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Trump Says Biden Plunging U.S. Into Depression. The Stock Market Hit a Record High
(www.rollingstone.com)
this post was submitted on 14 Dec 2023
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politics
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I mean the economy was good under Coolidge until it wasn't. Completely different chain of events leading up to that though.
Yet his followers will take his word on it and have no clue what the stockmarket is doing.
Must be nice to own stocks.
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.
The original article contains 353 words, the summary contains 249 words. Saved 29%. I'm a bot and I'm open source!
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.
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(4 replies)
"Trump rambles and makes up more shit"
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.
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.
stock market =/= economy, this is one of the few times trump is right on something.
And I want you to remember this when Trump is elected again and starts using it to measure the economy again.
Somehow these "the stock market isn't the economy" and "unemployment numbers are a lie" "facts" only apply to Democratic presidents. I was alive in 2015/2016 when this rhetoric was just used. Maybe everyone else was brainwormed and forgot but here's the thing: when a Republican gets in there, suddenly everyone starts believing in the numbers even though nothing changed about them.
If people think there's a better objective metric to use, why don't we start proposing to use it or start using it informally?
GDP was invented so that we'd have a measurement of what was even occurring during the Great Depression because other available economic indicators didn't show the underlying problem. That's probably the case again, so let's get some different fucking statistics instead of talking about feels vs reals every thread, and let's use them consistently with both parties.
I'm not talking about partisian shit-flinging though. Granted, trump's idea of "saving the economy" is give corporations free reign to do whatever they want, but outside of that things aren't good, Unrealized losses for banks have been skyrocketing ever since Q1 2022.
GDP was invented so that we’d have a measurement of what was even occurring during the Great Depression because other available economic indicators didn’t show the underlying problem. That’s probably the case again, so let’s get some different fucking statistics instead of talking about feels vs reals every thread, and let’s use them consistently with both parties.
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.