The following article by Philip Bump was posted on the Washington Post website June 20, 2017:
For President Trump, the performance of the stock markets since his election is a point of pride. Since he won in November, he’s mentioned the surging stock market a half-dozen times on Twitter. Before he won, “the world was gloomy,” but then there were “GAINS” and the market saw the “longest winning streak in decades.”
Which is true. While Trump and his team tend to cherry-pick the significance of the Dow depending on how it’s doing on any given day, there has been a surge since Nov. 8 — a surge that, last time we checked, was matched only by Herbert Hoover’s, shortly before the crash that led to the Great Depression.
But when considering that performance as a measure of success for the country, it’s important to remember one important point: Stock ownership in the United States isn’t uniform. Continue reading “Who actually benefits from Trump’s celebrated stock market gains?”