Donald Trump loves to brag about the stock market. This conveniently ignores the fact that the stock market is not a measure of the working class economy. It also ignores the fact that the stock market grew much faster during the Obama-Biden administration than it has under Trump. But now Trump may lose his bragging point altogether.
We’re now seeing record-setting numbers of coronavirus cases in the United States, with several states now losing control of the pandemic entirely, even as Trump’s guy Mark Meadows says that he sees no hope of controlling the pandemic. This comes even as Trump and Senate Republicans can’t get their act together on a stimulus package.
Wall Street clearly sees this as a bad sign, because the Dow Jones Industrial Average is now down about eight hundred points for the day. Even though investors expect Joe Biden to win, Trump would still be in office for another three months, and it’s clear that Trump will continue making a mess of the country and the economy until he’s out the door.
But if Joe Biden wins next week, you can expect a stock market spike, based on optimism that he’ll be able to start turning the country and the economy around once he gets into office. In the meantime, is there anything Trump can’t screw up?
Bill Palmer is the publisher of the political news outlet Palmer Report