The booming stock market shows America is diseased

This bull market is built on sand

A graph.
(Image credit: Illustrated | Nosyrevy/iStock, Aerial3/iStock, Roman Bykhalets/iStock)

One of the more peculiar tics in mainstream media is treating the stock market as a sort of general barometer of economic health. If it's going up, then things are assumed to be going well — and if it falls a lot, then it's time to worry. Thus conservatives have been celebrating the astounding stock rally of the Trump era, which has been more than twice as strong as the average since 1928 for presidents at this point in their term.

To be sure, a stock market crash can have serious negative repercussions. But the booming market is also evidence of a deeply sick economy — one geared to funnel money to the very tippy-top of the wealth distribution, and which is seriously vulnerable to another devastating financial crisis.

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Ryan Cooper

Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.