If there is one thing that Americans can’t stand, it’s the idea that our public servants are doing more to benefit themselves than they are doing to help their constituents. This is, in many ways, the most heinous betrayal of trust that we can summon in thought, and it feels like it really ought to be disqualifying for our elected officials.
Yet here we are, learning that American lawmakers were able to somehow outperform the abysmal 2022 stock market.
Both Democrat and Republican lawmakers on average beat the stock market again in 2022, according to Unusual Whales’ annual report.
Despite the stock market having one of the worst years since 2008, lawmakers were able to avoid huge losses in 2022. While the total value of stocks traded shrunk, some politicians, such as far-left Rep. Ro Khanna (D-CA), made more than 5,700 trades in 2022, the report shows.
In 2022, the S&P 500 was down 18 percent. Yet on average, Republicans collectivity beat the market by 0.4 percent, while Democrats were only down -1.76 percent.
“House Republicans disclosed 1000+ less trades in 2022 compared to the year before. While House Democrats disclosed 1,000+ more trades in 2022 compared to 2021,” the analysis found.
The unwarranted success was a bipartisan issue.
The second and third highest volume traders were two House Republicans: Republican leader on Foreign Affairs Committee Rep. Michael McCaul (R-TX) with over 1,600 transactions totaling $176 million, and House Homeland Security member Rep. Diana Harshbarger (R-TN) with over 1,000 transactions totaling $21 million.
Among the lawmakers who individually performed the best were Reps. Patrick Fallon (R-TX), Debbie Schultz (D-FL), Susie Lee (D-NV), David Joyce (R-OH), and Sen. Gary Peters (D-MI).
American discontent with the federal government is already at an extremely powerful frequency, and this news may just help us reach a new level of angst in 2023…particularly if Wall Street doesn’t turn around and begin to function normally again.