Gerard Baker on Stock Market Decline and Election Effects

In a recent discussion on Fox News, Wall Street Journal Editor-at-Large Gerard Baker addressed the troubling state of the U.S. economy amid rising recession fears. He attributed the current economic challenges, including a 4.3% unemployment rate as of July 2024, to the current administration's policies. Baker highlighted that while inflation has decreased, prices remain significantly higher than four years ago, and stagnant wages are contributing to public anxiety about the economy's future. Baker expressed skepticism about the media's potential to shield Vice President Kamala Harris from scrutiny regarding her performance, similar to the coverage President Biden received over the past three years. He noted that Harris, who has been compared to historical figures like Joan of Arc and Margaret Thatcher, has faced criticism for her low approval ratings. Just a month prior, her inability to replace Biden on the ticket was a topic of concern. However, Baker pointed out a recent shift in Harris's approval ratings, which have moved from negative to positive. He described this change as a "powerful and disturbing indication" of the influence that favorable media coverage can have on public perception. This raises questions about the role of the media in shaping political narratives, especially as the nation approaches a critical election period. As the economy continues to falter, the implications of these dynamics could play a significant role in the upcoming elections, with voters increasingly concerned about leadership and economic stability.