Trump's policies in long run bad for markets and society, Vanguard founder Jack Bogle says

Bogle: Trump's long-term policies bad for society, economy and market

President-elect Donald Trump's proposals are bullish for stocks in the near term but are "bad for society," the market and the economy in the long term, investment pioneer Jack Bogle told CNBC on Thursday.

The Vanguard founder said Trump's promise to spend about $1 trillion on infrastructure would be positive in the short run. However, he said execution could be "easier said than done," especially given the amount of deficit financing required.

Trump's overall vision for America — such as a tougher stance on international trade and a tilt toward more nationalist foreign policy — would be detrimental to prosperity over time, Bogle said on "Squawk on the Street."

"So there's a tension between the bullish short [run], and I think more difficult long [run] — not that it matters to a long-term investor at all," he said. "And it matters even less to an indexer, who simply rides the market wave, which has been a hugely profitable thing to do."

Bogle reiterated his mantra: Invest for the long term and forget the "momentary distractions" of what Trump is saying at one news conference or one tweet. "This is a funny time in America," he said.

Stocks were under pressure in late-morning trading on Thursday, as some concern crept into the market about the particulars of Trump's policies following Wednesday's news conference.

The stock market rally since Trump won the White House was fueled in late 2016 by blue-chip stocks in the Dow Jones industrial average.

But since the new year, the Dow has take a back seat to the Nasdaq, which closed at another record high Wednesday, and logged a seven-session winning streak.

Since Election Day, the Dow still led the way with a gain of nearly 8.9 percent as of Wednesday's close. But the Nasdaq had moved into the second position with 7 percent advance, while the S&P 500 trailed with a nearly 6.4 percent increase.

Bogle founded Valley Forge, Pennsylvania-based Vanguard in 1975. The fund group has about $3.5 trillion in global assets under management, with more than 20 million investors in about 170 countries.