ROCK BOTTOM: Biden's Economy, Approval Sinks To Carter Administration Lows In Final Days
Last Updated on December 18, 2024
The Biden Administration is delivering a lump of coal to the U.S. economy during its final days occupying the Executive Branch of the federal government in Washington, D.C. And the American people, eager to move on beyond the Biden regime, have noticed.
Accordingly, Biden’s approval rating matches his economy’s performance.
The Dow Jones Industrial Average, a barometer of the health of the US stock market and economy, has plummeted to its lowest point and longest losing streak since the Carter administration as Joe Biden’s tenure is left in shambles as he prepares to leave office and end his decades-long career.
On Tuesday, for the ninth consecutive day in a row, the Dow Jones Industrial Average fell 267 points or 0.6 percent, its lowest point since February 1978, when President Jimmy Carter, who is now 100 years old, was in office, according to the world’s most famous market indicator.
“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.