policies on capitol hill this week. telling lawmakers the $1.9 trillion american rescue plan contributed only modestly to higher prices even as she acknowledged inflation levels are unacceptably high. 8% inflation is an unacceptable inflation rate in the united states and it is president biden s number one objected to get that out. paul: let s bring in cabot former chairman of the council of economic advisers at the white house and distinguished visiting fellow at the hoover institution. welcome kevin. so peak inflation. everyone has said it has picked it has picked looks like it is peaking or that peaking keeps going to higher peaks. what is everybody missing in the markets? everybody really isn t everybody. if you look at google searches for inflation then my friend joe sullivan did a really interesting piece where he correlated google search for inflation with the inflation rate. right now americans are searching at the rate they would do if inflation were 9% which is
underway. some planning to hit the road are simply set up. president biden says hi prices and inflation are his top domestic priority, here s a live look at the president for he landed in albuquerque, new mexico to get a briefing on wildfires there. alexis mcadams is live in new york city with more. here in new york city at this gas station behind me, nearly $6.50 a gallon. nearly $6.50 here in new york drivers who want to pay that, they don t have a choice. people are trying to get the gas and had to different areas for their summer trip in the past month gas prices have been steady climbing, no surprise drivers hit a new record. this is what people walk up to this morning, not the news they wanted to hear. the national average for regular gas is $5 a gallon, up 60 cents from last month and now drivers pay nearly $2 more a gallon than we already worked last summer. astronomical. hitting our pockets, my pockets. i get it but. [sirens] americans are paying double compare
week to talk to her, many leaders from central america didn t bother to show up. we know the people from cuba and nicaragua and venezuela are screaming across the sun the border may be going to los angeles but probably not to protest. all right. that s it for this week s show, thanks to my panel and all of you for watching. i am paul gigot, hope to see you right here next week. as inflation rises, the past in decades, gas prices hitting a painful new milestone. the national average for a gallon of gas is $5 for the first time ever. that s up nearly $2 from a year ago and analysts say they are in for a long ride. hello, welcome to fox news live, i am arthel neville. i am in for eric shawn, nearly someone come in living is supposed to get easier but not if you re filling up your tank, driving season is about to get
overall thing that i m writing is reagan s administration is trying to save his butt. we re talking about nixon earlier, the way that nixon explained what happened in watergate is well, if the president does it, it s not illegal. right. the reagan administration defense for reagan at the end of the iran-contra is, if the president does it and it s vaguely related to national security, then it s not illegal. it s this radical idea that president reagan, yes, defied congress knowingly to go do this thing central america didn t want to do, yes, he defied congress and all sorts of crazy lies and the weapons to the iranians, and yes, it s very clear that he knew it was all happening. but he s the president and it s war-related vaguely. and the president has unlimited power when it comes to things that are vaguely war-related and that s nuts. that s absolutely nuts. it was a crazy idea. [ applause ] and it was seen as a crazy idea at the time. congress did their investigation