With the economy attempting to stabilize after a tumultuous 2020, many have been carefully monitoring the stock market in 2022 for indications of what lies ahead. Last year ended with less than stellar ratings from economists, who paid particular attention to the unlikely disappointment that was 2022—a year that has left all kinds of investors on edge even now.
Despite a year of political bravado, stocks plummeted to their lowest point since 2008, leaving many investors reeling and uncertain of what the future holds. As stock performance is often seen as a barometer for economic certainty, many now fear that moving into 2023 may not be as rosy as predicted. In times such as these it can be difficult to remain confident in the economy’s ability to recover amidst a perceived lack of stability. And if last year is any predictor of what’s to come, investors have a lot to worry about this year.
Daily Wire reports that, following a series of rosy predictions about stock performance by President Joe Biden, stocks had one of their worst years ever.
To close out the year, TODAY gave a quick recap of the year.
As a result of persistent inflation, supply chain bottlenecks, and geopolitical pressures, 2022 was the seventh worst year for stocks since 1929. In addition, 2022 is one of the few years in history in which both the stock and bond markets declined.
In the weeks before its substantial decline, administration officials and the commander-in-chief himself lauded the stock market’s performance. On January 20, 2022, Biden noted that the stock market was approximately 20% higher than when his predecessor was president.
Hard working Americans suffered a tremendous blow to their retirement accounts throughout the year. Yahoo reported on how bad it was and if there were any positive takeaways.
Stephen Moore and E.J. Antoni, two conservative-leaning economists stated in their research that, “For a married couple where each person has the average balance in their retirement account, their $270,000 in savings has declined about $80,000, which can be nearly the equivalent of a down payment on a retirement home. In this way, Biden’s economic policies have not only negatively affected the real take home pay of middle-class American workers but have also effectively stolen tens of thousands of dollars of lifetime savings.”
The American economy experienced something unprecedented in history during this period of time, and it’s taken a toll on every person within its borders. For many people, the future is becoming increasingly nerve-wracking, as there are no indicators of the economy slowing down now or in the near future. When economists look back on this moment in time, it will go down as one of the gravest economic crises our nation has faced yet – and for many, the extent of damage done feels intentional. While not everyone may believe the same theories regarding why this happened or by whom, one thing remains clear – this Administration has had an incredibly malicious impact on our economy.
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