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get out the dictionary. we'll define recession for you. here is the bottom line. the biden economy is shrinking as the fed unleashes rapid fire rate hikes to stave off the highest inflation in 40 years. let's get right to it. maria bartiromo joins us now. go ahead and give us the news because they projected .5% on the positive side. the number was a negative .9. >> we are now in recession and we can confirm that because it is two quarters straight of contraction. the economy shrank in the second quarter by 9/10 percent on top of shrinking in the first quarter by 1.6%. now so far all ...

Well, too, as the budget moved to surplus. that's a good benchmark. i do want to comment on this notion that wealthy people are paying more and more of the taxes. you know, if you actually look at what they're paying as a share of their income, it's come down. that is their before tax income has grown a lot faster than their tax liability. and for the bottom 60%, 70% of families, they pay more in payroll taxes than federal income tax. it's not they're not paying taxes. it's they're not paying federal income taxes. they're struggling. their incomes have been strapped. >> jerad, thank you for jo...

Nearly what we need. the president, as you heard him say yesterday, does not believe there's any excuse or reason that anyone in washington should be sitting on their hands and doing nothing. >> reporter: so to that point, moving forward, thomas, we will continue to see president obama try to turn up the heat on republicans to pass his jobs bill. we saw that yesterday when he held that news conference and warned that the economy could slip back into another recession if the jobs bill isn't passed. he's really been traveling around the country doing this, trying to turn up the heat, taking on a...

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Questions remain in this latest fight, do we, as a country, get our faa back? do those people get to go back to work? will democrats keep refusing to cave on this? but third and most broadly, will the democrats take this as an opportunity to go on offense? will democrats, if they do not cave on this, actually choose to thump their chests a bit, to speak up about what they are doing? will national democrats take a lesson from wisconsin democrats and tell everybody the reason they are standing up to republicans on this is because this is a right for union rights and union rights are important an...