Recession risk grows larger and stocks are getting clobbered. Investors who were irrationally exuberant only a few weeks ago, are now running for the hills. Stocks are getting clobbered with the Dow down 2,000 points the last three trading days. There may also be some politics to this story, as chameleon Kamala Harris is polling better than Joe Biden was, as low a bar as that may be, but no matter what she says, we know she hates business.
So much of this can be traced to the affordability crisis, where the Biden-Harris consumer price index has gone up 20% over their full term, while hourly wages have risen only 17%. In other words, for three and a half years plus, typical working families of all different stripes have suffered a pay cut in what Ronald Reagan used to call take-home pay and their taxes have gone up, not down.
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