Trump campaign economic adviser Steve Moore said on Monday that Wall Street and the American public are “worried” about Vice President Kamala Harris’ agenda as the U.S. stock markets plummeted at the beginning of trading.
The U.S. stock market had its worst opening since 2021 on Monday as the Dow Jones Industrial Average and the S&P 500 dropped as much as 3% and 3.4% after a Friday jobs report revealed that the unemployment rate climbed to 4.3%. Moore said the 1,000 point drop in the market is raising major political concerns regarding Harris’ candidacy.
“I know this is a political thing to say, but in the last two weeks, you’ve seen Kamala really rising in the polls, now it’s a tied race. I think a lot of people on Wall Street and Sandra, you cover this a lot, I think people are a little worried about the agenda she would bring into the White House,” Moore said.
Moore said Harris’ plan to raise the capital gains tax and her embrace of President Joe Biden’s economic policies will negatively impact her in the election.
Trump campaign adviser Steve Moore says Americans are “worried” about Kamala Harris’ agenda as markets plummet pic.twitter.com/P0KyWrk0Lx
— Daily Caller (@DailyCaller) August 5, 2024
Moore addressed Republican nominee Donald Trump’s branding the jobs report as the “Kamala Economic Crash” during a Saturday rally, where he said that the stock market could fall in a similar way to the Stock Market Crash of 1929. (RELATED: ‘They’ve Never Been Down 1,000 Points’: Fox Business Host Left Stunned By Wall Street Sell-Off)
“Kamala’s been touting the economy, and Biden has, because the first half of this year, the economy did pretty well,” Moore said. “And now we’re just starting to see that thing drift away. So look, I do think elections are pocketbook elections, right, they’re people sitting around the kitchen table thinking, ‘am I feeling better today than I was four years ago?’ And when you combine the high inflation now with a labor market that’s really softening, I think it puts Kamala Harris in a tough position.”
The Consumer Price Index rose over 20% since Biden took office in January 2021, according to Bureau of Labor Statistics (BLS) data. Moore said the economy is in trouble and businesses are suffering as the U.S. government spends $2 trillion that it cannot pay back.
The Federal Reserve declined to cut its federal funds rate from its 23-year high on Wednesday, but had been expected to lower those rates in September. A majority of investors are predicting the Federal Reserve will cut interest rates by 0.5% as concerns about a recession loom among Americans, according to CME Group’s FedWatch tool.
Vice President Kamala Harris’ campaign blamed Trump’s administration for directing the U.S. toward “the brink of recession” in a Friday statement following the damning jobs report.
“Donald Trump failed Americans as president, costing our economy millions of jobs, and bringing us to the brink of recession … We’ve made significant progress, but Vice President Harris knows there’s more work to do to lower costs for families,” Harris campaign spokesperson James Singer said on Friday.
Fox Business anchor Charles Payne said on Monday that while the Trump administration oversaw “shortest recession in history” caused by the COVID-19 pandemic, the Biden administration is witnessing an economic downfall due to its policies. He echoed other economists’ claims that the Inflation Reduction Act, which passed in August 2022, cannot be credited with reducing inflation.
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