The former managing director at Soros Fund Management panned President Joe Biden’s management of the economy during a CNBC appearance.
During the May 7 edition of Squawk Box, Stanley Druckenmiller, billionaire investor and former chairman and president of Duquesne Capital, gave his frank assessment of Bidenomics — and it was not positive, to say the least.
In the interview, CNBC anchor Joe Kernen asked Druckenmiller about the nation’s overspending under President Biden. In response, Druckenmiller seemed overcome by disgust before telling Kernen, “If I was a professor, I would give [Biden] an F." This is an incredible election-year statement coming from a man who once managed money for leftist billionaire George Soros.
Earlier in the interview, Druckenmiller criticized Federal Reserve Chair Jerome Powell and the Biden administration for the state of the economy. He said, “The day Powell pivoted, gasoline was $2. It went to $2.80. It's now at $2.55.” Druckenmiller also suggested that the current state of affairs would be politically damaging for Biden, adding, “the average American cares more about gasoline prices than they do about stock prices and they are getting hurt.”
He went on to mention economic difficulties previously highlighted by CNBC: “There was an interview earlier on your show about people being priced out of the housing market.” This is true, Biden’s policies are taking a toll on the average American. Since January 2021 (when Biden took office), the average 30-year fixed mortgage rate has risen from 2.77% to 6.8% on April 4, 2024.
Druckenmiller also mentioned that “Inflation is 21% higher than it was in 2019. To me, even politically, that's more consequential than keeping the markets up than trying to nail the soft landing and not having a recession.”
Indeed, Americans have been brutalized by 5.5% average monthly inflation under the Biden administration.
The former Duquesne Capital president went beyond the impact of Bidenomics on struggling Americans, suggesting that Biden’s missteps would have horrible ramifications for the future.
“All government needed to do was get out of their way and let them innovate. Instead, they have spent and spent and spent,” Druckenmiller said. “And my new fear now is that spending and the resulting interest rates on the debt that’s been created are gonna crowd out some of the innovation that otherwise would have taken place. We’ve got a 7% budget deficit at full employment. It’s just unheard of.”
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