馃攳
U.S. Economy Shrank In The Second Quarter, Signaling A Possible Recession - YouTube
Channel: MSNBC
[0]
let's get right as promised to those
[2]
breaking economic numbers the second
[4]
quarter GDP numbers just released and
[6]
they do show another contraction for a
[9]
second consecutive quarter which could
[10]
signal which could signal the U.S in
[13]
recession this comes after the Federal
[15]
Reserve raised interest rates again
[17]
yesterday with the Fed chair saying the
[19]
path to avoiding recession has quote
[21]
narrowed let's bring in NBC News senior
[24]
business analyst and host of the 11th
[26]
Hour on MSNBC Stephanie rule Jonathan
[29]
Lemire Mike Barnacle caddy K all still
[31]
with us as well Steph good to see you so
[33]
let's dig into this uh Janet Yellen
[36]
Jerome Powell others have said this is
[38]
not what a economy and recession looks
[40]
like with low unemployment plenty of
[42]
jobs available to people but yes
[44]
inflation at 40-year high and now by
[47]
some definitions as you know better than
[49]
most this does show this new number on
[51]
the GDP that the economy is in a
[53]
recession so what's the word
[56]
it's a very very complicated situation
[59]
listen people don't like to hear that
[61]
the economy is shrinking but remember by
[63]
raising rates that's what Jay Powell is
[66]
trying to do and to Simply say we have a
[69]
good economy we have a bad economy come
[70]
on Willie we have to remember what's
[72]
actually causing inflation you go to war
[74]
in Ukraine we've got supply chain issues
[77]
that are still lingering from covid this
[79]
is complicating things but you just laid
[81]
out a few of the points when you
[83]
normally have a Contracting economy you
[85]
don't have sizable wage growth you don't
[87]
have unemployment as low as it is right
[88]
go out down any Main Street in America
[90]
and you're going to see Help Wanted Help
[92]
Wanted help wanted and even housing
[94]
while people are concerned that housing
[96]
prices are getting softer they are still
[98]
above pre-pandemic levels and remember
[100]
just a few months ago we were hoping to
[103]
get some relief in the housing market so
[104]
what we have on our hands is a
[106]
complicated confusing economy I know
[109]
politicians don't like that because that
[111]
doesn't work on a billboard it doesn't
[113]
work when you want to beat the other
[114]
side up but that's what we've got
[116]
yeah and you know the inflation
[118]
obviously plays into that if it's a
[120]
semantic game almost that if we're in a
[122]
recession or not to a lot of people it
[124]
feels like one if you're running the
[125]
small businesses you just talked about
[127]
and you can't find anybody work in your
[128]
shop or if you're paying a ton for
[130]
groceries and gas it feels like a
[133]
recession
[134]
I believe that's exactly it so when
[136]
you're going consumer confidence is down
[138]
of course more confidence is down go
[141]
thing and things are more expensive so
[143]
naturally you one would feel that way
[145]
what we need to do right now is figure
[147]
out what people need to do to be saving
[150]
because what we're heading into more
[152]
than anything is uncertain times but to
[154]
say that this Administration isn't
[156]
addressing things they are whether
[157]
you're talking about chips whether
[159]
you're talking about Broadband whether
[161]
you're talking about lowering the K the
[162]
price of pharmaceuticals you're actually
[164]
seeing Democrats try to make moves
[166]
that'll make life easier and more
[168]
affordable for the American people and
[170]
while it's very easy for Republicans
[172]
right now to beat on the inflation story
[174]
because everybody out there is talking
[176]
about it they have you not yet offered
[179]
any alternate Solutions it's complicated
[181]
yeah and certainly the White House has
[183]
been out there in recent days pushing
[185]
back against the idea of this being
[188]
labeled a recession even if it
[189]
technically uh meets the the criteria uh
[193]
Stephanie you know certainly there also
[195]
good news yesterday the belief that
[197]
Senator manchin is signing off on this
[198]
bill that hopefully they believe will
[199]
help bring down inflation but shows to
[202]
how fragile this is going to be Senator
[204]
Dick Durbin just tested positive for
[205]
covet and they of course can't pass
[207]
reconciliation without all 50 votes this
[209]
means he's unavailable next week so walk
[212]
us through if they are able to get this
[213]
done whether it's next week or weeks
[215]
ahead what sort of impact could this
[216]
legislation have to try to bring down
[218]
inflation which of course would be
[220]
another sign of an economy that actually
[222]
is healthier than what we're seeing at
[224]
the GDP
[226]
listen Jonathan are you going to walk
[227]
into a grocery store two days from now
[229]
two days after something gets signed and
[231]
prices are going to drop absolutely not
[233]
but this goes back to what Willie said
[235]
moments ago it's about how people feel
[237]
it's about what is the game plan going
[240]
forward so if this Administration can
[242]
get something done it's really big and
[244]
the thing for the administration to do
[246]
rather than keep racing around talking
[249]
about the definition of a recession when
[251]
my mother goes to the grocery store and
[253]
she's complaining about the price of
[254]
milk she's not worried about the
[256]
definition of recession what they need
[258]
to be doing is talking more about that
[261]
more affordable Broadband here's a
[262]
website you go to once they get things
[265]
lowered potentially in terms of
[266]
pharmaceutical pricing showing people
[268]
how to access that right now we're just
[270]
sort of in this circle with this media
[272]
blitz and it's not doing much for anyone
[274]
if Democrats can pull this off though
[276]
it's going to be a really big deal
[278]
stuff that's a certain amount the FED
[279]
can do domestically there's a certain
[281]
amount of work White House can do
[282]
domestically but I'm looking at the
[284]
headlines from Europe at the moment
[285]
today and it's about a massive surge in
[287]
Energy prices because the Russians are
[289]
basically cutting off the gas to Europe
[290]
we know the problems of trying to get
[292]
food out of Ukraine is there a risk that
[295]
as we head into the fall and the winter
[297]
some of those
[299]
um some of what we're already seeing in
[300]
Europe spills back over into the United
[302]
States and inflation becomes even harder
[305]
to get under control
[306]
listen there is that risk right we have
[309]
to remember what difficult times we're
[311]
living in the the war in Ukraine is
[313]
pushing this inflation situation worse
[316]
all around the world and we talk about
[317]
it all the time inflation isn't unique
[319]
to the United States it's happening
[321]
everywhere but again when somebody is
[323]
out there buying gas even though it's
[325]
getting cheaper than it was a month ago
[327]
it's more expensive than it was a year
[329]
ago and people at the gas stations in
[331]
New York New Jersey and Connecticut
[332]
aren't thinking about the price of gas
[334]
in France and this is a very
[336]
unpredictable situation obviously the
[338]
president did just recently go and speak
[341]
with MBS we're working on pumping more
[343]
we're working on energy Independence but
[345]
that doesn't happen overnight
[347]
foreign
[354]
[Music]
Most Recent Videos:
You can go back to the homepage right here: Homepage