In keeping with his general exuberance when it comes to sticking it to the opposition, Trump tweeted on the 3rd of July:
Dow hit a new intraday all-time high! I wonder whether or not the Fake News Media will so report?
— Donald J. Trump (@realDonaldTrump) July 3, 2017
At the White House 4th of July event Trump also remarked:
“No matter where you look, the economy is blazing. And on every front we’re doing well. And we do have challenges, but we will handle those challenges — believe me.”
The fact is “peaks and valleys during the day generally don’t make for screaming headlines. Investors generally pay more attention to where stock market indexes stand when trading ends at 4 p.m. Because those markets have been setting records for months, Monday’s intraday peak wasn’t that notable, though the financial media reported on it. The stock market has been rising under Trump’s watch, as it rose under Obama’s since 2013.”
Furthermore, the American economy is not blazing. The numbers tell the actual truth. During the first three months of the year, the economy grew by 1.4 percent. It is, however, estimated that the economy will grow 2.2 percent this year, 2.1 percent in 2018 and 1.9 percent in 2019.
Thirdly, whose recovery is it, really?
As for job creation, the Bureau of Labour Statistics makes a comparison between the first half of this year and last year. Last year, job growth averaged at 186,000 and this year 180,000.
At the Energy meeting with European leaders in Warsaw on Thursday, Trump was reported to have said:
“When I say that the stock market is at an all-time high, we’ve picked up in market value almost $4 trillion since Nov. 8, which was the election. $4 trillion — it’s a lot of money. Personally, I picked up nothing, but that’s all right. Everyone else is getting rich. That’s OK. I’m very happy. ”
Of course, Trump is happy. His stock market investments in companies like Apple and Microsoft have recorded an increase. For instance, Apple is up 24 percent year-to-date, Caterpillar Inc. up 15 percent while Microsoft Corp. up nearly 12 percent).
But this is not the case for most Americans who don’t own stocks. According to New York University economist Edward Wolff, Americans do not have a healthy relationship with the stock markets. Only 10 percent of the U.S. population owns 80 percent of the stock market wealth. So, while Trump is making cool cash from the growth in the stock market , everyone else is not living the American dream.
Sources:
Bureau of Labour Statistics
Reformed social media monitoring spirit
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