by WorldTribune Staff / 247 Real News January 1, 2023
Joe Biden in 2022: The stock market “has hit record after record after record on my watch.”
Reality: After its final trading session of 2022, the stock market closed having suffered its worst year since 2008.
Granted, it’s quite possible Biden doesn’t know what year it is. So chalk it up to his handlers sending Old Joe up to spew more falsehoods.
Related: Lying is a time-honored DC lifestyle, and Joe Biden is the undisputed champ, December 28, 2022
The Dow Jones Industrial Average lost 90 points on Friday, or about 0.27%. The tech-heavy Nasdaq fell modestly, and the S&P 500 fell by just about 0.3% on the last day of trading before the new year.
Here is what really happened on Joe Biden’s watch in 2022:
Friday’s loss continues the trend of year-long drops. Since the start of 2022, the S&P 500 has fallen by 20%. The Nasdaq, reeling from months of losses by tech companies, lost nearly 34% of its total value in the past year, and the Dow declined by 9%.
The annual percentage declines for all three indexes were the biggest since the 2008 financial crisis.
Due to the falling stock markets, Americans who have corporate equities and mutual funds lost about $9 trillion, according to Federal Reserve data.
Because of skyrocketing inflation due to Team Biden policies, “the Federal Reserve began jacking up interest rates at an increasingly aggressive pace. At one point, the Fed hiked rates by 75 basis points four times in a row — a level that is akin to a dozen conventional rate hikes in a mere matter of months,” Washington Examiner economics reporter Zachary Halaschak noted.
And here’s what economists see happening on Joe Biden’s watch in 2023:
Bloomberg assigns a 100% chance of a recession occurring by October.
The Conference Board research group, based upon its probability model, also predicts a 96% chance of the U.S. economy entering into a recession in the next 12 months. The group also predicts the last quarter of this year and the first quarter of 2023 will experience negative real gross domestic product growth rates.