From today’s NYT:
In the 84 years that the Standard & Poor’s 500-stock index has been calculated, it doubled during the terms of only four presidents before Barack Obama’s election in 2008. This month that number rose to five as the index climbed to more than twice what it was when he took office.
That’s right, folks, the S&P 500 is up 105% since the President took office, way more than most of the presidents on the list below. And yes, he started from a low base, the Fed’s been goosing the markets, and there’s not nearly as much connective tissue between presidents and stock markets in the first place.
But as the sayin’ goes, I’m just sayin’…
Go ahead and subtract 10% inflation off of that 105% (that’s the growth in the CPI over this period) and you still have the stock market crushing the growth of the weekly paycheck of the typical worker, up 0.8% in real terms over these years. That’s not a typo…not 8%, but 0.8%. Less than 1%. (That’s the increase in the real weekly earnings since Dec 2008 of blue collar manufacturing workers and non-managers in services.)
And that’s not Obama’s fault either—he’s proposed a lot of good ideas to improve the job market, lower unemployment, and boost paychecks. But Congressional conservatives have blocked them, while busily protecting the wealthy from tax cuts and financial market regulations.
But man, with socialists like that, who needs capitalists?
Update: Had a rich [sic] discussion of this issue on MSNBC’s Alex Witt show this afternoon (link forthcoming) wherein I found myself referencing this post.