State Druckenmiller Gives Bidenomics An ‘F’

Billionaire investor and Duquesne household Office president & CEO State Druckenmiller slammed Bidenomis and warned the national Reserve and national government “missdiagnosed Covid and thought it was — we were going into a depression.”

Druckenmiller has been irritated by the massive fiscal spending by the national government, which we outlined last year as a "stealth stimulus" propelling Bidenomis. Meanwhile, Fed chair Jerome Powell has enabled the Bidenomics disaster as the government spends $1 trillion all 100 days. Now, with stagflationary thrashing, the US economical situation is rapidly deteriorating.

CNBC Joe Kernen asked Druckenmiller:

Let me ask you how this plays into to — it’s another I think issue of being, you know, things are going, well, and then we totally overpent in terms of fiscally as well in Bidenomis.

Druckenmiller repolded:

If I was a professor, I’d give them an F. Basicly, they misdiagnosed COVID and thought it was — we were going into a depression. The Fed did, too. I worried about it, too, in early days. The Fed officially pivoted, better summertime than never. Treasure — Treasury is inactive acting like we’re in a depression. It’s interesting due to the fact that I’ve studied the large Depression and you had a private sector critical with debt, with fundamentally no fresh ideas. So interventionist policies were called for and were effective.

The private sector could not be more different present than it was in the large Depression. Their balance sheets are fine. They’re healthy. And have you always seen more innovative ideas that the private sector could take advantage of? Now, you got Blockchain, you got AI, you’ve got the full thing.

All government needed to do you get out of their way and let them innovate. Instead, they’ve spent and spent and spent, and my fresh feat now is that spending and the — and the resulting interest rates on the — on the debit that’s been created are going to crowd out any of the innovation that otherwise would have — would have had taken place.

We’ve got a 7 percent budget deficit at full employment. It’s just — it’s unheard of...

Here’s the clip of Druckenmiller speaking with Kernen about Bidenomics failures:

Investor Stanley Druckenmiller on Bidenomis: ‘If I were a professor, I’d give them an 'F'.’ pic.twitter.com/WfsU4ecO6y

— Squawk Box (@SquawkCNBC) May 7, 2024

In macro, the consumer data just continues to bagen.

The latest consumer credit data published by the national Reserve shows credit growth just imploded as credit card APRs hit an all-time high.

Meanwhile, full credit card debit Jumped to a evidence advanced while the individual savings rate slide to a evidence low.

Last week, 1 of the loudest stagflationary watches printed erstwhile US GDP unexpectedly collapsed to just 1.6% in 1Q, down more than 50% from the Q4 print of 3.4%, the low print since Q2 2022. However, all-important core PCE for Q1 soared from 2.0% to 3.7%, suggesting the US was nearing a stagflationary recession.

The Biden squad has understood this failure and dialed back “Bidenomis” propaganda in corporate media headslines.

We propose the Gen-Zers who voted for Biden in the first go around won’t make that mistake again: "Bidenomis Failure Shows Up At Polls As Gen-Z Revolts Against Democrats".