ALBAWABA – Former President of the United States (US) Donald Trump said Sunday that the recent Wall Street rally, with major indexes hitting record highs, and the surge in stocks worldwide is just making “rich people richer”.
Trump, the frontrunner for the 2024 Republican nomination, often took credit for a rising stock market when he was president between 2017 and 2021.
He was mocked by Biden last week for wrongly predicting a crash when they campaigned against each other in 2020, according to Reuters.
The recent Wall Street rally drove stocks worldwide through the roof.
The Dow Jones Industrial Average hit a record high last week, topping 37,000 and surpassing the previous record set in 2022, and the S&P 500 also hit a multi-year high.
In a 2020 debate with Biden, Trump said that if Biden won the election, "the stock market will crash."
Trump, a self-described billionaire, told a crowd of supporters in Reno, Nevada that "The stock market is making rich people richer" and then turned to the hallmark of Biden's three years in office: high prices.
"Biden's inflation catastrophe is demolishing your savings and ravaging your dreams," Trump said, as he looks ahead to a likely rematch with Biden in the November 2024 White House contest.
Supporters of former US. President Donald Trump look on before the start of a campaign rally at the Reno-Sparks Convention Center on December 17, 2023 in Reno, Nevada. Former US President Trump held a campaign rally as he battles to become the Republican Presidential nominee for the 2024 Presidential election. (Photo by JUSTIN SULLIVAN / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
Despite decreasing inflation in recent months, an increase in wages and low unemployment, Trump added: "We are a nation whose economy is collapsing into a cesspool."
Republican voters begin picking their candidates for next year’s elections on January 15 in Iowa, the state which kicks off the nominating process.
Trump was holding a rally in Nevada, where Republicans vote on February 8.
He enjoys commanding leads over his Republican rivals in state and national polls, despite his myriad of legal problems and more than 90 criminal charges bought against him this year.
However, former United Nations Ambassador Nikki Haley, had narrowed the gap on Trump in New Hampshire, according to a CBS News/YouGov poll released Sunday, reported by Reuters. The second state to vote on January 23.
Trump has 44 percent support of likely Republican primary voters in the Granite State, while Haley has increased her support to 29 percent, Reuters underlined.
Biden defeated Trump in the 2020 election, which Trump claims to be a rigged election, and the markets have not crashed. In fact, stocks worldwide, US equities included, are set to end the year at a high.
