Why Biden Gets an “F” on the Economy

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So, Biden’s grade on economy. Getting to that time of year. Getting to that time of year. I know my son’s finished up his finals. My daughter finished up hers in college. My one and younger one’s doing his AP exams in high school. We’ll do Joe Biden’s grades on the economy. We’ll first go to the left of center, Gallup polling group out there. No bueno.

Not good at all. As a matter of fact, the public’s perception, confidence in President Joe Biden doing the right thing when it comes to the economy is the lowest on record. How low can you go? So it’s the lowest on record. I know we live in a day and age where we’ve got to do grade inflation all the time, but

Lowest on record would seem to me that you’re getting an F. An F, and this is coming from Gallup for Cryin’ Ella. Again, I haven’t really heard them beating the economic drums anymore. They tried that whole Bidenonomics thing to some degree. Again, I think you’re going to have to see them really shift.

towards handouts and giveaways, which they have. You’ve already got the president trying to circumnavigate the Supreme Court when it comes to all the student loan stuff, loosening up the rules when it comes to marijuana. I don’t know what’s gonna be in their bag of handouts and giveaways moving forward, but they’re gonna have to come up with something, have to come up with something. Definitely gonna be pushing the abortion agenda. But overall, the…

The Biden grade on the economy, this is with Gallup, is an F. And today, great interview. It was an appearance on CNBC by a guy that I have a great deal of respect for. I’ve talked about him here on the program in the past. I’ve written about him. His name is Stanley Druckenmiller. Let me put this into perspective if you’re not familiar. Let’s say you’re familiar with sports. When they have arguments about the GOAT when it comes to

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basketball and are like, is it LeBron? Is it Kobe? Is it Michael Jordan? Is it Kareem? Is it, you know, whoever it may be that they’re throwing into that conversation. Stanley Drockamella, you would definitely be a part of that. And one of the reasons why I have such a great deal for for Stanley is he he also admits when he’s wrong. He came out after he lost a ton of money. Ton of money than the dot.

calm collapse. He got in late to the game. He didn’t believe it didn’t believe it didn’t believe it and eventually he went in late and he got crushed and he came out after the fact and I’m paraphrasing basically saying I didn’t learn a damn thing from that experience. I didn’t learn a damn thing. I knew what I was doing was wrong and I did it anyway. It’s my own fault. In essence, I’m paraphrasing and people that are able to admit when they’re wrong or they screw up and own it again.

that they get a great deal of respect. In my book, he again he was on CNBC today. And I was it was kind of like a watchdog on Wall Street echo chamber. All of the things that we have been discussing time and time again here on the podcast trying to get through. He reiterated as well. reckless government spending enabled by the Federal Reserve is hurting average Americans and endangering Biden’s chances. I’ve

being reelected. Again, he talked about the failure of buy nanomics and how consumers are paying the price in terms of higher inflation. He did make the point, like I said, I made this point yesterday here on the program, there seems to be more recognition now in regards to the fiscal situation, you’re getting more leaders in business coming out.

and understanding that this is not a good place we’re in. And he said, everybody seems to get it, but Yellen, who just keeps spending and spending. I think it’s dumb politically, it’s causing inflation, and it doesn’t take a genius to figure out that the average American is getting hurt by the inflation. Again, he was talking about the Fed and interest rates.

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and whatnot. He said, it seemed to me that the Fed was in the perfect position. Inflation was coming down. Financial conditions were tightening. To some extent, I feel like they fumbled on the five yard line. And what do they talk about fumbling? He got into the fact that J -Powell and the Federal Reserve, they’re a bunch of chickens. They absolutely refuse to come out and discuss fiscal policy. Again.

He said the feds pivot in late 2023 to push harder on the idea that rate cuts were coming was a mistake. The Fed at that point had only upped its unofficial forecast from two to three cuts. However, investors interpreted comments from Powell to mean that a substantial policy easing was ahead. Biden is in a battle with Trump right now. And again, it’s going to be talking about rates. Rates are going to be an issue. He said quote, unquote, binomics, if I was a professor, I give

him an F. Basically, they misdiagnosed COVID and thought the economy was going into a depression. The Fed did too. Treasury is still acting like we’re in a depression. They’ve spent and they’ve spent and they spent. And my new fear now is that spending and the resulting interest rates on the debt that’s been created are going to crowd out some of the innovation that otherwise would have taken place.

Again, echo chamber, talked about this here on the program. Misallocation of money, money that could be spent, I don’t know, building bloody flying cars for crying out loud is going to be wasted and flushed down the toilet on interest payments.

Again, you had Trump, again, critical Donald, $2 .3 trillion. $2 .3 trillion Donald Trump pushed out the door during COVID. Biden comes in and said, I want to do that too. I want to spend trillions of dollars. $2 trillion in 2021. And again, he mentioned that he’s not a fan of neither Biden nor Trump.

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And again, he said, with buying the I’m more worried about staglation with all the government spending with all the tricks that Yellen has been using to manipulate yield curves with the way the Fed seems to reignited financial conditions. But he also feels, you know, he has fears regulation, everything else preventing productivity. He basically said he’s without a candidate at this point. I think it’s how many Americans feel again, the.

Republican Party hasn’t really come out with anything at this point in time when it comes to what it plans to do for the economy. Again, they had a lot more going on back in 2016. And if you don’t believe me, go back and take a look at the Republican platform for 2016. I praised it. It was excellent. It was excellent. I think they might want to dust that off and look back to that again, but also as well, getting this fiscal situation under control. Watchdog on wallstreet .com.