The last time this happened, voters didn’t credit Bill Clinton. That may be a bad omen, or a good one.
If the stock market chose presidents, Joe Biden would be a shoo-in for reelection in 2024. The market rallied this month amid growing optimism about the economy, with the S&P 500 zooming 1.9 percent Tuesday on news that the consumer price index rose only 3.2 percent in October (compared to 3.7 percent in September). Stocks rallied again Wednesday on news that the producer price index fell 0.5 percent. Commentators are no longer debating whether the economy will experience a “soft landing” (i.e., a reduction in inflation without recession). The only question now is when it will arrive. The S&P 500 seems to have decided it’s already here.
But the stock market doesn’t choose presidents. Voters do, and polls continue to show they think the economy is in terrible shape. A Financial Times–Michigan Ross Nationwide Survey conducted November 2–7 is absolutely brutal on this point.
A company making higher profit has a higher stock price.
A company that can pay its workers less for what they produce will have higher profits.
Therefore the stock market is a measure of how effectively workers are being exploited.
Not true. It’s also a measure of how effectively customers are being gouged.
Both can be true…
Hence the “also”.
“that’s not true but it’s also true”
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It’s not true that it’s just exploitation of workers. It’s also price gouging.
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