Thursday, 14 December, 2017

Trump indicates he has no idea how the national debt works

Hannity was fired from KCSB the University of California's radio station after the controversial segment in 1989 Hannity was fired from KCSB the University of California's radio station after the controversial segment in 1989
Sammy Stanley | 13 October, 2017, 05:01

The stock market and federal debt levels are not connected.

"You know the last eight years, they borrowed more than it did in the whole history of our country. So, you can say in one sense we're really increasing values; and maybe in a sense we're reducing debt".

The White House said changing the way foreign earnings are taxed - along with a one-time incentive to bring back some of the estimated $2.5 trillion USA companies have parked overseas - would result in $4,000 more for American workers over an eight-year period. "But we're very honored by it", Trump said. "And we're very, very happy". "That means more money in the pocket of everyday citizens, and more circulating in our economy as a whole", the official argued. "You're going to have so much money to spend", he told the crowd.

And stock market gains are on paper (though one can borrow against them without selling).

Still, to a degree, the ability to service the debt has improved because of the stock market's rise.

Warm with chance of scattered showers
We're tracking the chance for showers around the Monday time frame, but at this point it doesn't look like a deluge. The warm weather will continue for both Saturday and Sunday with highs ranging from the upper 70s to lower 80s.

The national debt, which he correctly states is $20 trillion, is the result of the government spending more than it takes in.

During his campaign, Trump claimed that under his tutelage the US would be debt-free within eight years-a feat that has not been accomplished since 1835. As of October 10, the US owes over $20 trillion in debt, a slight increase from January. If the US funds expansions of education or infrastructure that allows for better and more economic activity, then it's money not just well spent, but as Trump would say, in a sense reducing debt.

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

Hannity's whiney Twitter post follows a statement released by Sasse on Wednesday, in which the Republican senator took Trump to task for threatening to "challenge" NBC News' license, which would be a stunning assault on the U.S. Constitution. An analysis of Bloomberg data between November 8, 2016 and October 11, 2017, shows that the S&P 500 market cap increased by $3.5 trillion, from $19.2 trillion to $22.7 trillion.

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