Trump and the stock market

Donald Trump may watch the stock market more closely than any day trader.

For a president who underlined the increasing importance of working-class whites to the GOP coalition and who trampled so much bipartisan economic orthodoxy during the campaign, to be so overtly obsessed with the stock market is a strange disconnect.

In fact, no president in memory has so publicly staked himself to the market. Trump has, in contrast, paid relatively little public attention to wage growth, which is the measure that more closely tracks with his particular political project (especially considering that his election prospects may again depend on Pennsylvania, Michigan and Wisconsin).

The market clearly acts for Trump like poll numbers or TV ratings — immediate, easily digestible feedback on his perceived worth, or that of his economic stewardship. This isn’t how he should view it, and it was shortsighted to be so boastful about the good times.

 

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