Donald Trump Claims Stock-Market Gains Cancel Out National Debt

Jake Tapper uses Harvey Weinstein scandal to bash Trump and Sean Hannity

Jake Tapper uses Harvey Weinstein scandal to bash Trump and Sean Hannity

And no, that stock market rally did not reduce or offset the national debt either. He went on, "As you know, the last eight years, [the federal government] borrowed more than it did in the whole history of our country".

"I'm so proud of the $5.2 trillion dollars of increase in the stock market", 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.

As fresh reports surfaced of a whole new level of disfunction within the Donald Trump White House, the President was rolled out in front the cameras for what amounted to an ego-stroking "interview" with Sean Hannity of Fox News.

The Republican tax plan unveiled last week calls for as much as $6 trillion in tax cuts that would sharply reduce federal revenues.

"We can't let anybody play around with our voters and our voter system", Trump said. "But we're very honored by it". But even this generous explanation relies on so many assumptions that it doesn't really help Trump-as the president continues to be reminded, the United States is not a real-estate business, and the White House is not a family office.

But any claim that stock market gains directly wipe out national debt is simply inaccurate. Consequently, debt is directly reduced when nations take in more money then they spend, a feat typically accomplished by raising taxes or cutting spending.

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. When he left office this past January, the USA owed approximately $19.9 million.

In terms of stock market gains, Trump is accurate about the increase, although the exact figure could be up for debate. As of October 10, the US owes over $20 trillion in debt, a slight increase from January. An analysis of Bloomberg data between November 8, 2016 and October 11, 2017, shows that the S&P 500 market cap increased by $3.5 trillion, from $19.2 trillion to $22.7 trillion.

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