Staff Reports
President Joe Biden recently asserted that the Biden-Harris administration had “cured” the economy, a bold claim made just days before the stock market took a nosedive that would even leave roller coaster enthusiasts feeling queasy. Just as the Dow dropped 900 points and the Nasdaq slid six percent in a global market rout, one couldn’t help but wonder if Biden and his team have been taking economic advice from a fortune cookie. It seems like the only cure this administration has found is for wishful thinking.
On the heels of the president’s proclamation, economic experts decided to share their concerns about an impending recession. One might think that having the President claim victory over the economy would have calmed the markets, but instead, U.S. stocks plummeted sharply on Monday, registering one of the steepest declines in recent memory. Global markets followed suit, with Japan’s Nikkei 225 plunging a staggering 12 percent — the worst drop since the infamous Black Monday back in 1987. Perhaps Biden’s announcement was akin to declaring victory in a war while enemy troops have already stormed the gates.
The main fire starter in this economic dumpster fire appears to be the disappointing jobs report released the previous Friday. Investors are now left worrying that the Federal Reserve is fumbling the ball. Instead of tackling the economic slowdown head-on with cuts to interest rates, the central bank has opted to hold rates steady at heights not seen in twenty years, sending a clear message that they may be as lost as the rest of us in these troubling times.
Adding to the cherry on top of this grim sundae are recent CBS News/YouGov polling results showing that a hefty portion of registered voters—45 percent, to be exact—believe their personal finances would be in much better shape if former President Donald Trump defeats Vice President Kamala Harris in November. With only a mere 25 percent saying they’d be better off under a Harris administration, it looks like voters may be prioritizing fiscal responsibility over political identity, a refreshing change of pace in today’s climate.
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— Breitbart News (@BreitbartNews) August 5, 2024
Even President Trump decided to add his two cents on social media, pointing out the glaring state of affairs: crashing stock markets, dismal job numbers, and a seemingly inexorable descent into chaos, all while under the watch of two of the least qualified leaders history has seen. Trump’s posts paint a portrait of apocalyptic economics, perfectly encapsulating the worries of many Americans who might be jokingly (or not) wondering if the White House needs a new economic hashtag: #KAMALACRASH. As the country stands at the precipice of financial uncertainty, the only certainty seems to be that the current administration’s claims of an economic miracle could use a little more reality and a lot less spin.
