Trump's Speech Bragging About Tax Cuts Smacks Into a Nosediving Stock Market

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For months, the network's conservative analysts have attributed the stock market's steady climb to President Donald Trump's policies and promises and have celebrated the market's health as an economic boon to regular Americans.

Now that the stock market has tumbled nearly 2,000 points in two trading days and is in negative trading territory for 2018, the White House has discovered that what goes up also goes down: "Look, markets do fluctuate in the short term", said White House deputy press secretary Raj Shah.

Fox News hosts and analysts spent Tuesday morning arguing that Monday's stock market meltdown is irrelevant to average Americans.

The stock market dove more than 4 percent on Monday, continuing last week's sharp drops after more than a year of robust gains.

"The President's focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening USA economic growth, historically low unemployment, and increasing wages for American workers", Sanders said in the statement.

Speaker of the House Paul Ryan R-Wis. left and Majority Leader Kevin McCarthy R-Calif. confer as they arrive to meet with reporters following a
Speaker of the House Paul Ryan R-Wis. left and Majority Leader Kevin McCarthy R-Calif. confer as they arrive to meet with reporters following a

"Investors think that if we get some form of tax cut, this economy will expand at a 3% rate or better and this market will go to 21,000 or higher", he said.

While there could be various factors behind the market's volatile plunge the last several trading days, Trump has frequently credited himself for the market going up, seemingly with little regard for the fact that it can also move in the other direction.

"You live by the sword, you die by the sword, to a certain extent", he said.

CNN's Jeff Zeleny noted that a White House aide found it "jarring" that Fox News pulled away from Trump's speech to cover the crash.

"They were like death". Reuters reported this month that the administration's plan will call for US$200 billion in new federal funding, offset by unspecified spending cuts, including US$100 billion in cost-sharing payments for state and local projects and US$50 billion dedicated for rural projects. "Why not? I mean, they certainly didn't seem to love our country very much". "And un-American", Trump said about the Democrats.


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