American families lose $460 a month under the Biden economy: Kevin Hassett

Kevin Hassett predicts home prices will drop 20% or 30% over the next 12 months

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Former Trump senior economic adviser Kevin Hassett breaks down how American families are hurting under President Biden's economy on "The Ingraham Angle."

KEVIN HASSETT: If you look at the numbers right now, which I suspected were going to happen, but now we know, that the typical American family, the average American family, has to spend $460 more this month in order to buy the same stuff they bought last year at this time. And if your wage didn't go up by, you know, more than $5,000 this year, then you're worse off. And so GDP's got to decline if people can't buy the same amount of stuff they bought last year. And that's what we're seeing in the data. 

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We've got two negative quarters, that's always been a recession in the past. The third quarter number is looking like it's going to be negative as well, and so Americans are hurting. And the metric of how they're hurting is, you know, that $460 a month. That's a huge amount of money to have to spend in order to just tread water with your families.

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