Reality is catching up with Trumps claims
Trump, in his State of the Union address last week, boasted to the nation about stock market gains: “The stock market has smashed one record after another, gaining $8 trillion and more in value in just this short period of time.”
He has boasted about the booming market in tweets no fewer than 54 times since taking office. Including boasts he has made in speeches, he has celebrated stock market gains roughly 100 times. In January alone he extolled the “record stock market,” the “most explosive stock market rally,” the “incredible” gains, and more.
And how is that boast working out for him now?
The Dow Jones industrial average plunged 1,175 points Monday, its biggest one-day point drop in history, following Friday’s beastly 666-point slide. The S&P 500 has lost more than $1 trillion in market value in just three trading days, and the Dow’s 8 percent drop in six trading days wiped out the year’s gains. (The Dow, however, shaved 500 points off that drop on Tuesday.)
Stocks rise and fall, but the recent sell-off shows the ultimate folly of the president’s fact-free existence. For a year, he took credit for stock market gains that were the continuation of a nine-year bull market (a market he had called a “bubble” before assuming the presidency). Now, the market is, arguably, beginning to react to Trump’s actual policies — a tax cut that added fuel to an already strong economy, raising fears it will overheat, causing inflation, higher interest rates and recession.
In ways large and small, reality is catching up with Trump.
http://www.heraldnet.com/opinion/milbank-reality-is-catching-up-with-the-presidents-claims/?utm_source=DAILY+HERALD&utm_campaign=8f3531fc48-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_d81d073bb4-8f3531fc48-228635337
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