has ever gained in its first week of any year since the early 1900’s when the Dow first started being calculated.
Since the 2016 election on November 8th when the Dow was at 18,333, the Dow has increased by nearly 7,000 points (6,962) and 38 percent.
Let’s compare the Trump rally to Obama –
1. When Obama was elected President on November 4th, 2008, the Dow sat at 9,625. Over the next four months the Dow steadily tanked to an all time low amount under the Obama Administration of 6,547 on March 9th of 2009 for a decrease in the Dow of nearly a third (32 percent). The markets really could not have gone any lower. The markets went way up after President Trump was elected.
2. President Obama is one of only six Presidents since 1900 to not have a single stock market high in their first term in office. Obama joined GW Bush, Jimmy Carter, Harry Truman, Franklin D. Roosevelt and Howard Taft to not have a single new stock market high in their first term in office. Carter, Truman, Roosevelt and Taft did not oversee one single new stock market high in their entire Presidencies.
3. It took four years for Obama to increase the market 36 percent (at the end of 2012 the Dow stood at 13,104) for an increase of 3,479 points after he was elected President. President Trump increased the Dow by 35 percent at the end of his first year alone.
4. Obama had 105 all time highs during the time between when he was elected and when President Trump was elected. President Trump has seen 91 all time highs since his election already.
5. The all time high when Obama was elected President was 14,165 set on October 9th of 2007. The all time high when Trump was elected President was 18,636 set on August 15th of 2016. Obama increased the all time high by 4,472 during this period. President Trump has increased the all time high by more than 6,600 points since he was elected President.
6. The MSM and Liberals claim that the stock market increased Obama’s entire time in office and therefore President Trump’s rally is really an extension of an Obama market rally set after the market decreased by a third after Obama was elected. This is not true. The Dow actually decreased in 2015. A look at a graph of the Dow since late 2014 clearly shows that the Trump rally is independent of any market influence from Obama.