On Monday, the president delivered a speech on the occasion of his new national security strategy being released to the public. His national security strategy both codified some of the hallmarks of his volatile administration and indicated that someone somewhere inside of D.C. has an inkling of what’s supposed to be going on. In contrast to all the effort Trump has expended to sucker up to Putin throughout his rise to power, his administration’s new national security strategy calls Russia out for their aggression towards the United States.
That’s not all that took place on Monday, however. On Monday, the Dow Jones Industrial Average also hit yet another record, “gaining 140 points on Monday and improving almost 0.6% to close at 24,792,” as Fortune reports.
Trump, of course, was quick to claim credit for the improvements, posting a message to Twitter to that effect on Monday afternoon.
’70 Record Closes for the Dow so far this year! We have NEVER had 70 Dow Records in a one year period. Wow!’
To be sure, Trump is correct. The Dow Jones has never before had seventy record closes in the same year. The closest that it’s come was in 1995 — when Bill Clinton was president. In that year, it had 69 record closes.
In addition, even if there has been some accelerated growth recently in the stock market, it’s not as though it’s all Trump’s doing. It’s a well established fact at this point that the only thing that makes the growth in the stock market under Trump possible is the growth that the stock market experienced under the Obama Administration. In just the year 2013, the Dow posted 52 record closes.
Check out a graph of the Dow Jones index over time below.
The latest record close for the Dow Jones comes just a short time before Congress is set to vote on the final version of a tax reform plan that favors rich people. It had a special provision added to it at the last minute to reward those with “pass through” income from real estate investments, something that helped earned it enough GOP support to pass.
The tax reform plan, cutting taxes for the wealthy in some reanimation of the idea of “trickle down economics,” is set to put the U.S. economy in a precarious position with the government struggling to fund important programs. If there’s anything that recent history has taught us, it’s that large jumps in the stock market can easily come before large falls — and none of this stopped Trump from proclaiming the stock market finishing out the day at yet another record high as a win for his administration.
Trump has similarly taken credit for the improving unemployment rate, even though it has been improving since the Obama Administration, as the chart below indicates.
Should the GOP’s tax plan pass, it would represent the first major victory for the Trump Administration since Trump assumed office in January. Their previous major policy effort — repealing the ACA — failed for the time being.
Check out Twitter’s response to the president below.
Featured Image via Mark Wilson/ Getty Images