'One man' to blame for 'historically unprecedented' stock market plunge: data analyst

Donald Trump's economic policies have damaged the U.S. economy in "historically unprecedented" ways, according to CNN's Harry Enten.

The president announced a wave of tariffs that quickly triggered a stock market sell-off, leading to the worst week since the early days of the Covid-19 pandemic, and Enten compared the financial wipeout to past plunges.

"Where does this rank?" Enten said. "I mean, S&P 500 drops 5 percent or more at this point in a presidency. There are only two of them, right? There's Donald Trump, 10 percent drop since he took office, the only one that matches it or exceeds it was George W. Bush back in 2001, a drop of 18 percent. This is it, this is the whole kit and caboodle since the S&P 500 was created as an index back in 1957, when you're one of two and we're talking about drops in the stock market."

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However, he said the external factors in those two drops are different in key ways.

"We're right on the eve of Passover, so why not go with that again?" Enten said. "We're going to look at these drops of 5 percent. Plus, what is so different about this versus the Bush plunge? Remember, it was the dot-com bubble, right, that was that was happening before George W. Bush took office. What did Donald Trump inherit? He inherited a bull market from Joe Biden. Donald Trump is the only one to take a bull market and turn it into a bear market to such a degree that we're having a drop of 5 percent or more at this point. This is historically unprecedented, what Donald Trump, one man, it seems to me, has done to perhaps my favorite stock market index."

More Americans than ever are invested in the stock market, so that economic fallout is hitting a broad swath of the electorate.

"Americans who own stock, you know, you go back to 1974, it was just 23 percent, either directly or indirectly," Enten said. "You look at where it is now. Now, the clear majority of Americans own stock in one way or another, right? Their 401(k)s, their Roth IRAs, etc., and so what we're talking about now is something that is setting the clear majority of Americans, what happens on Wall Street doesn't stay on Wall Street. It does, in fact, go and affect Main Street and what's affecting Main Street right now is a record plunge for a president, given that he inherited a bull market and he turned it into a bear."

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