Voters aren’t buying Bidenomics

Are Americans getting excited about “Bidenomics?”

The approval ratings don’t show it.

At the beginning of this month, President Joe Biden’s approval rating fell below 40% for the first time since August 2022.

Though there is some speculation about new candidates entering the Democratic primary (most notably Gavin Newsom and Michelle Obama), President Biden currently enjoys a fairly straightforward path to re-nomination.

But re-election might be a different matter.

On paper, he will cruise to re-election over Donald Trump, but polls are way too close for comfort if you are a Democrat.

Therefore, Biden supporters might be concerned about his strategy of rallying behind “Bidenomics.”

Yes, jobs numbers are impressive, there is no recession, and the rate of inflation is declining…

However, two-thirds of Americans give President Biden thumbs down on the economy.

JP Morgan Chase CEO Jamie Dimon tried to be diplomatic about it in a recent interview. “I’d be careful about that,” he said in response to whether it is working, and said it was a “tough question to answer.”

However, he was fairly straightforward in criticizing the Biden Administration’s social agenda and the way industrial policy is being paired with political goals.

“There shouldn’t be any social policy around that,” he said, “I think that’s a huge mistake. It shouldn’t be political, it should be purely economic. I think when they write books about this 10 years from now, a lot is going to be about how it didn’t work, [it was] ineffective, companies feeding at the trough,” he said.

Some Biden supporters say that the president is simply getting a bad rap from the media. Frankly, there might be something to that… after all, most people predicted a recession in 2023.

But you can’t simply fool people about the financial circumstances that they are facing. I don’t think Americans are just being “misled” by propaganda. They are in tough straits.

What’s truly disturbing is that even the prosperity we have now is being driven by debt.

Can that last forever?

I expect it will last longer than many expect, simply because there is no global alternative now to the dollar.

But things that don’t last forever don’t…

And I don’t expect even a change in the White House to radically improve matters.

There will be no saviors coming from Washington.

It’s up to us.

Keep Moving,

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WORD ON THE STREET

Media Titan: Hollywood Could Be Doomed

You’re Off The ARK – Cathie Wood’s ARK Investment is dumping both Coinbase (COIN) and Tesla (TSLA) as it seeks to build up new positions in Twilio Inc., Robinhood, and SoFi technologies. It even stocked up on Meta Platforms. Elon has to be asking, Et Tu Cathie?

Good News If You Hate Celebrities – Barry Diller, former CEO for Paramount and 20th Century Fox and current head of IAC, said the entertainment industry is facing a “perfect storm.” He argued Hollywood is facing an “existential crisis” and the aftermath of the streaming boom and COVID-19 could “produce an absolute collapse of an entire industry.”
Diller suggested a 25% pay cut for executives and the most-paid actors as a “good-faith measure”
China Misses Again On GDP – Youth unemployment in China is at a record 21.3% as new figures showed GDP barely grew. From the first quarter, the economy only grew by 0.8%, raising questions about China’s ability to meet its 5% annual growth target,

Russia Seizes Two Foreign Conglomerates – French dairy group Danone and the beer company Carlsberg’s had their assets put under what the Russian government called the “temporary management” of a government property agency. The decree was signed by Russian president Vladimir Putin, a response to Western sanctions and an intensification of an economic war between Moscow and the West.

HOT SPOTS: What’s Going on in Geopolitics

Ukraine Hits Critical Bridge To Crimea – Russia’s National Anti-Terrorism Committee reported that two naval drones from Ukraine carried out a strike on Russia’s Crimean bridge, a key supply link to the illegally annexed peninsula. Two people were reportedly killed and a young girl was injured. However, the critical railroad that supplies military forces in the region escaped harm.”
Russia Halts Grain Deal – Hours after a major Ukrainian strike on a Crimean bridge, Russia halted participation in a major UN-brokered deal that allowed Ukraine to export grain through the Black Sea. The Kremlin denied any link between the two events. The move could place strain on global food supplies, especially in the developed world.
Iran Brings Back “Morality Police” – Having squelched mass protests after the death of a young woman, Iran’s leaders feel secure enough to start a new campaign to force the return of the Islamic headscarf for women. Iran’s government said that the regime’s morality police will be returning in force to the streets with the power to at first notify, and then detain women who violate the hijab mandate.

CUTTING EDGE: What‘s Happening In Tech

New Vax Just Dropped – Nirsevimab, a vaccine from Sanofi and AstraZeneca, has been approved by the FDA. It protects infants and toddlers from respiratory syncytial virus, the leading cause for hospitalization among American babies. It’s the first shot approved by the FDA for babies to prevent RSV, regardless of whether the babies are healthy or not. Critically, it is only a single injection.

Ford Slashes EV Prices – Responding to Tesla’s attempts to undercut the competition, Ford is cutting prices for its electric F-150 Lightning pickup truck. Prices for all versions will fall by at least $6,000. However, even after the price cuts, the price for the lowest-cost version of the Lightning is still about $10,000 than it was when it was introduced in 2021.

Tesla Settles Claims It Overpaid Its Directors – Tesla directors are returning $735 million to the company after accusations from shareholders that they excessively overpaid themselves. The settlement ends a lawsuit from 2020 filed by the Police and Fire Retirement System of the City of Detroit.

Elon Musk is still facing his own lawsuit over allegedly excessive compensation

“Really, the only question is whether NVDA has any room to run. I think it does. In fact, I am very confident that legacy RID members who bought NVDA at the Model Portfolio price will soon boast a triple-digit gain once the stock hits $520. In fact, I expect that by the end of the year.”

A few months ago, Mr. X told RID subscribers that they should consider entering NVDA at $260. Well, now Citi analysts agree with him (a few months too late). But does NVDA have farther to go? He says yes… because it’s at the ground floor of a once-in-a-lifetime revolution.

STICKING WITH NVDA

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Voters aren’t buying Bidenomics

WORD ON THE STREET

Media Titan: Hollywood Could Be Doomed

HOT SPOTS: What’s Going on in Geopolitics

CUTTING EDGE: What‘s Happening In Tech

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