Let’s talk about what’s going down in the financial world because the U.S. stock market is currently in a tailspin. Trillions of dollars have been wiped out in just a few hours, leaving investors and everyday Americans reeling. The global markets started giving us a preview of this crash late Sunday evening, and by Monday morning, it was full-on chaos.
Meanwhile, where is President Joe Biden in the middle of this economic storm? He’s been in Delaware, spending the weekend at home after a dismal jobs report on Friday that kicked off this massive sell-off and reignited fears of a global recession. The White House schedule shows that Biden will be heading back to Washington Monday afternoon, but it’s a bit late for damage control as the markets are already in freefall.
"We have never been down 1,000+ points — EVER, not even intraday — on the Nasdaq."#KAMALACRASH pic.twitter.com/iCXN83vOkQ
— RNC Research (@RNCResearch) August 5, 2024
But the story doesn’t stop there. In the midst of this market meltdown, there’s been another shake-up in the White House. For the second time in just a couple of weeks, one of Biden’s top advisers is leaving his administration to join Vice President Kamala Harris’s presidential campaign. This time, it’s Gene Sperling, a senior economic adviser with a long history in Democratic administrations. He’s worked under Presidents Clinton, Obama, and now Biden, and he’s been a key player in managing the economic fallout from the COVID-19 pandemic.
Biden praised Sperling’s work, highlighting his role in the American Rescue Plan, which provided economic relief to millions of families and small businesses. But let’s be honest—Sperling’s departure couldn’t come at a worse time. With the markets crashing and recession fears growing, it looks like a key member of the economic team is jumping ship, and people are noticing.
🚨#BREAKING: Over $1.93 trillion has been wiped out from the US stock market so far today as the Nasdaq has dropped over 1,000 points. Officials say the Nasdaq has never been this low, not even intraday. pic.twitter.com/gCODgVGri9
— R A W S A L E R T S (@rawsalerts) August 5, 2024
Critics, especially Republicans, have been quick to point out that Sperling supported massive spending packages they believe are partly to blame for the soaring inflation we’ve all been feeling. They argue that the Biden administration was slow to react to rising prices, and now, as the economy continues to struggle, it seems like the architects of those policies are moving on to new ventures—specifically, Harris’s presidential campaign.
Joe Biden: "There have been so many records the stock market has hit under my presidency. Imagine if the other guy was here."
As markets crater, the economy worsens, and war escalates — we are definitely imagining a world where the 'other guy' was here. pic.twitter.com/IEVe3xP1gR
— Western Lensman (@WesternLensman) August 5, 2024
To make matters worse, this isn’t the first high-profile departure. Just last week, Anita Dunn, another long-time Biden adviser, announced she was leaving to join a PAC supporting Harris’s campaign. With Biden stepping aside from the 2024 race, it seems his closest advisers are already pivoting to support Harris, even as the administration faces mounting economic challenges.
This all comes on the heels of a weaker-than-expected jobs report, which has only added fuel to the recession fears. The timing of Sperling’s departure has people talking—and not in a good way. As the markets tumble and economic uncertainty grows, the optics of a top economic adviser leaving the White House for a campaign trail aren’t exactly reassuring.