Matthews: Bidenomics has erased the ‘wealth effect’ ...Middle East

Economists have long recognized a phenomenon known as the “wealth effect.” When “households become richer as a result of a rise in asset values, such as corporate stock prices or home values, they spend more and stimulate the broader economy.” Americans at all income levels experienced the wealth effect during the Trump years. “Bidenomics” has brought the wealth effect to a screeching halt, which is one big reason why President Biden’s polling numbers are so low.  Most people recognize the impact of the wealth effect in their own lives and economic decisions. When people feel wealthier, whether they actually are or not, they are more likely to spend money on discretionary items, such a

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