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As economy spikes, Republicans are still waiting for the 'Biden depression' that Trump predicted
As economy spikes, Republicans are still waiting for the 'Biden depression' that Trump predicted
(Washington Post) Throughout last year’s campaign, President Donald Trump issued a series of increasingly dark predictions about what would happen if Joe Biden were elected. “If he gets in, you will have a depression the likes of which you’ve never seen. Your 401(k)s will go to hell and it’ll be a very, very sad day for this country,” Trump said in the Oct. 22 candidate debate.
Instead, the rebounding economy is headed for its best year since 1984, according to the International Monetary Fund. The U.S. economy likely expanded in the first quarter at an annual rate of 6 percent and should accelerate in the months ahead, economist Ian Shepherdson of Pantheon Macroeconomics told clients this week. More than 1.3 million jobs have been added since the election.
By Trump’s preferred metric — the stock market — Biden is outperforming his predecessor at this stage of his presidency. Last summer, the Republican said stock values would “collapse” under Biden. But through Thursday, the Dow Jones industrial average was up nearly 16 percent since Nov. 7, when the Democrat was declared the apparent election winner, compared with a 10.5 percent gain over a similar period following Trump’s election.
~ Washington Post
As economy spikes, Republicans are still waiting for the 'Biden depression' that Trump predicted
(Washington Post) Throughout last year’s campaign, President Donald Trump issued a series of increasingly dark predictions about what would happen if Joe Biden were elected. “If he gets in, you will have a depression the likes of which you’ve never seen. Your 401(k)s will go to hell and it’ll be a very, very sad day for this country,” Trump said in the Oct. 22 candidate debate.
Instead, the rebounding economy is headed for its best year since 1984, according to the International Monetary Fund. The U.S. economy likely expanded in the first quarter at an annual rate of 6 percent and should accelerate in the months ahead, economist Ian Shepherdson of Pantheon Macroeconomics told clients this week. More than 1.3 million jobs have been added since the election.
By Trump’s preferred metric — the stock market — Biden is outperforming his predecessor at this stage of his presidency. Last summer, the Republican said stock values would “collapse” under Biden. But through Thursday, the Dow Jones industrial average was up nearly 16 percent since Nov. 7, when the Democrat was declared the apparent election winner, compared with a 10.5 percent gain over a similar period following Trump’s election.
~ Washington Post
