“If you want your 401k’s and stocks…to disintegrate and disappear, vote for the Radical Left Do Nothing Democrats and Corrupt Joe Biden,” Trump tweeted in July 2020. It was an ominous warning from a president who, more than his predecessors, obsessed over market gains and viewed them as a real-time barometer of his success.
All Democratic presidents have enjoyed a rising stock market during their time in office, led by the 16.5% compound annual growth rate under Clinton. Two Republicans presided over market downturns: Richard M. Nixon and George W. Bush. Bush ranked last among the 14 presidents since 1945. Part of that disparity could have to do with which presidents had recession occur during their terms. Before early 2020, Trump was on track to be the first Republican president since 1945 to avoid a recession.