Trump Blames Biden for Worst U.S. Economic Performance Since 2022

The U.S. economy posted its worst quarter since 2022, causing a stock market drop and raising fears of a recession. Despite the setback, former President Donald Trump is shifting blame to current President Joe Biden.

Economic Downturn: Facts and Figures

• GDP fell by -0.3% in the first quarter, a significant drop from the 2.4% growth in late 2024.
• The S&P 500 fell over 11% in the first eight days of April, following Trump’s announcement of reciprocal tariffs.
• Major indexes dropped sharply on Wednesday: Dow by 400 points, S&P 500 by 1.5%, and Nasdaq Composite by 2.2%.

Trump’s Response: “Not Trump’s Stock Market”

“This is the stock market, not Trump’s… I did not assume the position until January 20. The bad numbers, but when the boom begins, it will be like no other.”

“Truth Social”, Donald Trump

Trump also urged Americans to “have patience!” on his 101st day in office.

Economists Weigh In: Trump’s Trade Policies in the Crosshairs

Most economists argue that Trump’s ambitious trade reconfigurations, including tariffs, are likely driving inflation and potentially triggering a recession.

Market Recovery: A Glimmer of Hope

The Dow Jones index entered a six-day winning streak, its longest continuous rise since July 2024. However, the index is still on track to close April with a 3.5% drop.

FAQ: What’s the Impact on Your Wallet?

Will my 401(k) be affected?

Yes, a struggling stock market can impact your retirement savings.

What about inflation?

Inflation is already on the rise, and trade policies could exacerbate the issue.

Pro Tip: Diversify Your Portfolio

Given the uncertain economic climate, consider diversifying your investments to help minimize risk.

Final Thoughts: Patience Amidst Uncertainty

The U.S. economy faces challenges, but historical precedents show that markets can bounce back. Despite Trump’s assertion of innocence, the road to recovery may require addressing the impacts of previous trade policies.