By Mwanza, August 5, 2024
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| President Trump |
Former President Trump took to Truth Social on Sunday night to express his satisfaction following a significant global stock market downturn, attributing the blame to his Democratic adversaries.
“STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!” Trump posted late Sunday night.
The U.S. stock markets saw a sharp decline on Friday after a jobs report fell short of expectations, fueling concerns of a rapidly slowing economy. The sell-off worsened by Monday, with futures for the S&P 500 dropping over 2 percent and the Nasdaq down more than 4 percent.
The impact was felt globally, with significant declines in markets across Asia and Europe. Japan’s Nikkei 225 index plummeted 12.4 percent, while the Topix index fell 12.2 percent.
Since the beginning of 2023, stock markets had been generally rising on strong economic data, with employment levels consistently exceeding expectations despite the Federal Reserve’s interest rate hikes aimed at cooling the economy.
Throughout his presidency, Trump often linked his performance to the stock market and has continued to attempt to claim credit for market gains seen during President Biden’s term.
Earlier this year, Trump suggested the market’s positive performance was due to the expectation of his re-election, stating, “because they think I’m going to be elected.” He also attributed high investor sentiment to his favorable polling against Biden.
The Biden campaign responded mockingly to Trump’s assertions, stating he was “desperately trying to take credit for the stock market hitting record highs under President Biden.”
The Hill has reached out to Vice President Harris’s campaign for their response to Trump’s latest remarks.
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