"Donald Trump wants to see the stock market crash," Biden said in Raleigh, North Carolina
The White House responded to former President Donald Trump's remarks, where he expressed the hope for an economic crash this year rather than during a hypothetical second term. White House spokesman Andrew Bates emphasized the duty of a commander in chief to prioritize the American people, criticizing Trump's willingness to see economic hardship for political gain.
In an interview on Lindell TV, a right-wing video platform, Trump remarked, "When there’s a crash, I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover." He referred to the devastating U.S. stock market crash in 1929, leading to the Great Depression during Hoover's presidency.
Bates underscored the historical consequences of Hoover's era, marked by economic decline and the formation of "Hoovervilles" during the Great Depression. While economists predict economic slowing in 2024, Bates pointed out that recession fears in the previous year did not materialize, and positive signs of recovery have emerged in recent data.
The White House seized the opportunity to highlight President Biden's economic achievements, contrasting them with Trump's administration. Bates emphasized surging consumer sentiment and falling inflation, urging support for Bidenomics' successful economic growth, job creation, and cost reduction.
Despite Trump's claims of a golden economy under his administration, Biden's economic performance has been a focal point in the reelection campaign. Consumer confidence is improving, but concerns persist over high living costs. The White House cautioned against returning to the volatility of "MAGAnomics" and its potential to worsen inflation.
While Trump capitalizes on Biden's economic challenges, Bates argued for continuing the momentum of Bidenomics. Despite inflation-related concerns, 2023 saw high consumer spending and record gains in the Dow Jones Industrial Average, presenting a mixed economic narrative.
