In a post on Truth Social, Donald Trump said that because polls have him ahead of President Joe Biden in a potential 2024 rematch, he should be held accountable for the stock market’s recent record highs.
In response to his post, Biden’s re-election campaign expressed gratitude to Trump for “lifting,” positive economic news. In a statement originally obtained by The Hill, Ammar Moussa, the campaign spokeswoman for Biden, chastised Trump for his remarks made earlier on Monday.
Moussa stated, “Thank you, Donald, for lifting today’s strong economic news, but on this planet, Joe Biden is the President, and is the one whose policies are helping achieve historic GDP growth, a stronger-than-ever stock market, and real job creation after Trump tanked our economy.”
The White House spokesperson Andrew Bates also attacked Trump’s remarks, pointing out that Biden’s administration had a robust economy in 2023. Bates stated, “While we do not comment on the 2024 election, we welcome the wide range of ideologically diverse voices who are increasingly conceding that President Biden is building an economy that delivers for hardworking families — not just billionaires or executives at multinational corporations.”
Fox Business commentator and former head of the National Economic Council (NEC) under Trump Larry Kudlow said President Biden is right to highlight the economy’s impressive statistics. Kudlows stated, “I’m an honest broker. He got a good 3.3 percent [gross domestic product] number for the fourth quarter, following a good 4.9 percent in the third quarter, OK.
If I were he, I would be bragging about it, too. And inflation has come down. All’s fair in love, war, and politics. Brag when you can. I get it. I’ve been there.” Kudlow focused on GDP figures as well, expressing worry that government spending was the main driver of the economy. He added, “Biden’s GDP improvement in the second half of last year is a good thing.
I admit it. Alright, I’m being honest here. Those are the numbers. Mr. Biden is also right to brag about lower inflation. OK, got it. But what’s troubling about these GDP reports is that the biggest contributor to growth is government spending … This is unhealthy, and ultimately it will prove to be inflationary.”
The United States economy surprised observers by growing more quickly in the fourth quarter due to robust consumer spending. The economy also defied pessimistic forecasts of a recession after the Federal Reserve’s dramatic hike in interest rates, with full-year growth of 2.5%.
The Bureau of Economic Analysis of the Commerce Department stated that the gross domestic product grew at an annualized rate of 3.3% last quarter, after a 4.9% gain in the previous quarter. Increased government expenditure, corporate investment, and exports all contributed to the growth. Regarding the robust GDP data, President Joe Biden—who is running for re-election to the White House—hailed it as “good news for American families and American workers.”