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".

Several employees injured, fires set during NC prison escape attempt
Students were dismissed, but those who ride the bus were required to have a parent at home when the bus arrived. Several schools in the Elizabeth City area have been since been placed on lockdown .

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.

Related Articles

  • Wal-Mart Stores, Inc. (WMT) Receives

    Wal-Mart Stores, Inc. (WMT) Receives "Hold" Rating from Stifel Nicolaus

    Cullinan Associates Inc increased American Electric Power (NYSE:AEP) stake by 7,800 shares to 23,600 valued at $1.64M in 2017Q2. At the close of regular trading, its last week's stock price volatility was 1.39% which for the month reaches 1.99%.

    Robbie Lawler set to take on Rafael dos Anjos Dec. 16

    Against dos Anjos at UFC on FOX 26, he'll look to string together a couple of wins to work his way back into title contention. Halifax's John Makdessi will fight Abel Trujillo while Montreal's Nordine Taleb will take on Sultan Aliev.

    Analysts Showing Optimistic Trends For Vipshop Holdings Limited (VIPS)

    Illinois-based First Tru Advisors Limited Partnership has invested 0.05% in Sprouts Farmers Market Inc (NASDAQ:SFM). Bernstein initiated Vipshop Holdings Ltd - ADR (NYSE: VIPS ) on Wednesday, January 11 with "Underperform" rating.
  • Swedish market shooting not a terror attack

    Trelleborg is a town is the far south of Sweden , around 650km south of Stockholm. There are several people who have encountered injuries.
    Feminists Outraged After Women's March Chooses Sen

    Feminists Outraged After Women's March Chooses Sen

    Sanders received harsh feedback from Twitter users who said his headlining slot is "hurtful" and "wrong". Some suggested that women should boycott the convention and its organizers.
    Federal court reinstates Ezekiel Elliott's 6 game suspension

    Federal court reinstates Ezekiel Elliott's 6 game suspension

    Since the National Football League was not granted stay this means Elliott will be able to play for the rest of the season. Elliott, 22, was never charged and has denied wrongdoing.
  • AT&T Estimates 300K DirecTV Now Adds for Q3

    AT&T Estimates 300K DirecTV Now Adds for Q3

    Shares in AT&T Inc ( NYSE:T ) were lower in pre-market trading after the telecoms giant issued a profit warning on Wednesday evening.

    Trump Selects White House Aide for Homeland Security Chief

    President Donald Trump nominated White House aide Kirstjen Nielsen to be the next secretary of Homeland Security on Wednesday. In accepting the nomination, Nielsen said she hopes to "live up to the standards the American people expect and deserve".
    AIG sees 3rd-quarter catastrophe losses of about $3 bln

    AIG sees 3rd-quarter catastrophe losses of about $3 bln

    XL Group issued a preliminary estimate of $1.48bn for third quarter catastrophe losses yesterday (11 October). Both insurers said the losses were within their expectations.
  • Man City ace Aguero break silence over Amsterdam accident

    Man City ace Aguero break silence over Amsterdam accident

    Manchester City forward Sergio Aguero says that signing Lionel Messi is hard because the Barcelona superstar is a "symbol" of the Catalan giants.
    Black man beaten in Charlottesville turns self in on warrant

    Black man beaten in Charlottesville turns self in on warrant

    Three men, Daniel Borden , Alex Ramos and Jacob Goodwin have been charged in connection with the beating. White nationalist protesters returned to Charlottesville on 8 October for a brief, torch-lit rally.
    Tough start for Juvic Pagunsan in PGA Tour's Malaysia stop

    Tough start for Juvic Pagunsan in PGA Tour's Malaysia stop

    The $7 million CIMB Classic is co-sponsored by the Asian Tour and PGA Tour , with prize money for the victor of $1.26 million. Three players are tied for fifth with 66s: Kevin Na, Gary Woodland and Pat Perez.