There is a remedy for the exploding inflation America has felt over the past two years. A solution to rising prices for everything from Fruit Loops and milk to gas and takeout. A simple way to ease the pain of families from coast to coast.
The Capitalist Pig knows what it is.
Hedge fund manager and television personality, Jonathan Hoenig, made the case this weekend and offered his straightforward solution when he joined Fox News' Jacqui Heinrich on Saturday afternoon.
Heinrich began the economic discussion on Fox News Live, citing the nation's 3rd quarter GDP rising 2.6%. This was a number that surprised many experts after the country was pushed into recession as defined by the previous two-quarters of negative GDP growth. She noted, however, that the number was mostly driven by fluctuations in international trade and increased government spending.
"It doesn't really reflect the underlying health of the economy, and economists think those things are going to drop off in quarter four," Heinrich said. "What do you read from all this? Are we out of the woods? Where are we heading?"
"The third quarter GDP number was good. We can't deny that. But as the old saying goes, one sparrow does not make a spring. The real issue here, the inflation that has flummoxed the economy for the better part of a year now. That has not gone away," Hoenig said. "If anything, what we've seen is a lack of demand, and for pretty obvious reasons. The American investor, the American consumer, has had a hell of a time in the last couple months, Jacqui. Especially one of the worst financial markets in history. You have to go back to really 2008 to see as much money has been lost in financial markets this year. Not just stocks, but bonds as well. Because of inflation bond investors have had the worst year since at least 1929."
Hoenig, a popular financial voice with a strong libertarian streak, believes it is everyday, hard-working Americans that are being hit the hardest under the deteriorating economic conditions of the past two years.
"It is a Main Street story. Americans now have basically negative savings rate. They're once again dipping into credit card debts. And they're denying themselves so many of those everyday pleasures as the cost of inflation ticks up. So yes, the GDP number was good but we haven't really seen a change in the real issue that's been flummoxing the economy, and that's inflation. And that is once again, as Gerald Ford said it, public enemy number one."
Heinrich, the co-host of Fox News Audio's The Fox News Rundown podcast, asked Hoenig if the Federal Reserve should continue raising interest rates, as many expect they will with another .75 hike this week. Specifically, she asked if this is a wise approach as some politicians are fretting publicly about this tactic spurring on increased job losses.
"The job losses aren't a result of the Fed," Hoenig offered, along with his solution. "It's a result of the inflation, the government spending. And that's my real worry, Jacqui, moving forward. Look, the market had a lot of fluctuations in the 1970s. We had bull markets in, say, 1972 and 1975, but until Jimmy Carter actually reigned in the spending, started to actually deregulate, started to actually move the economy forward in terms of policy, you never saw the inflation tick down. So the Democrats might want to make it a political issue. It's an economic issue. Stop the spending and you stop the inflation."
Hoenig, a longtime Fox News contributor and author of the book, A New Textbook of Americanism: The Politics of Ayn Rand, also weighed in on Elon Musk's purchase of Twitter.
"Twitter is going to change, and frankly Jacqui, it needs the change. Twitter is not a monopoly like every other company. It really needs to innovate in order to change. I mean, its got Truth Social, its got Parler, its got Facebook, its got Rumble," the iconoclastic Hoenig said. "Elon is not unlike Ray Kroc in this opportunity here. I mean, McDonalds had been invented for years prior but it took Ray Kroc to really buy it, change it, innovate it and make it what it is today. So it's exactly the opportunity that Elon Musk has here. I think he's going to innovate. I think he's going to change, and he has to. And I think this idea of, essentially, I wouldn't say the censorship issue. I'd say the accessibility issue, that is certainly job number one in terms of his new policies at Twitter."
So a government that slows spending, and a Twitter once again open to free speech and dialogue. Against the grain, the Capitalist Pig has made his case.
No comments:
Post a Comment