Trump Blames Democratic Midterm Wins for Stock Market Drop
Donald Trump has accused voters who backed Democrats in Tuesday’s midterms of causing the stock market to tumble.
The 80-year-old president lashed out at voters for helping Democrats sweep control of the House and Senate in the midterms, blaming them for trillions of dollars being wiped off global markets on Thursday.
The tech-heavy Nasdaq index fell about 5.5 percent by the end of Thursday’s trading, wiping out around $2.5 trillion, amid concerns about a slowdown or restrictions in the surging AI market now that Democrats control Congress. The Dow and S&P 500 also fell sharply on Thursday.
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“The Stock Market crashed today because the Dumocrats had a big Tuesday—So sad to see, you only have yourselves to blame!” the president posted on Truth Social.
The Nasdaq market fell sharply in the wake of the midterm elections. / Google
Trump also decried the fact that the stock market had “suffered one of the Worst Days in History based on the results of the Election.”
“Such a sad thing to watch! It took so much work to get us to a level that no one has ever seen before, and then this. Your 401(k)s have, therefore, dropped. Remember, it wasn’t Republicans, it was Dumocrats,” he added. “Do not fear, however, we will soon, one way or the other, be BIGGER AND STRONGER THAN EVER BEFORE.”
Trump’s dire handling of the economy and his decision to start a war in Iran, which sent gas prices soaring, have been cited as among the key reasons the GOP suffered an electoral wipeout in the midterms.
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The president frequently dismissed voter concerns about the affordability crisis as a “hoax,” while pointing to stock market gains as proof that the economy was doing well.
The 80-year-old has also voiced support for the construction of huge, energy-intensive data centers amid the AI boom, even though polls show that most Americans, including his MAGA base, despise them.
Trump has refused to accept any personal blame for the GOP’s midterm massacre, but acknowledged that it was “largely true” that soaring gas prices stemming from his deeply unpopular war on Iran contributed to the losses.
“But at the same time, if I had it to do again, I’d have to do it again, because long-term, it’s the only answer,” Trump told reporters on Wednesday. “You can’t let Iran have a nuclear weapon.”
In another Truth Social post on Thursday, Trump insisted that Republicans were wiped out in the midterms because he “WASN’T ON THE BALLOT.”
“IF I WERE, WE WOULD HAVE WON IN A LANDSLIDE!”