When the Dow Jones briefly rose above 40,000 earlier this year, the Biden White House crowed about the “great news for Americans’ retirement accounts and another sign of confidence in America’s economy.”

We agree that a booming stock market does signal a healthy economy. Some in the media keep putting out headlines like this one a few months ago from Yahoo Finance:

But as we’ve mentioned in the past, when you measure stock market performance, you have to inflation-adjust the returns. See below for the most recent data from the exchanges.  What the charts show is much higher returns under Trump than Biden.

In short, it was Trump, not Biden who was better for 401k plans.