President Trump warns that if Democratic challenger Joe Biden is elected in November, the stock market will collapse and Americans’ financial investments “will fall to nothing.”
While promoting the June unemployment report on Thursday morning, the president used a press conference to highlight the rebound in the stock market after the coronavirus pandemic spread across the nation in March.
TRUMP TOUTS ‘HISTORIC’ JUNE JOB REPORT
“In the second quarter, the Dow Jones rose 18 percent,” said Trump. “He is the best in 33 years.”
Later, the president warned that “the only thing that can kill him is a bad president or a president who wants to increase taxes. Do you want to raise taxes? Together, their 401ks will drop to nothing and their stock market will drop to nothing. This is not just luck what is happening. This is a lot of talent. “
Biden, the presumed Democratic Party presidential candidate, earlier this week told campaign donors during a virtual fundraiser that he would withdraw most of the president’s tax cuts, which were passed in December 2017 when Republicans they controlled both the House and the Senate.
“I’m going to get rid of most of Trump’s $ 2 trillion tax cut,” the former vice president said. “And many of you may not like that, but I’m going to close the gaps like capital gains.”
Biden also said it would raise the corporate tax rate to 28 percent, which it said would raise an estimated $ 1.3 trillion in revenue over the next 10 years. Trump’s tax cuts cut corporate tax rates from 35 to 21 percent.
BIDEN OUTRAISES TRUMP FOR SECOND MONTH STRAIGHT
When the coronavirus swept the nation in March, most Americans were forced to curl up in their homes to prevent the spread of the pandemic. The outbreak sparked a massive economic recession, with more than 40 million people filing unemployment claims for the first time, increasing the unemployment rate to levels not seen since the Great Depression nearly a century ago.
The president touted “historic numbers” in the June jobs report, which saw the nation’s unemployment level drop to 11.1 percent, as employers added 4.8 million jobs in June.
Trump called the report “spectacular news” and said it “proves that our economy is rebounding.” It’s getting extremely strong. “
With his sights set on the November general election, when the president is running for a second term in the White House, Trump said: “He is going to have a fantastic third quarter.” It will be a third quarter like we have never seen before, in my opinion. And the good thing is that the numbers will come out just before the election so that people can see those numbers. “
Following the president’s example in the past two months, many states began to relax social distancing and other restrictions to boost the economy. Many of the states that listened to Trump’s advice, including Arizona, Texas, and Florida, are now experiencing a surge in new cases of coronavirus. Many of these states have paused or reversed efforts to loosen the restrictions.
The president of the Democratic National Committee, Tom Pérez, former secretary of Labor, accused Thursday that “the economic situation in our country did not have to be so bad.” While this jobs report is a snapshot of our economy, as many states were reopening, we now see states receding and American workers feeling the pain, all because of Trump’s incompetent handling of this pandemic. “
“It is essential that people go back to work and continue to help the millions who are still out of work, but the failure of this president’s leadership is devastating our economy and is costing people their jobs, their savings and their lives,” he added. .
The most recent national Fox News poll, conducted two weeks ago, indicated that the president’s overall approval is underwater, with 44 percent approval and 55 percent disapproval. But voters had a more positive impression of how he handled the economy, with 49 percent approval and 46 percent disapproval.
A national USA Today / Suffolk University poll conducted last week indicated that voters believed that Biden would do a better job of handling all the important issues except the economy, where the Republican president had a 47-45 percent advantage over his Democratic rival.
