Fox News host Sean Hannity has blamed the Biden administration for the recent stock market decline, calling it a result of "Bidenomics." Hannity's comments come as the Dow Jones Industrial Average plunged more than 1,000 points on Monday, the S&P 500 suffered its worst day since June 2022, and the Nasdaq Composite fell more than 3%.
Fox News host Sean Hannity has launched a scathing attack on Vice President Kamala Harris, blaming her for the recent stock market decline. Hannity's comments come amid growing fears of a global recession and rising unemployment, with major industries buckling under the weight of high interest rates.
"This is day three of what President Trump is now calling the 'Kamala crash,'" Hannity said on his show Monday night. "The hemorrhaging is not over. Japan's stock market just posted their worst day since Black Monday from 1987."
Bidenomics Blamed for Stock Market Collapse
Hannity accused Harris of hyping the economy and failing to address the real fears of Americans who are struggling to make ends meet. He pointed to the recent plunge in stock prices as evidence that the Biden administration's economic policies are failing.
"All of this being fueled by the very real fears that the Biden-Harris economy will spiral this country into a full-on recession, in spite of all the proclamations of the success of 'Bidenomics,'" Hannity said.
The stock market decline comes as the Federal Reserve raises interest rates in an effort to curb inflation. The Fed has raised rates four times this year, with another hike expected in September. The higher rates make it more expensive for businesses to borrow money, which can lead to slower economic growth and job losses.
The Biden administration has defended its economic policies, saying that they are necessary to address inflation and promote long-term growth. However, critics argue that the Fed's rate hikes are too aggressive and will trigger a recession.
The stock market decline is likely to have a negative impact on the economy. When stock prices fall, companies have less money to invest and hire workers. This can lead to slower economic growth and job losses.
The Biden administration is facing growing pressure to address the stock market decline and the fears of a recession. The president has met with business leaders and members of his economic team to discuss the situation. However, it remains to be seen whether the administration will be able to take effective action to prevent a recession.
