Trump brags that plunging stocks are evidence of his success
Photo source: DonkeyHotey (Creative Commons)
Earlier this week, he insisted the media give him credit for a soaring stock market.
President Donald Trump claimed in a tweet Saturday morning that plunging health insurance stocks were evidence of his success — just three days after insisting the media cover soaring stock prices, purportedly the result of his successes as president.
Trump published the tweet two days after the White House announced a new health care policy in which the federal government will halt its practice of paying insurance companies for subsidizing health care for low-income people.
“Health Insurance stocks, which have gone through the roof during the ObamaCare years, plunged yesterday after I ended their Dems windfall!” he tweeted.
According to CNBC, Trump is correct that shares of health insurers and hospital operators did dip significantly on Friday, with some companies seeing drops as large as 5 percent. But the financial implications of the new White House directive (and his recent executive order) will be even worse for individuals: In August, the Congressional Budget Office (CBO) released a report claiming premiums for individual plans would rise by about 20 percent in 2018 — and increase slightly in later years — if payments are suddenly halted. “Federal deficits would increase by $6 billion in 2018, $21 billion in 2020, and $26 billion in 2026,” the report read.
Even in context, Trump’s focus on stock market dips is an unusual choice, especially since the president often touts stock market gains as reason to praise his time in office. Trump said as much on Wednesday, tweeting, “It would be really nice if the Fake News Media would report the virtually unprecedented Stock Market growth since the election. Need tax cuts”
But as CNN Money points out, Trump’s feelings on soaring stock markets appear to have shifted significantly since becoming president. As a candidate, Trump referred to the stock market as “so bloated,” and told supporters at rallies to beware an impending “bubble” burst, adding “what you’ve seen in the past might be small potatoes compared to what happens.”