Joe Biden Gave Donald Trump a Much Worse Economy Than Many First Realized

It’s hard for any of us to pull away from the heartbreaking and heinous killing of the American hero Charlie Kirk.Yet there are some important economic events out there that must be covered. And I want to ask some difficult questions.The whole world expects the Fed to drop its target rate at the meeting this week.I am in this camp. But after the consumer price index report last week, I just want to note the following.Measured on three-month intervals, on an annual basis, the top-line CPI came in at 3.5 percent. And the core excluding food and energy rose 3.6 percent over last year.The Fed’s inflation target is 2 percent.Meanwhile, good prices measured the same way came in at 3 percent top-line, and 2.8 percent core.Now, the presumption is that these are one-time price increases that may be related to tariffs.That is a plausible presumption. Yet it is worth asking whether the Fed should accommodate even one-time price hikes.I think the bigger influence on easier monetary policy is the fact that President Biden gave President Trump a much worse economy than many first realized.Job revisions have removed more than 1.5 million from payrolls. In recent months, private sector jobs have not risen at all.Initial unemployment claims may be jumping up for the first time in quite a while.The whole jobs sector looks to be on stall speed, to use a term from a Fed governor, Christopher Waller.That’s a different matter than what to do about one-time price increases.Stock markets, meantime, continue their historic record-breaking rallies. And that’s a good thing.Household net worth, which is mainly stocks and home values, has jumped to more than $170 trillion.That’s a strong underpinning for the economy.And there is the makings of a business boom developing from President Trump’s tax cuts and deregulation.Then Mr. Trump has said today that America is on its way to a trade deal with Communist China.And that looks like it could include some kind of resolution over Chinese-owned social media company TikTok.But there really are no details on that deal. Or on the trade talks in general, which are likely to be extended.Mr. Trump may speak with President Xi Jinping this Friday, according to the buzz.And talk is always a good thing. Civility.I’m sure Mr. Trump will ask Mr. Xi to stop buying Russian oil that finances the Ukraine war.Talking, though, is a whole lot better than shooting.From Mr. Kudlow’s broadcast on Fox Business Network.

Joe Biden Gave Donald Trump a Much Worse Economy Than Many First Realized

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