US economy shrinks again: Trump Blames Biden for Economic Downturn
President Donald Trump has blamed former President Joe Biden for the recent economic downturn, despite the fact that the contraction occurred under his own watch. Trump posted on Truth Social, “This is Biden’s Stock Market, not Trump’s,” claiming that the economy will “boom” once the “Biden overhang” is removed.
Economic Data Contradicts Trump’s Assessment
The data contradicts Trump’s assessment of the stock market. The S&P 500 soared after Trump’s election victory, indicating optimism from Wall Street about where he would take the economy. However, stocks tumbled in the wake of Trump’s tariff announcements, which unveiled country-by-country tariff levels far beyond what investors had anticipated.
Trump’s Shifting Tone
Trump’s tone has shifted over time, from taking credit for the market fluctuations to blaming Biden for the current economic conditions. During a rally in Washington, D.C., on the eve of his inauguration, Trump said, “Everyone is calling it the… Trump effect. It’s you. You’re the effect. Since the election, the stock market has surged, and small-business optimism has soared, a record 41 points to a 39-year high.”
Tariffs and Market Reaction
However, after Trump’s tariff announcements, markets continued to convulse as it became clear that Trump’s attempts at reaching individual trade deals faltered. Trump then shifted his tone, saying, “You can’t really watch the stock market. If you look at China, they have a 100-year perspective. We have a quarter. We go by quarters.”
Still on US economy shrinks again
Public Perception
Recent surveys show that voters largely attribute current economic conditions to Trump’s policies. In a CNBC poll, 54% of adults see a negative impact of Trump’s policies, now or in the future, while 60% of registered voters in an NPR/PBS News/Marist Poll said Trump was responsible for the current economic conditions.
Criticism from Former Biden Aide
Former Biden White House aide Andrew Bates criticized Trump’s comments, saying, “Joe Biden publicly warned Trump against raising the prices he promised to lower with tariffs, which are now the biggest middle-class tax increase in modern history. Donald Trump is the only president to have sent a strengthening economy into a nosedive in 100 days, and the only president to have bankrupted a casino.”
Conclusion
Trump’s claims that Biden is responsible for the current economic conditions have been met with skepticism by many. As the economy continues to struggle, it remains to be seen how Trump’s policies will impact the country’s economic future.
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