Entering A Recession - Kamala Harris Gets Devastating News Before Debate

Hey ladies and gentlemen, this is Carmine Sabia for Explain America and Kamala Harris

just got about the worst news you can get if you're an incoming candidate and she technically

kinda is since she's the vice president before an election. But before we get started, please make sure you like, comment, share and subscribe

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It really helps us out. On CNBC today, after the jobs report came back and it was abysmal, only around a little

over 120,000 jobs added, which is short of the goal they had and short of expectations

And when you dig deeper into the numbers, you see that foreign born workers did a whole

lot better than American born workers in obtaining those jobs. You also find out that a lot of those jobs are part time jobs that people are using to

make ends meet on top of their original initial jobs. Not great news if you are the incumbent because as I've said in previous videos, elections

almost always hinge on the economy and how people feel about the economy and which candidate

they think will do better for the economy because people vote in their best interest

They vote with their wallets, right? They vote with their bank accounts, they vote with their paychecks

Well CNBC was talking about this this morning and CNBC is pretty much the authority on finance

in the news market and several of their people believe we are either in a recession or heading

to a recession very quickly, which is going to be tough because even if Trump wins, the

recession is still going to happen. It's just that he could probably pull us out of it quicker, but he will get the blame for it

He'll absolutely get the blame for it. That's just the way it is

But we understand that this is on Joe Biden and Kamala Harris

I want you to watch this report and then let me know what you think in the comments

Which is sort of normal course of business, higher interest rates, higher inflation, eventually

consumer slows down, employment markets slow down. Remember also employment markets are not a preliminary indicator of recession

Employment markets tend to crack at the exact same time a recession starts. You're not going to see it in labor data before it happens

And then there's structural recessions which happen due to pandemic, due to banking crisis

due to technology bubbles. I don't think we're in the latter category

I think we're in the type of recession eventually that comes due to this cycle of higher interest

rates, higher inflation. The stress that puts on the consumer eventually hits their savings rates, increases their

delinquency rates. That hits the employment markets where we're already starting to see some signs of companies

slowing down in terms of hiring. They've paused hiring already. I think the next step will be when we start to see more layoffs

And that then will bring you your run of the mill, more of a normal type of recession

I was going to follow up with Betsy. You go ahead and follow up with Betsy and then we'll be at 845

Who knows? Anything can happen. Anything can happen. Betsy, we have a few minutes here

Can you give us your outlook on when you say this is weak, how do you go from that to your

view on the broader economy? So, you know, there's a fine line between work, between weak and normalizing

And what I see here is the labor market is definitely weakening and we're going to see

people who are outside the labor market having a hard time finding jobs

That's going to cause some pain. That's going to cause some contraction in consumer spending

And the question will be, you know, can we sort of manage through that with policy

I do think this is the ultimate test for the Fed right now. I completely agree with your idea

You know, you're putting it out there. What's the Fed trying to do? It's trying to find a neutral place, a place where it gets, you know, employment and growth

balanced with price growth. I don't think it knows where that is, but I think we can all agree right now that rates

are too high for that. And we don't have a ton of experience

You know, I just heard talk about a normal recession. I don't know

We don't have a ton of experience being in the place we're at right now

And I think the Fed is flying a little bit blind. But I do think that they've got to bring rates down quickly before we start to see things worsening

Because when I'm looking at job growth retreating in so many sectors, it says that we, you know

we need to do something, not so much to bolster the economy, but to at least take our foot

off the brakes. Steve, what's happening? I have some headlines from John Williams here from the