Donald Trump, who predicted three years ago that if Democratic President Joe Biden won the White House in 2020 markets would crash, has said that stock markets hitting record highs were just making "rich people richer"

Donald Trump, who predicted three years ago that if Democratic President Joe Biden won the White House in 2020 markets would crash, has said that stock markets hitting record highs were just making "rich people richer," per Reuters.

During the 2020 presidential campaign, Trump claimed, “If Biden wins, you’re gonna have a stock market collapse the likes of which you’ve never had.”

President Joe Biden has trolled Trump with a new campaign video touting the stock market remaining at near all time highs.

The U.S. economy exhibited faster growth than initially reported in the third quarter, driven by increased construction of warehouses and the accumulation of machinery equipment by businesses.

However, recent data suggests a slowdown in momentum as elevated borrowing costs hamper hiring and spending. Although the third-quarter growth pace, the fastest in nearly two years, might have presented an overly optimistic view of the economy, the report from the Commerce Department indicated ongoing expansion despite lingering recession concerns.

The revised gross domestic product (GDP) growth rate was 5.2%, up from the initially reported 4.9%, marking the swiftest expansion since Q4 2021. While economists expected a 5.0% rate, the Q3 GDP growth exceeded the Q2 pace of 2.1%, surpassing the Federal Reserve's non-inflationary growth rate of approximately 1.8%.

The positive growth revision stemmed from increased business investment in structures, state and local government spending, and improved residential investment. Private inventory investment contributed positively to GDP growth, but consumer spending growth was slightly downgraded to 3.6%, reflecting reduced outlays on financial services and insurance, likely impacted by shortages following the United Auto Workers strike. Despite concerns of a cooling economy, the overall outlook remains positive.

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