After yesterday’s stock market rout, the Dow lost the last of its gains since Biden’s inauguration. The blue-chip index is basically flat since Jan. 20, 2021. But that’s just the nominal return that is zero. if you factor inflation based on the CPI, it’s down another 12.7%!  So this means that with the value of all publicly traded stocks at roughly $48 trillion, investors have lost more than $5 trillion in real wealth and savings under Biden’s presidency.  So incomes, paychecks and savings are getting whacked all at once.

By the way, Steve Moore was on Fox’s Hannity Show last night talking about these issues.