Trump Says Biden Plunging U.S. Into Depression. The Stock Market Hit a Record High
Trump Says Biden Plunging U.S. Into Depression. The Stock Market Hit a Record High
Reality truly doesn't matter anymore. They just want to scream whatever they want to.
The stock market is not a 1:1 representation of the spending power of your dollar. The stock market is how well your overlords are doing, not you, the average american.
trump lies about everything but the stock market has ever-decreasing relevance to the average american because it reflects the value of property and the average american is being shut out of owning anything.
Every word uttered by a conservative is deception or manipulation. Every word.
Some people will read that and think you're exaggerating. I know better.
I said it during the Trump admin and I say it still. The stock market is not the economy and I don't really care how much money the top 1% owning the majority of stocks are making skimming.
I agree, but it's still blatant lying from Trump because you know he doesn't care about that other 99% and the economy beyond the stock market.
By every metric they ridiculed Obama over, and praised Trump for (forget delayed-onset of policy effects from Obama), they suddenly ignore for Biden lmao.
Gas coming down, inflation rate down, stock markers up, unemployment good, et.
It's all president drink bleach can do - constantly forecast doom and gloom to the people who aren't happy without something to spend every waking moment worrying about.
It's a drug to them worse than heroin.
Considering he's exploiting a biological mechanism we evolved to keep us alive, you're not far off.
Tbf that's what the 24h news cycle has been doing for over 20 years, so it's nothing new.
Republicans have no need for facts and truth, truthiness and alternative facts are all they need and Trump's word is all of that wrapped up in a nice racist package.
I seem to recall the stock market doing extremely well right up to 1929...
You remember that?! How old are you?
When nine hundred years old you are, not so slay you will look.
That's donnie, really tuned into the reality of things, at least as Faux "News" portrays them.
I guess Trump is currently in the one in a depression phase.
He's always saying some bullshit, can we move on?
Even though my burger today was not $3.60, but was in fact $2.35. ok Trump.. you fucking idiot
I was gonna say.... things were looking pretty great today.
Well, fuck all that. I still end up scraping by every month on pocket change and prayers.
The actual data says it has nothing to do with personal experience and everything to do with what the media tells people. When polled last month, voters in swing states were split down the middle on what they experienced in their own lives, whether their local city or town's economy was heading in the right direction, but three out of four said the national economy, something they have no first hand understanding of, is going in the wrong direction.
The oligarch-owned media constantly tells everyone that things are terrible but people look at their own lives and local economy and don't see it, so they assume it's happening everywhere else.
Chris Hayes did a segment about that very thing a few days ago.
I've noticed that when conservatives talk about logic, it's a tell that whatever argument they're trying to make at that moment is almost certainly based entirely on their emotions.
That's just not how statistics work. Your personal, anecdotal experience is completely irrelevant.
I'm not saying that this is how I really think. This is how many people think.
While I know Trump is full of shit, I don't get why articles are gloming on to this. The stock market was doing incredibly well before the 1929 crash that kicked off the great depression.
Yeah, though the 1929 crash was preceded by a situation closer to the 80s or 00s. Bidenomics seems to be more or less preemptively doing new deal style policies to build real structure under a crumbling economy. It’s massive spending to rebuild the things that’d been sacrificed for short term economic gain.
Yet his followers will take his word on it and have no clue what the stockmarket is doing.
Must be nice to own stocks.
As others have said the stock market isn't representative of the economy. The stock market rose prior to it's crash signaling the Great Depression.
That said, I obviously don't believe Trump has any way to know.
Okay but it isn't for normal people. Your made up numbers have nothing to do with the average person.
"Trump rambles and makes up more shit"
This is the best summary I could come up with:
During his third trip to Iowa this month, Donald Trump warned that if he was not elected president in 2024, the U.S. would see its economy plunge into a “1929”-era depression.
Trump, who accomplished the feat of becoming the first president since Herbert Hoover during the Great Depression to leave the country with fewer jobs by the end of his one-term presidency, claimed that the “Biden administration is running on the fumes of the great success of the Trump Administration.” He added, addressing his supporters: “Without us this thing would have crashed to levels never seen before, and if we’re not elected we’ll have a depression the likes of which I don’t believe anybody has ever seen… maybe 1929?”
Many economists have pointed to the former president’s disastrous leadership during the Covid-19 pandemic as having exacerbated the country’s economic downturn at the time.
According to data released in early December by the Labor Department, under the Biden administration, the U.S. economy added 199,000 jobs in November, and the unemployment rate fell to 3.7 percent.
Despite signs that the U.S. economy is getting stronger, Trump dug into the president and tasked supporters on Wednesday with naming “one thing” that has gotten better under Biden’s leadership (to which we ask, how long you got?)
During the ex-president’s first visit to Iowa, Trump declared that he’d swoop the blue states if Jesus himself “came down.” On his second return, he evaded questions on whether he would abuse power if he were re-elected president.
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stock market =/= economy, this is one of the few times trump is right on something. the biden admin has been trying very hard with damage control with how fragile things are right now.
It does to the upper class socialites that consider themselves better for voting blue without wanting anything to change personally so that they can continue to take in money and be proud of voting in capitalists.
The stock market isn’t the economy, at least as most Americans experience it, though it is the same metric that Trump and his followers used to show how “strong” the economy was during his term.
If I had a nickel for every time some Trump apologist said “sure, Trump’s a jerk, but how’s your 401(k)?” during 2017-2021, I’d have… a lot of nickels.
Total shit like always. 401ks are poor substitutes for pensions or ya know social security that's actually worth something, since I don't think it will exist when I can retire.
401Ks, in general, are a terrible substitute for pensions and social security. The GOP wanted to push Americans' retirement funds into the stock market, and they did that with 401Ks.
I ran some basic analysis a few weeks ago, and even with the corporate matching on 401Ks, due to the poor fund investment options available in most 401Ks, they underperformed index funds over a 30 year period.
Yes, that means many people who contributed to their 401K at full amount, even with matching, have less money than someone who just invested in SPY or VOO over the same period.
Yeah, but now the upper and middle classes future are dependent on stonks go up. Who would have guessed that all it took to disrupt class solidarity between the lower and middle class was just a little gambling?
This depends greatly on circumstances. In many cases a 401k will be worth significantly more than the equivalent pension (in my father's case, his pension buyout was worth double ten years later), and there's no risk of bankruptcy rendering your 401k insolvent. Likewise, many jobs which would have never come with a pension have 401k matching these days.
The downside is obviously that it rides the stock market, but you can make the argument that this actually makes the collective global economy our pension. It's gives more people a stake in that stability and growth, for better or worse.
True, but also the economy was plummeting for years. I can’t think of a year Joe Biden was president that we weren’t expecting a recession by the end of it. Right now we’re looking at improvement next year. That’s what Biden’s economy is. He played a bad hand really well and we’re consistently doing better than countries with right wing leadership have been since the pandemic.
It's just the cycle. Dems get the economy healthy, then a republican comes in and trashes everything and leaves a mess for the next dem in office to fix.
The policy changes always take some time to fuck things up, so it usually happens after the republican gets ousted.
The active president doesn't really have as much control over the economy as people think, Trump's tariffs are still in place and wholly supported by Biden as well to the chagrin of the WTO. People's perception of the economy absolutely changes with the active president, to the point that people will feel more financially secure the day after the president they support wins the election and isn't even sworn in to office yet. The overarching neoliberal capitalist economy is consented to by both major parties and is "right" leaning if we're talking pure economic political spectrum. Democrats just believe in more tax incentives and inclusion, Republicans are more ruthless. I guess the main point I'm making is the "Trump" or "Biden" economy isn't real, what they effectively have are dials that fine tune secondary parameters of the economy.
World events out of their control or financial sector behaviors (like mortgage-backed securities and collateralized debt obligations) are the "real" drivers and the government under either party is generally reactive. Biden is basically doing "good" things under this system that don't upset it but have small noticeable improvements. So while it's good to point this out it's also important to realize these aren't unprecedented or majorly new things and likely won't alter our default economic arrangement and social contract, which is still being degraded as the neoliberal capitalist system degrades.
Economists and everyone else ALWAYS keep crying about a recession.
What I love is how they ALL seem to have done SO much better during Trump. Like they got paid more at work, they got more in taxes, people on the streets just threw money at them, the sky rained money…
Funny, the “fuck your feelings” pro-Trump crowd seems to perceive the state of the economy based entirely on their feelings.
Or as I like to paraphrase, "My morality is for sale"
It's only a "depression" when the ownership class is affected.
Classic "screw the rules, I have money" mentality