Fox host STUNS Trump stooge with ONE simple question

You've got to see this.The level of sophistication at which Trump's economic advisors are operating is so low that it makes you wonder how did these people get their jobs?And then you remember, oh, right, they got their jobs because they pledged that they would be unendingly loyal to Donald Trump.Let me talk to you about what's going on.It has to do with credit card companies.Now, we've been looking at warning signs about this economy.

One of the warning signs is people are later and later on their car loans.Another warning sign is people are starting to follow the little bit behind on mortgages, although not very much.But one of the big warning signs in this economy is people are becoming delinquent on their credit card payments.Now, understand the difference between delinquent and simply paying the minimum.If you get a bill for a thousand dollars and you say, I'm going to make the minimum payment and you pay 20 bucks.You are not delinquent.

You've paid $20.The other nine 80 carries forward and you start paying interest on it.It's not great.It's not great to pay high, high interest rates, but you're not delinquent.If you get a bill for a thousand dollars and you pay nothing and then the next month you get the bill for the thousand plus the interest you owe and you pay nothing.That is going to put your credit card into delinquent status.

That is the difference between paying the minimum and being delinquent.Kevin Hassett was brought on to Fox News and he's asked about this.It's great that he's asked about this.This is an important topic.The economy is shaky.People are becoming delinquent on credit cards.

And Kevin Hassett goes, you know what?I think the credit card companies are going to be OK.Kevin, that's not why we're bringing it up.We know the credit card companies are going to be OK.Take a look at what he had to say here.

percentage of credit card balances that were at least 90 days delinquent rose to 13 .12 percent according to data released in May by the Federal Reserve Bank of New York.That's the highest level in 15 years and the most since the period following the 2008 financial crisis.People say they're using those cards to get through necessities because they can't afford what's going on.So your message to them?

Right.Well, we talk to the CEOs of the credit card companies all the time, and we do see some increased stress, like the numbers that The Wall Street Journal quotes.But for the most part, the delinquency is different from default.And there's not any kind of threat, the financial threat to the credit card companies that they don't feel like they're heading towards default scenarios.It's just that people are taking a little bit longer.

It is absolutely stunning and also not at all stunning that when they are pressed against a corner, they can no longer deny that indeed people are getting later and later on their credit cards.So what does he do?He goes, well, delinquency and default are two different things.Defaults worse.But Shannon I don't think that the credit card companies are really facing a financial threat from this.People are just taking a little bit longer.

We were never worried about the credit card companies, Kevin.And by the way, it should be mentioned that we all kind of know we kind of remember if it got to the point where the credit card companies were really in danger, Trump would probably bail them out.because that's what he does.He bails out those who least need bailouts and then he crushes the farmers and begrudgingly goes, all right, I guess we'll do a little something for them.What is going on in your mind when your first concern when credit card delinquencies are brought up is to go, well, at least they're not defaults.And I think the credit card

companies are going to do OK in the end.This is what the administration cares about.If you put all of the pieces together, they don't give a damn about the average person.Well, we went into Iran.And gas blew up 65 percent.I don't think about that.

Well, the additional inflation since you took office is making it so people have to charge more on their credit cards and then they can't pay the full bill off every month.I think the credit card companies are going to be OK.We know that's not why we're asking.They do not care about the average American.Here's a bonus from Kevin Hassett.Shannon Bream being Bream brings up.

You know, inflation is now outpacing wage growth.Wages are going up more slowly than inflation.In other words, people's real purchasing power is diminishing.Kevin Hassett goes, that's kind of a technical matter.It's it's it's a technicality.

Take a look.slightly negative, but personal income includes lots of things like transfers and food stamps and things that we are have been reducing as far as part of our effort to make government leaner and meaner.And so the best measure right now is to look at the wage data.That's by far the best measure.And the real wage data are showing big increases right now.

OK, so we have to remember that when it was Joe Biden and inflation was high because of covid at the beginning of Biden's term.They weren't saying you got to remember that personal income includes transfers and food stamps and a lot of that.No, no, no, no, no.It was inflation under Biden is really high.Now, of course, it was high everywhere because of covid.And then it came down under Biden and it came down more quickly under Biden than in other countries at roughly our level of development.

Forget about all that stuff.Now it's hey, listen.You guys promised energy was going to be down 50 percent.Gas prices were going to be down 50 percent.What's going on?And he goes, well, it's a technical matter.

A lot of that inflation wasn't real.When we kicked millions of people off of food stamps, which they love bragging about, it was a really great thing.And it actually is a technical matter.If anybody thought for any period of time that these were really the people who were going to be stewards of an economy that worked for the average person that has gone completely in the toilet.And listen, next Tuesday, June 9th, we're doing a one day membership drive.Part of the reason we're doing it is we need it's not even just a pro -democracy independent movement.

We need a movement that just has very basic principles.If you work you should be able to afford housing and the basics of living.We believe that we need more people understanding that that's a basic principle.That's not a luxury.This administration doesn't believe it.So we are going to be discounting yearly memberships next Tuesday, Tuesday only huge discount to build this movement.

That is just a base.It's like a new, new deal is the way that I see a lot of the things we're advocating for.I would love for you to be a part of it.If you'd like to be notified when this discount is available, just get on my newsletter at David Pakman,com slash sub stack.