The president thinks it’s “tremendous news” that the Dow has been flat for more than a year.
On Wednesday, President Donald Trump celebrated as the Dow Jones Industrial Average climbed above 25,000, seemingly oblivious to the fact that he celebrated the exact same thing more than a year ago.
Since the idea of investing is for the value of your investments to increase over time, Trump’s celebratory tweet about the exact same milestone in the stock market amounted to a self-own.
For Trump, time is a flat circle
Trump posted a tweet on Wednesday noting that “Dow just broke 25,000,” and called that development “tremendous news!”
Dow just broke 25,000. Tremendous news!
— Donald J. Trump (@realDonaldTrump) January 30, 2019
His tweet accidentally acknowledged that 2018 wasn’t a great year for investors. It’s almost identical to one he posted on January 4, 2018, shortly after he signed into law tax cuts targeted mostly at businesses and the wealthy, touting that the Dow had just hit that same number.
“Dow just crashes through 25,000,” Trump tweeted. “Congrats! Big cuts in unnecessary regulations continuing.”
Dow just crashes through 25,000. Congrats! Big cuts in unnecessary regulations continuing.
— Donald J. Trump (@realDonaldTrump) January 4, 2018
Those weren’t even the only two times Trump celebrated the Dow surpassing 25,000 since the beginning of 2018. On July 14, 2018, he posted a tweet noting that “The Stock Market hit 25,000,” adding, “It is all happening!”
The Stock Market hit 25,000 yesterday. Jobs are at an all time record - and that is before we fix some of the worst trade deals and conditions ever seen by any government. It is all happening!
— Donald J. Trump (@realDonaldTrump) July 14, 2018
Trump really doesn’t have a lot to brag about
Though Trump has apparently already forgotten about it, 2018 was in fact the worst year for stocks since 2008 — the year the country sank into the Great Recession.
As Vox’s Emily Stewart explained last month, some of the factors behind the slide had to do with Trump, and some didn’t:
The current economic expansion and stock market run (until recently) has been going on for so long — and so much longer than many economists expected — that investors have been wondering for quite some time when that luck would run out. It looks like a combination of global and domestic events are starting to convince Wall Street that time is now.
Trump’s trade war with China is causing a variety of concerns, ranging from its impact on US farmers to its potential to raise consumer prices to its economic effects in both China and the US. Economic growth has slowed in Europe and is expected to slow in China next year. Drama over Brexit is also causing ripples, as are signals from the US Fed that it will continue to hike interest rates, potentially dampening the stock market and economy.
As the market sank throughout the wall, Trump stopped bragging about it. Instead, he cited low gas prices as a metric of his success.
But January has been better for stocks, and on the heels of the Fed announcing that interest rates will remain unchanged on Wednesday, the Dow closed the day at its highest level since December 6 of last year.
Trump has a hard time remembering lots of stuff he said
The morning after his latest Dow Jones tweet, Trump posted another urging people to “stop playing political games” and just call his border wall “a WALL!”
“Lets just call them WALLS from now on and stop playing political games! A WALL is a WALL!” Trump wrote.
Lets just call them WALLS from now on and stop playing political games! A WALL is a WALL!
— Donald J. Trump (@realDonaldTrump) January 31, 2019
He seems to have forgotten that nobody has played the “political games” he now decries more than him. This month alone, he’s referred to the wall as “a barrier instead of a wall” and said, “Whatever you want to call it is okay with me. They can name it whatever. They can name it peaches.”
Last month, Trump variously described his wall as “artistically designed steel slats,” “a great Steel Barrier,” and a “Steel Slat Barrier.” But much like with the stock market’s performance in 2018, Trump seems to have forgotten and moved on.
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Breaking News: Trump’s latest tweet about the stock market is actually an incredible self-own - News Paper
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