Fox host Charles Payne expressed concerns about the state of the U.S. economy, indicating that the recent job report, showing only 151,000 jobs added, along with declining consumer spending, signals a downturn. Following the implementation of Trump’s tariffs, he highlighted the significant drop in spending across leisure and hospitality sectors. While tariffs historically foster economic growth, Payne suggested that Americans may have exhausted their disposable income, leading him to conclude that the economic boom might be coming to an end.
MARIA BARTIROMO: I don't mind the tariffs. Because I think there's no other catalyst that's going to get these companies to fire up manufacturing plants in America.
CHARLES PAYNE: Even though those are low paying jobs, the restaurant jobs and the leisure and hospitality jobs had sort of been a proxy for for people having disposable money.
CHARLES PAYNE: A couple of days ago, Bank of America came out with their credit card data, and it was scary! I mean, a shocking decline in restaurants, airlines, lodging.
CHARLES PAYNE: I think the boom times are over. All the free money has been spent.
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