Joe Biden has been in office now for only four days, and already he’s managed to make a big dent in the U.S. economy.
And it’s not a positive one…
Since taking office, we’ve already seen a sizable drop in the stock market, particularly after Biden unveiled his bloated COVID-19 relief bill.
U.S. stocks fell on Friday after President-elect Joe Biden unveiled a $1.9 trillion Covid-19 relief plan and the December retail-sales report came in weaker than expected, underscoring the coronavirus pandemic’s continued effect on the economy.
The Dow Jones Industrial Average lost 177.26 points, or 0.6%, closing at 30814.26. The S&P 500 fell 27.29 points, or 0.7%, to 3768.25 and the Nasdaq Composite dropped 114.14 points, or 0.9%, to 12998.50.
Friday’s decline cemented a down week for equities, with the Dow down 0.9%, and the S&P and Nasdaq both falling 1.5%. The small-cap Russell 2000 bucked the trend, rising 1.5%.
But what’s really causing a stir is his executive order to end the Keystone Pipeline, which will cost thousands of rural Americans their jobs.
There are now quite a few Biden supporters who are starting to show some regret for casting their votes for him.
Check it out:
Unions are getting exactly what they voted for. pic.twitter.com/NT23KMc32s
— Cerno (@Cernovich) January 23, 2021
So it begins… pic.twitter.com/lD2E2Rkx8j
— Kristin (@Sodangfancy100) January 21, 2021
Then there’s also his decision to freeze the HHS rule that would lower insulin costs.
President Biden has been reversing or pausing some rules put in place under former President Donald Trump this week, including one designed to bring down the price of insulin.
The Department of Health and Human Services on Thursday announced that the directive would be put on hold among a number of other measures that were passed under Trump, but are not yet in effect.
The measure, signed off on in December, aimed to require some community health centers to deliver savings to low-income patients for insulin and epinephrine in a bid to bring down unaffordable prices.
The rule was scheduled to go into effect on Friday but has since been delayed until March 22.
And this is not going over to well…
A story in 3 parts. pic.twitter.com/Y0IcAwEv7X
— I,Hypocrite (@lporiginalg) January 23, 2021
Just awful👇 The Biden admin is working double time to ensure they reverse every good policy Americans gained under Trump pic.twitter.com/4icNLr2O0C
— Sara A. Carter (@SaraCarterDC) January 23, 2021
Also, some have reported seeing more ads from “Big Pharma” on their social media feeds.
This is pretty horrific.
It’s hasn’t even been a full week and Biden has already begun hurting it.
Wonder how many still feel proud that they voted for him?