Trump and GOP Silent as Stock Market Rebounds After Initial Plunge

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ICARO Media Group
Politics
06/08/2024 22h26

Former President Donald Trump and his Republican allies have gone quiet after using the stock market's global sell-off to attack Vice President Kamala Harris' economic record. The sudden silence comes as stocks made a recovery, gaining back some of their losses from the previous day.

On Tuesday, the S&P 500 closed just over 1% higher, while the Dow Jones Industrial Average rose nearly 300 points or 0.8%, breaking a three-day losing streak. This rebound followed a widespread market slide on Monday, where the S&P dropped 3% and the Dow dipped 2.6%.

During Monday's market downturn, Trump wasted no time in blaming Harris for the sell-off, dubbing it the "Kamala Crash" in multiple posts on Truth Social. His running mate, Ohio Sen. JD Vance, also joined in, raising concerns of a global economic calamity and emphasizing the need for steady leadership like what Trump provided during his presidency.

However, as Wall Street bounced back on Tuesday, Trump's campaign and Republican allies remained noticeably silent. Trump did not make any comments on social media regarding the markets, while his campaign did not respond to CNBC's multiple requests for comment.

This shift in strategy from Trump and the GOP is in line with the former president's tendency to associate his political campaign's messages with the volatile nature of the markets. When stocks rise, Trump is quick to take credit, but when they fall, he places the blame on his opponents.

Trump's reliance on the stock market as a campaign talking point has been questioned by economists and analysts. Moody's Chief Economist Mark Zandi, in an interview with CNBC, stated that politicians historically shy away from tying their fortunes to the stock market due to its inherent volatility. Zandi expressed confusion over Trump's approach and emphasized that most Americans prioritize the high cost of living, inflation, and other everyday expenses over stock market performance.

Despite the steady, albeit slow, post-pandemic recovery of the U.S. economy and its relative strength compared to other developed countries, Trump has seized on the downbeat economic sentiment to criticize President Joe Biden's policies. However, public sentiment polls have consistently shown that voters prioritize the rising cost of living as their top concern.

As the stock market rebounds and gains back its losses, Trump and the GOP's silence on the matter may reflect a broader recognition that the stock market alone is not a comprehensive indicator of the overall economic health or the priorities of American voters.

In the unpredictable world of financial markets, politicians need to consider a wide range of economic factors and prioritize the pressing concerns of the public to effectively address the needs of the American people.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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