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rate and imposing a 25% minimum tax on wealthy americans. here with a look at the coming showdown in congress our wall street journal columnists khan henninger and mary anastasia o grady and editorial board member kyle peterson. so, dan, i couldn t help but notice that the new york times this week portrayed the president s budget as moving to the center. is that how you see it? [laughter] whoa. well, it may be where the new york times describes the center. no, that budget moves smartly to the left. i mean, senator elizabeth warren was beside herself over all the tax increases on the wealthy. she just thought it was great. you know, this is really a peter pan judgment, paul. you just spread pixie dust everywhere, and the economy takes off. we could make fun of it, we say it s not going to happen because of the republican house. i could make a couple points about in this. one, if perchance, this is a campaign speech concern a campaign budget, there s no question about ....
open to an alternative in 204 with 14% saying they d support kennedy for the democratic nomination while a new harris poll finds that 63% of voters think the president would not be able to finish a second term if he was reelected and that vice president kamala harris would wind up taking over at some point. let s bring in wall street journal columnists dan henninger and kim strassel. so, dan, what do you think of joe biden s decision to run for a second term? i think that if in terms of the good of the country, it s a big mistake. for sure. in terms of joe biden s apparently boundless ambitions, if he thinks donald trump is going to be the opposition, he believes he can beat trump. paul: you think that s the main motivation for biden at this stage, beat trump? well, no. i think the main motivation is he likes to be president [laughter] paul: okay. air force one, all the rest of it. [laughter] his entire career was dedicated to this spot, and it s tough to give ....
Reason why the second half of last year was a little bit stronger than we thought, there were very idiosyncratic reasons. the third quarter it was a strange net export story that we were dropping faster than our trading a partners, so we exported more to them than we imported from them, and in the fourth quarter it was a strong consumer. but i ve done a lot of my own academic analysis, and the reason why consumption was high was that people had a lot of money left over from the covid stimulus. and i ve done an estimate of how much savings is left, and the answer is, like, zero. moreover, i don t know if you ve seen the chart, paul, but right now the average interest rate on credit card debt is 20% in the [laughter] and credit card debt is soaring. and so i think that basically credit card debt is maxed out, the covid savings are gone, the consumer s going to hit the wall. i ve been saying that for about a month, and you saw what happened to retail sales. they had a really sharp drop, ....