Fmr Trump economic advisor: Bidenflation causing families to spend $460 more than this time last year

Former Trump senior economic adviser Kevin Hassett joined Fox News host Laura Ingraham Friday to highlight the many ways American families are suffering under President Joe Biden’s economy.

The average American family has to spend $460 more this month in order to buy the same stuff they bought last year at this time,” said Hassett, who predicted the current recession a year ago, on “The Ingraham Angle.”

(Video: Fox News)

Asked how he was able to predict the recession the country is now in, Hassett explained.

“What we saw was that inflation was spinning out of control, accelerating, and that that was going to run way ahead of any wage increases, and people were going to be worse off.”

To wit, argues the economist, “If your wage didn’t go up by more than $5,000 this year, then you are worse off.” And that leads inevitably to recession.

GDP has got to decline if people can’t buy the same amount of stuff they bought last year and that’s what we are seeing in the data. We’ve got two negative quarters. That’s always been a recession in the past. The third-quarter number is looking like it’s going to be negative. So, Americans are hurting, and the metric of how they’re hurting is that $460 a month. That’s a huge amount of money to have to spend to just tread water.”

From a giant leap in the cost of buying and owning a home to the increased costs of food, gas, and travel, Biden’s economy is indeed hurting almost every socio-economic group in the country. The poor and middle classes suffer the most, of course. To add to the pain, they may also see a rise in taxes when the climate bill takes effect.

As for the financial sector, which often shows gains when other indicators are down, the news is bad there, too.

“If you put $10,000 in the stock market when President Trump took office, it about doubled over his four years. It’s down about 30% this year. If you think about it, what that means is for the typical American family that has a little more than $100,000 in wealth, that means they lost about $30,000. So not only do you have to spend that extra $460 a month but your wealth is down by that much as well.”

What about the housing market? Anyone not hooked on fentanyl could see the recently hot market starting to reverse direction, especially with rising interest rates.

“With the fed hiking rates, home prices are going to take a big hit. They will probably drop 20 or 30%.”

That summary hits pretty much all sectors. “All the assets that typical Americans own are headed south right now. It’s because of these terrible policies,” he said.

What is the Left communicating about the economy? They say that Biden inherited a bad economy from Trump, which is a tremendously dishonest claim. They know that the pandemic was to blame for that. They are perfectly aware that before Covid, Trump presided over the best economy by every measure, since at least Reagan. And it was leftists, in the main, who enacted lockdowns and shut down the economy.

The Left also blames the war in Ukraine for the non-recession recession. And their remedy was the so-called “inflation reduction act,” which realistically only has the potential to increase inflation.

About the Left’s assertion that the inflation reduction act was critical for combatting the current economic malaise, Hassett said “The buck stops really with the career economists that let him say stuff like that.”

A few days ago, the Hoover Institution tweeted that we might even be looking at a bout with dreaded stagflation.


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