Trump is right again! Voters need to think very carefully about who they vote for this November.
On Monday, former President Donald Trump took to social media to criticize the recent downturn in the stock market, dubbing it “the Kamala Crash.” Trump linked this market slump to the rise of Vice President Kamala Harris as the presumptive Democratic presidential nominee.
“Naturally, there’s a significant market decline. Kamala is even more problematic than Crooked Joe,” Trump, 78, stated on social media, referring to President Joe Biden. This remark came as the Dow Jones Industrial Average plummeted by 1,000 points during morning trading, following a drop of over 600 points on the previous Friday.
Trump continued, “Markets will NEVER accept the Radical Left’s policies that have already wreaked havoc in San Francisco and California. Brace yourselves for the GREAT DEPRESSION OF 2024 if these left-wing extremists remain in power. The KAMALA CRASH is upon us!”
Economists attribute the market’s sharp decline to a disappointing jobs report released on Friday. The report showed only 114,000 new jobs created in July, falling short of the anticipated 175,000 and suggesting a possible economic slowdown or recession.
In a follow-up all-caps post, Trump urged voters to consider their options: “VOTERS HAVE A CHOICE — TRUMP PROSPERITY OR THE KAMALA CRASH & GREAT DEPRESSION OF 2024, NOT TO MENTION THE RISK OF WORLD WAR III IF THESE INCOMPETENT PEOPLE STAY IN OFFICE. REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING!!!”
The market decline coincided with Harris, 59, securing enough delegate votes in a virtual roll call on Friday to claim the Democratic nomination, following President Biden’s decision to retire from his re-election bid on July 21. Biden had been lagging behind Trump in most polls, but Harris has shown stronger performance in initial surveys.
Trump has long warned of economic turmoil resulting from ineffective political leadership, while claiming credit for the stock market’s gains during his presidency. The Dow surged nearly 60% from Election Day 2016 to February 2020 before the pandemic-induced recession hit. The market did recover by the time Trump left office.
Under Biden, the Dow has seen a roughly 25% increase, though this has been overshadowed by rising inflation. Consumer prices have surged by over 20% since Biden and Harris took office in January 2021. The Federal Reserve responded by raising interest rates, making borrowing more expensive.
Harris has promoted many of the same economic policies as Biden, such as expanding the social safety net and addressing issues like child care and student debt. Additionally, Gene Sperling, one of Biden’s top economists, announced he would be joining Harris’ campaign.
In contrast, Trump has promised to cut taxes and use tariffs to bolster domestic industries, arguing that such measures would benefit the economy despite Democratic concerns that they might lead to higher consumer prices.