Joe Scarborough claimed Tuesday on MSNBC that the United States economy was “still the envy of the world” because the fundamentals were “very strong” despite Monday’s stock market crash.
The Dow Jones Industrial Average closed down 1,033.99 points Monday, while the S&P 500 dropped by 160.23 points and the NASDAQ fell 576.08 points following a disappointing jobs report released Friday that triggered fears of a recession. Scarborough dismissed the crash on “Morning Joe,” pointing to futures markets showing the markets were up by a fraction of Monday’s losses. (RELATED: ‘If You Care About Your Paycheck, You Go With Trump,’ Jim Cramer Says Live On TV)
WATCH:
Joe Scarborough Claims US Economy ‘Still The Envy Of The World’ After Stock Market Meltdown pic.twitter.com/OtRBBZMA1Q
— Daily Caller (@DailyCaller) August 6, 2024
“The thing is, it’s important to realize, if you look at the fundamentals of the economy, it’s still very strong,” Scarborough said. “The things we were saying last week are true this week. We are still the envy of the world economically, in every way.”
“Even the market now, my gosh, over the past four years, it’s just exploded. So this was a slight correction,” Scarborough continued. “There may be more of a correction to come, but that has more to do with how stocks have been overpriced and the overexuberance that we’ve been hearing traders warn about for a very, very long time, that these stocks are being overpriced. But we’ll see what happens. The Nikkei, again, bouncing back yesterday. We’ll see what happens today.”
The July jobs report indicated only 114,000 job were added as opposed to a predicted number of 175,000, sending the unemployment rate climbing to 4.3%. while jobs numbers for May and June were also revised downwards by 29,000. (RELATED: ‘They’ve Never Been Down 1,000 Points’: Fox Business Host Left Stunned By Wall Street Sell-Off)
Inflation is also plaguing the American economy, with prices having climbed by over 20% since President Joe Biden took office. The Consumer Price Index rose by 3.0% year-over-year in June, slightly below economists’ expectations, two years after inflation hit a recent high of 9% in June 2022.
All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.