Former President Donald Trump promised during a campaign rally this weekend that should he win the election next year, the United States will see an “economic boom.” The statement came as many Americans still fear a potential recession and struggle from historically high inflation.
“The next economic boom will begin the instant the world knows that Crooked Joe Biden is gone, and Donald J. Trump has won four more years as president of the United States,” he said.
Trump added that should he be elected next year, the economy “will be roaring back” by Christmas 2024. He added that “energy prices will be plummeting, the hordes of people charging across our border will have ended, the invasion will have stopped.”
Trump did issue a stark warning if President Joe Biden were to win a second term. Trump said that the current administration “is running on the fumes of the great success of the Trump administration.”
He said that without his time in the White House, the economy “would have crashed to levels never seen before, and if we are not elected, we’ll have a depression very much like the depression of 1929,” referencing the Great Depression.
Trump said that the recent stock market prices made the “rich richer,” while the president’s “inflation catastrophe is demolishing your savings and ravaging your dreams.”
Strong populist, America First economic speech by Trump in New Hampshire. He is at his best when contrasting the Trump economy vs. the Biden economy. The polling shows it, and voters know they were better off 4 years ago.
— Garrett Ventry (@GarrettVentry) December 16, 2023
The president referenced the economic record of his time in the White House. During Trump’s first three years in office, the United States recorded some of the fastest economic growth of the past two decades.
In addition, the unemployment rate fell to one of the lowest levels in modern American history, while the stock market saw significant gains.
Recent reports showed that inflation is up almost 20% during the Biden administration. In addition, while inflation has come down off of recent highs, it is still more than 50% above the 2% target rate set by the Federal Reserve.
Recent unemployment reports could increase fears of inflation, especially if a tight labor market causes an increase in employment costs.