While some say Joe Biden has had the best 100-day run for a first-term president in more than 75 years, others aren’t so convinced. There’s no arguing the fact that he’s had an impact on your wallet since starting his presidency, but were they all good? Below you’ll find five ways experts say he’s helped or hurt consumers within his first 100 days in office.
Money Wise via Yahoo! Finance/Nancy Sarnoff
5 ways President Biden has affected your wallet during his first 100 days
In his first 100 days in office, President Joe Biden has ushered in multiple programs aimed at easing the financial strain Americans are still under from the pandemic. Examples include the latest round of stimulus checks and billions in mortgage relief.
“We have yet to see how much Biden can get through Congress, but his push for homeowners assistance will certainly provide some much-needed relief for homeowners who have fallen behind on their payments,” says Darel Daik, owner of Noble Mortgage & Investments in Texas.
The administration’s $1.9 trillion COVID rescue bill, which passed last month, was just the beginning. Two more plans are in the offing: one aimed at creating more jobs through infrastructure projects and another the White House says will help middle-class families get back on their financial feet.
Click here to read some of Biden’s most sweeping policies that experts say have helped — or hurt — consumers since he took office.
‘Sell in May and go away’ is in play this year amid inflation risks, market analyst says
The adage “sell in May and go away” will likely apply to this year, money manager Mark Yusko says.
After “an unbelievable Q1 in just about everything that could be priced” including lumber and home prices, “we’ve gotten over-ebullient,” the CEO, chief investment officer and founder of Morgan Creek Capital Management told CNBC’s “ETF Edge” on Monday.
The gains in commodities such as lumber, copper and crude oil could boost inflation in the second quarter, Yusko warned.
“I think the inflation numbers are going to spook people a lot,” he said. “If you think about the reason ‘sell in May and go away’ exists, if you hold from May till October, you usually lose a little bit of money. You make all your money in a normal year on the tail ends on the other sides.”
Higher interest rates or capital gains taxes could “exacerbate the problem” and accelerate the rotation out of growth stocks and into value names, he said.
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Associated Press via Fox Business
Europe’s economy shrinks in first quarter as US rolls ahead
The European economy contracted 0.6% in the first three months of the year as slow vaccine rollouts and extended lockdowns delayed a hoped-for recovery, the AP reports.
The contraction in the 19 countries that use the euro currency compares to a robust rebound underway in the United States. Growth figures announced Thursday showed the U.S. grew 1.6% during the first quarter, with business supported by strong consumer demand. On an annualized basis, the U.S. grew 6.4%.
The second straight quarter of falling output, following contraction in the fourth quarter of 2021, confirms Europe’s double-dip pandemic recession. Two quarters of falling output is one definition of a recession.
One factor in Europe is a slow vaccine rollout and prolonged lockdowns. Another is less government support for the economy. U.S. President Joe Biden’s $1.9 billion relief package, coupled with spending from earlier support efforts, will mean additional cash support of about 11-12% of annual economic output for this year, according to economists at UniCredit bank. By contrast, the European fiscal stimulus amounts to about 6% of gross domestic product.