Fox Business Network’s Charles Payne forecasted how the president’s economic policies would impact society with an ominous warning: “…what we’re feeling right now is just the tip of the iceberg.”
(Video: Fox News)
With just under 14 months until the 2024 presidential election and just over 16 months until the end of President Joe Biden’s term, how his performance factored into his re-election hopes may prove troubling for the incumbent, but it sounded like a horror story to the American people.
Joining Fox News host Sean Hannity on Thursday, Payne explored a number of trends that showed the first two-thirds of the current administration were nothing compared to what may come.
“He’s in a lot of trouble, but it’s gonna get a lot worse,” he told the host after Joe Concha argued the Democratic Party writ large would suffer from their leadership’s direction. “The trends on the economic data are frightening, frightening.”
“We see the smallest banks right now, their delinquency rates are 7.5 percent. It’s off the rails, but the large banks are turning up,” continued Payne. “Credit card interest rates just cracked 22 percent as defaults are going through the roof. All the economic indicators point to extreme pain, and it’s gonna be exponential.”
With a reference to an Ernest Hemingway quote on bankruptcy, the Fox Business host contended, “It’s gradual, and then…it’s going to feel like a rocket ship and Americans just aren’t prepared for it.”
“You know, all of the free, ‘stimmy’ money is gone,” he noted with a reference to the stimulus checks begun under former President Donald Trump and continued at the onset of the Biden administration. “We’re still dealing with inflation. People are trying to batten down the hatches.”
Meanwhile, after the president announced the cancelation of oil and gas leases in the Arctic National Wildlife Refuge (ANWR) Coastal Plain, removing more than 13 million acres from the National Petroleum Reserve a year after his administration dramatically depleted the Strategic Petroleum Reserve to curb record high gas prices ahead of the 2022 midterms, Payne suggested $4 averages could be something Americans begin to see as the “good old days.”
“Our gasoline inventories are at a five-year low. Obviously, the Strategic Petroleum Reserve is at its lowest levels since 1983. Four dollars may look cheap three months from now, four dollars may look cheap — may look like the good old days three or four months from now. The trajection, right now that we’re on,” he told Hannity, “all the indicators point to what we’re feeling right now is just the very tip of the iceberg. It’s gonna get a whole lot worse.”
The economic woes have yet to reach beyond the level of gaslighting on whether or not the American economy is in a recession, but strategists from Deutsche Bank projected it as the likely outcome of the Federal Reserve’s interest rate hike activity.
“Given that inflation peaked significantly above target, the Fed should err on the side of tightening too much, rather than too little,” the strategists wrote Wednesday. “A U.S. recession remains more likely than not.”
As dire as the outlook was, Payne was not ready to count Biden out for his re-election campaign as the Fox Business host noted passion is not nearly as important as organization. “Now, when you can harvest votes, it almost doesn’t matter.”
Native of Brooklyn, NY, Kevin Haggerty is a graduate of Hunter College where he studied Cultural Anthropology and Geography. An avid reader and truth seeker, he currently resides in Texas with his wife and their dog and, when he isn't researching current events and their impacts, you'll find him spending time with friends and family or working on his next novel.
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