Monday, 23 October, 2017

Trump just claimed stock market gains actually offset national debt

Hannity was fired from KCSB the University of California's radio station after the controversial segment in 1989 Hannity was fired from KCSB the University of California's radio station after the controversial segment in 1989
Bennie Garza | 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, told Fortune. 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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