A famous investor is giving the Biden administration's economic policies a failing grade.
Duquesne Family Office CEO Stan Druckenmiller appeared Tuesday on CNBC’s "Squawk Box" to discuss Fed policy.
"Ugh, Bidenomics," Druckenmiller scoffed. "If I was a professor, I’d give them an F."
"Basically, they misdiagnosed COVID and thought we were going into a depression. The Fed did, too. I worried about it, too, in early days. The Fed eventually pivoted, better late than never. Treasury is still acting like we’re in a depression," he said.
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"I’ve studied the Great Depression, and you had a private sector crippled with debt, with basically no new ideas. So interventionist policies were called for and were effective. The private sector could not be more different today than it was in the Great Depression," the investor said.
Druckenmiller cited multiple cutting-edge technologies such as A.I. and blockchain and suggested, "All government needed to do was get out of their way and let them innovate."
By contrast, he asserted that the government has "spent and spent and spent, and my new fear now is that spending and the resulting interest rates on the debt that’s been created are going to crowd out some of the innovation that otherwise would have taken place."
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He also argued that so much focus on stocks and avoiding a recession ignores how average Americans are impacted far more by issues like gas prices and inflation.
"The average American cares a lot more about gasoline prices than they do about stock prices, and they are getting hurt," Druckenmiller said, going on to reference a previous interview about how Americans are being priced out of the housing market.
"Inflation is 20 percent-21 percent higher than it was in 2019. To me, even politically, that’s more consequential than keeping the markets up or, you know, trying to nail the soft landing and not having a recession."
The White House didn't respond to a request for comment.
