No, Donald Trump: This is Your Stock Market, Not Joe Biden’s
Donald Trump is back in the White House, and with it comes an ever-present dilemma: owning the economy that is unfolding under his administration. Instead of accepting responsibility, Trump has chosen to deflect blame for the tumultuous stock market and economic slowdown squarely onto Joe Biden’s shoulders. However, it’s time for Trump to face the music—this stock market and economy are his to govern.
Six months ago, Elon Musk—a key adviser to Trump’s campaign—foresaw potential chaos. In what could be interpreted as a forewarning, Musk remarked that if Trump regained the presidency, he might have to crash the stock market and the economy during his time in office. It appears that we might be witnessing the early stages of such a scenario.
Trump’s Deflection: The Blame Game
Amidst a chaotic market backdrop, the former president took to his Truth Social platform to absolve himself of responsibility for the recent downturn. He claimed, “This is Biden’s Stock Market, not Trump’s,” arguing that he couldn’t be accountable for a downturn that began before he officially took over on January 20, 2025. Such claims deserve scrutiny, as they ignore the fundamental economic realities gripping the nation.
Recent data show that the U.S. economy, which appeared promising at the start of 2025, has entered a decline. The first-quarter GDP report was shocking, initially expected to reveal moderate growth but instead reported a disheartening contraction of -0.3%. In contrast to his predecessor’s successful handling of the economy, Trump’s first 100 days in office have proven to be the worst for the stock market since the Nixon administration.
Looking at the Numbers
The crux of the issue lies in the numbers themselves, which paint a starkly contrasting picture. Under Biden’s tenure, the Dow Jones Industrial Average climbed by more than 12,000 points. Conversely, during the initial period of Trump’s presidency, the same index is down by around 3,000 points. This isn’t merely a dip; it’s a significant market retraction. Moreover, the S&P 500 index had stellar performance while Biden presided over it, yielding returns of 28%, 26%, and 25% in three consecutive years. Under Trump, that index is currently down by approximately 7%.
Such metrics don’t lie. Neither should small-cap and mid-cap indices be discounted; they reflect a decline of 11% and 13%, respectively, since Trump took office.
Trade Policies and Economic Uncertainty
One cannot discuss the current economic landscape without referencing Trump’s trade adviser, Peter Navarro. Navarro’s remarks—that the economy would have performed better if not for items that have shrunk—only paint a deeper picture of the trade war blunders that Trump initiated. U.S. consumer confidence has plummeted, reflecting a widespread sentiment of uncertainty. With Trump’s unpredictable policy shifts and Musk’s erratic business maneuvers drawing headlines, it’s no wonder that business leaders and everyday consumers alike are hesitant to make significant economic commitments.
The question lingers: how many purchases and investments have been shelved due to the fear permeating through the economic landscape? Consumers are paralyzed by the looming threat of layoffs and economic instability. In a healthy economy, confidence is paramount. When that foundation shakes, so too does the economy. Right now, consumer confidence is at a five-year low, a telling statistic for the present administration.
An Unfulfilled Promise of Prosperity
Remember when Trump promised in 2016 that America would “win so much you might get tired of winning”? Fast forward to today, and it’s clear that such promises seem distant. Currently, we’re just a fraction—7%—of the way through Trump’s second administration, with 194 weeks remaining. The promise of prosperity is fading fast, and as the economy sputters, Americans are left to question whether those pledges will ever become reality.
Final Thoughts
Trump needs to recognize that the stock market, the economy, and the American people’s livelihoods are now his responsibility. Blaming Biden and suggesting that America will eventually “boom” ignores the harsh realities of the present market. As history has shown, stock markets do rise and fall, but leadership requires accountability. As the former president navigates the challenging waters of economic uncertainty, it is vital for him to adopt a no-nonsense approach and confront the volatile landscape head-on. Only by owning the current state of affairs can he hope to steer the country toward a prosperous future.
