joining the crowded field. is there room for another candidate from the sunshine statesome with him there are three of them. we ll can him. welcome, everybody, i m neil cavuto, and this is cavuto live. i hope for dads tomorrow s a great day. in the meantime, fast-moving political developments. lucas tomlinson. reporter: good morning, neil. president biden departed for philadelphia for his first re-election campaign rally, as you mentioned. hopefully, the traffic situation is okay after that mess on i-95. biden removing this endorsement from some of the largest labor unions in the country. it s the earliest endorsement from the afl-cio in history. here s the president. we are a democracy, and so we ve been engaging our members, listening to them, and they want someone who will stand up and fight for them. and that s exactly what this president has done. he said he wants to be the midwest pro-union president when he took office, and he has absolutely delivered. reporter
wages are not increasing to keep up with increased prices. inflation has outpaced wage growth going back to april 2021, just a few months after biden took office. economists say that is effectively a pay cut. most workers are, in fact, sort of worse off financially now than they were a year ago, and that is going to drain consumers wallets, it s going to drain their savings and ultimately, i think, will hit and harm spending. reporter: so far consumers continue to spend, but they re doing it on their credit cards, and there s growing concern it s not sustainable as credit card interest rates surpass 20%. back to you. neil: yeah. they don t budge, those rates. thank you very much for that, lydia hu. i want to go to scott martin, king s view asset management cio, very smart money guy. if you don t mind, scott, i d like to veer more into the politics of this. i usually do don t do that, but i have a method to my madness.
information association. jackie: madison alworth, thank you. president biden says that economic policies are helping to ease inflations so are americans feeling that relief or are they still feeling the pinch. to king s view asset management cio scott martin and democratic strategist laura fink. laura, i want to start with you because cpi has come down and it s off the peak but still at 40-year highs and americans are struggling and they said as they exited the polls that food costs are one of the top top issues right now and this is all going on a little bit longer than everybody expected. you had a fed and an administration that said it was transitory. it hasn t been transitory. they are saying we will see some relief, we haven t really seen the relief yet and the president says that everything is fine. i mean, is he being a little tone deaf here? i think he expressed empathy in other parts of that side of remarks that just didn t get clipped but i do think there s a lot of empat