Economist Stephen Moore, who once wrote for The Wall Street Journal before becoming a fellow at The Heritage Foundation, announced Wednesday that the stock market had gained $2 trillion in wealth since President Donald Trump’s election in November.
“I don’t think there is any question the 10 percent rise in the stock market since the Election Day is in large part a Trump rally,” he said Wednesday on Fox Business Network’s “Risk & Reward with Dierdre Bolton,” guest-hosted by Elizabeth MacDonald
“Some of the investors were worried whether Trump would be able to do the things he said he was going to do. Now, they are seeing it firsthand.”
Moore added that Trump’s executive actions — which have included freezing federal hiring, freezing new regulations, beginning to roll back Obamacare and restarting the Dakota Access and Keystone XL pipeline projects — have made investors feel better.
“One of the reasons the Democrats lost this election is they stopped worrying about the things that American hard-hat union members care about,” Moore continued. “They care about jobs and income.”
He was right. According to Rasmussen Reports, a majority of likely voters supported cutting regulations and slashing federal spending, among other things, to boost the economy. They supported these measures so much, in fact, that by Thursday the president’s approval rating had skyrocketed to a high of 59 percent.
As Moore also noted, the American people did not feel like being “sacrificed at the altar of (liberals’) radical climate-change agenda.”
Watch the full interview below:
To be fair, an increase in the stock market’s wealth will not necessarily translate to tangible gains in the overall economy, but it does strongly suggest that the nation is on the right trajectory because American companies are being valued more highly by investors under the Trump administration.
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