tv Cavuto Coast to Coast FOX Business January 20, 2022 12:00pm-2:00pm EST
desi desi arnaz came up with the idea. to give lucy rest to raise their newborn son. markets rally as we head toward noon. send in the "friday feedback". firstname.lastname@example.org. been a great day so far. i will try not to mess it up tomorrow. david asman in for neil. larry: you couldn't mess it up. did you grow up with "i love lucy"? did they have it over in england? elizabeth: yes. larry: i'm david asman in for neil cavuto on "cavuto: coast to coast". david: president biden kicking off the year arguing he did not overpromise. he underpromised. much more on that with former
wisconsin public congressman sean duffy. he is sounding off. great larry kudlow will join us next hour with his response to president biden's inflation blame game. to our top story today, president biden doubling down on his past year in office claiming he outperformed and delivered quote enormous progress all while rising costs continue to hit consumers. so what should we brace for under year two of president biden? hillary vaughn is on capitol hill with more on this. hi, hillary. reporter: hi, david. some voters may have been holding their breath hoping that president biden reassessed some of the policies he has been pushing for especially when polls show some people are not pleased. but when biden was asked what he would do differently in 2022, it was all about where he is going and who he is talking to. >> number one, i will get out of
this place more often. i'm going out to talk to the public. i'm also going to be out there seeking more advice of experts outside, from academia to editorial writers to think tanks. i'm going to be deeply involved in the off-year elections. reporter: some voters might not be happy but biden feels pretty good. on the economy he had a lot to brag about yesterday including record job creation. holiday supply chain crisis he says he avoided. those bare shelves on tv, well he says they are not as bad as you think. president biden: we heard dire warnings how the supply chain problems could create a crisis around the holidays. so we acted. we together business and labor. that much predicted crisis did not occur. i often see empty shelves on television. 889% are full. reporter: the facts though even
though the u.s. did add more jobs in 2021, they were mostly jobs that we lost the year before and we're still three million jobs short from where we were pre-pandemic and on the supply chain people maybe got that are presents on time but businesses are having a terrible time getting materials and products out. the fed said that will be a problem well into this year. on inflation president biden had a lot of people to blame. he said it is big corporation are the problem, supply chain issues, all driving up prices. david, he said the way he is going to fix it is to pass "build back better" tasted that seems. david: that seems to be his solution for al of our problems. thank you, hillary. prepping for russia's next moves in ukraine. during yesterday's press conference is leading oil experts to say, not if crude will reach $100 a barrel but when. jackie deangelis joining us from our new york newsroom with the
latest. it all start started with a strange comment the president made about russia and ukraine, right? >> david, if we didn't have enough energy issues to push oil prices higher president biden's press conference added another reason for upward pressure. the comments he made about russia invading ukraine, essentially sanctioning a small invasion has the market pricing instability in the region. listen. president biden: continue to work on trying to increase oil supplies that are available and i think there's ways in which we can be of some value added in terms of the price of gas, natural gas and the like to take the burden off of european countries are now totally dependent on russia but it is going to be hard. it is going to be very hard. >> he was downplaying a little bit the hold that russia has on the european oil market but they supply 35% of europe's energy. if russia invades ukraine, we've got a conflict on our hands
there is no doubt going to be disruption in the energy market that would spill over to the united states. let's review for a second reason we see oil prices rise here. ban on drilling on federal land. the strong push to incentivize alternative energy. post-pandemic demand returning without adequate supplies. biden yesterday was bragging that he convinced other oil producers to increase production, he tapped the spr, that gas prices came down 12 cents. that narrative is problematic for two reasons. first, begging middle-eastern users to help us out is not optimal. the drop in gas prices did not come from the spr tapping, it came because of drop of demand from omicron, the covid variant. it had nothing to do with the president at all. the bottom line, david, analysts are calling for oil over $100 a barrel this year and we're not far off the mark right now in the high 80s.
geopolitical instability, tensions with russia will not help the situation at all. david? david: incredible we'll see higher gas prices. that eventually where it ends up, thank you very much, jackie. president biden pointing the finger at the federal reserve to rein in inflation. joining me former white house office management and budget director russell vogt. thanks for being here. let me get an overall view from you, the assessment of president's economic analysis? >> it was pretty lacking yesterday. he attempted to do a reset. the problem their underlying policies are so problematic damaging to the economy they're not able to do that. just saying you will go out to talk to the american people when it is your policies are driving it will be completely lacking. that as it pertains to blaming it on the fed, this is your problem to figure out, it is equivalent of someone who is a shopper making a mess in the aisle, calling clean up on aisle 9. of course there is a reason why
the spending is causing it, the spending is from the biden administration's agenda. to say this is all the fed's job to clean up, they will do their job presumably but the biden administration's economic policy are why we're where we are. david: you know who knows that? the american people. they're not satisfied with the direction in which the economy is going right now. they make it clear in all the polls say exactly that. the president said exactly the opposite yesterday. he said we are going in the right direction. he sort of ignoring the view of the general public which i think is better than the view of any particular economists. he kept talking about the 17 economists who say he is doing a great job but the american people know better, don't they? >> they do. i think that was the comment that was most surprising to me, you will have to go out to consult a bunch of economic professors and think tank people to understand what's going on when it is very basic monetary
policy, but very basic economic policy. it is job killing regulations. it is an antienergy approach. that is why we're seeing what we're seeing. yes people are coming back to work but they also go to the supermarket or their target but they see empty shelves where they used to see full shelves. they're looking at their own savings accounts, trying to make decisions is it wise to keep, having increased savings when inflation is just going to keep robbing that? those are the real decisions that people who are consumers, who are savers, who are entrepreneurs, families, are going to have to make in this moment of inflation. they know it is not transitory. they're trying to figure out how long is it going to last? david: he was again telling the american people don't believe your lying ice. the shelves are full, no matter what you see at your supermarket. that was strange. he also talked about the lower 40% doing extremely well now compared to when you were working with donald trump when
he was president. i want to play a clip from that, get your opinion, roll tape. president biden: first time in a long time this country's working people actually got a raise, actually got a raise. the bottom 40% saw their income go up the most of all the got a raise. david: first there is question whether inflation wiped out raises in wages but the other question, i thought during the trump administration the bottom 40% was doing relatively well. they did have an increase not only in wages but in savings? >> that's totally right. we saw record income gains in wage increases with virtually every demographic community under the trump administration and, inflation has wiped out all of the wage gains once you adjust them on a real basis. so that is just not true. and the american people know it and, yes, they're coming back to work because the covid policies
are starting to go away and some of the incentives that were baked in are causing people to get back to work but there's a whole lot of problems out there in the economy that people see with their own eyes. david: he went back to blame inflation on the producers, in particular this meat cabal he says exists, only four companies control most of the meat production or distribution in the united states. did you -- i don't remember prices spiking when donald trump was president. maybe they did a bit of a the pandemic began but this meat cabal that he keeps blaming for meat inflation, what can you tell us about that? >> yeah. just like the meat cabal only materializes in moments of high inflation. that is when the democrats, they do this historically, david. every time they're dealing with high inflation leftists on their side of the aisle going out saying this is big business
causing this because they are getting together and they're causing prices to go up. it is just not true. they're looking to distract from what are the underlying economic realities happening monetarily, happening based on how much spending is occurring and that's where this thing needs to be tackled. say you will keep trying with "build back better" doesn't even help the situation at all. david: right, right. your buddy larry kudlow will join us in the next hour to talk more about that. russ vought, great to see you. thanks for coming back in. progressives taking no time taking senators joe manchin and krysten sinema to task after their votes against changing the filibuster, even throw they said that is the way they will vote. chad pergram on the latest senate shutdown when we return. ♪.
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the battle to pass new election laws. chad pergram is live on capitol hill with the very latest. it is ironic, chad, last night i watched mr. smith's goes to washington, the great movie from the late '30s, how great the filibuster. how apropos it is. what actually happened inside of the beltway? reporter: the fill with uster remains intact in the senate here. democrats krysten sinema and joe manchin voted with republicans to reject a one-time exception for filibuster just for voting rights. >> america can breathe a sigh of relief. this radicalism will have been stopped. reporter: manchin and sinema drew praise from the gop but received scorn from some democrats for not helping pass the voting bill. manchin, sinema seem to enjoy more support from those across the aisle than members of their own party. some liberals want to run primaries against manchin and
sinema but democratic whip dick durbin opposes that. >> that is shortsighted. i don't want to engage in that situation. i'm disappointed in their decision but they are entitled to do it in a 50-50 senate we need every member. reporter: key parts of president biden's agenda remainses stuck. senator chuck schumer said we'll try again on voting rights. because of this fight, the fact that each senator had to show where they stand, we are closer toe achieving our goal of passing vital voter protection legislation. reporter: this comes as democrats begin discussions about breaking up build back better into smaller pieces. democrats believe that could make it easier to pass the senate. david? david: chad, thank you very much, appreciate it. president biden already calling into question the legitimacy of the 2022 midterm elections. listen. >> do you think that they would
in any way be illegitimate? president biden: oh, yeah, it could be illegitimate. imagine, imagine, if in fact trump is succeeded in convincing pence to not count the votes. imagine if -- >> in regard to 2022, sir? president biden: 2022, imagine if those attempts to say that the count was not legit, they have to be counted, we'll not count and discard the following votes. sure, i'm not saying it is going to be legit. david: joining me now fox news contributor, former wisconsin congressman sean duffy. great to see you. i wonder what he is setting up for? it is clear from all the polls that republicans have a very good chance of taking over the house and the senate. if that happens as expected in the midterms, are we going to hear all the cries that the election was totally illegitimate because of new
election laws? >> david, you're hearing about the liberal media talking about joe biden's big lie? no, they don't say anything like that. this is the deal, democrats know that their policies don't resonate with the american people. joe biden at historic low polling. 14% shift from democrat at the start of last year to this year. that is historic. so if you can't win at the ballot box on your ideas you have to set up rules and laws to allow you to cheat. so what they want to do, they want to send ballots out, mail ballots out to everybody on the voter roles. the voter rolls are not even clean. when you do that, it is set up for fraud and abuse. there is no integrity in that system. that is why they're doing it. gives them the opportunity to cheat in the next election. david: since they didn't get it last night and they're unlikely to for the rest of the year no matter what senator schumer says about hopes for the new voter law, if in fact republicans take over the house and senate, will we hear cries of it is illegitimate and biden and the
rest of the democrats will not accept the results of election? >> you have to point to something were there people disenfranchised, david? by the way joe biden is complain about election laws in georgia. have they come out with 10, 50, 100 people who have been disenfranchised from voting because they have to show an i.d.? i haven't heard anybody, any group of people were disenfranchised. at least in the wisconsin last election, you had mark zuckerberg his len ral organization embedding in liberal cities in your state, partnering with the government to get democrats votes out in those cities. that is absolutely outrageous. it might not be a criminal violation but truly a violation of the spirit of the law. and so i look at this and think how do you show a vax card and an i.d. in new york city and in d.c., say that is the stop fraud and not racist but to show an i.d. to vote, that is racist, that doesn't stop fraud? hypocrisy. they all get it, laugh in the media and democrat party knowing
it is a complete falsehood but they can drive to say republicans are racist for not passing a whole scam bill to federalize elections to allow them to chief. you're racist not to allow democrats to cheat? david: sean, as you well know, 80% of american voters want voter i.d. 80%. it would be one thing it is split on the decision to appeal to half of the country. in this case they're appealing to the small sliver of the country who are against voter i.d., folks walking in without showing any i.d. at all. they can go from voting booth to voting booth to vote anytime they want. >> not 80% of white voters. 80% of african-americans in majority, hispanics in a majority want to show an i.d. they understand that is integrity in a election. they want to know hour you are say you are. you're entitled to vote, you're a legal citizen that is what everybody wants. i think what they're doing,
david, they're trying to drive a message to some of the minority populations that they are and have been disenfranchised in voting. but again you have to produce the people. they don't produce the people that are disenfranchised. david: one person from lincoln county georgia, black woman in charge of voting booth, no problem with the voting laws as she sees it. another subject, shaun, before we go. take on one moment of the presser where president biden snapped at reporter about comments he made recently about voting rights in atlanta. let me listen first, show you first what he said yesterday. then we'll get the original comments. roll tape. >> you campaigned and ran on return to civility. i know that you dispute the characterization that he called folks who would oppose those voting bills as being bull connor or george wallace. but you said that they would be sort in the same camp. >> no, i didn't say that. look what i said.
go back and read what i said. and tell me if you think i called anyone who voted on the side of position taken by bull connor that they were bull connor. that is an interesting reading of english. i assume you got into journalism because you like to write. david: well, shaun, let's go back a week ago to exactly what he said in atlanta. roll tape. >> history has never been kind to side with voter suppression or voter rights. do you want to be on the side of dr. king or george wallace? do you want to be on the side of john lewis or bull connor? do you want to be on the side of abraham lincoln or jefferson davis? this is the moment to decide. to defend our elections, to defend our democracy. [applause] and if you do that you will not
be alone. david: in total state of denial. again he is saying don't believe your own lying eyes or your lying ears. >> does he not believe we have tape and can play the actual comments back, david? do they think the american people are stupid. he called people bull connor who didn't support his election take over process going on in the senate right now. of course that is what he said. but again he does get angry and maybe he is losing his mind a little bit, i don't know. but what frustrates me, look what happened during donald trump, they would have had the transcript, you're not being truthful mr. president. they would have pushed him hard. four other reporters after that reporter followed him up to call him a liar. here in president biden joe biden was treated with kid gloves by the press. this was the hardest push he probably had in the whole press conference, it was still light, still timid. joe biden deserves to have the full wrath of the press call him out on energy and inflation.
the connection of the two. david: i don't think that will ever happen, sean. there was no questions about crime. no questions about the border and other contentious issues. we've got to move on. >> need to put david asman with peter doocy? david: no. we have peter doocy. the problem the president gave him a sliver of a question and he had to, peter had to shout it out to get that out. good to see you. my best to your family. after the break, rising oil prices leading to rising questions about the future fed leadership. charlie gasparino breaking it all down when we come back. ♪.
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partners investment strategist luke lloyd and geltrude company founder dan geltrude. good to see you both guys. luke, even if this doesn't portend what we see in the tech markets, doesn't portend a real bear market in 2022, what kind of adjustments should invest make in their tech stocks, if at all? >> yes, if you look to history it is very common to have 10% corrections every single year in the stock market. midterm election years like this year are historically volatile and average drawdown is 19%. people forgot what it feels like to have a 10% drawdown because we haven't had one in two years since march 2020. it is proven stocks go down faster than they go up. also proven the biggest green days follow the biggest red days. this is to pitfalls and buy being back when everything
rebounded. eliminate corrections like this are blessing in disguise a way to find good tech stocks cheap. david: dan, i didn't say sell everything. i'm talking about readjusting. for example, i am throwing this out there but i don't have a horse in this race but the blockchain technology which is a magnificent thing, may prove successful in the future for a whole range, not just cryptos, but maybe time to reconsider some blockchain stocks including cryptos that took off over the past couple years? >> i don't think it is, david. i really think that it is, stay the course here because the future is going to be with technology and these companies are expanding into so many different areas. new horizons ahead, for example, what is going to happen with the metaverse? that is all uncharted territory with incredible opportunities. so i agree with luke, there are some opportunities here to buy the dip. i would stay the course.
if you're committed to tech, you should stay that way. david: yeah. we can't forget the economy itself which is going through a lot of bumps and turns, et cetera. of course a lot has to do with the pandemic. a lot of it has to do with what it is that joan jobe will do, particularly on tax policy. luke, jobless claims we mentioned jumped to a three-month high. i would say primarily because of omicron but it could be other things. are you worried about policy changes that might come, particularly tax hikes? >> i absolutely am, david. trump literally proved that lowering taxes caused economic growth that brought in record tax revenue. it is 100% government spending, not the tax rates that is causing the wealth gap to get bigger with all these issues. the government alone is making the wealth gap bigger inflating the stock market through all the fiscal stimulus that only benefits those that own assets. the average american does not have their net worth tied to
stocks but their net worth is tied to higher wages, better jobs, better opportunities that are created by low taxes, low regulation and ultimately capitalism and a free market. david: right. >> the other issue, quickly, we have a leadership problem. it is not only a spending problem. biden yesterday literally said "build back better" and more spending would fix inflation. it honestly blows my mind the leader of the free world doesn't understand economics 101. david: larry kudlow will give him a little lesson on that coming up in the next hour. dan, i owe you one. i will come back to you at the end of this hour. we'll get back to you shortly. hang in there, brother. charlie gasparino joining us now with new details how rising gas prices could throw a wrench into sara raskin's nomination at the fed. charlie, how do those two things come together? >> my sources in washington, there is lot of consternation, definitely among republicans but clearly moderate democrats joe manchin about her nomination
based on her past writings, academic writings on climate issues. she is an economist but she clearly wants the fed to play a major role, she said it in her own words in terms of prodding banks to lend more for green energy, a lot less for, for drilling for oil and fossil fuels. let's be real clear, david, right now whether we like it or not average americans are not driving electric cars. the green revolution may come. it should come in a transitory way but if you do it overnight as she suggests, you're going to get massive economic dislocations. you will get much higher inflation. we already have inflation in the systematic larly as it hits oil prices which corresponds to gas prices going up and hitting -- that is a huge tax on average, working class americans. that is her problem. now whether she gets -- or not
because of this. i can't tell you. i can tell you there are worries she might not be able to get through because of this. the real question is, does krysten sinema and joe manchin want this to be one of their, one of the fights they want to have? they clearly don't agree with her on energy policy. the question, are they going full bore and try to knock out her nomination. that is really unclear but what is clear is that people are talking about it. it is really fascinating. if you listen to joe biden's speech yesterday, he did talk about energy and, some way to increase the supply of energy. remember, as he is talking about that with no specifics by the way, he is appointed people just doing just the opposite, embracing green energy. that are looking to demonize drilling for fossil fuels. she is one of those. because as a bank regulator she could essentially tell banks she wants much more lending on green stuff, a lot less lending on the
old stuff. that is one of the odd things about his speech, his press conference yesterday. the other odd thing when he makes these sort of statements that really defy reality nobody ever says anything. did you notice lack of pushback by the press corps yesterday on basic economic issues? he is talking about how he accomplished more, created more jobs in the past year than anybody. guess what? he didn't create them. the fact that people, the economy opened up post-covid. we had decently effective vaccines and treatments. that is what did it. nothing he did. i mean, really unbelievable. you know, i was, no cheerleader for donald trump but god just play the press conferences. people used to sit there scream at trump, prove to us you're not an idiot. this guy says idiotic things, no one says anything. david: did your television survive where you are? were you throwing your shoe at it?
>> i was just so, you know, sadly entertained by it in this sense, it shows just how out of touch the president is and how, just how weak the press corps is. it really is. david: you summed it up. absolutely. remember, by the way, remember the press corps, it wasn't the entire press corps. he was choosing people, when he went to peter doocy, for example, gave him a tiny little sliver of a question. >> i want to say this, david. i was never a trump cheerleader. i would put his feet to the fire on things he said. why aren't they doing that here? they're not doing anybody any good. david: you know why. they didn't want trump to succeed. they wanted biden. charlie, great stuff, thank you, appreciate it very much. straight ahead the uk lifting all covid restrictions. is it time for the u.s. to do the same? the read from a top doctor straight ahead.
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♪. david: signs of relief in the fight to contain coindividual. states hit early in the omicron surge seeing a sharp decline in cases right now this, is just as we've seen with other omicron waves all over the world. this as a new report shows that previous infections of covid-19 actually offered better protection than vaccination. this was during the delta wave. reaction now from krock consulting president, ceo, cardiologist, dr. kevin campbell. great to see you, doctor. thanks for joining us. this new study, it came out from the cdc, you have to give them credit putting these studies together. it really does pertain to public policy because a lot of folks who had natural immunity were fired, excluded from events and all sorts of things even though they had better immunity than those vaccinated.
it says a lot about these vaccine mandates, doesn't it? >> we have to be careful with this study. one of the things we need to remember the specifics of the delta variant which you did say. also it was before people were boosted. so what that tells me we had a lot of people got the initial covid vaccine, had waning immunity and probably did not have the necessary antibodies. i think we also see that as you mentioned, you know, natural immunity is very important and it does play a very significant role. david: but again, we have now an omicron variant that is getting through all kinds of vaccines. so the excuse that the vaccines will help, will stop spreading the disease is just wrong. it has not been occurring. virtually everybody in the nation either themselves or knows somebody with a breakthrough case. why do we continue with the vaccine mandates? it just doesn't seem to make sense to a lot of people? >> if you look at the tate at
that how ill are the people, people going to the hospital, well over 98% of the people who are hospitalized with omicron variant are unvaccinated. david: no i get that. i get that. but in terms of the spread, you know, the idea, that the vaccine mandate would stop the spread, the president of course saying that this is a disease of the unvaccinated. well that is just not true. we had a congresswoman on, nancy mace yesterday, who actually had a breakthrough case and got very sick despite the fact she was fully vaccinated and fully boosted. >> it can certainly happen but i would argue what we need to be doing is preventing death and preventing serious cases and hospitalizations and by and large the vaccine does that. natural immunity certainly plays a role but i think it is irresponsible to suggest that vaccines don't work. no, no. nobody is saying that. doctor, look, nobody is saying that vaccines don't work. if in fact you had natural immunity and you have the vaccine you are very
well-protected. you have sort of a double dose of that but what i'm going after are these vaccine mandates that aren't doing what they said, what the politicians told us they would do in terms of stopping the spread. natural immunity was actually better under delta than the vaccine was. but moving on, uk, the united kingdom and other countries had this wave of omicron go through the nation, and now virtually the whole nation has this sense of natural immunity because just about everybody has gotten omicron over there, they're stopping with all of their restrictions. their vaccine mandates, their mask restrictions. do you think it is time that we should begin to think about transitioning there ourselves? >> i couldn't agree more. i think that right now we have a large proportion of americans that are vaccinated and i think it should be an individual choice in terms of assessing your own risk, determining if you feel like because you have chronic disease, you should wear a mask. i don't think mandates should
really play a role. we have to remember we're a free country. we're free to make decisions. david: absolutely. >> but i think we have to make educated decisions. that is my goal to make sure people understand the best available data. david: well, again the data out of florida is that their death rate, their covid death rate is lower than states like new york that have all the mandates. florida of course doesn't have any. that has to be taken into consideration as well. dr. campbell, good to see you. >> good to see you. david: new push on taxes on the wealthy as the u.s. collects $4 trillion in taxes for the first time ever. maybe less spending is the answer that we're all looking for? we explain that right after a short break. ♪.
on policies with a new plan for single-payer health care for all residents including illegal immigranmits. 'gyra ody'g'g detai dlsetaiet fs from l hi,i, kelly k.el reportreerrt s be t bhee the tst tirff inhe n every cyif resid rtentould,, e t chrou tghhrghta s . . ctoifniifif would w ove bring indd aionaitlio. that wthouatld w torhaen than de annuan reven rueev.enue. let' let' le californiaorniaas h alhe highesthegiarnal t te underhe proposal t t ld be 18. even those tt make $e,0 $00 would pay double-digit rates as ct c to c t bus will also be steep. companies with more than 50 employees will incur a payroll tax which could incentivize small businesses from expanding and 2% gross rye seats tax. to context allize that, two states have this. low margin businesses, grocery
stores, entrepreneurial ventures could get hit hard with this. >> this gross receipts tax will hit them for all the years when they have losses when they really can't afford it. for their founders this is high individual income taxes at that time as well. it makes california way less attractive for the start-ups that have been a huge part of the california success story for years. reporter: argument for a single-payer system to address inequity and get rid of the current costs in health care but many worry about california's inability to manage logistics given its track record and potentially long wait list for certain procedures we witnessed in countries with similar systems. the measure would have to go to go voters. residents and businesses are leaving california in droves because of high crime. the way it is structured how it would be paid for. what are the progressive policymakers thinking of, david? david: i don't know. what a beautiful state. i hate to see the exodus away
from it. we hope they straighten themselves out. kelly, we appreciate it. a group of ultrawealthy people asking governments around the world to make them pay more in taxes to help close a growing wealth gap. let's bring back luke lloyd and dan geltrude for more on this. dan, i want to go to you on first. i shortchanged you in the last segment. the wealth inequality gap shrunk after the trump tax cuts, not increases but cuts. it was the first time that it happened in 30 years in 2019. you actually had a shrinkage of that wealth inequality gap. so shouldn't we be talking about cutting taxes instead of raising taxes? >> yes we should. simultaneously, david, what we all need to learn, understand, and remember forever is that no matter how much the government collects through taxes they will spend it all and then some. so you have this group of
patriotic millionaires is what they're calling themselves, saying, please tax us more. we want to close the gap. just when you have seen it all, this is what they come up with. david, listen, i've been in public accounting for 35 years. i have never once had a client say to me, i want to pay more. but if they did, they certainly could. there is nothing that stops any of these people from simply writing a check and paying more. david: they could do it if they wanted to. frankly we asked a lot of these millionaires who were in favor of raising taxes about that, i haven't met one yet that actually took out their checkbook and wrote a check to the u.s. government. i mean the point is, is that, luke, that we don't want a situation where we are punishing success. we are successful nation and people flock here in the millions every year because of the fact that they want to be successful as the people who made a million. it is people who made a million, i'm not worried about them.
they always find a way of avoiding taxes anyway because there are so many deductions they play into, right? >> i will take it even one step further with the ultrawealthy. dan, stole my line there, what i was thinking entire time when you asked the question, why don't you write a check to the government? david: right. >> people saying that only saying that because they, they want to pay more taxes as pr stunt to make them more popular with the masses to make more money with their businesses, right? i don't think any of us would mind paying taxes if we knew our money is allocated efficiently to benefit the greater good but the government does not allocate our money appropriately. we're lucky to get 50 cents of value on our everyone dollar we give to the government in taxes. entrepreneurs, business owners, turn one dollars into two dollars, create jobs and wealth. raising taxes is not the answer. redistribution of wealth does not work. we have proven that.
the cat tappism, free markets work. the problem the government is too involved over the last 20 years. david: dan, 20 seconds, you talk about a wealth tax. that has been shot down, everywhere it is tried in the world is fails. will we hear more about that from the left coming up this year. >> we'll hear plenty about that david. i don't think it will ever happen. again, history tells us it simply doesn't work. it is insanity to keep trying it. david: doesn't work. unconstitutional a lot of people say as well. look, dan, great to see you both, appreciate it. with we come back mr. larry kudlow is here to sound off on the surge of inflation and what the president says he is going to do about that right after this. ♪. e's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,
>> ♪ feeling hot, hot, hot, feeling hot, hot, hot ♪ david: well not the weather but inflation is hot, hot, hot, the price hikes slamming both consumers and corporations and some companies say they aren't done raising their prices yet. larry kudlow is going to be joining us but first lauren simonetti is here with our top story this hour. hi, lauren. lauren: hey, david, good to see you. well before larry let's talk about this persistent inflation. procter & guam legal said their sales rose 6% to $21 billion,
half of that gain came from the higher prices, and guess what, david it's not done. its costs are going up from labor to transportation and because of the supply chain, when a material is hard to find, it becomes extremely expensive to find an alternative ingredient. but also, because p &g believes customers will actually continue to pay more when it comes to their health and hygiene. p &g sells pampers as well as tide and bounty. now omicron is also hurting the airlines and travel plans with that, thousands of its workers are out sick pushing them to cut some routes. united and american both say they now expect current quarter revenue to be down around 20% from the same part of 2019, which was before the pandemic. united says the variant will delay the overall travel recovery. meanwhile, american was forced to turn around a flight mid-air after one passenger refused to wear a mask. american says the customer was placed on its internal refuse
list, and an entire flight disrupted because of one unruly passenger. there were nearly 4,300 mask- related incidents on planes last year, so i think, in a nutshel, we're getting really fed up, david. david: yeah, absolutely, we are lauren thank you very much. well, the omicron surge and the ongoing worker shortage is causing major problems in a lot of u.s. factories, grady trimble is live in whitewater, wisconsin on the factory floor at generac. grady what's the situation there reporter: david, all of the challenges lauren just described, they're seeing first- hand here at generac, and they were already dealing with the labor shortage and then you throw the omicron surge on it and aaron yagfeld, the ceo will tells it was a tough combination absentee rates were as high as you've seen them during the peak of the surge. >> they were between 10 and 15% over the last month so its been a really challenging environment to operate. reporter: the good news is you think you're on the back side of
that. cases are going down, amongst workers. the problem is the worker shortage persists. >> it does. we're at an unemployment rate of 3% in the state of wisconsin so it's a competitive environment right now. reporter: what are you doing to compete for workers? >> obviously you have to raise wages, you got to have starting, hiring bonussings, we have benefit plans that we had to enhance, a lot of flexibility in the workforce in terms of the ships and everything. the first shift, second shift, third shift type of situation we normally have is gone. we have 14 different shifts we operate at this facility, to provide enough flexibility to try and get people in the building. reporter: and with those pay raises, also comes of course price hikes on the consumer side >> absolutely, so wages are up, you know got material cost increases, we've got logistics cost increases, so prices have had to go up quite a bit. reporter: so you're prediction for the future, inflation here to stay? >> it is this idea it might be transitory, we've been watching this for the last year, and it certainly seems a lot more
permanent than transitory to us. reporter: on top of that, david, demand for generators during covid has been through the roof so they are trying to keep up and produce as many as they can here but the back orders about six months right now if you ordered today. david: what a great company that is though, great people working there. grady thank you for that report. appreciate it. well president biden has set his sights on certain industries as the main culprits of inflation. while at the same time, yesterday, pointing to the fed and jerome powell to address the ongoing rise in prices, kudlow host larry kudlow joining us now for more on this , larry great to see you, thank you for coming in. new, blaming producers for inflation i think is nonsense and i think you do too but at least, i think it was something i wasn't expecting. it was good to hear the president talk about the fed 's role in trying to control inflation wasn't it? larry: yeah, i think so. he said that the fed was going to "recalibrate" now, no one
knows exactly what that means, but i've got to say at least he's on the right track by acknowledging that the federal reserve is really the primary engine of inflation, working hand & glove with excessive government spending. in other words, the fed's money printing has enabled or financ ed all of the government 's massive spending. he will not acknowledge the spending. he will not acknowledge the inflationary consequences of big spending, and he wants even more, because he's not changing his course or his policy, but he mentioned the fed. i thought that was quite interesting. somebody gave him a good briefing. i don't know what recalibrate means. neither do you, neither does the federal reserve, but they ought to get moving because as your prior segment just show ed, inflation is not going away. it's not going down. it's embedded in wages and prices, and it has nothing to do blaming meat packers and poultry
companies. by the way those are all good delaware companies, so he's blaming his own home state. that's all nonsense as you well know, just a bunch of left wing dribble. david: the point is these companies, the so-called kabal of the four big companies he says are controlling all meat production in the u.s. , they've been, these companies and other companies have been around for a long time. it's only recently in the past year or so that prices have been going up, so since they've been around forever why didn't they try it two years ago or three years ago? larry: it's a great point you're exactly right. they've been, you've had the big four i think for at least three decades, but we haven't had any inflation in three decades until the last 12 months or so, so you've got to ask yourself what else is going on. well the answer is all this government spending. i mean, look. give credit where credit is due, david. he may not be one of us but larry summers are the story right, so does jason furman, last winter with the $2 trillion
relief package which was completely unnecessary and created excess demand, too much money chasing too few goods an as i said the federal reserve came in and they financed it with all this money printing, and i think it's going to be very hard to get out. if you want to talk fed, i mean, you can't, i can't believe a couple of quarter point rate hikes is going to solve a 7% and rising inflation? are you kidding me? or what was the bond today? 185? 190 the 10 year? that things going to go to 3%. the fed funds rate is going to go to 3% at some point in the next 12 to 18 months. david: well, the 10 year is down a couple of basis points but the bottom line is, is he willing to go the distance? that is the president, i think back to paul volcker who stopped inflation in the early 80's by raising rates tremendously, so much so that it caused a recession. do you think biden's willing to
support him if it's necessary to go that far? larry: no. he'll hate that, and look. he's appointed people to the federal reserve board. i'm not saying they're not qualified. they have academic credentials, blah blah blah, but these are people more concerned with woke social policy and climate change than they are inflation, and i think they have maybe with one exception but they aren't monetary specialists. they are labor specialists or climate specialists so the short answer is no. at some point, all presidents, i lived through a little bit of this , all presidents hate the fed when the central bank starts raising rates and tightening money. nobody likes that. now, here is a thought. one way to deal with that is to cut marginal tax rates across-the-board. remember, the reagan prescription was lower tax rates
and tighter money. david: yes. larry: now we did take a hit after 15% inflation, but then, it launched literally a three- decade boom. now, the biden policy is more spending, higher tax rates, and tight money, okay? so you're like 0 for 3 and that sets up increasingly some kind of downturn or recession in 2023 or 2024. david: by the way i should mention that after paul volcker raised rates and we went into recession, the moment those tax cuts kicked in, we were out of the recession. we began to grow like crazy, but i thought of you yesterday when the president was saying that this is the first time in years that the bottom 40% of the workers in america got any kind of real wage increase. you're live for a long time based on the statistics that were coming in was after the tax cuts, the trump tax cuts, the
bottom 40% did better than the top 40%, right? larry: yes, absolutely, david. actually the bottom 20% that was the single-best. i think income went up about 20- 25%, and the top 1%, just to narrow down on that, because biden's people hate rich people, and they hate the top 1%. they had a gain of income but it was only about 5% or 6%. in fact they had the smallest tax cuts and the smallest income gains and frankly, the smallest wealth gains. the biggest winners, here is what i don't understand. biden was kind of lost on this yesterday. first of all, real inflation adjusted wages are falling right now because although income is up, inflation is up more. so he's erased the real income gains under his first year in this administration. the second point is after the trump deserves tax cuts, average typical family income is
about $65,000 a year, family of four, went up in i'm sorry in 2019 alone, david, they went up by about $4,400. this is after inflation. a $4,400 increase in real family income in 2019 alone. that was more than the entire 16 years prior to that, and biden is nowhere near that because of his inflation problem, real incomes are sinking so you know, i scratch my head because look. i worked there, you go and you try to give the president the right numbers. his staff is letting him down by not having him focus on actual factoids. it's just like i keep saying, he did it again yesterday. if my $5 trillion spending plan is going to reduce inflation. now, i ask you, david asman, outside of the white house, is there anybody who believes that
another 5 trillion in spending will reduce inflation? david: a lot of democrats don't believe that and in fact not only inflation, but he also said that it would reduce the deficit , spending $5 trillion that we don't have will reduce the deficit. how does that work? larry: and here too, it's a fact issue. so the congressional budget office, which is the arbitor, non-partisan, they share on supply ciders over there, so they did a price-out of a real 10 year, no gimmicks, not one year child allowance, you got to put it in for 10 years because that's what it'll be so their numbers came up 5 trillion in spending, and a $3 trillion increase in debt. okay so it's not paid for. that's the cbo. the white house response, this was about what, four or five weeks ago, we don't agree or we don't believe them. well what kind of response is that for christ sake? back in 2017, when the trump people were cutting taxes, they lived and breathed, chuck
schumer actually joe biden said the cbo is the gold standard of economic forecasting. well, now all of a sudden the gold standard is tarnished i guess. david: yeah. larry: but this is why his polls show a loss of confidence and trust in his honesty. david: right. larry: he doesn't have to do this by the way. it's not necessary. you know, i know something about policy communication. you can't lie. people are too smart, and information is too cheap, and diffuse nowadays. lying doesn't help you, it hurts you. david: we got to run but before we go i've got to throw you a bone because nobody has been behind joe manchin's commitment, first of all, not to go for these trillion dollar programs, because he's really worried about inflation but also last night, he didn't go for ending the filibuster, which you said on both issues, you said you can trust it. do you think that manchin's backbone will remain intact for the rest of 2022?
larry: i don't think there's any question about that. i don't know what kind of things he's going to be offered but i know this. i've known him for many years. he's a man of conviction. he has a lot of strength. his west virginia constituents, david, love what he's doing now, because they don't want more spending. they don't want more entitlement s and they don't want more inflation and here's another point. manchin has been the leader in both parties of calling for work requirements to go back to the days of the clinton-gingrich welfare reform which was so successful and that maybe his most significant important positive issue. david: and that will solve so much of our labor problem right now. 11 to 12 million unfilled jobs we've got to get workers back in the workforce, and we got to leave, larry. i wish we could talk for another hour. great to see you my friend. see you at 4:00 p.m. eastern time on "kudlow."
well the dow with a big rebound today and the nasdaq digging itself out of correction territory. we're going to be looking at how markets have been doing during president biden's first year. you might be surprised. >> ♪ night sky, like shooting stars, i could really use a wish right now ♪ ♪ limu emu ♪ and doug. we gotta tell people that liberty mutual customizes car insurance so you only pay for what you need, and we gotta do it fast. [limu emu squawks] woo! thirty-four miles per hour! new personal record, limu! [limu emu squawks]
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1-800-217-3217. that's 1-800-217-3217 david: stocks rebounding today, that's good news. nasdaq has lost a little bit of its earlier steam after falling into correction territory. yesterday the markets not cruising though, as well during biden's first year as it did during president trump's first year. take a look at the s&p 500 during the first year of their terms, there's again, both very healthy gains, but there's about a 5% difference between the two. market watcher eddie ghabore is here to chime in on this. so eddie, trump used to brag a lot about the markets taking credit completely for himself. i'm just wondering, do presidents get bragging rights about what happens during the market? >> look, i think anytime you have a strong market during your presidency they are always going to want to take some credit but let's face it. a lot of times the policies that
are put in place it could take a year or two for it to actually filter into the economy and actually be impactful to the overall markets. i think the biggest concern right now is this inflation risk that this current administration has had a big part in and how the next year of the markets going to perform, because we are about as bearish as i've been in my career with this because of the inflationary problem that has persisted and it's not going away. david: yeah, and it's not just in population. there is still a possibility that we may see some kind of tax hike. the president floated an idea at one point about doubling the capital gains tax. that could take a lot of capital off of the markets, right? >> yeah, look. if you increase capital gains while inflation is where it's at and while the fed is accelerating their tightening because they got inflation last year, you know, you don't want to be in front of that freight train.
you'll see massive losses. that be a worse case scenario if you add tax hikes on top of what's already coming. i can't express this enough. this is why we started getting very cautious in november. the economy is slowing down. inflation is staying sticky. oil continues to go up and you're going to have the fed tighten into that environment? that's going to be a very very difficult place to be for high risk assets. david: we were just talking to larry kudlow about that. the fact is the president kind of threw his is you port behind the fed tightening. he knows it was going to be coming and he was kind of telegraphing yesterday he was going to support jerome powell in whatever is necessary to cut back on inflation, so while that's good news on the inflation front, it's not such good news on the market front. >> no, it's not, and look. if they're aggressive in their rate hikes you'll see a reset in this market. it'll probably be a great buying opportunity but if they are really aggressive, you look back at what happened in the 80s when they tried to tame inflation. you should expect to see a
minimum of a 15-20% drop in the broader market if they are aggressive in the rate hike. it's going to be interesting to see if they actually follow through with that, because at that point in time, you're going to see the 10 year start to come down and while we're raising the short-term rates, now you have a potential of the yield curve and that's when you start to lead into a recession. so all eyes will be on the fed next week and of course march we'll see how aggressive they get. david: fasten your seat belts it'll be a bumpy ride. eddie good to see you. we appreciate it. well gop senators chuck grassley and ron johnson are alleging secret service hid information on hunter biden's travel redact ing hundreds of pages of records related to his overseas travel. lucas tomlinson is live at the pentagon with the very latest on this. very interesting information, lucas. reporter: sure is, david. good afternoon, senator ron johnson spoke to bill and dana earlier today. he did not come empty handed
accusing the secret service of a cover-up. >> they're hiding something. here is an example. we finally, after little years of going back and forth with them, we finally got 259 pages of documents. this is what we got. so i don't have x-ray vision. i can't read through the black ink. reporter: in a letter to the head of the secret service, senator johnson, iowa center chuck grassley wrote these inappropriate redactions impede our office's ability to understand the full scope of the interactions between hunter biden, his associates and the u.s. secret service. for example, in applying the redactions the u.s. secret service hid names and other information contained in e-mail conversations regarding hunter biden. the two republican senators accused the secret service of redacting hundreds of pages relating to hundred's overseas travels in 2014 when joe biden was the vice president of course the senators allege the document s "do not show whether secret service personnel or hunter biden traveled to kazakhstan in may or june 2014
during a trip to paris." hunter biden reportedly planned to meet the then-prime minister of kazakhstan who was recently arrested on terrorism charges. excuse me, treason charges. grassley and johnson demanded un redacted documents as well as records from three other years. the secret service has not immediately responded fox news for comment and the senators are demanding response to their letter by january 26. david? david: lucas, good stuff i appreciate it. thank you very much. the ncaa meanwhile updating its policy for transgender athletes. coming up, the new rule the board says is safe for all who compete. that's next. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪
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follow a sport-by-sport model, so the rules will differ depending on the sport. fox news correspondent mike tobi n has more from chicago hi, mike. reporter: hey, david. you know the ncaa pretty much decided not to decide as they synced up with the olympics rules and as you mentioned what they decided is the rules for transgender competition will be decided sport by sport and that means the national govern ing body for every sport will ultimately make the decision. the ncaa did lay down a couple of dictations, if you will, that for the rest of 2022 testosterone levels will need to be documented four weeks before the championships and for the next school year, testosterone levels will be checked several times per season olympic gold medalist caitlyn jenner is one that supports transgender people but thinks that transgender female athletes have an unfair advantage. she says athletes who transition to female still have bigger hands, bigger cardiovascular
systems, than theory competition >> the other athletes that are out there, especially anybody she's competing against because in the woke world you've got to say oh, my gosh, this is great and on and on. no, it's not. we need to protect women's sports. reporter: it's the case of pen swimmer law enforcement a thomas that put transgender women in the spotlight. she competed for the first three years in college on the mens team after transitioning she's been dominant competing with women and broke the records at p enn. in the 200-meter freestyle said finished two seconds ahead of her opponent. about 80% of olympians come through college competition, they are either in college or post-college so really, there is a near-direct path to how this will impact the u.s. olympic program. david? david: thank you very much for that. well, fox news headlines 24/7 sports anchor matt napolitano joins us now so matt, is this going to change anything? reporter: you know, david i think this is just going to be
same as it ever was. it's basically the ncaa trying to enter some kind of cycle like okay we're deferring to the national federation, well the national federation may defer to the international federation and the international federation may throw their arms up and go well we don't know here so nothing is really going to change yet the ncaa did implement those guidelines like mike mentioned regarding have testing prior four weeks prior to events and doing certain checkpoints throughout the next academic year but for right now it seems like ncaa is pretty much staying put and trying to avoid really addressing the issue. david: we heard mike talk about swimming, and what other sports, other women's sports have trans athletes begun to dominate? >> well we've seen transathlete s pop-up across across across the entire sports realm, we saw in the tokyo olympics new zealand laurel hubb ard, the first trans woman to take part in the o olympic games. she did not medal but there needs to be some standard put in place that the ncaa is trying to
avoid now that you have this cooperate rosenstein jersey surrounding lea thomas and the controversy had that level playing field if you keep ignoring this trying to pass it off to the other federations you'll wind up in this vicious cycle where nothing is going to get done and no one is satisfied with the end result and have questions about whose the winner , whose in second place, you're just making the problem worse by not trying to nip it in the bud right now. david: you'll never please anybody but the women who object to the policies, the rules that they say are crowding them out, do they have any option? i mean, are they going to courts to try to sue somebody or whatever? >> well yes, some have opted for litigation, and frankly that might be the only thing that could really make the ncaa feel the fire of all this is theres some form of class action lawsuit that they turned around. i don't see that really happening there's no real direction for something that large of litigation to come forward, but the fact of the matter is, something needs to be done. michael phelps said it perfectly it's a complicated issue but there needs to be a level playing field.
i don't know what the resolution is but there needs to be one. david: matt i want to switch to the beijing olympics. they are just a couple weeks away. there are some very serious security concerns about a mandatory covid app for olympic attendees to report their health and now there's another issue. a chinese olympic official is warning about punishment for athletes who speak about politics at the games. let's take that issue first. i mean, that's a dangerous precedent in particularly when you see people like enes kanter freedom speaking on the against somebody who shares the views actually punished maybe even cent to jail? >> nothing says warm welcome to a country like hi, welcome to china, please close your mouth. come on this is absolutely absurd. the fact of the matter is you're entering what's a surveillance state, by entering these beijing olympics and yes, we brought up that covid tracking app called my 2022. huge security flaws in this where it's not easy to put in all this personal information regarding your vaccination status, daily testing,
temperature checks, and your name identification, all of that , but then, you're also barred from using certain words within the messaging app. you can't type in shin-jong, which is where weger muslims are being imprisoned. the chinese government is doing basically everything possible to make the most un unwell coming olympics we've seen in decades. david: once they break in and have access to the file, to the data, et cetera, to the e-mails and everything, and you know they're going to hack in and hold on to these records forever >> of course. david: if these athletes ever get into the ennes freedom mode and begin to speak out god knows what the chinese government would do to them. >> absolutely, you know, the u.s. government has said that if an event does arise where aishah hasnie player does say something deeped out of line by the chinese government yes they will intervene with the help of the u.s. olympic committee but that's not enough. the message should have been sent regarding these olympics to the chinese government regarding
not only oversurveillance, human rights abases, lack of transparencies regarding covid. countries should have said we'll let these games fall at the way side, because we can't allow what's going on in beijing under the regime of xi-jinping to continue. david: and there's also another rish auto final issue, but china has this ridiculous no -covid policy. we know that omicron burns right through no covid policies, wherever it is. australia finally threw up their hands and said we can't do it anymore. if there's an outbreak of omicron and it might happen as a result of the olympics because people could carry, somehow, the omicron variant with them into the country, what happens then? i mean, is everybody stuck there for weeks without any kind of activity and games taking place? >> pretty much you're just left there to kind of deal with it, left in quarantine to figure out your way home. it's a dangerous precedent the chinese government is setting and the ioc is allowing
with letting the games go forward. david: what a crazy situation, matt napolitano, wonderful to see you. appreciate it. well the new york city mayor eric adams admitting he himself doesn't feel safe riding the subways. wait until you hear what some commuters are doing to make themselves feel safer on the train. that's coming up. ♪ i'm going home, to the place where i belong and where your love has always been enough for me ♪
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a crisis in new york when you look at the numbers. it's just the latest thing making new york city residents concerned and keeping those commuters at home. so mayor adams is pushing to get more people back into the office. he's asking businesses to switch to a three-day in-person work week, but adoption is slow. in fact this month, 75% of businesses have further delayed their return to office days, and all of this is really also being compounded with the issue that we're looking at crime. it's speaking across the city. adams himself admitted he does not feel safe while riding the subway. a real 180 after earlier he wrote off subway concerns saying we are dealing with the " perception of fear" but the crime is very real. when you look at subway crime, including everything from murder to robbery, those crime complaints are up over 65% and these statistics we go through, david, they is really real-world impacts on not only the way people are operating their
businesses, but how employees feel about returning to work. i spoke to an accountant who said despite the fact that tax season is around the corner she's sending her employees home early for them to be safe and i spoke to a recruiter and he explained that crime is just the latest thing that he's hear ing from employees about why they don't want to return to new york city. take a listen. >> yes, we have to close early so usually our office closes, we work as late as until 9:00 but now, everyone has to leave by 7:00. >> why would somebody want to commute into the city, take all that time and energy, especially after spending two years remotely? have to worry about crime. reporter: so david, this is all coming on the heels after this weekend. there was that fatal subway pushing just down by times square just a couple blocks below where i stand right now. incidents like that are having an impact on the way people travel, if they are still choosing to use the subway so fox news spoke to some subway
riders. they told us they are doing things like standing in the middle of the platform to avoid the edge. others are actually standing on the other side of the turnstyle waiting lots are putting their phones in their pocket to stay vigilant and you heard from that one new yorker the accountant, some are just not taking the subway after a certain hour in order to stay safe. david? david: you know, the last time i was on a subway, a guy lit up a crack pipe in the car that i was in, and that was several months ago. i haven't been back since. i just, you just understand. it's just becoming a hell hole in these subways which used to be a vital part of our business community in new york. i didn't see how we operate without it. madison thank you very much. reaction from former nypd donald trump darren porcher. bottom line is i really the secret, one of the secrets of new york's success in the past has been the subway system. it's a tremendous not only for people who can't afford taxis but you see it's a great
mixing pot of everybody, the rich, the poor, the middle class. now, it is dying. can new york survive without it? >> i think it's impossible for new york to survive without the subway, because the subway system is a terminal component in how new yorkers go from point a to point b, but when we go back to what you mentioned earlier in connection with eric adams walking back those comments initially stated that the subway was safe. it was merely a perception issue ; however, he was able to say hey, look, things are dangerous and this should be something that should drive forward the sentiment of a greater omni presence in the subway and when i say omni presence we need more standing officers in uniform to allow people to feel safe in the subway. he's only been in three weeks. hopefully he with change his trajectory and move forth that agenda and have more cops in the subway. david: people were hoping he was going to come in like gang busters and really start in a serious way.
they haven't seen that. they have seen him first giving into this crazy da that we have here, alvin bragg is his name who lets these violent criminals out immediately after arresting them. he's been soft on that guy. he's been soft on his comments on the subway as you mentioned. when is he going to get really serious about cracking down on crime? >> i believe this should have started day one, when he was first sworn in, and the one thing when we look at subway crime, 99.9% of the offenders in the subway system did not pay their fare. therefore, it be to intradict people that don't enter the system when you target the low-level offenses, you're not as prone to have the greater offenses take place in places like the subway, so i think that intradiction policy from a police department should be implemented. david: and what you say makes so much sense. it's the essence of the broken windows theory which got us out
of apple's we were in in the late 80s early 90s with rudy giuliani. and you look at the perps, not only in new york but in la where the tragedy of that woman was stabbed to death. the suspect in that case, the suspect in the subway case here, they were both people with long records, they've been let out time and again. it really, it's actually the perfect example of why we need to get back to the broken windows theory. if you ignore the smaller crimes , you end up with a bigger crimes and the murders. >> absolutely. david, remember. there needs to be a partnership between police and the district attorneys, and we see a precedence in cities like new york, chicago, los angeles, san francisco and philadelphia in connection with these liberal district attorneys that are not willing to uphold the rule of law. if you operate a catch and release stream meaning the cops lock people up and the da's are letting them out you're bound to have this crime reach proportions as we see in the
cities that i just mentioned so i think that this is a call for oversight from the governor s in these states to ensure that the da's are following the rule of law. david: well i nominate lieutenant darren porcher for the next da of manhattan. we need somebody like you to straighten this city out. thank you very much for being here. straight ahead, biden defends his first year despite sinking poll numbers with everyone including hispanic voters. the read from florida congresswoman maria salazar, coming next. ♪ [ joe ] my teeth were a mess. i had a lot of pain. as far as my physical health, my body was telling me you got to do something. and so i came to clearchoice. your mouth is the gateway to your body. joe's treatment plan was replacing the teeth
>> how do you plan to win back moderates and independents who cast a ballot for you in 2020 but polls indicate aren't happy with the way you're doing your job now? >> i don't believe the polls. david: you better start. president biden shrugghadding off his sinking approval numbers among moderates and independents but also hispanic voters shift ing away and the democratic party in general florida republican congresswoman maria elvira salazar joining me now. let's start with the hispanic
voters. they are running away not only from president biden but from democrats in general there was a wall street journal poll showing about an even split between those hispanics going for democrats and those going for republicans. why is that? why are they draining away from the democrats? >> thank god we are seeing light. i represent 75% of my district is hispanic, brown, latino any way, you'd want to call it for three reason, values, socialism and the economy. number one. we the hispanics. 60 million people, 20% of the population of this country. we are law abiding, tax paying, family oriented and small government, so we have the same values that are entrenched in the republican party, and that party now is welcoming us more than ever. number two, socialism. we are not socialists. we are americans. david: right. >> you're going to tell me this
critical race theory where apparently the white guy is the bad guy, i have never heard that, because if you think about this , if you were crossing that border some of that's very, that's a very dangerous treck. you come to this country, oklahoma, alabama, whatever you wind up at, you know that you're going to be hired by a white guy but you know, you know that that white american guy is going to treat you a lot better than the guy who you left behind, who was honduran so with this critical race theory, we do not know what that is, and number three, the economy. is the economy stupid? james crashville said at one point, people think with our pocket whether you're brown or you're white or whatever you are you want to have your pocket full. you don't want to have to pay more because of the inflation we're living right now, we pay more gas, more for the eggs, the supply chain. you're working double shifts because your boss cannot find someone else, someone else that can work with you. you know what's happening in
this country and we do too. david: yeah. >> hispanics are americans and they love the system and we embrace this country. david: not only are they americans and i happened to marry a nicaraguan woman who came here with nothing zero, and she came here with the proudest day that i've seen of her life was when she became an american citizen and she worked so hard to get there, to do it the legal way. it took her 10 years but she made it, and i think this administration thought that their open border policy be embraced by the latino population, but it's exactly, i think, exactly the opposite, don't you? >> it's the opposite. absolutely and i'm glad that you're bringing this up and the nicaraguans, i love them, hundreds of thousands of nicaraguans living in the city of miami and yes, we don't want open borders, because those people, the bad actors coming in through the open borders, where do you think they wind up at? in your neighborhood?
no, in mine and they are raping our kids and they are going to be the child sex traffickers and the coyotes and the bad people that are going through that very border. we need to seal the border. we want to am could in legally. we don't want to have to sneak in and those who are here already, we need to give them dignity and that's what i'm presenting next month an immigration reform law because the gop will say to those browns or latinos we want you to come to us. we're going to give you dignity. david: i just want to emphasize something else a lot of people don't understand. the governments and the countries that they are running away from all of the immigrants whether they are legal or illegal, because a lot of the illegals come here for the same reason legals do. they want a job. they want to work. they want to make something. they're leaving these very government, heavy-handed government-type of operations where they control the economy. they don't want that control in the economy. that's why they come here. you've got 20 seconds go ahead. >> correct, and that is why the
democrats, unfortunately, a segment within the democratic party is offering exactly that. no, no, we don't want big government. you give me the choice of me making my own choices and keeping my own money. i don't want red tape. i don't want more regulations. i want to be able to wake up in the morning and go to work and create wealth for me, for my family, for the country and leave me alone. that's who we are, the hispanics and you know we work very hard. david: i can't wait to see your immigration proposals we do need immigration reform, president trump saw that and you do too. thank you for being here, appreciate it. more right after this. ♪ you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates
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human way to healthcare. ♪. david: peloton shares sliding today after a report that the company is going to be tamping down production due to lack of demand. i guess people are getting out and about now but peloton is really the exception to the rule. the markets are doing great today. it is a great day to pay attention to charles payne who takes you through the next hour. charles. charles: thank you so much, david. i'm tell you right now this peloton story is huge and definitely something we're going to talk about because if people lose faith in the stock market because of companies like this, we're all in trouble. thank you so much, my friend. david: absolutely. charles: love the introduction. i'm charles payne. this is making money. breaking now as david said the market facing a much more convincing rebound than yesterday because bonds are stablizing. earnings are still crushing it. there are never end questions about the federal reserve