Ranking the Best and Worst Presidents – Part II
In Part I, we examined how various U.S. presidents impacted stock market performance, ranking the worst-performing presidents based on annualized market returns. That analysis revealed that market trends are influenced not only by presidential policies but also by economic cycles, crises, and external events beyond any administration's control.
The worst-performing presidents included:
Herbert Hoover (-30.8% per year) – Took office just before the 1929 Stock Market Crash and the Great Depression.
George W. Bush (-5.6% per year) – Faced the Dot-com crash, 9/11 attacks, and the 2008 financial crisis.
Grover Cleveland (-4.9% per year) – His second term was plagued by the Panic of 1893 and widespread bank failures.
Richard Nixon (-3.9% per year) – Presided over high inflation, the end of the gold standard, and the 1973–74 bear market.
Now, in Part II, we continue the rankings by looking at presidents who also faced market struggles, but with somewhat better outcomes.
Ranking the Next Worst Presidents by Stock Market Performance (#5 - #8)
#5 - President Benjamin Harrison (Republican)
Market Performance: -1.4% per year
Term: March 4, 1889 – March 4, 1893
Election Year: 1888
Few people remember Benjamin Harrison, except for being the grandson of President William Henry Harrison, making them the only grandfather-grandson pair to have lived in the White House. His presidency was largely unremarkable, though notable for:
The first U.S. federal budget exceeding $1 billion (now over $4.8 trillion).
The passage of the Sherman Antitrust Act, a foundation for antitrust laws.
The McKinley Tariff, imposing significant trade tariffs.
#6 - President William Howard Taft (Republican)
Market Performance: -0.1% per year
Term: March 4, 1909 – March 4, 1913
Election Year: 1908
William Howard Taft, a one-term president, is often remembered more for his physique than for his policies. Stock market performance under his administration was mostly flat. However, Taft left a lasting legacy by:
Being the only person to serve as both President and Chief Justice of the Supreme Court.
Continuing the trust-busting movement by filing antitrust lawsuits against Standard Oil, American Tobacco, and U.S. Steel.
#7 - President Theodore Roosevelt (Republican)
Market Performance: 2.2% per year
Term: September 14, 1901 – March 4, 1909
Election Years: 1900, 1904
The first real Mount Rushmore figure to appear on this list, Theodore Roosevelt was never expected to assume the presidency. As Vice President to William McKinley, he became the youngest U.S. president following McKinley’s assassination.
Roosevelt was a bold and controversial leader, known for:
Embracing the Rough Rider, cowboy persona.
Aggressive antitrust policies, furthering the trust-busting movement.
Establishing the Department of Commerce and Labor.
Despite his legacy, the stock market’s 2.2% average return per year was relatively weak.
#8 - President Woodrow Wilson (Democrat)
Market Performance: 3.1% per year
Term: March 4, 1913 – March 4, 1921
Election Years: 1912, 1916
Woodrow Wilson’s presidency was marked by turbulence but included major accomplishments:
Reintroducing federal income taxes.
Establishing the Internal Revenue Service (IRS).
Creating the Federal Reserve System.
Leading the U.S. into World War I (April 2, 1917).
Overseeing the 1918 flu pandemic, which he also contracted.
Although Wilson achieved much, WWI and economic uncertainty limited stock market growth, resulting in a modest 3.1% annual return.
Read Part III
This analysis continues in Part III, where we examine which presidents oversaw the best stock market performances.
Stay tuned to see how economic policies shaped market growth under different administrations.