Fox Business host Charles Payne said two consecutive quarters of negative GDP growth — two consecutive quarters of negative GDP growth — as the economy craters under President Biden’s lavish spending policies — as the White House argues against the commonly accepted definition of a recession. on wednesday
Payne, host of “Making Money,” said Federal Reserve Chairman Jay Powell has raised interest rates by 0.75%, which will cause some borrowers to put on the brakes on borrowing.
With the average home price dropping nearly $100,000 in two months, rents skyrocketing and inflation causing companies like McDonald’s to raise prices, Payne argues that the collective effect is the undoing of the American dream:
“You know what the sad part is? The big part [of the population] Already pushed out, right. There are no starter homes and all the homes are being bought by Wall Street, lately, foreign buyers, second buyers, cash buyers. It prohibits,” he said.
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“You talk about the American dream. It’s completely kaput.”
“It’s completely futile: At this point, you know, what’s gone through the roof faster than all of this? Rents. That’s one of the things that drives the consumer price index. Rents are going up like crazy and there’s nothing. Stopping them.”
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Payne reported that Powell said Wednesday that he would work to break the back of the current economic system, which Payne described as registering a “fever.”
As moderate West Virginia Democratic Sen. Joe Manchin returned to the negotiating table with Senate Majority Leader Charles Schumer, DN.Y., on government spending and environmentalist legislation, host Sean Hannity said the Mountain Stater didn’t understand his retreat. For the working class.
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He and Payne agreed that corporations facing the new 15% minimum tax would not pay it themselves, but could pass it on to already burdened consumers or lay off workers to recoup losses.
“They pass as much as they can pass, and if they can’t pass it, they start shooting people,” Payne said.
“[Corporations] Used for ups and downs. They know the cycle will change. If they have to go into some sort of foxhole and wait a few years until a more pro-business administration comes in, they’ll do that — but the average person will once again pay the price.”
Our country will pay a heavy price,’ Payne predicted.