Transcripts For FBC Varney 20240703

Action in politics. Ill sum it up like this biden down, trump up. Here we go. Blockbuster polling from the wall street journal. The president is underwater on every major issue. Voters give him low marks on the economy overall and a disapproval if rating on inflation of over 60 , almost double his inflation approval rating. And donald trump, well, he is running away with the republican nomination. Sex out of ten republicans six out of ten republicans support him, and he is 46 points ahead of ron desantis. Then theres a head to head matchup, biden and trump are tied, 4646. On the world stage, chinas xi jinping will not attend the g20 the summit. North Koreas Kim Jong un will visit putin in moscow. Looks like a new world order since the afghan withdrawal. China, russia, iran, north korea versus the u. S. , europe, japan and inya. To the markets india. No dramatic moves for stocks at least in the early going. The dow down sorry, up maybe 27. Small loss for the s p. 30 points down on the nasdaq. Watch this. The gap between the 2 and the 10year treasure rely yields, that is narrowing. That em plies less of a chance of a recession. Goldman sachs put the risk at 15 . The 10year treasury yield is 4. 22, 2year yielding at the moment 4. 88 . Watch oil. 85 a barrel the morning and rising. There you have it, 86 im sorry, it just went up. 86. 69 and riding rising. Gas unchanged at 3. If 81 as a National Average, but thats probably going to rise as oil goes up. Bitcoin, youre looking at 25,000, 25 the,7, to be precise. On the show today, the crunch time for if may grant surge has big city schools reopening trying to cope with tenses of thousands of newly enrolled migrant students. Democrats are at each other throats over this, and republicans sense a winning issue for 2024. United Autoworkers Union talking tough. They want a 46 wage increase, and they threaten a strike this month. The president talked about it over the labor day weekend, the uaw said it disappointed with its response. Im not going to do a movie are review, ill stick to money and politics, but i did go to see oppenheimer, and i think its the best movie ive teen this in years. Seen in years. Varney and company is about to begin. Jump for my love, jump in and feel my touch stuart im toll this is dance music or a dance song. Lauren from the 70s and 80s . Yeah . You were jumping for joy when it came to you, your love of oppenheimerer. Lauren can attest to this, you were cheering it ten minutes before we started the show. Stuart it was a brilliant movie. Lauren and you want the compare it to barbie which really cant be with done. Stuart no, i will not see barbie, and im certainly going to see onen heymer again oppenheimer again, it was so good. A new poll finds many people believe President Biden is just tooled to the run for reelection. Take us through this one, lauren. Lauren 73 of voters told the journal bidens too old to run for reelection, and twothirds of democrats agree with that. Separately, 60 say he is not up for the job mentally. So age and Mental Fitness continue to dog the president s campaign as he tries to persuade viewers hes ready. Also wanted to tell you this, jill biden, the first lady, has tested positive for covid for the second time. Shell stay in delaware so she can recover. The president tested negative, he will be tested regularly throughout the week and, of course, hes scheduled to go to india for the g20 on thursday. But if he tests positive, well, thats obviously arrangements would be made. Stuart this has been thought about. If he tests positive and doesnt go, will he send kamala harris, the Vice President , in his stead . What will be the reaction to that . Im not going to get that into now, but maybe later. Lauren id like to see that. [laughter] stuart well discuss this. Todd piro with us this morning. This poll, is it all age or mental acuity . Which is it that voters really dont approve of . When you say age, you mean number. This has nothing to do with the number because when you look at what the same poll thought about when it compared trump and biden, trump and biden are only a few numerical years apart, but if you compare the two individuals, i dont care how much you hate donald trump, if you look at the two faces, the two bodies of these two two men, min with half a brain can see that donald trump is very vibrant, more aa wake, alert than joe biden. You may hate his policies, but you have to see that, and thats why those democrat numbers were lagging when it comes to joe bidens fitness for the office. Stuart almost 68 of voters disapprove of the economy, so why is he running on bidenomic something is. Because in that bubble of washington they think what theyre doing is either working or they dont care as to the parties theyre hurting. Ive said this multiple time, bidenomics, i think, has been great for wall street. I think you look at the numbers, bonuses are going to be good this year, i think bidenomics loves this. And the Democratic Party has become the party of the very, very wealthy and the very, very poor. The middle class, which was the heartbeat of the Democratic Party for so many years, is like, whoa, hey, remember us . Were trying to pay 8 a gone for milk, and so bidenomics are is not helping the middle class. It doesnt seem joe biden cares about that, if and thats why hes bragging about these bidenomic policies which are deadly for the middle class. Stuart fired up, stay there, please. Lauren, one Economist Says its pointless to poll republicans about bidens economy. Whats the argument . Lauren its a professor at the the university of michigan on can cnn. He said if you look at the hard numbers, yes, the economy has absolutely gotten better under biden in the past two years, but the country is way too divided to admit that. Thats the argument. A big part of that is this enormous partisan gap. Its the gotten to the point where its almost pointless canning republicans how they feel about the the economy. Only 7 of them were willing to admit that the economy had gotten better over the past two years. So i think when we ask these questions, people are no longer telling us how they feel about the economy, its really about the president. Lauren yeah. So, again, why tout bidenomics . Why make bidenomics the center of your reelection when no ones buying it . Stuart very good question which we will, no doubt, get into over the next three hours. A lot of time here. Todd, do you think republicans just dont want to admit the economys Getting Better . I think, look, is there there a sliver of truth to the fact that some republicans, i dont know, stu, maybe could be a little more weapon is rouse on certain aspects of the economy . Yes. People have jobs, by and large. Okay, ill give the current state of the economy that. But inflation is the economy to 75 of this country. When you think of the economy, most people are thinking how much does it cost to buy stuff. And and at the end of the day, stu, if it costs a lot more than it did three years ago, youre going to vote that way. Stuart thank you, todd. Check futures, please. Tuesday morning, back from a long weekend. Gain for the dow, up 18, maul loss for the s p, youre down 45 on the nasdaq. Jason katz joins me. Has the fed done tightening, in your opinion in. Yes. If were not there, were darn close. Were in this environment where bad news is good news, but we really need to be careful what we wish for here. So fed is getting the three ingredients they want, right . We have wages going a little bit lower, greater labor force participation, job growth is picking up. All that being said though, the fed, they dont want to steal victory in the jaws of defeat, and if they go a little higher and stay too long, they tip us into recession. So i do think they are nearing if not at the end of this campaign. Stuart are we so a soft landing would be the best outcome here. Correct. Stuart which is i mean, a soft landing would be with an extremely small recession, put it like that. Look, i think itd be dumb luck if, in fact, we thread that needle, but the fed may very well end up in that place. So, look, we have peak rates, we certainly have peak inflation. Earn earnings revisions are starting to go up a little bit, so the good news is soft landing is in the calculus, its on the table. The not so good news is the market is very cognizant of this. Upside for equities in the next 1218 months are very muted. Perhaps if were lucky well get to 4700 on the s p, but thats, what, 6 from here . Stuart to you see gold going up from here . Up 10 by next year . I think 2100 is definitely in the cards. When youre at the end of a ratehiking campaign, which we are, historically gold does well. You also see gold perform well when the dollar softens, which we expect. Most people arent aware of this, Central Banks around the world this year will end up buying more gold than they have since the mid 60s. So i think theres a home for gold in a portfolio. I dont think it goes parabolic, but i do think you could see 810 upside. Stuart you see weve all got used to those huge gains from some of the tech stocks, and thats what were focusing on all the time. 10 up in gold for the next year, a lot of people dont think much to that. Last word to you. Yeah. Expectations have been wild, and beth to the upside and downside. Ive said this before countless times on your show, i think weve got to get accustomed to a whole lot of nada, a accustomed to a whole lot of nothing. Stuart thats my big worry for the decade. If it goes nowhere, im in trouble. Jason, thank you very much, indeed. Next case, a strike is rooming between the united Autoworkers Union and ford, gm and stellantis. The president spoke about this. What did he say . Lauren are nine days til a potential strike, is and he is not worried. Watch. Reporter mr. President , are you worried about an auto strike . A strike . [inaudible] no, im not worried [inaudible] lauren im not worried until it happens. But the president of the united Autoworkers Union says he was shocked to hear the president of the United States say that. The union is withholding their endorsement of biden in 24. His green policies take away their jobs. An ev, an electric vehicle, can be built with 30 fewer workers. Thats one of the reasons theyre demanding so much in these contract negotiations. Stuart what do you think to the president s pause before answering the question . I mean, you could have rolled that tape for my answer to the first question about hissing cognitive abilities. If the democrats lose the unions, this elections over. Boy, that would hurt. Stuart all right. Next, the white house claims anyone who dont like bidenomics, that is flat out wrong. When someone tells you americans dont like bidenomics, its false. Americans approve of the components above 800 . Stuart okay. 80 . I think he should take a closer look at the polls. More than a hundred incidents of chinese nationals posing as tourists trying the breach our u. S. Military bases. We have details on that next. Ive been everywhere, man. Ive been everywhere, man. Across the desert square, man i breathe the mountain air. Ive been everywhere where is it possible to fall in love with your home. Before you even step inside . 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They have a few bigger problems on their todo list like avoiding a Government Shutdown and a possible impeachment inquiry into President Biden. Tackling tiktok not at the top of the list, but not off the list. The app, in the meantime, is taking advantage of the distraction, going on an ad blitz to give their brand a patriotic makeover, even dropping an ad during the fox news primary debate highlighting how its helped veterans and small businesses. The company is on a lobbying spending spree, spending more than 4. 28 million so far in 2023, but some in washington not impressed with the brand refresh. Senator marco rubio saying, quote, tiktoks Corporate Image consultants are desperately trying to rebrand the chinesecontrolled app after a series of scandals, but no amount of spin can hide the rusk pose by the Chinese Communist Party Controlling an app used by one in three americans. 35 states have banned tiktok on government devices, but washington has not been able to get an allout ban for everybody through Congress Just yet. Stuart . Stuart hillary, thanks very much, indeed. I think were in uncharted waters, and heres why the wall street journal reports 100 incidents of chinese nationals posing as a tourists to try and breach u. S. Military sites. Item one. Item two, president xi expected to keep the g20 the summit. Item three, kim jong un going to meet putin in russia to discuss weapons support. K, the mac for far lan kt mcfarland joins us now. Is a new world order taking shape . Well see, the chinese are certainly hoping itll take shape. Its all the things you talked about, the chinese think this is their moment, that the United States probably starting with the withdrawal from afghanistan and all the mistakes weve made since then, that were ripe for the picking. You know, our economy isnt in good shape, weve got a president who seems to be quite challenged, we cant get our act together domestically, and our economy isnt where it used to be. So, yeah, i think the chinese are setting up the new global world order thats going to rest on china, russia, iran, north korea, whatever they can pick up in the brics and the global south, and then theyre reset the rules of the international rulesbased order to really favor themselves economically, on trade and military possessions and on influence in global regions, yeah. Stuart what do you make of 100 chinese nationals trying to get into u. S. Military bases, appearing as tourists and saying, hey, all have the same story. What is with that . [laughter] its like theyre coming in through the doors and the walls and the crack in the floor. Yeah, the chinese are cheerily penetrating clearly penetrating the yates as well as. It start with the spy balloon, probably started before that. Theyre looking at us from cuba, theyve got divers that are going off u. S. Naval installations, tour u. S. Es going into hotels that are near American Military installations. Even a white house tour where Chinese Tourists are, quote, getting lost and taking pictures of areas theyre not supposed to take. A think i think a lot of it is hoover up as much as you can, well figure out what well use it for later. But, yes. And its also in your face. Theyre not even trying to disguise it. Theyre not worried about our reaction anymore. Stuart whats with kim jong uns visit to moscow . Is that straightforward putin needs weapons and north korea needs food9 and the chinese are telling them, get up there and get some ammunition to the russians . Is that whats going on . Yeah are. Well, its the part of what youre talking about is this new global order and the new kohl war which is going to be head are by china, russia, north korea and iran. As long as Oil Prices Remain high thanks in large part to joe bidens war on american fossil fuels, then russia has money to burn. It has money to pay for its war in ukraine. Its running out of weapons, so its going to take that money, that extra money it has from high oil exports and pieces and go around the world on a shopping spree. And i think that north koreas the first stop. The interesting thing about this though, stuart, kim jong un doesnt get on airplanes. I think he saw what happened in russia a couple of weeks ago with prigozhin, he only travels by town and armored train. Stuart i shall remember that. K mcfarland, good information. See you again soon. Thank you. Stuart bloomberg now predicts that china will likely never overtake the u. S. Economy. Is their current economy in such bad shape that they cant ever overtake us . Is that it . That seemed to be the takeaway. China no longer set to the take that first top spot anytime soon or potentially ever. Bloomberg forecasting it will take until the mid 20 the 40s for chinas gdp to exceed the u. S. , but then its going to fall back behind us. They say china has a deepening property slump, that seems to be the big issue in china and fading confidence in the ccps management of the economy. Last year china had its first population drop since the 1960s raising worries about declining productivity. You have bad property, declining population, all added in to the mix and one guy at the top who east going to face the music. Shiewrt stuart and xi jinping doesnt want to be out of the country if Country Garden goes bankrupt. Hes got to be in beijing. Thanks, todd. Lets check futures, please. Where are we on a Tuesday Morning . The nasdaq down 50 points. The opening bell is next. 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Stuart just a couple of minutes before we open the markets. The cow is up 20, the the dow is up 20 the, the nasdaq down 40 points. David nicholas with me now. September, historically a bad month for the markets, so tell me where i can put my money to avoid that nasty trend. Yeah, stuart, historically a bad month for the market. S ps negative going back to 1945. I think this is the Perfect Moment for utilities to shine. Utilities have had an awful year, theyre down 11 , but Second Quarter earnings they had the third highest earnings beat, 9th. 9 compared to 7. 9 for the s p 500. And also this was a pretty warm summer. That means Higher Energy costs. So i think utilities is a great place for investors to hide out over the next few months. Stuart hold on a second. I would go into a utility because i want the dividend yield. Should i go into a wu tilt this time around for utility yield this time around for a capital gain . Southern company is right here in georgia, theyre paying 4. Theyre mainly for income. But if you look at a company like next energy, that is a smart play on green energy. They have a much lower dividend, about 2. 8 president. Thats a utility name where i think youre going to get some upside growth and not as much dividend. It just depends on the company, stuart. Southern company for income, nee if you want upside appreciation. Stuart trouble is youre still competing with 5 on a 1year or 6month treasury. Stuart, thats right. 5. 5 , ill get a plug here. Our treasury, fix, its long treasuries, so you get 6. 5 yield. But heres whats interesting, we actually have a long credit spread on xlu, which is the utility sector. So you can benefit in if the utility sector goes higher, but you still get 6 in a treasury, is so you get a mix of both worlds. Stuart hold on a second, how do you get a 6. 5 yield in longterm treasuriesesome. Thats right. Were doing a conservative options overlay. Were doing credit spreads so it limits your gain ands losses, so youre getting about 1 extra over and above the treasuries, stuart. Stuart how long am i going to get a 6. 5 yield on your treasury . Its about a 6month duration. If you think inflations going higher, you want to stay on the lower end of the curve. Right now, were staying short, stuart. Stuart all right, david, im going to watch that 6. 5 yield on the longterm treasury. Thats not a bad yield there, lad. Thanks very much. The opening bell is coming up in 20 the seconds. You can see them all arranging themselves to get this thing going. Were just opening up after a long 3day labor day weekend. And as we always say, someone on the righthand side of the screen will reach forward and, ultimately, press the button. Not yet, youve got to wait about 5 seconds. Hold on, sir, hold on. All right. Now you can do it. Thank you. [laughter] right on cue. Lauren on cue. Stuart were all looking at a atomic clocks which measure time to a hundredth of a second. The dow has opened on the downside but not by much. Look at that, youre down 8 im sorry, 8 points. Flat to ever so slightly lower. The dow 30, theres about, lets see, its about half and half really, ups and downs. The s p 500 opening slightly lower. Down. 100 , the nasdaq composite also opening flat to slightly not slightly lower, youre down a quarter, almost a third of 1 , drop dod below 14,000. Look at big tech, mixed pick picture. Meta, microsoft, up. Now look at novo novo nordisk. Its gained a lot of popularity because its a big weight loss drug maker. Now, lauren, lets see, its the up 1. 5 , is that because its going to britain . Lauren yes. Yesterday launched in the u. K. , fifth market. It has done tremendously. Novo nordisk says its a controlled and and limited launch because they literally do not have must have supply to meet demand. Thats how popular these injections once a week are. Now novo nor dusk know slow nor disk eclipsed as the most valuable company in all of europe. Stuart that is extraordinary. Its an a injectable. At this point its injectable. Lauren theyre working on a pill. In late trials. Stuart you got to put up with a needle lauren correct can. And you get about an average 15 weight loss. I got a place where they can shove that needle, right here. [laughter] stuart blackstone and airbnb, i think theyre both up. Lauren nicely. Stuart a ive got to admit ive got a piece of blackstone, a thin sliver of it. Lauren congrats. Youre up 3. 7 , and if you own airbnb, 6. 2 . Before the opening bell on september the 18th, both Companies Get add aed to the s p 500 added to the s p 500. So blackstone replaces rincon national, and airbnb places newell brands. When firms enter the s p, they typically see their stocks rise because with actively managed funds benchmark the index and buy their shares. Stuart makes logical shares. The ceo of inrid ya just met with indias Prime Minister Prime Minister modi. Lauren india wants to manufacture more Artificial Intelligence chips, so much so that india wants to become an alternative to taiwan. It does have a long way to go, but thats their goal. In fact, they want to be the worlds Third Largest economy. By the year 2030, right around the corner, and making chips for a. I. Is a big part of that ambition. So there you have the photo op of the Prime Minister of india and the ceo of nvidia. They met e again, and invidia, i mean,. 5 increase just last week alone, 5 a. 5 . The shares closed at a record 493, that was on thursday. Now down 4. Stuart the government of end please ya has just granted a golden visa to sam altman, the a. I. Guy. Hes got ten years where he can move in and out lauren for singapore. Stuart no, thats indonesia. They like a. I. Down there. Qualcomm, i me theyre partnering with some car companies. The stock justic thed up. Which companies . Lauren mercedes and bmw. Theyre powering the luxury car makers with the a. I. Chips for voice control, for the display, driver assistance. But qualcomm, basically their mow modems are in every single apple iphone, so theyre show arely pivoting away from smartphones because demand is seen as sluggish and going into the auto sector. That pivot because thats where they see demand for a. I. Being more prevalent. Thats a pivot. Stuart i can understand that entirely. Disney, theyre having a tough start. Lauren look, the latest news is wells fargo cut their price target to much higher than it is now, 110 from 146. But wells fargo is worried about a lackluster box office. Disneys has that had very few hits. Disney subscriber numbers going down and the cost going up, and this is the latest, the dispute with charter and 15 million households, spectrum customers have a blackout of espn if ahead of College Football, during the u. S. Open and other stations. So now you have disney saying to these spectrum holders, well, just cut the cord entirely and sign up for our you lieu live tv hulu tv live option which is 70 a month . Stuart a ooh. Anecdotally, i may do it, because i have spectrum. Granted, fox had the best game of the weekend, but nevertheless, theres going to be some game that im going to want to watch. Dont mess around in College Football season. Stuart that thing about disney not making great movies these days. They should have made oppenheimer. [laughter] i may be overstating this, but its the best movie ive seen in years and years and years. It feels like a random stock today that makes chips or something. You know, they should stop making chips and start making oppenheimer. Lauren what was the last movie you saw before oppenheimer . Stuart honestly, i cant remember. Lauren so you really wanted to see this. Stuart and im glad i did. Thanks, everybody. Check that big board, in business now for nearly six minutes. Were up all of 8 points. Its a very slow opening. Do we have dow winners . Of course. Whos at the top of it . Chevron. Lauren saudi arabia is extending their production if cuts true the end of the year through the end of the year. Stuart thats why gasoline is going to to get more expensive in a couple of weeks. Chevron tops that list. Top of the 500 list, marathon, halliburton. If the saudis extend their production cuts, well, that that makes the price of oil go up. Airbnb, as we told you, its going to join the s p 500. Netflix is up 1 is. 25 , how about that . Check the 10year treasury yield. Its been going down a little recently, but this morning its up to 4. 23 . The price of gold, we had a forecast of a 10 increase in the price next year to over 2100. Its not going up this morning, its down 8 at 1959. Bitcoin, 25, 700. Oil, here we go, 86 a barrel . No, 87 a barrel. Thats why the oil company are very act ative today. Nat gas, not much change, i dont think. Yes, there is. Were down 5. 7 . Gasoline, okay, the National Average for regular is now 3. 81. I do predict its going to start going up with oil at 87 a barrel. California, what do you think regular is in california . Look at that. 5. 32. Coming up, texas just sent a 12th bus full of migrants to los angeles. Now the city wants to sue texas. Question how can a sanctuary city refuse to take people . Tom homan on that shortly. Ncaa volleyball player forced to play against a biological male transitioning to female. She now wants all president ial candidates to pledge to protect female athletes like her. Macy will be on the show. President biden went after trump. He says trump never built a thing . Roll tape. If. Guess what . The great real estate builder, the last guy here, he didnt build a damn thing. When the last guy was here, you were shipping jobs to china. Now were bringing jobs home if there china. Stuart what . [laughter] i will guarantee that larry kudlow is going to be the really fire up about that one. I also guarantee larrys appearance right after this. Down on the corner, out in the street. This thing, its making me get an ice bath again. What do you mean . These straps are mindblowing they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. And you are . Im an investor. In invesco qqq, a fund that gives me access to. Nasdaq 100 innovations like. Wearable training optimization tech. Uh, how long are you. Im done. Im okay. Im jayson. Im living with hiv and im on cabenuva. It helps keep me undetectable. For adults who are undetectable, cabenuva is the only complete, longacting hiv treatment you can get every other month. Cabenuva is two injections, given by my healthcare provider, every other month. Its really nice not to have to rush home and take a daily hiv pill. Dont receive cabenuva if youre allergic to its ingredients or if you taking certain medicines, which may interact with cabenuva. Serious side effects include allergic reactions postinjection reactions, liver problems, and depression. If you have a rash and other allergic reaction symptoms, stop cabenuva and get medical help right away. Tell your doctor if you have liver problems or Mental Health concerns, and if you are pregnant, breastfeeding, or considering pregnancy. Some of the most common side effects include injectionsite reactions, fever, and tiredness. If you switch to cabenuva, attend all treatment appointments. Ready to treat your hiv in a different way . Ask your doctor about everyothermonth cabenuva. Every other month, and im good to go. Stuart the Administration Says americans, quote, need to live in the real world and realize that real wages are up upward lawrence joins me from the white house. Edward, i thought real wages had fallen since biden took office. Where where am a i going wrongsome. Reporter both things are actually true. Real wages are gone up but only over the last three months, and the president leaves out that time frame. If you go back to when President Biden first took office, real wages are actually down 3 . Now, that means not only have peoples spending power not gotten back to where they were 30 months ago, but they actually lost money. Still that might be one reason the americans give President Biden low marks on the economy. A new wall street journal poll shows 63 of people say the economy is not so good or poor while only 37 see it as either both either excellent or good. Still, the white house economic advisers telling voters, as you said, to live in the real world. I gotta live in the real world and in the real history, and in the real world real wages are beating prices. That is a very welcome trend. Reporter so if if people are living in the real world and say see overall inflation up 16 since the month President Biden took office and food at Grocery Stores are up 20 in that that time. Were looking at 45 less homes being bought because Interest Rates are so high. Were looking at skyrocketing people not able to pay their credit cards on time. And then were also looking at budget deficit thats getting ready to double in one year to 2 trillion. Reporter so in the poll when it comes to age, 73 of voters say that President Biden is too old to run for a second term. In that same poll, 47 of people see former President Donald Trump as too old, and the two are three years apart. Back to you, stu. Stuart edward, thank you very much. Despite bad marks on his economy, joe biden took aim at trumps economy. Watch this. Guess what . The great real estate builder, the last guy here, he didnt build a damn thing. The guy that held this job before me was just one of two president s in history, he was one of but theres an important point. One of two president s who left office with fewer jobs in america than when he got elected office. When the last guy was here, we were shipping jobs to china. Now were bringing jobs home from china. When the last guy was here, your pensions were at risk. We helped save millions of pensions with your help. [cheers and applause] stuart well, now, larry kudlow is with us, and hes sitting calm hi. Im sure hes fired up about this. [laughter] now hes returned to his normal smile, and were glad to see that. Come on, larry. Whats your response to biden . [laughter] i almost dont know where to begin. As far as jobs go, you know, 30 months into it, heres some numbers. 30 months into his Administration Trump created 4. 9 million, these are new jobs. Biden created 2. 1 is million. This is net of covid returnees. Youve got to adjust out for covid which, of course, the bidens dont like to do, but everybody else in the economics profession does. So trump had almost 3 million more job wheres at this stage of the game. And manufacturing, the storys the same thing. Trump had 250,000 more jobs. I just want to make a point though, you know, the last jobs report on friday says, was up 178,000, i think, or 187,000. But with revisions, stu, it actually was only 77,000. And weve seen in recent months downward revisions which is a leading indicator usually of a very big softening of the labor market. And when you look at the inverted yield curve and the collapse of the m2 money supply and the index of leading indicators falling now, i think, 15 or 16 consecutive months, you have to worry about the some kind of recession next year. Stuart yep. The new york fed indicator is 65 probability of recession next year with. Can i just make a couple other points, stu . Stuart please, please. Look, on this crazy biden speech, i mean, im sorry, hes incapable of telling the truth on the economy. And theres a bottomless pinocchio. He gives you the same stuff. Hes cut the budget deficit by 1 is. 7 trillion 1. 7 trillion. I mean, the Washington Post labels this a bottomless by gnome owe. He says it at every peach, and its completely false speech. And as many others have pointed out, the budget deficit for fy23 is going to be over 2 until. 2 trillion. By the way, this is one reason why all this new borrowing, why the 10year is up to 4. 23. The other point i want to make, and this is a crazy point, they keep doing this. They say that all these billionaires on pay 8 in federal taxes. This is one of the phoniest numbers coming out of in a world of phony numbers, this one is one of the worst. What they do is calculate a nonexistent wealth tax on unrealized capital gains. Now, there is no wealth tax on unrealized capital gains. Itll never go through. Its a leftwing proposal that will never go through, a although the bidens would like it to go through. So thats as phony as can be. The top 1 in this country pay 40 or more of the income taxes, and can those are irs numbers. Everybody knows that. And finally, they just keep saying big corporations should pay their fair share. You know, i want to go back years ago when i was a child working for ronald reagan, okay in i was a mere 13 years old when i was working at reagans omb. My very dear friend and mentor, the late jack kemp, used to always say, you know, the trouble he was a good guy, you knew jack too. Stuart i did. Look, kemp would always say the trouble with democrats, democrats like jobs. They just dont like businesses that create jobs. Stuart thats so good. Thats very true. And heres biden i know. Heres biden, its, like, there he goes again, stu. So you have to ten me on this help me on this. Im beginning to stuart no, no, harry, you just delivered one of the most thorough takedowns of bidenomics that weve heard in a long time. [laughter] i want to hear it again as soon as youre available, but well watch you this afternoon, kudlow, weekdays 4 p. M. Eastern. Thanks very much, larry. See you soon. Coming up the shortage of adderall is worsening just as the new school year begins. Some are calling this an overprescription problem. Well deal with that next. Finish. If. Tourists tourists that turn into scientists. Tourists photographing thousands of miles working for ronald reagan, okay . D by ai in real time. So researchers can identify which areas are at risk. And help life underwater flourish. I dont want you to move. Im gonna miss you so much. You realize well have internet waiting for us at the new place, right . Oh, we know. We just like making a scene. Transferring your services has never been easier. 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Serious allergic reactions and an increased risk of infections or lowered ability to fight them may occur. Tell your doctor if you have an infection or symptoms, had a vaccine or plan to or if ibd symptoms develop or worsen. I move so much better because of cosentyx. Ask your rheumatologist about cosentyx. Stuart there is now a shortage of the adhd drug adderall, and its about to get worse just are as the kids go back to school. Mark meredith has the story. Why is there a shortage of this drug to begin with . Reporter stu, it depends on who you can ask. Some experts blame overprescribing, but others think pandemic backlogs remain the real issue. Adderall, theyre not new, but the demand continues to spike especially among adults. The cdc says more adults started using Telehealth Services during covid to gain access to these drugs. Last month the fda published a letter to the American People trying to explain whats going on. The feds say it knows there are shortages and while there are limits of how many of these drugs can be produced, in this case, drugmakers never came close enough to making too much. They cannot require a Pharma Company to make a drug, make more of a drug or change the distribution. That said, we are working closely with numerous manufacturers, agencies and others in the supply chain to understand, are prevent and reduce the impact of these shortages. But for if kids who are going back to school right now who depend on these medications, the timing could not be worse. Experts tell fox many families are struggling to find the drug their kids now rely on. Pediatricians and child psychiatrists have been hit really hard by this, and i think in the way of just sort of panic is how it comes from the families. Just the distress. Reporter other experts say the shortages are todayed to an overreliance on these medications and the desire for too many kids and parents to incorporate these drugs in their daily lives. A lot of people cant find the had had medication. Stu. Stuart mark, thanks very much. The school year has, indeed, begun, but theres a new trend. Fourday workweeks. These are happening a lot in Rural Communities because its really tough to find teachers willing to go, so as a way to sort of sell hem, they basically say youre going to work a fourday workweek, have time with your friends and family. Stuart how many . 850 this year compared to 650 last year, so its its rising. Stuart has a trend. Todd, thanks for being here for the hour. Still ahead, charles hurt, brian brenberg, tom homan, steve forbes. The 10 00 hour is next. Aint no Mountain High enough, aint no valley low enough sfx stone wheel crafting . 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