Joe Biden and Kamala Harris’s ‘inept US leadership’ caused the turmoil, former president says
As stock markets in the US and around the world plunge, former President Donald Trump has placed the blame on the Democratic administration in Washington.
US President Joe Biden and Vice President Kamala Harris — the latter running for the White House against Trump — are responsible for the financial storm, according to the Republican candidate.
Trump made the accusation in a social media post on Sunday, writing in all caps: “STOCK MARKET CRASHING. I WARNED YOU!!! KAMALA HAS NO IDEA. BIDEN IS IN A DEEP SLEEP. ALL CAUSED BY INEPT US LEADERSHIP!”
Major stock indexes on Wall Street plunged, culminating in a massive selloff on Friday. The Nasdaq 100 plunge resulted in more than $2 trillion in value being wiped out in just over three weeks. The financial press described the development as a correction after Big Tech stocks surged on the back of advances in AI technology.
Ripple effects hit overseas markets, with Japan’s Nikkei 225, for example, falling 5.8% on Friday, days after the Bank of Japan raised its benchmark interest rate. The slide continued as Asian and European markets opened on Monday.
President Biden’s failed reelection campaign touted the benefits of “Bidenomics,” an alleged rapid recovery of the U.S. economy under his tenure as a key reason voters supported him. The incumbent dropped out of the race last month, with the Democratic Party embracing Harris as its nominee.
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