Economy

Trump Claims 401Ks and Stocks Will “Disintegrate and Disappear” If “Radical Left” Is Voted into Office

Last updated on July 18th, 2023 at 12:05 pm

Read: Samuel Alito Is The Insurrectionist Threat To Democracy On The Supreme Court

President Donald Trump claimed 401Ks and stocks will “disintegrate and disappear” if the “radical left” is voted into office after this year’s general election.

“If you want your 401k’s and Stocks, which are getting close to an all time high (NASDAQ is already there), to disintegrate and disappear, vote for the Radical Left Do Nothing Democrats and Corrupt Joe Biden,” he wrote on Twitter.

He added: “Massive Tax Hikes – They will make you very poor, FAST!”

Last week, the president argued that “the stock market will drop down to nothing” if he does not win reelection.

According to JP Morgan strategists however, a Biden win in November would be “neutral to slight positive” for equities.

“The Democrat’s major economic policies include lifting the corporate tax rate from 21% to 28% — partially reversing the Republican corporate tax cut of 2017 — and increasing the federal minimum wage,” Marketwatch reported. “The investment bank’s U.S. equity strategy team also says it expects the former vice president to ease tariffs on China and increase infrastructure spending.”

In a note, the investment bank’s strategists wrote: “Given the current economic weakness, business recovery and job growth are likely to be prioritized over policies that could dampen economic growth and perhaps even jeopardize the desired 2022 midterm election outcome.” The higher corporate tax rate would “bring an earnings headwind of around $9 for S&P 500 SPX, +0.45% earnings per share.” Moreover, the higher corporate tax rate would be offset by easing tariffs, infrastructure spending, and higher wages.

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