Former President Donald Trump has taken a swipe at the surging stock market, accusing it of favoring the affluent despite his past endorsements of the market.
What Happened: At a recent rally in Nevada, Trump expressed worry over the increasing wealth disparity caused by the thriving stock market, reported Reuters.
This is a sharp departure from his previous position during his presidency, when he frequently took credit for the market’s positive performance.
Critical stock indices have seen a major recovery this year, with the S&P 500, Nasdaq, and Dow Jones Industrial Average all posting robust gains. President Joe Biden has been citing this impressive market performance as proof of his successful presidency.
Interestingly, in his campaign speeches in 2020, Trump bemoaned that a Biden win would result in a stock market collapse.
Trump’s critique, however, is not without merit, as a large proportion of Americans do not have personal stock holdings, according to a Gallup poll.
Furthermore, the escalating stock prices have substantially increased the net worth of some of the world’s richest individuals, including Warren Buffett, whose company’s shares have surged by 15% this year.
Trump, gearing up for next year’s re-election bid, had previously warned that Biden’s victory in the 2020 elections would lead to a market crash.
Why It Matters: Trump’s presidency saw a significant stock market rally, with the then-president frequently attributing the market’s success to his policies.
Trump also used the robust market performance as a yardstick for his policies.
However, given that the current bull run is happening under President Biden, Trump's critique comes as no surprise.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photos via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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