After complimenting Biden's handling of the economy, a Democrat senator now says it will fail

August 4, 2023

Records show that Sen. Tom Carper (D-DE) recently praised the president for his handling of the economy before betting against the United States.

The lawmaker, who has been known to be a strong confidant of President Joe Biden, recently sent a letter to the president about his thoughts on the economy, as The Washington Examiner reported.

In a May 25 letter to President Joe Biden, Delaware Senator Tom Carper expressed gratitude to Biden for his role in establishing a "resilient" economy, which he said was "growing stronger every day" while the nation continued "to support working families across Delaware and the country."

The Lawmaker's Actions

Despite this bullish statement, Carper, a member of the Senate Finance Committee, disclosed this week that he had invested up to $95,000 in the Ranger Equity Bear ETF and the ProShares Short QQQ, two funds that short stocks and allow investors to hedge against recessions.

The Washington Free Beacon was the first to report the news.

"This is huge!" Carper also said in October. "Since @POTUS has been in office, 10 million jobs have been added to the US economy — nearly 265,000 in September alone. This is what real leadership looks like."

The investment appears to be at odds with Carper's previous comments regarding the expansion of employment opportunities and the prosperity of the economy under Biden, whom the senator has previously referred to as a "dear friend."

In exchange, when Senator Carper announced his retirement plans in May, the president called him a "trusted colleague" and a "friend" who had demonstrated "tireless dedication to the people of Delaware."

On Tuesday, Fitch downgraded the United States' credit rating, citing "eroded confidence in fiscal management" and "fiscal deterioration."

The Economic State

Wednesday's stock market decline was due to Fitch's first downgrading since 1994. Bond rates were hovering around 4.189% on Thursday, while the S&P 500 barely moved all day.

Republicans have countered Biden's claim that his administration has helped spur major job creation.

Job growth under the administration has not yet recovered to pre-COVID-19 epidemic levels, as illustrated by a graph issued in early June by the Republican-led House Budget Committee.

The office of Representative Tom Carper has stated in the past that the lawmaker's stock trading are "handled separately by a financial adviser who makes decisions and transactions independently," according to a report by the Washington Free Beacon.

On Thursday, a request for comment was sent to a spokeswoman for Carper, but no response was given.

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