.larry_kudlow: Middle-class is getting 'slammed' by inflation
RSM U.S. chief economist Joe Brusuelas and Ameriprise Financial private wealth advisor Nancy Daoud react to wild market swings after a hotter-than-expected September CPI report on 'The Claman Countdown.'
Meanwhile, some more real median weekly wages since January 2021 are down 5.5%. Real hourly wages have fallen 18 straight months with the latest yearly read dropping 3.8%. In other words,. Their wages are rising, but inflation is rising more. This continues to be the soft underbelly of the Biden economy. Middle-class folks are getting slammed by higher prices, but if you think that the inflation arithmetic is bad, the monetary arithmetic is just as bad — maybe worse.
The Fed says they're running off bonds $95 billion a month, but in reality, they're not. In the past four months, they've only taken down $164 billion. It should be twice as much. Not enough. The overall balance sheet is just shy of $9 trillion. Pre-pandemic — $4 trillion. Now, last point: One way to absorb excess money is to produce more goods, but we are not. The Biden socialists have been on a spending tear. Not a production tear, a spending tear.
You know what? The best racial justice I can think of is growing the economy by 5 or 10% coming out of the recession. After the successful Trump tax cuts, please remember, minority unemployment crashed, poverty crumbled and inequality declined. Now that's racial justice. The Marriner S. Eccles Federal Reserve Board Building is seen on September 19, 2022 in Washington, DC. The Federal Open Market Committee is set to hold its two-day meeting on interest rates starting on September 20.
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