WASHINGTON — Former President Donald Trump has dubbed the recent stock market slump as “the Kamala Crash,” attributing the decline to Vice President Kamala Harris’s rise as the presumptive Democratic presidential nominee.

On Monday, Trump, 78, took to social media to express his discontent, stating, “Of course there is a massive market downturn. Kamala is even worse than Crooked Joe.” This remark followed a dramatic 1,000-point drop in the Dow Jones Industrial Average in morning trading, after a previous decline of over 600 points on Friday.

Trump criticized Harris, 59, and the broader Democratic agenda, claiming that markets would not accept what he described as "the Radical Left Lunatic that DESTROYED San Francisco and California." He ominously warned of a potential economic downturn, predicting "THE GREAT DEPRESSION OF 2024" and branding the situation as “KAMALA CRASH!!!”

Economists link the stock market's recent tumble to a disappointing jobs report released on Friday. The report revealed only 114,000 new jobs were added in July, falling short of the anticipated 175,000. This report raised concerns about a potential slowdown or recession in the economy.

The timing of the market drop coincided with Harris securing enough Democratic delegate votes in a virtual roll call to become the party’s nominee, marking a transition from President Joe Biden, 81, who ended his re-election campaign on July 21 amid concerns about his mental fitness.

Biden was trailing Trump in many polls, but Harris is showing stronger results in early surveys. Trump, who has long predicted economic troubles due to what he calls poor political leadership, credited his presidency with significant stock market gains, although these were tempered by a brief recession caused by the COVID-19 pandemic.

Under Biden, the Dow has seen a rise of about 25% since his inauguration, but other economic issues have overshadowed these gains. The term “Kamala Crash” is being used by conservatives to criticize Harris’s economic policies, paralleling the term “Bidenonomics,” which was used by Biden’s team but later became a pejorative amid high inflation.

Since Biden and Harris took office in January 2021, consumer prices have increased by over 20%. The Federal Reserve responded to the inflation crisis by raising interest rates, affecting the cost of credit and home purchases. Harris has continued advocating for many of Biden’s economic policies, including expanding social services and addressing childcare and student debt costs.

In response, Trump has promised to cut taxes and eliminate taxes on tips if re-elected. He also plans to use tariffs to support domestic industries, though Democrats argue that such measures could further raise consumer costs.

Updates:

Kamala Harris' VP Pick: Josh Shapiro and Tim Walz in Final Contention

Heated Debate Erupts Over Transgender Athletes in 2024 Olympics

Kamala Harris Overtakes Trump in Prediction Markets for 2024 Election