Live from new york, at the opening bell, this is business today. Traders tread water on wednesday. Cranking up the voltage on trade tensions. Canada slaps hefty import taxes on electric cars made in china older, wiser, and ready to spend. How businesses are finding a Silver Lining in indias ageing population. Welcome to business today, im Michelle Fleury live from new york. Us markets slip at the open after the record close. More on that any moment. Lets turn our attention to markets, the dow is down two tenths of a percent right now, after the wreck a close yesterday. The snp and nasdaq have not fared so well. Traders are turning away from the Technology Stocks right now. For more on this is the chief market strategist, great to see it this morning. Are you surprised this rally is stalling . What should we read from the dow slipping back slightly . Read from the dow slipping back sliuhtl . ,. , slightly . Good morning, i dont think they slightly . Good morning, i dont think they can
nonsense. any economist worth his or her salt will look at the trends and say we are going for a while. they hope so. he says people say that 4.1% in the second quarter. look at the annual growth. cbo says 3.1% annual growth this year. that is good for a year. look at how it tapers off as the effects of the tax cuts slow here. again, soaring deficits and soaring national debt. how does the republican party square that when you are going to the polls? that is quite a shift. i would say this, i think kudlow probably has it right for the next couple of quarters. there is so much fiscal and monetary stimulus in the pipeline that the economy will stay good. there is a dark cloud. that dark cloud is all the uncertainty over trade. i am encouraged with progress with mexico and maybe with
what s in your wallet? it s friday. 12 minutes past the hour. economic adviser larry kudlow is super happy about the economy. our economy and investors and work force are crushing it right now. we are crushing it. and people say this is not sustainable. it is a one-quarter blip. that is nonsense. any economist worth his or her salt looking at the trends saying we are going for a while. that is kudlow yesterday at the meeting. he is right. super charged by big government spending and lower taxes. he mentioned that people say it is a one-time blip. that is a concern this is a sugar rush than permanent fix. the second quarter. the u.s. economy grew 4.1%.
economist worth their salt believed in that. if that s going to be the projections used, there will be trouble. there will be trouble on the far right with spending with the freedom caucus, because they look very carefully at the deficit being run, and they could run into a roadblock there as well. we ll ask them if they re willing to vote for this without offsets in spending. apparently donald trump doesn t want to make cuts, not a cent, to social security or medicare. is that something you support? i certainly believe at keeping them at the levels they should be at. here is the other question i m asking myself and i think a lot of people will be asking themselves. with the repeal of the affordable care act, that s one of the major issues to try to keep medicare under control, the whole direction of treating the person, that s had a great effect on medicare growth. if you re repealing the affordable care act, you better factor in that you could be
taxes and not cut spending? we are still screwed. if they put the 2% tax rate listen to the 3-1 ratio spending cuts to tax increases. but he is not doing that. that s what he said he was going to do. any economist worth their salt will say one thing and one thing only. if you want to get rid of the deficit, no one cares. you have taxes across the board and cuts across the board. and nobody wants that. shut up. i actually do agree with bill. i think we worry about the spending. interest rates are low and it is a complete manipulation by the federal reserve. what will happen at some point is the debt will be down graded again and then all of your loans and all of your interest rates will go up and you won t have a pot to pea in. to pee in. now you have my mind thinking of people peaking in pots. what will happen is we will