Is Trump right that rising stock market can reduce national debt?
13 October, 2017, 08:20 | Author: Lula Armstrong
Yes, you're right in thinking this isn't the usual way an interview between a journalist and a politician goes. What matters is Trump's answer. But what's even more disturbing is, one of the things we do know Sean Hannity is doing with the president during these phone calls, and during the times when they've met personally, Sean Hannity is giving advice to the president on how to run the country. So they borrowed more than $10 trillion.
"I'm so proud of the $5.2 trillion dollars of increase in the stockmarket", Trump said, referring to the bull market that began as the economy pulled out of the Great Recession during the months after President Obama took office. 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", Trump added, before Hannity quickly moved on to another topic.
"Russia was an excuse used by the Democrats when they lost the election", the USA leader said in an interview with Fox News.
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That's, um, not how this works.
While it's true that USA 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. The national debt is about $20.3 trillion.
The stock market, broadly speaking, measures wealth being created (or lost) by large corporations and investors in those companies. Last week, for instance, he told Fox News that he might "wipe out" Puerto Rico's $72 billion debt-something neither he nor the federal government has the power to do. There are two ways to reduce the debt: Raise taxes or reduce government spending. "A growing stock market is not going to fix that".
Trump seems not to know any of that.
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President Trump advertised his interview with Sean Hannity in tweets sent Wednesday.
Around the same time, he also suggested he would refinance federal debt, telling an interviewer: "I love debt".
As a real estate mogul, Mr. Trump crowned himself the "king of debt", frequently borrowing heavily to finance major acquisitions or new projects.
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