On Thursday, President Donald Trump took to Twitter to once again boast about the economy.
However the Wharton School of Business graduate appeared unfamiliar with one of the most common retirement planning products: the 401K.
"STOCK MARKET AT ALL-TIME HIGH! HOW ARE YOUR 409K'S DOING? 70%, 80%, 90% up? Only 50% up! What are you doing wrong?"
The tweet sounded like someone shilling investment advice. But if your financial planner mentioned your 409K, you would probably take your money elsewhere.
People quickly picked up on the President's latest fumble.
My 409K is doing well, thanks Obama!😂 https://t.co/IGInW7kCRC— Christopher Bouzy (@Christopher Bouzy) 1578582466.0
Dear #MAGA, there is no such thing as a 409k. Second, the fact that Trump goes around taking random credit for any… https://t.co/Ca5iHZsP64— John Oberlin (@John Oberlin) 1578584156.0
@realDonaldTrump My 401K is doing well thanks to President Obama but I just checked my 409K and it only tells me as… https://t.co/4LZZmzhdmP— Eugene Gu, MD (@Eugene Gu, MD) 1578585339.0
@realDonaldTrump Alas, my 409K was heavily invested in Trump Tower Baku, which never opened but probably served as… https://t.co/Jdahy5y6vt— Max Kennerly (@Max Kennerly) 1578583348.0
Do I need a 401K *AND* a 409K? What about 402 through 408? Financial planning is hard! https://t.co/cktgesLD4i— Chris Geidner (@Chris Geidner) 1578584023.0
Looks like #MoscowMitch has done remarkably well with his 409K https://t.co/W9qaJQlj7O— SisterSara (@SisterSara) 1578881648.0
My 409k cleans pretty good what about yours? 😂😂😂 https://t.co/5jNJGUNhdD— Hear Me Roar (@Hear Me Roar) 1578673908.0
Who among us has never confused their retirement plan with a Beach Boys song or a multi-surface cleaning product? W… https://t.co/taKg7qmgBR— Roland B. Hedley Jr. (@Roland B. Hedley Jr.) 1578673543.0
But that's not all Trump got wrong.
Even after deleting and retweeting a corrected version, there were issues.
@realDonaldTrump Trump corrected the 409K bit, but not the rest of it? No one's 401K is up 70%, 80%, or 90%, becau… https://t.co/ZIkulw47i3— Nick Jack Pappas (@Nick Jack Pappas) 1578585758.0
Trump deleted and reposted to fix the "409K" thing but will never figure out how apostrophes work https://t.co/En401GPuEi— Aaron Rupar (@Aaron Rupar) 1578584974.0
Lots of 409k jokes but tbh everyone under 50 has the same retirement plan: struggle to make ends meet until society… https://t.co/Y56UfcIKnr— Mass for Shut-ins (Podcast) (@Mass for Shut-ins (Podcast)) 1578583663.0
Conservative logic: The Dow just hit 29,000 so that excuses high crimes and misdemeanors by a narcissistic criminal… https://t.co/3D0g9JMV69— Bleeding Heart Liberal Marine (@Bleeding Heart Liberal Marine) 1578679771.0
This is why you gotta contribute to your 409K. https://t.co/pZdgWXUZ3e— Sam Ro 📈 (@Sam Ro 📈) 1578839988.0
I say this all the time. I don’t pay my bills with the stock market. Many people don’t have stocks or a 401k and no… https://t.co/XY8V5yyRIG— JerriLynn (@JerriLynn) 1578678371.0
A soaring stock market doesn't translate to increased wages or wealth for most people.
Just like great job numbers mean little when people have two to three jobs but still struggle to pay bills due to poverty wages.
The book A Trump Diary: How I Suffered Through the Bull$%#&, Talked Myself Down, and Survived the First Year of the Apocalypse is available here.
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