With only a week into his presidency, Donald Trump wasted little time taking a victory lap for the Dow soaring above 20,000 for the first time ever during his first full week in office.
“We just hit a record, and a number that’s never been hit before. So I was very honored by that,” Trump told ABC News.
It is true that the Dow raced to a 1,700 point boom, as investors looked optimistic that his promises of infrastructure spending, deregulation, and tax cuts to businesses would spur short-term economic growth.
Pro-Trump sites blew up the internet with memes and articles like:
- Breitbart: ‘Trump Bump’ Drives Dow Jones Through Historic 20,000 Mark
- NowTheEndBegins: TRUMP BUMP! Dow Jones Hits Highest Number Ever As Investors Rally In Support Of Trump Policies
- TruthFeed: BREAKING : THE TRUMP EFFECT – Dow Breaks 20,000 For the First Time!
But unfortunately the good times have ended.
It might be a shock for the Trump supporters to learn, but just a few days later on January 31st, the “Trump Bump” ended and the Dow slid back down to 19,789.77, about 40 points below the day when Trump took the oath of office.
Once Trump focused the majority of his attention to a Muslim ban, which coincidentally is a broad concern to the markets, and stopped talking about his economic policies that excited the investors in the first place, that put the breaks on any optimism and squashed his dream of the Dow only going “up, up, up.”
Of course, the pro-Trump sites have been mysteriously quiet on the economy as of late. A quick scan of these same sites show no articles for the disappearance of the much-hyped “Trump Bump.”
But the Dow wasn’t the only victim of Trump’s policies so far.
- The dollar fell to its lowest start of the year since the financial crisis.
- Trump’s first housing move tanked mortgage applications and put home ownership out of the reach of 40,000 families.
However what is most infuriating, was that Trump and his pro-Trump sites, never recognized the efforts of President Obama who turned around a failing economy and whose policies and put the Dow within a hair of 20,000, leaving office with the Dow at 19,827.25. People forget when Obama inherited The Great Recession, caused by deregulation policies of George W. Bush and Republicans, the Dow crashed below 7,000 points.
It was like Obama ran 26.1 miles, then Trump took his baton, walked a few steps, and claimed victory for running an entire marathon.