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Trump bemoans record stock market as just making 'rich people richer'

Published 12/17/2023, 08:44 PM
Updated 12/17/2023, 08:55 PM
© Reuters. Republican presidential candidate and former U.S. President Donald Trump speaks during a rally in Reno, Nevada, U.S. December 17, 2023. REUTERS/Carlos Barria
DJI
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By Tim Reid

(Reuters) -Donald Trump, who predicted three years ago that if Democratic President Joe Biden won the White House in 2020 markets would crash, said on Sunday that stock markets hitting record highs were just making "rich people richer."

Trump, the frontrunner for the 2024 Republican nomination, often took credit for a rising stock market when he was president between 2017 and 2021. He was mocked by Biden last week for wrongly predicting a crash when they campaigned against each other in 2020.

The Dow Jones Industrial Average hit a record high last week, topping 37,000 and surpassing the previous record set in 2022. In a 2020 debate with Biden, Trump said that if Biden won the election, "the stock market will crash."

Biden defeated Trump in the 2020 election.

In an attempt to give a populist and anti-Biden twist on the new record stock market high, Trump, a self-described billionaire, told a crowd of supporters in Reno, Nevada: "The stock market is making rich people richer."

Turning on Biden, he changed the subject to high prices, a hallmark of Biden's three years in office.

"Biden's inflation catastrophe is demolishing your savings and ravaging your dreams," Trump said, as he looks ahead to a likely rematch with Biden in the Nov. 2024 White House contest.

Despite decreasing inflation in recent months, an increase in wages and low unemployment, Trump added: "We are a nation whose economy is collapsing into a cesspool."

Republican voters begin picking their 2024 White House standard-bearer on Jan. 15 in Iowa, the state which kicks off the nominating process.

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Trump was holding a rally in Nevada, where Republicans vote on Feb. 8.

Trump enjoys commanding leads over his Republican rivals in state and national polls, despite his myriad legal problems and more than 90 criminal charges bought against him this year.

In a CBS News/YouGov poll released Sunday, however, one of Trump's Republican rivals - former United Nations Ambassador Nikki Haley - had narrowed the gap on Trump in New Hampshire, the second state to vote on Jan. 23.

Trump has 44% support of likely Republican primary voters in the Granite State, while Haley has increased her support to 29%.

In a clear sign Trump sees Haley as emerging as his closest rival for the nomination, rather than Florida Governor Ron DeSantis, who has fallen in many polls all year, Trump went after Haley in his Nevada speech.

Citing other polls where he has bigger leads over Haley, Trump said: "Nikki Haley - where's the surge?"

Latest comments

Are you listening capitalists?
That rules out Trump he is almost broke now he is grifting and living off his MAGA nuts. He sucks them dry to pay for his legal fees, his rallies and events in Mar a lago. If they do not donate they buy Trump cards where he is a superhero, blouses, shirts, posters, trousers, bears etc. He sells everything and the suckers buy it. Sad...because he could not care less about them.
funny when The Donald was bragging about the stock markets under his adminstration back in 2019 he wasn't so concerned about rich people getting richer???
So the stock market is higher than ever used to be a milestone for trump, but off course now that it is Biden who runs the country its suddenly a problem. Why can the MAGA fans not see through this guy, they must all be mo…rons with IQ below 90
Dump the computerized high-speed trading, and make it so that every single trade requires some human time and input.  That will level the playing field and hopefully eliminate all the skimmers that pick the pockets of everyone else.
So you are am Elizabeth Warren fan.
A fair comparison of Bidens economic performance is to measure inflation, and economic gains in the USA in real terms against the rest of the developed world where the USA is a standout with the lowest inflation and the strongest economy in a post covid world.       This is a very different set of circumstances and challenges than what Trump dealt with 4 years ago.
exactly. Bidenomics is working.
Now report stock market gains under Trump vs Biden when inflation is factored in. Of note, the stock market is just returning to levels from 2021 this year.
Right! Biden has salvaged the economy that Trump left in a shambles at the end of his term.
This is true, when Trump was president everybody was better off financially. Strong dollar, strong market, low inflation. With Biden, the market has just returned back to 2021 prices after record 50+ year high inflation that has harmed 90% of Americans and caused record debt and a housing crisis. The stock market is barely even up when inflation is factored in despite national debt now being over $33 trillion.
He's right of course, but when he was President it was exactly the same... The Uniparty will always make the market go higher and the economy lower...
Biden has so grossly devalued the dollar. Just as American families are spending well over $1,000 more per month to live than when Trump was in office, the relative value of AMerican stocks has suffered at the same rate. So, while the markets near all time highs, the comparative value to just 4 years ago is vastly lower. Just ask a family wanting to buy a house right now.. or even rent a low quality apartment. The astronomical rise in homelessness under Biden is a very clear measure of dem failure. The rate of home ownership and adjusted rising wages under Trump is another very clear indicator that Trump's policies worked incredibly well. yw.
have you no charts? the dollar is the highest it's been against other currencies in 7 years. better get better resources so you can actually vote with knowledge.
"Biden has so grossly devalued the dollar."  -- yes, it's all Biden's fault that US$ is so devalued that it is near all time high against euro and is trading above 140 yens, and while you are at it, on't forget to blame Biden's war on oil, causing US oil production to reach all time high.......
Another magaloon living fact free. The FACTS are that homelessness increased by 6% nationwide while Trump was in office. He also oversaw the steepest decline in homeownership in the history of the country. It is astounding his mind numbingly and consistently wrong Trump dukes are when it comes to empirical information.
When being a president the empty barrel was boasting record highs round the clock
The markets did crash. Biden economy is inversely proportional to his approval rating 36%
Means 🐂💩Trump is not rich?
Very funny to hear Trump is sounding like Elizabeth Warren.
billionaire-trump bemoaning the stock market 'making rich people richer'.. he prefers scamming and leeching off the meagre salaries of his deluded worshippers...
hear hear MM
*meager let's talk about scamming 10 for H and 10 for the big guy
Only those that believe in stories and liers can follow what he says.
this childish author is so politically biased it stains his ability to actual create a news article. Another childish reporter pushing their own view instead of creating news....why do this job?
So he pushes his own “view” and he is not creating news? The job is to report. His view is the same as mine Trump bragged about movjng the market hogher and said Biddens administration would caise a crash thats the fact Jack
Trump will win in 2024 and clean house.
georgie georgie 8th grade was to high for you
That's right. The orange a tang should be cleaning houses with a mop and Ivankus
It took 3 years to get higher than Trump's highs.  After 4 years of Trump the market was up 40% after 3 years of Biden it just got back there.  Thats 3 lost years.
Trump will give rich anoth6 2 trillion ..all better
Tom cat Trump just spaded U
Tim kaz, another magaloon who cannot manage data. Biden hasn't even had a full three years in office but, the S&P is up 27% since he was sworn in.
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