republican presidential candidate Donald Trump Blamed Vice President Kamala Harris on Monday stock marketA few months later, he claimed his market performance was commendable, but the stock price fell sharply. record rise at the time.
“Of course, the market has had a serious downturn. Kamala is worse than Crooked Joe,” Trump wrote in a post. truth society About Harris, the de facto Democratic presidential nominee.
The night before, as Asian markets fell sharply, the former president wrote: “The stock market is crashing. I told you so!!! Kamala has no clue. Biden is sound asleep. All of this is Caused by incompetent American leadership!
U.S. stocks fell sharply on Monday, in an apparent response to fears of a recession that was driven in part by a weaker-than-expected economic performance on Friday. employment report.
But in January, Dow Jones Industrial Average and S&P 500 Index Hits record high, Trump says surge because investors think he will beat President Joe Biden.
“This is the Trump stock market because I polled Biden so well that investors predicted I would win,” he wrote on Truth Social that month.
Trump’s comments reflected the political risks of tying the campaign to changing market behavior, Moody’s chief economist Mark Zandi told CNBC.
“Throughout history, I think politicians have avoided trying to tie their wealth to the stock market as a signal of their policies or anything else because markets go up and down everywhere,” Zandi said.
“Former President Trump was the first to do this,” Zandi added. “I’m confused by this.”
When Trump became president in March 2020, the S&P 500 experienced several sharp declines, including a 12% plunge on March 16, 2020, as concerns grew about the spread of the Covid-19 pandemic in the United States. It was one of the worst declines in the S&P’s history.
The former president has since lost his poll lead Biden Withdrew from the election in July and supported Harris as the Democratic candidate.
A CBS News/YouGov Poll The survey released Sunday showed Harris leading Trump by one percentage point in a head-to-head matchup with likely voters, a lead that was within the survey’s margin of error. The poll surveyed 3,102 registered voters from Tuesday through Friday.
As Harris’ early support surges, Trump is trying to tie her candidacy to Biden’s record, which some voters blame for the high cost of living.
As a result, Trump sought to frame Monday’s market meltdown and ensuing recession scare as part of a broader case against Harris’ economic record.
But Zandi said the market was in correction territory and Monday’s decline did not necessarily reflect the broader economic downturn that Trump described on social media.
“In my experience, the stock market is probably going to go up eventually,” Zandi said, noting that stocks are still up this year.
“So I want to say, what is a slump?”
When asked to comment on Trump’s post, the Harris campaign pointed to the vice president’s campaign speech in Atlanta last week.
Harris said in her speech that Trump “is going to give tax breaks to billionaires and big corporations. He’s going to cut our investment in clean energy jobs. He’s going to end the Affordable Care Act.”
“Let’s go back to a time when insurance companies had the power to turn away people with pre-existing conditions,” the vice president said.
“Do you remember what that was? Children with asthma. Breast cancer survivors. Grandparents with diabetes. The state of Georgia has tried these failed policies before and we won’t go back. We won’t go back. We won’t go back. Back away.
—Additional reporting by CNBC Kevin Breuninger.
