There has rightly been quite a bit of focus today on Donald Trump’s tweet this morning which formally endorsed alleged child molester Roy Moore for the Senate. Trump just keeps doubling down on the monster, because Trump is also a monster. The utterly abhorrent nature of that tweet has managed to overshadow the fact that Trump also posted another tweet on an entirely separate issue which also led him to look like a complete idiot.
All along, Trump has been insisting that his tax giveaway for the wealthy would somehow benefit the economy. In reality it’ll raise taxes on the middle class, take health insurance away from tens of millions of Americans, explode the federal deficit, and put America into a recession, all so he can funnel the nation’s money into the hands of his wealthy cronies. Of course Trump is still pretending his bill is a middle class tax cut. He’s also pushing the notion that it’ll somehow boost the stock market.
This morning at 7:03am eastern time, Trump tweeted “With the great vote on Cutting Taxes, this could be a big day for the Stock Market – and YOU!” This was, after all, going to be the first day the stock market was open since the tax scam was approved by the Republican Senate. So how did the market do? It went up by a whopping 58 points today, for an increase of 0.24%. That’s nothing. It’s a rounding error. This was a completely flat response by Wall Street.
Even Trump’s own wealthy cronies, the ones who personally benefit from this tax scam, know that the bill is recklessly dangerous to the economy. Today’s sideways stock market session suggests that, as the bill has gradually morphed into something cartoonishly out of control, Wall Street isn’t even sure it wants it anymore. Even Trump’s tweet about the stock market today couldn’t make it go up. It simply made him look like an idiot.
Bill Palmer is the publisher of the political news outlet Palmer Report