Published: August 5, 2024 9:22 am
Author: RT
The “inept US leadership” of Biden and Harris is to blame, the former president has claimed
As stock markets in the US and worldwide are taking a tumble, former President Donald Trump has directed blame on the Democratic administration in Washington.
US President Joe Biden and Vice President Kamala Harris – the latter of whom is running for the White House against Trump – are responsible for the financial storm, according to the Republican nominee.
Trump made the accusation in a social media post on Sunday, writing in all caps: “STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!”
Leading stock indices on Wall Street have sunk, culminating in a major sale of equities on Friday. The drop of the Nasdaq 100 amounted to the wiping out of more than $2 trillion in value in just over three weeks. The financial press has described the development as a correction after record growth of Big Tech shares on the back of advancements in AI technology.
Ripple effects hit foreign markets, with Japan’s Nikkei 225, for instance, dropping 5.8% on Friday, days after the Bank of Japan raised its benchmark interest rate. The plunge continued as Asian and European markets opened on Monday.
READ MORE: Global stock market crash unfolding: LIVE UPDATES
President Biden’s abortive reelection campaign touted the benefits of “Bidenomics,” a claimed rapid recovery of the US economy under his tenure, as a key reason for voters to support him. The incumbent dropped out of the race last month, with the Democratic Party embracing Harris as its nominee.
