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of this year. that concerns wall street and washington and no doubt everybody is aware of the election season going on. stuart varney, anchor of "varney & company" on the fox business network. stuart, look at 1.5%. what is your view on this? >> everybody is asking the same question and does this mean a election year recession? the answer is, probably not. but does it mean a sharp slowdown for the economy in this election year? and the answer is definitely yes. 1 1/2% growth rate is a very, very slim growth rate indeed. in fact if you look at the overall trend for the economy it is he...

jenna: we start off this friday with some new worries about our economy. we're glad you're with us everybody. i'm jenna lee. jon: i'm jon scott. the concerns coming out with the release of the new gdp numbers. our commerce department says the economy grew at annual rate of 1.5% from april to june. americans spending at their slowest pace in a year. economists say growth at or below 2% is not enough to lower the unemployment rate. they do not expect growth to pick up much in the second half of the year either. let's talk about it with karl rove, former senior advisor and deputy chief ...

washington going into november i don't believe we'll see any significant gdp growth going forward, and in addition i think we're going to continue to see the jobless rate, the unemployment rate continue to be stagnant if not go higher. megyn: the administration is saying, i have my numbers here. they say, look today's report shows that the economy posted its 12th straight quarter of positive growth over the last three years the economy has expanded by 6.7% overall. while the economy continues to move in the right direction additional growth is needed to replace the jobs lost in the d...

argument will be. we left them intact last time around. we're not doing that this time around because we somehow think that will help the economy. because it stayed so stagnant it makes difficult to argue both sides. >> it difficult to argue the case raising taxes on anybody in a down economy helps that economy. it is a very difficult argument to make that raising taxes creates jobs in the private sector. i'm not sure how you make that arguement but that is the argument of the moment. that separates the left from the right. the left wants to raise taxes, supposedly to reduce the defi...

january 10 of 2009, if you want to know exactly what will happen when the stimulus bill passes take a look at the report prepared by the head of his council of economic advisors. it forecast unemployment would be 6% today. last year the administration forecast for economic growth this year was 4%. that is twice the rate that at best we're going to hit this year. no wonder, joe bide, actually captures reality of it recently when he got off message and said, quote, for millions of americans americans this is a depression. it ain't working. jon: you have to hand it to the white house fo...