On Monday, former President Donald Trump blamed Vice President Kamala Harris for a significant drop in the stock market, predicting a “Great Depression of 2024” if she remains in office. Trump took to Truth Social to voice his concerns, labeling the downturn the “Kamala Crash.”
“Of course there is a massive market downturn. Kamala is even worse than Crooked Joe. Markets will NEVER accept the Radical Left Lunatic that destroyed San Francisco and California, as a whole,” Trump wrote. He added, “Next move, THE GREAT DEPRESSION OF 2024! You can’t play games with MARKETS. KAMALA CRASH!!!”
Trump framed the upcoming election as a choice between “TRUMP PROSPERITY, OR THE KAMALA CRASH & GREAT DEPRESSION OF 2024.” He also suggested a “PROBABILITY OF WORLD WAR III IF THESE VERY STUPID PEOPLE REMAIN IN OFFICE,” reiterating his belief in his own accuracy by stating, “REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING!!!”
The market downturn saw major indexes such as the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite suffer significant losses. John Carney, economics editor for Breitbart News, noted that the decline reflected deep investor concerns following economic data revealing rising unemployment and slower-than-expected job growth. Surveys of manufacturing activity indicated a steep decline, signaling broader economic troubles.
The Department of Labor reported that the economy added only 114,000 jobs in July, significantly below the forecasted 180,000. Separate surveys of purchasing managers revealed a contraction in factory activity for the month.
Political factors may also be affecting the market. As Harris’s polling numbers improved after she replaced President Joe Biden as the presumptive nominee, the market reacted negatively. This is in contrast to the market’s upward trend when Trump was leading in the polls.
Trump’s running mate, Sen. JD Vance (R-OH), echoed Trump’s concerns, warning of global economic repercussions. “This moment could set off a real economic calamity around the globe. It requires steady leadership–the kind President Trump delivered for four years,” Vance posted on X. He criticized Harris for not addressing the market decline and questioned her leadership abilities, using the hashtag “#WheresKamala.”
