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Payne: Second quarter data suggests we are in a depression, not a recession - YouTube
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charles payne host of making money on
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fox businesses here charles we have an
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economy that's sagging inflation that's
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raging and an american people who are in
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pain regardless of how you look at it
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yeah and you know listen
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the white house is really hurting
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themselves
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tremendously uh by telling people don't
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worry about how you feel this is how
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you're supposed to feel i think jared
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bernstein was half right though yeah we
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have the headwinds of inflation but we
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don't have those tail ones he's talking
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about you know that strong consumer that
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consumer spending number
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i'm still going through the historic
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data i didn't get back to where it was
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last quarter at 1.8 percent that was the
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lowest since the fourth quarter 2019
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business investments not what it was and
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it's coming down really dramatically and
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i got to tell you digging we are going
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to get a jobs report real soon in the
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next month or two that's going to be
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dramatic it's going to be it's going to
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fall off of a cliff because all the
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signs are there the tick up and initial
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jobless claims and some of these other
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reports it's right there and as far as
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the unemployment rate let's stop using
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that when people drop out of the labor
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force and the unemployment rate goes
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down that does not reflect a healthy
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jobs market in fact just the opposite
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you know what's ironic in this last jobs
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report no one wanted to talk about the
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fact that a quarter of a million black
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americans dropped out to labor force and
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166 000 lost their jobs real people in
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this economy are getting crushed at this
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very moment and we need real answers no
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more no more public relations except
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what's happening so maybe we can deal
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with it kevin hassett this morning said
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stop the propaganda coming out of the
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white house and the bite administration
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will of course work in all week to
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redefine what a recession recession is
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downplay it uh fed chief jay powell
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yesterday said this
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so the fed doesn't make it doesn't make
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a judgment on that you know we're we
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don't
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we don't say there is now a recession
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that kind of thing so that if you think
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about what what
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what an inflation what sorry what a
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recession really is it's a broad-based
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decline across many industries
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that um
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you know that sustained for more than a
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couple of months and what we have right
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now doesn't seem like that and
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the clown car of spin
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is chock full of them listen to this
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how worried should americans be
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that we could be in a recession
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we're not gonna be in a recession
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this is not an economy that's in
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recession we're not in a recession or in
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a pre-recession at this time the data
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over the second quarter is not
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consistent with an economy in recession
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uh the evidence is strong we're not in a
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recessionary period and if things are
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going so great though then why is it the
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white house officials are trying to
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redefine
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recession no we're not redefining
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recession
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there's an op-ed in the wall street
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journal calling out the semantics with a
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headline a recession by any other name
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yeah and it says this quote the biden
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administration appears to be preparing
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for a recession or rather for news of
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one rather than tackling the underlying
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economic problems the white house is
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playing word games i call it a sentence
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goulash
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that they keep putting together again
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it's unfortunate one of the uh clips uh
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someone said that the second quarter of
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data doesn't suggest we're in a
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recession it actually suggests we're in
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a depression uh you know digging new
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home sales a couple came out two days
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ago
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average home prices are down over one
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hundred thousand dollars in just two
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months from april uh from april to june
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uh almost every economic data point that
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came out it didn't miss most of these
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things didn't just simply miss wall
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street consensus they missed by a
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country mile i would be very very afraid
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about you know worrying too much about
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this recession talk
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because a lot of folks are going to soon
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be talking about depression talk let's
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figure out how to fix it and by the way
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stoking this thing with more money it's
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how we got here in the first place they
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need to stop forgetting about the
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so-called political wins ahead of the
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midterm elections and have a win for all
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of americans once and for all
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charles the win comes in the form of
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again it reduces our standard of living
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it eats into our wages we're
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fighting inflation
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real incomes are down 12 percent from a
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year ago i think that's the biggest drop
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on record according to stephanie pomboy
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and what the democrats have done and
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even some republicans is with this
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chip's bill that 17 republicans signed
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on to include and then this mansion
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schumer spending package you combine
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those two that is more than 700 billion
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dollars and i'm being conservative
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seven hundred billion dollars in
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additional spending so what the
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democrats and some republicans are doing
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is spending money at a time which makes
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the fight against inflation harder for
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the federal reserve and which will
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exacerbate this recession that we're
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already in
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you know i gotta i gotta tell you it
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looks like uh mitch mcconnell got played
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big time uh you know all these
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republicans who went in thinking okay we
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can vote on corporate welfare because
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reconciliation's off the table tax hacks
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are off the table and less than 24 hours
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after they uh you know said okay to that
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then we get senator manchin making his
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flip-flop
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you wonder how much of this was already
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orchestrated but they really look real
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dumb right now the republicans
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who who who voted for this and and and i
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got to tell you it's
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it just doesn't work i mean
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unfortunately we're finding out the hard
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way that this free money policies don't
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work and i wish they would all stop
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uh 17 republicans voted for that
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semiconductor uh enrichment only two of
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them are up for re election
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re-election in november it kind of tells
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you the pickle that the other 15 have
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put republicans in i'm going to ask tom
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cotton the senator about whether mitch
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mcconnell did get conned whether mitch
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mcconnell did get duke charles payne
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thank you so much okay
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subscribe to the fox news youtube
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