Jen Paski On Biden's tax plan and the stock market
Last updated on July 18th, 2023 at 01:27 pm
White House Press Secretary Jen Psaki quickly did away with the Republican talking point that Biden’s tax plan hurts the stock market.
Video:
Psaki was asked, “Yesterday, Mario mentioned the stock market dipped a little bit in response to reports about tax plans. Wondering what the white house is feeling of the reaction to that. Are you concerned about Wall Street’s support or lack of support for these policies? And what extent does that play into discussions?
The Press Secretary answered, “I have been doing this long enough not to comment on movements in the stock market. I saw data that it went back up this morning.”
Given the previous administration’s obsession with the stock market as some sort of economic indicator, which it is not, it was a agood question to ask the Press Secretary.
Her answer was solid and based on reality.
The stock market goes up. The stock market goes down. The performance of the stock market should not guide government policy.
A bare majority of Americans are invested in the stock market, but most of that investment is indirect through their 401(k)s. Most Americans do not directly own stocks.
The Biden administration is showing that they are a presidency for the people, not for Wall Street. They don’t care about small blips in the stock market because they understand that a healthy economy benefits everyone and that contrary to what the previous president inaccurately believed, catering to Wall Street will not restore American greatness.
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