Trump Claims That Everybody Owns Stocks: ‘It’s Not Just Rich People, It’s All People’

FILE PHOTO: With a portrait of former U.S. President Andrew Jackson hanging in the background, U.S. President Donald Trump speaks as he awards the Presidential Medal of Freedom to former Attorney General Edwin Meese in the Oval Office of the White House in Washington, October 8, 2019. REUTERS/Leah Millis
Leah Millis/Reuters

President Donald Trump made a few strange remarks when he talked to reporters in the Oval Office on Wednesday, but perhaps the strangest was his statement that everybody owns stocks.

Trump was boasting about the stock market when he declared, “Don’t forget, stock markets — it’s not just rich people, it’s all people. Because all people own in the stock markets. New York Stock Exchange, all of them. They’re at record highs. Nobody’s ever done what we’ve done.”

Here’s a clip of his remarks:

The real number of people who “own in the stock markets” is nowhere near 100% of Americans. We know that because, in 2018, Poliifact ran a fact-check on Democratic congressman Ro Khanna who claimed that “most Americans don’t own any stocks.” Like Trump, Khanna was pretty far off in his assessment.

In reality, about half of Americans are invested in the stock market, though many of them may not know it. Their pensions or 401k plans may be tied to stocks. And wealthy Americans own most of the stocks being exchanged; so, while Trump may never admit it, a booming stock market benefits the rich more than anybody else.

The president seems to go through phases in which he obsessively talks about the stock market. Over the summer, he thanked himself for the rising numbers.

But Trump is also responsible for some noticeable plunges in the markets. After he tweeted an “order” that American companies look for alternatives outside of China, the Dow went into a free-fall, dropping around 600 points. The volatile markets frequently sway as the president tweets.

Of course, when the stock market magic dries up, Trump tends to turn his attention to other matters.

What do you think?

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General Confusion
Member

“Generally Confused, if you spent 1/3 of the time working towards bettering yourself through education, training, and planning for your future as you do moping and crying about our “unjust society” on IJR you would have a very bright future. But that is the problem with believing you are a victim.” David

You know what they say about assumptions, right?

Well, that is you who you see in the mirror making one.

Captain Snowflake
Member

David- I agree with you. While in today’s world if you don’t say exactly what last nights statistics reflect you have lied, most well versed folks understand that the stock market in most cases is a good indicator of financial strength in America. Obama RELIED on it to show the strength of America while everything he was doing on the economy failed. Trump has seen his market go up AND positive indicators from his policies combine for a good economic outlook. America needs well educated, well read electorate that can look at things and make a determination on their own.… Read more »

David
Guest

Generally Confused, if you spent 1/3 of the time working towards bettering yourself through education, training, and planning for your future as you do moping and crying about our “unjust society” on IJR you would have a very bright future. But that is the problem with believing you are a victim. Victims are not responsible for their own strife. They will never be happy or successful. I honestly feel sorry for people who consider themselves victims of our system. Not because it is true, but because politicians convinced them it is true and functionally ruined their lives.

General Confusion
Member

Now, speaking of “rich” people, then there is King Donald The Loser.

You all heard that KDTL has been cooking his books, right? AOC asked His Majesty’s lawyer, Michael Cohen, in sworn testimony about how he runs his businesses and he said that KDTL commits tax and insurance fraud, to make more profits. Well, Propublica just came out with specific examples of him doing that in a recent report. They used PUBLIC RECORDS to find the details.

Don’t be confused by your leader. He is a crook and defrauded YOU in doing so. Have a read.

“”https://www.propublica.org/article/trump-inc-podcast-never-before-seen-trump-tax-documents-show-major-inconsistencies”

General Confusion
Member

This article is short on facts. Stock ownership has FALLEN to only around 52% overall since the financial crisis (65%). That means that nearly HALF of us have nearly no networth at all because we had to sell our investments just to survive. If we are lucky, we may still own our homes, but on average homes grow about 2-3% annually vs stocks growing about 8-10% annually. We are more likely to have more debt than investments. The top 10% have on average about $1 million in investments (how much do YOU have?) and their wealth increased by about 38%… Read more »

David
Guest

If he said “Everybody drives cars” would IJR mock him because the Amazon pygmy folks don’t drive cars? Obviously he meant a wide swatch of people from a very diverse set of backgrounds.

Don’t remember Obama getting jeered for touting a strong stock market during his presidency…

Phyllis Softa
Member

Well, if Trump said it, even his supporters that own no stocks or have no pensions invested in the market, will declare it to be true. We live in interesting times.

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