Transcripts For FOXNEWS Your World With Neil Cavuto 20240709

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the 2019 monthly average in 60% higher than the 20/20 monthly average. the other thing that the department of transportation has been doing is expanding hours of service exemptions for truck drivers during a pandemic to support the flow of emergency goods and assistance from some further sound supply chains. that's another step. we also -- the point is we have been working on these pieces. they have been in process and what we announced yesterday was essentially an agreement between the labor unions who are going to fill the hours, right? at these ports and the important bottleneck piece as the suppliers who will be using the expanded hours and the ports themselves which will help move this forward quickly and help reduce some of the delays. >> as their president made a decision on the commissioner? >> not yet. >> neil: we continue to monitor the jen psaki press free prints. it was triggering a lot of controversy right now, a retweet by the chief of staff on some comments made by the council of economic advisors chair under barack obama saying that most of the economic problems we are facing inflation, supply chains et cetera high class. we would not have had them of the unemployment rate was still 10% appeared we would instead have bad had a much worse problem. what got the attention was his reach weeding the fact that this was a high-class problem, that inflation and where we are feeling it is impacting presumably only the well-to-do. the fact of the matter is of course the gas prices have gone up, chicken prices have gone up. board prices, bacon, these are all staples that it is fair to say go well beyond the high-class to pretty much every class, everyone pays more for gas. everyone is paying more for a bacon and chicken. also other goods that are now in and out of better than one decade highs. it today, on top of an over-the-top reaction that is limited from the white house to only the well-to-do. welcome, everybody. i am neil cavuto and this is "your world.." you try to see the firestorm here to little avail. inflation pinch that all americans are feeling sort of relegated to just a few and the grateful pond crowd complaining. the fallout from this right now at the white house. edward. >> everyone loves bacon. the price of bacon is going up. the cpi inflation is at 5.4%. part of the reason for that fall squarely on the supply chain issues that we have been talking about. let's run down some of the things that we all buy. poultry, fish up 10.5% year-over-year. fruits and vegetables are up, all types of gas up 42.1% over the past 12 months. that last one seeps into everything we buy which is why some are saying is you talk about the top of this, this retweet could be the let me ek, went for white house chief of staff moment. white house press secretary put some context to it but the reach we did not once but twice three hours apart saying that it is high class problems because if it would not have inflation at 10%, this would not be a problem. the president has not taken questions directly about inflation or the supply chain issues in the last week. this is what happened when he talks today about vaccines and his covid response. listen. >> john deere workers on strike. >> you see him walking away they appeared at the press was ushered out of the meeting. this was in the last 15-20 minutes or so with the canyon resident at the white house not answering questions. the vice president for consumer brands association says that the administration needs to look at the relaxing of rules. we are talking about truck driving. maybe the weight restrictions on trucks or drivers being able to drive a little bit longer. >> the inputs have been record-breaking for months now. ultimately we are seeing prices start to edge up for consumers. that is not a place anyone wants to go. i know our industry works very hard to make sure that they don't pass stuff on. we are at a point where aluminum is up almost 100%. corn, 115%. this stuff is going to create bigger problems down the line. >> i talk with a transportation secretary yesterday about relaxing those regulations on driving. he said that option is on the table. but they need to weigh it against safety. back to you. >> thank you very, very much. the president has not way directly in to report his questions on this issue how far this inflation problem goes but it's fair to say he's trying to get ahead of it but having little success doing so. his latest proposal came yesterday when he proposed that ports, the big when outside of los angeles stay open 24/7. the problem is finding workers and the problem is dealing with the higher cost to keep them doing that job which might exponentially lead to higher costs supposedly at this is supposed to address. let's get they read right now at the port of long beach, california. >> there's a lot of finger-pointing at the warehouse that consumer demand and of course the president expanding extended unemployment benefits that might stop some workers from taking jobs, but it is turning the pacific off of l.a. long beach into this parking lot at uc now. this is basically a floating warehouse because there's no other room basically onshore. shifts like this are being off-loaded within the ports but there are 78 anchored offshore in a holding pattern near catalina island. this is the shortest distance between here in shanghai but shippers are beginning to divert cargo to the panama canal to avoid this bottleneck. they are waiting 2-3 weeks and time is money. if they are paying for it, so are we. the president supports said two or three hours ago that he's optimistic this new plan is going to make a difference. >> as a nation, we need to move to a 24/7 supply chain. you are doing your end, the cargo owners have stepped out doing their end. we need to energize the rest of the system. >> you know, they ship that you are looking at is really about three football fields long as thousands of containers takes about 2-3 days to actually off-load those things when it finally does make it into the harbor. the president said this is a game changer. the supply chain problem is not going to be solved overnight. at the prices are likely to continue to increase because of what you are seeing here. >> thank you very, very much. back to the big quote misquote bad to eat, bad retweet of the day which is the chief of staff klain for president biden i should say. essentially agreeing with the former council of economic advisors chief under barack obama who said essentially, we are facing these inflation supply chains other issues but they are high-class problems. in other words, the upper class are the only ones having to deal with this. "the wall street journal" editorial board member and fox news contributor. this is a major hoops moment for the administration. there is no way you can step back and try to explain a remark that has the ring of letting them eat cake. what did you make of it? >> what was remarkable is how it was completely and utterly get that backward. if you look at inflation, wealthy people are the people that have the least amount of problem with it because they've got that excess cash and capacity. they are not having to make a choice between whether or not to buy a gallon of gas or whether not to buy a gallon of milk. some wealthy people you could argue even benefit from inflation if they are in the business of financial assets or real estate. inflation can help those areas. inflation always fundamentally hits the average joe. it's terrible on these guys that have 50 bucks to get to the next paycheck, and they have to decide they can't buy some of the groceries because they need to buy gas to get to work. to suggest that you don't understand that looks so disconnected from the issues that are out there with america. that was the real gasp. >> if you're hearing this, you say, what you are experiencing the grocery store and what you are seeing when you go to the gas station, these are, you know, addressable problems. this is something that is not really hitting you, and sitting someone else and hitting the rich. it just has an elitist dismissiveness to it that is hard to take back. i understand what furman was saying the former council of economic advisors chief talking about this problem, and it wouldn't be this bad if we had 10% unemployment. but you are saying the only way to address that is to have a lousy economy, which of course raises the issue of stagflation, an issue that bedeviled another democratic president named jimmy carter. where is this going? >> no vote or ever wants to hear that the message from the administration is really -- it couldn't have been worse. is not a positive message. they want to know that people are fixing their problems. that's why voters have a pervasive view over the years that politicians are disconnected. that's why we have that old gotcha question, do you know how much i gallon of milk costs? voters don't think that people who live in these bubbles really do understand that. it could be worse is not a positive message. i understand why this white house is doing this. they want to pretend that problem is not there, because they know that it imperils their $3.5 trillion agenda in that washington spending is considered one of the problems behind this inflation. the american people see what is going on. and there's a certain point at which you have to address it, not close your eyes and pretend it isn't happening. >> neil: or cite other excuses for it. one of the things that came through for their president yesterday in his 24/7 l.a. port switch is to try to lay out the possibility to some companies might be couching people. in other words, to point the finger at them and not at the white house. >> again, any american looking around a moment understands very clearly what the problem is and why we don't have enough people to unload containers from ships. it is because on the one hand, we have been paying people to stay home and those benefits are still going whether it be that child tax credit or whatever it is in on the other hand, we have all of these government mandates and restrictions that are actually discouraging people from working with her as mandates or others, you can argue about that from a public policy and health perspective but the reality of it is there out there in the workforce. until we change government incentives and incentives and disincentives to work, this is not going to get better. >> very well put. thank you very, very much. you can hear from the president and whether he is to blame for this or not, the administration is not taking the hit for this but to dismiss the fact that it is really happening and that everyone is affected, particularly the middle-class, lower classes and oddly enough, the impact on the higher class not nearly so much tend to compound the problem. in case you have any doubts that this inflation is still a problem, take a look at any gas station, because some eye-popping figures are passing us by as we speak. >> yeah, neil, absolutely. you can see the prices over my shoulder. these are numbers that are going to impact that middle income family deciding whether to fully build up their tank or go for the half tank and hope that it gets better. i'll very good news. it is not looking like the prices are going to come down anytime soon. i will give you the full report coming up. as a dj, i know all about customization. that's why i love liberty mutual. they customize my car insurance, so i only pay for what i need. how about a throwback? 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$5 in some areas in manhattan playing out on the west coast. we are we go from here? >> that is the million-dollar question. it will be a function of some of the supply chain bottlenecks that we have seen. opec will increase production eventually. last week we said no, we are on our own schedule. opec is increasing every month until 2022. the energy crunch overseas get wares? will china get more: national gas? for now, there's more upside to the price of oil which today was back up to $81. they could be talking about $85 or $90 are national average at $3.45. >> neil: what do you recommend they do? people who err on the super unleaded? some would say maybe i will get a lower grade. is it risky for them? >> i'm not going to ever say go against what your car manufacturer suggests. a lot of my friend and friend anecdotally say premium here in chicago is $1.25 per gallon. what can we do? some of the late-model cars don't always require it. he checked that very carefully in your owners manual. if it is only recommended, you can go back down the 87. the beauty of modern cars is they can adjust your car engine accordingly. having said that, looking at some of the numbers here to your point, one in eight stations in the u.s. is over $4. it has never been too hard to find the extremely high prices. california, even orlando, florida, for those going to disney world, a station charging near $6. bottom line is that it's going to get worse before it gets better. >> neil: we are seeing signs of how this plays out in various countries. this is a worldwide problem. gas lines are something we had forgotten from the 1970s that we are already copying up elsewhere in the world. could they pop up here? >> whatever they do pop up, keep in mind the truckers shortage. it did afflict some areas like las vegas where americans after a year of staying at home, there was a lot of pent-up demand for some of those tourist destinations. that's when you started to see an inability for some of these stations to replenish their tanks as quickly as americans are filling up. it will be the exception. what we saw in the u.k. with the shortage lines at bp stations and what we saw here with the colonial pipeline, that was the panic that set in. not actually the truckers shortage in the u.k. it is on americans to calm down. we have gasoline but there's been a lot of strain on getting it to the station in time. >> they freak out because they don't want to be without that gas. it is weird, but it is playing out just as you said it would. patrick, thank you. they were not making this stuff up about what's going on abroad. long gas lines have become very common. some of these you are seeing our present day. what you are seeing on the left side of your screen is another day in the 1970s. i remember those gas lines. i remember the odd and even days you could get gas. is that coming here and sooner than you think? 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>> absolutely. let's look at it this way. to compare carter to president biden, carter enacted many controls on oil. nixon did too. carter did more so. president reagan's first day in office, he d controlled oil completely and gas prices fell in half in about a year or two. president biden by contrast in his first day in office revoke the permit for the keystone xl pipeline. we saw gas prices rise and they have been rising ever since. when the government interferes in the free production of oil, often their big problems and we are seeing that again as we did with jimmy carter. >> neil: it is interesting in both of those inflation ballots we went through in the '70s, it started with oil. we quickly learned and i remember the experts at the time saying this is limited to oil, it won't spread. we learned that there is a domino connection to not only the way goods make their way to us but the oil and the synthetic deals that are part of these everyday items from toys to you name it. it affects the food supply and all that. the same thing playing out now that hints to me, this is not just a johnny one note on oil. this is pervasive enough to spread and take in everything else. >> yes, i think so. you notice the same thing, president carter said that this inflation, the inflation grew tremendously in his administration into double digits. he said it was temporary and it persisted and got worse. we are hearing our leaders say this is just temporary, but it was not temporary then. it is not temporary now. six months from now, you again are going to be talking about inflation. >> neil: it's interesting to the different times and we do hope we don't get back to that time, but it did affect america's ability to pay for things. they stop being able to afford paying for things and it did lead to a slow down of the economy and the stagflation. we have weak economy. and it took the central bank chairman at the time in the late carter years to the reagan years to raise interest rates sometimes awful point at a time to deal with the crisis. i hope we don't get to that because that is a whole other can of worms. >> it is. we are reducing the rate but also reduce the money supply. that was a key thing. under carter, the money supply was increasing. a lot of politicians and people think well, if you increase the money supply, that increases the wealth. it does not do so. increases inflation. >> that's right for the cost of everything goes up in the process here. again, that's playing out a little bit slower motion right now but it is real. we want people to be aware that rarely is this short. the two inflation ballots we had were not short-lived. they spread their tentacles into everything else. that is a slam-dunk history on this. talking red or blue or republican or democrat, follow the green. a lot of people were paying the green and really losing a lot including jobs. one of the biggest recessions we had back-to-back in the 1970s. i hope it doesn't happen again but history indicates it certainly won't be brief. we told you right now that clamping down with vaccine mandates of its own. they are also saying it won't be for everybody and they are also indicating right now that they are confident of a variety of vaccines that are already out there just might do the trick especially if doctors give no formal okay for you to mix and match them after this. always b. to meetings. errands. now i'm running for me. i've always dreamed of seeing the world. but i'm not chasing my dream anymore. i made a financial plan to live it every day. ♪ there was a dream ♪ ♪ and one day i could see it ♪ at northwestern mutual, our version of financial planning helps you live your dreams today. find a northwestern mutual advisor at nm.com (jackie) i've made progress with my mental health. so when i started having unintentional body movements called tardive dyskinesia... i ignored them. but when the twitching and jerking in my face and hands affected my day to day... i finally had to say, 'it's not ok.' it was time to talk to my doctor about austedo. she said that austedo helps reduce td movements in adults... while i continue with most of my mental health medications. 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- no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. >> neil: all right, in the house, they are not too keen on this word from a number of top republicans who worked with donald trump that have no intention of testifying on capitol hill capitol hill. subpoenas are flying out we are told and they are still looking to make sure all of this goes off and this committee hearing to what was behind that january 6th insurrection will be solved in history will know exactly what transpired and what led to it. at this point there's a lot of resistance. it was an interesting premise for my colleague and friend bret baier to start up a book i was really devoted to you... as grant because he kicks off talking about it that on januar. it was interesting is so good to see you. you spell it out. without saying too much, specifically, you say in the midst of the real constitutional crisis in 2021, the story of grant in 1876 took on new meaning. that was the electrician controversial which would be thrown in total disarray, like the controversy of the 20/20 election. i could see across the landscape of our history that there had been those crucial times where everything we stood for was at risk. divisions were so deep that they were different realities being experienced by the citizenry. you seem to make the point that in 1876, president grant rose to that occasion. >> he did, anyhow the country together as it was teetering back toward the second civil war. i'm not making a linkage between january 6 the directly, but it does give you perspective of where we have been before as a country and how close we have been to kind of breaking up. january 6th, i am covering it that day on dana perino's show. i'm finishing up this book. starting at that weight to give us a perspective on things was the way to go. the book ends by the way after the george floyd protests and statues being pulled down in the san francisco park. the reporter says why are you pulling this down? they say he's part of the civil war. he had. grant spends his whole life fighting slavery, fighting for black equality, for the right to vote. it just made me have this appreciation of a presidency that largely is overlooked. >> neil: grant was already wrapping up his charms. he was trying to deal with the controversy of the election. your book, how close we were in the fears that were justified at the south would try to rise again. they were ticked off, laid out that the wrong guy was winning at all this and there were concessions that were made to the south that we don't realize how much grant did to stave off that because his critics will say that that deal led to a century of racial practices that were beyond the pale. >> that thing i found out and i thought that historians and people who looked back at that time really put the aftermath of the reconstruction on grant. reconstruction was essentially coming to an end appear at the south was done with federal troops being down there. there was a lot of pushback even from the northerners to all of that. by making this deal, he keeps the union together. and the troops left. >> they did what they wanted to do. >> they stayed part of the united states. that was a big revolt. >> did he know what it was and sue? >> he feared that would happen, but he thought that some other people who were taking his position would take the mantle that he and lincoln had this vision for equality. i love coming on your show, because when i'm talking about a book, i look at the book and you have got the notes and little markers there. >> let's see if i can catch him on this. i never can. i joke with you before, you are running out of presidents. you do a great job with it and it's interesting that you read the president in the past and get back to the present. i don't want to put you on the spot but i love putting you on the spot. president grant rose to the occasion. different case because of the election this time directly involved president trump. did he? >> i will leave that for others to decide. i think that we are not finished with all of that as evidenced by his recent statement that he put out just the other day. >> he doesn't want any republicans voting in 22 and about to be 24 this whole fraud thing. what did you make of that? >> just that statement alone hurts republicans who are in a pretty good place politically. if you look at the positioning ahead of 2022. i know there are a lot of people that want to go back down that road of the election. they are not finished with audits and looking at things. until some legislature acts, until some court actually moves on evidence, until something is determined, the election is over. republicans, most of them want to talk about the future and how they can change it. >> looking back a grant, i was most impressed at a very scandal plagued administration but his predecessor was even worse and laid the groundwork for the disaster that he had to solve. i always wondered about his post-presidency. you know, he did a lot. i am just wondering. he was always very fearful of what the country could become. and it weighed on him. how is that man leaving office? >> he trusted a lot of people and he put his trust and sometimes the wrong people not only in his administration which caused some petty corruption and scandals like out of a lot of attention, but afterwards, he would invest his money and loses it all any as to write magazine articles to make money. mark twain, his friend says how much are you getting paid for that? $500. he goes ballistic and says you have to write a memoir and i will sell it and pay for you. he writes the memoir, he is throat cancer. he finishes the memoir days before his death. mark twain goes on to sell that book, the biggest sale of a book ever in that time, $300,000 to his wife which is roughly about $14 million. >> neil: he wanted to protect them. some little interesting scuttlebutt issues that he drank a lot, he had a lot of those problems. it did he? >> he did early. as a soldier he was in the northwest territory boasted being drunk and got kicked out of the army essentially. that stayed with him and some of his contemporaries who were jealous of his ascent in the civil war use that against him. no evidence -- >> neil: lincoln was fine with it. he related a famous story. >> one of the general said he's drinking out there and lincoln said tell me what kind of whiskey's drinking, because i want to get barrels of it, because he's winning this war. >> we forget he's the reason why the north won. he's the reason why we had the country together. he's the reason why he was doing everything to keep the country together. where do you think we would have been had he not been president? >> in a really bad place. if it was lincoln and then grant, we didn't have johnson in there. the country would have been -- would've avoided years and years of strife and would be a different place today. >> neil: there are still people that read your book and think about well, we understand why grant did what he did to make this deal, to settle this election issue and make concessions with the south but it did bring on 100 years of racism and cruelty then went on and on and on. i understand what you're saying obviously about moving the country forward. but did you get from your notes and i know you went to grant letters and all the research personnel and otherwise that he ever regretted it that it was a deal that kept the country together but a huge price. >> he knew if someone didn't take the mantle after him, that could be the price that was going to be paid. keeping that union together was his ultimate goal. he was so respected, a million people turn out for his funeral lining the streets in union uniforms and confederate uniforms. his confederate generals and northern generals as his pallbearers. he was really quite a man. >> recommended. u... s grant, fragile union, crisis 1876. >> we did not get to the paint notes. of those the different ones. >> neil: do i really want to do that? i kid you. i highly recommend it. there are still many more presidents to go. he does have an adept touch. they were human beings and they went through a lot. you should keep that in mind. more after this. cashback match is this for real? yup! we match all the cash back new card members earn at the end of their first year automatically woo! i got my mo-ney! it's hard to contain yourself isn't it? uh- huh! well let it go! woooo! get a dollar for dollar match at the end of your first year. only from discover. lowe's showrooms have a variety of stylish flooring get a dollar for dollar match at the you'll love fort year. years to come. like stainmaster lifetime stain resistance limited warranty. order now, get your flooring installed with help from lowe's. home to any budget. home to any possibility. was that your great-grandmother, keeping the family together? was that your grandfather, paving the way for change. did they brave mother nature... and walk away stronger? did they face the unknown, with resolve...and triumph. ♪♪ there's strength in every family story. learn more about yours. at ancestry. this isn't just freight. there's strength in every family story. these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion, because it means everything to you. re-entering data that employees could enter themselves? that's why i get up in the morning! i have a secret method for remembering all my hr passwords. my boss doesn't remember approving my time off. let's just... find that email. the old way of doing business slows everyone down. with paycom, employees enter and manage their own hr data in one easy-to-use software. visit paycom.com for a free demo. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪ ♪ ♪ >> apparently, when he says had enough. they said that if your fries are cold, they will replace it with hot and crispy fries, but you might want to go somewhere else to deal with that. mike, i don't know if those are wendy fries, but what they are saying is "we acknowledge a problem here. we are trying to address this." [laughter] that address it for you, getting some hot fries to replace the cold fries? >> i love fast food, and these are hot. shout out. anything that can better the fast food experience, because listen -- the lines to get the food or longer no matter where you go, whether it's inside restaurants, diners, or bars can but even in the drive through -- yes, the wendy's fries are good. >> you can pull it off easily, can't you question what [laughter] you don't strike me as a fast food person. maybe that's a good thing, because the lines are getting a lot longer. they have done studies of this to conclude what we all know. they are getting longer. >> i like to eat fast food, but only alone late at night in the dark. that's when it tastes the best. >> this whole conversation is making me uncomfortable. >> i'm getting it delivered. i don't see how this works in practice. they say it applies for delivery too, and i might not be a perfect human, but i'm not going to look at a delivery guy who i feel a huge jerk making him bring the fast food, being like "listen, these fries are cold, go back." i'm never going to do that. [laughter] it ruins the experience. you bite into a fry, and it's cold. >> i understand that they cannot get enough people to work there. i'm wondering if there's going to be a customer revolt. what do you think? >> this is serious. eating in restaurants, especially with this -- all of a sudden, a happy meal became an unhappy meal. you are waiting forever. a big mac became a big nap because you are waiting forever. society in general, we are inpatient. we want things on a flick of a switch. >> quick timeline, how long will you wait at a drive-through? this seems to be focused on drive-through's. >> 30-45 seconds. >> what about you? >> i will wait forever. i don't drive. it's on wheels behind the wheel. [laughter] >> in the back of your limo, you roll the window down. i can just picture that. customers are getting fried. [laughter] i tried. here's "the five." ♪ ♪ >> hole appeared on dana perino along with k published, geraldo rivera, jesse watters, and greg gutfeld. this is "the five." ♪ ♪ the white house stirring up outrage over the supply chain crisis. some ceos say prison bite and waited also so long to fix the nation's broken system, and christmas is coming soon. the president's chief of staff sparking backlash after claiming that touched millions of americans have life concerns,

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