'SHOCK AND AWE': Biden promised success and delivered failure: Kudlow
FOX Business host Larry Kudlow shreds President Joe Biden's economic policies ahead of the midterm elections on 'Kudlow.'. He never talks about bonds or interest rates. He frequently criticizes Donald Trump for keeping a sharp eye on the stock market as a leading indicator on the economy. Well, Biden might want to have another think about this stock market business because it's falling now, almost on a daily basis.
The inflation-fighting Fed will run its target rate to at least 5%, if not higher. The inflation rate is stubborn, around 8%. Core, roughly 7%. The GDP tracker from the Atlanta Fed held its number for Q3 steady at 0.3% today, following two down quarters in the first half. None of this is good. In the second quarter, household wealth fell $6 trillion. That's mostly housing and stocks. Because of inflation, the typical working family has lost $4,200 in real income over the past year. Government pension funds are down 8%. The stock market is sending a message and it's not a happy one.
Mr. Biden inherited a booming economy with virtually no inflation from Donald Trump and, in slightly more than a year, turned it into a busting recession with record inflation—in just over a year. That's not an easy thing to do and still, today, despite what financial markets are telling him, what typical families are telling him, what parents are telling him, what the border crisis is telling him, what the crime wave is telling him... he will not listen.
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