President Donald Trump's trade war has led to a collapse of the stock market that eclipses any other presidency in modern history, CNN forecaster Harry Enten told CNN's Kate Bolduan on Tuesday morning.
"The stock market was down in a big, big, big way yesterday," Bolduan asked him. "How poorly has the stock market done since Trump took office?"
"Sometimes you look at the day-to-day and I feel like we can get lost," said Enten, a frequent analyst of Trump's polling numbers who has flagged precipitous declines this year.
"So let's take a look over the whole stretch of the Trump presidency as we approach day 100. The S&P has dropped the most under Trump for any president at this point in their presidency since the S&P 500 was in fact created back in 1957. And indeed, it is not anywhere close, folks. It's not anywhere close under Trump. It's dropped — get this — 14 percent."
The second biggest drop, he noted, was the 7 percent decrease under former President George W. Bush as a result of the September 11 attacks.
"So Donald Trump is on a planet all by himself, a planet you do not want to be on, the American people don't want to be on, in terms of the drop in the S&P 500 approaching 15 percent already in his presidency. No bueno," Enten added.
Bolduan then questioned him about the risk of a recession on the horizon, something consumers are increasingly afraid of per consumer confidence data. "Where are the numbers on that?"
"At this particular point, there's a decent chance that it will cascade across the economy," said Enten. "Chance of a recession, you see I have four different little metrics. We can look at JPMorgan, 60 percent. Polymarket, 57 percent. Reuters, 45 percent. Goldman Sachs, 45 percent. That's a bunch of numbers on your screen, but they're all basically telling the same exact story that is on either side of 50 percent.
"There's basically a 50/50 chance of a recession at this point, and that is way up from where we were at the beginning of the Trump presidency, when the numbers, simply put, weren't anywhere near this."
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