Amid the turmoil induced by COVID-19, is the economy actually better now than it was under Obama? We investigate.
before plunging. The market has recovered somewhat, and as of April the market is 19.6% above where it was when Trump took office in 2017.While the coronavirus has walloped the U.S. economy, its full impact is yet to be seen and is projected to be much worse than the Obama administration's economic"high mark."
In technical black-and-white terms, the lowest unemployment rate under Obama was 4.8%, while the coronavirus has caused unemployment to reach 4.4% so far. Unemployment is a lagging economic figure, however, and the actual rate undoubtedly is many factors higher. That will be reflected in the coming weeks. This data makes the claim that the economy is still in a better place than during the Obama administration false.
The stock market has gone on a roller coaster ride. After hitting an all-time high, it dropped on March 20 below where it was at the end of Obama's presidency. That Dow has recovered some of those losses and is still above where it was in early 2017. So it is true that the stock market is better, at publication time, than on Inauguration Day 2017.
However, the economy is in a bear market, while the Obama economy in January 2017 was in a bull market. There are other indicators that speak to the health of the economy, including bankruptcies, foreclosures and defaults. Numbers for unemployment and changes in the stock market, though limited, are the most current available.
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