I wonder if the Democrats are going to lose even some of their elite support in this week’s election (or maybe we should say “last week’s election” because so many people voted early?). Elites own stock and the S&P 500 is down nearly 2% in nominal terms compared to January 20, 2021 (closed at 3,799; compare to 3,771 today). We don’t have official CPI numbers for October yet, but this is down more than 15% if adjusted by official CPI. If we adjust for inflation in the prices of goods and services that elites buy, e.g., houses, cars, travel, etc., the S&P 500 is down 20-25%.
Democrats have been running the White House, the House, and the Senate. Unless they can claim that a reduction in abortion care for pregnant people at reproductive health centers has resulted in the losses suffered by investors, it will be tough to blame those losses on Republicans.
Speaking of early voting, here’s an epic line in Austin, Texas:
The city of Austin and Travis County, which is essentially the same group of people, is overwhelmingly Democrat (72% Biden and 27% Trump in 2020). Every elected official in Travis County seems to be a Democrat (to the point that most run unopposed by any Republican). Democrats say that Republicans are guilty of voter suppression by making it difficult to vote, but how can Republicans be responsible for the long lines and inconvenience in Austin/Travis County?
(This is not to say that Democrats are incompetent everywhere. I early-voted by biking over to the Abacoa “honors” campus of Florida Atlantic University (next to Scripps and Max Planck) and, thanks to the Democrats who run Palm Beach County, was voting within about 2 minutes after parking the bike. Then it was time for a Cuban sandwich at an outdoor table at the nearby cluster of restaurants in our fake downtown (shops, restaurants, bars, mini golf, escape room; no trash, pit bulls, unhoused people, pit bull poop, sidewalk tents, and the rest of the features that make California cities so vibrant and exciting).)
2 thoughts on “Stock market performance since Joe Biden took office”
(or maybe we should say “last week’s election” because so many people voted early?)
More like next week’s election, since the ballots in the most critical swing states (AZ, GA, PA) won’t be fully counted until Thanksgiving.
Those slender teenagers aren’t waiting inline to vote, they are waiting inline to get their 5’th COVID Sacrament with a free cup of Starbuck latte.
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