President Joe Biden took another apparent swipe at his predecessor for focusing on stock market gains under his watch.
During an event at the White House on Wednesday, Biden said, “Some people started seeing the stock market and corporate profits and executive pay as the only measure of our economic growth.”
“By the way, the stock market’s gone up exponentially since I’ve been president. You haven’t heard me say a word about it,” he continued, drawing laughs from the attendees.
Finally, he said, “I’m glad it’s gone up, no problem. Look, let me tell you something, my measure of economic success is how families like mine growing up — working families, busting their neck — how they’re doing. Whether they have a little breathing room. Whether they a job that delivers some dignity. A paycheck they can support a family on.”
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Pres. Biden says the stock market has gone up since he came into office: “You haven’t heard me say a word about it … My measure of economic success if how families like mine growing up—working families, busting their neck—how they’re doing.” https://t.co/EGVKEHczR5 pic.twitter.com/DHPD7JGwh3
— ABC News (@ABC) September 8, 2021
On Friday, the Biden took a shot at former President Donald Trump for focusing on stock market gains as he said, “There have been so many records the stock market has hit under my presidency.”
“Imagine if the other guy was here. ‘We’re doing great. It’s wonderful. The stock market is surging. It’s gone up higher under me than anybody,’” he added.
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.@POTUS: “There have been so many records the stock market has hit under my presidency. Imagine if the other guy was here. ‘We’re doing great… The stock market is surging. It’s gone up higher under me than anybody.’ But that doesn’t mean that it’s the best for the economy.” pic.twitter.com/EYTaLhPu9l
— The Hill (@thehill) September 3, 2021
Throughout his presidency, Trump repeatedly focused on stock market gains. During a town hall event with ABC News in Oct. 2020, Trump said, “Look, we’re having a tremendous thing in the stock market, and that’s good for everybody, but people that aren’t rich own stock and they have 401(k)’s.”
However, Edward Wolff, an NYU professor, told CNN Business, “Holding up the stock market as the barometer for how the middle class is doing is totally erroneous — and very misleading.”
According to the Pew Research Center, just 52% of Americans have an investment in the stock market, most of which are 401(k)s, and 14% are directly invested.
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