Throughout the campaign, Donald Trump claimed multiple times that if former Vice President Joe Biden were elected to the presidency, the stock market would crash and Americans' retirement funds would be wiped out.
But on Monday — the first day the stock market was open since Biden was declared the winner — the Dow Jones surged by nearly 1,400 points, setting a new record after AstraZeneca announced the success of its new coronavirus vaccine.
It's proof that one of Trump's most frequent lines of attack against Biden was demonstrably false.
Trump delivered that attack line up until Election Day.
In a phone call with Fox & Friends on the morning of Nov. 3, Trump told the Trump-friendly hosts, "We have a headwind on the stock market because on the chance that Biden got in, you will have a stock market go down like you wouldn't believe, if he got in."
Two days before that, Trump said at a rally in Florida that, "This election is a choice between a crippling depression or a historic boom."
"It is, you'll have a depression," Trump added. "All that money. All those 401Ks, they're going to go right down the tubes, throw it out."
On Oct. 21, Trump tweeted, "Your 401k's will crash with Biden. Massive Biden Tax and Regulation increases will destroy all that you have built! Additionally, 180 Million People will lose their Private Healthcare Plans."
None of those tweets was ever rooted in fact.
When Biden served as vice president to President Barack Obama, the stock market actually saw bigger gains than it has under the past four years of Trump, according to Fortune magazine.
Published with permission of The American Independent Foundation.
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