President Donald Trump’s stock market boom boasts are coming back to bite him.
Trump hasn’t shied away from claiming credit for surging indices in recent months. On Jan. 20, he tweeted about bringing “unprecedented success” to the U.S. with a “record stock market”:
Unprecedented success for our Country, in so many ways, since the Election. Record Stock Market, Strong on Military, Crime, Borders, & ISIS, Judicial Strength & Numbers, Lowest Unemployment for Women & ALL, Massive Tax Cuts, end of Individual Mandate - and so much more. Big 2018!
— Donald J. Trump (@realDonaldTrump) January 20, 2018
And in his State of the Union speech, Trump bragged about how the stock market’s surge was directly affecting Americans.
“The stock market has smashed one record after another, gaining $8 trillion in value,” Trump said. “That is great news for Americans’ 401(k), retirement, pension and college savings accounts.”
But on Monday, the Dow Jones industrial average and Standard & Poor’s 500 index both took massive tumbles and suffered their biggest percentage drops in seven years.
People on Twitter were keen to let Trump take equal credit for the plunge:
Impossible. I was very clearly told that Donald Trump has completely turned around the economy and that the stock market would rise forever. https://t.co/78bEkxwVyc
— Rick Wilson (@TheRickWilson) February 5, 2018
Donald Trump: I am responsible for the amazing stock market performance!
— J Arthur Brown (@JoeMoreno44) February 5, 2018
Donald Trump today: ..... pic.twitter.com/pMWVuaqhp0
Dow Jones fell nearly 1,200 points erasing its gains for the entire year and marking largest daily points plunge in history. #StockMarket has lost over $1 trillion dollars in value over the last 5 days. Why is Donald Trump not tweeting about it? They’d never stop if it was Obama
— ♻️ Christopher Zullo (@ChrisJZullo) February 5, 2018
Donald Trump: "I hardly knew the Dow, it was merely a coffee boy."#Dow #stockmarket #ThingsTrumpWouldSay
— The Gospel According to Betty (@RogueBettySays) February 5, 2018
Who knew the stock market was so complicated#donaldtrump #trump #StockMarket #StockMarketCrash #resist #resistance pic.twitter.com/TLXXeAMUIp
— Don't Leave Blank (@WTFisGoingOnDon) February 6, 2018
Maybe Donald Trump thinks the stock market is like golf and the lower the score the better.
— Michael Blackman (@MikeRBlackman) February 6, 2018
Hey Donald Trump @realDonaldTrump, the #StockMarket is down over 500 points. No tweet for that?
— The Tweetwit (@TheTweetwit) February 2, 2018
WINNING!
WINNING!
WINNING!
SO TIRED OF WINNING!
Just so I understand — We’re supposed to give Donald Trump credit for the stock market *only* when it’s going UP? pic.twitter.com/L7FWvD8oK0
— J. Dice 🎲 (@jdice03) February 6, 2018
The Dow has crossed 25,000. Trump!Trump!Trump! Oh, wait -- in the wrong direction?
— Paul Krugman (@paulkrugman) February 5, 2018
Actually, this is starting to look fairly serious.
AAAAHHH!!! Down 1500 points! It's the "Trump Dump"!!! pic.twitter.com/aQN6RMc9eO
— Joshua Green (@JoshuaGreen) February 5, 2018
Stock market? Barely knew the guy. Had a very very minor role. Don’t think I even met him
— Matthew Brooker (@mbrookerhk) February 5, 2018
It’s almost like Donald Trump knows nothing about the stock market or the economy #StockMarketCrash
— Marie Connor (@thistallawkgirl) February 5, 2018
Donald Trump only has the best Dow Jones stock market crashes
— Mark Stephens (@madmac41) February 5, 2018
The Dow is down 900 points
— The Tweetwit (@TheTweetwit) February 5, 2018
Here are Donald Trump's supporters after they check the balance in their 401K.#stockmarket pic.twitter.com/HUATRJEMU2
People who lost money when the Stock Market went down 1,175 points, after they bought stocks based on the False and Dishonest market hype of Donald Trump, should consider hiring a lawyer and suing him. https://t.co/pEi8KLEqPT
— Will Saletan (@saletan) February 5, 2018
Good time to recall that in the previous administration, we NEVER boasted about the stock market -- even though the Dow more than doubled on Obama's watch -- because we knew two things: 1) the stock market is not the economy; and 2) if you claim the rise, you own the fall.
— Jay Carney (@JayCarney) February 5, 2018
Support HuffPost
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
At HuffPost, we believe that everyone needs high-quality journalism, but we understand that not everyone can afford to pay for expensive news subscriptions. That is why we are committed to providing deeply reported, carefully fact-checked news that is freely accessible to everyone.
Whether you come to HuffPost for updates on the 2024 presidential race, hard-hitting investigations into critical issues facing our country today, or trending stories that make you laugh, we appreciate you. The truth is, news costs money to produce, and we are proud that we have never put our stories behind an expensive paywall.
Would you join us to help keep our stories free for all? Your contribution of as little as $2 will go a long way.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you’ll consider contributing to HuffPost once more.
Already contributed? Log in to hide these messages.
Before You Go