Staff Reports
Another day, another financial catastrophe under the Biden administration. The ominously dubbed “Black Monday” has struck again, sending the stock market into a tailspin. With the NASDAQ plummeting by over six percent and the DOW and S&P Indexes not faring any better, it seems that the predictions of economic doom weren’t just conspiracy theories after all. This economic disaster appeared to be forecasted the previous weekend, as the Japanese market nosedived, giving future traders a clear heads-up that the opening bell wouldn’t be ringing with good news.
In a delicious twist of irony, this market meltdown comes just a mere six days after President Biden made the audacious claim that he had “cured the economy.” What he didn’t realize is that it wouldn’t be long before the chickens of Biden’s fiscal mismanagement came home to roost. Americans are faced with the twisted outcome of Biden’s reckless economic strategy: a mixture of inflation and recession that leaves the average citizen caught in the crossfire. Rather than taking the necessary steps to address the looming recession years ago, the President chose to flood the economy with cash. This short-sighted maneuver may have temporarily kept unemployment low, but the July jobs report shattered that illusion by revealing a spike in unemployment to 4.3 percent.
On Joe Biden and Kamala Harris' watch: "We have never been down 1,000+ points — EVER, not even intraday — on the Nasdaq." pic.twitter.com/FDOzM89OUy
— Steve Guest (@SteveGuest) August 5, 2024
Even as Treasuries took a nosedive, further signaling that a recession is looming, Vice President Kamala Harris decided to respond with dubious distractions, mumbling about something called “Project 2025.” Harris and her campaign team seem adept at passing the blame onto others, as seen in their recent digs at Donald Trump regarding the economic situation. Her campaign has made bold claims about Trump’s presidency supposedly costing millions of jobs, but there’s one obvious fact: the current administration is doing a stellar job at risking even more job losses with its current policies.
What adds to the farce is the fact that just weeks ago, Harris’s campaign was dismissing Trump’s prediction of a stock market collapse as mere political bluster. Now, as the market officially teeters on the edge of disaster, the Vice President is left looking more than a little foolish. The irony of Kamala-nomics is that it is, in fact, simply the same flawed approach as Biden-nomics but without the President’s overt displays of confusion. The economic policies remain identical, and the disastrous results are sure to follow suit.
There was a glimmer of hope for America to emerge from the COVID-induced economic chaos, but the Biden administration opted for political expediency instead of taking the necessary steps toward real recovery. They wanted to avoid the unpleasant truth of an impending recession before the critical 2022 midterms, and now they are left to deal with the consequences. The American people are in for a bumpy ride, facing job losses and the crippling reality of a 21 percent increase in average prices over the last three years. The unfortunate truth is that it’s going to be a long road ahead, with the Biden-Harris team steering the ship straight into the storm.
