Trump indicates he has no idea how the national debt works

Trump indicates he has no idea how the national debt works

He told Sean Hannity, "Now, if you look at the stock market, that's one element, but then we have many other elements. Possibly picked up the whole thing in terms of the first nine months, in terms of value". It's correct that the US owed almost $20 trillion when Trump took office.

In terms of stock market gains, Trump is accurate about the increase, although the exact figure could be up for debate.

While it's true that US stock market indexes have risen markedly during Trump's time in office, the current gains are part of a bull market that began in the spring of 2009, when the country began to recover from the Great Recession and the collapse of the housing market. "It [stock market gains] reflects a stronger underlying economy that will eventually help reduce the national debt through higher tax revenues but there is just no connection". Shareholders and investors reap the rewards. Like families, nations accrue debt when they spend more money than they take in.

But any claim that stock market gains directly wipe out national debt is simply inaccurate. To cut the debt, Congress has to spend less or raise taxes.

This ceremony is one of the oldest traditions in the U.S. Army, which dates back to the Revolutionary War. While the stock market is in the midst of a historic-but not at all unprecedented!-run, which the president regularly brags about on Twitter, it has. "But it's absurd to contend that the national debt has fallen because of this".

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The White House, in a statement, said Trump "was simply making the point that we've seen enormous growth in the stock market since his election, that means more money in the pocket of everyday citizens, and more circulating in our economy as a whole".

"The best I can say on his behalf", Mr. Bernstein said, "is it's mindless, wishful thinking, especially as his team is poised to seriously increase the debt through their big, regressive, unpaid-for tax cut".

As for that stock market rally, the Standard and Poor's 500 is up almost 20% since his election - an impressive rally. But under the Obama Administration that same index rose 235%.

Economic policy: he tried to connect the surge in the stock market since his election to the growing federal debt, which recently passed $20 trillion.

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