President Donald Trump faced ridicule for disavowing bad economic news 101 days into his second term after claiming credit for good news more than a year before returning to office.
The president cast blame on his predecessor Joe Biden after the stock market tanked in response to a Commerce Department report showing the U.S. economy contracted 0.3% in the first quarter for the first time since 2022, which economists blamed on sluggish growth as as businesses rushed to import goods ahead of the president's tariffs. "This is Biden’s Stock Market, not Trump’s," Trump posted Wednesday morning on Truth Social. "I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden 'Overhang.' This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!"
Some social media users recalled the president making the opposite point in early 2024, more than nine months before the November election that he would ultimately win.
"This is the Trump stock market because my polls against Biden are so good that investors are projecting that I will win, and that will drive the market up – everything else is terrible (watch the Middle East!), and record setting inflation has already taken its toll," Trump posted in all caps on Jan. 29, 2024. "Make American great again!!!"
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Social media users mocked the president's apparent flip-flop.
"Just incredible," said Democratic strategist Parker Butler, posting screen shots of the two statements side by side.
"Actually, not incredible," replied conservative attorney George Conway. "It’s classic Trump."
"Day Biden Left Office: 44,025," noted popular Bluesky user Tea Pain. "Trump's market today: 39,834. America wishes it had 'Biden's stock market' back."
"He also has a bridge in Brooklyn for sale if you’re buying this," said MSNBC legal analyst Joyce Vance.
"Getting desperate and frightened," posted journalist Mark Chadbourn.
"Actually can't recall a time when a president's policies have had a more obvious and immediate impact on the economy," added the widely followed Internet Hippo account. "That's what happens when you claim dictatorial power, brother, it's harder to sell the idea that things aren't your fault."
All intelligent people KNEW this would happen after convicted felon criminal traitor tanked the US economy with moronic tariff policies. Now the delusional hoard of sycophantic filthy maga traitor cunts HAVE TO tow the line and repeat the convicted felon criminal traitor's LIES - because they can't take responsibility for their actions. Dumb fucking filthy maga traitor cunts.
President Donald Trump pointed the finger of blame at former President Joe Biden after data showed the U.S. economy had shrunk for the first time in three years.
Why It Matters
The Bureau of Economic Analysis said the U.S. economy contracted by 0.3 percent between January and March, due mostly to a large spike in imports as businesses stockpiled in anticipation of Trump's promised tariffs. Markets opened down as a result.
What To Know
The S&P 500 was 1.4 percent lower in early trading and on track to break a six-day winning streak. The Dow Jones Industrial Average was down 396 points, or 1 percent, as of 9:35 a.m. ET, and sharp drops for such AI giants as Super Micro Computer had the Nasdaq composite falling a market-leading 2 percent.
"This is Biden's Stock Market, not Trump's," the president posted to his Truth Social platform after the economic news dropped, and markets braced to open lower.
"I didn't take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers.
"Our Country will boom, but we have to get rid of the Biden 'Overhang.' This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!"
Trump was elected in part due to voter frustration with inflation and a belief that he would be a better steward of the American economy. Trump has promised a new golden era.
But there is increasing voter pessimism about the outlook for the economy, presenting a political challenge for Trump and the Republicans as they look ahead to the midterms.
The weaker-than-expected report on the U.S. economy surprised financial markets because economists were expecting to see modest growth, particularly after the economy closed last year running at a solid pace.
A separate report on the job market from ADP, a management services company, added to the worries after it suggested employers outside the government may have hired far fewer workers in April than economists expected, less than half.
It's particularly discouraging because a relatively solid job market has been one of the linchpins keeping the U.S. economy stable. A more comprehensive report on the overall job market will arrive on Friday.
What People Are Saying
Senate Minority Leader Chuck Schumer wrote on X, formerly Twitter: "Americans who hired Donald Trump for the economy must be ready to fire him now.
"Today's GDP number shows Donald Trump is running America the same way he ran his business—straight into the ground. This decline in GDP is a blaring warning to everyone that Donald Trump and Congressional Republicans' failed MAGA experiment is killing our economy.
"Donald Trump must admit his failure and reverse course, and immediately fire his economic team."
What Happens Next
On May 6, the Bureau of Economic Analysis will release its "U.S. International Trade in Goods and Services" report for March 2025, which will provide updated insights into the U.S. economy's performance.
President Donald Trump faced ridicule for disavowing bad economic news 101 days into his second term after claiming credit for good news more than a year before returning to office.
The president cast blame on his predecessor Joe Biden after the stock market tanked in response to a Commerce Department report showing the U.S. economy contracted 0.3% in the first quarter for the first time since 2022, which economists blamed on sluggish growth as as businesses rushed to import goods ahead of the president's tariffs.
"This is Biden’s Stock Market, not Trump’s," Trump posted Wednesday morning on Truth Social. "I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden 'Overhang.' This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!"
Some social media users recalled the president making the opposite point in early 2024, more than nine months before the November election that he would ultimately win.
"This is the Trump stock market because my polls against Biden are so good that investors are projecting that I will win, and that will drive the market up – everything else is terrible (watch the Middle East!), and record setting inflation has already taken its toll," Trump posted in all caps on Jan. 29, 2024. "Make American great again!!!"
'Not a good look': Republicans 'panicking quietly' over Trump tariff uncertainty
Trump defends economic policies as poll shows 73% say economy is in bad shape
Social media users mocked the president's apparent flip-flop.
"Just incredible," said Democratic strategist Parker Butler, posting screen shots of the two statements side by side.
"Actually, not incredible," replied conservative attorney George Conway. "It’s classic Trump."
"Day Biden Left Office: 44,025," noted popular Bluesky user Tea Pain. "Trump's market today: 39,834. America wishes it had 'Biden's stock market' back."
"He also has a bridge in Brooklyn for sale if you’re buying this," said MSNBC legal analyst Joyce Vance.
"Getting desperate and frightened," posted journalist Mark Chadbourn.
"Actually can't recall a time when a president's policies have had a more obvious and immediate impact on the economy," added the widely followed Internet Hippo account. "That's what happens when you claim dictatorial power, brother, it's harder to sell the idea that things aren't your fault."