During a recent rally in New Hampshire, President Donald Trump touted the success of the economy and warned that the stock market could crash and 401(k) accounts would go “down the tubes” if he is not re-elected in 2020.
Throughout his presidency, Trump has repeatedly claimed credit for the success of the stock market. In his 2018 State of the Union address, he noted, “the stock market has smashed one record after another, gaining $8 trillion in value." In November, he told reporters “The reason our stock market is so successful is because of me.” On Twitter, he’s frequently claimed credit for the successes of the stock market:
Looks like another great day for the Stock Market. Consumer Confidence is at Record High. I guess somebody likes me (my policies)!— Donald J. Trump (@realDonaldTrump) November 29, 2017
Stock market hit yet another all-time record high yesterday. There is great confidence in the moves that my Administration....— Donald J. Trump (@realDonaldTrump) November 7, 2017
The Dow fell 800 points last week, marking the worst day for stocks in 2019. In a departure from his previous statements where he claimed credit for the economic trends, Trump shifted the blame for the economic downturn to the media, writing on Twitter, “The Fake News Media is doing everything they can to crash the economy because they think that will be bad for me and my re-election.”
Most Americans believe Trump’s earlier claims that he himself is responsible for the stock market. According to a poll taken on August 15, shortly after the stock market’s tumble, over half (57%) of Americans believe that Trump is very or somewhat responsible for the stock market.
Democrats (35%) are especially likely to say that Trump is “very responsible” for the stock market, while 23% of Republicans and 25% of independents say the same. Republicans are more likely (37%) to see Trump as “somewhat responsible” for the stock market. Over one-third (34%) of independents and a quarter (25%) of Democrats agree.
Another 16% of Americans say Trump is not very responsible for the stock market, while 13% say he’s not responsible at all.
Americans are likely paying attention to what Trump says about the stock market. Further data from YouGov finds that 42% of Americans follow news about the stock market “somewhat closely” or “very closely.”
They may be following news about the stock market because it will affect them. Additional YouGov data indicates that 42% of Americans currently have money invested in the stock market.
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