Trump Ignorantly Thinks the Stock Market Reduces Government Debt

Former White House strategist Steve Bannon takes part in an interview with host Sean Hannity on the set of Fox News Channel's “Hannity” in New York on Monday. AP

President Donald Trump is scheduled to sit down with Fox News' Sean Hannity on Wednesday in Harrisburg for an exclusive interview to air on the network.

The Republican tax plan unveiled last week calls for as much as $6 trillion in tax cuts that would sharply reduce federal revenues.

"So you could say, in one sense, we're really increasing values". The claim is incorrect on its face, but it does point to how the president views the economic interplay between the federal government and Wall Street. As CNBC details, to see why this doesn't make sense, consider the relationship (or lack thereof) between the stock market and debt during the Obama administration. "But we're very honored by it", Trump said.

In Trump's fractured mind, the stock market is part of a big pile of money that is used to pay the national debt.

While it's true that USA stock market indexes have risen markedly during Trump's time in office, the current gains are part of a bull market that began in the spring of 2009, when the country began to recover from the Great Recession and the collapse of the housing market.

Earlier Wednesday, Trump vowed that the stock market and employment would "grow by leaps and bounds" if Congress passes tax cuts he is proposing.

As for that stock market rally, the Standard and Poor's 500 is up almost 20% since his election - an impressive rally. "Lowest unemployment in 16 years and if Congress gives us the massive tax cuts (and reform) I am asking for, those numbers will grow by leaps and bounds #MAGA", the president said in a series of tweets.

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