Biden is in “big trouble” as economic trends become “scary,” warns Charles Payne
FOX Business Network host Charles Payne sounded the alarm that economic indicators in the United States were becoming “frightening.” Payne said on “Hannity” that he fears that $4 a gallon gasoline could look cheap in the next few months and that “Americans are simply not prepared” for what’s coming.
‘It hurt us a lot’: Americans assess President Biden’s handling of the economy as he touts ‘bidesomics’
CHARLES PAYNE: He is [Biden] I’m in big trouble, but it will happen become much worse. The trends in economic data are frightening… frightening. We’re seeing the smallest banks right now, their failure rates are at 7.5%, it’s out of control, but the big banks are on the rise. Credit card interest rates just hit 22 percent as delinquencies skyrocket. All economic indicators point to extreme pain, and it will increase exponentially. … It’s happening gradually, and then it’s going to feel like a rocket, and the Americans are just not prepared for it. You know, all the free, regular money is gone. We are still struggling with inflation. People are trying to batten down the hatches. Our gasoline stocks are at their lowest level in five years. Apparently, strategic petroleum reserves are at their lowest level since 1983. Four dollars might seem cheap in three months, and $4 might seem cheap in three or four months for the seemingly good old days. The trajectory, no, that we are on, all indicators suggest that what we are feeling right now is just the tip of the iceberg. Things will get much worse.
President Joe Biden speaks from the White House.
The US recession remains “more likely than not,” warns Deutsche Bank
The US economy According to Deutsche Bank strategists, there is a better chance of falling into recession next year as inflation remains uncomfortably high.
In an analyst note Wednesday, strategists warned that a recession remains a more likely outcome than a “soft landing” due to the Federal Reserve’s aggressive rate-hiking campaign.
“Given that inflation peaked well above target, the Fed should choose to tighten too much rather than too little,” they wrote. “A US recession remains likely.”
While a soft landing is still possible, the Fed will need to “press demand below its potential” to reduce inflation to its 2% target, Deutsche Bank said.
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FOX Business’ Megan Henney contributed to this report.
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