On January 11, 2001, a few days before GW Bush became president, the Dow closed at 10,609.55. According to the BLS’ inflation calculator, 10,609.55 in 2001 is worth 12,591.10 in 2007. (I know we’re not in 2007 any more, but they can’t exactly calculate 2008 values, can they?)
Today, seven years later, the Dow closed at 12,606.30.
After seven years… adjusted for inflation, the Dow is essentially unchanged.
I’m sure someone can explain why this is all Bill Clinton’s fault and demonstrate that this means Social Security should be privatized. Kudlow is busy insisting that the economy is doing great but the Fed should cut rates. So here’s your chance. Have at it.