Biden Under Fire: Larry Summers Warns 'Bidenomics' Is 'Increasingly Dangerous' To US Economy
Portfolio Pulse from Melanie Schaffer
Economist Larry Summers has criticized President Biden's economic policies, warning they could lead to inflation and negatively impact the US economy. Summers expressed concerns about the administration's stance on trade, support for US manufacturing, and approach to antitrust measures. The White House defended its strategy, emphasizing that Biden's investments in infrastructure, clean energy, and semiconductors aim to enhance economic resilience. Biden's economic stance may benefit stocks pivotal to the EV battery supply chain, wind, and solar energy industries, such as those held in the Sprott Energy Transition Materials ETF (SETM). However, if the economy suffers, ETFs that follow bearish moves in the SPDR S&P 500 (SPY), such as the Direxion Daily S&P 500 Bear 3X (SPXS) could prove a solid play.
July 28, 2023 | 12:27 pm
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POSITIVE IMPACT
Biden's economic policies may benefit stocks pivotal to the EV battery supply chain, wind, and solar energy industries, such as those held in the Sprott Energy Transition Materials ETF (SETM).
Biden's focus on clean energy and infrastructure could lead to increased demand for stocks in these sectors, potentially boosting the value of SETM.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
If the economy suffers due to Biden's policies, ETFs that follow bearish moves in the SPDR S&P 500 (SPY), such as the Direxion Daily S&P 500 Bear 3X (SPXS) could prove a solid play.
If Biden's policies lead to economic downturn, bearish ETFs like SPXS could increase in value as investors seek to hedge against market declines.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
If the economy suffers due to Biden's policies, the SPDR S&P 500 (SPY) could see a decline.
If Biden's policies lead to economic downturn, the SPDR S&P 500 (SPY) could see a decline as it reflects the performance of the US large-cap universe.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80