President Joe Biden recently delivered a scathing critique of former President Donald Trump during a speech, focusing particularly on the financial struggles of Trump’s business ventures in relation to the broader economic policies Biden advocates.
The backdrop for Biden’s comments was the troubling performance of Trump Media and Technology Group’s stocks, which have seen a dramatic decline. Following a promising debut on the NASDAQ last month, Trump’s company experienced a swift downturn. The stock price for Trump Media, which operates the social media platform Truth Social, plummeted by 21.47% soon after its launch due to negative financial disclosures.
This decline has continued, with the stock losing nearly 68% of its value since its initial offering, translating into roughly $5 billion in paper losses. During a campaign rally in Scranton, Pennsylvania, Biden leveraged these financial woes to highlight his economic policies, asserting that his tax plan, which promises no additional federal taxes for individuals earning less than $400,000, might ironically benefit Trump given his recent losses.
“Under my plan, nobody earning less than $400,000 will pay an additional penny in federal taxes. That’s a promise,” Biden proclaimed. He quipped about Trump’s financial downturn, suggesting, “If Trump’s stock in Truth Social drops any lower, he might do better under my tax plan than his!”
Biden’s speech not only addressed economic policies but also took personal jabs at Trump, touching on his age, golf skills, and financial management. The President’s remarks reflect an ongoing strategy to contrast his administration’s goals with Trump’s actions and policies, portraying Trump as focused solely on his own interests and those of his affluent associates.
According to The Hill, As part of his broader narrative, Biden emphasized his desire to cut taxes for hardworking Americans, referencing his own background and his journey from Scranton to Delaware. He aimed to connect with voters by positioning himself as a champion for the middle class, in stark contrast to Trump whom he depicted as catering to the wealthy.
In response to Biden’s remarks, Trump took to Truth Social to defend his venture, highlighting the platform’s debt-free status and substantial financial reserves. “Seeing as President Joe Biden regularly posts to his campaign account on Truth Social, we have faith he sees the value of a free-speech social media start-up that has no debt and more than $200 million in the bank,” Trump stated.
According to The NY Times, The tension between the two leaders is not just a matter of differing economic strategies but also a reflection of their divergent views on leadership and priorities. While Biden criticized Trump for waking up in Mar-a-Lago “thinking about himself” and his billionaire friends, a spokesperson for Trump retorted by praising Trump’s record on tax cuts and condemning Biden’s proposed tax increases as the largest in history. This ongoing exchange underscores not only the personal rivalry between Biden and Trump but also the significant policy differences that continue to shape American political discourse.
