As it turns out, Donald Trump is even dumber than we ever imagined.
Appearing on Sean Hannity’s show Wednesday evening, Trump tried to take credit for reducing the national debt, but what he said only served to prove that he doesn’t understand the basics of economics.
Referring to recent gains in the stock market, Trump bragged:
“I’m so proud of the $5.2 trillion dollars of increase in the stock market.”
Trump conveniently neglected to mention that he inherited a growing economy and thriving stock market from the Obama administration, then tells Hannity:
“Now, if you look at the stock market, that’s one element, but then we have many other elements. The country — we took it over, it owed $20 trillion, as you know, the last eight years they borrowed more than it did in the whole history of our country, so they borrowed more than $10 trillion — and yet, we picked up $5.2 trillion in the stock market, possibly picked up the whole things in terms of the first nine months in terms of value.
“So, you could say in one sense we are really increasing values, and maybe in a sense we are reducing debt.”
WTF?! Dude, when the stock market increases in value, that doesn’t mean the national debt decreases. The two are not linked in that respect. As Christina Wilkie of CNBC notes:
“For evidence that the two metrics have little to no bearing on one another, look no further than the eight years of the Obama presidency: Between 2009 and 2017, the S&P 500 returned 235 percent while the national debt soared.”
And while Trump tries to blame Obama for the rise in the national debt, his own tax plan would stack at least $6 trillion in new debt atop the $20 trillion he complains about. Reuters has reported:
“The Republican tax plan unveiled last week calls for as much as $6 trillion in tax cuts that would sharply reduce federal revenues. No commensurate spending cuts have been proposed. So, on their own, the tax cuts being sought by Trump would hugely expand the deficit and add to the debt.”
Trump’s comments on the debt and stock market should come as no surprise to anyone. After all, this is the same man who filed for bankruptcy on his hotels and casinos six times. Yet again, Trump proves the only thing he’s an expert on is nothing.
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