published : 2023-09-09
Biden's Economic Troubles: A Frightening Trend Emerges
Alarming Discussion on Biden's Handling of the Economy
Renowned FOX Business Network host Charles Payne has issued a grave warning about the state of the United States' economy under President Biden.
Speaking on 'Hannity,' Payne expressed his fear that the economic indicators in the country are becoming 'frightening.' He went on to predict that $4-per-gallon gasoline could soon seem cheap, leaving many Americans unprepared for the impending challenges.
Payne believes that Biden is already in a lot of trouble, but the situation is likely to worsen even further. The economic data trends are pointing towards drastic pain ahead. Small banks are experiencing delinquency rates of 7.5%, and credit card interest rates have soared to 22% due to increasing defaults.
According to Payne, all the economic indicators signify that what Americans are currently feeling is merely the tip of the iceberg. The situation is expected to deteriorate rapidly. The nation's gasoline inventories are at a five-year low, with the Strategic Petroleum Reserve reaching its lowest levels since 1983. As a consequence, $4 for a gallon of gas may soon be considered nostalgic.
The trajectory of the economy is alarming. The combination of inflation, the disappearance of free money, and the need for people to brace themselves is creating a perfect storm. Americans are ill-prepared for the tumultuous times ahead.
Moreover, Deutsche Bank strategists have echoed these concerns, warning that the U.S. economy has a greater likelihood of slipping into a recession within the next year. The persistently high inflation levels are believed to contribute significantly to this potential outcome.
While a 'soft landing' remains a possibility, the Federal Reserve must adopt assertive measures to bring down inflation and meet the 2% target. According to Deutsche Bank, the Fed should prioritize depressing demand below potential to achieve this goal.
In conclusion, the economic landscape under President Biden appears to be heading towards deep uncertainty. The alarming trends highlighted by Charles Payne and the Deutsche Bank strategists underscore the challenges America faces. The consequences of these economic factors could have a profound impact on citizens' lives, urging us to remain vigilant and informed.