Biden claims he 'cured the economy' days before global market crash, Internet says 'you killed it'

WASHINGTON, DC: President Joe Biden had claimed that he "cured the economy" only days ahead of global stocks plummeting on Monday, August 5, reported Fox Business.

The comment was made by the incumbent while interacting with reporters outside the White House, talking about his legacy as the 46th President of the United States.

"Mr President, What do you want your legacy for Gen Z to be?" inquired a reporter, leading Biden to quip, "That I cured the economy. And the environment. And a few other small things."

State of global market

Biden's confidence in his administration's handling of the economy became the subject of criticism after the global market tanked on Monday, causing Wall Street's fear gauge to record the highest spike in the last 4 years.

The level of fear among investors is measured by the Cboe Volatility Index (VIX) which jumped as much as 172% to 62.27 before trading opened Monday. It was the highest recorded level since the onset of the Covid-19 pandemic in March 2020, when the gauge rose as high as 85.47, according to Fox.

The VIX index has been relatively stable since the pandemic and never closed above 40. However, the July job reports which were released last week stoked fears of recession and resulted in a surge in the index.

According to the Labor Department, only 114,000 workers were added to the economy in July while the unemployment rate stood at 4.3%, the highest since October 2021. It reportedly brought about concerns about a weakening economy in the face of high interest rates.

The rise in unemployment triggered the Sahm Rule, which stipulates that a recession is likely when the three-month moving average of the jobless rate is at least a half-percentage point higher than the 12-month low.

Internet claims Joe Biden 'cured nothing'

Netizens reacting to the news on the social media platform Facebook slammed Biden for his tall claim ahead of the stock market going down. Many blamed his policies for tanking the economy, as the following comments demonstrate.

"He has cured nothing!" exclaimed a user.

"He ruined this country's economy and gave much needed money to another country instead of his own people," wrote another.

"This is not a surprise. Projections have shown this for a while now. Democrats always seem shocked by this kind of news," shared a third.

"Cured it? He killed it!" jibed a fourth user.

"He’s a legend in his own mind. He does not know what’s going on," chided a fifth.

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.