I spent four years trying to explain how good the economy was under Joe Biden and nothing I said about unemployment, GDP growth, boat sales, or anything else resonated with people.
But today we’re at the start of the Trumpcession so maybe people will be ready to look at the evidence? Because the stock market is tanking and GDP growth is forecasted to go negative.
Get ready, fam. America finally touched the stove.
1. Reverse Hockey Stick
The financial markets are not happy.
They’re not spooked—we’re not seeing a massive sell-off. The S&P and Dow averages are down about 4.25 percent over the last month. The NASDAQ is down by 7.5 percent.
This isn’t panic. It’s resignation. The markets are finally in the process of pricing in the Trump administration. They’re coming to grips with the fact that tariffs are real, chaos is total, austerity is biting, inflation is rising, and growth?
All apologies to Kamala Harris but we are going back. AF.
Join Bulwark+ to unlock the rest
Become a paying member of The Bulwark to get access to this post and other subscriber-only content. A subscription gets you:
- Unlimited access to articles and newsletters including The Triad by JVL and Receipts by Catherine Rampell.
- Ad-free editions of our shows (with transcripts) and member-only shows like The Secret Podcast.
- Plus community chats and commenting features. Your support helps keep our work sustainable and available to those who cannot afford a membership. Cancel anytime.