In a recent development, former President Donald Trump has attributed the significant slump in the stock market to what he has termed as "the Kamala Crash," associating the downturn with Vice President Kamala Harris' rise as the likely Democratic presidential nominee.
According to The New York Post, Trump, 78, took to social media on Monday morning, following a 1,000-point plunge in the Dow Jones Industrial Average in morning trading. This came after a Friday close that saw a decline of over 600 points. Trump's post read, "Of course there is a massive market downturn. Kamala is even worse than Crooked Joe." He continued, "Markets will NEVER accept the Radical Left Lunatic that DESTROYED San Francisco and California, as a whole. Next move, THE GREAT DEPRESSION OF 2024! You cant play games with MARKETS. KAMALA CRASH!!!
Economists have linked the stock market selloff to a weaker-than-expected jobs growth report released on Friday. The report indicated a mere addition of 114,000 new positions to the US economy in July, falling significantly short of the anticipated 175,000 jobs. This shortfall has sparked concerns of a potential economic slowdown or even a recession.
In a subsequent post, Trump wrote, VOTERS HAVE A CHOICE TRUMP PROSPERITY, OR THE KAMALA CRASH & GREAT DEPRESSION OF 2024, NOT TO MENTION THE PROBABILITY OF WORLD WAR lll IF THESE VERY STUPID PEOPLE REMAIN IN OFFICE. REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING!!!
Trump has a long history of forecasting economic depressions as a consequence of what he perceives as inadequate political leadership. He has also taken credit for a prolonged period of stock-market gains during his term, despite a brief recession triggered by the COVID-19 pandemic.
The term "Kamala Crash" used by the former president aligns with the rhetoric of other conservatives who employ the term "Kamalanomics" to criticize her economic policies. They equate these with "Bidenonomics," a term initially promoted by Biden's staff but later became a derogatory term amidst the worst inflation in over four decades.
Since Biden and Harris assumed office in January 2021, consumer costs have surged by over 20%. The Federal Reserve responded to the inflation crisis, which peaked in June 2022, by raising interest rates, thereby increasing the cost of maintaining a credit card balance or purchasing a house.
Harris has campaigned on broadening the social safety net and expanding government services, including addressing the cost of child care and student debt. Conversely, Trump has pledged to cut taxes in a second term, particularly by eliminating taxes on tips, while using tariffs to stimulate domestic industry. However, Democrats argue that such measures could escalate consumer costs.
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