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September 01, 2020 10:18am
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A recession is already underway in the form of a wage recession: Karl Rove

Fox News contributor Karl Rove assessed the state of the economy, skyrocketing inflation and a recession under President Biden Tuesday on "Your World."

Fox News contributor Karl Rove warned that a recession is already "underway" in the shape of a wage recession Tuesday on "Your World."

RECESSION WATCH: MORE AMERICANS STRUGGLING TO PAY THEIR BILLS, CENSUS BUREAU REPORTS

KARL ROVE: The voters are first and foremost concerned about something that they're having interaction with virtually every day. When they go to the grocery, when they go to the store, when they go to the gas pump - they're paying significantly higher prices than they were paying a year ago or two years ago. That's what's driving the main angst in this economy. It's not, is the economy growing? … The thing that is driving this number more than anything else is the feeling that the prices they're paying at the pump, at the grocery store, at the department store are growing beyond their ability to catch up. And we see this in the numbers. We have a recession underway. It's a wage recession where the wages of Americans are not keeping up at all with the costs that they're paying … on every single day that they happen to buy something or try and buy something. 

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