(Video: Fox News)
Americans of all stripes, but most notably those in the middle and lower classes, are struggling in the current economy. Fortunately, the White House is right there to assure people that, hey, at least they’re not “facing famine” like some other countries.
Fox Business anchor Charles Payne joined Fox News host Sean Hannity on his show to explain why this is a poor metric to measure by and to give his opinions on the economy and inflation.
Hannity set up the segment by noting that “nearly half of Americans are now falling deeper into debt,” but President Joe Biden’s team is “already lowering expectations.” In fact, White House economic advisor Brian Deese tried to explain that at least America isn’t “facing famine.”
“I think that our economy is more resilient to the types of challenges that we face,” he claimed. “For example, with respect to food, we’re a net exporter of agricultural commodities. And obviously, the high prices are hitting Americans very hard, but in a way that is different from some places that are facing famine, for example.”
Well, with such a low bar who could argue?
Hannity then brought in Payne to discuss the economy’s impact on new home construction and the mortgage industry.
“Alright, so we’re going to get GDP numbers. They wanna change the definition of ‘recession,’ but now we’re seeing something happen and it’s happened better than I thought it would,” Hannity explained. “New home construction, because interest rates will be higher, that will come to a screeching halt. Sale of pre-existing homes, that will drop; nobody’s gonna wanna give up a 2.5%, 3%, 3.75% 30-year fixed rate. That’s gonna stop. Home values will now plummet. So that now is really gonna put the economy in the tank, am I wrong on any of that?”
“Not only are you right, but I think the most important point is how fast this is going to happen. People are going to wake up like ‘Woah, what happened?'” Payne foreshadowed. “You mentioned the new home sales, the average price of a new home in April was $569,000. Last month it was $456,000, in two months it lost $100,000 in value. Think about that, what if you bought a house two months ago and you’re already $100,000 in the hole?”
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