On Tuesday, during an interview with CNBC, Howard Schultz, the Executive Chairman of Starbucks predicts that the market growth rate will be slowing down. After announcing he will be stepping down from his position, many speculate that he might be running for office in the 2020 elections.
What He Said
As of Monday, Nasdaq had gone up by over 46%, Dow Jones’ stock average by over 35%, and the S&P500 by over 28%. Several times throughout his tweets, Trump took credit for the US stock market beating decades-long records.
However, Schultz said he believes that the growth rate will slow down in comparison to how fast it’s currently growing, “between now and 2020.” He also commented on Donald Trump’s use of the stock market as proof of his presidential success.
“I think it’s very wrong to use the stock market as a proxy for the US economy,” he said, explaining that we may see a drop occur in the near future.
He also added: “Listen, the economy is strong. I give Obama credit for that, I give Trump some credit for that, but we also have systemic problems in the country- the likes of which we did not have in a long time.” Among those systemic problems, he mentioned mental health, homelessness, opiates and the racial divide.
About Howard Schultz
Schultz has recently announced that he will be leaving his position as Starbuck’s executive chairman by June 26th, after 40 years of helping the coffee chain expand from just 11 stores to a store at every corner of the country.
This sparked a social media speculation that he may be planning to run for office during the 2020 elections. When asked about it during his interview on CNBC, he said, “Let’s see what happens.”