US presidential candidate Donald Trump is making headlines again. He insists that Biden’s administration is to blame for the stock market meltdown. From his viewpoint, the responsibility lies with the "inept" authorities.
"Stock markets crashing. I told you so!!! Kamala doesn’t have a clue. Biden is sound asleep. All caused by inept US leadership!" Trump stated on his social media platform, Truth Social.
The Republican underscored that the collapse on Wall Street spread over stock markets globally. Pointing fingers at the current administration, he remarked, "Kamala is worse than Shady Joe." Last week, the Dow Jones Industrial Average tumbled by 1,000 points. Besides, the New York Stock Exchange went into a nosedive, entailing Bitcoin slumping below $50,000 for the first time since February 2024. Following these shocks, the US stock market lost nearly $2 trillion in the early New York session on August 12.
In early August, it was reported that US benchmark stock indices had dropped by 1%–2% following the release of dismal corporate reports for Q2 2024 from high-tech giants. Additionally, on August 2, the US nonfarm payrolls revealed cooler-than-expected employment in the US economy. Moreover, the unemployment rate rose to 4.3% in July from the previous 4.1% a month ago, whereas analysts had projected a flat jobless rate as in June 2024. Employment in the public and private sectors added 114,000 jobs, though this growth fell short of expectations.
In response to the stock market collapse, Donald Trump posted on his social media, "Voters have a choice – Trump’s prosperity or Kamala’s disaster, not to mention the risk of a world war!" Interestingly, the former president and billionaire has already predicted economic downturns, attributing them to poor political leadership. At the same time, he claims that the stock market owed its prolonged rally to his presidency but he certainly ignored accompanying troubles.
Currently, Kamala Harris is running a campaign focused on expanding social protection and government benefits. As for Donald Trump, he has promised to cut taxes during a second presidential term while using tariffs to revitalize American industry. However, Democrats are skeptical about the success of these measures, believing that such a strategy could lead to increased consumer spending in the US.
