RFK Jr. says he's not running for president in 2028
Kennedy competed for the presidency in 2024, first as a Democrat and later as an independent, before suspending his candidacy last August and throwing his support behind Trump. After the election, Trump made him HHS secretary.
His comments ruling out a 2028 bid came far-right activist Laura Loomer accused Kennedy aide Stefanie Spear of using her position at HHS to lay the groundwork for Kennedy to run again.
Loomer's comment came in a Politico interview and followed an Axios report in July that said Kennedy super PAC head Tony Lyons and Spear convened MAHA supporters on a call that left some attendees with the impression he was mulling another campaign.
But in his social media post, Kennedy said, "The president has made himself the answer to my 20-year prayer that God would put me in a position to end the chronic disease epidemic -- and that's exactly what my team and I will do until the day he leaves office."
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U.S. consumer spending's surprising resilience is the main reason the economy has not only avoided recession, but continued to grow at a solid clip. The big question now is whether American households can keep that going, especially with higher, tariff-fueled prices coming down the pike. In the U.S., "the consumer" is king. Consumer spending accounts for around 70% of total economic output, so changes in people's propensity to spend have a direct, outsized influence on the health of the economy. But "the consumer" is, of course, actually millions of people. And when you split them into groups based on income and wealth, it becomes clear that total spending disproportionately comes from the rich. Mark Zandi, chief economist at Moody's Analytics, said earlier this year that the richest 10% of Americans, those earning at least $250,000 a year, now account for half of all consumer spending. That's a record. Thirty years ago, the richest 10% accounted for 36% of all consumer spending. 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Zandi at Moody's Analytics warns that a correction on Wall Street would hit the rich hard via the negative wealth effects, "and, given how weak the economy is, push it into recession." The concentration of equity ownership at the top of the U.S. wealth ladder is extreme - the richest 1% in the country owns 50% of stock market assets and the top 10% holds around 90%. Some measures of household spending are already flashing amber. Inflation-adjusted spending as measured by personal consumption expenditures flat lined in the first half of this year. Yet figures on Friday showed that retail sales rose 0.5% in July after an upwardly revised 0.9% gain in June. But then there are tariffs. Companies, not consumers, have borne the brunt of these levies so far. Economists at Goldman Sachs estimate that consumers absorbed only 22% of tariff costs through June, but they reckon that figure could rise to 67% in the months ahead if the Trump administration's expected tariffs are implemented. So there are grounds for both caution and optimism. Much will depend on whether the rich draw in their horns. What could move markets tomorrow? Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
