Gearing up for his re-election campaign, President Donald Trump took to Twitter to claim that the stock market will face an epic crash if anyone but him is elected president in 2020. According to Trump, the United States economy is setting records the likes of which the country has never seen.
Trump will formally announce his re-election bid on Tuesday, and he plans on pointing to the current state of the stock market and economy as his biggest accomplishment as president. In May, the S&P 500 hit an all-time record only to lose much of those gains as the trade war between the U.S. and China escalated.
Trump also claimed that if Democrats won in 2016, the stock market would be down 10,000 points. Trump also said if Americans want to see a real stock market crash, watch what happens if Democrats move forward with impeachment proceedings.
Analysts say that this president’s awareness of where the stock market currently stands is unlike any president before him. However, research conducted by several leading financing institutions show the stock market’s performance during Trump’s presidency is average at best compared to other presidents. Markets under President Obama and President Clinton rose significantly more compared to what markets have done during the Trump presidency.
The Dow Jones Industrial Average is what Trump likes to refer to the most. The last time the DJIA hit a peak was on Oct. 3, 2018. In 2017, the DJIA hit record highs 71 times. In 2018, the most well-known average in the world hit record highs 15 times.
However, the Dow hit record highs 122 times while President Obama was in his second term. The record highs came on the heels of the financial meltdown of 2008-2009. Additionally, many economists speculate the U.S. has more than a 30 percent chance of going into a recession in the next year. Recent data shows job gains are slowing, and business sentiment is falling over the fears of an ongoing trade war between the U.S. and China.