Biden’s Presidency: Parallels To Carter And An Economic Slump

President Joe Biden’s tenure has reached a new low reminiscent of the Jimmy Carter era and is inching closer to another historical dip.

On Tuesday, the Dow Jones Industrial Average fell by 267 points, or 0.6%, marking nine consecutive days of losses. This level of decline hasn’t been seen since February 1978, during President Carter's administration, CNN reported using FactSet data.

Former President Donald Trump, who frequently compares Biden to Carter, has highlighted similarities between the two Democratic leaders, citing their struggles with inflation and turmoil in the Middle East. Trump often brands them as among the “worst presidents” in U.S. history.

“Jimmy Carter’s happy because he’s had a brilliant presidency compared to Biden,” Trump quipped on the campaign trail in April.

Carter’s presidency ended after one term, following his loss to Republican Ronald Reagan in the 1980 election. Similarly, Biden recently dropped his reelection bid in July after a shaky performance during a June debate. Vice President Kamala Harris, his successor in the race, was defeated by Trump in last month’s general election.

As Biden’s presidency winds down, his approval ratings are nearing Carter’s historically low numbers. Gallup polling shows that Carter and Trump, at similar points in their presidencies, both held dire 34% approval ratings. Biden’s current approval rating sits slightly higher at 37% but is trending downward, suggesting he might leave office with comparable or worse numbers than Carter.

Meanwhile, Trump, who left office four years ago amidst the January 6 Capitol attack, has seen a gradual rise in favorability. According to FiveThirtyEight, 46.6% of Americans now view Trump favorably, compared to 48.5% unfavorably—his best showing in years.

Economic concerns have significantly impacted Biden’s standing. While the sluggish economy and stock market dips have hurt both his and Harris’ political prospects, experts suggest Biden is not directly to blame for the Dow’s recent downturn.

UnitedHealthcare Group, whose stock represents a substantial portion of recent losses, was hit hard after the tragic murder of its CEO, Brian Thompson. Additionally, Trump’s recent remarks at Mar-a-Lago about targeting drug industry middlemen also contributed to the stock’s decline, CNN reported.

Despite the nine-day slide, the stock market has performed relatively well overall, gaining about 1,500 points since last month’s Election Day. Historical data from FactSet reveals the Dow hasn’t experienced a losing streak of more than 10 days since 1974, during President Gerald Ford’s administration.

As Biden’s term nears its conclusion, the comparisons to past presidencies—and their respective challenges—continue to cast a long shadow over his legacy.