Monday morning, news agencies around the world were abuzz with reports that stocks have plunged yet again today, marking a drop of more than 5% total — more than 1,500 points — over the last six trading days. That’s not good news for investors, but it’s even worse news for the Trump administration, which has been busy for the last year trying to claim that the records being set week after week by the rising market could somehow be attributed to the new president immediately after his inauguration.
Now that he’s been in office long enough for his economic policies — like the disastrous tax giveaway that he signed for the GOP at the end of 2017 — to actually have an effect on the economy, the market he once bragged about is beginning to tank.
Friday, in fact, was the single worst day the market has seen since the summer of 2016. Aboard Air Force One, Trump spokesman Raj Shah tried to placate reporters:
“Look, markets do fluctuate in the short term. I think we know that. [But] the fundamentals of this economy are very strong and headed in the right direction for the middle class in particular.”
It’s hard, however, to forget about Trump’s incessant tweeting about the stock market. Just a month ago, Trump accused “the media” of not reporting how well it was doing despite setting records:
The Fake News Media barely mentions the fact that the Stock Market just hit another New Record and that business in the U.S. is booming…but the people know! Can you imagine if “O” was president and had these numbers – would be biggest story on earth! Dow now over 25,000.
— Donald J. Trump (@realDonaldTrump) January 5, 2018
The fact is, though, that the rise of the stock market, much like the historically-low black unemployment rate he loves to claim credit for as well, was well on its trajectory long before he started claiming it was because of him.
It makes one wonder if everything that was going well under Obama will suddenly tank, once it’s been long enough to be Donald Trump’s fault. Let’s hope that the stock market isn’t an indicator of things to come. Jobs haven’t shown a net loss in a single month since October of 2010 — will that turn around under Trump’s leadership? Wages have been going up since 2014, but with Republicans in control, there’s new push against higher minimums.
Every single thing that Trump just took credit for during his recent State of the Union address, in fact, was something that was already happening under Obama.
Let’s hope it doesn’t all come to a screeching halt.
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