The last time this happened, voters didn’t credit Bill Clinton. That may be a bad omen, or a good one.

The last time this happened, voters didn’t credit Bill Clinton. That may be a bad omen, or a good one.

If the stock market chose presidents, Joe Biden would be a shoo-in for reelection in 2024. The market rallied this month amid growing optimism about the economy, with the S&P 500 zooming 1.9 percent Tuesday on news that the consumer price index rose only 3.2 percent in October (compared to 3.7 percent in September). Stocks rallied again Wednesday on news that the producer price index fell 0.5 percent. Commentators are no longer debating whether the economy will experience a “soft landing” (i.e., a reduction in inflation without recession). The only question now is when it will arrive. The S&P 500 seems to have decided it’s already here.

But the stock market doesn’t choose presidents. Voters do, and polls continue to show they think the economy is in terrible shape. A Financial Times–Michigan Ross Nationwide Survey conducted November 2–7 is absolutely brutal on this point.

  • Mog_fanatic@lemmy.world
    21·
    1 year ago

    I get that but let’s look at this rationally. The grocery stores know their business (or at least I hope they do). So they either did one of two things.

    1. They made a goal that they knowingly could do nothing about and prices went up and the value of the dollar went thru the floor.

    Or

    1. They made a goal that they believed they could do something about and prices went up and the value of the dollar in their store went thru the floor.

    In either case I would say they absolutely dropped the ball.