Fox Business' Charles Payne dismisses the Biden-Harris administration's economic policies as market tanks

Fox Business host Charles Payne slammed the economic policies enacted by the Biden-Harris administration on Monday as the stock market plummeted in early trading.

The U.S. stock market had its worst opening since 2021 on Monday, as the Dow Jones Industrial Average and the S&P 500 fell as much as 3% and 3.4% after a Friday jobs report revealed that the unemployment rate rose to 4.3%. seconds on NBC News. Payne said the policies of President Joe Biden's administration directly resulted in the current global market crash.

“This is not because of a once-in-a-century element that no one saw coming and had to cripple an entire global economy. This is because of the policies that led to high inflation for 40 years that have now a huge impact on the economy,” Payne said on Fox News' “America's Newsroom.”

Payne also blamed the Federal Reserve for its monetary policy decisions made under the leadership of Chairman Jerome Powell.

The consumer price index has risen about 20% since Biden took office in January 2021, according to the Bureau of Labor Statistics (BLS). data, with a drop in real wages of 1.9%. Payne criticized the Biden-Harris administration for promoting the passage of the Inflation Reduction Act, which he said is “fueling inflation.”

'It's Nuts!': Fox Business' Charles Payne Dismisses Biden-Harris Admin's Economic Policies as Market Tanks pic.twitter.com/ah6tE4T18U

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“The main focus here was all the money that Biden and Harris not only pumped into the economy that continues to sputter. And ironically, they brag about things like the Inflation Reduction Act. This is fueling inflation! They bragged about all the money they are giving to the richest corporations to build factories here. We gave Intel 8.5 billion dollars and you know what they got rid of. That is it smart? Is that really what to do with taxpayers' money? It's crazy!”

“What you're seeing right now in the stock market is what Americans have been feeling for the last three years. It's just a manifestation of that right now,” Payne continued.

economists agreed in August 2023 that the $740 billion Inflation Reduction Act did not deserve credit for reducing inflation and that its name reflected the politics of the day. The White House and the Congressional Budget Office (CBO) said during its August 2022 passage that would fight inflation and lower costs for American families.

Vice President Kamala Harris' campaign doubled down on the policies of the Biden administration by blaming Republican nominee Donald Trump for bringing the United States to “the brink of recession.”

“Donald Trump failed Americans as president, costing our economy millions of jobs and bringing us to the brink of recession… We have made significant progress, but Vice President Harris knows there is more work to be done to lower costs for families,” the Harris campaign said. spokesman James Singer said Friday.

Payne said the Trump administration oversaw the “shortest recession in history” caused by the COVID-19 pandemic rather than its policies.

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