Former President Donald Trump issued a dire warning on Monday, blaming Vice President Kamala Harris for a significant drop in U.S. stock markets and predicting a “Great Depression of 2024.” Trump’s comments, posted on Truth Social, labeled 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 continued, “Next move, THE GREAT DEPRESSION OF 2024! You can’t play games with MARKETS. KAMALA CRASH!!!”
Trump emphasized the stakes of the upcoming election, presenting it as a choice between “TRUMP PROSPERITY, OR THE KAMALA CRASH & GREAT DEPRESSION OF 2024.” He also warned of a “PROBABILITY OF WORLD WAR III IF THESE VERY STUPID PEOPLE REMAIN IN OFFICE,” reaffirming his belief in his own predictions by stating, “REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING!!!”
The stock market saw major indexes like 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 showing 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 only 114,000 jobs were added in July, significantly below the projected 180,000. Separate surveys of purchasing managers revealed a contraction in factory activity for the month.
Political factors may be affecting the market. The market’s decline coincides with Harris’s rise in the polls after she replaced President Joe Biden as the presumptive nominee, contrasting with the market’s rise when Trump was leading in the polls.
Trump’s running mate, Sen. JD Vance (R-OH), also voiced concerns, warning of potential 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.”
