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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Biden is TWISTING job statistics to HIDE our recession

Biden is TWISTING job statistics to HIDE our recession

Janet Yellen attempts to redefine recession TWICE in one sentence — even Chuck Todd isn't buying it



Treasury Secretary Janet Yellen insisted that the economy is not in a recession — because that word doesn't mean what you think it means. In fact, it doesn't even mean what she said it meant at the beginning of one long, rambling sentence during an interview with Chuck Todd on NBC's “Meet the Press.”

"A common definition of recession is two negative quarters of GDP growth, or at least that's something that's been true in past recessions, when we've seen that there has usually been a recession, and many economists expect second-quarter GDP to be negative, and first-quarter GDP was negative, so we could see that happen, but I do want to emphasize what a recession really means is a broad-based contraction in the economy, and even if that number is negative, we are not in a recession now, and, um, I would, you know, warn that we should be, um, not characterizing that as a recession," Yellen told Todd.

"I understand that, but you're splitting hairs. I mean, if the technical definition is two quarters of contraction, you're saying that's not a recession?" Todd asked.

"That's not the tech-, that's not the technical definition," Yellen insisted. "There's an organization called the National Bureau of Economic Research that looks at a broad range of data in deciding whether or not there is a recession."

"You know when Chuck Todd has to ask a follow-up question, you really stepped in it," said BlazeTV host Dave Rubin in response to Yellen's interview.

Watch the video clip from "The Rubin Report" below. Can't watch? Download the podcast here.



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