A huge amount of Americans have 401ks, making it beneficial for a lot of people when stocks go up. When the stock market goes up, it generates more jobs for people in America. Furthermore, people with 401ks also get benefitted.
401ks are retirement accounts sponsored by employers. The funds present in the account are mostly invested in the stock market.
President Trump warned that American’s retirement and investment plans would suffer greatly under the leadership of any other president. On October 21, the President tweeted that Americans will lose all they had built under Biden’s leadership.
According to his tweet, taxes will increase. It will be a hard situation for most Americans. He warned that more than 180 million people might end up losing their healthcare plans.
The President has frequently tweeted about the stock market. His presidential tweets have mostly been of self-appreciation. Trump has sent out such tweets several times where he has boasted about how well the stock market is doing under his leadership.
Although the stock market has indeed done well under President Trump’s leadership, he is still far behind as compared to Obama and Bill Clinton. Trump gave credit for the growth of the stock market to his administration. He also appreciated his government’s response to the pandemic and the way it was handled.
The President’s tweet caught a lot of attention. ‘My 401K’ started to trend on Twitter.
However, the reactions to Trump’s tweet were not very pleasant. People on the social media application started to make memes about the tweet and the situation in general.
A response to Trump’s tweet by a user on Twitter initiated that his 401k did much better during Obama’s presidency. Another Twitter user said that the President should stop making financial talk as he was ignorant and did not understand the stock market.
People are getting tired of the everyday self-glorification of the President. As Americans gear up to vote for their next president, a lot of them do not seem to be in Trump’s favor.