Topline
Former President Donald Trump linked the global stock market decline to Vice President Kamala Harris’ candidacy in a series of Truth Social posts, branding the selloff as the “Kamala Crash,” continuing his pattern of taking credit for positive shifts in the market and blaming the Biden-Harris administration for signs of economic downturns.
Republican presidential nominee, former U.S. President Donald Trump, speaks during a campaign rally … [+]
Key Facts
Trump predicted a “GREAT DEPRESSION OF 2024, NOT TO MENTION THE PROBABILITY OF WORLD WAR III” if Harris is elected, calling the Biden-Harris administration “VERY STUPID PEOPLE,” and telling his audience “REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING!!!”
Trump called Monday’s global market downturn—sparked by a worse-than-expected July jobs report that fueled recession fears—the “Kamala Crash” in several Truth Social posts Monday, seemingly attributing her candidacy and the Biden-Harris administration to the decline.
“Of course there is a massive market downturn. Kamala is even worse than Crooked Joe,” Trump wrote.
Trump on Sunday declared “STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP”—stocks also had a major downturn Friday, immediately after the jobs report was released.
Tangent
Trump often takes credit for positive inflections in the stock market, even years after he left office, and blames his political opponents for negative trends. When stock indexes hit record highs in January, Trump attributed the gains to his polling performance, writing on Truth Social: “THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN, AND THAT WILL DRIVE THE MARKET UP.”
Key Background
Stock indexes had their worst declines in years shortly after the markets opened Monday. The Dow Jones Industrial Average slipped 2.8% and the S&P 500 was down 4%, on pace to be the worst drops since September 2022, while the Nasdaq Composite fell 6.2%, setting it up to be the steepest drop since March 2020. In addition to Friday’s jobs reports, the Federal Reserve’s hesitance to cut interest rates is also widely viewed to have stoked investor fears and triggered the losses, while recent disappointing Big Tech earnings have raised concerns about whether massive investments in artificial intelligence will pay off. Major global stock indexes across Asia, the South Pacific and Europe also fell Monday.
Further Reading
US Stock Futures Slump, Asian Stocks Routed Amid Recession Fears (Forbes)
These Billionaires Lost The Most During Monday’s Stock Market Slide (Forbes)
2022 midterms, 2024 presidential campaign, the January 6 House committee investigation, former House Speaker Kevin McCarthy’s historic ouster, the 2023 State of the Union Address, former President Donald Trump’s federal election interference and classified documents cases and his Manhattan hush money case. Dorn graduated in 2012 from the University of Dayton with a degree in journalism. Prior to joining Forbes, she covered New York City and state politics for the New York Post and City and State magazine. Follow her for updates and analysis on the 2024 presidential race, key Senate and House races and developments in Congress and at the White House.
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