President Joe Biden insisted the Biden-Harris administration “cured” the economy just days before the Dow dropped 900 points and the Nasdaq sank six percent in a global market rout Monday morning.
“I cured the economy,” Biden said Tuesday when asked about his administration’s accomplishments:
About one week later, economists raised concerns about a recession, CNBC reported:
U.S. stocks fell sharply on Monday as part of a global market sell-off centered around U.S. recession fears. Japan’s Nikkei 22 plunged 12% in its worst day since the 1987 Black Monday crash for Wall Street.
Fears of a U.S. recession were the main culprit for the global market meltdown after Friday’s disappointing July jobs report. Investors are also concerned that the Federal Reserve is behind in cutting interest rates to bolster an economic slowdown, with the central bank choosing instead to keep rates at the highest in two decades last week.
“STOCK MARKETS ARE CRASHING, JOBS NUMBERS ARE TERRIBLE, WE ARE HEADING TO WORLD WAR lll, AND WE HAVE TWO OF THE MOST INCOMPETENT “LEADERS” IN HISTORY,” Trump posted on Truth Social on Monday. “THIS IS NOT GOOD!!!”
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