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Biden facing major trouble as economic trends turn ‘frightening’

 September 10, 2023

Charles Payne, a prominent Fox Business Network commentator, has raised concerns about the trajectory of the nation's economy. 

During a recent appearance on Fox News' Hannity, Payne cautioned that current economic indicators were becoming increasingly troubling. 

He predicted that the already high gasoline prices might rise even further, suggesting that the current price of $ 4 per gallon might even seem favorable in the near future. 

Unprepared Americans Facing Economic Uncertainties

His statement was backed by the observation that gasoline reserves are at their lowest point in five years, with the Strategic Petroleum Reserve not dipping this low since 1983. 

Payne voiced his concern that the average American might not be prepared for the potential economic downturn on the horizon.

"We see the smallest banks right now, their delinquency rates are 7.5%, it's off the rails, but the large banks are turning up," warned Payne.

He further highlighted the surge in credit card interest rates, which have recently surpassed 22%, indicating a significant uptick in defaults. 

Current Economic Concerns: Just the Tip of the Iceberg

Payne says these indicators signify a looming economic crisis that will intensify rapidly

"All the economic indicators point to extreme pain, and it's going to be exponential. … It's gradual, and then it's going to feel like a rocket ship, and Americans just aren't prepared for it," Payne said.

He further noted that the cushion of steady funds is no longer available, and inflation remains an ongoing concern.

Payne said, "The trajectory, right now that we're on, all the indicators point to what we're feeling right now is just the very tip of the iceberg. It's going to get a whole lot worse."

Deutsche Bank Weighs In on Recession Odds

Further bolstering these concerns, a recent note from Deutsche Bank strategists hinted at a higher probability of the U.S. economy entering a recession within the next year. 

This prediction is primarily attributed to the persistent and elevated inflation rates.

The analysts expressed skepticism over a "soft landing" and suggested that the Federal Reserve's aggressive interest rate hikes might push the economy toward a downturn.

The note from Deutsche Bank mentioned that due to inflation soaring well above targeted levels, it would be prudent for the Fed to adopt a stricter stance on financial tightening.

The bank emphasized, "A U.S. recession remains more likely than not."

However, Deutsche Bank also pointed out a silver lining: if the Federal Reserve makes a concerted effort to reduce demand below its potential, there's a chance to realign inflation with its 2% target.