Most presidents will at some point benefit from a surging economy and stock market, but none has claimed more credit for them than Donald J. Trump, as he did again during this week’s State of the Union address. Among the highlights:
• “$8 trillion and more” in stock market gains.
• “2.4 million new jobs” created since his election.
• “Over 3 million workers have gotten tax-cut bonuses” and “rising wages.”
• All thanks to “the biggest tax cuts and reforms in American history.”
Since the president has frequently complained that the media denies him credit for any of this, I thought it only fair to assess the degree to which the undeniably strong economy, low unemployment and surging stock market are because of Mr. Trump’s achievements, notably his sweeping tax bill.
It turns out that’s no easy task, especially since Mr. Trump has only been president for a year, and the tax legislation is little more than a month old. Economists are still debating the impact on the economy of Ronald Reagan’s 1986 tax reform legislation more than 30 years after its passage.