Sean Hannity discussed how the consumer confidence index has declined for the third month in a row and how different industries are being affected by the economy on "Hannity."
HANNITY: NO PRESIDENT IN MODERN HISTORY HAS WORKED LESS THAN JOE
SEAN HANNITY: We begin with what top economists are calling a perfect storm. And it's one for you of pain and suffering. Today, the consumer confidence index declined for the third straight month. The drop was even larger than expected. Driving these numbers, 91 million of your fellow Americans, adults who are now unable to afford everyday household expenses because of Joe Biden's inflation and his energy policies. All told, 40% of Americans are now having difficulty just paying their bills.
Now, this includes half of all senior citizens. They cannot afford essential expenses. Meanwhile, foreclosures, they're on the rise. New home sales. They have dropped to a 24-month low. Motor vehicles, well, the repo man is back. They're being repossessed at an alarming rate and in the peak of summer. This is sad for kids. I used to love when the ice cream truck came by – Mr. Softee, Good Humor. Even ice cream trucks are now being forced off the streets. They can't afford the insane price of diesel to run their truck.
Even retail giant Wal-Mart just warned investors that profits, they're drying up and a slowdown is imminent. We're in the middle of it. Sadly, it's only going to get worse from here. Buckle up. The Fed is expected to announce another major rate hike that should take place tomorrow. We expect 75 basis points. In other words, three-quarters of a full point interest rate increase, maybe a four basis point.
And on Thursday, the second quarter GDP, two days from now, it's going to reveal whether or not officially the U.S. is in a recession. The Atlanta Fed, they are predicting a contraction in the second quarter of 1.6%. Now, keep in mind, this is important. It shouldn't be important, but it is important only because of the Biden administration lying.
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