Biden is boasting about the recent stock market rally. Stocks have been on a tear for the last 12 months for sure but that has mostly made up for the lost ground during the 2022 rout in stocks.

Investors are seeking AFTER-inflation returns. The real (inflation-adjusted) rate of return after three years of Biden is 7%, which is fairly anemic. By contrast, the S&P was up 36% in real terms at this time of Trump’s presidency, right before covid hit: