One of President Trump’s key boasts in the post-election economic boom has largely subsided with the stock market slowdown.

Granted, the Dow Industrials composite still closed at 24,737 on Friday, up significantly from roughly 18,000 in November 2016, but its trajectory has leveled off in the volatility of the last year.

And with it, the president’s message has shifted from retirement saving to immigration reform.

As Bloomberg notes (and James Glassman, author of Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market can attest) claiming credit for the stock market’s rise is a dangerous political gambit, as fortunes invariably turn.

“It shows the danger of campaigning on the Dow,” Doug Heye, a former spokesman for the House leadership and the Republican National Committee, told the news service. “If the Dow is—as it was called by Obama—a daily tracking poll, then you live or die by that daily tracking poll, if that’s something you tout.”

“One great gentleman came up and he said, ‘Sir, I want to thank you.’ I said, ‘what did I do for you?”’ Trump said in December 2017. “‘He said, ‘my 401(k) is up 40 percent.’ And I never thought of it. You know, I tell you, he gave me one of the great campaign lines. It’s called ‘How is your 401(k) doing?”’

‘Lackluster’ Tax Law Results

Bloomberg claims Trump’s tax reform bill hasn’t delivered promised asset appreciation, which is part of the problem, although with record low unemployment it could be argued more workers have coverage.

Nonetheless, “At the close of trading on Friday, the Dow was still down slightly from Dec. 22, 2017, when Trump signed the tax legislation.”

Trump, for his part, has attempted to blame Democrat House victories for the 401(k)’s flounder.

“And by the way, your 401(k)s? Boom, they will go down like a sinking something,” Trump said during an Oct. 20 rally in Elko, Nevada. “What sinks rapidly? Give me—a rock. They will go down like a rock.”