Roughly a week ago, President Joe Biden insisted he wanted his legacy to be that he “cured” the economy.
Now, stocks are experiencing a sharp sell-off amid concerns about a recession.
On Monday, a video surfaced of Biden speaking to reporters and was he asked what he wants his legacy to be, “That I cured the economy.”
“And the environment, and a few other small things,” he added.
Watch the video below:
Check out some of the reactions below:
The economy begs to differ https://t.co/E2R6zN4MyR
— GAgirl1967Headed to the battle box in 2024! (@Tamzilla_52) August 5, 2024
CNN reported Monday that the Nikkei 225 index of leading stocks in Tokyo lost 4,451 points, which was the largest single-day drop in its history.
The report noted that “the index closed more than 12% down, bringing its losses since early July to 25% and entering bear market territory.”
CNN explained, “Fears of a sharp slowdown in the US economy have raised expectations that the Federal Reserve will have to slash interest rates. Coming as the Bank of Japan (BOJ) takes its interest rates higher to contain inflation, that is boosting the value of the yen against the US dollar and making Japanese export-dependent stocks less attractive.”
The losses come after the U.S. reported adding just 114,000 jobs in July, down from the expected 175,000, and as the unemployment rate rose to 4.3%, adding to concerns about a slowdown.
And early Monday morning, the Dow Jones Industrial Average plunged 1,200 points.
