Donald Trump Admits the American Economy is Thriving Under President Biden
January 30, 2024
In response to Donald Trump trying to take credit for President Biden’s growing economy, DNC Rapid Response Director Alex Floyd released the following statement:
“Under President Biden, the economy is growing and the stock market is booming – and Donald Trump knows it. Now, after leaving office with the worst jobs record since Herbert Hoover, Trump is desperately trying to mislead voters and take credit for President Biden’s strong economic recovery. Trump won’t be honest about the economy for the same reason he’s been rooting for the market to crash before the next election: He only cares about himself, and he’ll leave working families out to dry if he thinks it’ll help him and his ultra-rich friends.”
NEW: Donald Trump tried to take credit for the success of the American economy under President Biden…
Trump: “THIS IS THE TRUMP STOCK MARKET.”
…after predicting the stock market would collapse if President Biden won in 2020.
Trump: “If Biden wins, you’re going to have a stock market collapse the likes of which you’ve never had. You will have a collapse.”
Trump has said himself that he believes that the stock market is an indicator of a thriving economy.
Trump: “We set another record today. That will be the 144th time in a three-year period that I am president. So 144 days Kevin, we set a record stock market which to me means 401(k) and it means jobs. That is what it means to me. To other people it means other things but it means we have a great economy.”
Trump: “The stock market means jobs; I view it as jobs and I view it as 401(k)s. When the people say oh, the rich people are getting rich but if you look at the numbers the greatest impact proportionately is blue-collar workers in what’s happened in this miracle that is happening. And people with 401(k)s, they are up 72 percent and 67 percent and the wife or the husband whoever is responsible the other one says you’re a genius, you’re a great financial investor. Darling, you’re up 77 percent this year. So a lot of good things happen. A lot of people are happy and I think really everybody is happy, some people just aren’t willing to admit it. Does that make sense?”
Thanks to President Biden, falling inflation and rising growth have given the United States the world’s best economic recovery.
Washington Post: “Falling inflation, rising growth give U.S. the world’s best recovery”
“Since 2020, the United States has powered through a once-in-a-century pandemic, the highest inflation in 40 years and fallout from two foreign wars. Now, after posting faster annual growth last year than in 2022, the U.S. economy is quashing fears of a recession while offering lessons for future crisis-fighting.”
“On Friday, President Biden hailed fresh government data showing that annual inflation over the second half of 2023 fell back to the Federal Reserve’s 2 percent target. Coupled with Thursday’s news that the economy grew by 3.1 percent over the past 12 months, the Commerce Department report showed that the United States appears to have achieved an economic soft landing.”
Meanwhile, Trump is rooting for the U.S. economy to crash for his own political gain.
Trump: “And when there’s a crash — I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover. The one president I just don’t want to be, Herbert Hoover.”
Daily Beast: “Donald Trump admitted Monday that he wants a severe economic downturn to happen during the next year, because it will help his odds of winning the presidential election.”
Trump has repeatedly wished for a market crash for his own benefit over the years.
Trump in 2016: “I think I hear it’s the worst first week ever recorded, so we’ll see what happens. Hopefully, the bubble won’t be there … If the bubble is going to explode, I would rather have it explode before the next president rather than after the next president.”
CNN: “Two years before the housing market collapsed in 2008 and millions of Americans lost their homes, Donald Trump said he was hoping for a crash. ‘I sort of hope that happens because then people like me would go in and buy,’ Trump said in a 2006 audiobook from Trump University, answering a question about ‘gloomy predictions that the real estate market is heading for a spectacular crash.’ The U.S. housing bubble burst two years later, triggering the stock market crash of 2008 that plunged the U.S. economy into a deep recession, leaving millions of Americans unemployed. Trump was speaking with Jon Ward, a marketing consultant who ‘masterminded all the initial education programs for Trump University,’ according to his website. The audiobook is available on iTunes. ‘If there is a bubble burst, as they call it, you know you can make a lot of money,’ Trump said in the 2006 audio book, ‘How to Build a Fortune.’ ‘If you’re in a good cash position — which I’m in a good cash position today — then people like me would go in and buy like crazy.’”
NBC News: “Donald Trump counseled Trump University students to take advantage of the housing bubble as an investment opportunity and said, just a year before it burst, that he was ‘excited’ for it to end because of the money he’d make. ‘People have been talking about the end of the cycle for 12 years, and I’m excited if it is,’ he told the Globe and Mail in March of 2007. ‘I’ve always made more money in bad markets than in good markets.’ At that time, the housing market was already beginning to decline, and just over a year later the subprime mortgage crisis hit, part of a chain reaction of events that led to the stock market crash of 2008 and cemented the Great Recession.”
Trump’s disastrous MAGAnomics agenda left him with the worst jobs record of any president in modern American history.
Fortune: “Trump to leave office with the worst jobs record since Herbert Hoover”
Washington Post: “President Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.”
Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”
CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”
The Guardian: “They were billed as a ‘middle-class miracle’ but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”