Kevin Hassett crawled back into the news cycle to explain that your grocery bill exists because Joe Biden spent money during a pandemic. Not because of supply chains. Not because of corporate pricing. Biden's Covid spending did it.
Trump's guy wants credit for the economy but needs a scapegoat for inflation. Hassett picked the previous administration. Brave stuff. Really going out on a limb there.
The phrase "working our way out from" does heavy lifting here. It suggests we're trapped in some Biden-created hellscape of fiscal irresponsibility. As if Trump's team didn't also fire money from a cannon into the economy during Covid. They did. Everyone did. But apparently only Biden's dollars cause inflation. Trump's dollars were the good kind. The patriotic kind.
Hassett served as Trump's chief economic advisor. He predicted GDP growth that never happened. He drew charts showing Covid deaths dropping to zero by May 2020. They did not. Now he's back to tell us the current administration inherited a mess. The mess being consequences from choices both administrations made.
Retail traders will read this headline and think they've unlocked alpha. They'll short bonds or buy gold or do whatever their Discord tells them. They'll feel informed. Hassett said spending was bad. That means rates go up. That means tech goes down. That means I should buy puts. Wrong. It means Hassett had a microphone and you had a brokerage account.
The technical setup hasn't changed. The 200-day moving average doesn't care who spent what in 2021. Price action doesn't read White House statements. Your P&L doesn't improve because you picked the correct person to blame for inflation.
But sure, Kevin. We're all just working our way out from Biden's spending, not yours.
Photo by Laura Seaman on Unsplash
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