Republican Policies Are Pushing Country Towards A Recession

According to new reports, roughly one-third of Americans have had to cut back their spending this year for many different reasons. However, the bulk of the spending reductions are due to the fact that people are losing money at work, facing massive medical and other debts, and generally having less money than they previously had. This is driving our country towards a recession, regardless of how “amazing” the stock market is doing. Ring of Fire’s Farron Cousins explains what’s happening.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Over the last week or so, Donald Trump has been tweeting a lot about how awesome the stock market is doing. And it is, I mean, there's no denying that. And of course it's still not growing by the same percentage it was growing under Obama, but it's still growing. And that's building off of the growth of Obama. So the stock market is doing phenomenal and for the almost 50% of people who have some kind of money in the stock market, most of us just have it in some kind of retirement account. They're probably kind of happy, right? But for the rest of the country that has no money whatsoever in the stock market, doesn't even understand the stock market, none of that matters. And in fact, those people, according to the latest data, are actually having to reduce their spending because they just don't have enough money according to a new report by the invest in you spending survey published by CNBC, one third of Americans in this country.

You've said that this year so far, they have had to drastically reduce the amount of money they spend. And it's not just because, ah, we're going to stop spending, we're going to start saving money. That's not what it is. The number one reason that one third of Americans say they've reduced their spending is because of a job loss. Another large percentage of them say that they've had to reduce their spending because they have massive medical debts they have to pay off or they have accumulated other debts that they also have to pay off. And here's where I'm going with this. One third of Americans in this country are spending less money today and it's because they have less money either through job loss, a wage decreases inflation, but no pay increase or because of massive debt. These things are the result of Republican policies. And let's be honest, corporate as democratic policies as well.

You know, we can both sides of this a little bit I guess, but the fact of the matter is that if these people continue to reduce their spending and if that number of people who are reducing their spending increases, you know, maybe it goes from one third to one half, then do you know where we're headed? We are headed right down recession lane folks because it is those people, the people that spend 100% of their paycheck, the people who clock in and clock out of work, nine to five every day or midnight to 7:00 AM whatever it is. Those are the people that drive our economy. Those are the ones actually out there spending, putting money back.

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