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Peter Navarro’s Economy and Market Wrap for Week Ending September 1, 2023

The economy has been growing faster than expected because it has been injected with a speedball of Keynesian stimulus.  However, inexorably, rising interest rates are choking off key parts of the economy like housing and manufacturing and adjusted pretax corporate earnings continue to fall auguring bad news for the market bulls.

What the best analogy?  How about this:

You ever watch a meth freak or crack addict come down off a high?  That’s what the Joe and Hunter Biden economy is beginning to look like. Risk remains to the downside as we enter the stock market’s historically cruelest two months in September and October.

The inflation-fighting strategy of Joe Biden and Jay Powell remains choking off the economy to drive up the unemployment rate and drive down both real and nominal wages.  Black, brown, and blue collar Americans and Main Street take the brunt of the hit while Wall Street plays the market.