Trump Makes Puzzling Claim That Stock Market Gains Have Reduced The Debt

Hannity was hired by the network in 1996 seven years after he made the remarks

It's correct that the USA owed almost $20 trillion when Trump took office. Right? And yet we picked up $5.2 trillion just in the stock market. He went on, "As you know, the last eight years, [the federal government] borrowed more than it did in the whole history of our country. Possibly picked up the whole thing in terms of the first nine months, in terms of value".

"So you could say, in one sense, we're really increasing values", he continued.

Huh? To say this is a head-scratcher is an understatement.

"In no sense does the stock market rally wipe out the national debt", said Romans. As of October 10, the USA owes over $20 trillion in debt, a slight increase from January. To cut the debt, Congress has to spend less or raise taxes.

"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. When he left office this past January, the USA owed approximately $19.9 million. "In zero sense does a stock market rally, which enriches corporations and investors and shareholders, translate into American taxpayers and the national debt". "But it's absurd to contend that the national debt has fallen because of this".

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And while Trump likes to talk about "reducing debt", the economic policy proposals he's unveiled so far, especially his tax reform plan, could easily add another trillion dollars to the debt, according to economists.

"They sat in a room and they said, 'Wow, we look bad.' The morning after - in fact it's been written about in various books or a book - but they said, 'Why did you lose the election?' 'Ah, it was Russian Federation!"

In terms of stock market gains, Trump is accurate about the increase, although the exact figure could be up for debate.

As Business Insider's Josh Barro theorized, it's possible that Trump was thinking about the national debt and the stock market in the same terms as one of his real-estate holdings-stocks are up in anticipation of future growth, which improves the government's hypothetical ability to service its debt.

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