All Those Big Stock Market Gains Trump Bragged About? All $11.5 Trillion of Them Are Gone
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It was always nonsense to declare that the Trump economy (or the Obama economy, for that matter) was good for all Americans, since the lack of universal healthcare and a livable minimum wage meant that so many were going to be left behind, but Trump could legitimately brag about a robust stock market…i.e., a good economy for the rich and heavily invested. That was the flag he could wave proudly as he ignored valid criticisms.
Now? After another disastrous day for the markets, it’s all gone. From Business Insider:
Thursday’s massive sell-off has erased any remaining stock market gains made since President Trump’s 2016 election win.
US stocks are down more than 8% Thursday afternoon as coronavirus risks build and investors fear near-term recession. The total market cap of the US equities market, as measured by the Russell 3000 index, has declined by $11.5 trillion from its February 19 peak to $23.8 trillion as of Thursday morning.
The current market cap is roughly equal to the size of the stock market when Donald Trump emerged victorious in the 2016 election.
The two biggest contributing factors have been a global oil-price war, and, of course, the coronavirus pandemic. The Trump administration has been totally unprepared to deal with the latter, and as major events have been canceled across the country, Trump continues to cast blame on organizations like the CDC: