Transcripts For FBC Kudlow 20240704

Kudlow, im larry kudlow. Our own Edward Lawrence sat down for an exclusive interview with treasury secretary janet yellen who doesnt seem to care much that you really cant borrow and tax your way into prosperity. But he will join news a couple of minutes. Well have former omb district tore in the Trump Administration, Russell Vought will join you to talk about it all. Breaking up is hard to do either tictac will have to be banned or bytedance will sell it off. Ftc commissioner car and will way in. Will Biden Administration block weapons into israel . Who knows. Former u. S. Ambassador to israel. He will join us. Voters didnt like bidens state of the union message. Go figure. We have chris lowery, chris bedford. Plus why dont men want to work. David bahnsen will tell us about it. First up exclusive interview our very own Edward Lawrence sat down with treasury secretary janet yellen in, get ready for it, elizabethtown, kentucky. Edward, good work. Report switched us to fnc. Larry i think we lost him. We were going to line it up. I see him reporter treasury secretary janet yellen says the rate of inflation will fall more this year. Overall prices will remain much too high. Now she says she believes rent is one of the reasons inflation will come down substantially this year, once and for all, once new leases cycle through where they are. I still asked her about the overall prices up 18 1 2 under President Biden since the month he took office and americans racking up new record Credit Card Debt because of those prices. Now the time they have spent some of that buffer of savings and particularly lower income households are borrowing again on credit cards. I see that as a normalization rather than a disturbing new trend. Reporter shes not concerned that delinquencies have started to ive up how every secretary yellen will be more cautious with her words about inflation going forward. So in 2021 though you did say inflation was transitory. Do you regret saying that now . I regret saying it was transitory. It has come down but, i think transitory means a few weeks or months to most people. Reporter now on the president s 7. 3 trillion budget proposal, secretary yellen defended the tax increases as moderate saying she believes the u. S. Needs Government Spending and expanded programs. Can you tax your way into prosperity . Well look, i think deficit the, we need to be on a fiscally sustainable path and its important to bring down deficits. It is also critically important to invest in the economy in ways that will be felt all threw america. Reporter i can hear him now. He says the federal debt is manageable right now. He also says that the federal debt is manageable even when it is 53 trillion under President Bidens plan in 2034. Back to you, larry, thank you. Larry Edward Lawrence that i you stay with us with former omb direct tore vogt. This is great enter view. I love the headline from the reason magazine. White house claims borrowing 1trillion over the next decade is fiscally responsible. So that is point number one, since when is 16 trillion fiscally responsible . The subheading, if you cant even get close to the balancing the budget, when unemployment low, tax revenues near record highs, the economy is booming when can you do it . Now that is point number two. Hats off to reason magazine. Treasury secretary janet yellen, very smart, very experienced, very accomplished public servant, dont get me wrong but she was kind of dodging my friend Edward Lawrence on the issue of tax hikes damaging the economy and falling real worker wages and the problem with all of that borrowing but one generic point i want to make is the biden budget doesnt even bother to show balance at the end of the 10year window, doesnt even bother. Not even a phony path to a budget balance. Not even ginning up outrageous growth projections or collapsing interest rates. The bidens are not even good socialists. Here they are touting efficacy of huge spending of huge taxing of huge regulating but they dont produce the foods in their own numbers. If you really believe this stuff you should probably show four to 5 Economic Growth and a balanced budget in 10 years. Heck, maybe a balanced budget in five years but what their budget does show me they dont believe their policies will actually work. Of course i dont believe their policies will work either but you would think you if really bought into the Big Government socialist model, you would build in good rosy scenarios in the budget but they dont. Down through the years, most administrations frankly in both Political Parties show a balanced budget over 10 years. A fiction . Yes. But maybe a useful fiction. Even a disciplinary fiction but not the bidens. The omb biden baseline shows a combined deficit increase of 19. 5 trillion. The level of debt in public hands, 28 trillion in fy24 and 49. 8 trillion in fy34. Thats an increase of 22 trillion in debt. These are gigantic numbers and they could never possibly pass for something called fiscal responsibility which is how the biden fact sheet describes their policies. I will just say again, there are no wars, no national emergencies, there is no pandemic, there is no nothing except record spending and taxing and deficits and borrowing and so as reason magazine ask, if you cant even get close to balancing the budget under these conditions when can you do it . Thats my question and thats my riff. Now, we will bring back Edward Lawrence, along with my pal and former colleague, Russell Vought, former omb director. He is now president of the center for renewing america. So russ, look, if these guys believe this stuff, you would think they would show it. They dont even have a fiction of balancing the budget and i look at the baseline, so i look at the omb baseline, there is no steady reduction in budget deficits. There is no steady reduction in borrowing. There is no nothing, russ vought. I would thought i bring you in, hear you out as a former budget director. Its a great point, larry. President ial budgets are postpolicy. It is basically their opportunity to whiteboard how would we solve this fiscal insanity that were facing and we can have a debate about the various tradeoffs. They want to tax more, we dont. We want to have lower spending but theyre not even willing to have an honest conversation. Theyre not even willing to put forward policies that could get to a better steady state, because they want to basically keep the status quo, creates a much problem for the fed as necessary and get through this election and keep on business as usual and unfortunately i look at this, there is nothing new. It is all the same. It is a little boring to be honest with you. Larry it is a little boring. Edward lawrence i know you made a val ant effort, but miss yellen didnt want to deal with the borrowing issue and didnt want to deal with the tax issue and the other thing i probably should have put in my riff, they dont have any spending cuts in the budget. They have user fees, scored as a spending cut. That is not a spending cut. They dont do anything to restrain spending as far as i can tell . The proposed budget 7. 3 trillion in spending and 5. 5 trillion in taxes with increases there. That leaves a deficit of 1. 8 trillion in 2025. I tried to ask her, tried to nail her down about, talking about can you tax your way into prosperity . Also what about these cutting in order to get a balanced budget . The secretary went on to say, yeah, they would like to see the deficit come down and there is some, and the debt come down and there is some deficit reduction the president is doing, then went on to say we need investments making in america with all the programs that we have. There was really an evasion of the question there about whether they would balance the budget. I asked when could a balance budget come into play and there just wasnt an answer for that, we needed these investments that the president is doing. Larry yeah. I mean, you know, russ vought, it is very interesting to me. She is being very cagey. Miss yellen is a very smart lady. Im not saying she is not. Her hands are tied with respect to policies. Im not even sure she basically agrees but i want to make, i want to make one point. If you dont cut spending someplace, somehow, youre never even going to curb budget deficits. You want to curb the economy. She has 2 growth path. That is standard washington stuff, especially with all the tax hikes, they will come in lower than two. That is the convention, everybody has 2 growth path. If you dont have spending russ vought, somewhere, somehow, someplace youre never even getting remotely close to a balanced budget . Well its more than even just a balanced budget. It is if you dont take care of spending and the fiscal situation, what happens when you enter a crisis and you cant predict when the crisis is going to happen, then you get into a real austerity moment, they used to say during the Obama Administration tall talking about austerity. That is not austerity. Austerity what greece faces where theyre is no buying because people dont want their debt anymore. We could be facing. We dont know when it will happen. By not getting handle on stuff easy to cut. Get rid of the discretionary bloat, bureaucracy killing the country and dividing us on the basis of race and identity, start there, start with the foreign aid. By not even going after that, theyre putting us in a situation where we could be facing fiscal doom and we wont be able to predict when it will happen. Larry yeah. Edward lawrence, i hate to pick at nits, the cpi went up 6 from january of 2021. Groceries up 21 , gasoline up 39 . I know you raised this because youre such a mean interviewer but the reality real wages have actually fallen if you measure it during the biden three years. It dropped by 4. 7 . She was using 2019 as a baseline. I know that real wages went up during the trump years. I get that. But they have gone down during the biden years. That is the reason trump is doing so well in the polls. People want to go back to the increase in real wages but that was pretty cagey using 2019. 2019 and 2020 were trump years, Edward Lawrence. It was march of 2019, early 2019. I pointed out to her that is well before President Bidens policies were put into place. Start from that location. This is where we were and heres where we are now when the president went into office. She changed the subject saying they have to do investments in order to get the economy going. You know one interesting point, i did talk to her also about Credit Card Debt, not just debt within the federal government and she briefed, one the Credit Card Debt was manageable for americans and it seems like it is inching up with the delinquencies related to credit cards as well as autos. Seems like there might be a breaking point for the consumer at some point possibly this year and she incident feel like that would come. That people were in pretty good financial situation and called it normalization of where the dell link sieves would be. Larry the other thing, edward, i dont want to dwell on this billionaires dont pay their fair share. Once again, wellelle knows better but the fact is yellen knows better. You cant judge billionaire income based on unrealized Capital Gains law that has never been passed. They keep doing that. They keep adding that income in, showing an 8 average tax rate. There is no law, there is no such things as unrealized cap gains. No transactions, no legislation. Janet yellen knows this but she feels like has to play along with hers about. Russell vought, let me ask you with respect to mr. Trump, has decent lead on economic authority, recision authority, budge jest impointment authority, just in general tough on budget cutting. He will have to do it if he gets elected . Well look, i think people should judge him by the budgets that he has put forward. There is always been a misnomer that the president was not willing to tackle our fiscal situation. He promotessed more spending cuts and reductions and reforms by any president in history. It was largely ignored by congress. He was facing an uphill congress. He also put forward proposals revising Impoundment Authority that 200 years of president s had. I believe when that went away, at the lowest part of the executive branch political capital, that was the original sin allowed you to no longer have a separation of powers fight to control spending. It was basically whatever Congress Said it would be. People should look what he has put forward as the most substantive set of policies over a period of years, including what he is now putting out in his agenda 47 web page and judge him by that. They will find a heavy focus on growth. They will see policies that get us going again, that is vital to the fiscal picture. Then they will see a sequence of going after of the Discretionary Spending that is the bureaucracy. It is a third of what is necessary spendingwise to deal with our fiscal house to get it in order. You will see things like welfare reform. Being able to make sure we dont have this huge hammock of benefits that keep people from entering the labor force. That is really how he has approached spending. I think it makes a ton of sense and it is the way that the congress could pass it if they were willing to give it a second look. Larry all right, russ vought, thank you. Edward lawrence, great work, great interview. Thanks for helping out as always. Next on kudlow coming up here breaking up is hard to do but tiktoks left with two choices, break up with Chinas Bytedance or break up with america. Thats the deal and it passed the house today. Well talk to fcc commissioner brendan carr and former fcc chair ajit pai when kudlow returns. This is a great song from the 1960s, the early 60s. Get help reaching your goals with j. P. Morgan wealth plan, a digital money coach in the chase mobile® app. Use it to set and track your goals, big and small. And see how changes you make today. Could help put them within reach. From your first big move to retiring poolside and the other goals along the way. Wealth plan can help get you there. J. P. Morgan wealth management. Larry breaking up is hard to do. In the house, sending a clear message to tiktok, either break up with china bytedance, or you will have to break up with america. Lets start with our own Hilary Vaughn live from capitol hill. A big vote today, hilary. Reporter larry, it was a big vote and now really the clock is ticking here in the senate for leader Chuck Schumer to decide what to do with tiktok. Whether this housepassed bill is dead on arrival here in the senate or if it will receive a floor vote in the senate. He is in a tricky spot. Some democrats want this to go through Committee Like democratic senator maria cantwell, chair of the Commerce Committee that has juster dix, John Fetterman wants it to get fast pass to the floor. Schumer saying he will take a look at it once the house sends it over. The white house getting in the middle, they want to see the senate quote, take swift action on this. Some democrats and republicans in the Senate Already teaming up to support it. Chairs of the Senate Intelligence committee, marco rubio and mark warner releasing a join statement, were united about in our concern about the National Security threat posed by tiktok. Were encouraged by the strong bipartisan vote in the house and looking to get the bill passed through the senate and signed into the law. As much backing this bill opposition popping up on both sides with senators like rand paul against the bill, with an iron fist congress dictate ad unrealistic narrow path for divest meant. This act is not securing our nation. It is a disturbing gift of Unprecedented Authority to President Biden and the surveillance state that threatens the very core of american Digital Innovation and free expression. Others are open to this bill but yeses yet. One is senator john kennedy. He wants a classified intelligence briefing directly addressing tiktok so he knows what the real National Security threat it app poses. Larry . Larry Hilary Vaughn, thanks very much for the update. Lets bring in two experts serious experts brendan carr, presently fcc commissioner, ajit pai, former fcc chairman, fellow at American Enterprise institute. Brendan, let me begin with you, thank you both of you by the way, it is good to see you. I dont think my friend, i think the world of senator rand paul but i dont think he is right and i was reading your notes, brendan, this stuff, restrictions and controls would only apply to china, iran, north korea and russia. Thats all. Even then it has got to present a demonstrated and significant threat to National Security. Now china sure qualifies. This whole thing qualifies if you is me. It is basically a spy operation but brendan, i think some of these senators dont understand how this legislation has been written. What can you tell us . Thanks so much. Senator paul has been so good on so many matters of individual liberty but this particular bill as you noted is decisively different. It one, only applies if you are controlled by a foreign adversary country which is specifically defined as russia, china, north korea iran and only then if that is not enough you have to be a National Security threat in addition to being controlled. This has nothing to do with surveillance or free speech or anything. It is about a clear and present danger that tiktok presents because it is beholden to the ccp. Behaviorial remedies dont work here, wall off tiktok failed to do that theyre beholden to the ccp. This really picks up on what you did in the white house and what chairman pai did on huawei and zte. This is natural followon to the work two of you have done. Larry youre very kind. Ajet, i think there is a huawei feel to this. Let me ask you, there are two other issues that brendan laid out because, one of them is the issue of the socalled tiktok algorithm okay . Whether that thing can be seized, changed, modified, because you know, we looked at this years ago and a lot of people said yeah, even if its sold, somehow klein china will still have their claws what plays on tiktok, the algorithm. The other point, buying, buying tiktok, now youre sort of, i know youre flirting with the Investment Banking business ajit pai, you think somebody will buy tiktok. Larry, thanks for having me on. With respect to the first yes it is very difficult seizing an algorithm presents all sorts of legal and policy issues. As a practical matter it is really difficult for the government in real time to be able to regulate or otherwise take action with respect to a particular algorithm but i think commissioner car has been really on point when he points out the algorithm used by this company which at the end of the day is controlled by a foreign adversary, the Chinese Communist party, to shape or guide. We saw that with the attacks on israel by hamas, we saw young people using tiktok becoming fans of usama bin laden of all things. We think there are reasonable questions about the algorithm that need to be answered. As to the second question it really depends on the terms of the divestiture, you know better than anybody the Investment Community in the United States and indeed around the world outside of china has really become sensitive to the fact the Investment Opportunities to the sense there is linkage to the Chinese Communist party are really limited. You cant have uncertainty what that investment holds. There could be a universe of buyers, strategic buyers or investment firms but at end of day they will be looking for what the congress is looking for, with certainty this is indeed an independent entity they can have control or meaningful input into and theyre not answering to beijing. Larry brendan, this may come before the fcc. Cfius, at some point, committee on foreign investment, that is run by the treasury department, but basically a National Security council operation, theyre probably going to weigh in on this. Im sure they will weigh in against bytedance, then the question is, brendan, if china doesnt want bytedance to sell, then they wont sell. I mean, there is going to be a standoff here as far as i can tell. What do you think about that . Thats why i think the house bill is so smart because the initial matter it calls for the breaking up of relationships back to the ccp. If the ccp says no, theyre not game for that, that is when a ban comes into play. When we saw today, a massive bipartisan vote. Were starting to see word out of senate obviously where this will will go next. I think there has been some very quick, positive signs out of the senate for this house bill, including frankly senator schumer and senator cotton were on a letter together in 2019 raising concern about tiktok. So i think the odds over there are very good. At the end of the day the tide is moving out on tiktok, maybe slower than some of us would have wanted originally but today is real big win. People question whether the 118th congress again get real problems solved for the American People. This was decisively great legislating in the house and it has been good to see. Larry here is the most fun of all ajit pai, i leave you last word, President Biden says lets get it done and i will sign the legislation. Well be rooting for jobe on this one. Give you the last word. I commend that the biden Ad Administration continuing work we did in the Trump Administration that our networks and technological platforms are secure. In this particular case they were really proactive announcing support for the bill, offering Technical Assistance to congressman gallagher and chris that murthy the leading sponsors of the bill and signaling to senators on the fence. Look this has our support. When you have to get legislation through it has to be break through the caccophony of other bills. This is not some picayune issue. This is our National Security. Larry National Security, you know what else, not to interrupt, this is about our kids. Theyre putting in terrible messages for kids. We dont have time to go through all of it but theyre bending our kids in the complete wrong direction. It is very subversive. You two are both very smart. Thanks for coming on brendan cache, ajit pai, thank you ever so much. Coming up on kudlow, are democrats really going to block weapons to israel, supposedly our greatest ally . Well talk about that former u. S. Ambassador to israel, mr. David friedman. Plus voters didnt really like joe bidens state of the union message, what do you think . Isnt that interesting . Actually they didnt like it by a lot. We have chris lowry and chrisre bedford. But do you have to wedge it into everything . What . I dont do that. This reminds me of my bike. 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Rowe price, we ask Smart Questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. Better questions. Better outcomes. Larry all right the fani willis fiasco continues down there in hotlanta, georgia. A Fulton County judge tossing out six counts in the election interference case against President Trump. Jonathan serrie down with more. Jonathan what can you tell us . Reporter hi, there, larry, the ruling came down this morning. Judge mcafee was striking down six counts against President Trump and five against former associates. That include his former chief of staff mark meadows, attorneys rudy ghoul, bob eastman, ray smith and bob chilly. The allegations that defendants tried to get Georgia Election officials to violate their oath of office in trumps narrow defeat in the 2020 president ial election. According to judge mack a few, the sick counts contain the session elements of the crime but failed to allege sufficient detail regarding the nature of their commission. Fani willis can try a simpler case on remaining 35 charges. She an appeal the judges ruling or attempt to secure more detailed indictments from a new grand jury. Judge mcafee is still considering a defense motion to have willis disqualified from proses cuting the case because of her roy man tick relationship with nathan wade, one of the special prosecutors she hired. Larry, the judge says he expects to rule on that by the end of this week. Larry jonathan, just real quick, one of the counts that was removed today was the trump phone call to secretary of state raffensperger about find me 11,000 some odd votes, that was taken out, wasnt it . Reporter that was one of the issues that these counts were surrounding. The judge saying that they presented the evidence of the crimes but not just how they were committed and so if they want to somehow reintroduce these indictments they would have to present it to a new grand jury with much more detail than what was originally offered. Larry jonathan serrie, thank you ever so much. Now in a brazen move, were going to switch gears and go from hotlanta all the way to jerusalem. Joining us now is former u. S. Ambassador to israel my friend, david friedman. David, welcome back. So you read, big story today but its not the only one, a bunch of democrat notice u. S. Senate want to cut off arms and military weapons to israel unless and until israel can show some kind of perfect plan will never ever harm a civilian as they finish the job to destroy hamas down in rafah. I have mean i dont understand any of this. I just wondered, what are you hearing over there in israel on this kind of secondguessing . I think, larry, it is deeply resented, this micromanaging of israels attempt to defend itself against the ruthless enemy in really existential battle. Now if israel does not go into rafah, lets be clear, they lose the war. It is that basic. Hamas will survive. Their leadership will survive. They will emerge with two or three battalions. May not sound like much but in the world of terrorism thats a huge victory for hamas. We all ought to be petrified of that happening because they will inspire terrorists all around the world to take on their enemies. Now hamas, they know they cant defeat israel militarily. So what is their strategy . The strategy is, were going to committees ruthless attacks. Well suffer some incoming and then we got to hope there is enough civilian casualties, real or imagined or perceived what whatever doctored photos we create on the ground, get the press in there, the only way we can win if america stops israel. That is the only thing we can do. When thinks Democratic Senators and biden at administration as well, when they get soft on israel theyre committing negotiating malpractice to get the hostages back and promote a ceasefire. With hamas sees america going soft on israel we can pull this out, and kang win. Larry hamas hasnt agreed to prisoner exchange, ramadan ceasefire, anything like that. If i were joe biden i would want the idf to do what the idf could do and this thing would be done. This would ironically help biden. The most important thing it would help israel, get the job done as fast as possible. I want to ask you about this bone of contention, this pier, there is story u. S. Military ships are moving towards israel, they will set up a offshore pier, in the waters off gaza for humanitarian aid and i wonder what israeli leadership thinks about that move . Well i dont think theyre in a position they dont want to go off the rails with america but it is just a political trick. You create a pier. Thats great. The boat lands there, okay . Then you got the same problem you have anywhere else which is you have to get them on to a truck and the truck has to get them to the right people. Hamas is commandeering all the trucks and stealing the good, selling them on the black market. There is plenty of food there. It is not a lack of food. It is the fact hamas controls it, sell it at a price most people cant afford. I dont see how the pier fixes that. It may sound good, may make People Better about humanitarian aid but youre right about one thing. Look the way to make this, to a good outcome for everybody as good as you can get, is simply let israel win as quickly as possible. Larry yeah. Get rid of hamas. Start rebuilding. Thats it. It is not complicated. Larry i agree. David friedman, former ambassador, thank you very, very much. Be well. All right, lets switch gears again, a lot of gear shifting. Lets turn now to the president ial election so last night, no, today is wednesday, yeah, donald trump and joe biden officially clinched their partys nominations last night. There you have it. Joining us now to talk about it, rich lowery, editorinchief of National Review and chris bedford, the Senior Editor at the federalist. Gentlemen, welcome. Rich lowery, i was reading after that smashing, bellicose, overcaffeinated state of union message, the Mark Penn Harris poll, 59 said it was divisive, 41 said it was unifying. I dont think that is the outcome biden thought he was going to get. Larry, this is unsurprising result. That speech was not geared to persuasion, reaching out to the middle, geared to reassuring to his base he had fight in him that he could stand there 60 minutes without tripping falling all over himself. He succeeded in that. The polls showed no bump for him. Why would they . Did i he say anything on the boredder that was new . Say anything on inflation that reached to the middle . No. That was not the goal of speech. Larry chris bedford, here we are, trump a tremendous cuts comeback from a year or two ago, he has the partys nomination, joe biden loves demcracies rule out any primaries set against him but well leave that aside, big issue of inflation and border what kind of shape is trump in . I think he is actually in pretty strong shape right now whereas joe biden is not. If you looked at their last matchup, donald trump was at amongst the worst of his presidency. Had that election happen ad year before in 2019 he probably would have had a resounding victory but he was doing poorly. Coronavirus was wrecking things. He was handling coronavirus poorly. He halved been the subject of urn relenting media attacks that were so stupid, now you struggle even to remember what all the hubbub was about. At the same time joe biden, who hadnt really been seen that often, they were having these remote rallies was being painted as a grandfatherly figure, someone who could soothe and bring the country back together. We had couple years of biden that seems not actually panned out. We saw that the last state of the union. Joe biden among his lowest, there is a lot more nostalgia for donald trump. People are wondering why did we dislike this guy, why did we get rid of him so quickly . Larry which is it, rich lowery, are the illegals illegal or undocumented . They are both. Think dont have documents, theyre illegal. Larry this is your column. This is completely bonkers. This is a huge vulnerability for President Biden. He brew it up. It is his responsibility. Not to do anything to alleviate the wailings. Announce a executive order that is theatrical doesnt have effect on the ground. It would be better to have effect on the ground is madness. Thinking about it, didnt announce it at border. Didnt announce it at state of the union. Biden suggested to himself he will not do it. If he loses to donald trump this bill be a huge reason. Larry chris, let me go back to the two key issues again, because the last two months weve seen an upturn of inflation. Actually gasoline prices have gone back up. They are 3. 40. That is less than five where it was at the worst. Trump left them around two bucks a gallon. I just wonder on the economy, on inflation, whats your take . I think trump is in good shape. What do you think . Are there any vulnerabilities here for mr. Trump . I think there is more vulnerabilities here for joe biden. You can, president s can lie their way out of lot of things, take creditor stock markets, not their fault. Take credit for Foreign Policy not their fault. Inflation is likely to blame who is in charge at moment. Inflation is so high it is entering popular culture. You cant go to the Grocery Store and not notice it. You cant go to a restaurant and not notice it. Tiktok influencer, instagram influencers that every day prices are like at the airport that is picked up by Broader Society not paying attention to the numbers quite like you are. That is something that plays to trumps point. If trump is willing to tackle that, make hard policy decisions which can be painful for the American People to real that back in, that will be another matter. Larry budget cut something not painful. We have tax cuts and budget cutting. Last time you were here you went to mcdonalds, you were still shocked shocked. Two large fries and a large milkshake, 1dollars. When you have to mine your pennies at mcdonalds something is wrong. Larry, 3. 2 annual inflation rate doesnt shock the con spence, it is cumulative. Prices have con down from elevated prices. Larry 1 in three years. You know what else . Real wages are down about 5 . So they got a pay cut. I think thats a killer. Huge. It is arguably the single most important economic indicator, it is why if you ask if you were better off in 2019 or now, everyone says 2019. That accounts as chris said for a lot of trump nostalgia. Larry mr. Biden as issue about shrinkflation. I think his polls are in shrinkflation. Consider that stolen. Larry that was off the top of my head. Coming up here on kudlow, very important, why dont men want to work . Very simple. I working man, i work six days a week. Well ask david bahnsen, he has a new book out, fulltime work and the meaning of life. Well show you a chart that will blow your mind and knock your socks off. No shrinkflation in that either. Im kudlow. Breaking up is hard to do when enamel is gone, you cannot get it back. But you can repair it with pronamel repair. It penetrates deep into the tooth to actively repair acid weakened enamel. I recommend pronamel repair. With new pronamel repair mouthwash you can enhance that repair beyond brushing. They work great together. 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Yeah, david, men ought to work, well put up on the full screen this chart, labor force Participation Rate for men, you will see it in just a second, it is a terrible looking chart. Why is this in your judgment. I think were in a cultural epidemic. It is primarily prime working age men. I think there is an extended ad dough adolescence. There is war on teenage employment. Who will hire 16yearold to work parttime at a fastfood restaurant at 23 an hour. Theyre entering their 20s with no skills, no experience. You have the problem, the pot, the videogames. These are cultural things, not political, putting downward pressure on men working. Larry government benefits part of that . Absolutely. It feed as negative feedback loop. There may be a cultural cause to the problem but it gets worsened by a government response. Larry im not here to talk through my hat. I will say i work six day as week. I do five days a week on television. Glad to do it as many things as fox wants me to do. Im very grateful to do here. I do the threehour radio yo show. Youre coming on this weekend to talk about the stock market. Now that is just my, thats my ethos. Thats what i know and i dont want in any other way. Why are we losing that . Again im not, i dont think im special. Im just saying i think a lot of people in my generation which is almost our generation, that, i just brief in work. Work is a good thing. You make a buck but its a good thing. Keeps you occupied, keeping the brain going. So larry, not just you who works six days a week, not just me. You know where i got to from . God. He worked six days and rested one. Larry good point. That is the creational model for all of us. Work six days, rest one. Now were blessed by technology, efficiency, we dont have to work as hard, as much, physical pain we used to, the idea that we goo into a life of pure leisure and recreation. This is not what god made us for. Making them feel hopeless and helpless. It is taking people with senority out of workforce. I dont want 25yearolds returning a newsroom. We want 60yearolds that have been around a little bit. Larry the country and the economy needs that. These are prime age. Not old guys. 25 to 49yearolds. Larry every time i talk to the white house interns i used to say that, work hard. When youre working hard, work even harder still. The only way. Youre a hard work irtoo, david bahnsen. What is the name of the book . Put it up there. It is up on the full screen. Fulltime work and the meaning of life. David bahnsen. Thanks, buddy. I splurged a little because Liberty Mutual customized my Car Insurance and i saved hundreds. Thats great. I know, right . Ive been telling everyone. Baby liberty. Did you hear that . Ty just said her first word. Can you say mama . Baby liberty. Can you say auntie . Baby liberty. How many people did you tell . Only pay for what you need. Jingle liberty. Liberty. Liberty. Baby liberty. 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Fisher Investments we have a simple management fee, structured so we do better when our clients do better. other money manager your clients really come first then, huh . Fisher Investments yes. We make them a top priority, by getting to know their finances, family, health, lifestyle and more. other money manager wow, maybe we are different. Fisher Investments at Fisher Investments, were clearly different. Larry right, so important work is a got a blessing, work is a contribution community and the economy, keeps you have trouble and we should all work even harder and somebody of the work hard, this mcdonald right here are. Liz thank you and richard keeps you have trouble larry. [laughter] my favorite person i