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Donald Trump Claims Stock-Market Gains Cancel Out National Debt
13 October 2017, 04:58 | Opal Carroll
Hannity was hired by the network in 1996 seven years after he made the remarks
Republican Sen. Ben Sasse cleaned Sean Hannity's clock on Thursday, telling the Trump puppet and Fox News host that "some of us still believe in the Constitution". That the U.S.is $20 trillion in debt is only good or bad news to the extent that money is and was productively used.
"As you know, the last eight years, [the federal government] borrowed more than it did in the whole history of our country", Trump said. "Possibly picked up the whole thing in terms of the first nine months, in terms of value".
Also, more or less accurate - $9 trillion to be exact.
"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.
Huh? To say this is a head-scratcher is an understatement. The stockmarket could reverse its gains and all of those profits could disappear, and the debt would remain at around $20 trillion. Shareholders and investors reap the rewards.
"The stock market's gains have virtually nothing to do with the size of the national debt, which continues to rise because government spending far exceeds government receipts", political economist Greg Valliere told CNNMoney. "It [stock market gains] reflects a stronger underlying economy that will eventually help reduce the national debt through higher tax revenues but there is just no connection". To cut the debt, Congress has to spend less or raise taxes. The U.S. intelligence community has concluded that the Kremlin attempted to influence the election.
"They said - they lost the election - they sat in a room and they said, 'Wow, we look bad.'" Trump said. So, on their own, the tax cuts being sought by Trump would hugely expand the deficit and add to the debt. As CNBC details, to see why this doesn't make sense, consider the relationship (or lack thereof) between the stock market and debt during the Obama administration.
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