President Donald Trump said Thursday night that voters had themselves to blame for the stock market’s historic sell-off, two days after Republicans lost the midterm elections in historic fashion.
Stocks plunged Thursday, with the tech-heavy Nasdaq sinking more than 5% as AI-linked stocks sold off. Trump responded on Truth Social: “The Stock Market crashed today because the Democrats had a big Tuesday — So sad to see, you only have yourselves to blame!”
The Market Reaction
Thursday’s plunge was an unusually delayed reaction. The market actually had a massive rally Wednesday as the initial election results became apparent. But by Thursday, the reality of a Democratic-controlled Senate and a likely Democratic House set in, and investors fled AI-linked stocks.
Stock futures were down again in premarket trading late Thursday, and Asian markets were broadly lower as well, pointing to the potential for another rough day Friday.
The Political Context
The sell-off came two days after Democrats retook control of the Senate and made significant gains in the House. Trump had campaigned heavily for Republican candidates, telling voters to act as though he was on the ballot. When they rejected his message, he blamed them for the economic consequences.
The president’s post marked a striking shift in tone. After years of claiming credit for stock market gains and pointing to them as evidence of his success, he was now assigning blame to the voters who had rejected him.
The Bottom Line
President Trump has blamed voters for the stock market’s historic sell-off, saying they have “only yourselves to blame” after Democrats won big in the midterms. The Nasdaq sank more than 5% Thursday as AI-linked stocks sold off. The market had rallied Wednesday before the reality of Democratic control set in. Trump’s response marks a sharp turn from his years of claiming credit for market gains.
My Opinion
For years, Trump pointed to the stock market as his scoreboard. When it rose, he took credit. When it falls, he blames someone else. At present, he is blaming the voters.
“Only have yourselves to blame,” he wrote after Democrats won the midterms and stocks plunged. Trump told voters to act as though he was on the ballot and they did just that. They voted against him, and then, when the market reacted to their democratic choice, he lashed out at them for making it.
If Trump wants to assign blame for the sell-off, he should look at the two years he spent polarizing the country and alienating the people he was supposed to serve.
