Newsmax anchor insists there’s silver lining to market plunge: a ‘nosedive’ could help the ‘working man’
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Newsmax anchor Rob Schmitt insisted on Monday night that stock markets plunging on recession fears due to President Donald Trump’s tariffs and spending cuts might be a good thing, claiming a “nosedive” could give the “working man” a “little relief from all of this inflation.”
With the president not ruling out a recession during a recent interview with Maria Bartiromo, right-wing media and the Trump administration have been looking for ways to spin the chaos and uncertainty that have been unleashed by Trump’s trade war, which has spurred economists to warn of a coming decline in the American economy.
While Fox Business host and former Trump economic adviser Larry Kudlow expressed optimism and said it’s “very hard for me to anticipate a recession” because of Trump’s “well thought out economic plan,” other Fox personalities argued that Americans just need to deal with a “little pain” while the president remakes the economy.
“This is gonna be hard. It might be a little painful, but the CEO of our country, President Donald Trump, is actually doing something that is really courageous,” Fox Business co-host Jackie DeAngelis asserted on Monday.
Piggybacking on that sentiment, Schmitt suggested that the plummeting stock market wasn’t bad news at all while claiming that the market surge that took place during the Biden administration hurt average Americans.
“When Americans voted Donald Trump into office, they voted for massive change,” the MAGA host declared at the top of his Newsmax program Monday evening. “And we’re now starting to feel the turbulence that comes from such change. It is both political. It is also economic.”
He added: “The markets tanked today. Investors worried as Trump works to reimagine the American economy and our foreign policy economically. Massive government cuts, tariffs and the mass deportation of cheap, illegal American labor — all of that is instability, and Wall Street hates instability.”
Saying that it was “important” to note that “most Americans were gutted by inflation these last three years,” Schmitt — alongside a chyron blaring “Pain Comes With Change” — pointed out that the stock market was “skyrocketing” during President Joe Biden’s term.
“So perhaps stocks need to take a nosedive so the working man can get a little relief from all of this inflation,” Schmitt confidently proclaimed.
The Newsmax star and former Fox News morning host went on to claim that sinking stocks would have little impact on the average American worker
“Most Americans have little engagement with Wall Street. Maybe a modest 401 K, which, at this rate, will cover a few years of their retirement if they’re lucky,” Schmitt said.
However, according to the Bureau of Labor Statistics, 56 percent of American workers participate in a workplace retirement plan, which could include a pension or a retirement savings plan, such as a 401(k). Forty-five percent of employees have a retirement savings plan, which would be roughly 66 million Americans who are active participants in a 401(k) program.
“Right now, Trump is attempting to reimagine our entire economy because it’s not working too well when you really think about it. If this plan works, labor in this country will cost more as workers see better pay, less outsourcing, and fewer illegals plunging the pay scale,” the conservative host concluded. “Deportations could also bring relief on home prices as well. Less demand for housing means the price of housing goes down. All of these that I just listed off are bad things for Wall Street. Every single one of them is bad for Wall Street, but they are great for Main Street.”
