When running for president, candidates often makes outlandish promises about how we’ll benefit once they have power.
For instance, vice-presidential candidate John Edwards said in 2004 that, “when John Kerry is president people like [quadriplegic actor] Christopher Reeve will get up out of that wheelchair and walk again.” And in 2008, then-candidate Barak Obama said we’ll look back on his winning the Democratic nomination as the moment “when the rise of the oceans began to slow and the planet began to heal.”
The most absurd claims, though, are often about matters of economics. A prime example—and one of the silliest ever—was made the day after Christmas when president-elect Donald Trump tweeted, “The world was gloomy before I won – there was no hope. Now the market is up nearly 10% and Christmas spending is over a trillion dollars!”
Only someone with an ego the size of Trump could truly believe he was having such a massive positive effect on the economy even before he took office. And only someone with Trump’s profound ignorance of economics could believe he possessed such abilities. Unfortunately, such illogical thinking is not unusual. Noah Smith calls this idea that the President of the United States controls economic outcomes the “Fundamental Fallacy of Pop Economics.”