Bidenomics Is Crushing the Average American – “The US Economy Seems to Finally Be Cracking” | Joe Hoft


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Bidenomics Is Crushing the Average American – “The US Economy Seems to Finally Be Cracking”

Bidenomics is getting worse.  Biden is destroying the economy. 

BIDENOMICS: Full-Time Jobs Disappear as Americans are Forced Into Part-Time Work reports the Trump campaign on Friday.

A staggering 625,000 full-time jobs vanished in May, according to Friday’s release of the U.S. Bureau of Labor Statistics’ Employment Situation report. At the same time, the number of Americans employed part-time surged by 286,000 last month. This troubling shift in employment highlights an economy that is increasingly precarious for the most vulnerable, forcing many to settle for less stable and lower-paying jobs. That’s Bidenomics.

 Apr. 2024May. 2024Difference
Full-Time   133,889,000  133,264,000   (625,000)
Part-Time     27,718,000    28,004,000    286,000


Zerohedge reports on the market from the insights of Mark B. Spiegel of Stanphyl Capital:

The U.S. economy seems to finally be cracking. This month a slew of retailers (off the top of my head: Target, Lowe’s, Macy’s, Kohl’s, Best Buy and Foot Locker) reported negative year-over-year sales comps, and that’s before adjusting for the inflation that makes them 3% to 4% more negative in “real” terms.  Others (Dollar General and Burlington) reported same-store sales comps in the +2% range, but that too was negative when adjusted for inflation, while Walmart and Nordstrom comps managed to roughly keep pace with inflation, but were unable to exceed it. (To its credit, Costco comps did handily beat inflation—I wish I’d bought that damn stock 15 years ago!)

Corroborating the poor retail sales data, final Q1 GDP growth (released May 30th) came in at just 1.3%, primarily because of the weakening consumer, while pending home sales plunged. At some imminent point in time, this stock market will switch from “bad news is good news” to “bad news is bad news” as it suddenly realizes that there’s a HARD economic landing coming and sticky inflation (3.6% core CPI and 2.8% core PCE ) driven by massive federal budget deficits prevents the Fed from cutting enough to compensate for it. That’s what we remain positioned for…

Yes, a nasty recession was delayed due to a combination of interest rate lag effects, leftover “Covid cash” (which has finally run out), and consumers loading up on credit card debt, but a hard landing will soon arrive as household debt delinquencies are now surging while personal savings have collapsed, and shipping freight data is already recessionary. Yet despite myriad lurking dangers—both economic and geopolitical—the stock market is completely disconnected from a scenario involving any landing.

Hold on tight and prepare yourself. 

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