Ray Washburne: ‘Harris Economy’ Is Crippling Consumers as Debt and Sales Plummet

On a recent segment of The Ingraham Angle, Ray Washburne, chairman and CEO of Charter Holdings, delivered a blunt assessment of what he terms the “Harris economy,” suggesting that Vice President Kamala Harris, rather than President Biden, is driving economic policy. Washburne highlighted five key indicators he says reflect a worsening economic landscape for everyday Americans.

“Credit card debt is at an all-time high, and existing home sales have fallen through the floor,” Washburne explained, pointing to alarming consumer trends. He added that restaurant sales are down 3.5% nationwide, a sign that Americans are cutting back on discretionary spending. Washburne also emphasized the significance of declining diesel sales, noting that fewer goods are being delivered, signaling weaker consumer demand. “The American consumer is feeling it and they feel very, very pinched at this point,” he said.

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Washburne’s comments come amid growing concerns about the Federal Reserve’s interest rate cuts and their potential political motivations. He acknowledged that the rate cut had long been anticipated, but argued it had little impact on ordinary consumers, citing persistently high credit card interest rates.

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His sharp critique of current economic policies reflects the growing frustration among American workers, especially in blue-collar sectors, as they grapple with rising costs and stagnant wages.