Donald Trump has claimed that the US will suffer the worst stock market crash in history if Joe Biden remains in power.
In a post on his Truth Social platform, the former US president warned that the national economy will completely collapse if he does not return to the White House next year.
He wrote: “The stock market is only high because people… expect me to win the presidential election of 2024….If I don’t win, it is my prediction that we will have a stock market ‘crash’ worse than that of 1929 – a Great Depression!!!”
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He also stated that: “The only thing that is keeping the economy ‘alive’ is the fumes of what we accomplished during the Trump administration“
RT reports: He added that, under President Joe Biden’s watch, high inflation has “totally destroyed the buying power of the consumer.”
Trump argued that the Biden administration’s official inflation statistics, which show prices have risen by about 17% since his inauguration in 2021, were underestimating the real figure by nearly half, referencing an older method of measuring the phenomenon that placed it over 30%. Inflation surged to a 40-year high under Biden, though it has since declined.
The 1929 stock market crash kicked off an economic death spiral that saw the Dow Jones Industrial Average lose 89% of its value over three years, a slump it would not fully recover from until two decades later after World War II helped boost the recovery of the US economy. The crash was triggered by several factors, including rampant speculation and Federal Reserve rate hikes.
Biden’s approval rating among prospective voters has plumbed new depths over the last month. A recent Monmouth University poll found just 34% of voters viewed his performance favorably.
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