Vice President Kamala Harris’ campaign When asked how she would deal with a potential recession, which economists worry is looming over the U.S. economy, she attacked former President Trump and his economic record.
“Middle-class families need stable economic management, not chaotic lies,” Harris campaign spokesman Ammar Moussa told Fox News Digital when asked if the vice president has a plan to deal with a potential recession and what those policies would look like.
“Donald Trump has the worst record on jobs than any modern president, and he oversaw some of the worst stock market days in history, while spending his presidency lining the pockets of his wealthy friends who shipped American jobs overseas. Economic experts agree: His plans would cost working families $2,500 a year and cause ‘extra’ inflation,” Moses added.
This week there has been growing concern that The US economy is heading towards a recession A recession is expected just months ahead of the much-anticipated 2024 presidential election.
Harris’ campaign blamed the Trump administration for last week’s disappointing jobs report. (Win McNamee/Getty Images)
Economists at Goldman Sachs this week raised the probability of the US slipping into a recession in the next 12 months from 15% to 25%. Although the risk is still considered “limited” according to Goldman Sachs experts, global markets fell overnight on Monday, while US stocks fell on Monday morning.
The stock market fell this week after the U.S. jobs report for July showed lower-than-expected growth, leading to what is known as the “Sahm Rule.” Federal Reserve Economist According to Claudia Sahm, this rule has successfully predicted every recession since 1970.
Harris’ campaign blamed the Trump administration last week for the disappointing jobs report that led to the Sahm rule.
“Donald Trump disappointed Americans as president, hurting our economy Millions of jobs“This issue is a concern for America, and it is bringing us to the brink of recession,” James Singer, a spokesman for Harris for President, said in a statement last week.
“Now, he’s promising even more damage with his Project 2025 agenda that will devastate the middle class and Increase in taxes Burdening working families while eroding health care, raising the cost of prescription drugs, and cutting Social Security and Medicare — all while making his billionaire donors richer.”
Since President Biden dropped out of the presidential race last month, critics on social media have resurrected Harris’s past comments on economic issues, including an excerpt from the book “This Will Not Pass: Trump, Biden, and the Battle for America’s Future,” which focuses on the 2020 election. An excerpt from the book shows that Biden abruptly dismissed Harris’ comments about expanding the spending package in 2021 to include funding for alleged “human infrastructure.”
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“Harris felt something was missing from the conversation and spoke up to say so. What about the rest of the investments the administration wanted in infrastructure? In April alone, the White House put forward proposals to spend more than $4 trillion on a combination of hard infrastructure and what it has called human infrastructure — the social benefits and family-support programs that are so dear to Democrats,” the passage states.
Harris reportedly demanded a larger package than what Republicans supported, causing Biden to quickly shut her down.
“Biden quickly dismissed his remarks,” the book says.
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“It was such a succinct answer that even Republican senators were taken aback. Biden wasn’t wrong — he would never vote for the American Families Plan — but none of them had seen him silence his vice president like that before.”
The vice president’s past praise of “Bidenomics” has also become a common target among critics and conservatives on social media, as the stock market has plummeted.
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Harris outlined an economic agenda in a speech last month that argued Americans should have access to affordable health care as well as child care.
“Building the middle class will be the defining goal of my presidency,” Harris said. “Because we know that when our middle class is strong, America is strong.”
Harris’s campaign website also touts the Biden-Harris administration’s “historic record of accomplishment” on the economic front, including: “bringing our economy back from the brink of disaster while creating nearly 16 million new jobs; investing more than $1 trillion in infrastructure projects like repairing roads and bridges, removing every lead pipe in America, improving public transportation, and expanding access to high-speed internet; strengthening the Affordable Care Act and lowering health insurance premiums to save millions of Americans an average of $800 a year…”
Harris was also asked whether 2021, inflation ready It is expected to hit a 40-year high of 9.1% next year, and about how she will tackle the inflation problem.
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“Let’s start with this: Prices have gone up, and families and individuals are dealing with that reality — that bread has gotten more expensive, gas has gotten more expensive,” Harris said at the time. “And we have to understand what that means. It’s about the cost of living going up. It’s about putting stress and pressure on limited resources. It’s a source of stress for families that is not just economic but something on a day-to-day level that is a heavy burden to bear.”
People shop at a supermarket in Los Angeles. (Reuters/Lucy Nicholson)
“So we have addressed this in a number of ways. We know that one of the issues related to this is the supply chain issue that we just discussed. So domestically, in terms of domestic policy, one of the approaches we have taken is to work with labour unions and work with municipalities to reopen our ports and extend their hours,” he added.
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Trump, meanwhile, has vowed to fix the economy, reduce inflation and eliminate taxes on tips and Social Security benefits. The economy under the Biden-Harris administration has also been a frequent target for the 45th president as he works to reclaim the White House.
President Trump listens during an event on Operation Warp Speed in the Rose Garden of the White House on November 13, 2020. (AP Photo/Evan Vucci, File)
“Of course the market is in a huge downturn. Kamala is worse than Crooked Joe. The market will never accept a radical leftist lunatic who caused destruction San Francisco and CaliforniaAll in all. Next step, the Great Depression of 2024! You can’t play games with the markets. Kamala Crash!!!,” Trump posted on Truth Social on Monday as markets tumbled.
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He said on Sunday as Asian markets fell: “Stock markets are falling. I told you so!!! Kamala has no idea. Biden is fast asleep. This is all because of incompetent US leadership!”
Get the latest updates on the 2024 campaign, exclusive interviews and more at our Fox News Digital Election Center.
Fox News Digital’s Brooke Singman and Megan Heaney contributed to this report.
