Donald Trump’s not reaching when he calls the stock-market bloodbath a “Kamala crash.”
President Biden’s economic policies, sure to continue in the event of a Harris victory, plus Joe and Kam’s stumbling and bumbling on the world stage, have turned out to be a deadly combination.
What touched off the panic?
One spark: a major whiff in US labor numbers.
The July jobs report showed the US added just 114,000 new jobs in July, well below expectations, and the unemployment rate climbed to a three-year high of 4.3%.
And that’s after downward revisions for June, May, April and March. In other words, the July number isn’t a blip but the flowering of an ugly trend — and suggests the July number may get chopped, too.
That news fanned long-smoldering fears of a US recession, blowing the knees out from whatever exuberance was keeping stocks at historic highs.
The bottom’s dropping out, with who knows how far to fall?
Note, too, that Harris is fully on board the war on carbon fuels that will leave the nation unable to power AI computers — which have been the central driver of stock-market optimism.
The other part of the story, of course, is the massive, debt-fueled Biden-Harris government spending that was keeping the economy in high gear.
Democrats have “normalized” $7 trillion a year in federal outlays — with $2 trillion of it borrowed — all to keep their core constituencies fat and happy.
That triggered soaring inflation, which obliged the Federal Reserve to spike interest rates, and still makes it risky for the Fed to start easing up, even as it’s killing the job market.
And now, it seems, the stock market.
Even as the little guys, whose wealth isn’t concentrated in the markets, have been suffering for years.
That Team Biden has rolled over for every bloodthirsty tyrant from Kabul to Moscow to Tehran to Beijing, yielding wars in Europe and the Middle East — and the prospect of another in East Asia — further undermines the confidence of international markets.
And now Kamala’s odds of victory are climbing, which means that with this selloff, the market is likely starting to price in another four years of fundamental frivolousness in the face of life-or-death issues.
Because make no mistake: She and her fellow Dems are all in on this, especially the economic madness driving the nation under.
Voters are going to remember that when they head to the ballot box this November.
