As the Federal Reserve gears up for its first interest rate cut in September, some investors feel the US is already down the path of recession. RSE Ventures CEO and co-founder and a recurring "Shark Tank" shark, Matt Higgins, joins Wealth! to discuss the likelihood of a recession in the US and what it may look like this time around.

Higgins believes the US economy is on track for a recession, believing it will be "pretty severe and very sharp." He explains that Americans have record amounts of debt, and that the Sahm Rule has been triggered with July's unemployment data. Thus, under these conditions, the US will likely experience a recession.

"I think it's going to be intense. It's going to lead to higher unemployment than people are forecasting, but it's going to be short and intense. And then we get to resolve it. And AI will be the technology that will deliver us to the other side," he adds.

This post was written by Melanie Riehl