top of a brand new hour on cnn newsroom. goold good to have you with me. i m victor blackwell. plunging stocks, rising prices, recession fears. the s&p 500 entered bear market territory, dropping 20% from recent peaks. one bear market in the last 50 years was not accompanied by a recession. cost of living keeps rising, home prices are driving rents to a high. 17% from last year. gas prices are soaring. the national average, 4.59 per gallon, $0.30 more to fill up the tank than the day before russia invaded ukraine. let s start with the s&p 500 now into bear market territory today. what could that mean for the economy at large? well, victor, this is a flashing red light about the u.s. economy. if the s&p 500 closes below 38 s 38.37, and you can see it s trading just above there, if it closes below, it s officially a bear market, a 20% decline from previous highs. this would mean that the bull run that began in late march 2020, would be over. this is a big deal because bear ma
i think it s worth noting on an inflation adjusted basis, gas prices are not at record highs, they would have to be above $5.35 a gallon to be at an inflation adjusted record. i think that s little consolation for people who are feeling sticker shock when they fill up at the gas pump. important point, though, matt, let me ask you about this stat that my team really is into. the cost of hiring a teenage babysitter is now up. it s way up. what is happening there? yeah, victor, i guess parents who maybe want to cheer themselves up this weekend about their 401(k) or about what they re seeing at the gas pump, and they want to go out to eat, they re going to be paying more for a babysitter. the wall street journal had this report talking about how some teenaged babysitters are actually charging more than $20, sorry, more than $30 an hour in some markets.
that is great. but the economy is really what people feel and right now they re feeling sticker shock. phil, of course republicans will blame the biden administration for the inflation. but you heard him say this isn t about government spending. does this threaten build back better? it does. just to be blunt about it. we don t know exactly how much yet but i think the reality is that the president can t afford to lose a single vote in the united states senate which is split 50/50 and the president has one member if particular in senator joe manchin who has made clear that he, for one, is very, very concerned about inflation. and he said that for months on end and the fact that inflation continues to tick upward, year-over-year, down a little bit over the month, is a significant problem. kaitlan collins asked the president if he thought he would secure joe manchin s support and he was honest, he said he didn t know but he will speak to the senator at the start of next week. and thos
donuts. first, this. despite the glitches and the crashing websites, many people finally had a chance to take a look at the cost of the new health insurance offered through obama care. i know a lot of young people are feeling sticker shock, but if you look closer it gets more complicated. dan runs a studio in a trendy neighborhood in milwaukee. before the affordable care act went into affect it took dan six of these hair cuts to pay for his monthly medical insurance bill. in milwaukee for a man his age the average premium for the least expensive policy is $200, more than the national average, and $100 more than the cheapest he could get before obama care. so now all of a sudden it
health care crisis and start doing something about it. i ve got a plan that says if you ve got health insurance, we re going to lower your premiums by $2500 per family per year. well, not exactly true for many americans trying to enroll in obama care. many are shocked by how much more they have to pay. andrew mangioni is one of the many feeling sticker shock. maybe it is a sicker shock today. wait until you hear andrew. it sounds like you re sick. a little bit. something i just woke up with. just in time for fox and friends. well, maybe it s either ironic or appropriate. you re probably coming down with something. so have you tried to enroll? i have tried to enroll online here in kentucky and it took about nine days. i m still in the process of enrolling. i had to go to the kaiser family