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Sarah Wasko / Media Matters

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Trump and his MAGA media boosters try to blame VP Kamala Harris for a drop in the stock market

Financial news outlets report that the selloff occurred in response to a weaker-than-expected jobs report, which economists blamed on the Federal Reserve

Written by Zachary Pleat

Published

On Monday, stocks tumbled globally following Friday’s release of a weaker-than-expected jobs report, which economists have pinned on the Federal Reserve for not cutting interest rates earlier. According to CNN, the Dow Jones Industrial Average, S&P 500, and NASDAQ each plunged by several percentage points when trading opened.

Yet former president and current GOP presidential nominee Donald Trump used his Truth Social account to baselessly cast blame on likely Democratic presidential nominee Vice President Kamala Harris for the market tumble. Following Trump’s posts on the “Kamala Crash,” right-wing media figures also picked up this framing.

  • Financial news outlets reported that stock markets declined globally in reaction to weaker-than-expected jobs report

  • According to CNBC, “Fears of a U.S. recession were the main culprit for the global market meltdown after Friday’s disappointing July jobs report.” The Wall Street Journal similarly reported on the market decline that “concerns about a slowing U.S. economy are front and center after job growth slowed sharply in July.” Ernie Tedeschi, director of economics at The Budget Lab at Yale, explained that the U.S. is currently not in recession.

    Both outlets also reported worries that the Federal Reserve was too slow to cut interest rates. Professor Jeremy Siegel of The Wharton School said on CNBC in response to the market selloff that the Fed should make a large emergency rate cut. Nobel prize-winning economist Paul Krugman also suggested that the time is ripe for an emergency rate cut by the Fed.

    Recently, multiple economists have been blaming the Trump-appointed Federal Reserve Chair Jerome Powell for his failure to timely cut interest rates prior to the weaker-than-expected jobs report last Friday. Trump sycophants tried to blame the weak jobs report on Harris, too.

  • Trump and MAGA media try to blame stock market drop on Harris

    • Trump posted on Truth Social: “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. Next move, THE GREAT DEPRESSION OF 2024! You can’t play games with MARKETS. KAMALA CRASH!!!” Trump blamed the market decline on Harris in multiple other posts as well, including one that read simply, “TRUMP CASH vs. KAMALA CRASH!” [Truth Social, 8/5/24, 8/5/24, 8/5/24, 8/5/24]
    • Former Trump official and current Newsmax analyst Ric Grenell: “The Kamala Crash.” [Twitter/X, 8/5/24]
    • Rumble host Donald Trump Jr.: “It's the #KamalaCrash!!!!” [Twitter/X, 8/5/24]
    • Project 2025 contributor Stephen Moore said on Fox News, “I think a lot of people on Wall Street … are a little worried about the agenda she [Kamala Harris] would bring in.” When co-anchor Sandra Smith asked, “Do you think a lot of this is about what’s to come with the election?” Moore replied: “Yeah, I do. … If you look at what Kamala Harris is saying, she wants to double the capital gains tax, she wants to tax unrealized capital gains, she wants to re-regulate virtually anything that moves in the economy. And she’s basically totally embraced the Biden agenda.” [Fox News, America Reports, 8/5/24; The Guardian, 2/29/24]
    • Newsmax guests echoed Trump, blaming Harris for the stock market decline. On Newsmax’s The National Report, GOP strategist Jennifer Nassour argued that the markets were “clearly” reacting to Harris “being the pick, the potential nominee for the Democratic Party.” Another guest, RNC youth advisory council Chair Brilyn Hollyhand, added: “This is the Kamala crash, just like President Trump’s saying.” [Newsmax, The National Report, 8/5/24]
    • Newsmax host Sebastian Gorka: “The markets around the world are saying, hang on, this Kamala is not going to fix things for us.” Appearing as a guest on Wake Up America, Gorka added: “The world has just voted a big negative on her candidacy with this ripple through the stock market.” Co-host Sharla McBride agreed, saying, “Yeah, you’re exactly right.” [Newsmax, Wake Up America, 8/5/24]
    • Turning Point USA founder Charlie Kirk: “Today, markets are reacting directly to Kamala Harris.” Kirk continued: “I encourage all of you, do not look at your stock portfolio today. Do not look at your 401k. That is all brought to you by Kamala Harris.” [Rumble, The Charlie Kirk Show, 8/5/24]
    • Kirk: “The NASDAQ had never been down 1,000 points in its entire history, until two weeks after Kamala Harris becoming president became a serious possibility.” [Twitter/X, 8/5/24]
    • Popular right-wing X account Election Wizard shared Trump’s Truth Social post, writing “‘Kamala Crash!!!’” [Twitter/X, 8/5/24]
    • GOP strategist Alex Bruesewitz: “President Trump is spot on. THIS IS THE KAMALA CRASH!” [Twitter/X, 8/5/24]
    • GOP strategist Steve Guest: “brat summer ➡️ crash summer #Kamalanomics.” [Twitter/X, 8/5/24]
    • The Post Millennial ran an article under the headline “'I told you so': Trump slams Biden, Harris over global stock, crypto crash.” [The Post Millennial, 8/5/24]
    • MAGA cartoonist Ben Garrison posted a cartoon appearing to show Biden leading people off a cliff while talking about the economy, adding: “Bidenomics… Kamala Krash.” In a separate post, Garrison wrote, “I bet a lot of people are pretty pissed off about the Kamala Crash today!” [Twitter/X, 8/5/24, 8/5/24]
    • Steve Bannon’s War Room podcast chief financial and operating officer Grace Chong: “Kamala Krash.” [Twitter/x, 8/5/24]
    • Gab CEO Andrew Torba: “The Kamala Crash.” [Twitter/X, 8/5/24]
    • Right-wing commentator Bill Mitchell: “Thanks Kamala. That Bidenomics is really working.” [Twitter/X, 8/5/24]
    • Right-wing podcast host and serial plagiarist Benny Johnson: “KAMALA CRASH.” Johnson also called Trump’s “TRUMP CASH vs. KAMALA CRASH!” post “great messaging.” [Twitter/X, 8/5/24, 8/5/24]
    • Former Project Veritas affiliate Eric Spracklen: “Trump is on fire this morning 🔥 KAMALA CRASH!” [Twitter/X, 8/5/24]