Infamous former stockbroker Jordan Belfort criticized President Joe Biden's economy as "poorly managed" in a Wednesday night appearance on Fox News.
More ruinous news about Biden's economy was released this week. The U.S. Bureau of Labor Statistics (BLS) reported on Thursday that the producer price index – a "family of indexes that measures the average change over time in selling prices received by domestic producers of goods and services" – is up 11% from a year ago and down slightly from March's record 11.5%.
The Labor Department also reported that the rate of inflation for consumer prices had increased by 8.3% in April, a marginal decrease from March's 40-year high of 8.5%.
The earnings growth rate is being outpaced by inflation.
Wall Street is also struggling. The S&P 500 is down nearly 19% since the end of December – wiping out more than $7 trillion in market value from blue-chip stocks, according to CNN.
On Monday, the Federal Reserve warned, "Further adverse surprises in inflation and interest rates, particularly if accompanied by a decline in economic activity, could negatively affect the financial system."
The central bank added, "A sharp rise in interest rates could lead to higher volatility, stresses to market liquidity and a large correction in prices of risky assets, potentially causing losses at a range of financial intermediaries."
Deutsche Bank recently warned that there would be a "major recession," while Bank of America chief investment strategist Michael Hartnett cautioned clients last month, "'Inflation shock' worsening, 'rate shock' just beginning, 'recession shock' coming."
Belfort – the inspiration for the 2013 Martin Scorsese movie "The Wolf of Wall Street" that starred Leonardo DiCaprio – chided the Biden administration for the failing economy on "Jesse Watters Primetime."
Belfort said, "Remember, Obama said elections have consequences? Here are the consequences."
"This is a self-inflicted gunshot wound," Belfort said of the Biden administration's economy.
"And it starts with energy policy – which created this cycle of inflation among other things," Belfort told host Jesse Watters. "But it's really been a poorly managed economy from the administration, and this is what we're seeing. I think it gets worse. I think inflation persists."
The notorious founder of Stratton Oakmont brokerage house said the rising interest rates are going to put "pressure on the market because of inflation."
Belfort said, "You're probably gonna see a lower stock market versus a higher stock market" until inflation "corrects itself."
The Biden administration continued to exacerbate energy issues by canceling three critical oil and gas lease sales in the Gulf of Mexico and Alaska's Cook Inlet this week. The decision was made by the Biden administration despite record gas prices. The AAA gas price calculator shows that the national average price for a gallon of gasoline is $4.41 – which is an all-time high.