According to recent data published by Fortune on Monday, the stock market has lost all of its gains since President Joe Biden took office.
The S&P 500 declined sharply on Monday, closing 151 points below its January 2021 level. The Dow Jones Industrial Average and Nasdaq Composite dropped by 876 and 530 points, both significantly below where they had been when Biden took office.
In addition, the cryptocurrency market has also taken a hit. According to Fortune, Bitcoin dropped 15% in value and Ethereum dropped 16%.
Investors are struggling with an unstable economy. They’re unsure if, and by how much, the Federal Reserve will raise interest rates to combat growing prices, spurring worries of a recession.
As the Consumer Price Index (CPI) rose to 8.6% over the last year, consumer prices reached their highest level in more than forty years.
In a CNBC interview on Thursday, U.S. Treasury Secretary Janet Yellen rejected concerns about a recession and dismissed questions about whether she had been incorrect to downplay worries about inflation before.
“Don’t expect me to make the announcement. I won’t announce it. I don’t think we’re going to have a recession,” she added.
This does not align with reality as Americans struggle with record job losses and businesses closing their doors for good.
The stock market’s current roller-coaster ride is the result of the Biden Administration’s chaotic policies.
Biden’s $1.9 trillion stimulus plan is one of the reasons behind the record high inflation we have experienced.
Meanwhile, the national debt has increased by $7 trillion since Biden took office.
The common thread here is that Biden’s policies have direct consequences on the stock market and the economy, whether his team and friends will admit it or not.
America needs a strong president back in office, one who is not a far-left communist and one that believes in growing America’s economy for American citizens with whatever tools we have at our disposal.