Trump: If I lose, the U.S. stock market will face the biggest crash in history!
Trump asserted, "The reason the stock market is going up is only because people think I'm going to win the election." ”
Former U.S. President Donald Trump predicted on Friday that if he doesn't win the 2024 presidential election, the U.S. will suffer the worst stock market crash in history, followed by another 1929-style Great Depression.
Trump made the remarks on social media, saying that the U.S. economy under Biden is in "terrible" shape, with high inflation hitting American families and weakening their purchasing power.
"The only thing that keeps the economy 'alive' is what we've achieved during the Trump administration," he wrote, adding that cumulative inflation since he left office has exceeded 30 percent by some standards.
Official data from the Bureau of Labor Statistics (BLS) shows that prices have risen by about 17% since Biden took office. However, if another method of measuring inflation is taken (the same method used by the government to measure inflation in the 80s of the 20th century), then this figure is about twice as much as 17%, that is, more than 30%.
While Biden's economic advisers point to cooling inflation and a strong job market as a sign that his "Bidennomics" policies are working, a range of economic indicators suggest otherwise. Job openings fell to their lowest level since March 2021, new orders for U.S. manufacturing fell by the most in more than three years, and a closely watched indicator of factory activity showed U.S. manufacturing activity contracted for the 13th straight month in November.
"Now inflation has eased a bit, but that's because the economy is not good. The employment data is fake because millions of people are not looking for work. Trump said.
A stock market crash?
Still, stocks rose last month and consumer confidence picked up as inflation eased in recent months and the market expected the Fed to pivot to aggressive interest rate cuts.
The S&P 500 is up around 24% in 2023, hovering near all-time highs, while the Dow Jones also recently hit new all-time highs.
Trump attributed the stock market's rally to expectations of next year's election.
"The stock market is only going higher because people and institutions believe and expect me to win the 2024 presidential election," he wrote. If I hadn't won the election, my prediction would have been that we would have faced a stock market crash worse than 1929. ”
The Wall Street Crash of late October 1929 (better known as "Black Thursday," "Black Monday," and "Black Tuesday") was the worst crash in American history. Not only did it cause the largest stock market drop in history (the Dow Jones went from a high to a low of 89%), but it also led to the Great Depression (an unprecedented economic crisis that plagued the United States for nearly a decade in the thirties of the 20th century).
Trump pessimistically predicted that if he failed to win the presidential race, the US economy would collapse. At the same time, recent polls showed that he is 18 percentage points ahead of Biden on the question of who is most trustworthy in terms of the economy, which is the most important question for voters.
Biden's approval rating is at an all-time low
A recent survey also showed that Biden's approval rating is at an all-time low, with voters scoring him particularly low on immigration and the economy.
In the latest Monmouth University poll, only 34 percent of voters approved of Biden's performance, down sharply from 54 percent shortly after he took office and the lowest level in the survey's history.
More than two-thirds disapprove of his performance on immigration and inflation.
Although inflation had eased from a more than 40-year high of 9.1% by June 2022, months of rising price pressures were still taking a toll on American households.
The Heritage Foundation recently estimated that inflation is costing the typical American household about $7,400 a year in lost income.
On the issue of immigration, there has been an influx of about 8 million illegal immigrants across the United States since Biden took office, including 3.2 million in fiscal year 2023 alone.
Last month was the busiest November on record, with a total of 242,418 illegal immigrants intercepted at the southern border, according to a monthly report from U.S. Customs and Border Protection (CBP). That's even higher than the highest month of Trump's tenure.
The number of illegal immigrants detained at the U.S. southern border in December hit a record monthly high, according to shocking preliminary data obtained by Fox News on December 29. Even excluding the last three days of December, the number of illegal arrivals has exceeded 276,000, breaking the record of nearly 270,000 in September, the data showed.
At the same time, according to the Monmouth poll, only 3 in 10 Americans believe Biden is paying enough attention to their most important issues.