Plunging stock markets are rattling Democrats, who worry Monday’s 588-point drop in the Dow Jones could be a precursor to a souring economy.
That would be bad news for the 2016 Democratic presidential nominee, particularly if it is Hillary Clinton, say these Democratic strategists, who argue that Clinton will be saddled with incumbency as much as sitting Vice President Biden.
“I hate to be so gloom and doom as a Democrat, but today I hate to tell you this is not good news for the Democratic Party,” said Democratic pollster Paul Maslin.
The economy is a long ways from the last stock market crash, when housing prices were also plummeting and the nation was shedding jobs.
The economy has been adding hundreds of thousands of jobs each month and an unemployment rate that was in double-digits in 2010 has been cut nearly in half, to 5.3 percent.
Still, stocks are considered a leading economic indicator, and they are falling because of concerns about an economic slowdown in China — a country increasingly connected to the United States.
Maslin said he’s glad for his party that the market meltdown is happening now, and not in 2016.
“Our only good fortune is that this is 2015 not 2016. You can imagine if this was happening a year from now it would be a huge help for them [the Republicans],” he said.
Veteran Democratic strategist Joe Trippi sees the economy as a huge risk to a Clinton candidacy.