Trump just claimed stock market gains actually offset national debt
Trump just claimed stock market gains actually offset national debt
Hannity was hired by the network in 1996 seven years after he made the remarks
13 October, 2017, 09:46
During his latest interview with Fox News'Sean Hannity, President Trump went on a confused rant about the economy, at one point falsely suggesting that stock market gains are helping pay down the national debt.
The White House said changing the way foreign earnings are taxed - along with a one-time incentive to bring back some of the estimated $2.5 trillion US companies have parked overseas - would result in $4,000 more for American workers over an eight-year period. "And maybe in a sense we're reducing debt".
"Now, if you look at the stock market, that's one element, but then we have many other elements". Possibly picked up the whole thing in the first nine months, in terms of value.
But in an hour-long one-on-one, held at a military air base in Pennsylvania, Trump wasn't once challenged by Hannity as an adoring crowd of supporters, in a set adorned with USA flags, cheered and clapped at nearly every word. "And we're very, very happy with what's happening on Wall Street". 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.
"A rise in the stock market does absolutely nothing to reduce the national debt directly", Kenneth Rogoff, a Harvard economics professor and former chief economist at the International Monetary Fund, toldFortune. Higher stock prices mean gains for investors and shareholders; they in no way impact the amount of money the government owes. When he left office this past January, the USA owed approximately $19.9 million.
During his campaign, Trump claimed that under his tutelage the US would be debt-free within eight years-a feat that has not been accomplished since 1835.
In terms of stock market gains, Trump is accurate about the increase, although the exact figure could be up for debate.
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It also prevents against so-called "package pirates" - thieves that stalk people's homes and steal Amazon boxes off their porches. Year-to-date, AMZN has gained 31.65%, versus a 15.53% rise in the benchmark S&P 500 index during the same period.
Insiders contain to comply with strict disclosure requirements with regard to the sale or purchase of the shares of their company. Historical returns can also be useful when estimating where future points of data may fall in terms of standard deviations.
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