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As the White House opposes a commonly accepted definition of a recession – two consecutive quarters of negative GDP growth – as the economy crumbles under President Biden’s lavish spending policies, one of the most big casualties was the American dream, said Fox Business host Charles Payne. Wednesday.
Payne, host of “Making Money,” noted Federal Reserve Chairman Jay Powell raised interest rates by 0.75%, which will force some debtors to rein in borrowing.
As the average home price plummets nearly $100,000 in two months, rents soar and inflation pushes companies like McDonalds to raise prices, Payne argued the collective effect has been the dissolution of the American dream:
“You know what the sad part is? A big part [of the population] is already pushed, right. There are no starter homes and all homes have been bought by Wall Street, more recently by foreign buyers, by second buyers, by cash buyers. That makes it cost prohibitive,” he said.
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“You talk about the American dream. It’s completely gone.”
“It’s absolutely crazy: in the meantime, you know, it exploded even faster than all that? Rents. That’s one of the things that determines the consumer price index. Rents go up like lunatics and there’s nothing there to stop them.”
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Payne reported that Powell said on Wednesday he would work to break the back of the current economy, which Payne described as registering a “fever.”
As moderate West Virginia Democratic Sen. Joe Manchin returns to the negotiating table with Senate Majority Leader Charles Schumer, D.N.Y., over sweeping government spending and environmental legislation, the host Sean Hannity said the Mountain Stater didn’t understand what his knockdown would mean. for the working class.
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He and Payne agreed that corporations facing a new 15% minimum tax would not pay it themselves, but pass it on to already burdened consumers or lay off workers to recoup the losses.
“They pass on as much as they can pass on, and if they can’t pass it on, they start firing people,” Payne said.
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“[Corporations] are used to ups and downs. They know the cycle is changing. If they have to step into some kind of abyss and wait a few years until a more business-friendly administration kicks in, they will – but the average person is going to pay the price once again.”
“Our country will pay a heavy price,” predicted Payne.