Trump campaign nails ‘Kamalanomics’ as stock market crashes on bad unemployment report

The stock market reacted negatively to a bad unemployment report, and the Trump campaign lambasted Democrats for what some said are signs of a coming recession.

“Kamala Harris has proudly and repeatedly celebrated her role as Joe Biden’s co-pilot on ‘Bidenomics.’ She cast tie-breaking votes in the Senate for spending that put inflation on steroids, and despite the evidence that America’s working families are hurting she tells us these failed plans are working,” read a statement from the campaign entitled “Kamalanomics.”

The jobs report documented a sharp upturn in the unemployment rate from 4.1% to 4.3%, the highest level since October 2021.

The Dow Jones index dropped 800 points on the news after losing nearly 500 points on Thursday. The S&P 500 index dropped 108 points, or about 2%, while the Nasdaq Composite fell by 384 points, or 2.2%.

Despite the downturn, the stock market had reached historic highs in recent weeks.

The report also triggered what is known as the “Sahm rule,” which is named after an economist and predicts when the economy is headed into a recession.

The Biden administration has been trying to argue that its policies have worked to broaden the employment base and raise wages, even as inflation has eroded Americans’ buying power.

The economy is a weak spot for Democrats as polls show most Americans blame President Joe Biden for high inflation and believe the economy is slumping. A majority of respondents said they trusted Republicans on the economy while far fewer said they trusted Democrats.

“The basic necessities of food, gas and housing are less affordable, unemployment is rising, and Kamala doesn’t seem to care,” the Trump campaign concluded.

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