Last Updated on December 18, 2024
As the Biden Administration nears the end of its time in power in Washington, D.C., it is met with criticism for its impact on the U.S. economy. The American people, eager for a change from the current leadership, have taken note of the situation.
Accordingly, Biden’s approval rating matches his economy’s performance.
The Dow Jones Industrial Average, a key indicator of the health of the country’s stock market and economy, has experienced a significant drop, marking its lowest point and longest losing streak since the days of the Carter administration. This downward trend underscores the challenges faced by Joe Biden as he concludes his term and wraps up a long political career.
Recent reports show that for nine consecutive days, the Dow Jones Industrial Average has seen a decline, with a drop of 267 points or 0.6 percent. This level has not been witnessed since February 1978, a period during the presidency of Jimmy Carter, who is now a centenarian, and serves as a stark comparison to the current economic situation.
“There hasn’t been a losing streak of 10 days or more since an 11-day slump in 1974,” CNN Business reports.
Biden’s approval rating is also dropping in the polls as his installed presidency comes to an end.
Polling conducted by Gallup’s Presidential Job Approval Center shows Biden’s approval rating at 37 percent and trending downward, while Carter left office with 34 percent approval.
Biden is “likely to leave with the same- or worse-numbers than Carter,” Daily Mail reports.
In contrast, President-elect Donald Trump will take back the White House at the height of his popularity as his favorability is on the rise.
FiftyThirtyEight, the far-left, anti-Trump polling group, shows Trump’s favorability rating at 46.6. While 48,5 percent view him as unfavorable, “Teflon Don” is currently garnering more support than he has in several years, according to the poll.
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While the perceived sluggish economy hurt Biden – and then Harris’ chances – the president is not at fault for the Dow’s dip in recent days.
In fact, Trump might have more to do with it.
UnitedHealthcare Group’s stock accounts for some of the most significant losses due to the murder of the company’s CEO Brian Thompson.
But the stock tumbled more after Trump said Monday at Mar-a-Lago that he would ‘knock out’ the drug industry’s middle man, CNN said.
Despite the recent losses the stock market is still doing generally well.
It’s moved up about 1,500 points since last month’s Election Day.
The Dow hasn’t had a losing streak of more than 10 days since 1974, FactSet data also said, which was during the Ford Administration.
Following the 2024 presidential election results, markets initially surged.
Investors were “breathing a sigh of relief that recounts and court fights were avoided,” CNN reported using FactSet data. “There has also been significant enthusiasm for Trump’s promise to cut red tape and taxes.”
First elected to the Senate more than 50 years ago in 1972, Biden will make his final exit from politics on January 20, when Trump returns to the Executive Office.
