Last week, the U.S. Senate Environment and Public Works Committee held a hearing on the Trump Administration’s management of the Environmental Protection Agency.
Chairman John Barrasso, a Republican from Wyoming, made a case frequently repeated by the administration: that by eliminating environmental regulations and slashing the budget and power of EPA, President Trump had unleashed job growth and a booming economy.
“The administration’s deregulatory approach is working,” Barrasso said. “According to the last Energy Information Administration quarterly report, coal production in the West is 19.7 percent higher than in the second quarter of 2016. In addition, the stock market is reaching record, all-time highs.”
That cheerleading faded a bit over the next few days when the stock market plummeted.
Economist Roger Bezdek said it would be wrong to credit President Trump for either the rise in the market – which actually began under President Obama – or blame him for its sudden fall.