Democratic senator shorts US economy after praising Biden’s handling of it
Gabe Kaminsky
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Sen. Tom Carper (D-DE), a close ally of President Joe Biden, bet against the United States economy after just recently heaping praise on the president for his handling of it, records show.
Carper on May 25 thanked Biden for fostering a “resilient” economy, noting it was “growing stronger every day” while the nation continues “to support working families across Delaware and the country.”
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That bullish statement, however, didn’t stop the Senate Finance Committee member from buying up to $95,000 worth in shares of Ranger Equity Bear ETF and ProShares Short QQQ, two funds shorting stocks that offer investors the ability to hedge against recessions, according to a financial disclosure Carper filed this week. The disclosure was first reported by the Washington Free Beacon.
“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.”
https://twitter.com/SenatorCarper/status/1578458399255076864
The investment appears to run contrary to Carper’s prior claims in connection to job growth and economic success under Biden, who has been referred to by the senator as a “dear friend.” In turn, the president referred to Carper in May upon the senator unveiling his Senate retirement plans as a “trusted colleague” and “friend” who has shown “tireless dedication to the people of Delaware.”
On Tuesday, the rating agency Fitch issued a downgrade for the U.S. government’s credit, noting an “eroded confidence in fiscal management” and “fiscal deterioration.” It was the first downgrade by Fitch since 1994 and resulted in stocks on Wednesday losing value. The S&P 500 changed little in value on Thursday, with bond yields trading around 4.189%.
While Biden has put forth that his administration has fostered significant job growth, Republicans have contended otherwise. The GOP-led House Budget Committee published a graph in early June highlighting how job growth under the president is still not back to pre-COVID-19 pandemic levels.
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Carper’s office has in the past said the lawmaker’s stock trades are “handled separately by a financial adviser who makes decisions and transactions independently,” the Washington Free Beacon reported.
A spokesperson for Carper did not return a request for comment on Thursday.