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Fox News host Sean Hannity expressed concern on “Hannity” over the direction of the country in Tuesday’s opening monologue pointing to inflation, soaring gas prices, a plunging stock market and the Federal Reserve expecting to once again raise interest rates.
SEAN HANNITY: Thankfully, the midterms are only five months away and we have a chance to stop the devastating policies of Joe Biden. Now with Democrats running the entire show in the Washington swamp, this country is now barreling into what will be a prolonged period of economic pain, economic suffering. The national average for a gallon of gas is up yet again for the 18th straight day, now well over five bucks a gallon nationally. That’s the average. Diesel much higher at nearly $6. We’ll have a lot more on this tonight. And naturally, inflation is also still on the rise.
The stock market, meanwhile, is plunging dramatically. Guess what? We’re back to where Joe started on day one. The Dow Jones average down another 150 points today. What is that, five days in a row? Significant declines four out of the five. And tomorrow could likely be much worse. The Fed expected to once again raise interest rates, either a half point or a massive three quarters of a point interest rate hike and will continue to hike rates for the foreseeable future. Goldman Sachs predicts as many as 11 in the next two years combined. And that means, well, new home sales will go down. New home construction. Yeah, that’s about to come to a standstill. Sales of existing homes will plummet. Home values. Sorry. I know many of you recently gotten valuations. They will head south fast too as well. Remember, the higher the rate. That means fewer loans. That means fewer Americans that will be out there buying houses. Now, combine that with the spiking inflation, spiking gas prices, this country, we are all headed into a very scary place. Already two thirds of the country is living paycheck to paycheck.
WASHINGTON, DC – MAY 10: U.S. President Joe Biden speaks about inflation and the economy in the South Court Auditorium on the White House campus May 10, 2022 in Washington, DC. (Photo by Drew Angerer/Getty Images) ((Photo by Drew Angerer/Getty Images))
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A former Obama economic adviser, I don’t always agree with him, but he’s been right on every item up to this point as it relates to Biden’s economy, Lawrence Summers predicted that a recession is imminent in the next year or two. And remember, Summers was the one that accurately corrected the administration, predicting that the current inflation crisis was in fact real when they were saying it was only transitory. So now, with everything imploding around him, well Joe Biden, your president, is outraged, not about the economy, he seems to think that his economic policies are a historic success. No, today, Joe, he was mad at you, we, the American people, for complaining about the inflation, his economic and energy policies caused mad at us… In fairness, it wasn’t just Biden’s out of control spending that caused inflation. It was Joe’s war on the oil and gas industry on behalf of, of course, the climate alarmists cult that is the new Green Deal Socialist Party that he is beholden to.
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