Trump: 'Stock market peaks only make the rich richer'

The former US president on December 17 made many comments about the US economy, from stocks to inflation.

Last week, the DJIA index on the US stock market set a new record when it surpassed 37,000 points, surpassing the previous record set in 2022. The market improved after the US Federal Reserve (Fed) kept interest rates unchanged and signaled at least 3 interest rate cuts next year.

However, during a campaign rally in Reno (Nevada, USA) on December 17, former US President Donald Trump commented: "The stock market only makes the rich richer."

Former US President Donald Trump at an event on December 13. Photo: Reuters

Trump is credited with helping the US stock market thrive in the 2017-2021 period. During the 2020 debate with Joe Biden - then the Democratic presidential candidate, Trump said that if Biden won the election, "the stock market would crash".

Biden, however, still won that year. Last week, on social media X, the US President mocked Trump for misreading the US stock market during his term. This year, Biden is also using the stock market's rise to persuade voters to vote for him.

Trump is currently leading the race for the Republican presidential nomination, despite his numerous legal troubles. Yesterday, he criticized Biden for allowing prices to rise in the US. "Biden's inflationary disaster is eating away at people's savings and destroying their dreams," he said.

Inflation in the US has cooled in recent months, wages have risen and unemployment is low. The US consumer price index (CPI) rose just 3.1% in November, down significantly from 9% last summer. Still, Trump said: "We are a country whose economy is going down the drain."

In September, Trump also criticized current US interest rates in an interview on NBC 's Meet the Press. "Interest rates are too high. People can't buy houses. They can't do anything," he said. The former US president said that if he were re-elected, he could pressure Fed Chairman Jerome Powell to ease monetary policy.

Ha Thu (according to Reuters)

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