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Dec 18, 2023

Aging Like Vintage Milk



After touting stock market, Trump claims record high under Biden only makes “rich people richer”

The Dow Jones hit a record high despite Trump's prediction that the economy would collapse under Biden

Donald Trump, who predicted in a 2020 debate that stock markets would crash under President Joe Biden, griped Sunday that stock markets reaching record highs were just making "rich people richer." The Dow Jones Industrial Average rose to a record high last week, hitting 37,000 and surpassing the previous record set in 2022. The former president often patted himself on the back for a bustling stock market during his time in office between 2017 and 2021.

"The stock market is making rich people richer," Trump said, per Reuters, to a crowd of supporters in Reno, Nevada, in an effort to put an anti-Biden, populist spin on the new record stock market value. "Biden's inflation catastrophe is demolishing your savings and ravaging your dreams," the GOP nomination frontrunner added, changing the subject to high prices — a hallmark of Biden's term thus far — to take a jab at his likely opponent in the 2024 contest. Despite a recent increase in wages, a decrease in inflation and low unemployment, Trump went on: "We are a nation whose economy is collapsing into a cesspool."

Biden mocked Trump last week for his incorrect prediction in a campaign video shared on X/Twitter flaunting the record stock market high, CNBC reports. “Good one, Donald,” Biden tweeted. The video replayed a clip of Trump declaring, "If Biden wins, you’re gonna have a stock market collapse the likes of which you’ve never had," before rolling soundbites of news anchors lauding the stock market's recent upsurge. “Uh, let’s just talk for a moment about the stock market. Boom,” says Larry Kudlow, Trump's former top economic aide, in an included snippet from his Fox Business show.
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