Former US President Donald Trump, known for touting stock market highs during his tenure, has taken a different stance, asserting that the current record-breaking market only benefits the wealthy. This contrasts sharply with his earlier prediction that a victory for President Joe Biden in 2020 would lead to a market crash, a proven inaccurate forecast.
At a rally in Reno, Nevada, Trump commented on the Dow Jones Industrial Average reaching a historic high, surpassing 37,000 last week. In an attempt to put an anti-Biden spin on the market’s success, Trump, a self-described billionaire, told supporters, “The stock market is making rich people richer.”
Trump’s change in tone comes after years of taking credit for a rising stock market during his presidency. In a 2020 debate with Biden, he had predicted a market crash if Biden were to win the election, a forecast that did not materialize as Biden emerged victorious.
Shifting the focus to criticize the Biden administration, Trump addressed the issue of high prices, a prominent concern during Biden’s term. He remarked, “Biden’s inflation catastrophe is demolishing your savings and ravaging your dreams,” framing it as a failure of Biden’s economic policies.
As Trump positions himself as the frontrunner for the 2024 Republican nomination, he continues to emphasize economic issues. Despite declining inflation, rising wages, and low unemployment rates in recent months, Trump portrayed the nation’s economy as collapsing, using strong rhetoric to rally his supporters. With the 2024 White House contest on the horizon, Trump remains dominant in the Republican Party, leading in state and national polls.
Despite facing numerous legal challenges, Trump remains a formidable force in shaping the narrative within the Republican Party as the 2024 primary season approaches.
