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Trump touts stock market gains, suggests he is 'reducing debt'

12 October 2017

As you know the last eight years, they borrowed more than it did in the whole history of our country.

He told Sean Hannity, "Now, if you look at the stock market, that's one element, but then we have many other elements". Possibly picked up the whole thing in terms of the first nine months.

Huh? To say this is a head-scratcher is an understatement. Stock prices are volatile - we can't count on the recent rally as a clear sign of improved expectations for growth. Shareholders and investors reap the rewards. What matters is whether the government has a debt it can reasonably service.

The national debt, which sits at $20 trillion and counting, is the debt owed by the federal government. No commensurate spending cuts have been proposed. That would free up cash to pay down what the US owes.

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Trump appeared to be suggesting that stock market gains would lead to a reduction in the country's national debt.

"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!" "But it's absurd to contend that the national debt has fallen because of this". So, on their own, the tax cuts being sought by Trump would hugely expand the deficit and add to the debt.

A White House spokeswoman did not immediately respond to CNBC's request for additional information about the president's comments.

"Stock Market has increased by 5.2 Trillion dollars since the election on November 8th, a 25% increase". No question investors cheer this president's pro-business, anti-regulation, lower taxes agenda. There were occasional quarters where GDP growth broke 3% during the Obama administration, even though the long-run pace of growth remained slow, and that is likely to also be true under Trump.

Trump touts stock market gains, suggests he is 'reducing debt'