Varney: American prosperity makes a comeback under Trump
Let’s start with a really, really, big number: $10.5 trillion -- that’s how much the value of all stocks has gone up since Donald Trump won the oval office three years ago.
$10.5 trillion -- we all share in this. Fifty-five million Americans with a 401(k) and 35 million with an IRA: Their pension money has gone up by about a third. Your union pension fund. Your college savings fund. All looking good.
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Of course, there's hardly a mention of this in the media. The elites won't report anything good in the Trump era.
Same with the economy. America is growing far more vigorously than any other industrial democracy. You don't hear much about that. But it’s true. Europe is floundering towards recession, and they're on the edge of another financial crisis. And it’s not our fault! It’s their policies that are wrong, and ours (tax cuts and de-regulation) are right!
But this editorial is not about the media. It’s about the economic success that is Trump's America. The president's political opponents are living in the past. What's this about our economy "not working for everyone" or "you need two or three jobs to make ends meet"?
Come on! The wages of lower-paid workers are rising faster than any other group. Wages overall are rising at the fastest pace in ten years. There's virtually no inflation to eat into people's buying power.
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Interest rates are way down, so mortgage rates are close to historic lows. And there are 7 million jobs going begging. It’s called prosperity, and under Trump it’s made a comeback.
Throw in strong profits, trade deals and more economic growth still to come, and you can see why we have record highs on the stock market.