The Hill, a pro-Biden news organization, is trying to defend the president from Republicans blaming him for the downturn in the stock market.
The pro-Biden yahoos at The Hill are flailing over Americans blaming President Joe Biden for the obliteration of tr… https://t.co/4fPFldsOlL
— Sophie Nouveau (@sophienouveau_) October 1, 2022
“While Biden has so far been able to dodge blame for the recent stock market declines in the wake of interest rate hikes by the Federal Reserve, Republicans are increasingly tying the faltering markets to the White House, warning Americans not to vote for Democrats in November’s midterm election if they value their portfolios,” wrote The Hill reporters Alex Gangitano and Tobias Burns.
The article pointed to comments made by Minority Leader Mitch McConnell (R-KY) on Wednesday.
“The stock market has plummeted below where it was when President Biden took office, cutting the value of America’s retirement savings just as the cost of living has soared,” McConnell said on the Senate floor. “Consumer prices [are] through the roof, supply chain chaos left and right — the worst single year for both grocery and electricity inflation since back in the Jimmy Carter era.”
The Hill also cited comments made by Sen. Mike Rounds (R-SD).
“This is a policy-induced bear market,” stated Rounds on Wednesday. “It’s a policy-induced recession that we’re moving into.
“It is a policy-induced time of significant inflation,” he added.
Critics of The Hill article highlight that the market actually has declined under the Biden administration, with estimates showing that Americans lost roughly $9 trillion on the stock market by the end of the second quarter this year.
Larry Summers, an economist who worked under former President Barack Obama, predicted that Biden’s COVID-19 stimulus would have a detrimental effect on the stock market, saying it would “set off inflationary pressures of a kind we have not seen in a generation.”
Critics also point out that this is not the first time The Hill has done this. In April 2021, only 225,000 jobs were added to the economy, which lagged expectations of an increase between 734,000 and 1,734,000. Nevertheless, The HIll criticized Republicans as falsely claiming that the reports were “the products of an overzealous government response that could kneecap the economy.”