countries across the world are experiencing it as we speak. we are doing things to put ourselves forward into a future where we control our destiny. i am so glad to be a democrat and we cannot allow these republicans to take over because they will run this economy into the ground. host: representative hank johnson. a member of the oversight you can also call the show on instructor -- follow the show on instagram. 0.2% is how the gross product number fell for the second straight time. it amplifies fear of recession. if you go to "the washington post," similar ratings, recession fears. "usa today," economy shrinks, recession fears rise. if you go to "the washington times," it says gdp drops again,

but by then it denies recession and squeezed american see a different picture. the president made comments on the recently reached a deal between schumer and manchin on climate issues and was asked if or responded to if the u.s. was in a recession. you can see the whole thing on c-span, but here's a portion from yesterday. [video clip] pres. biden: chairman powell and many of the significant banking personnel and economists say we are not in a recession. let me just give you what the facts are in terms of the state of the economy. number one, we have a record job market, record unemployment of 3.6% today. we have created 9 million new

jobs so far. businesses are investing in america at record rates, foreign businesses are investing in america. hundreds of millions of trillions of dollars. $100 billion in semiconductor investments already announced by intel, texas instruments, and samsung. or than 100 billion electric battery businesses, general motors, hyundai, tesla, and more. last week, sk republic of korea corporation announced $22 billion in new investment in semiconductor batteries, chargers and other devices creating 60,000 jobs here in america. this is probably the strongest rebound in american manufacturing in over three decades, creating 613,000, 613,000 manufacturing jobs.

passing the chip field is going to put another 70 -- chip built is going up at $72 billion in tax credits to expand semiconductor production, and the inflation reduction act will add $370 billion in clean energy tax credits and reconciliation, including accelerating domestic production of solar panels, wind turbines, batteries, and critical materials processed. that does not sound like a recession to me. [end video clip] host: that was yesterday at the white house, you can see the whole press conference on c-span.org and c-span now. you may agree with the president or not, but as far as your concerns about the economy, if you make under $30,000, (202)-748-8000. between 31000 and 61,000, (202)-748-8001. (202)-748-8002 if you make over $61,000.

the wall street journal rights under the headline, recession or not. he says to be sure of the second quarter go flying and adjusted gross domestic product was misleading, and they explained the first quarter drop of gdp and employment still growing, but even so, activity has ground to a halt. spending by households and businesses did not grow after averaging 6% and the other quarters. monthly data suggest consumer data is flat or falling, especially on goods and not just the ticket durables. spending on groceries is down over the last six months. inflation has masked the scale of the slowdown. we will hear from you and what you think about the state of the economy. rob in new york, under $30,000, oh ahead. you are first up. good morning. caller: good morning, pedro. you know, our government told everybody to go shut down their

businesses, that put millions out of work, and then these same people go back to work, and the government claims there are new jobs? what a load, pedro. you let biden and his team just go on, all nonsense. host: as far as the new jobs thing, why don't you believe that? caller: why don't i believe it? because i have lived through this pandemic. i watch our government shut everybody down. my wife and i both lost our jobs. this is not like a conspiracy theory, pedro. host: are you currently unemployed, both you and your wife? caller: yes, we decided to retire. we are living off our savings until social security kicks in, so that is the way that goes. host: lee otis from

where they currently doing to try to help out? >> i think we got more help from kyrsten sinema and manchin, we cannot force it but maybe the economy will be better. >> it was yesterday or the last couple of days where senator manchin senator schumer have come to an agreement on something called inflation reduction act of 2022. here's the president reference it when it comes to the details. here's the breakdown. when it comes to revenue raised, they estimate $739 billion place mainly largely from 15% corporate minimum tax which estimates 313 billion of prescription drug reform. could bring in 288 billion as far as revenue. irs at another 124 million the a

carried investment loophole for wealthier people, 14 billion going from that and when it comes to spending 430 billion planned for that when it comes to climate and energy proposal, that totals about 369 billion, another 64 billion four extension of the affordable care act. ... >> caller: how're you doing? >> host: fine, thank you, good to hear. i think the problem with the

democrats they don't want to tell us the truth. yesterday we had two consecutive quarters of negative gdp and they told us it wasn't a recession. the press secretary tillerson's that. janet yellen told us that. even president biden told us that. how can you tell us something we all know isn't true? the media knows and i read the ap and basic it's not a recession. we have some fears it will turn into recession so the newspapers go along with it. the democrats deny gender being male and female. they deny marriage between man and woman which is been true for thousands of years and every culture in human history. they use words as weapons of deception. >> host: so fact of the matters of economy how would you describe the economy as you see at? , and think the rate the economy is recovering from the shutdown i don't think you shut down the country over whole virus. that's a logical to me and let you see ebola virus i think they made a mistake. >> host: using the economy is in a better state or recovering

state especially in california? how would you describe that? >> caller: they have more time and all kinds of problems because of the shutdown pic you can imagine what it does joe who don't go to school and people don't go to church and you don't even see a grandma. you'll see anybody. what does it do to society? have you ever tried to shut down a society and studied what happens? i'm never johns hopkins university did a study. i haven't read it yet but they said it increased crime, shutting down the whole country, increased drug addiction. every kind of violence you can see the crime everywhere. >> host: okay. let's go to gym in new jersey. go ahead. >> caller: hello? one more time for jim in new jersey. we will go to alan in scottsdale arizona. good morning. you are next up. >> caller: good morning, pedro. so we talk about, the scenario

of the economy and the amount of spending but the one thing i really want to ask you to do is regarding the cost of climate change and the green new deal i would like to see you have nasa, on that we can actually talk to these people because of the amount of new satellite that have been released especially the one to the sun, or the mercury. i would like to have discussion because they can bring a lot to the party, and regarding our climate change plus they're going to have a new satellite orbiting to go with india to collaborate with india that will be launched i think fisher. >> host: back to the economy. where asking people to give us their snapshot of what they think it's like a what their concerns about. how would you answer that? >> caller: i'm a a businessma.

i've been in business for 35 years and i'm still surviving. i think the shutdown of covid has killed the country but when you shut down the world, the world shutdown. you can't just give up and start remanufacturing and get employees back. it's a cyclical thing regarding your employees and the cost of operation. so when you triple the cost of gasoline that affects everything in the country, and if we're not having anybody in congress saying drill baby drill so that we can increase our supply and decrease the cost of energy across this country in every respect, you know, that's what you have. >> host: what is your line of business? what is your line of business? >> caller: technology company. pedro, i'm a technology company

and the mailing industry. >> host: when you saw during the shutdown you saw a business drop and how would you compare it to now? >> caller: well, i would say the last three months have really a lot of people truly shutdown from doing direct mail. the post office hardly ever see anybody at the post office delivering mail like they used to. plus the post office just raise the rate a couple of finishes because the cost of gas, 330,000 vehicles across the country, what do you expect? there is a dramatic decrease in business right now in the last three months, that's for sure. >> host: that is alan in arizona. let's hear from paul in alabama again asking you about your concerns about the economy. we divide the light lightt

settings i'd like for those of you making between 31,060,000 roughly. this is paul in alabama on that line. go ahead. >> caller: good morning. i noticed they just raised interest rates again, and they say supply and demand and this is the way they want to fight inflation. but i'm not an economist but it looks to me like when you raise the interest rates, that means interest on my home built up. the interest on my visa card go up, all my charge cards go up. i'm having to deal with less. so now -- >> host: were you talking of the interest rate rise from the federal reserve or you this week, their plans for that? >> caller: yes. and the ones that they raise two

already. they have raised interest rates twice already. now, when they raise the interest rates on my card, the banks are making, , they are making the money. they are making a killing off of everybody, even when you have a car loan. the banks are the ones that are making all the money, it's the same thing with the oil companies. exxon mobil and everybody. you're raising the rates on the poor people. then they're getting more money. it's the same thing with morgan stanley, jpmorgan, aig. all of these big banks are the ones that are making billions of dollars. i don't understand how you rob the poor and the middle class and give all this money to the billionaires and you are telling me that that is how you fight

inflation. >> host: that is paul in alabama. some of the elements of this inflation reduction act we showed you the graphics for earlier, some the details of being highlighted in the papers today when it comes to the climate side of it it would include $260 billion in clean energy tax credits. these would be incentivized solarwinds hydropower and other sources of renewable energy and would also include 80 billion for new rebates for electric vehicles klinger -- cleaner ghetto and more adding buyers and electric bills $7500 tax credit apply .7 would apply to vehicles whose manufacture no longer eligible easy credit such as tesla, , general motors and e like. part of the features is a $300 billion payment reduce the deficit over all. again this was a deal you heard

about and a last few days between senator manchin and senator schumer, and still being debated about in the senate and perhaps a vote next week on as well. you can add that to the mix when you talk about matters of the economy. you can give where you live and now you're seeing things, talk about the political aspects, 202-748-8000 for those of you make under 30,000. 202-748-8001 if you make between 31,000-60,000. and 202-748-8002 if you make over 61,000. this is from north carolina. go ahead. you are next up. >> caller: good morning. i'm saying that the economy is doing very, very poor. >> host: when you say that what do you base that on? how do you look at that and how did you come to that conclusion?

>> caller: all the prices are up. food price is up. everything is up. the focus of the government is just wrong. the government is focusing on climate change. most people know how to take care of their environment. and i think america has done enough in terms of taking care of the environment and, in terms of climate change. we have done enough. now the rest of the world needs to do their part and focus on us as people. the government is focusing on things that don't really matter at this time. people are more important than climate change. and here we are as americans we are in need. prices are going up and the

government -- stop buying votes. operate like a like a re, like a first world country. we are operating like, we are operating like a third world country. >> host: okay. that is north carolina. the hill highlights from that package from senator manchin and senator schumer has what's known

as k street in washington, d.c. where a lot of the lobby shops are. they highlight a story saying climate tax package that was unveiled stunned j street firms and big business groups for now mounting a last win effort for the corba client proposal to spur green energy investment low helped ensure costs and reduce vividness under my host of provisions proposed by powerful industries. it elicited a 50% minimum on corporate profits, power comes to negotiate drugs and close couple gains tax loophole. business lobbies were confident those tax proposals would not become law. senator manchin said he would only support a slimmed and reconciliation package that didn't include climate spending or tax hikes. his reversal blindsided top lobbyist in washington. mitch mcconnell and even members of the democratic caucus, the hill as we see that story and virginia, dorothy, hello. >> caller: yes, hello. first i would like to say i