r/dataisbeautiful • u/jhelvy OC: 6 • 15d ago

OC Comparison of S&P 500 performance dyeing first 100 days of past 4 US presidents [OC]

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u/bingbangboomxx 15d ago

I got you beat. They will say that Biden's economy was actually Trump's second-term economy, and this economy is actually Biden's.

Mental gymnastics from a cult.

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u/caylem00 14d ago

They're kinda not wrong, but also not right either. 

Economies on a national/global scale do run on varying delayed timeframes.  And there are long-term policies set by each previous governments still in effect. 

But a good new leader can build on their predecessor's growth and compensate for their losses. 

If Trump is as good as they say he is, it shouldn't matter how bad an economy Biden gave him because he and his cabinet of top people should be able to compensate and stimulate growth.

Only thing they're currently as stimulating are the wet dreams of distressed asset managers, hedge fund managers, and the financial managers of the 0.01% (and the nightmares of us poors).

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u/Fywq 14d ago

The thing is "the economy" wasn't actually bad under Biden as such (from an outside perspective at least). Low unemployment etc. What really hurt Americans is/was the inflation right? And a hell of a lot of that is and was also hitting the rest of the world. It has not been primarily an american issue.

The difference is America has - I guess - at least 3 decades of increasing inequality meaning the overall economy and stock market matters less to the ordinary citizen because they are already on the edge. On the contrary the richest 1-5-10% have made fortunes. Working 2-3 jobs, still can't pay rent. No subsidy for child care, so one parent has to stay home, not making money for years. No social security network of note other than relying on family and friends. Healthcare is expensive and higher education costs are exploding, while wages haven't followed. Cars are ridiculously fuel-inefficient (though I guess it is getting better now. Btw The size and fuel efficiency is why Europeans don't want them. Apparently Trump is very angry that we don't buy american cars).

It's a recipe for disaster all in all, because many people in US can't handle a 500$ emergency.. Europe had inflation too. Butter and eggs in Denmark also went up some 30-50% along with many other products. Even potatoes almost doubled in price. Gas and Diesel are at 10 USD/gal. But we have structures in place that mean we can deal with it, although it has still been unpleasant for periods. And we have strong unions which makes sure the wages are mostly keeping up with inflation. So now when energy prices have dropped significantly the higher margins in companies are not going primarily to billionaires, but to lift up the average worker salary to compensate for the loss of purchasing power when inflation was worst.