Donald Trump’s New Theory for Stock Market Boom

Former President Donald Trump claimed on Monday that it was his own influence that was responsible for the recent boom in the stock market.

As he seeks reelection later this year, President Joe Biden and his supporters have often touted the economic growth seen in the United States since he took office, in contrast to reports about consumer uncertainty. After considerable declines amid global turmoil in 2022, the stock market, in particular, has rebounded strongly, with the Dow Jones Industrial Average surpassing 38,000 for the first time in history last week. Job reports over the last year have also shown consistent declines in unemployment.

While the White House has touted “Bidenomics” in reaction to these developments, Trump, who is the overwhelming favorite to secure the 2024 GOP presidential nomination, claimed on Monday that it was his influence causing the boom, despite him currently not holding any elected office.

“THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN, AND THAT WILL DRIVE THE MARKET UP — EVERYTHING ELSE IS TERRIBLE (WATCH THE MIDDLE EAST!), AND RECORD SETTING INFLATION HAS ALREADY TAKEN ITS TOLL,” the former president wrote in a post to Truth Social. “MAKE AMERICA GREAT AGAIN!!!”

Newsweek reached out to the White House via email on Monday for comment.

Polls gathered by FiveThirtyEight in the last two weeks have by and large given an edge to Trump over Biden in the pair’s increasingly inevitable-seeming general election rematch, with only one giving Biden the edge by a slim margin. Trump overall, however, remains a polarizing and unpopular figure outside of his GOP base, and has seen numerous endorsed candidates fail in elections down the ballot since he left office.

Trump and his supporters have long highlighted the growth of the U.S. economy during the first three years of his presidency in advocating for his reelection. Opponents, meanwhile, have countered, claiming that Trump inherited a prospering economy from former President Barack Obama and noting the historic downturn caused by his handling of the COVID-19 pandemic.

Prior to the 2020 election, more than 700 economists signed a letter strongly denouncing Trump and urging voters to reject him, admonishing him for “selfish and reckless behavior” and his “sustained assault” on democracy. Trump’s campaign at the time slammed the letter’s points as “baseless” and claimed that the economists could not name a positive thing Biden would do.

In a similar letter from just before the 2016 election, nearly 800 economists urged against electing Trump, warning of his “deep ignorance of economics and an inability to listen to credible experts.”