President Joe Biden took former President Donald Trump to task over a prediction he made before the 2020 election that the stock market would crash in the event of a Biden win.
Trump's prediction didn't age too well considering both the Dow Jones and S&P 500 hit record highs on Monday.
In a recent market update, U.S. stocks showed a positive trajectory, with the S&P 500 and Dow achieving yet another record-high close. The market optimism, driven by a favorable economic outlook, has investors eyeing upcoming earnings reports for potential indications of an AI-driven boom in the technology sector.
The S&P 500 recorded a gain of 0.2%, building on its recent momentum that led to its first record close since January 2022 on Friday. The Dow posted a notable rise of 0.4%, surpassing the 38,000 level and achieving a historic close.
That's a far cry from Trump's declaration in late 2020 that "If Biden wins, you're going to have a stock market collapse the likes of which you've never had"—and Biden made sure to remind him of it.
Biden took to X, formerly Twitter, to repost a clip of Trump’s prediction alongside a separate clip from Fox News announcing record closes for both the Dow and the S&P 500, writing:
"Good one, Donald."
You can see Biden's post below.
It was the perfect amount of shade—and people loved it.
This is the second time this month Biden has trolled Trump over his faulty stock market predictions.
Trump was recently criticized following an interview with Lou Dobbs on Lindell TV, in which he attacked Biden's handling of the economy and expressed a desire for an economic "crash" in the next year before potentially reentering the White House.
Referencing Herbert Hoover and the Great Depression, Trump quipped about the timing of a possible crash, aiming to distance himself from the responsibility of managing a troubled economy:
"When does it crash? I hope it's gonna be during these next 12 months because I don't wanna be Herbert Hoover. The one president I just don’t want to be, Herbert Hoover.”
You can hear what Trump said in the video below.
Shortly afterward, Biden published a video showcasing Trump's remarks while concurrently echoing the criticisms he wrote in the accompanying caption:
"They showed me the clip of Trump saying he wanted the economy to crash so he could gain politically. Says he doesn’t want to be Hoover."
"Here's the thing: He already is. He’s the first president since Hoover to lose jobs while in office."
"Some record."
You can see Biden's post below.
Trump stands as the sole modern president who concluded his term with a decrease in U.S. jobs compared to the start of his presidency.
The global COVID-19 pandemic, which Trump, unsuccessful in his re-election bid against Biden, frequently downplayed or denied during its progression, wreaked havoc on the U.S. economy in his final year in office. The robust job market he anticipated to secure him a second term was obliterated.
In January 2021, just before the conclusion of Trump's term, the Labor Department disclosed that total U.S. employment had plummeted by 140,000 in December, resulting in a total of 142.6 million jobs—approximately 10 million fewer than pre-pandemic levels.
