A prosperous stock market is regarded by Donald Trump as an emblematic triumph during his presidency, but as an indication of widening wealth disparities when he is not in office.
A former US president running for re-election in 2020 reportedly stated this week at a rally in Nevada, “The stock market is making wealthy people richer,” as reported by Reuters. Trump, who frequently boasted about stock market gains while in office, has since shifted his stance in support of President Biden.
Following a decline in 2022, the main stock indices have rebounded substantially this year. The technology-focused Nasdaq has surged 43% to a near-record level, while the benchmark S&P 500 has risen 24% to an all-time high. Similarly, the Dow Jones Industrial Average has ascended 13% to an all-time high.
In recognition of the impressive performance, Biden uploaded a campaign advertisement to X last week. The event commenced with a video capturing Trump admonishing in 2020 that “a stock market collapse unparalleled in history is imminent should Biden prevail.” As Biden smiled, the video then switched to cable news commentators praising the magnificent rally.
“Well done, Donald,” wrote Biden.
It is noteworthy that a significant number of Americans do not own equities outright; thus, their only exposure to market gains is through investments such as bolstering their retirement accounts. Additionally, Trump’s assertion that rising stocks enrich the affluent is not entirely inaccurate.
The Bloomberg Billionaires Index estimates that the ten wealthiest individuals in the world have amassed a cumulative net worth of $470 billion this year, bringing their combined fortunes to nearly $1.5 trillion. Their immense wealth has increased substantially due to their ownership of substantial shares in publicly traded corporations, whose stock prices have surged this year.
