Trump indicates he has no idea how the national debt works

Trump indicates he has no idea how the national debt works

Donald Trump appeared on Sean Hannity's Fox News Channel show tonight and took a victory lap in his battle with the NFL and players taking a knee during the national anthem.

The Republican tax plan unveiled last week calls for as much as $6 trillion in tax cuts that would sharply reduce federal revenues. "And yet, we picked up 5.2 trillion just in the stock market", Trump said during an interview on Fox News". Possibly picked up the whole thing in terms of the first nine months.

"So you could say, in one sense, we're really increasing values". And no, that stock market rally did not reduce or offset the national debt either. "But we're very honored by it", Trump said.

Please note: This is a commentary piece. (Or at least he didn't seem to know it in his interview with Hannity.) That's concerning, particularly because Trump ran on his business savvy - and his ability to make America rich because he could work the markets and the financial sector better than anyone.

If the economy grows, the debt can grow too, and that's fine.

"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. The stock market has nothing to do with the debt.

But higher stock prices reflect corporate profits.

Trump also overreads the 3.1% second-quarter GDP growth figure, about which he brags constantly. But under the Obama Administration that same index rose 235%. In the policy area where Trump has taken the most action - immigration - his actions are likely to push growth downward. "Nobody knows debt better than me", Trump said on CBS in June 2016.

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