After Trump’s recent controversial statement that he hopes the U.S. economy crashes within the next year, Biden fired back against his predecessor in a White House statement. A White House spokesperson accused the ex-president of revealing his “twisted true colors.”
Trump wants economy crash
During an interview released on Lindell TV, Trump declared, “When there’s a crash, I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover.” The Republican’s controversial statement left many questioning whether his motives were in the right place.
Hoover’s infamous legacy
Herbert Hoover is notorious for presiding over the Great Depression, one of the greatest economic crises in U.S. history. His perceived failure to effectively address the crisis drew widespread criticism, reaching a historic peak with the stock market crashing and unemployment peaking at a staggering 25% under his leadership.
Shots fired at Biden
Trump also took the opportunity to simultaneously criticize Biden’s handling of the economy and boast of his own success. The former president stated that America’s current economic climate is “running off of the fumes” of his presidential achievements.
America’s people first
Firing back at the ex-president’s questionable remarks, White House spokesman Andrew Bates asserted, “A commander in chief’s duty is to always put the American people first; never to hope that hard-working families suffer economic pain for their own political benefit.”
Trump’s true colors
“Republican officials should welcome the economic progress President Biden is delivering, instead of revealing twisted true colors that would shrink the American middle class in the name of their own cynical self-interests,” he continued.
Biden’s economic achievements
According to Bates, “consumer sentiment is surging and inflation is falling,” which is “all the more reason to continue Bidenomics’ historically successful economic growth, job creation, and cost reduction momentum over the volatility of MAGAnomics—which economists warn would worsen inflation with tax giveaways to rich special interests.”
Donald ‘Hoover’ Trump
While Trump has made it clear that he has no intention of being the second coming of Herbert Hoover, Biden made the comparison himself earlier this year. “There are only two presidents in American history with fewer jobs the day they left office than when they started,” Biden said at a Maryland community college. “One was President Hoover, and the other was Donald ‘Hoover’ Trump.”
Strongest economy in the world
Biden also retaliated against Republican attacks against his handling of the economy. “All I hear from my friends on the other side is what they say is wrong with America. They keep telling us America’s failing. They’re wrong,” declared Biden during his Labor Day speech. “I’ve got news for them: America has the strongest economy in the world right now, today.”
Trump’s job loss
President Biden is not the only one who has been critical of Trump’s economic decisions. In 2021, Howard University economist William Spriggs told The Washington Post that under Trump’s rule, “we lost more jobs in state and local government than we did the whole of the Great Recession.”
Trump inherited economy success
While Trump has been eager to take credit for the strength of the economy during his presidency, many have argued otherwise. For example, according to the Joint Economic Committee, “It is clear that Trump inherited a strong economy that was still trending upward when he entered office.”
Economy crash unlikely
Despite Trump’s apparent hopes for a swift economic crash, it appears that a less concerning slowdown is more likely. “There’s more hope for it [a soft landing] going into 2024 than there had been heading into 2023,” said Bankrate’s chief financial analyst, Greg McBride.