THE HILL: This column comes with a caveat. Past performance does not guarantee future results. That is the warning on any investment fund, so I will use it as my disclaimer as I boast about what President Trump has done for the 100 million Americans who own stocks either directly or through funds.
The spectacular numbers for American wealth speak for themselves. In November 2016, a few days before the election when almost all betting was that Hillary Clinton would score a landslide victory against Donald Trump, the Dow Jones Industrial Average stood at less than 17,900. It now stands at more than 26,900. That, ladies and gentlemen, is a 50 percent return in stock values in just over 30 months. The S&P 500 and Nasdaq have had similar upward climbs, but not quite as fast as the Dow Jones.
The value of all American stocks today is estimated at roughly $36 trillion, according to a report by Nasdaq. So we have already seen a $10 trillion to $12 trillion wealth boost under this president. That is more than the entire gross domestic product of most countries in the world. It is why everyone wants to invest in our country. It is also equivalent to roughly $10,000 for every American household. It is spectacular vindication for the Trump administration tax cuts and policy changes which the left has opposed.
It also questions all the predictive powers of left wing economists like Paul Krugman and the sages at the New York Times and the Washington Post editorial boards. Krugman famously declared the day after Trump won the election that the stock market would never recover from his presidency. (Could you imagine taking stock tips from this guru?) The Washington Post wrote one month before the election that “President Trump could destroy the world economy.” No retraction yet.
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