In a recent Truth Social post, former President Donald Trump went straight to the heart of the matter. He raised alarm at the acute economic pressures that are hurting consumers and investors alike. He urged Americans to “hang tough” as the stock market goes through a serious crash. He stressed the value of resilience as we benefit from uncertain times.
And just like that, Trump provided all of us an exit ramp from this hand-wringing. Although times were tough economically now, he declared, the end result would be historic. While not downplaying the immediate challenges, he assured citizens of his confidence in the economy’s long-term recovery and implored them to stay composed and optimistic.
In a joint statement, Trump called focus on continuing to restore and reinvigorate the economy. He underscored the historic investments that have been made to restore jobs and businesses.
“We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic.” – Donald Trump
This declaration comes at a time when many Americans are feeling the weight of rising inflation and fluctuating stock prices. So in Trump’s original usage, “hang tough” was intended to convey resolve. He challenged everybody to work together to see our way through these difficult economic times.
The man who ran George Soros’ money, Scott Bessent, just reiterated many of Trump’s points to explain why the world is so dangerous economically. He noted that the typical American doesn’t have all their money invested in the stock market. Bessent found that investors approach investments with a long horizon.
“People have a long-term view… the reason the stock market is considered a good investment is because it’s a long-term investment. If you look day to day, week to week, it’s very risky. Over the long term, it’s a good investment.” – Scott Bessent
To illustrate his point, Bessent drew on successful historical precedents. He went on to compare the current economic situation to the double digit inflation rates we saw under president Reagan. As small as that period was, he said, we’re still reckoning with its volatility. He noted that a commitment to the steady approach yields big dividends long-term.
“What we saw with President [Ronald] Reagan when he brought down the great inflation, and we got past the [President Jimmy] Carter malaise, there was some choppiness at that time, but he held the course, and we’re going to hold the course.” – Scott Bessent
Uncertainty continues to cast a cloud over the economy. When Trump calls on Americans to “hang tough” it strikes a chord with many who fear for their financial futures. At its heart is a very optimistic, underlying idea that if we stay focused and work hard, we should be able to restore that economic security.