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may or may not match up with what you are feeling every day. we re about to get the biggest hard data dump of the summer. a multifaceted look at what the cold hard facts tell us about where the u.s. economy stands. you have these big hitters all announcing their earnings this week. it s going to be a big reflection of where we are, what we re buying out there. what we re not buying and participating in in this market. look at the reports coming out this week. it s a huge week for this summer. you have gdp, the cost of goods. perhaps the most important, consumer sentiment that we ll get at the end of this week. as you know, two quarters of gdp contraction. we ll get that second quarter gdp number. signalling a recession in the u.s. economy. the white house is changing its tune on the long-accepted benchmark. janet yellen is starting to hedge on what the definition of a recession is. with that, we bring in neil cavuto from your world. always good to have you with us. ....
administration down playing the recession call. there s semantics. what is a recession, how do you technically define it. no matter what, there s widespread agreement no matter who you talk to. that is that economic growth is slowing. the treasury secretary, janet yellen acknowledges as much. but then she maintains that that does not mean a recession is inevitable. this is not in an economy that is in recession. but we re in a period of transition in which growth is slowing. and that s necessary and appropriate. we need to be growing at a steady and sustainable pace. yellen says the job market is still strong. she says a recession would have to be a broad-based economic contraction. consumers are still spending. household balance sheets are still in good shape. all of that said, the economy did contract the first quarter. economists think at beast we ll see slow growth when the numbers release thursday. the white house insists even if that number does go negative an ....
Here. by the way, this is also costing migrant lives. you can see the chaos by standing here. a few hours ago, the air boat was called in. small children were trying to cross the rio grande behind me. they were caught in a heavy current. national guard went in the water to help. the air boats were called in. they were plucked from the heavy currents and brought over to the u.s. side. the other thing we ve seen, larger groups of migrants crossing in groups of 200 or 300. one yesterday afternoon, 200 women and children crossing. some of them needed is emergency medical help. ambulances were called. some local officials stressing. thanks, steve harrigan. with that, we bring in lisa boothe, a fox news contributor and jose, the former deputy ....
In the next two to five years we don t have a significant 9-11 style attack if we don t turn this around and turn this around immediately. you can just see the chaos standing here day after day. bodies fished out of the rio grande or people rescued. there was a group of children that crossed, families trapped in the currents streaming for help. customs and border patrol responded immediately with an air boat. they pulled which children from the current and dropped them off. the other thing we re seeing is large groups crossing all at once. one group of 200 men, women and children crossing. several of them in bad shape. they need ambulances, this is an air where hospitals are already at capacity. so a lot of local officials complaining about this strain on resources from this steady stream of migrants across the border. neil, back to you. thank you, steve. ....