Donald Trump asserted on Jan 10 that the rising stock market is directly linked to his lead in the polls over Biden.
Trump’s Effect?
At a Fox News-hosted town hall in Iowa, coinciding with CNN’s Republican presidential debate, former President Donald Trump suggested that his poll success is the only reason behind the stock market’s good health.
Did Trump Really Boost the Stock Market?
Host Bret Baier referenced a statement by Trump regarding the stock market. Earlier in January, Trump had remarked, “When there’s a crash — I hope it’s gonna be during this next 12 months because I don’t want to be Herbert Hoover.”
Trump Claims Credit for Stock Market Surge
Responding to Baier, Trump asserted he isn’t wishing for a market crash, but rather believes that “the economy is horrible except the stock market’s going up.”
“Stock market goes up because I’m leading”
The ex-president suggested that the strength of the stock market is due to his polling lead against President Joe Biden, the probable Democratic nominee for 2024. “But I would say this, we have a situation which I believe the stock market goes up because I’m leading,” he stated.
Any Proof?
Despite limited evidence backing Trump’s assertions on the stock market, a December 2023 MarketWatch report highlighted that the S&P 500 index saw a nearly 17 percentage point higher rise under Trump than Biden in their respective first three years.
“Good one, Donald”
In early January, Biden drew attention to this surge with a campaign ad starting with Trump’s 2020 prediction of a market collapse under Biden’s win, followed by a montage of cable news celebrating the market’s rally. Biden’s quip, “Good one, Donald,” caps the ad.
Stock Market’s Reach into America’s Pockets
While it’s true that many Americans don’t own stocks directly, these gains can still impact them, such as through their retirement accounts.
Trump’s point about rising stocks benefiting the wealthy is also valid, as evidenced by the $470 billion increase in the world’s 10 richest people’s net worth this year, largely due to soaring stock prices in companies they hold stakes in.
Trump’s Post-Election Focus on Stocks
Trump frequently boasted about stock market achievements during his tenure, notably focusing on the Dow Jones Industrial Average in a brief news conference shortly after his 2020 election loss to Biden.
Trump Celebrates Dow 30,000 Milestone
“But the stock market has just broken 30,000. Never been broken, that number. That’s a sacred number: 30,000. Nobody thought they’d ever see it,” the former president stated at the time.“That’s the ninth time since the beginning of 2020, and it’s the 48th time that we’ve broken records in — during the Trump administration. And I just want to congratulate all the people within the administration that worked so hard. And most importantly, I want to congratulate the people of our country, because there are no people like you.”
This unexpected statement left White House reporters in disbelief. Post his departure, an off-camera reporter was heard remarking, “Well, that was weird as s..t.”
Stock Market Trends: Biden vs. Trump
Under President Biden, stocks have seen a notable increase, although not as much as during the same period under former President Trump. This is significant as voters often view stock market performance as an indicator of the country’s economic health and presidential policies, despite many economists’ differing views.
Trump’s Stock Surge
In numbers, Biden’s term witnessed a 25.9% increase in the S&P 500, less than Trump’s 42.3% and Obama’s 48.6% during similar periods. The Dow Jones and Nasdaq similarly recorded gains under Biden, but Trump’s term saw higher increases.
New Stance?
Notably, Trump critiqued the booming stock market as a contributor to wealth inequality, a stark contrast to how he viewed it as a major accomplishment during his tenure. “The stock market is making rich people richer,” he stated at a Nevada rally.
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