Biden Applies His Bragging Rights to the Stock Market
Nearly half of all Americans own not a single share of stock. And of the households that do, the median stock value is only $40,000.
But these Democrats often underestimate how many Americans rejoice over a rise in stock prices delivering gains of even a few hundred dollars. And many who don't own any stock associate booming markets with general economic prosperity.
Some liberals, meanwhile, have this sourpuss idea that there's something not quite wholesome about making money in the stock market. After the Trump-era tax cuts favoring rich investors, they want to raise taxes on those with very high incomes, and that makes sense.
But then they must also recognize that stock market rallies produce more taxable income. And the sweet part is that proposals to raise tax rates on capital gains and very high incomes have evidently not depressed Americans' lust for stock investing.
Complicating the messaging for Democrats is that well-to-do Americans account for more and more of their voter base. In 2020, 59% of counties with a median household income over $80,000 went for Biden, whereas only 39% favored Trump.
Biden later swerved back to his party's earlier talking point that the stock market is not the economy. He complained about some people "seeing the stock market and corporate profits and executive pay as the only measure for our economic growth."
But did Biden use the word "exponentially" to describe rising stock prices under his presidency? He sure did. "I'm glad it's gone up," he added, "no problem." Good for him, and if this change in tone continues, good for Democrats.
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