Finance Associated Press, January 2 (edited by Bian Chun).Former U.S. ** Donald Trump * on Friday ** said that if he can't win 2024 *** US stocks will suffer the biggest crash in history, followed by another 1929-style Great Depression.
Trump made the above remarks on social media, saying that the US economy under Biden is in rather "bad shape", and that high inflation has hit American households and weakened their purchasing power.
"The only thing that keeps the economy 'alive' is what we've achieved during Trump," he wrote, adding that cumulative inflation has exceeded 30 percent by some standards.According to the U.S. Bureau of Labor Statistics, U.S. prices have risen by about 17% since Biden took office. However, another measure of inflation (the same method used to measure inflation in the 80s of the 20th century) shows that this figure is about twice as much as 17%, or more than 30%.
While Biden's economic advisers noted that cooling inflation and a strong job market suggest that "Bidennomics" is working, a range of economic indicators suggest otherwise, such as job openings falling to their lowest level since March 2021 and a closely watched indicator of factory activity showing U.S. manufacturing activity contracted for the 13th consecutive month in November.
"Inflation has eased a bit now, but that's because the economy is not in a good shape. The employment data is fake because millions of people are not looking for work. Trump said.The biggest crash in historyAs inflation eases in recent months and the market expects the Federal Reserve to stop raising interest rates, US equities were strong in December** and consumer confidence also picked up.
The S&P 500 is up about 24% for the full year of 2023 and is currently hovering near all-time highs, while the Dow Jones has recently risen to a new all-time high.
Trump attributed *** to expectations for next year.
"** is only going high because people and institutions believe and expect me to win the *** in 2024 He wrote. "If I hadn't won, my ** would have been in for a worse ** crash than in 1929. ”The Wall Street Crash of late October 1929 (better known as "Black Thursday," "Black Monday," and "Black Tuesday") was the worst crash in American history.
Not only did it cause the largest Dow Jones index ever, from its highs to lows, by 89%), but it also led to the Great Depression, the massive economic crisis that swept the United States in the 30s of the 20th century for nearly a decade.
Trump is pessimistic that if he fails to win the election, the US economy will collapse. At the same time, recent polls show that Trump leads Biden by 18 percentage points on who is most trustworthy in terms of the economy, and that is the most important question for voters.
Biden's approval rating is at a record low
Mr. Trump's warning comes as a recent survey showed that Biden's approval ratings are at record lows, with voters scoring him particularly low on immigration and economic issues.
In the latest Monmouth University poll, only 34% of voters approved of Biden's performance, down sharply from 54% shortly after he took office in 2021 and the lowest level in the survey's history.
More than two-thirds disapprove of Biden's performance on immigration and inflation.
This is despite the fact that the U.S. inflation rate has risen from 9The 1% drop from a nearly 40-year high has taken its toll, but months-long price pressures have taken a toll on U.S. households. The Heritage Foundation recently estimated that inflation costs a typical American household about $7,400 a year in lost income.
Finance Associated Press Bian Chun).