Despite President Joe Biden claiming he would “build back better” from a COVID-ravaged economy, things just seem to be getting worse under his leadership.
One example: the stock market lost $18 trillion in 2022, seeing its worst losses since 2008.
All three major indices saw losses, with the Dow Jones Industrial Average losing 8%, the S&P losing 20%, and the NASDAQ losing 33%.
— CNBC Now (@CNBCnow) December 30, 2022
“Build back broker”
TownHall headlined its coverage of the carnage “Build Back Broker,” which is a neat summary of Biden’s presidency so far.
Some who are near retirement age are now beginning to postpone their retirement because their portfolios have lost so much money.
Some of the biggest losers in 2022 were tech stocks: Amazon was down 49%, Meta was down 64%, and Alphabet lost 39%. Even such staples as Apple lost 27%, Intel dropped 49%, and Microsoft fell nearly 30% over the year.
Other big losers were Netflix, which lost 51%, and Disney, which lost 44% due to a big drop in its streaming services. Airlines and banks also saw losses, if smaller ones. Automakers were also hit hard, with 40 to 50% losses in some cases.
Energy stocks gain
One sector that had gains during this tumultuous year was energy, which is interesting given Biden’s war on fossil fuels. ExxonMobil gained 80% in 2022, Shell was up 31%, and Chevron added 53%, proving that the American economy does indeed run on fossil fuels no matter what anyone tries to do about it.
Overall, the average stock portfolio lost 22.9% of its value in 2022, but Biden is still acting like everything is just peachy.
He claims that the U.S. has the “fastest-growing economy in the world,” which even CNN fact-checked as untrue.
Omnibus won’t help
The recently passed omnibus spending package, which will add another $1.7 trillion in spending to an already bloated budget, will only make it harder to recover from these losses and overcome high levels of inflation that have stubbornly held on since COVID lockdowns ended.
It’s clear that Biden just doesn’t know how to run a successful economy, but that’s not surprising because the progressive left doesn’t really care about the health of the economy as long as its leftist causes are being supported.
Unfortunately, we are stuck with him for another two years, assuming his failing health holds out that long. Republican leadership in the House should be able to create enough gridlock to stop any further budgetary hemorrhaging, but its weak majority makes that anything but a guarantee.