Donald Trump’s Stock Market Theory, On Monday, former President Donald Trump asserted that the recent surge in the stock market could be attributed to his own influence. As President Joe Biden gears up for reelection later this year, he and his supporters have frequently highlighted the economic growth witnessed in the United States since he assumed office, countering reports of consumer uncertainty.
Despite significant declines amid global turmoil in 2022, the stock market has staged a robust comeback, with the Dow Jones Industrial Average crossing the historic 38,000 mark for the first time last week. Job reports over the past year have consistently indicated a decline in unemployment.
Despite the White House promoting “Bidenomics” in response to these changes, Trump, widely expected to secure the 2024 GOP presidential nomination, asserted on Monday that the economic upswing was a result of his influence, even though he currently does not hold any elected office.
“This market is truly reflective of the Trump era because my polls against Biden are incredibly positive, leading investors to project my victory and subsequently boost the market—despite other challenges like the situation in the Middle East! The record-setting inflation has undeniably had its impact,” expressed the former president in a post on Truth Social. “Let’s work towards making America great again!!!”
Recent polls compiled by FiveThirtyEight in the past two weeks consistently show a lead for Trump over Biden in what appears to be an increasingly inevitable general election rematch. However, one poll stands out, giving Biden a slim margin. Despite this, Trump remains a divisive and unpopular figure beyond his GOP base. Notably, several candidates he endorsed have faced defeat in elections down the ballot since leaving office.
Throughout his presidency, Trump and his supporters often emphasized the economic growth in the U.S. during his first three years, using it as a cornerstone for his re-election campaign. On the contrary, opponents argue that Trump inherited a thriving economy from former President Barack Obama and point to the historic downturn resulting from his handling of the COVID-19 pandemic.
Before the 2020 election, over 700 economists came together to express strong disapproval of Trump, urging voters to reject him. They criticized him for “selfish and reckless behavior” and his “sustained assault” on democracy. Trump’s campaign dismissed the letter, labeling its points as “baseless” and challenging the economists to name a positive action Biden would take.
Similarly, just before the 2016 election, nearly 800 economists cautioned against electing Trump. They raised concerns about his “deep ignorance of economics and an inability to listen to credible experts.”