Democrat President Joe Biden’s top economic advisor is leaving the lame-duck White House team to join Kamala Harris’s presidential election campaign.
On Monday, Biden announced that his senior “Bidenomics” advisor Gene Sperling is joining the Harris campaign.
Biden made the announcement on the same day that markets suffered the biggest meltdown in years.
The global “Black Monday” market crash came amid concern of a potential economic crisis.
However, despite the crash being led by fears of a deeper U.S. recession, which is caused by Biden’s economic policies, Sperling is apparently being tapped to serve in a potential Harris administration.
“When I took office, our economy was reeling, a pandemic was raging, and hundreds of thousands of small businesses across the country were at risk of shutting their doors,” Biden said in a Monday statement as Wall Street imploded.
“Having run Recovery Act implementation for President Obama, I knew I needed an American Rescue Plan Coordinator with the expertise and experience to hit the ground running.
“I’m glad I picked Gene Sperling.”
As Sperling departs his post where he helped roll out Biden’s first pandemic aid package, the Dow Jones Industrial Average and Nasdaq plunged 1,000 points each, according to Fox Business.
Tokyo’s Nikkei index closed 12.4% lower, its worst single-day retreat in almost 30 years since, according to The AP.
Europe’s STOXX 600 index faced its biggest disruption since February, dropping 2.6% at 487.15 points.
“Under Gene’s leadership, the American Rescue Plan has delivered economic relief to cities and counties across the country, protected millions of union pensions, made the largest-ever federal investment in public safety, and kept thousands of small businesses afloat,” Biden wrote.
“I also looked to Gene as a trusted advisor on the economy and gave him some of the toughest assignments, including serving as my liaison to the Big 3 automakers and UAW as autoworkers fought for – and secured – record contracts.”
A poor July jobs report foreshadowed market troubles, Claudia Sahm, the former Federal Reserve economist who created the Recession Indicator, warned late last week.
WATCH:
'It Triggered': Economist Who Created Recession Indicator Sounds Alarm After Dismal Jobs Report pic.twitter.com/xbIXfiUH2o
— Daily Caller (@DailyCaller) August 2, 2024
Market fears, coupled with the jobs report, have raised concerns of a potential American recession.
President Donald Trump hit Harris for the economic concerns, calling the vice president and her policies “even worse” than Biden.
In a post on Truth Social, Trump said:
“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.
“Next move, THE GREAT DEPRESSION OF 2024!
“You can’t play games with MARKETS.
“KAMALA CRASH!!!”
