Depends. If it's a Republican president in office, we must look at many factors, it's a difficult thing, y'see, many variables and such, market fluctuations, etc. etc. etc.
If it's a Dem president in office? 100% the Dem's fault.
If it's a Dem president in office? 100% the Dem's fault.
Why try to make it as if it was the "opposite side" doing it while I'm reading it?
But, the way pundits and journalists write about it makes, the way discpurse goes systematically pretends literal opposite of reality.