Previously, alleged president Donald Trump and his aides have taken credit for increases in the stock market, but now the White House suddenly doesn’t want credit when the market is down. To team Trump, if the stock market is doing well – even though he just got into office – it’s due to the amateur president’s economic agenda. But if stocks aren’t faring as well, it’s not fair to tie that to Trump’s economic agenda.
The Hill reports:
White House press secretary Sean Spicer said it wasn’t fair to judge the Trump administration’s economic policy based on the performance of the stock market.
President Trump, Treasury Secretary Steven Mnuchin and several White House aides previously claimed credit as the Dow Jones Industrial Index soared to record highs following Trump’s election and inauguration.
But as the Dow Jones, S&P 500 and Nasdaq each fell roughly 1 percent on Tuesday, Spicer said it wasn’t fair to judge the administration on the stock market.
Spicer cautioned people against using stock indexes to evaluate the success of Trump’s administration, despite Trump having done exactly that previously.
As the Dow Jones industrial average shed about 200 points Tuesday, CNBC asked if Trump believes the decline in U.S. markets is a result of his performance as president. Spicer pushed back, saying that the administration has cautioned against looking at one-day market performance and that the U.S. markets continue “to be up tremendously.”
“You can’t look at one indices and say that’s the benchmark for an entire economy,” Spicer said. “You see confidence levels both in small business and other surveys that show there’s continues confidence in the market.”
— CNBC Now (@CNBCnow) March 21, 2017
At one point, Mnuchin previously told CNBC that the stock market was “absolutely” a report card for the Trump administration’s economic policy.
“We’re in an environment where there’s very attractive investment opportunities in the U.S., and I think that’s reflective of the administration’s goals and what the market thinks of it,” Mnuchin said.
And then there’s Trump:
Great optimism for future of U.S. business, AND JOBS, with the DOW having an 11th straight record close. Big tax & regulation cuts coming!
— Donald J. Trump (@realDonaldTrump) February 25, 2017
Since November 8th, Election Day, the Stock Market has posted $3.2 trillion in GAINS and consumer confidence is at a 15 year high. Jobs!
— Donald J. Trump (@realDonaldTrump) March 2, 2017
Trump opened a can of worms and now he wants to close it.
Featured image via screen capture.