A fitting coda on things past

From Paul Krugman:

[T]here’s this awkward fact that markets have, you know, gone up under Obama.

And this isn’t just a phenomenon of the last few months. Look back at stock returns under recent presidents, which is easy using a clever gadget at Political Calculations. Taking real, dividend-inclusive annual returns on the S&P 500, I get:

Reagan: 10.08%
Bush I: 10.16%
Clinton: 14.35%
Bush II: minus 5.81%

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