Wall Street concerned about Harris agenda
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Steve Moore, an economic adviser for the Trump campaign, voiced concerns on Monday regarding Vice President Kamala Harris’ economic agenda, attributing a sharp decline in U.S. stock markets to these apprehensions. The market experienced its worst opening since 2021, with the Dow Jones Industrial Average and the S&P 500 dropping by 3% and 3.4%, respectively. This downturn followed a Friday jobs report revealing a rise in the unemployment rate to 4.3%.
Moore linked the 1,000-point market drop to growing political worries about Harris’ candidacy. “In the last two weeks, Kamala has been rising in the polls, making it a tied race,” Moore remarked. “People on Wall Street are concerned about the agenda she might bring to the White House.”
Moore criticized Harris’ proposal to increase the capital gains tax and her support for President Joe Biden’s economic policies, suggesting these factors could negatively impact her election prospects. During a Saturday rally, Republican nominee Donald Trump labeled the recent economic downturn as the “Kamala Economic Crash,” drawing parallels to the Stock Market Crash of 1929.
“Kamala and Biden have been promoting the economy based on its performance in the first half of the year,” Moore noted. “However, recent trends indicate a decline. Elections often hinge on economic perceptions, and with rising inflation and a softening labor market, Harris faces significant challenges.”
Since Biden’s inauguration in January 2021, the Consumer Price Index has risen by over 20%, according to Bureau of Labor Statistics data. Moore argued that the economy is struggling due to excessive government spending, amounting to $2 trillion that the country cannot repay.
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The markets appear to think Biden and Harris are sending the US economy into a recession. They also want to increase taxes which would also have a negative impact on the markets.
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