Former President Donald Trump and other Republicans are pointing fingers at Vice President Kamala Harris for the recent stock market dip, calling it the “Kamala Crash.” This move is part of a broader strategy to connect Harris to economic troubles, even though there’s no concrete evidence backing this claim.
Trump's Accusations
Trump wasted no time blaming Harris for the market slump. He took to his social media platform, Truth Social, saying, “Of course there is a massive market downturn. Kamala is even worse than Crooked Joe Markets will not accept the extreme left-wing person. This person has caused damage to San Francisco and the entire state of California.Next move, THE GREAT DEPRESSION OF 2024! You can’t play games with MARKETS. KAMALA CRASH!!!”
He also shared a video compilation on Truth Social, linking stock market news with Harris praising “Bidenomics,” and emphasized the term “KAMALA KRASH.”
What Really Caused the Market Drop?
On Monday, U.S. stocks had a large decrease.
- The S&P 500 index fell by 3%
- The Dow Jones Industrial Average dropped over 1,000 points.
This decline was mainly due to several economic factors, including a weaker-than-expected jobs report and worries about microchip production. Global markets, including those in Asia and Europe, also suffered declines.
Here are the key factors behind the market drop:
- Disappointing Jobs Report: Lower-than-expected job growth sparked concerns about the economy’s health.
- Federal Reserve’s Interest Rate Decisions: The Fed’s hesitance to lower interest rates worried investors.
- International Influences: The Bank of Japan hiking interest rates impacted global markets.
- Investment Concerns: Doubts about the value of investments in AI and other tech added to the volatility.
GOP Strategy and Messaging
The GOP often links economic issues to their political rivals, and this time, they’re focusing on Harris. The Republican National Committee suggested that the market dip was a sign of what a Harris presidency would bring.
Republican Reactions
Following Trump’s lead, other Republicans quickly adopted the “Kamala Crash” narrative:
- Rep. Gary Palmer (R-Ala.): Blamed weak leadership for the downturn on social media.
- Virginia GOP Senate Nominee Hung Cao: Called the market drop the “Kamala Coup” turning into the “Kamala Crash.”
The National Republican Congressional Committee released a video showing news reports about the downturn, ending with Harris expressing pride in “Bidenomics,” and blamed the administration for making life unaffordable and leading the economy toward a recession.
Harris Campaign’s Response
- Ammar Moussa, a spokesperson for Harris, responded.
- Moussa said that what middle-class families need is steady economic management, not chaotic and false statements.
- Moussa claimed that Donald Trump had the worst job creation record of any recent president.
- Moussa also said that Trump oversaw some of the worst days in the stock market’s history.
- Moussa accused Trump of spending his presidency enriching his wealthy friends who sent American jobs overseas.
The Bigger Economic Picture
Despite Trump’s claims, several indicators show the U.S. economy has improved under President Biden:
- Real Wages: Have bounced back since the pandemic.
- Job Growth: Has significantly improved.
In June, 16 Nobel Prize-winning economists warned that reelecting Trump could reignite inflation, adding another layer to the economic debate.
Expert Insights
Frank Luntz is a well-known Republican political pollster. He said that the stock market’s performance does not heavily influence political outcomes. Luntz explained, “I can say for sure that the stock market does not matter. It did not help Trump when the market was doing well, and it will not hurt Harris when the market is doing poorly.”
Conclusion
Labeling the market downturn as the “Kamala Crash” is part of Trump and the GOP’s broader effort to tie economic instability to Harris and the Biden administration. However, the market drop is due to a mix of factors, including job reports, Federal Reserve decisions, and global economic trends. As the 2024 election approaches, economic issues will likely be a hot topic, with both sides using data to bolster their campaigns.
Stay tuned for more updates and insights as the political landscape continues to evolve. For now, it’s essential to look at the broader economic context and not just the political rhetoric.
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