Fox Business Network host Charles Payne said the clear decline in consumer spending was “shocking” on Friday, claiming that a return to the “Boom Times” was not on the horizon.
“A few days ago, Bank of America announced its credit card data, which was scary. That means a shocking decline in restaurants, airlines and accommodation,” Payne said on Fox Business Network.Morning with Maria. ”
“Look at the latest polls on people who say they're going on a trip in the coming months.
Ministry of Commerce on February 28th Released data Consumers in January have significantly reduced spending by 0.2% since December since February 2021.
“I think the boom times are over. All the free money was spent,” Payne told Anchor Maria Bartiromo.
Early in the segment, he said tariffs were traditionally associated with a major boom, referring to the 1920s, characterized by Republican rule under former President McKinley and often cited by President Trump.
Payne said the Federal Reserve should brighten interest rates and increase the number of consumers who can actively purchase.
“That's why I have a problem… about the Federal Reserve and interest rates. Because when they look at the tally data, it looks great,” he said.
“But the problem is that 10% do 50% of the purchases. And everyone else is struggling for the higher fee. That won't win.”
The February employment report shows the US added 151,000 jobs, many of which say Trump belongs to the manufacturing industry. He said Americans could hope for more positions to be opened in the sector as a consequence of his tariff policy and federal workforce cuts.
“You're already going to see it. We already have a lot of it. [factories] It's been built or it's beginning to be built, it's being built in other countries, they've stopped and they're coming here now for tariffs,” Trump told reporters Friday.
“And that's a big deal. That's what you want to hear.”
The president is pushing back his sweeping tariffs on Canada and Mexico, and at the same time threatening mutual tariffs on trading partners around the world. This week's tariff whip shocked the stock market, which had one of the worst weeks since September.
