World Blog by humble servant.Home Economy & Politics In One Chart. The White House probably won’t be tweeting this Trump-vs.-Obama chart.pointing to this chart of market performance under Trump vs. Obama. Before Monday’s meltdown, the S&P 500 SPX, -1.97% had registered a gain of 20.9% under Trump as compared with a 51.4% rally under Obama for the same number of market days. (This measurement excludes the impact of dividends.)
Nos. 44 and 45.
By
SHAWN
LANGLOIS
SOCIAL-MEDIA EDITOR
Donald Trump has long pointed to the bull market as a clear validation of his Make America Great Again policies. He celebrates passing Dow milestones with tweets of self-appreciation like this one from earlier this year:
Donald J. Trump
✔
@realDonaldTrump
Dow goes from 18,589 on November 9, 2016, to 25,075 today, for a new all-time Record. Jumped 1000 points in last 5 weeks, Record fastest 1000 point move in history. This is all about the Make America Great Again agenda! Jobs, Jobs, Jobs. Six trillion dollars in value created!
47.7K people are talking about this
He’s not the only one in the White House making the connection.
Bill McBride of the popular Calculated Risk blog, pointed out other prominent members of Team Trump making similar declarations.
Treasury Secretary Steven Mnuchin, for instance, answered a question last year about whether the strong rally was a vote of confidence in the new administration. “Absolutely, this is a mark-to-market business, and you see what the market thinks,” he told CNBC at the time.
Later that year, Gary Cohn, who was then Trump’s chief economic adviser, said the stock market reflects changes Trump has brought to the business climate. “There is going to be a continuation [of the] rally in the equity markets based on real underlying fundamentals of the U.S. economy ... as well as companies having more earnings power because of lower tax rates,” he said.
Larry Kudlow, the guy who replaced Cohn, made his thoughts on the matter clear well before his gig at the White House. “I have long believed that stock markets are the best barometer of the health, wealth and security of a nation,” he said in back in 2007. “And today’s stock-market message is an unmistakable vote of confidence for the president.”
Related: The Trump Scoreboard looks pretty good — if he’d only talk about it
McBride, however, said he’s not a big believer in the market as a measure of policy performance. But for those who do believe in it, he said, “I’m having a little fun with them,” pointing to this chart of market performance under Trump vs. Obama.efore Monday’s meltdown, the S&P 500 SPX, -1.97% had registered a gain of 20.9% under Trump as compared with a 51.4% rally under Obama for the same number of market days. (This measurement excludes the impact of dividends.)
As you can see from the chart above, the market comps don’t get any easier for the Trump administration in the coming years.
If stocks continue to lag their performance under his predecessor, Trump will surely be ready with a handy explanation, as he was on Monday when the Dow DJIA, -2.32% dropped more than 600 points.
The tweet below shows him shouldering responsibility. ( He blamed the decline on Democrats.)
Donald J. Trump
✔
@realDonaldTrump
The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!
71.4K
10:34 AM - Nov 12, 2018
By
SHAWN
LANGLOIS
SOCIAL-MEDIA EDITOR
Donald Trump has long pointed to the bull market as a clear validation of his Make America Great Again policies. He celebrates passing Dow milestones with tweets of self-appreciation like this one from earlier this year:
Donald J. Trump
✔
@realDonaldTrump
Dow goes from 18,589 on November 9, 2016, to 25,075 today, for a new all-time Record. Jumped 1000 points in last 5 weeks, Record fastest 1000 point move in history. This is all about the Make America Great Again agenda! Jobs, Jobs, Jobs. Six trillion dollars in value created!
47.7K people are talking about this
He’s not the only one in the White House making the connection.
Bill McBride of the popular Calculated Risk blog, pointed out other prominent members of Team Trump making similar declarations.
Treasury Secretary Steven Mnuchin, for instance, answered a question last year about whether the strong rally was a vote of confidence in the new administration. “Absolutely, this is a mark-to-market business, and you see what the market thinks,” he told CNBC at the time.
Later that year, Gary Cohn, who was then Trump’s chief economic adviser, said the stock market reflects changes Trump has brought to the business climate. “There is going to be a continuation [of the] rally in the equity markets based on real underlying fundamentals of the U.S. economy ... as well as companies having more earnings power because of lower tax rates,” he said.
Larry Kudlow, the guy who replaced Cohn, made his thoughts on the matter clear well before his gig at the White House. “I have long believed that stock markets are the best barometer of the health, wealth and security of a nation,” he said in back in 2007. “And today’s stock-market message is an unmistakable vote of confidence for the president.”
Related: The Trump Scoreboard looks pretty good — if he’d only talk about it
McBride, however, said he’s not a big believer in the market as a measure of policy performance. But for those who do believe in it, he said, “I’m having a little fun with them,” pointing to this chart of market performance under Trump vs. Obama.efore Monday’s meltdown, the S&P 500 SPX, -1.97% had registered a gain of 20.9% under Trump as compared with a 51.4% rally under Obama for the same number of market days. (This measurement excludes the impact of dividends.)
As you can see from the chart above, the market comps don’t get any easier for the Trump administration in the coming years.
If stocks continue to lag their performance under his predecessor, Trump will surely be ready with a handy explanation, as he was on Monday when the Dow DJIA, -2.32% dropped more than 600 points.
The tweet below shows him shouldering responsibility. ( He blamed the decline on Democrats.)
Donald J. Trump
✔
@realDonaldTrump
The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!
71.4K
10:34 AM - Nov 12, 2018
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