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Hello everybody I'm Gerri Willis it's about jobs and President Obama shipped on immigration might make it harder for you to find -- While Obama is receiving praise from the Mexican president today -- the G-20 summit for.
Clearing the way for nearly one and a half million illegal immigrants to apply for work permits.
He could be possibly clearing the way for even higher unemployment.
Let's see where our panel makes -- this Kirsten Powers is a columnist for the Daily -- and Fox News contributor.
Alex -- as a former chief economist for the house Ways and Means Committee.
And time -- murder is the managing principal for the black bay group welcome all and that -- I'll start with you.
Do you think -- is gonna make it harder for America.
And to get jobs.
How loud that I mean that's a great question I think that obviously if you have more people in the pool and -- that can make -- getting jobs more typical.
For -- for the average American at the same time I think the president did the right thing on this this is the humane thing to do when you have.
People who have been living in this country were brought here by their parents who did nothing wrong -- -- you know they're they're completely blameless really.
And I think that this is absolutely humane thing to do attend a Larry to -- -- you know look for working get a driver's license.
-- well Alix Steel -- -- to show you some numbers here if you look at the unemployment rate between non immigrants and legal and illegal immigrants what you find is.
That illegal immigrants have a lower unemployment rate eight point 0% vs seven point four.
-- say about this is surely Americans have to stand -- back when it comes to getting a job.
Because now we're letting -- is illegal immigrants get work permits.
What I say is I think a lot of perspectives are looking at this issue there are legal perspectives ethical perspectives.
But on the question of employment and and jobs.
Up my view is that you don't grow the economy by shrinking a -- number of people in the in it.
I think I take us -- contrary in viewed to maybe some my colleagues on the right when I say today I think that what.
-- what we can question that the timing of this decision in this announcement is a political matter.
I think by bringing people.
Into the workforce allowing hardworking individuals in our economy to continue to work.
I think that's most likely a step forward not a step backwards.
-- I had it Todd I wanna move onto the broader economy you know early magic eight ball you we used to have his kids need asking questions -- give you an answer that's very -- -- -- numbers today that made me think of the magic eight ball Goldman's down.
Oil is below 84 bucks a barrel.
Our -- are -- recession is recession next.
Absolutely I have to tell you we are destined for a recession right now.
That data proves it if you go back to world war still anytime next year over year GDP -- rate dips below 2%.
The United States is always ended up in a recession typically takes two to three quarters later but it always happens in the first nine months of last year Gerri we're we're below 2% we're gonna hit it it might be that we might be their right now.
But what -- will be there about a third -- I hope you're wrong but I have to tell you the American people agree with you -- mile new poll showing that 75% of Americans.
Think that we could slide into another recession what do you -- of this is this chest.
Bad feelings about the economy people reacting to the high and unemployment numbers how do you read it.
I think it's that the economy hasn't hasn't turned around as fast as -- as would like it to and there are a lot of things going on in the world that don't bode well for United States mainly what's going on in Europe and I think.
Whether or not we go into another recession -- -- a lot on what happens in Europe.
It if if there -- able to hold it together.
That I you know and and we don't see any major banking collapse or anything like that and I think I I'm very hopeful that we won't college another recession that gets his way more than that that we have a case that you -- -- have been aren't.
The guys wanna finish that we have while.
Big is -- just remember even different not moving as quickly as we should be moving we are adding jobs in we're not losing jobs and that's an important thing turned out.
-- it's up about those jobs 70% of all the jobs created in this country in the last six months or of the low income variety.
And hospitality leisure retail those are not going to be the jobs to high wage jobs are going to sustain any type of economic recovery.
Weird dude and I got to tell you something guys have sent an index is the only candidate yet up.
Right now our -- that I've got another number I want -- to see here Alex this is TO.
So the house ways and that and house Ways and Means Committee where you used to work had they have a new report out saying.
New work force -- outnumber.
Yet this 74.
To wind it sort of 174.
And -- cumulative over Obama's -- tenure as president.
What do you make of that.
That's right I mean that's just one more I think varies.
Concerning statistics particularly on the labor market front we see.
-- -- I was -- some very slow growth.
Yes -- -- was saying some employment growth but these numbers are so low.
That we are absolutely at risk of slipping back in the recession the growth is slowing down in May be positive.
But it's slowing down job growth is slowing down.
Europe is a big concern -- big export market for us.
At the rate that we're going we're starting to -- And more bad news I was our retail sales pull back last week.
More bad news could really pushes back into that the negative numbers and and then we're gonna count -- really does he stuck.
Take your pick -- I tell you what this whole thing as a disaster because there isn't any good news out there it is as a stock trader we look for earnings growth.
He -- 3% earnings -- at the -- and 500 companies quarter over quarter a year ago Lisa was 12%.
There's nothing out there right now that's bullishness and guess what guys the Federal Reserve is meeting this week.
We're actually hoping for a gift from chairman Ben Bernanke it will get -- -- new markets done well I had to great point guys look we're gonna be right back on this person -- Todd.