Biden library blows up the stock market

U.S. stock prices and President Biden’s approval ratings continued to decline as inflation swamped household incomes. Only 39% of Americans approve of Biden’s performance, and only 33% of Democrats believe the country is moving in the right direction. That’s not surprising, given that the retailer’s stock has plunged nearly 40% this year. The S&P 500 is teetering on the brink of a bear market — a peak-to-trough decline of 20% or more.

Biden’s stimulus — compounding the Trump administration’s mistakes — amounted to a Ponzi scheme that dumped $6 trillion in spending power on American consumers while limiting supply. It’s like giving out 10,000 vouchers at a baseball game for 5,000 available hot dogs.

The result was an inflation rate of 12%, not the 8% reported by the Bureau of Labor Statistics. Hourly wages are only increasing by 5% a year, so real earnings are plummeting. Americans have been racking up credit card debt to make up the difference, but the collapse in retail stocks shows that the post-pandemic consumer boom is over.

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