President Donald Trump boasted once again on the gains that the economy has made under his administration. Speaking during an event at an Ohio manufacturing company, the president said that the US economy is roaring under his presidency, attributing this success to prudent economic policies and favorable tax reforms that were enacted recently.
However, the stock market has taken a beating in the last two days. Monday’s trading saw the Dow drop more than 1,000 points. This is the highest drop recorded over the last two years. The bond market has also dropped in the past few days.
Trump talked about the recent jobs growth in the country adding that the factories are coming back to the US. He added that America is once again open for business citing increased investments in the country. But president Trump didn’t mention the stock market. In previous speeches, Trump never missed an opportunity to remind the country that the growth in the market seen under his presidency was all his doing. Nonetheless, even with the market crash of the last few days, the Dow is still trading at a significantly higher level compared to the time when he took office.
The turmoil in the stock market was covered live as the president delivered the speech. Even conservative-leaning networks such as Fox News were covering it. The irony couldn’t be more apparent. On one side of the screen there was Trump touting gains in the economy and on the other side there were live images of the Dow taking a dive. In fact, Fox News cut off the president’s speech when the drop hit 1,000 points.
When the markets closed, the Dow had lost 1,175 points. This was the largest single-day market loss ever recorded. In response to this, Raj Shah, deputy press secretary at the White House, said that it was normal for markets to fluctuate in the short term. He added that the fundamentals of the economy remained strong and prospects are looking good. After the president’s speech, White House press secretary Sarah Sanders told reporters that the administration is focused on long-term economic gains adding that the foundation had already been laid.
The speech in Cincinnati was meant to highlight some of the steps that the administration has taken to boost economic growth and to tout the gains that had been made so far. However, Trump didn’t quite stick to the script. At one point, he attacked Democrats suggesting that it was “treasonous” for some liberal lawmakers in the Senate to not stand and applaud him during the State of the Union address.
Political analysts say that the speech in Ohio could provide a sneak peak on the strategy that the president might use in the upcoming midterms. The tax cuts, in particular, and how they have put extra money in American pockets will be at the top of the agenda. The economy is expected to play a big role in his campaign as well.