“Republicans are good for the economy” is one of those myths that refuse to die, even when the opposite has been proven true time and again. This is partly because the last two Republican presidents were elected by close margins on a wave of backlash against their predecessors and the GOP took credit for the delayed recovery, which they partly delayed themselves.
However, few presidents embraced this preposterous talking point as voraciously as Donald Trump, who routinely warned that the stock market that thrived for the first two years of his presidency would tank if Democrats took back Congress, if he were impeached, or if Joe Biden were elected president.
When those things came to pass in the real world, however, the exact opposite effect came to pass. In fact, the stock market right now is at an all-time high, something that economists with Moody’s Analytics predicted around the time of the 2020 presidential election. It closed at over 32,000 points on Wednesday, coinciding with the announcement that the American Rescue Plan was on its way to the White House to be signed.
Things are likely to only improve, as the bill could bring about a 45% reduction in child poverty, and Democrats are already working on another bill for infrastructure expected to be ready for voting on in September – the type of legislation that tends to always have bipartisan support. Just four years ago, Donald Trump was taking credit for record numbers that he wasn’t responsible for, and now pundits like Wolf Blitzer are mocking him for a prediction that didn’t come true while the stock market is showing record highs again, and Trump has no platform to shout back with.
James Sullivan is the assistant editor of Brain World Magazine and an advocate of science-based policy making