President Donald Trump faced ridicule for disavowing bad economic news 101 days into his second term after claiming credit for good news more than a year before returning to office.
The president cast blame on his predecessor Joe Biden after the stock market tanked in response to a Commerce Department report showing the U.S. economy contracted 0.3% in the first quarter for the first time since 2022, which economists blamed on sluggish growth as as businesses rushed to import goods ahead of the president's tariffs.
"This is Biden’s Stock Market, not Trump’s," Trump posted Wednesday morning on Truth Social. "I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden 'Overhang.' This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!"
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Some social media users recalled the president making the opposite point in early 2024, more than nine months before the November election that he would ultimately win.
"This is the Trump stock market because my polls against Biden are so good that investors are projecting that I will win, and that will drive the market up – everything else is terrible (watch the Middle East!), and record setting inflation has already taken its toll," Trump posted in all caps on Jan. 29, 2024. "Make American great again!!!"
Social media users mocked the president's apparent flip-flop.
"Just incredible," said Democratic strategist Parker Butler, posting screen shots of the two statements side by side.
"Actually, not incredible," replied conservative attorney George Conway. "It’s classic Trump."
"Day Biden Left Office: 44,025," noted popular Bluesky user Tea Pain. "Trump's market today: 39,834. America wishes it had 'Biden's stock market' back."
"He also has a bridge in Brooklyn for sale if you’re buying this," said MSNBC legal analyst Joyce Vance.
"Getting desperate and frightened," posted journalist Mark Chadbourn.
"Actually can't recall a time when a president's policies have had a more obvious and immediate impact on the economy," added the widely followed Internet Hippo account. "That's what happens when you claim dictatorial power, brother, it's harder to sell the idea that things aren't your fault."