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President Donald Trump took to Truth Social after the Dow Jones Industrial Average plummeted, heightening fear of a recession.
“Wow, Dow just broke 30,000 on the downside. Many thought this could never happen,” the 45th president wrote Thursday.
For the first time since January 2021, the Dow Jones Industrial Average plummeted below 30,000 points after the Federal Reserve announced the largest interest rate hike in years to fight record-high inflation.
“This ‘stuff’ is not good news. They rode ‘Trump’ up for the first year, now it’s all coming down,” Trump added. “Doesn’t have to be this way!”
The stock market was reaching new heights just over a year ago under the Trump administration.
In the fall of 2020, Trump celebrated the stock market reaching above 30,000 despite the nation grappling with the Covid-19 pandemic, per The Hill.
“I just want to congratulate everybody,” Trump said in the White House briefing room in November, according to the outlet. “The stock market Dow Jones Industrial Average just hit 30,000, which is the highest in history. We’ve never broken 30,000, and that’s despite everything that’s taken place with the pandemic.”
“Never been broken, that number. That’s a sacred number, 30,000” he continued. “I just want to congratulate all the people within the administration that work so hard, and most importantly I want to congratulate the people of our country.”
Fast forward nearly 20 months, the Bureau of Labor Statistics announced an inflation rate of 8.6 percent, a 40-year-high, with top economists speculating that June’s report could be worse than the previous months.
