Staff Reports
As if on cue, the global stock markets are joining the chorus of despair over the American economy, sending investors diving for cover like they’ve just seen a grizzly bear in the woods. The Dow Jones, S&P 500, and tech-laden Nasdaq are all feeling the pinch, and somehow, the Biden administration still finds a way to pluck the blame from the air. Their scapegoat of choice? None other than Donald Trump, who hasn’t had a say in the Oval Office for over three years. Clearly, this administration is a magician, pulling old presidents out of their hats to explain away their failures.
The root of this financial frenzy? A dismal jobs report that has even the staunchest Biden supporters raising their eyebrows. Job creation is floundering while inflation remains rampant, and the only consistent thing about Bidenomics is its ability to tank the markets. Over the weekend, the global panic escalated as U.S. stock futures sunk, sending tremors through other economies. It’s almost as if the markets themselves are collectively saying, “Not again.” The Nikkei in Japan suffered its worst day since the infamous 1987 crash, as fears of a looming recession gripped investors.
Economist John Lonski: "I'm beginning to smell a recession coming into view… this jump by the unemployment rate, my goodness, 4.3 percent this is up sharply from not long ago." pic.twitter.com/ORGmAXpbrV
— MAGA War Room (@MAGAIncWarRoom) August 2, 2024
In the U.S., futures painted a particularly grim picture, with the S&P 500 down by 3% and the Nasdaq down by an alarming 4.5%. Investors with any sense are asking themselves how the administration thought it was a good idea to continue raising interest rates amid plummeting hiring numbers. But for the Biden team, this is all part of a grand strategy—blame Trump while kicking the can down the road, hoping nobody notices the wheels are coming off.
It doesn’t stop with our markets, though. South Korea and Taiwan are also feeling the heat, with their indices shedding hefty percentages in mere hours. Samsung and Taiwan Semiconductor Manufacturing Co. both took significant hits, sending waves of unease throughout the tech sector. Rather than facing reality, the Biden administration is caught in a narrative that would make a soap opera seem coherent—one day, they’re boasting about economic recovery. The next, they’re dodging questions like Olympic-level athletes.
Meanwhile, while the world spirals into a financial meltdown, the president seems more interested in vacationing than governing. Joe Biden’s absence from the fray, coupled with Kamala Harris passing the buck to Trump, is an embarrassing display of incompetence. The administration’s strategy seems to hinge on hoping that no one notices what’s happening and instead focuses on the latest talking points. If there’s one thing the Biden-Harris team has consistently demonstrated, it’s that they are out of their depth when it comes to the economy, and their approach is starting to look as fragile as the stock market itself.
