Rep. Jim Renacci tried to tell two MSNBC journalists the stock market went down under President Obama because of high taxes. They reminded him that the stock market actually went up.
The GOP tax scheme, formally authorized by Thursday’s vote in the House, is a disaster in the making. It would raise the deficit $1.5 trillion, cut nearly $2 trillion from Medicare and Medicaid, and raise taxes on many working families while preserving loopholes that help millionaires buy yachts.
Republicans want you to know that whether or not this bill is “fair,” it will boost the economy. But their arguments are based entirely on lies.
Republican Rep. Jim Renacci of Ohio, who sits on the House Ways and Means Committee and has a key role writing the new tax bill, appeared on MSNBC Thursday to tout the plan, insisting that the economy and the stock market had suffered until recently, when Donald Trump became president.
“If I was in the business world, I would be excited,” said Renacci. “I would start to see a business climate where you can grow. That’s not the case four years ago, five years ago.”
Co-hosts Stephanie Ruhle and Ali Velshi immediately defeated his lie:
VELSHI: So why did the stock market go up for seven years?
RENACCI: Well the stock market dropped, if you really look at the effect of—
VELSHI: No, put it back up, let’s put the stock market back up—
RUHLE: The stock market has been going up steadily since 2009.
VELSHI: —up steadily since 2009, March 9th to be precise.
RENACCI: If you take 60 days before President Obama was elected, the stock market tanked.
VELSHI: But why would you do that? Why would you take 60 days? Nobody invests for 60 days.
Velshi then walked over to the giant graph of the stock market from 2009 to 2017.
“I’m putting my hand at March 9th, 2009. I will take a straight edge and do it like a little airplane that’s been taking off a runway. I will just keep on going with this little airplane. And guess what? We’re over here.”
As Renacci watched, Velshi continued to hit him for his lie.
“Congressman, it’s just disingenuous to suggest the stock market has not been gaining for the last several years when we didn’t have corporate tax cuts and we didn’t have these things. At least give me that, sir. You’re a CPA. Let’s have an honest conversation about what makes corporate profitability go up, what makes stock prices go up.”
Republicans lie all the time about their tax scam. But it is a rare and glorious event when a journalist can simply point to a huge chart and kill the lie right then and there.