Gene Sperling, a senior Biden-Harris economic adviser, left the White House on Monday for a campaign trip, the same day that U.S. stocks plummeted and fears of an economic recession became apparent.
Sparring is departure Sperling will become a senior economic adviser to Harris’ presidential campaign policy team. He served under Presidents Bill Clinton and Barack Obama, and President Joe Biden tapped him to lead his $1.9 trillion coronavirus pandemic relief effort early in his presidency.
But the departure of Biden and Harris’ senior economic adviser from the White House comes at a time when major stock indexes fell sharply on Monday morning and many fear the economy is headed for a major downturn.
Arrogance is the source of downfall. pic.twitter.com/NBafdNNS9S
—Breitbart News (@BreitbartNews) August 5, 2024
Breitbart News economics editor John Carney wrote:
The Labor Department said the economy added just 114,000 workers in July, well below the 180,000 expected. Surveys of executives known as purchasing managers by the Institute for Supply Management and S&P Global both showed factory activity contracted in the month.
The Dow Jones Industrial Average fell 2.3% after the open. The Nasdaq Composite Index plunged 4%. The S&P 500 dropped 3.1%. The Russell 2000 index of mid-cap companies dropped 5.1%.
The Chicago Board Options Exchange Volatility Index (VIX), also known as the “fear index,” has been rising sharply. Before Friday’s spike, the VIX had been below its historical long-term average of 20 for 190 consecutive days, its longest period below its average since 2018. It hit 55 on Monday morning,The highest level since the worst of the pandemic. [Emphasis added]
August 2023, Harris Delivered A speech touting the benefits of “Bidenomics”:
President Biden and I came into office with a plan to grow and strengthen the American economy. We knew that for too long, our economy has not worked for workers. Entire communities have been left behind and left behind. Trickle-down economics has benefited big corporations and the wealthiest Americans, but not much for ordinary people.
So when President Biden and I took office, we resolved to invest in American workers, create millions of jobs, rebuild American manufacturing, repair our roads and bridges, replace every lead pipe in the country, connect every home to high-speed internet, expand clean energy production, and ensure that all Americans have the opportunity to prosper, not just the wealthy and well-connected.
She added, “All of this, folks, is called ‘Bidenomics.’ (Applause.) This is called Bidenomics, and we’re very proud of Bidenomics.”
“Bidenomics. Ha ha ha ha! That’s what it’s called Bidenomics and we are very proud of Bidenomics!”
— Kamala Harris#KamalaCrush pic.twitter.com/JwXWeePr1m
— RNC Research (@RNCResearch) August 5, 2024
Sean Moran is a policy reporter for Breitbart News. Follow him on Twitter. Sean Moran 3.
