After former President Donald Trump said he hopes the stock market crashes "in the next 12 months" because he doesn't want "to be Herbert Hoover," President Joe Biden had some sobering words for his predecessor.
Trump's remarks surfaced during an interview with Lou Dobbs on Lindell TV, where he criticized Biden's handling of the economy and expressed a desire for an economic downturn 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 Trump's remarks 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, belatedly acknowledged and 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.
Many joined Biden in criticizing Trump.
Trump's macabre hopes for the stock market had earlier triggered a strong response from Speaker Emerita Nancy Pelosi, who condemned his comments as "insensitive and grotesque" during a conversation with Jen Psaki on MSNBC.
Pelosi expressed disbelief at Trump's apparent lack of understanding of the impact such a crash would have on American working families, adding that perhaps "some of his rich friends who pour money into his campaign — because they don’t want to have to pay taxes — might take notice of his ineptitude, not understanding the economy."
Contrary to bleak predictions, the December jobs report exceeded expectations, marking a strong year in the labor market. This consistent performance has bolstered consumer spending and overall economic growth.
