renewable energy and a pullback. carleton: alta beauty, if you think a recession is coming, they sell bargain goods. if we are up for an upswing it is a luxury too and it is trading below historic averages, great time to get it. jack otter: thank you. to read more check out this week's addition of barron.com and follow us on twitter, barron online, see you next week on "barron's roundtable". suit. >> have a great week and, again for joining us. >> from the fox studios in new york city, this is "maria bartiromo wall street". maria: happy weekend to all, welcome to the program that analyzes the week that was in

position to you for the week ahead. i am maria bartiromo. a blockbuster jobs report in january blowing away expectation. i'm going to hide the numbers with former white house economist kevin hassett and the former ceo of chrysler and home depot barb nardelli. reaction to the threat from china after a surveillance balloon hovering in the sky over a u.s. military base days before the secretary of state is set to go to beijing, former deputy national security adviser kt mcfarland is here majority of americans say they're concerned about the debt ceiling, where things stand with the majority whip, tom is here. here's a look where markets ended the week after the fed raised rates again at quarter of a point higher we got the stellar job report friday, 570,000 jobs added to the economy last month with the expectation of 185,000, the employment rate falling to 3.4%,

the lowest level since 1969, joining me the chairman of the white house council of economic advisers, kevin hassett and ceo of chrysler and home home depot bob nardelli. thank you for being with us, kicking things off with you give us reaction to the jobs number. >> it looks like january is tending to the upside if that's true don't forget the old days what happened a lot of hiring in december for the christmas sales and a lot of layoffs in january because people were done with christmas and now with online shopping and everything else i would guess the seasonals are doing something to make the numbers weird. the fed is going way to slow fighting inflation and with price increases running way ahead of wage increases except the bottom 20% of the income distribution, what that means firms can bring a work and income out ahead even though they're not doing so good, productivity is down but employment is up, that's a

classic sign of a stagnation inflation. maria: productivity is down, one analyst tells me if the bureau of labor statistics is anywhere close to being accurate, productivity is plunging and margins are in trouble, do you agree with that? >> there are two things that happened this year, price increases slowed down enough and wages are sticky, what that means profit margins are getting overly down in a long ways which is bad for equities, price inflation doesn't go down to which case the fed is going to hike a lot and that could be really bad for equity. maria: bob you've done research looking at january the past, it's not unlikely that we would see a burst of job creation in january it's what you see the last few years, right? >> the job number that was reported on friday was a little bit shocking to me because is not the environment and the economy ideally with today i'm dealing with large publicly

traded companies or even the lower middle market. if you look back last year there was 504,000 jobs in january in the year before 520,000 jobs. the other point. maria: just in january you are saying? >> justin january. >> beguiled down into friday's number. we talk about haircuts and hotels that's what strikes me it's not growing the fundamental economy in this country, manufacturing, industrial businesses that i'm dealing with. kevin you talked about the deficit rising, here's some interesting numbers i would share with your audience. revenues over the past two years was $8.9 trillion, maria. spending was $13 trillion. let me put that into perspective when you talk about on your showing during the week.

if you earned $9 and you went to the grocery store to buy a dozen eggs which is an example we used many times it cost $13. that is a gap that you see today in chairman powell said last week the thing that caught my eye can the committee is committed to getting inflation back down to 2% preeti said he could have to continue to raise rates if he sincere about doing that. maria: is a great point, you hit on something that i want to get to with you as well, that is wages the federal reserve has been talking about wages and disinflation this week, they wrote about in the wall street journal. can we have a tight labor market if wages are off the highs? how would you characterize the wage situation today? >> the way to think about it we had a 10% inflation shock, basically everybody's take-home pay dropped 10% in real terms.

that's what we had negative real growth for the last half of last year. wage growth undergrowth is trying to catch up but there's a big hole that was doug and they're probably not going to fully catch up to that. the bottom line we are taking about the year ahead the fed may be being too loose, you can make a chart and show it to everybody and basically inflation doesn't go down historically until the federal funds as above the inflation rate. the kind of deficit spending that bob mentioned i taught graduate students at columbia and the university of savannah macroeconomics, what is the measure of fiscal policy stimulus, it would be the deficit so we got 24% of gdp that the government is spending that is putting your foot on the gas for inflation, unemployment is not going up or when i get in anywhere) of inflation the fed will have to come out with a sledgehammer if it's going to stop this that is something the market truly does not understand. maria: all we hear about lately are layoffs certainly in technology and elsewhere as well

your corporate america cutting jobs. what you seen when you speak with your clients large and small businesses, are they expecting a recession this year? >> absolutely everybody is concerned about being overly bloated and looking at the revenue. many of the companies i spoke with 1425 company ceo the other day he is experiencing the same problem layoffs lower middle market companies i deal with, the number of employees is not as big but the present is the same. this is trickling down we see major corporations as you talk about everyday laying off 18000 people who thought amazon whatever they off 18000 people. that trickles down to midmarket and lower middle market companies that don't have the strength or capacity right now to whether the downturn. it is very, very troubling. the thing that happened to our country was day one will be self

inflicted and took a hard stance against petroleum that touches every part of our lives what we wear, what week, let me give you one good example it cost more to move from material to the manufacturing facility. then it cost more to move the finished product to the warehouse. then it cost more to move the warehouse to the shelf. we seen three price increases in my business that are affecting the consumer and adding to the price inflation that kevin is talking about. it is one single thing that they could do to remedy this thing. maria: is a great point, the energy policy of this administration is all about climate change and whether you mentioned amazon used to be in the top five companies that are the big hires as follows off the top five it's the top 25 of the highest job creation coming from haircuts, a haircutting place as

well as marriott, travel and leisure, great to see you, kevin hassett and bob nardelli. maria: the threat from above, why china says its balloon was hovering over the u.s. former deputy national security adviser this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. >> woman: why did we choose safelite? >> vo: for us, driving around is the only way we can get our baby to sleep, so when our windshield cracked, we needed it fixed right. we went to safelite.com. there's no one else we'd trust.

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maria: welcome back. the threat from above china is responding to reports over surveillance balloon found hovering near critical u.s. military sites above montana. the chinese foreign ministry says the civilian air shift used to research on the climate affected by the winds and the limited self steering capability the airship deviated far from the planned course according to the chinese, joy to be true deputy national security advisor and american conservative word never kt mcfarland.

it's great to have you this weekend, give us your sense of this balloon are they surveilling americans? >> it's a little under deliberate effort. >> should the u.s. shoot it down the biden administration said no. >> we should shoot it down, they are worried about debris, throw a butterfly net over it, it's not really big and going slowly she began get out of american skies. maria: secretary blinken is postponing his visit to china, secretasecretary blinken postpos trip to china, is that the right move? >> postpone it, cancel it. we don't need to have been united states secretary of state be humiliated to have it done, we should be postponing and canceling and shooting the balloon out of the skies. the chinese know the secretary of state and the biden of administration are so desperate

for pullback meetings that the chinese can violate american airspace and were knocking to do anything about it. sure enough that's exactly what the biden administration has said. we can't shoot it down were worried about debris, it really is not a spy thing, not gathering any intelligence, were making a chas case for the chin. the chinese understand the mindset of the obama biden administration. remember in 2016 at the g20 summit where president obama landed at the beijing to attend the summit, all the world leaders had the chinese and the red carpet they greeted them and had the mobile staircase that went up to the plane, when president obama's plane when air force one landed the chinese mysteriously said we don't have a mobile staircase. what happened obama had to go out of the belly of a plane in a humiliating gesture the chinese did it deliberately this is saving base and forcing the united states to look like were weak and we can't offender

quarter and we can't offender skies and therefore the united states is a declining world power, is deliberate on part of the chinese in the biden administration has fallen right into it. maria: it's worse than that, sure it's about embarrassing the united states but at the same time they are stealing intellectual property, they are surveilling american citizens they had tiktok coming out spewing propaganda while also minding americans information and all the while covering up the origins of covid-19. none of these issues ever come up when joe biden speaks was xi jinping. i doubt any of them would come up with anthony blinken. >> the opposite will happen the chinese reflection. the duplicate he will not ask them about the origins of covid he will not call into account on tiktok you will not call an account how the chinese are sending fentanyl. kid killing fentanyl across the u.s. of the border. he will not call them out on any

of the stuff. why, you always made the point, what it have on joe biden? but you know something the penn biden center was paid for by the chinese, that is where the biden administration people were parked between the obama administration and the biden administration among the most senior officials of both the administrations were paid for by the chinese government indirectly through the biden center. maybe that's where they plan to go back after the biden administration but it's not just the biden family it's a whole lot of them on the chinese take. maria: we know eric swalwell was sleeping with fang fang and they have been talking about russia russia russia for years and not a peep about communist china. >> china is a strategic threat to the united states and plans to replace the united states

economically, politically, militarily technologically as the sole superpower within a few years time and to rewrite the rules of order of the globe. they don't have the ability to do any of that, the chinese do that's why real strategic threat to the security of the united states in her prosperity in the future. maria: kt thank you for weighing in on all of that, good to see you this weekend. americans say they're concerned about mounting federal debt, house majority whi paradontax blood when you brush could lead to worse over time. help stop the clock on gum disease now. parodontax toothpaste... ...is 3x more effective at removing plaque bacteria, one of the main causes of bleeding gums. parodontax. the gum experts. ♪ inner voice (kombucha brewer): if i just stare at these payroll forms... my business' payroll taxes will calculate themselves. right?

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maria: welcome back that is a big worry for the majority of americans, 68% of registered voters are extremely or very concerned about the nation's

debt limit, president biden speaker kevin mccarthy met on the debt ceiling this week. they planned another meeting ahead but senate majority leader chuck schumer says democrats will not budge. >> our view there to show us their plan we do believe they have a plan they can actually pass with republican votes in the house. i believe we can all come together past the debt ceiling clean as president biden asked for. >> joy to be right now minnesota congressman, great to have you this weekend. thank you so much for being here. >> great to be with you, maria. maria: what you plan on doing here you heard what chuck schumer said they don't want any qualifiers with raising the debt ceiling they wanted clean and they world not have any discussion of areas to cut spending right now. >> chuck should catch up with the rest of his team. while it appears the rest of the leadership is riding in ink

chuck is going to need a box of crayola's. the president invited kevin mccarthy over this week to have a discussion. i had a good discussion it was an opening discussion. it's a beginning hopefully of many discussions. chuck is stuck on the thing that you show a crs and we will show you ours. the fact is under the rules the biden administration must produce their budget by the first monday in february that would be this monday. they already said there knocking to do that they are going to produce their budget sometime in march, the way this works we will then have six weeks after that within which republicans can respond to the budget and actually provide ideas. this is the responsible, reasonable and sensible way to do this. the american public expects us to do this it it'll be a negotiation not just on the debt

limit we will not allow the united states to default but you can't tell me we can't find waste and spending reforms within the budget that will put the country on track so not only this generation but generations to come can enjoy the prosperity and opportunity this country is meant to offer. maria: i would switch gears and something that seems much more troubling than that. the chinese balloon spinning is really important that we point out the biden administration once again is stumbling through a major issue with one of our main primary adversary right now in the world the chinese. this should be dealt with immediately, kevin mccarthy obviously called for a briefing of the gang of eight. why the biden administration is dragging their feet dealing with the spy balloon that has been acknowledged to be owned by her chief adversary in the world. it baffles the mind. >> over and over again we've

seen this president is a administration be soft on china as intellectual property as they refuse to answer questions, simple questions about the origins of covid-19 now the chinese spy balloon is surveilling american citizens, the house oversight committee is holding a hearing next week this upcoming wednesday to probe big tech censorship of the biden laptop story and you have lawyers for hunter by denying that they ever admitted that this infamous laptop is really hunter biden's laptop. your thoughts on this, is this president compromise because he and his family have taken tens of millions of dollars tied to the communist party? >> joe biden 51 intelligence officers who tried to tell us before the 2020 election there was nothing to see this as part of a russian conspiracy it's everything but what it is, hunter biden admitted this is his computer, now his lawyers are trying a whole new spin.

we need to find out if and whether it's true to what extent this administration is compromised by hunter biden's foreign dealings with foreign actors. i have the utmost confidence in james comer and jim jordan who are the chairs of the oversight judiciary committee respectively to get to the bottom of this. it is time for the omega people to understand what happened here it is time for hunter biden in the entire group to come clean about what was going on. maria: for four years we heard your colleagues on the left talk about russia, russia, russia to come up with a story about trap colluding with russia and the real adversary was front and center, china why is it the democrats refused to do anything about this. >> keep in mind there are no bounds to hypocrisy. when it comes to this issue it

looks like democrats, the good news nancy pelosi has finally been fired for the house you have new leadership in the house with kevin mccarthy as our speaker and a new republican majority it is close which is good people will be able to talk you might see democrats to realize this is a losing proposition to act like sheep and get behind the corrupter administration and all the lies that they tell you might see them come off the train and start to speak the truth to the american people. time will tell but they seem to have a mentality no matter how big the lie they need to defend the guy in the white house. at this point we need to get to the truth. >> we've been watching your work, it is important, thank you very much. congressman tom emmert joining ♪ my relationship with my credit cards wasn't good. i got into debt in college and, no matter how much i paid, it followed me everywhere. between the high interest, the fees... i felt trapped.

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important thing you need to know ahead of next week with china and focus the house financial services committee will hold a meeting on tuesday republicans making good on a promise to push for action addressing the growing threat from communist chinese leaders to the u.s. technology companies. economic growth in u.s. national security. upper you all the details with morning with maria 6 - 9:00 a.m. eastern weekdays. i'll see you on the fox news channel on sunday for "sunday morning futures" either at 10:0e interviews with mike gallagher who is the chairman of the china select committee, jason smith house ways and means, claudia tenney in new york in rand paul in kentucky. i will do it for us, thank for watching have a great rest of the weekend. i will see you next time. ♪ >> a month into the new year end