President Trump touted the stock market’s ongoing recovery from the impact of the coronavirus pandemic on Monday, warning supporters in Wisconsin that 401(k) plans would be in jeopardy if he loses the upcoming presidential election.
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Trump said Nasdaq Composite closed at a record high on Monday and the benchmark S&P 500 and the Dow Jones Industrial Average were “right behind it.” Speaking at a campaign event in Oshkosh, Wisconsin held alongside the Democratic National Convention, Trump suggested that the victory for presumptive Democratic nominee Joe Biden and running mate Kamala Harris would undo recent progress.
“That’s great for your 401Ks,” Trump said regarding the Nasdaq record high. “Look, if you get the wrong person in here, your 401ks? Wave goodbye to them. They’ll be worthless.”
The president said his administration’s policies during the pandemic are resulting in the “fastest economic recovery” in U.S. history, with nine million jobs added over a three-month span and retail spending back to record levels. The Paycheck Protection Program saved one millions jobs in the state of Wisconsin alone, he added.
Earlier in his speech, Trump referred to Biden as a “Trojan Horse for socialism.”
“He has no clue, but the people around him are tough,” Trump said.
Trump said his administration will pursue “very substantial tax cuts,” as well as further rollbacks of unnecessary regulations, if he is re-elected. At a White House press conference last week, Trump said he would focus on a capital gains tax cut and relief for middle-income families.
Investors who held onto their stocks during the sharp downturn at the start of the pandemic have been rewarded, Trump said.
“A lot of people are bragging,” he added. “About four months ago, they were very depressed. I said, ‘don’t sell, don’t sell, don’t worry about it, don’t sell.’ Most people held and they’re very good.”