(RepublicanWire.org) – A clip of former President Donald Trump arguing that the election of President Joe Biden would lead to a plummeting stock market circulated online on Friday after Wall Street saw a bloodbath.
The Federal Reserve increased targets for the federal funds rate by 0.75% on Wednesday afternoon, sending the Dow Jones Industrial Average, which tracks 30 of the most prominent companies on American exchanges, tumbling more than 500 points. After stagnating on Thursday, the index fell another 500 points by early Friday afternoon to 29,400. On January 20, 2021, the day of Biden’s inauguration, the Dow had closed slightly above 30,900.
“They said the stock market will boom if I am elected,” Trump said during a 2020 presidential debate. “If he’s elected, the stock market will crash.”
According to conservative polling group InteractivePolls, which posted the clip from the debate to social media, the tech-heavy NASDAQ had risen 44% once Trump was 612 days into his first term. At the same point in Biden’s tenure, however, the index has fallen more than 19%.
Officials from the Biden administration have nevertheless claimed that the economy is strong. When Fox News correspondent Peter Doocy pressed White House Press Secretary Karine Jean-Pierre on a poll showing that 83% of Americans believe the economy is “poor or not so good” earlier this year, she doubled down on the notion that the economy has improved since Biden assumed office.
“What I’m trying to say to you is that the economy is in a better place than it has been historically,” Jean-Pierre said. “And so, we feel, here at this administration and other experts as well … we feel that we are in a good position to take on inflation. We are in a good position to really start really working on lowering prices.”