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Under Joe Biden’s economy during 2022, widows lost money. So did widowers, husbands, wives, families, cousins and the guy who pours beers at the corner bar. At least they did if they had money in the stock market, through investments or retirement funds and the like.
Business Insider reported U.S. stocks fell on the last day of trading, ending a “tough year.”
The S&P 500 was down 20% for the year, a result that hasn’t been that bad since the 2008 year. Meanwhile the Dow Jones Industrial Average lost 9% in 2022, and the tech-heavy Nasdaq tumbled 33%.
The last trading day of the year ended “with a thud,” the report said, after consumers were confronted with high inflation, up to 9.1%, high interest rates, high costs for energy and fuel, and more. The report said the housing market “is still gloomy as ever as mortgage rates turned higher again, and Jeff Bezos’ fortune was overtaken by Warren Buffett’s.
At CNBC a report said stocks on Friday ended “a brutal 2022 with a whimper.”
It said, “Friday marked the final day of trading in what has been a painful year for stocks. All three of the major averages suffered their worst year since 2008 and snapped a three-year win streak. The Dow fared the best of the indexes in 2022, down about 8.8%. The S&P 500 sank 19.4%, and is more than 20% below its record high, while the tech-heavy Nasdaq tumbled 33.1%.”
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“We’ve had everything from COVID problems in China to the invasion of Ukraine. They’ve all been very serious. But for investors, it is what the Fed is doing,” said Art Cashin, director of floor operations for UBS.
That organization has been exploding interest rates by advances of up to three quarters of a point monthly – in its attempt to bring Biden’s inflation under control. The CNBC report also warned it’s not over.
“As the calendar turns to a new year, some investors think the pain is far from over. They expect the bear market to persist until a recession hits or the Fed pivots. Some also project stocks will hit new lows before rebounding in the second half of 2023,” the report said.
Cashin pointed out, “I would love to tell you that it is going to be like the ‘Wizard of Oz’ and everything is going to be in glorious color in a moment or two. I think we may have a bumpy first quarter, and depending on the Fed it may last a little longer than that.”
Joe Biden’s administration, meanwhile, posted online a document boasting about how good things are.
“We end the year with clear evidence that President Biden’s economic strategy of growing the economy from the bottom up and the middle out is working…”
Biden, in fact, has orchestrated the spending of trillions of dollars that are being added to the national debt, even though his agenda has produced that high inflation, high interest, stagnant wages, mediocre job growth and more.
It brags about 10.5 million jobs added under Biden, without mentioning that many of those were restored following mandated shutdowns during the COVID pandemic. Even that analysis, while advising it will “take time” to reach desired results, conceded there will be “setbacks along the way.”
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It boasted that gas prices are down more than $1.75 per gallon, but they still remain higher than when Biden took office when they exploded to levels as high as $5 and $6 a gallon in some states.
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