Biden’s Economics Adviser Leaving White House As Markets Tumble

As U.S. stock markets took a nosedive, news broke on Monday morning that senior economics adviser Gene Sperling was leaving the White House.

Sources told the Associated Press that Sperling was transitioning to Vice President Kamala Harris‘ presidential campaign after President Joe Biden ended his re-election bid and Harris clinched the Democratic Party’s presidential nomination.

While the report couched Sperling’s move as one to “challenge” former President Donald Trump on policy issues, many on social media noted the timing. The Dow, S&P 500, and Nasdaq indexes all dropped in the morning hours amid what The Wall Street Journal called a “global selloff.”

“Heck of a day for Biden’s economic advisor Gene Sperling to leave,” The Daily Mail senior political reporter Charlie Spiering said in a post to X.

Heck of a day for Biden's economic advisor Gene Sperling to leave pic.twitter.com/txgLJop1K2

— Charlie Spiering (@charliespiering) August 5, 2024

“REMINDER: SS Kamalanomics is a sinking ship,” quipped conservative commentator Steve Guest.

“Great timing bud,” said Students for Trump co-chair Ryan Fournier, who also included a facepalming emoji.

BREAKING: Biden’s top economic advisor, Gene Sperling announced he is leaving the WH today.

Great timing bud. ????????‍♂️

— Ryan Fournier (@RyanAFournier) August 5, 2024

“Like rats fleeing a sinking ship,” said social media influencer Rogan O’Handley, better known as “DC Draino.”

Former ESPN anchor Sage Steele responded to the news by simply posting an emoji showing a “Flushed Face,” evoking concern.

???? https://t.co/mrSoaSDbNv

— Sage Steele (@sagesteele) August 5, 2024

“Biden’s top economic advisor, Gene Sperling announced today that he’s leaving the White House to work on Kamala’s campaign…,” said comedian Tim Young. “So if you like how s***ty the economy is now… you’re definitely getting another 4 years of it if she gets elected.”

The White House released a statement from President Joe Biden that praised Sperling for his work in the administration.

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“Under Gene’s leadership, the American Rescue Plan has delivered economic relief to cities and counties across the country, protected millions of union pensions, made the largest-ever federal investment in public safety, and kept thousands of small businesses afloat,” Biden said.

The Republican National Committee’s “Research” account on X shared a video showing Harris delivering remarks along with the hashtag “KamalaCrash.”

"Bidenomics. Ha ha ha ha! That is called Bidenomics — and we are very proud of Bidenomics!"

— Kamala Harris#KamalaCrash pic.twitter.com/JwXWeePr1m

— RNC Research (@RNCResearch) August 5, 2024

In the clip, Harris said, “All that, ladies and gentlemen and everyone else — that is called Bidenomics.” After laughing amid some applause, she added, “That is called Bidenomics — and we are very proud of Bidenomics!”