- President Trump may have often boasted about an increasing stock market during his term from 2017 to 2021, but despite his predictions, the stock market has continued to grow under President Biden’s tenure.
- Trump, positioning himself as the front-runner for the Republican nomination, often uses the stock market’s status to attempt to undermine Biden, even going as far as saying the stock market would collapse under a Biden presidency.
- Ahead of the 2024 campaign, Trump is continuing to criticize Biden’s economic policy, blaming him for high inflation and a weakened economy.+
- Trump’s criticism comes despite recent evidence of economic recovery under Biden’s leadership. Trump’s ability to lead the 2024 Republican nomination remains strong, despite significant legal issues and a potential challenge from Nikki Haley.
Trump Misstep Predicting Market Crash
Trump, currently leading the Republican nomination for the 2024 election, celebrated a booming stock market during his presidency (2017-2021). However, Biden recently highlighted how Trump mistakenly predicted a stock crash when they went against each other in the 2020 campaign.
Record Stock Market Highs
Contrary to Trump’s predictions, the stock market hit a record peak last week, surpassing its previous high set in 2022. In a contentious 2020 debate with Biden, Trump boldly claimed that the stock market would plummet if Biden became president.
Despite Trump losing to Biden in the 2020 election, the economy has experienced consistent growth. Trump, in efforts to paint a negative picture of Biden and appeal to his supporters, claimed: “The stock market is making wealthy people wealthier.”
Trump Criticizes Biden’s Economic Policies
Switching focus, Trump fired shots at Biden over the nation’s rising prices, a common feature in Biden’s first few years as president. Biden’s inflation catastrophe is ravaging your savings and shattering your dreams,” Trump pointed out, projecting a possible clash with Biden in the upcoming 2024 Presidential race.
Despite witnessing a reduction in inflation, wage increase and low unemployment, Trump declared: “We are a nation heading towards economic capitulation.”
Trump remains a popular figure amongst Republican voters, with possible legal issues and criminal charges not reflecting on his favorable poll results.
Trump vs. Haley
A CBS News/YouGov poll indicates that former Ambassador to the United Nations, Nikki Haley, may be closing the gap on Trump. Trump responded by questioning Haley’s potential rise, asking, “Nikki Haley – where’s the surge?”
What does this all mean for traders? Dramatic shifts in economic priorities between leading presidential candidates could impact certain markets, most notably forex trading, making currencies a potentially interesting asset to watch as the election progresses, considering the different economic stances of the potential candidates.