Former President Donald Trump issued a stark warning on Monday, predicting a “Great Depression of 2024” following a sharp drop in U.S. stock market indexes. Trump attributed the market downturn to Vice President Kamala Harris, calling the event the “Kamala Crash.”
On Truth Social, Trump wrote, “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.” He added, “Next move, THE GREAT DEPRESSION OF 2024! You can’t play games with MARKETS. KAMALA CRASH!!!”
Trump presented the upcoming election as a choice between “TRUMP PROSPERITY, OR THE KAMALA CRASH & GREAT DEPRESSION OF 2024.” He also warned of a “PROBABILITY OF WORLD WAR III IF THESE VERY STUPID PEOPLE REMAIN IN OFFICE,” emphasizing his belief in his own predictions by stating, “REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING!!!”
The U.S. stock market experienced significant declines, with major indexes such as the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all taking hits. John Carney, Breitbart News’s economics editor, highlighted that the decline underscored investor anxiety following economic data showing rising unemployment and slower job growth than anticipated. Surveys of manufacturing activity indicated a significant decline, often seen as a warning sign for the economy.
The Department of Labor reported an increase of just 114,000 jobs in July, well below the forecasted 180,000. Separate surveys of purchasing managers revealed a contraction in factory activity for the month.
The presidential election dynamics appear to be influencing market performance. The market declined as Harris’s polling numbers rose after she replaced President Joe Biden as the presumptive nominee, contrasting with the market’s rise when Trump was leading in the polls.
Sen. JD Vance (R-OH), Trump’s running mate, also voiced concerns, warning of a potential global economic crisis. “This moment could set off a real economic calamity around the globe. It requires steady leadership–the kind President Trump delivered for four years,” Vance posted on X. He criticized Harris for not addressing the market decline and questioned her leadership, using the hashtag “#WheresKamala.”
