a master reset to do it again this year. so many people concerned about this the final point i will make a courses vice president kamala harris the border czar still has not taken this issue on and everywhere. tom great to see you thank you sir. >> thank you for having me records right i am jackie joins in for elizabeth macdonald. but does it for us have a great weekend and thanks for watching. >> from the fox studios in new york city this is maria bartiromo's wall street. spate happy wing until thanks for joining us welcome to the program that analyzes the week that wasn't helps helps position you for the week ahead. i am maria bartiromo. titans of american industry with dire warnings about the economy. i will be asking famed oregano economist art laffer what he is seeing ahead. plus a pivoting on his campaign promise to alienate saudi arabia. court reports now the bite administration and joe biden

will travel to saudi arabia and met with the crown prince. senator ron johnson on biden's about-face. national average price for gasoline will hit $5 a gallon two weeks from now as some places see as high as $8 gas buddies patrick on how high prices are going to climb this summer. first take a look at where markets ended a nether big week of this after we saw better than expected jobs report for the month of made the unemployment rate remaining at 3.6%. job creation up 390,000. still jamie dimon the see of the largest bank, j.p. morgan, is out with a warning about the economy. >> it is a hurricane. right now it's kind of sunny, everyone thanks the fed can handle this. that hurricane is right out there down the road coming our way. we just don't know if it is a

minor one or a super storm sandy. so you've got to brace yourself. >> he also said the bank will be much more conservative in the face of this than there is elon musk saying he has a super bad feeling about the economy as well as he looks to lay off 10% of staff at tesla prejudgment right out of foxbusiness exclusive reagan economist art laffer. art good to see you thank you so much for being here. a lot of really were reading comments from the ceos then he got the jobs numbers on friday where wages were up five-point to percent but still not enough to offset the sting of inflation which is running 8.3%, your reaction very. >> i think jamie died on elon musk are completely correct for that job support was not a great jobs report if you look at it from a long-term perspective, maria. we are still way below where we were in february of 2020.

we are 800,000 jobs below that level we have not even caught up yet. number two if you have a trend line we are three and half billion jobs below where we should be. the participation rate has fallen sharply. all of this with the bad policies this administration is doing it makes me very concerned about the possibility of a slowdown or a turned out or even a full-blown recession. >> we had a contraction 1.4% if we get another contraction obviously we are in recession right now. i would point out the jobs created in the month of may a big part of it was leisure and hospitality of 84000. these are low-paying jobs, education and health services as all 74000 jobs there. what do you make of the quality of jobs? you had declined in jobs retail trade down 60000 jobs. this is where that worry is around the consumer that the consumer is taking down there

saving levels spending money from savings because of inflation to keep up. >> just talk about the quality of the job for a split second, maria. the jobs were lost to the pandemic were also low-paying jobs. these jobs that are coming back you would expect to be low-paying jobs because they are refilling and rebuilding back up to where they were before that is what i would expect. i would also not look at all this with regard to the demand side, maria i look at it from the supply side. you've got a lot of people left the labor force that are not looking for jobs. these people are not planning on coming back for they aren't coming back and numbers. our participation rate which is the key point here is way down from what it was in february of 2020. with only not only caught up our trendline is way below that. they're down turn and real gdp as eight massive proportions of flashing a red sign it is a warning sign for the economy.

spate part of this is based on inflation because of all the spending we saw over the last year. you've got everything we are buying up into the double digit, eggs year over year of 22%. meat and fish 1718%. the average consumer price index but that is just the average. a lot of things we are buying are much more than that. but president biden said look, he doesn't know what to do about it. he does not have any tools to fix it. he made this major admission this week, watch this. >> the idea that we are going to quick switch, bring down the cost of gasoline is not likely in the near term. nor in regard to food. >> your thoughts? what can he do? >> what should be done by the government let me just say if i were an advisor and i sure as

heck am not. i was a number when the should stop by government securities. and it roll off their balance sheets they owned $9 trillion with of securities. the second thing they should do is sequester and impound government funds that have been already authorized and not spend them. that is probably to trillion right there. then they should also do something about trade. we should have better trade facilities going on and more that i think the president should publicly abandon "build back better". the president should also reverse his energy policy, reopen the xl pipeline reopen all the drilling. the styron seat national economic council we are producing more oil than trumps the first year. he said also the inflation started when the russian started building up troops on the boundary of ukraine. they did not stop selling oil then, maria.

the price increase of that are all under biden. lastly if i were president biden i would really try to look for some way of getting a cease fire in this land war in europe. it is very unhealthy situation. the longer that last the more economic problems and political and military problems we are going to face. it's getting to be another afghanistan. >> that was the other worry from jamie dimon to say because of the ukraine where we could see oil prices go to 175. $175 a barrel. he said that's part of his hurricane economic hurricane protection. art it's great to get sure all the time. thank you much sir. joining us this weekend. an about-face on saudi arabia. by president biden is expected to travel to saudi arabia and meet with the crown prince of this month despite his campaign pledge to make him a pariah. senator ron johnson on this and

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in fact it murdered and dismembered i believe in the order of the crown prince we were going to in fact make them pay the price and make them in fact the pariah that they are. there is very little social redeeming value in the present government and saudi arabia pray they have to be held accountable. spate those present biden sounding off against saudi arabia while he was on the campaign trail. but now it seems he is changing his mind in the face of skyhigh oil prices. reports are now biden is planning to travel to saudi arabia this month to make the crown prince preach on me right now any foxbusiness explosive, member of the senate foreign relations homeland security and budget committees ron johnson is with this presenter good to see you thank you so much for being

here. >> hello maria how are you doing? >> good. what do you make of joe biden going to saudi arabia? i guess you want to try to get the saudi's to do more to get gasoline prices down. we continue to see skyhigh prices every day and another new high. >> that is pretty pathetic in the president of the united states has to grovel to saudi arabia hat in hand because of the results of his policy. let's remember the first or second day of office present biden canceled the keystone pipeline declared war on fossil feel which is driven up the price of energy, given us record gasoline prices. we were energy independent that was a bipartisan goal for decades to become energy independent very friendly became energy independent along with blowing up the border president biden blew that up as well. now he's going to saudi arabia begging them to produce the oil we could be producing here in

america it is pathetic, it is sad. spate the policies out of this administration seem to be causing harm across the board. not just foreign policy decisions with regard to saudi or china. the open border but also economic policies given us a 40 year high inflation. what can you do about it? >> we are witnessing president biden as it president obama perform to the going to fundamentally transform america. now we're seeing what it looks like it's open borders it's 40 or high inflation. its record gasoline prices, record crime. it's indoctrination our children through our schools. so what we need to do is win elections. we need to win in november of 2022 so we can put a stop to this destructive agenda. they are fundamentally destroying this country we need to win elections by 2024 whip to start turning things around.

folks on safety and security of our communities, of our homeland, of our nation. we need to have sensible tax policies, sensible regulations. sensible regulation go back to energy independence. their semi things that are basic common sense we can do. this administration's are in the exact opposite in weakening the country. >> we been look at the inflation timeline. we know inflation was at 1.4% when joe biden walked into the white house. and it has slowly but surely crept up as has his spending. and now you don't really see any acknowledgment that it is about he signed into law the covid relief package in march for the democrats push the "build back better" agenda in the middle of the year last year $5 trillion there for another 1 trillion-dollar infrastructure package. but now the white house is canceling $6 billion in student loan debt. that is five to 60000 students

this week will get their debt eliminated. anyone who enrolled in the now defunct caribbean colleges senior administration official said they hope more debt forgiveness is on the way as well before the midterm election, senator. even the "washington post" editorial board called them out saying the president's apparent plan would still be an expensive and an equitable election your stunts, your thoughts? >> democrats are experts at making more americans dependent on government while they are mortgaging our children's future for that is just another example of that. trillions of dollars in deficit spending is one of the causes. also when you declare war on causal fossil feel you war on energy and gasoline bid that adds to inflation bread then you spend it on programs that allow people to stay on the sidelines and not enter the workforce. here in wisconsin is an odd manufacturer that can hire enough people to fill up the

shifter they cannot meet the demand for the products. wait few dollars chasing too few goods worker driving up the cost for most goods rate student loan forgiveness program is grossly inequitable. what do you say to people who paid off their student loans? are people who never went to college. unit loans are held by about 30% of the american population for there's no doubt this is an election your gimmick to buy votes to make more americans dependent on government and mortgaging our children's futures it's really sad. >> you also have the policy on china i want to get your thoughts on. i hear he is considering removing the china tariffs are put in place by president trump for this a white open window for the federal thrift fund. this is the 401(k) for government employees. they could be allowed to buy chinese companies tied to the chinese communist party pre-can you imagine that? military men and women buying

the very companies that may very well turn around and fight against america as the ccp tries to become the superpower going to fund their expansion in our federal thrift fund 401(k)? rex we should not allow that. that scans in the china was a department of justice investigating chinese theft you have been working with me and terms of getting making a public from hunter biden's entanglements, is that one of the results of that is canceling that to investigate the theft of our international properties across the board present biden has been weak on china. he has been a week across the board tempting tyrants like vladimir putin to invade ukraine. that was what happens when you're awake and american of

adversaries taking advantage of the situation in china is doing that as well. >> it's the right question to ask the tens of millions of dollars you been able to document that his family is taken and from chinese officials presented our appreciate you joining us this morning. senator ron johnson joining us this weekend. quick break than gas buddy warning national gasoline prices will hit $5 the next two weeks. patrick to haunt us here on what you will be paying, coming up.

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spate welcome back fred gasoline hitting another new record this week as summer travel picks up. gas buddy is predicting $5 a gallon of gasoline as early as june 17 through the national average of gasoline now $4.76

for john wright has gas buddy had a petroleum analysis patrick it. great to see it. thanks so much for being here. so what is your take on gasoline? >> good morning maria. you look at this and not a great one -- not a great place for americans to be written as you said we'd continue to set record prices every day. that is going to continue for quite some time for an american-style spending $6,650,000,000 more on gasoline every day compared to a year ago. you look at some of the month on month increases across the country, illinois up 86 cents a gallon and the last month. indiana up 79 cents for adjusting gas prices all over the country coast-to-coast. maria: yes, but what is driving it? are you expecting it to get worse in the summer months when people drive more? >> without a doubt. we continue to see resilient americans hitting the road. demand is not as high as what

would seen in past history but given the fact we are pushing record prices it is certainly very surprising to see gasoline remaining as strong as it is. about 8.8 million barrels a day being consumed by americans in light of gas prices that are far beyond any records we have ever set. so after two years of cover during the summer american really at least appear to sate to heck with it with the high gas prices are going hit the road regardless. maria: this is a market built on supply and demand. the president says he can't really do anything about it. what would it take to get gasoline prices down in your view? >> well, maria certainly there are a lot of things the president may be able to do. they may not bring about relief overnight. but that does not mean stand idly by and let the problem solve themselves we could be talking to oil executives, refinery saying what can we do to improve the situation? obviously he is a trip over too

saudi arabia. there are couple things here and that the president should be doing, could be doing. but maybe is not having those president trump inviting tech executives into say hey, what can we do how can we help you? i think the biden administration as to the point they should do the same thing to refiners. sink what can we do? what redtape can make cuts to improve the situation. that is not happening yet. maria: why is it so much more in california? we talk about the average price at $4.76 a gallon. but then you go to california you see signs of $8 gasoline. >> even nine and a half dollars, maria it's getting ridiculous. substations 9045 cents the averages $6. california leads the nation because the cap and trade program essentially attacks on carbon emissions. high gasoline taxes. its own blend of gasoline, environmental restrictions that

basically are not conducive for refiners to do business. there's all sorts of different rules in california that all have the effect of pushing up prices there. maria: that makes sense . so where is this going now, patrick? and past periods of high gasoline prices, it didn't change behavior? does it impact economic growth? what is the impact of this? >> well maria, so far americans continue to fill their tanks. eventually if we do get over that 5-dollar a gallon price, that could be the psychological barrier that causes americans to really rethink. the pinch at the pump is not quite as bad as it was in 2008 if you factor in inflation which has been rampant. we are not baby to the point yet where people are ditching their cars trying to bike or walk or take mass transit to work i think were going to find that point potential later the summer it could bring an economic slowdown along with it.

spate we certainly are expecting that. people are afraid to ride the savo because of crime there's a whole other conversation to be had there. patrick takes a much for being here. joining us from gas buddy. thank you very much. don't go anywhere more wall street right after this. ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity.

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spate welcome back for another big show in the works for next week and remix you turn into wall street every friday night at 7:00 p.m. eastern. we hope to see you next weekend. this week will see on fox news jennifer saturday morning futures. that is alive at 10:00 a.m. eastern about exclusive interviews house minority leader kevin mccarthy senate republican conference chairman john barrasso. former national intelligence director john ratcliff good

auteur candidate detroit police chief james craig bertoni sunday on fox news at 10:00 a.m. writer foxbusiness start smart every weekday from 6:00 a.m. until 9:00 a.m. eastern for mornings with maria on foxbusiness we hope you'll start your morning every morning with us right here on fox business news. that will do it for us this week and print thank you so much for being with me have a great west of your weekend we will see you next time. ♪ ♪ ♪ ♪ ♪ ♪ ♪ >> secretary secretary said she was wrong about inflation for the president said he has a plan to fight it. the ceo of america's biggest bank's warning of economic hurricane print welcome to the wall street journal at large. i'm james freeman and for gerry baker. hurricane warning is come from jamie dimon of j.p. morgan chase as he considers potential consequences of the were ukraine