"And we're very, very happy".
"As you know, the last eight years, [the federal government] borrowed more than it did in the whole history of our country", Trump said. (Or at least he didn't seem to know it in his interview with Hannity.) That's concerning, particularly because Trump ran on his business savvy - and his ability to make America rich because he could work the markets and the financial sector better than anyone.
Trump is right that the stock market has added trillions in value since his election. So they borrowed more than $10 trillion.
Speaking to his pal Sean Hannity on Fox News, Trump said, "The country-we took it over and owed over $20 trillion", referring to the national debt. "Possibly picked up the whole thing in terms of the first nine months, in terms of value". "We're very honored by it". If the USA funds expansions of education or infrastructure that allows for better and more economic activity, then it's money not just well spent, but as Trump would say, in a sense reducing debt.
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"The stock market's gains have virtually nothing to do with the size of the national debt, which continues to rise because government spending far exceeds government receipts", political economist Greg Valliere told CNNMoney.
CNBC pointed out that the stock market and the national debt have nothing to do with each other, "For evidence that the two metrics have little to no bearing on one another, look no further than the eight years of the Obama presidency: Between 2009 and 2017, the S&P 500 returned 235 percent while the national debt soared".
"A higher stock market encourages consumers and companies to spend more, which helps the overall economy", said Valliere of Horizon Investments. "I'm the king of debt". There were occasional quarters where GDP growth broke 3% during the Obama administration, even though the long-run pace of growth remained slow, and that is likely to also be true under Trump.
Trump seems not to know any of that. "They are going up, and some are already finished, and I will say they are really looking good".