When Donald Trump took office as U.S. president, he didn’t suddenly exit his metaphorical golden tower. He still sits inside it as the days and weeks and months drag on, dishing out pronouncements about the state of society and the economy that have little connection to reality.
Thursday, he did so yet again, proclaiming the national economy to be in tip top shape thanks to some positive economic indicators and yet again completely ignoring the nuances of the situation.
He praised the fact that the S&P 500 index hit an all time high, as the values of the publicly traded companies that are part of it went up from a quantitative stand point.
What he glosses over, though, is that underlying issues remain, and major corporations getting a short term boost doesn’t reflect the many, many other layers of the economy.
His tariffs against trading partners around the world are still in effect. Although large corporations may be able to absorb the added costs — key word “may” — smaller entities almost certainly can’t. A recently formed group of over 80 industry groups is working on collecting stories of such interests facing hurt from the stewing trade wars as part of a public relations campaign against the tariffs.
Besides, there are other conflicting factors too. For one, the stock market has been rising in value since the Obama era. Secondly, that’s the way it works — the stock market gains overall value over time, pending no major calamities. Trump shouldn’t be praised for managing to not send the economy completely down the drain, but that’s the direction he’s heading, anyway.
Check out Twitter’s response below.
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