Gene Sperling, senior economic advisor in the Biden administration, is leaving his position to work with Kamala Harris’ election campaign. BREAKING: Senior Biden economic advisor Gene Sperling leaving White House — Insider Paper (@TheInsiderPaper) August 5, 2024 “When I took office, our economy was reeling, a pandemic was raging, and hundreds of thousands of small businesses across the country were at risk of shutting their doors. Having run Recovery Act implementation for President Obama, I knew I needed an American Rescue Plan Coordinator with the expertise and experience to hit the ground running. I’m glad I picked Gene Sperling,” a statement from the White House read. Breaking News: Joe Biden's economic advisor Gene Sperling is stepping down. pic.twitter.com/v22xzbj9UM — The Calvin Coolidge Project (@TheCalvinCooli1) August 5, 2024 From the White House: Gene joined my administration as the only person to have ever directed the National Economic Council under two presidents, and has helped me execute a rescue plan that has led to one of the most equitable and resilient economic recoveries ever. His work helped nearly 40 million working families get unprecedented child tax cut relief and over 8 million renters get emergency assistance to help keep their families housed. 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. I also looked to Gene as a trusted advisor on the economy and gave him some of the toughest assignments, including serving as my liaison to the Big 3 automakers and UAW as autoworkers fought for – and secured – record contracts. Having traveled from Delaware to D.C. every day during my Senate career, I know a thing or two about long commutes. I’m grateful to Gene’s wife Allison, his children Nina and Miles and his godchildren Derick and Samantha for allowing Gene to lend me his wisdom, his counsel, and his friendship. They should know our nation is stronger and more just because of the families that Gene has spent every day fighting for over the past three-and-a-half years. Senior Biden Harris economic advisor Gene Sperling is resigning TODAY This could be a REALLY bad sign of what’s to come. Buckle up. pic.twitter.com/QPn1ErZigV — Nick Sortor (@nicksortor) August 5, 2024 The Associated Press reports: Sperling first worked with Harris when she was California attorney general during his time in the Obama administration. He frequently consulted with her as an outside adviser when she was in the Senate. The two partnered during the Biden presidency on promoting the monthly payments for the child tax credit, among other policies. The pandemic programs halved child poverty with tax credits that went to 40 million families and provided rental assistance to 8 million. But Republican critics blame the pandemic aid for sparking higher inflation, an issue that has hounded the Biden administration as many voters say that groceries, housing and gasoline have become less affordable. Financial markets opened Monday with a selloff as a weaker than expected jobs report last week has raised concerns about the U.S. economy’s resilience. The White House has maintained that the inflation was global in nature, with chief of staff Jeff Zients saying that the efforts coordinated by Sperling “produced the strongest economy in the world.” The announcement coincides with global markets crashing overnight, sparking concerns that we’re on the verge of a recession. BLACK MONDAY INCOMING? Everything Is Crashing Overnight, Heading Into Monday