After a period of Twitter silence about the state of the economy—mainly since the start of the COVID pandemic—President Trump boasted about the strength of tech stocks and warned of a retirement savings slump should Joe Biden win the election.
“If you want your 401(k)’s and Stocks, which are getting close to an all time high (NASDAQ is already there), to disintegrate and disappear, vote for the Radical Left Do Nothing Democrats and Corrupt Joe Biden,” Trump tweeted Monday. “Massive Tax Hikes – They will make you very poor, FAST!”
He routinely uses the 401(k) as a proxy for the nation’s overall economic health, telling supporters at a rally in New Hampshire in February, “Up 90%, up 104%. Is there anybody doing badly with the 401k? Don’t put up your hand, I don’t believe you. The 401(k)s, they’re up 90%, 95%.”
The AP was quick to fact check that claim, calling it “misleading at best,” noting the gains were in part “from workers setting aside money from their own paychecks and contributions from their employers, not just market returns.”
As for Monday’s tweet, it came on the same day the NASDAQ closed up 226.02 points, or 2.21%, at 10433.65—its best one-day gain since May. The Dow gained 459.67 points to close at 26287.03, up 1.78%, but still far below it’s all-time high of 29,551.42 reached on Feb. 12.
Radical reaction
Predictably, the Twitterverse response was swift and passionate:
“#BREAKING: Man Who Went Broke Running Casinos Has Prediction About The Economy,” wrote one commenter.
“This is the most stupid comment of all,” said another. “NASDAQ has been growing consistently since 2010!! Guess under who? @BarackObama and the 401(k) grew and grew for 7 years!!! Look at that! (#Maga just google historic values!!)”
“Can anyone name any significant positive accomplishment for the American people done by Biden in 50 years of holding top positions in our government? Anything?” a Trump supporter countered.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
