Trump Says Record-High Stock Market Just 'Making Rich People Richer,' Blasts Biden's 'Inflation Catastrophe' At Nevada Rally

Former President Donald Trump has expressed criticism of the booming stock market for disproportionately benefiting the rich. He also took a swipe at President Joe Biden for the present economic state.

What Happened: As reported by Reuters, Trump, the top contender for the 2024 Republican nomination, stated that the surging stock market is merely padding the pockets of the wealthy.

“The stock market is making rich people richer,” he said at a rally in Reno, Nevada.

Also Read: Wall Street’s Rally Brought $5 Trillion In Wealth To US Households — Just In Time For Christmas

The Dow Jones Industrial Average achieved a record high last week, crossing the 37,000 threshold. However, Trump asserts that the national economy is “descending into a cesspool,” in stark contrast to the recent decrease in inflation, wage growth, and low unemployment.

“Biden’s inflation catastrophe is demolishing your savings and ravaging your dreams,” he added. His statements seem tailored for his 2024 campaign strategy, where he is likely to confront Biden once more.

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Trump’s criticisms arrive as Republican voters prepare to select their 2024 presidential candidate on Jan. 15 in Iowa. Despite facing legal hurdles and more than 90 criminal charges this year, Trump is leading his Republican competitors in both state and national polls.

Why It Matters: Trump’s criticisms come after his tenure saw one of the strongest stock market rallies in history. During his first year in office, he took credit for the significant bull market, which saw a 25% increase in the stock market value since his election, according to Benzinga.

In comparison to past presidents, Trump’s stock market performance was noteworthy. He frequently utilized the stock market as a barometer for his policies’ effectiveness as detailed in another Benzinga report.

However, Trump’s potential return to the office has sparked fears about the economy’s future. Larry Summers warned that Trump’s presidency could be “immensely destructive” for the economy.

In premarket trading on Monday, the SPDR S&P 500 ETF Trust SPY rose 0.20% to $470.28 and the Invesco QQQ ETF QQQ edged down 0.07% to $404.25, according to Benzinga Pro data.

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