Another "Black Monday" has descended on America with a massive stock sell-off underway. The NASDAQ is currently down over six percent after dropping nearly three percent on Friday. The DOW and S&P aren't faring much better. Much of this was telegraphed over the weekend after the Japanese market saw a huge drop, with futures painting a bleak picture for the opening bell.
That played out immediately as the chickens of "Bidenomics" came home to roost. The soft landing is suddenly not looking very soft anymore. Ironically, this is all happening just six days after Joe Biden proclaimed that he had "cured the economy."
JOE BIDEN LAST WEEK: “I cured the economy.”
— Steve Guest (@SteveGuest) August 5, 2024
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No, what Biden did was ensure that Americans will now get the worst of both worlds. Instead of eating a short-term recession several years ago, he kept pumping money into the economy which in turn led to the Federal Reserve continuing to raise interest rates. For a time, the flood of cash did hold unemployment down. That all changed with the release of the July jobs report.
As RedState reported, the unemployment rate jumped to 4.3 percent. Treasuries also plummeted, offering yet another signal that a recession is on the horizon. What was Kamala Harris' response? To mumble about "Project 2025."
"Donald Trump failed Americans as president, costing our economy millions of jobs, and bringing us to the brink of recession," Harris for President spokesperson James Singer said in a statement.
"Now, he’s promising even more damage with a Project 2025 agenda that will decimate the middle class and increase taxes on working families, while ripping away health care, raising prescription drug costs, and cutting Social Security and Medicare — all while making his billionaire donors richer."
It's not just Biden's recent statements that are coming back to bite him, though. The vice president has egg on her face as well. Just a couple of months ago, her now-campaign page put out a post dunking on Donald Trump for predicting a stock market crash under the Biden-Harris administration. Well, that crash is here. How severe it will be is up for debate, but there's no doubt we are in major correction territory.
Shot Chaser pic.twitter.com/oyp8VMwKis
— Bonchie (@bonchieredstate) August 5, 2024
Welcome to Kamala-nomics, which is just Biden-nomics with less displayed senility. Harris' economic policies are exactly the same, and the results will be exactly the same.
There was a chance to steer America post-COVID in a way that would limit the long-term damage. Instead, Biden and Harris chose short-term political gain to avoid having to admit a recession was imminent before the 2022 mid-terms. Now, the bill has come due, and Americans will get job losses and the already baked-in effect of 21 percent higher prices over the last three years. Buckle up.
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