Im sandra smith in for neil cavuto, and this is your world. Leaving pain in the gas for President Biden. The writing is exemplary. Great to be with you. President biden is back in washington amid new economic concerns that surging gas prices bringing down fears that inflation is back with a vengeance. Make no mistake. Its gas prices that always gets the attention of consumers which in turn means lawmakers pay attention. The news is not good, with prices way up. Its worse than that. There is an overall surge, and The Cost Of Living for amer americans, vegetable costs, up. Gas to get to and from work, also up. Its a devastating report card for president who is more or less hovering around 40 and obviously lower with many other parts of the country. When joe biden was elected president , and inaugurated, looking at 2030 price increases on what counts, and thats stable foods, power, electricity, gasoline, the price of cars. Taking a mortgage out now, so most 7 thats 1,000 a month on the mortgages here in california. Thats despite borrowing another 4. 5 trillion. Mr. Davis hanson speaking there. Its the Borrowing Policies that have many people speculating that its one the major reasons we have seen the Credit Rating for the country downgraded recently, though the white house insists its all part of the ebb and flow of the economy. Interesting stuff. Great to see you, kevin. Now, to the pork prices, tripling since june alone. Blame california . At a hog farm in lewisburg p. A. , on whats driving it. These pigs look pretty content, but the intent of the California Law is not around the younger pigs, but the pregnant sows. Take a look at what proposition 12, which was passed overwhelmingly in california it says they need more space. We all support the notion of animals being cared for pro properly. The trouble is the cost of this conversion is tremendous, and it forces the rest of the country to abide by the California Law. The president of the Pennsylvania Pork Producers what is the deal here . Why is this a problem . It limits market access. Unless you are complying the products get mixed together. It makes it very difficult. Does. California, faa is going to sort a lot of that out, which is going to be unknown yet for most of it. Driving the price of everything up. One of the big producers, they are saying they will comply with the law. Thats folks like hornell, that sort of thing. Theyve got a lot of money and can afford to comply, the small producers not so much. The small producers, its going to put them out of business in effect, create a lot more consolidation. They dont have the capital to invest in the family farms. Like operation we are at right now. They have eight kids. They work the operation. The number on the cost of compliance and consumers, 4,000 ahead, in terms of compliance issues. Millions perhaps in added cost to consumers. Its a tough one. You can understand, we want to care for our animals, but if you dont eat them that she would like to treat them well. The problem is Unintended Consequences as often is the case. The Inflation Rate has been steadily improving. Could this spike in gas prices change all of that . Gary, great to see you. What exactly is going on . We are talking about this gas price spike, pork prices, tripling since june. Is inflation improving . It can get worse very quickly because oil is big time when it comes to what we spend on. I can tell you that just in the last month, we are talking about 100 billion more from the consumer out of their pocket if prices stay right here, after this move up to the next year. Something that really has to be addressed. We are already in a situation where looking at savings rates, plunging, any chart with credit card usage is skyrocketing. The Interest Payment is at a new record high for credit cards. A moment in time where things better get addressed, or we will see inflation moving back up, and the fed will be raising rates a lot higher and longer than anybody expects. Got to give me some good news, here. The headline Inflation Rate has been coming down, while it is still above where the president did take on. Many are quick to point that out. We look at gas prices going up seasonally. This is the time of year, driving season, people are packing up their cars. We tend to see demand go up this time of year. Gary, correct me if im wrong, but when i dig into the numbers, im not seeing a lot of movement on the demand side, which could be some Silver Lining in all this, saying demand is up, people are traveling. Its actually a supplyside problem thats running these prices up right now. I think you get a couple of things going on. I think people speculate on oil prices. They know that the Strategic Petroleum reserve is down to 1983 lowes, and they know that opec wants higher prices. Thats kind of a onetwo punch. The price, based on investors, traders, speculators on the way they think things are going, and guess where they think things are going right now . They are pretty much its feeding on itself. Then, we go into the winter. I dont look at seasonality that much. All i know is that the trend is back up right now. Im not so sure that the economy can stand it. By the way, did all the spring shopping, prices are still elevated. That needs to be addressed as we move forward. This is what most people ive talked to are saying as well, havent seen much change at the Grocery Store. The prices are always and slower coming down. Thanks for joining us on that. So, what is the political fallout from all of this heading into 2024 . A reporter for the hill. Thank you for joining us. People are feeling this at home still. Is going to, will we see Major Political consequences to the Current Party in power . Its a good question. The question politically is always are you better off here than you were four years ago . People vote in 2024, the economy will be top of mind as it always is. We are seeing gas prices increase. As inflation is coming down, there is still these are the Kitchen Table issues people think about when they vote. Its a tough position that the white house is in right now. They are trying to fill this economic agenda, and its not catching on. Americans are not seeing results, are not seeing this takeoff. They still have another year to go, though, so we will see if this starts resonating with people. And that inflation continues to eat into peoples savings. Talking about trying to give people raises. The only one would bring those prices down. As we see the demonstration touting bidennomics, is anybody buying it . People are not really buying it. Its not really catching on. We seen the president. We have seen top officials in the Administration Talk about this. They are trying to talk about that. Wages are up. Unemployment is at a record low. All these things that the administration wants to celebrate, but as long as people are still seeing the high price of gas, rent prices, other goods, Grocery Store prices, those are the things that are too high for people at this point, and they are hearing the republican narratives coming out of capitol hill or on the Campaign Trail say that if we win the white house back then prices will go down, so americans have to trust it one way or another. And even along the way when the inflation is becoming a bigger and bigger problem, there were denials that it existed, denials that it was getting worse, denials that it would ever be a major problem. All the while, people were experiencing it, they remember that. We will see where it all goes. Its going to be a big part of the election, no doubt. Thanks for joining us. Thank you. Scrabbling warships after china and russia launched Military Drills off the alaskan coast with the threat inching closer to our shores. Has the u. S. Response been forceful enough . The Senate Armed Services armeds Committee Member joni ernst is here. Joe biden back from a little summer break. But, no break insight from hunters legal troubles. The attorney on how revelations on both sides are shading out with the front runners. Know your Glucose Level and where its headed. No fingersticks needed. Manage your diabetes with more confidence. Freestyle libre 2. Try it for free at freestylelibre. Us you wont overpay for glasses if you shop at americas best. They offer two pairs and a free, quality eye exam starting at just 79. 95. I can see from your expression that you find that shocking. Aaaaaaaand, you dont have ears. Book an exam today at americasbest. Com. 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The clock is ticking on the trump Team Responding to a key motion from special counsel jack smith trying to limit with the president can see and say about the january 6th case. Mike from washington. It is clear that this approaching deadline and legal issues are frustrating the former President Trump. As he said on social media if you go after me, im coming after you. Former president said that his legal battles are helping him politically. Any time they filed an indictment, they go up the poll notice. Anything we will close at this election. One more indictment, and this election is closed out. Nobody has even a chance. Stepped up the war of words between President Trump and his former Vice President , mike pence. He was asked if you testify against his former boss. I testified before the grand jury under a subpoena after we got clarification from the court about protections that i have one of the constitution is the president of the senate. I have no plans to testify. We will always comply with the law. The challenge for many of the republican president ial candidates is so much of the new cycle is about former President Trump. Former new Jersey Governor Chris Christie says that the g. O. P. Wants to turn the page. If donald trump is the nominee, he will be talking about donald trump rather than joe biden. What we should be focused on is talking about joe biden and his record. Thats why he cant be the nominee. Former President Trump is also venting his frustration with President Biden, telling supporters on media mr. Biden is engaging in Election Interference by putting him on trial and forcing him to spend time away from the Campaign Trail. Live in washington for us, thank you. The latest position on all of this, creating some big waves, the g. O. P. President ial candidate will be here to talk about that just a moment. But first, President Joe Biden back at the white house after summer break, and legal questions about following the release of the devon hunter transcript. Foxs Gillian Turner is at the white house with the latest on that. A breezy, breezy afternoon at the white house. We are expecting some crazy storms in a couple of hours, may be multiple tornadoes in the d. C. Area, so we will keep you posted on that. In the meantime, President Biden is about to head west, spend the next couple of days touting his climate agenda. Hes leaving behind the White House Team thats facing increasing scrutiny over his alleged involvement in his son Hunter Bidens former business deals. Fox digital, brandnew Investigation Fund here that Hunter Bidens former Business Associate visited the white house and the Vice President s residence during joe bidens vice presidency, many more times than previously understood. At least 46 separate visits. The president has insisted many times he never spoke to his son about his businesses, indicating as recently as 2020 that he had never even heard of the reese m barisma. We had this question about whether or not they were on the board. I later learned it was barisma. Devon archer, another of the former Business Associates, claimed that President Biden actually attended a barisma dinner in 2015. He also penned a letter to arthur in 2011 after the two both attended the same lunch, writing in part i hope i get a chance to see you again. All of these of omens giving some now pause. Hunter biden committing crimes. Hunter biden should face justice and account ability for those crimes, which is a sentiment ive heard very few republicans say about donald trump, much more massive crimes. The president welcomed the Houston Astros to the white house. He did make news in that he then left town, hopped a plane, went to arizona. We will not hear from him again today. Julien turner. Stay safe at the white house as the Weather Rolls in. Lets get to john yoo, the former and starting with this 5 00 deadline, prosecutors want this protective order in the criminal case against the former president donald trump. What do you to happen there . That filing is going to show us whether the president and his lawyers will treat this trial seriously, and focus on the law, or whether they are also going to try to take advantage of it politically shook, and use it as some of the campaign fodder. Because of the nature of the prosecution, which is about january 6th, a questions trump to become president again, also smack dab in the middle of the campaign where trump is a leader in the republican primary. Is trump going to say you will not impose a protective order . Or, is he going to attack the judge, try to get them to recuse . Will he claim he has the right not to be found for criminal trial because he has a right to free speech customer we will learn today in just a few minutes. About that recusal of the former president , who is seeking recusal and A Change Of Venue for the january 6th case, he took on his social media account no way i can get a fair trial with the judge assigned to the ridiculous freedom of speech Fair Elections case. Everybody knows this, and so does she. He wrote this in all caps, a medial he asked for recusal of the judge, on grounds likewise for venue change out of d. C. How likely is it that that could happen . Its a great example of the quandaries in im sure it sounds great for the primary voters to say i cant get a fair trial in d. C. In terms of law in the courtroom and the normal prosecution, going to antagonize everybody. Its going to antagonize judge, potential jurors. There is no way he can say, i think, its impossible for me to get a fair trial in d. C. , because theres lots of democrats. That means that he could not be tried in california, illinois. We could go on and on. Instead, we replace it with lets talk to each individual and see if they are biased or not and if not, write off an entire jurisdiction because of general elections. Now that we have this, fox has obtained this letter from archer, obviously exposing the back and forth that happened via that letter years ago. What do you believe happens next with this plea deal . Does it actually get done . For hunter biden . Thats a great question. Its like biden and trump are competing to who can get into most legal trouble by the time of the election. In his case, all of this information coming out from congress and the oversight hearings is less and less tenable for the Justice Department to say that we should have a plea bargain, there is no investigations. All the facts are showing there has to be a deeper investigation. Unfortunately, President Biden seems to be more involved than he told the American People in the 2020 elections, and the white house and people were saying since then. It puts a lot of pressure i think on the department and special counsel, because how can you have a fair and if the president himself a potential witness if not more. Incorporation of the letter that fox has obtained, the former and Vice President , then Vice President joe biden. That is now out there. Republicans had been touting that would be the case. Appreciate you joining us on all of that today. Thank you so much. My pleasure. Russia and china teaming up, a new threat through our shores. Has the u. S. Response but fo