US stock prices and President Biden's approval rating continued to tank, as inflation swamped household income. Only 39% of Americans approve of Biden's performance, and just 33% of Democrats think the country is heading in the right direction.

That's no surprise, given the nearly 40% collapse of retailers' stock prices this year. The S&P 500 is teetering on the edge of a bear market – that is, a peak-to-trough decline of 20% or more.

The Biden stimulus – compounding the errors of the Trump Administration – amounted to a Ponzi scheme that threw $6 trillion of spending power at US consumers while at the same time constricting supply. That’s like handing out 10,000 vouchers for 5,000 available hot dogs at a baseball game.