Biden’s Presidency Hits Carter-Era Lows As Dow Faces Historic Losing Streak

President Joe Biden's time in office has hit a new low reminiscent of the Jimmy Carter era — and it could get worse.

On Tuesday, the Dow Jones Industrial Average dropped 267 points (0.6%) for the ninth consecutive day — a losing streak not seen since February 1978, when Jimmy Carter, now 100 years old, was in office, according to CNN’s analysis of FactSet data.

Donald Trump, who was recently elected to a second term, has frequently drawn comparisons between Biden and Carter, noting that both Democratic presidents struggled with inflation and turmoil in the Middle East. Trump has gone so far as to label them two of the worst presidents in modern history.

"Jimmy Carter's happy because he's had a brilliant presidency compared to Biden," Trump joked on the campaign trail in April.

Carter’s presidency ended after just one term when he lost his 1980 reelection bid to Republican Ronald Reagan. Similarly, Biden abandoned his reelection campaign in July after a disastrous June debate performance. His successor, Vice President Kamala Harris, went on to lose to Trump in the general election last month.

As Biden’s term winds down, his approval ratings are sliding toward Carter-like levels. According to Gallup’s historical comparison tool, Carter and Trump both had approval ratings of 34% at this stage in their presidencies. Biden’s approval currently stands at 37% but is trending downward, raising the possibility that he could leave office with numbers as low — or even worse — than Carter’s.

Trump, meanwhile, has seen a modest rise in popularity since leaving office four years ago after the January 6 Capitol attack. FiveThirtyEight shows Trump with a 46.6% favorability rating, while 48.5% view him unfavorably — his best numbers in years.

While the sluggish economy has weighed on Biden’s presidency and Harris’s election prospects, the recent stock market downturn isn’t entirely Biden’s fault.

One of the biggest contributors to the Dow's losses has been UnitedHealth Group's stock drop following the murder of its CEO, Brian Thompson. The decline accelerated after Trump announced at Mar-a-Lago on Monday that he would "knock out" the drug industry’s middlemen, according to CNN.

Despite the recent losses, the stock market remains relatively strong, having gained about 1,500 points since Election Day last month. The Dow hasn’t suffered a losing streak of more than 10 days since 1974, during Gerald Ford’s administration.

As Biden’s presidency draws to a close, the parallels with Carter’s troubled term continue to grow — and history may not judge him kindly.