this post was submitted on 14 Dec 2023
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314
Trump Says Biden Plunging U.S. Into Depression. The Stock Market Hit a Record High (www.rollingstone.com)
submitted 9 months ago by CantaloupeLifestyle@lemmy.world to c/politics@lemmy.world
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[–] aseriesoftubes@lemmy.world 101 points 9 months ago (3 children)

The stock market isn’t the economy, at least as most Americans experience it, though it is the same metric that Trump and his followers used to show how “strong” the economy was during his term.

If I had a nickel for every time some Trump apologist said “sure, Trump’s a jerk, but how’s your 401(k)?” during 2017-2021, I’d have… a lot of nickels.

[–] Kingofthezyx@lemm.ee 18 points 9 months ago* (last edited 9 months ago)

“sure, Trump’s a jerk, but how’s your 401(k)?”

Or as I like to paraphrase, "My morality is for sale"

[–] Pratai@lemmy.ca 15 points 9 months ago

What I love is how they ALL seem to have done SO much better during Trump. Like they got paid more at work, they got more in taxes, people on the streets just threw money at them, the sky rained money…

[–] Nougat@kbin.social 3 points 9 months ago

It's only a "depression" when the ownership class is affected.

[–] reverendsteveii@lemm.ee 40 points 9 months ago

trump lies about everything but the stock market has ever-decreasing relevance to the average american because it reflects the value of property and the average american is being shut out of owning anything.

[–] FontMasterFlex@lemmy.world 39 points 9 months ago (1 children)

The stock market is not a 1:1 representation of the spending power of your dollar. The stock market is how well your overlords are doing, not you, the average american.

[–] TechyDad@lemmy.world 9 points 9 months ago (1 children)

True, but Republicans constantly tout the stock market's performance when they are in charge. Every tick upwards is declared to be thanks to them. Every dip is said to be because Democrats got in the way.

So a Democrat in charge of the White House and the stock market rising is a good refutation of their talking point. For "common man economy indications," I'd instead point to things like the extremely low unemployment rate.

[–] Ultraviolet@lemmy.world 5 points 9 months ago

They like to claim the low unemployment is somehow a bad thing. If you dig into why, it's basically because when employees are harder to replace, they're harder to exploit, so working conditions and wages improve while shareholder profits slightly decrease, and they focus entirely on the latter.

[–] someguy3@lemmy.world 37 points 9 months ago

Reality truly doesn't matter anymore. They just want to scream whatever they want to.

[–] Telorand@reddthat.com 34 points 9 months ago* (last edited 9 months ago) (1 children)

Says the "businessman" who bankrupted his own casinos and achieved his company wealth through fraud.

ETA: that is a very unflattering photo, holy shit.

[–] stevedidWHAT@lemmy.world 0 points 9 months ago (1 children)

ETA?

[–] MegaUltraChicken@lemmy.world 0 points 9 months ago (1 children)

Edited to add

[–] Ashyr@sh.itjust.works 0 points 9 months ago (2 children)

Confusing acronym given it already means estimated time of arrival.

[–] dragonflyteaparty@lemmy.world 0 points 9 months ago (1 children)

Acronyms can have more than one meaning.

TLC - tender loving care

TLC - the learning channel

[–] protist@mander.xyz 0 points 9 months ago (1 children)

TLC - T-Boz, Left Eye, and Chilli

[–] Viking_Hippie@lemmy.world -1 points 9 months ago

For when you need some advice on whether to pursue large bodies of cascading water or the desirability of the sanitary clothing worn by workers involved in patient care.

[–] Viking_Hippie@lemmy.world -1 points 9 months ago

And Euskadi Ta Askatasuna, a militant Basque seperatist group that dissolved in 2018.

Probably only a couple people who thought that was what he meant, though. Three at most.

[–] lennybird@lemmy.world 34 points 9 months ago

By every metric they ridiculed Obama over, and praised Trump for (forget delayed-onset of policy effects from Obama), they suddenly ignore for Biden lmao.

Gas coming down, inflation rate down, stock markers up, unemployment good, et.

[–] NounsAndWords@lemmy.world 26 points 9 months ago (1 children)

I said it during the Trump admin and I say it still. The stock market is not the economy and I don't really care how much money the top 1% owning the majority of stocks are ~~making~~ skimming.

[–] jettrscga@lemmy.world 7 points 9 months ago

I agree, but it's still blatant lying from Trump because you know he doesn't care about that other 99% and the economy beyond the stock market.

[–] inclementimmigrant@lemmy.world 19 points 9 months ago* (last edited 9 months ago)

Republicans have no need for facts and truth, truthiness and alternative facts are all they need and Trump's word is all of that wrapped up in a nice racist package.

[–] Thief_of_Crows@sh.itjust.works 18 points 9 months ago (2 children)

Okay but it isn't for normal people. Your made up numbers have nothing to do with the average person.

[–] dumpsterlid@lemmy.world 7 points 9 months ago (2 children)

I love it when liberals start screaming at you about how it is misinformation that Americans think the economy isn’t doing great because stock market number good or some other economic number good.

It’s like, have you fucking talked to any human beings living in the US lately? Are you out of your mind? Life in the US is brutally hard right now. We are in the middle of a massive class war and we are losing badly, but yes the class that actually owns the economy is doing great.

Conservatives/Trump are obviously shittier choices, it just is 0% surprising that people don’t feel that happy about the stock market doing well when they can’t afford rent and the idea of owning a home is a laughable pipe dream.

[–] AA5B@lemmy.world 4 points 9 months ago* (last edited 9 months ago) (1 children)

We are in the middle of a massive class war and we are losing badly

Dude, consider some of the positives …. I’m old enough to remember Reagan union bashing by firing air traffic controllers. Now we have unions showing more strength than I’ve seen in my life. They’ve been hit hard, over and over, decade after decade, but now are standing up again. This could be the big counterattack in that class war

[–] dumpsterlid@lemmy.world 1 points 9 months ago* (last edited 9 months ago) (1 children)

Hey, I don't want to be defeatist, I struggle with being defeatist.

In my effort to be positive I will say yes absolutely we are seeing organized labor making huge gains and that is wonderful.

We are still losing horribly at the moment though. I envy people who have genuine hope, but I just feel broken. I have never had a non-seasonal job that treated me with any sense of decency nor paid a living wage (enough to even consider not living with my parents). I graduated from college only a couple of years after the 2008 financial crash and my experience in life since then has just been increasingly half-heartedly trying to open locked doors while being harshly judged by older people who grew up with open doors everywhere (judgement which had material impacts on my opportunities). I realize that it is a failure of my life experience to feel hopeful but I can't really help it. "fake it til you make it" about feeling hopeful or confident in yourself has never worked for me.

I guess I just share that to say just because the acceleration is in the direction of labor and worker organization doesn't mean the momentum isn't still fullswing towards a capitalist hellscape of austerity. Everyday I try to dismantle the framework of bullshit I learned growing up but at the end of the day it feels like scratching at rock walls with my finger nails. The momentum is horrifically incredible.

[–] AA5B@lemmy.world 1 points 9 months ago

I can definitely see how that experience for that long would get anyone down. But I do believe you can do it. Just keep knocking on those doors and eventually one will open.

The thing about the advice to keep hopeful and confident is that interviewers will decide based on their impression of you - you have to “fake it till you make it” enough to motivate yourself to stay in the race and to get past that all important interview.

Even the crap jobs that get you down, try to look on them as opening that door. No you shouldn’t expect more out of a place treating you like crap, but if you do find that door opening to greener pastures, you want to look like a good worker well worth their investment. You can do it

[–] SCB@lemmy.world 0 points 9 months ago* (last edited 9 months ago)

Your subjective experience is one data point in a set of 300 million and the economy is not a description of each individual data set but about the circumstances that inform them

If you're struggling, you would much rather struggle in a good economy than a bad one, because it means you have more options.

[–] SkepticalButOpenMinded@lemmy.ca 7 points 9 months ago

For the average person, there is less inequality (Gini coefficient has gone down), high employment, and historic wage increases. Not saying there aren’t still lots of problems, but the economy is hands down better under Biden.

[–] Lemminary@lemmy.world 16 points 9 months ago

He's always saying some bullshit, can we move on?

[–] joker125@lemmy.world 15 points 9 months ago

I guess Trump is currently in the one in a depression phase.

[–] 800XL@lemmy.world 13 points 9 months ago (2 children)

It's all president drink bleach can do - constantly forecast doom and gloom to the people who aren't happy without something to spend every waking moment worrying about.

It's a drug to them worse than heroin.

[–] aesthelete@lemmy.world 1 points 9 months ago* (last edited 9 months ago) (1 children)

constantly forecast doom and gloom to the people who aren’t happy

He even did this the whole time he was president because he had some minor setback or confrontation with reality. He's all doom and gloom, and yet everyone gives him a free pass for it.

Donny Downer

His 2016 campaign spent all kinds of time saying how everything and everyone in America sucked, and yet these discerning folks and American media let him tout himself as "America first" when he not only non-stop shits on America and Americans, but spends more time talking about and thinking about his foreign properties and investments than anything America related.

[–] 800XL@lemmy.world 2 points 9 months ago

And they eat it up because he says he's gonna fix it. When in actuality he and his followers are the reason things are "bad". It's easier to blame Democrats for things the Democrats had nothing to do with than it is to actually do any work.

And then when Democrats set about fixing yet another Republican-led to fuck over the American people, the Republicans do whatever they can to sabotage it.

The R's love America. Screwing it up for everyone anyway.

[–] EatYouWell@lemmy.world 1 points 9 months ago

Tbf that's what the 24h news cycle has been doing for over 20 years, so it's nothing new.

[–] eestileib@sh.itjust.works 11 points 9 months ago (1 children)

I seem to recall the stock market doing extremely well right up to 1929...

[–] SecretSauces@lemmy.world 16 points 9 months ago (1 children)

You remember that?! How old are you?

[–] eestileib@sh.itjust.works -1 points 9 months ago

When nine hundred years old you are, not so slay you will look.

[–] Destraight@lemm.ee 5 points 9 months ago

Even though my burger today was not $3.60, but was in fact $2.35. ok Trump.. you fucking idiot

[–] ArdMacha@lemmy.world 4 points 9 months ago

The only recession risk came from some idiot who added $1trillion to the national debt in the space of 4 years.

[–] Crack0n7uesday@lemmy.world 3 points 9 months ago

I mean the economy was good under Coolidge until it wasn't. Completely different chain of events leading up to that though.

[–] autotldr@lemmings.world 1 points 9 months ago

This is the best summary I could come up with:

During his third trip to Iowa this month, Donald Trump warned that if he was not elected president in 2024, the U.S. would see its economy plunge into a “1929”-era depression.

Trump, who accomplished the feat of becoming the first president since Herbert Hoover during the Great Depression to leave the country with fewer jobs by the end of his one-term presidency, claimed that the “Biden administration is running on the fumes of the great success of the Trump Administration.” He added, addressing his supporters: “Without us this thing would have crashed to levels never seen before, and if we’re not elected we’ll have a depression the likes of which I don’t believe anybody has ever seen… maybe 1929?”

Many economists have pointed to the former president’s disastrous leadership during the Covid-19 pandemic as having exacerbated the country’s economic downturn at the time.

According to data released in early December by the Labor Department, under the Biden administration, the U.S. economy added 199,000 jobs in November, and the unemployment rate fell to 3.7 percent.

Despite signs that the U.S. economy is getting stronger, Trump dug into the president and tasked supporters on Wednesday with naming “one thing” that has gotten better under Biden’s leadership (to which we ask, how long you got?)

During the ex-president’s first visit to Iowa, Trump declared that he’d swoop the blue states if Jesus himself “came down.” On his second return, he evaded questions on whether he would abuse power if he were re-elected president.

The original article contains 353 words, the summary contains 249 words. Saved 29%. I'm a bot and I'm open source!

[–] ndsvw@feddit.de 1 points 9 months ago

In Germany, we see your "inflation reduction act" and are sure that that's a successful way to strengten the economy over years and are a little scared that it hurts ours.........

But yeah... If Trump says tge opposite, it must be true!!!!11111

[–] Bishma@discuss.tchncs.de 0 points 9 months ago

While I know Trump is full of shit, I don't get why are gloming on to this. The stock market was doing incredibly well before the 1929 crash that kicked off the great depression.

[–] NecoArcKbinAccount@kbin.social -2 points 9 months ago* (last edited 9 months ago) (2 children)

stock market =/= economy, this is one of the few times trump is right on something. the biden admin has been trying very hard with damage control with how fragile things are right now.

[–] aesthelete@lemmy.world 1 points 9 months ago* (last edited 9 months ago) (1 children)

stock market =/= economy, this is one of the few times trump is right on something.

And I want you to remember this when Trump is elected again and starts using it to measure the economy again.

Somehow these "the stock market isn't the economy" and "unemployment numbers are a lie" "facts" only apply to Democratic presidents. I was alive in 2015/2016 when this rhetoric was just used. Maybe everyone else was brainwormed and forgot but here's the thing: when a Republican gets in there, suddenly everyone starts believing in the numbers even though nothing changed about them.

If people think there's a better objective metric to use, why don't we start proposing to use it or start using it informally?

GDP was invented so that we'd have a measurement of what was even occurring during the Great Depression because other available economic indicators didn't show the underlying problem. That's probably the case again, so let's get some different fucking statistics instead of talking about feels vs reals every thread, and let's use them consistently with both parties.

[–] NecoArcKbinAccount@kbin.social 1 points 9 months ago* (last edited 9 months ago)

I'm not talking about partisian shit-flinging though. Granted, trump's idea of "saving the economy" is give corporations free reign to do whatever they want, but outside of that things aren't good, Unrealized losses for banks have been skyrocketing ever since Q1 2022.

GDP was invented so that we’d have a measurement of what was even occurring during the Great Depression because other available economic indicators didn’t show the underlying problem. That’s probably the case again, so let’s get some different fucking statistics instead of talking about feels vs reals every thread, and let’s use them consistently with both parties.

GDI seems promising imo

[–] Krauerking@lemy.lol -2 points 9 months ago

It does to the upper class socialites that consider themselves better for voting blue without wanting anything to change personally so that they can continue to take in money and be proud of voting in capitalists.

[–] AnonTwo@kbin.social -2 points 9 months ago

As others have said the stock market isn't representative of the economy. The stock market rose prior to it's crash signaling the Great Depression.

That said, I obviously don't believe Trump has any way to know.