President Joe Biden received criticism for saying last week that he "cured the economy " while reflecting on his legacy as president, just days before a major global stock sell-off Monday that has sparked recession fears.
"Mr. President, what do you want your legacy for Gen Z to be?" a reporter asked.
"That I cured the economy, and the environment, and a few other small things," Biden responded on the White House lawn Tuesday after a trip to Texas.
Friday's July jobs report spurred fears of recession, and some investors are concerned about the Federal Reserve considering cutting interest rates to help with economic woes. Stocks tumbled in as a sell-off of tech stocks such as Nvidia, April, and Tesla took a dive in the market.
Former Trump White House press secretary Kayleigh McEnany said the "Dow appears to disagree" with Biden's assessment that he "cured" the economy.
" Kamala Harris cast the tie-breaking vote for inflation (aka The American Rescue Plan)," McEnany added in a post on X.
Former President Donald Trump ripped his Democratic opponent, Vice President Kamala Harris, and the Biden administration Monday for the market downturn.
"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 said on Truth Social.
Clips of the former president warning about the stock market crashing have been circulating online.
"If he’s elected, the stock market will crash!" Trump said in a 2020 presidential debate with Biden.
Former Housing and Urban Development Secretary Ben Carson reacted to the markets and the growing tensions in the Middle East.
"The markets are in turmoil. The Middle East is a powder keg. The border isn’t secure. Prices are exorbitant. Lawfare has replaced the rule of law. Crime is rampant," Carson said on X.
"It didn’t have to be this way. It certainly doesn’t have to continue. Kamala = Chaos," he added.
"'I cured the economy.' Joe Biden, days before market panic. It's not just that the policy is bad, it's that they are SO sure it's good. Remarkable hubris," Hudson Institute's Rebeccah Heinrichs said .
"Just six days ago, Biden said 'I cured the economy.' This morning, over $2.9 trillion was wiped out of major indices and stocks. We all know Joe is not in control," entrepreneur and musician Chad Prather said .
CNBC host Jim Cramer shared his 2024 outlook on what market fears mean for the election.
“If you care about your paycheck, you go with Trump," Cramer said about the choice between Trump and Harris.
“What you're seeing right now in the stock market is what Americans have been feeling for the last three years. It’s just a manifestation of it right now,” Fox Business host Charles Payne responded .
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Memes of Harris dancing in front of bad stock market numbers and Biden alongside Harris standing inside a dumpster fire floating down the street in a flood began spreading on the internet.
"The stock market is being unburdened by what has been," one social media user quipped .
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