Fox Business anchor Charles Payne criticized the economic policies enacted by the Biden-Harris administration on Monday as the stock market plummeted at the beginning of trading.
The U.S. stock market had its worst opening since 2021 on Monday as the Dow Jones Industrial Average and the S&P 500 dropped as much as 3% and 3.4% after a Friday jobs report revealed that the unemployment rate climbed to 4.3%, according to NBC News. Payne said President Joe Biden’s administration policies directly resulted in the current global market downfall.
“This is not because of a once-in-a-century element that no one saw coming and had to lock down an entire global economy. This is because of policies that triggered 40-year high inflation that have now taken a massive toll on the economy,” Payne said on Fox News’ “America’s Newsroom.”
Payne also placed blame on the Federal Reserve for its monetary policy decisions taken under the leadership of Chairman Jerome Powell.
The Consumer Price Index is up roughly 20% since Biden took office in January 2021, according to Bureau of Labor Statistics(BLS) data, with real wages going down 1.9%. Payne criticized the Biden-Harris administration for touting the passage of the Inflation Reduction Act, which he said is “stoking inflation.”
“The main focus here was all the money that not only did Biden and Harris pump into the economy that continue to gush in. And ironically they brag about things like the Inflation Reduction Act. That’s stoking inflation! They brag about all the money they’re giving the world, to the richest corporations, to build factories here. Well guess what? We gave $8.5 billion to Intel and you know what we got in return? They’re gonna get rid of 15,000 workers. Is that smart? Is that really brilliant? Is that what should really be done with taxpayer money, stoking inflation and losing jobs? It’s nuts!” (RELATED: ‘Gaffe After Gaffe After Gaffe’: Charles Payne Explodes At Panelist Over Biden’s ‘Frustrating’ Blunders)
“What you’re seeing right now in the stock market is what Americans have been feeling for the past three years. It’s just a manifestation of it right now,” Payne continued.
Economists agreed in August 2023 that the $740 billion Inflation Reduction Act did not deserve credit for bringing down inflation, and that its name instead reflected the politics of the day. The White House and the Congressional Budget Office (CBO) said during its August 2022 passage that it would combat inflation and lower costs for American families.
Vice President Kamala Harris’ campaign doubled down on the Biden administration’s policies by blaming Republican nominee Donald Trump of bringing the U.S. toward “the brink of recession.”
“Donald Trump failed Americans as president, costing our economy millions of jobs, and bringing us to the brink of recession … We’ve made significant progress, but Vice President Harris knows there’s more work to do to lower costs for families,” Harris campaign spokesperson James Singer said on Friday.
Payne said the Trump administration oversaw the “shortest recession in history” caused by the COVID-19 pandemic rather than its policies.
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Trading Platforms Down Amid Market Downfall
The panic over a potential US recession has caused a massive downturn to take place across global markets. The development has led to five trading platforms reportedly going down as the market issue persists throughout the country. Fidelity, Vanguard, and TD Ameritrade are among the downed platforms.
Both Wall Street and the crypto market have faced a Black Monday in early August. Crypto investments have seen $528 million in outflows take place, according to CoinShares, as a US economy slowdown becomes more likely. Subsequently, the rabid response has affected operations across the country.
Those trading platforms consist of Charles Schwab, TD Ameritrade, Vanguard, E-Trade, and Fidelity. Moreover, those reports occurred after Japan and Taiwan have suffered their worst market losses since 1987 and 1967, respectively. All eyes are now on the Federal Reserve.
Chicago’s Fed President Austan Goolsbee recently said the Fed will react to “deterioration” occurring in the economy. Talking to CNBC, he noted that they are out to “maintain financial stability.” Additionally, he said if conditions show “there’s deterioration… We’re going to fix it.” Many expect Monday’s response to drive an emergency rate cut before the expected cut in September.
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