Economist Peter Schiff criticizes the trend of consuming cereal for dinner, a cost-saving measure discussed by Kellogg CEO Gary Pilnick, as a reflection of the economic pressures under 'Bidenomics'. Schiff compares the current situation to the Jimmy Carter era, highlighting the financial strain on American families. Despite positive economic indicators, consumer confidence remains low, with President Biden's approval rating dropping amid inflation concerns. The SPDR S&P 500 ETF Trust (SPY) saw a slight decline.