Trump touts business gains, warns of 1929-level economic 'crash' if he loses election

Trump expressed optimism over the economy ahead of the holiday weekend

President Trump recognized small businesses and touted an economic recovery on Thursday, during a "Spirit of America" celebration at the White House, a precursor to this weekend's Fourth of July celebrations.

At the same time, he ominously warned of a "crash" on par with the 1929 nosedive that coincided with the Great Depression — if he loses reelection.

The "showcase of America's small businesses," as the president described it, featured companies that produce items such as grills, fly fishing reels, flags, coffee, ice cream, sunscreen and baseball bats. Prior to speaking, Trump was seen taking a few swings with one of the bats on display.

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“Every company here today embodies true American excellence," Trump said during a brief address.

Trump went on to celebrate "outstanding news from all over our country," as nearly 5 million jobs were added in the month of June — a recovery from severe unemployment that befell Americans in the wake of the coronavirus pandemic.

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Regarding the battle against COVID-19, Trump said "we haven’t totally succeeded yet" but "we will soon."

With the economy gradually reopening and jobs coming back, Trump predicted that by next year the country will be in an even stronger position than prior to the pandemic. That is, he warned, as long as he wins in November and remains in office.

"You'll have a crash like you've never seen before," Trump said, warning against potential Democratic tax hikes. "You put the wrong person in office, you’ll see things that you would not have believed were possible."

Reprising a warning he delivered earlier in the day about the prospect of Democratic challenger Joe Biden raising taxes, he said, "That will be, all of this incredible job that we’ve done, will go down like that. It will be a terrible, terrible sight. It might even be a 1929 situation. So you have a chance to have the greatest numbers in history."

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The president then thanked law enforcement officials and the National Guard for protecting monuments that some rioters have targeted in recent weeks in the name of racial justice. Trump declared that "we’re a nation committed to equal and abundant opportunity for citizens of every race, color, religion and creed."

Democrats, meanwhile, warned that the June jobs report might be misleading, and continued to hammer Trump's handling of the pandemic.

“The early June snapshot in the jobs report, when the economy was opening up too early, does not reflect the coronavirus spiraling out of control, forcing communities that had begun to reopen to close once again," House Speaker Nancy Pelosi, D-Calif., said in a statement.

On Friday, Trump will appear at Mount Rushmore for a fireworks display, followed by a celebration in Washington, D.C., on July 4.

Fox Business' Evie Fordham contributed to this report.