Donald Trump Takes Credit for All-Time High in Stock Market Under President Joe Biden's Administration

Donald Trump Takes Credit for All-Time High in Stock Market Under President Joe Biden's Administration
Cover Image Source: (L) (R) Getty Images | Photo by Chip Somodevilla

On Monday, former President Donald Trump acknowledged that President Joe Biden, his successor, had been able to boost the stock market, but he still attempted to claim credit for it. As per reports, U.S. equities hit a new high for five days in a row. The former president claimed in an all-caps post on his social media that he should have the credit for the surge in stocks.



 

 

Trump shared on his Truth Social, "This is the Trump stock market because my polls against Biden as so good that investors are projecting I will win, and that will drive the market up. Everything else is terrible (watch the Middle East), and record-setting inflation has already taken its toll. Make America Great Again!!!" The assertion made by Trump that investors are piling into the stock market in anticipation of his victory against the Democratic incumbent in the election, which is over ten months away, is unsupported by any evidence. According to the mocking tweet made by Biden's campaign staff, "Trump today desperately trying to take credit for the stock market hitting record highs under President Biden."



 

 

While national polls often indicate a close race between Trump and Biden, more recent surveys, including one done by Reuters/Ipsos last week, show Trump up by a small margin. Following his defeat by Biden in 2020, Trump departed the White House and is now the overwhelming favorite to win the Republican nominee in 2024. Trump said before the 2020 election that if Biden became president, the stock market would plummet. Additionally, Trump said almost the same thing about the 2024 race earlier this month. He said at a Fox News town hall in Iowa that the stock market is the only area of the economy that is doing well, which he credits with his lead over Biden in the polls. Trump stated, "I think there will be a crash if I don’t win." In an interview with Lou Dobbs, the anchor of Fox Business Network once again, Trump called the economy "fragile" and expressed his optimism that, should a catastrophe occur, it would have a place within the next year.



 

 

Democrats and the Biden campaign jumped on Trump's remarks, claiming they showed his disregard for regular American workers and that he was just thinking about winning political battles. Supporters were instantly contacted by the Biden team with the subject line "Donald Trump Already is Herbert Hoover." Biden aides contend that the president's economic strategy is successful, noting a drop in inflation, excellent job figures, and continuous growth that has above forecasts. The economy has been a strong issue for Trump among supporters. The most recent jobs report revealed a robust increase in hiring and a higher-than-anticipated increase in wages in December, all as the jobless rate remained low. The primary indicator of economic development, the gross domestic product, increased by 3.3% in the last three months of 2023—a much quicker rate than anticipated.

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