Payne sounds alarm on Biden economy: Poor, middle class will get ‘clobbered’ and it’s going to get worse

(Video: Fox News)

Fox Business host Charles Payne contends that America’s worsening financial woes brought on by the Biden administration’s inflationary spending binge is destroying the American Dream, particularly in the housing sector.

In the clip embedded above from which you review and form your own assessment, the Wall Street analyst told Sean Hannity on Wednesday evening, in part, that it is “frightening” how fast the economy under the Democrats — “with lightning speed” — is tanking “and still it’s gonna get a whole lot worse.”

He particularly called attention to the rapid loss of equity in the average new American home just in the past few months.

Hannity noted that skyrocketing costs are also pushing middle-class Americans out of the homebuying market.

“And you know what — and the sad part is a large part [of the population] is already pushed out, right. There are no starter homes, and all the houses have been being bought by Wall Street, more recently, by foreign buyers, by second buyers, by cash buyers. This makes it prohibitive,” Payne replied.

With the ongoing economic turmoil, the FBN “Making Money” moderator added that “You talk about the American Dream. It has gone completely kaput. It is absolutely nuts: In the meantime, you know, it’s gone through the roof even faster than all of this? Rents. That’s one of the things driving the consumer price index. Rents are on the rise like crazy, and there’s nothing out there stopping them.”

Payne agreed with Hannity that raising corporate taxes, which the Democrats intend to do, typically results in corporations passing those expenses onto consumers. “They pass on as much as they can pass on, and if they can’t pass it on, they start firing people. And if that’s not enough, they stop research and development…but the average person is gonna pay the price once again. Our country will pay a heavy price,” Payne explained.

Payne asserted that many businesses have experience in putting expansion and expenditures on hold pending the arrival of a more business-friendly administration.

On his eponymous show, Hannity punctuated the decision by insisting that “the poor, the middle class, people on fixed income — they’re getting clobbered now and it’s gonna get worse. Sad. And by the way, all preventable. And a lot of it is because of the [Biden’s] energy policies” that make America dependent on oil imports.

“But we won’t produce it domestically when we can do it faster, cheaper, and cleaner. How does that make sense? It’s insane.”

With Sen. Joe Manchin (D-W.Va.) apparently caving to his party’s demands for an additional federal spending spree, which Hannity deemed a “socialist spending bonanza,” and “one big tax hike,” the U.S. economy, which has fallen into recession, is unlikely to improve any time soon.

In broad strokes, the Biden economy appears to be a victory of irrational ideology over financial literacy. Elections have consequences, and the U.S. was energy independent under former President Donald Trump.

Hannity began the segment with a litany of bleak economic news, including the profound decline in new home sales, more Americans falling into debt, more people considering second jobs to make ends meet, and major retail brands raising prices because of the 41-year high in inflation.

He played a soundbite of White House economic advisor Brian Deese acknowledging the steep rise in domestic food prices, but inexplicably mentioning that America is better off than countries facing famine, as if that’s a significant metric.

“Guess what? Food prices are even gonna go higher,” Hannity said, given a purported 400-percent increase in fertilizer costs.

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