President Joe Biden’s claim that his administration has “cured” the economy has been met with skepticism, particularly in light of the recent market downturn. Just days after Biden made the statement, the Dow plummeted 900 points and the Nasdaq sank six percent in a global market rout.
Economists are now sounding the alarm about a potential recession, citing concerns over the US economy’s slowdown. The latest jobs report, released on Friday, was disappointing, and investors are worried that the Federal Reserve is behind in cutting interest rates to boost the economy. Instead, the central bank chose to keep rates at their highest level in two decades.
The market meltdown has sparked fears of a global economic downturn, with Japan’s Nikkei 225 index plummeting 12% in its worst day since the 1987 Black Monday crash. The sell-off has been driven by concerns over a US recession, with investors seeking safe-haven assets.
Meanwhile, a recent CBS News/YouGov poll found that nearly half of registered voters (45%) believe their personal finances will be better off if former President Donald Trump wins the election in November. Only 25% say the same if Vice President Kamala Harris emerges victorious.
Trump, who has been critical of the Biden-Harris administration’s economic policies, took to Truth Social on Monday to express his concerns about the state of the economy. “Stock markets are crashing, jobs numbers are terrible, we are heading to World War III, and we have two of the most incompetent ‘leaders’ in history,” he posted. “This is not good!!!”
