Newsmax host Steve Cortes explains why America is headed for the “worst case scenario” financially under Joe Biden.

“It’s welcome back to the 1970s,” he said. “And I don’t mean in the good way, disco music and satin shirts. I mean in the worst way: stagflation.”

Cortes reports last Friday personal income fell 13 percent — the most in history. At a time when inflation is soaring.

“Two decade record in prices going up while your incomes are crashing,” Cortes said. “This is the worst case scenario for American citizens. It’s the worst of all worlds.

“This is directly a consequence of Joe Biden,” he said. 

Cortes explained why the dire economic situation is a result of abandoning economic nationalism under President Trump.

“Only the top 10 percent of earners gained in net worth during the Obama years,” Cortes said. “The other 90 percent of America…became poorer.”

Meanwhile, under President Trump the bottom earners gained the most. The year 2019 was the best year for workers on record.

“Everyone did well,” he said. “The strivers, the people who needed it the most they did the best in 2019, proving that economic nationalism works for those trying to climb the ladder.”

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