Former President Donald Trump, who once claimed that a Joe Biden presidency would lead to a stock market crash, is now dismissing stock market highs as benefiting the "rich."

According to Reuters, Trump told his supporters in Reno, Nevada, on Sunday: "The stock market is making rich people richer." This statement is reportedly an attempt to provide a populist and anti-Biden twist on the latest record stock market high.

Last week, the Dow Jones Industrial Average reached a new all-time high, breaching the 37,000 mark and surpassing the previous record in 2022.

(Photo : Drew Angerer/Getty Images)
GRAND RAPIDS, MI - DECEMBER 9: President-elect Donald Trump looks on during a rally at the DeltaPlex Arena, December 9, 2016 in Grand Rapids, Michigan.

Joe Biden Mocks Donald Trump for Predicting Stock Market 'Collapse'

In a debate with Joe Biden in 2020, Donald Trump said if Joe Biden won the election, "the stock market will crash." The frontrunner for the 2024 Republican nomination often claimed credit for an increasing stock market when he was president from 2017 to 2021.

But last week, Biden mocked him for wrongly predicting a crash as the president showcased a campaign video highlighting the new record stock market high.

According to CNBC, the video contrasted Trump's claim that a Biden win would lead to a market collapse with soundbites of news anchors touting the stock market's recent gains. Biden, who is running for re-election next year, wrote in the post on X: "Good one, Donald."

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Donald Trump Escalates His Attacks on Joe Biden

But in the same Nevada rally, Donald Trump has compared the prices of basic commodities on his watch to those under Joe Biden and said the prices are higher now.

"Biden's inflation catastrophe is demolishing your savings and ravaging your dreams," the former president said. He added: "We are a nation whose economy is collapsing into a cesspool," despite a recent decrease in inflation, wage increases, and a low unemployment rate.

Both Trump and Biden are leveraging economic narratives to connect with voters.

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