Trump wants the economy to crash to hurt Biden’s election chances

Former President Donald Trump said he hopes the economy will collapse within the next 12 months to boost his chances of winning the November election. “If there is a crash, I hope it happens in the next 12 months because I don’t want to be Herbert Hoover,” Trump said. “The only president, I just don’t want to be Herbert Hoover.”

Hoover, the 31st president of the United States, took office just before the outbreak of the Great Depression in 1929. His presidency is often associated with the economic challenges and hardships of the period. In a conversation with former Fox Business host Lou Dobbs (pictured), Trump was candid about his wishes for a substantial economic downturn to hurt President Joe Biden’s re-election bid. “We have an incredible economy,” the former president said. ‘We have an economy that is so fragile. And the only reason it’s running now is because it vents the fumes of what we did – what the Trump administration did. It just flows from the fumes.”

Dobbs, who has long supported the former president, asked Trump what measures he could introduce to help those struggling with the current state of the economy. “So what we’re going to do is we’re going to drill, we’re going to reduce energy, that’s going to bring down inflation, that’s going to bring down interest rates,” Trump said, referring to the Keystone XL Pipeline, a proposed pipeline between Alberta, Canada. and Nebraska.

Trump supported the pipeline during his time in office, but President Joe Biden did not and revoked the permit. While acknowledging the current fragile economic situation, Trump attributed all positive economic indicators to his administration.

Currently, inflation stands at 3.1 percent for the twelve months leading up to November 2023. The latest figures will be released on Thursday. During Biden’s three years in power, the three-year inflation rate is 17.2 percent – ​​or an average of 5.9 percent per year. Under Trump, inflation averaged 1.9 percent for each year of his presidency — or 7.6 percent over the course of the four-year term.

Towards the end of 2023, a new poll highlighted the steep economic cliff facing Biden’s reelection campaign. Only 14 percent of voters think his policies have made them better off, according to the survey published in November. Overall, nearly 70 percent said Biden’s economic policies had hurt the U.S. economy or had no impact, including 33 percent who said they believed the president’s policies had “hurt the economy a lot.”

Democratic strategists Global Strategy Group and Republican polling firm North Star Opinion Research surveyed 1,004 registered voters across the country. Only 26 percent said Biden’s policies had helped. When asked what caused them the most financial stress, about 82 percent of respondents said price increases.

“Every group – Democrats, Republicans and independents – calls rising prices by far the biggest economic threat. . . and the biggest source of financial stress,” said Erik Gordon, professor at the Ross School of Business in Michigan. “That’s bad news for Biden, especially considering how little he can do to reverse the perception of prices before Election Day.”

The Biden campaign has dismissed the dismal polling as nothing more than “noise” and pointed to similar negative headlines a year before Barak Obama was re-elected president in 2012. Biden administration officials believe they have good news to share about the economy after curbing inflation from post. -pandemic highs above 9 percent.

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