Biden's Economy Battering Americans

Summary

The American consumer is facing financial strain, with a record number of car loan payments falling behind due to inflation. 85% of American adults have car loans, and 2% are severely delinquent. The cost of new, used, and leased vehicles has risen significantly, with new cars costing 13% more than a year ago. Food prices are also up by 10%. Despite low unemployment, consumers are struggling with rising bills, including gas prices attributed to refinery issues. The 'No Spin News' episode explores these challenges.

Takeaways

• 🚗 85% of American adults have a car loan, indicating a widespread reliance on vehicle financing.
• 📉 2% of car loans are severely delinquent, suggesting significant financial strain on consumers.
• 💸 Inflation has increased the cost of new cars by 13% compared to a year ago, impacting affordability.
• 🛍️ The cost of used cars has risen by 11%, and lease vehicles by 12%, reflecting broader economic pressures.
• 💔 The car industry may face losses as they will repossess cars but not recover the money due to delinquencies.
• 🏠 Consumers are being hit with increased costs for home and bills, adding to financial challenges.
• 🛑 Rising gas prices are attributed to refinery problems, according to industry responses.
• 🍽️ Food costs have also increased by 10%, adding to the burden on the American consumer.
• 📊 Despite low unemployment rates, the consumer is facing financial difficulties due to rising living costs.
• 📺 The speaker emphasizes the importance of watching the 'No Spin News' for full episodes and updates on these issues.
• 🎟️ Viewers are encouraged to sign up for premium or concierge membership on billoreilly.com for exclusive content.

Q & A

What is the current financial situation of the American consumer according to the transcript?

The American consumer is not in good shape, with many falling behind on car payments at a record level.

What percentage of American adults have a car loan according to the script?

85 percent of American adults have a car loan.

What does it mean when car loans are 'severely delinquent'?

Severely delinquent means that the loans are not going to be paid, leading to car repossession but without financial recovery for the car companies.

How much more does it cost to buy a new car now compared to a year ago due to inflation?

It costs 13 percent more to buy a new car now than it did a year ago.

What is the increase in cost for used vehicles compared to a year ago?

The cost for used vehicles has increased by 11 percent compared to a year ago.

What is the percentage increase for lease vehicles compared to a year ago?

The cost for lease vehicles has increased by 12 percent compared to a year ago.

What is the implication of the increase in car payment costs for consumers?

The increase in car payment costs puts additional financial strain on consumers, affecting their overall financial health.

What is the script's mention of the increase in food costs?

The script mentions that the cost for food has increased by 10 percent.

What does the script say about the current unemployment rate?

The script implies that despite low unemployment rates, consumers are still facing financial difficulties.

What is the script's stance on the reasons given for rising gas prices?

The script suggests skepticism towards the common excuse of refinery problems for rising gas prices.

How can viewers access the full episode of the no spin news?

Viewers can watch the full episode anytime on billoreilly.com and are encouraged to sign up to become a premium or concierge member.