It Turns Out Biden’s Economy Isn’t So ‘Cured’ After All

Fears of a U.S. recession cratered global markets just a matter of days after President Joe Biden declared the economy “cured,” with experts pointing to the lame duck president’s own administration as the driving force behind the turmoil.

Global stock prices cratered Monday amid rising fears that the U.S. is headed for recession following the release of disappointing jobs data on Friday. Biden said July 30 that he wanted his “legacy for Gen Z” to be that he “cured the economy,” however economists told the DCNF that the market turmoil was a byproduct of overregulation and unbridled spending.

Asia-Pacific stock indexes plummeted on Monday, with Japan’s Nikkei 225 closing down 12.40% in its largest single-day drop since Black Monday in 1987. South Korean index Kospi dropped 8.77%, falling so quickly that trading was temporarily halted to curb the selloff.

Major U.S. indexes also finished on Monday with significant — though more moderate — losses, with the Dow Jones Industrial Average falling 2.60% and the S&P 500 and Nasdaq falling 3.00% and 3.43%, respectively.

The administration’s Bidenomics agenda “cured the economy of growth and price stability, replacing them with anemia and inflation,” E.J. Antoni, a research fellow at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, told the DCNF.

“This entire chain of events would not have happened without the last four years of profligate spending that was pushed by the radical left,” he said. “Markets are beginning to realize that the tremendous runup in equities, and other asset classes, has mostly been a combination of unsustainable government debt and pure hope. We’re now undergoing the painful adjustment of reevaluating assets on a more realistic basis, and we have a long way to go before prices reflect reality.”