Have you checked your 401k lately? You may not want to because of what Joe Biden and the Democrats have done to the economy, inflation and the value of stocks since beginning his reign of terror. The stock market is off to it’s worst start for the first half of the year since 1970! That’s 52 years. Yes, it’s worse than Jimmy Carter, worse than George W. Bush during the financial meltdown in 2008 and worse than 2020 when the pandemic began.
The stock market has experienced its worst first half of the year in more than 50 years.
As of June 30, the S&P 500 index — which monitors the performance of 500 large public companies — fell more than 21% since the first day of 2022. According to multiple reports, the stock market has not seen a worse six months to begin the year since 1970. As a series of selloffs characterized the month of June, a forecast from investment bank Morgan Stanley indicated that the S&P 500 could drop another 15% to 20%.
The dismal Wall Street benchmark was set as the United States contends with record-high inflation, as well as other phenomena eroding consumer and business confidence. The Consumer Price Index (CPI) rose 8.6% between May 2021 and May 2022, while the core Personal Consumption Expenditures Price Index (PCEPI) increased 4.7% over the same period.
As a result, consumer confidence — as measured by the University of Michigan’s benchmark Survey of Consumers — fell to its lowest reading since 1952.