Biden Bonko explodes in the stock market

Biden Bonko explodes in the stock market

US stock prices and President Biden’s acceptance rating continued to fall, as inflation dumped household incomes. Only 39% of Americans approve of Biden’s performance, and only 33% of Democrats think the country is heading in the right direction. And that’s not surprising, given that retailer stock prices have collapsed nearly 40% this year. The S&P 500 is teetering on the edge of a bear market – a drop from peak to trough of 20% or more.

Biden’s stimulus – compounding the Trump administration’s mistakes – was a Ponzi scheme that dumped $6 trillion in purchasing power for American consumers while simultaneously restricting supply. That’s like giving out 10,000 coupons for 5,000 sausages available at a baseball game.

The result is an inflation rate of 12%, not the 8% reported by the Bureau of Labor Statistics. Hourly earnings are only rising 5% per year, so real income is collapsing. Americans have been accumulating credit card debt to make up the difference, but the collapse in retail stocks suggests the post-COVID consumer boom is over.

2022-05-20 22:05:34

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