President Joe Biden is boasting about the recent stock market rally. He’s right that stocks have been on a tear for the last 14 months. The S&P 500 hit 5,000 for the first time in history. That’s up from 500 some 30 years ago.

Even with all our problems, the United States is the unrivaled alpha male nation. The dollar is the only currency that matters globally (the Euro and BRICS are weak little sisters), and for the first time, the U.S. economy produces far more than all of socialist Europe combined. Our Magnificent Seven technology firms — Amazon, Apple, Google, Nvidia, Meta, Microsoft and Tesla — are close to being worth more than all of the stocks combined in any other country, with the exception of China.

But the Biden bull stock market story isn’t all it’s cracked up to be. Most of the gains in the market have only made up for the miserable returns in Biden’s disastrous first two years in office when stocks lost almost 15% of their value. In other words, for the most part, the last 14 months have simply made up for the lost ground during the 2022 rout in stocks.

Updated: Tue Feb 20, 2024