Employer-sponsored retirement funds could significantly devalue if the Democratic Party’s top contender for the Oval Office wins the upcoming election, the president said.
President Donald Trump warns the nest egg of many Americans will suffer a significant blow, if Democratic presidential candidate Joe Biden claims victory at the general election on Nov. 3.
The president revealed the NASDAQ Composite stock market index soared to a record 11,129 points on Aug. 17, meaning anyone with 401K money invested in shares is expected to receive the best return in the nation’s history according to the Marketwatch website.
“NASDAQ hit an all-time record today, the highest price ever and the others are right behind it,” Trump told a Make America Great Again rally in Oshkosh, Wisconsin. “Who would think we would hit a record with NASDAQ and the others are right there? If you would have said 28,000 on the Dow [Jones Industrial Average] or just about, and if you would have said NASDAQ hit a new record high, that is great for your 401Ks.”
However, Biden’s big-spending policy on education through higher taxes is likely to achieve the opposite effect as this could cause an economic downturn.
“Look, if you get the wrong person in here—your 401ks—wave goodbye to them,” the president said. “They will be worthless, they will be worthless.”
Since being sworn into office on Jan. 20, 2017, President Trump has created an economic boom across the nation. Namely, the Republican Party’s efforts to reduce red tape and corporate tax for businesses have allowed entrepreneurs to use surplus cash to hire more staff which, in turn, reduced the national unemployment to historic lows.
The president revealed average Americans who listened to his financial advice have already achieved healthy returns on their investments in the share market.
“About four months ago, they were very depressed,” he said. “I said, ‘Do not sell, do not sell, do not worry about it, do not sell,’ and most people held and they are [now] very good.”
He recalled one example of a policeman who never had much luck with the share market but, with a little inspiration from the president, his fortune turned for the better.
“One wife was saying, ‘Sir, I always thought my husband was a financial loser, a total loser’… and she said, ‘You know he has never been good with money but over the last few years I think he was up 89 percent,'” she said. “I said that is as good as most people but she said, ‘No, no [I now think] my husband is a financial genius.’ This policeman looked at me and said, ‘Thank you Sir, because I was abused for a long time about the way I invested money.'”