Following President Donald Trump's announcement that tariffs against Mexico and Canada would take effect this week, the Dow Jones dropped around 650 points as investors frantically sold off in anticipation of economic disaster. But to hear it from former Trump adviser Larry Kudlow on Fox Business, it's really all former President Joe Biden's fault the economy is showing signs of collapse.
"What's left of the Biden economy is slumping right now," Kudlow told White House Press Secretary Karoline Leavitt, who replied, "Truly, this administration is working around the clock to bring down the cost of living for the American people."
Commenters on social media were less than impressed that Kudlow, who just last month warned signs of stagflation appeared in markets, didn't bother to single out the Trump administration's policy plans as a driver for the stock market panic.
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"Hahaha," wrote former CNN analyst John Harwood on X.
"This is a news network?" wrote Progressive Source Communications founder Jonathan Greenberg.
"Yeah ... they drop tariffs for no reason whatsoever and the market collapses but it's the guy who left a month and a half ago," wrote political strategist and VoteVets podcaster Fred Wellman. "What a jacka---."
"WATCH: As the stock market drops because of Trump’s tariffs and trade war, Larry Kudlow & Fox hilariously try to blame 'the Biden Economy' (and use it to push for tax cuts for the rich and deregulation, as always)," wrote progressive social media account The Tennessee Holler.
