Biden mocks Trump for predicting 'US stock market crash'

US President Joe Biden said Donald Trump doesn't know what he's talking about when he talks about the possibility of an economic collapse.

"He wants the market to crash? Do you know why? He doesn't want to turn into Herbert Hoover. Frankly, Trump doesn't know what he's talking about," Biden said of former US President Donald Trump during a speech in North Carolina on January 18.

Former US President Hoover took office just months before the US stock market crash of 1929, sparking the Great Depression.

On January 9, Trump mentioned the possibility of a stock market crash and hoped it would happen before he takes office in January 2025, if he wins the election. Trump also affirmed that he does not want to be like Hoover.

Under Trump, US stocks have soared. The S&P 500 has risen 70%, while the index has only risen 24% during Biden's term.

US President Joe Biden speaks in North Carolina on January 18. Photo: Reuters — US President Joe Biden speaks in North Carolina on January 18. Photo: *Reuters*

Biden also mentioned in his speeches that Trump would be one of two US presidents, along with Hoover, to leave office with fewer jobs than at the beginning of his term. He also commented that under Trump, public investment in infrastructure and education had declined. Many factories had to close and "many people were left behind".

In a speech on January 17, the US President defended his economic strategies. He presented many figures showing that the US economy is currently strong, with low unemployment and cooling inflation.

"Prices are still too high, but inflation is still coming down. Mortgage rates are coming down. They're going to come down," Biden said.

The January 18 event was the latest effort by the White House to promote Biden’s efforts to cool inflation, in an effort to attract votes from poorer voters to Biden. According to the latest ABC News/Ipsos poll released this week, only about 31% of adults approve of Biden’s handling of the economy.

Ha Thu (according to The Hill)

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