The next time our friends on the right say President Obama is leading us down the path to socialism (it’s early in the day, they should say it in the next hour or so), hit them with this (from Neil Irwin at Wonkblog):
We are living through the strongest stock market rally since the late 1990s–though this one has far, far more solid fundamentals underlying it.
The rise is a major, major reason that Americans’ household finances are looking better. …
The U.S. stock market has been on an absolute tear, rising back to near its pre-crisis level. Tuesday was a typical day in this long rally, which has proceeded with only a few interruptions since March 2009.
The above sentences were written on Tuesday, Jan. 23, and by the end of that day the Dow Jones Industrial Average closed at 13,774.33. As of the Feb. 1 close, it’s at 14,009.79.
Obama inherited a dying American economy (from Republican President George Bush the Dumber) when he took office in January 2009, and when things bottomed out on March 2, 2009, about a month and a half after Obama was inaugurated, the Dow stood at 6626.94.
Think about it. In less that four years, the Dow has gone from 6626.94 to 14,009.79. That’s a 111% gain.
Meanwhile a deluded GOP based its past presidential campaign on Obama’s “failed economic policies,” and how Mitt Romney, the capitalist champion, was going to lift us back to economic prosperity by essentially bringing back the policies of Bush.
Let’s take a look at the market since 1993, when Bill Clinton became president.
January 1993: 3310.00.
January 1997: 6813.09 (A 106% climb. End of Clinton’s first term.)
January 2001: 10,887.36 (A 60% gain. End of Clinton’s second term.)
January 2005: 10,489.94 (A 3.6% decline. End of Bush’s first term.)
January 2009: 8000.86 (A 24% drop. End of Bush’s second term.)
January 2013: 13,860.58 (A 73% rise. End of Obama’s first term.)
So, the right wing said Clinton and Obama were leading us down the path to socialism, and the stock market soared. They insisted that economic policies that prevailed during the Bush administration are the path to prosperity, and the stock market tanked.
Whose policies do you think Wall Street prefers?
Actually, don’t think about it. The numbers are the answer.
- Must be the worst socialist ever (dailykos.com)
- Dow Jones Index Rallies Past 14,000 (dailyfinance.com)
- Wall Street thrives under the Worst Socialist Ever (maddowblog.msnbc.com)
- Dow Over 14,000 For First Time Since October ’07, Eyes All-Time Record (forbes.com)
- Stocks soar 85% in Obama’s first term (democraticunderground.com)
- Dow revisits 14,000: Sign of top or new leg up? (usatoday.com)
- Dow 14000: Hard to Reach, Tough to Hold (blogs.wsj.com)
- Yes, the stock market is booming. No, it isn’t a bubble. (washingtonpost.com)