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tv   Varney Company  FOX Business  December 28, 2023 10:00am-11:00am EST

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ashley: looking to fox square midtown manhattan, the wind and the rain on this december 28th, could be snowy but it is not. good morning, everyone. it's 10:00 eastern. i'm ashley webster in today for stuart varney. the market as you can see all moving slightly higher, that is where they finished yesterday continuing the upward momentum of the modestly this holiday shortened week. jobless claims rose more than expected coming in at 218,000. we still have a tight labor market for sure. the economy continues to be resilient so the markets continuing to move higher. let's look at the 10 year treasury yield if we can. it was up fractionally earlier, 3.18%, 3 basis points. how about the price of oil.
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oil in the high 70s, it is up $73.63 a barrel on oil down half of one%, taking a look at bitcoin, down nearly $1000, 42,661. good numbers and stats. we just got the latest read on pending home sales down 5.2%, record low. the housing market has really struggled. economists predicting a rise of 1% from october's reading of 71.4 which is the lowest on record. high mortgage rates and lack of inventory, difficult housing market right now. let's move on with more numbers for you, 37% of republican voters say they have either a great deal are quite a bit of faith in the outcome of their party's primary. 30 one% said they had only a little more faith or perhaps
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not at all, pretty disturbing numbers, not a lot of faith. todd pyro joining us for the whole hour. great to have you on board. let's talk about these numbers. do they surprise you? >> they don't. when you talk to republicans, there are two reasons they don't have faith in the system as it currently exists. over the course of the last three to six years democrats have taken control of how we vote whether it is by mail, vote by proxy, vote by xyz, there's always an excuse that the democrats can put forward as to why we don't have to vote on that one tuesday in november. on the other hand republicans complained about it but didn't do much until it was too late. you have republicans looking at the people in their party, the people in the other party who
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let them down. one day to vote, the you vote has been attenuated for weeks and weeks. once republicans realized this is the way it is going to be they are slow. politicals are slowing galvanizing their own base to vote in other ways. if i am a republican voter i am frustrated with the process, don't trust the process because it seems like my interest as a republican voter on it taken into account. ashley: very good points made. a poll found 60% of voters say president biden should not seek reelection which half of democrats say it's not too late for him to be replaced. we talk about this a lot. do you think biden will be the candidate? he says he is because he thinks he will go up against donald trump. what say you? >> i'm not smart enough to answer this question. i have tried on this show. some weeks i say he will be replaced, that weeks i say he is not. i want to focus on that 60%
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because in the same state i currently live in connecticut, when you were there did you no one person who just yes, biden is my guy? no and that' s a democrat state, that shows the lack of enthusiasm and if 6 in 10 people think he's too old to run and don't want him to run, that mimics the fact that 6 in 10 people don't want to vote for him so right now the way it stands they are in big trouble on the democratic side because nobody wants president biden and a lot of people decide because they don't want president biden they won't vote for him and a few of those will vote for donald trump. diane: a big surprise donald trump predicting his fellow gop candidate vivek ramaswamy will soon drop out of the 2024 race and endorse him. he says, quote, he will, and i'm sure, endorse me but he is a good man and he's not done yet.
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vivek has attacked trump the least out of all the candidates. this is a political move by vivek, i always felt he was running for a candidate position. >> and other breaking news water is wet. i know vivek pretty well. i would not say he is necessarily running for a cabinet position, he may be. i believe in his heart he thought he had a shot but now the reality is setting in, i could see him, we deal with money on this show, who has been the biggest proponent of trimming the federal government, vivek ramaswamy. you get him into a trump second term where he will think to himself, a great job cramming the federal bureaucracy, now i've got another shot, who can i bring into lead that, i look at vivek and think that is the area where they start cutting but there is also vp, don't put it past trump to select him as vp. only problem with that is two of the same voter. two people get the same voter.
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at pro trump guy. ashley: we have locked the studio doors. let's get to the markets if we can. we are slightly higher. it has been a good end to the year. the whole year for the markets has shown nice gains. let's bring in gary to talk about it. i think of you often because we have been talking about the fed. maybe they managed to put off a soft landing, bring down inflation without cratering the economy. with that in mind because i know you love the fed, what's your outlook for 2024? >> that they engineer anything. i think it's the 160 million of us who wake up every morning at work our tails off to do better for ourselves and family. that's the economy. they are just people at a desk
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that move a quarter point here, quarter point there and they are way behind again. november 1st i stated that i thought the low would be putting the market because i thought a high was being putting on yields. yields crashed, the word is crash on yields and it has been a great boom, great tailwind for markets, in a 2-month move i've never seen off of bear market lows for the russell 2000 so as of this second we are in very good shape. at the broad market move, the worst thing i can say is everybody is bullish, there are no bears left. if we get some sort of pullback, i wouldn't be surprised but i think it would be normal and could set the stage for higher prices going forward. ashley: there so much money on the sidelines, people kicking themselves, what we've seen the
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tail end of this year. if we do get another leg up, there's plenty of money to fuel it, isn't there? >> nothing like higher prices to get money off the sidelines. it is pure psychology of fear and greed and how people feel at any given point. october 25th, anybody fully invested was on maalox at that point in time so changed. as sudden as sudden can be. as i stated, technical condition in broad market right now pretty much as good as can be. until the big top is an you just go with it and keep fingers crossed done last a while. ashley: the market is starting to price in a fed rate cut, 70%, do you see them doing it? >> i give it one hundred%. the reason, they are 5. 5 and yields are under 3.9. they are way behind.
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i will tell you this. if they don't cut rates markets that trashed because just remember when rates were skyrocketing and they sat there which is way behind, what did markets do? they got hit pretty hard. if they don't start getting in line with interest rates there will be trouble in the market but i am pretty sure, he is the biggest dove in history. he will be taking rates down in the next meeting. ashley: you heard it here first, always bringing the fire. happy new year to you. >> right back at you, my friend. ashley: thank you very much. now this. business sales have continued to plunge in the wake of the dillon mall veiny fiasco. how bad are we talking? >> bad. they fall to their lowest levels in 24 years. sales declined by 5% helped in part by the bud light controversy.
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and sitting bud light is the number one beer selling in the us after two decades of dominance. i will say is this, we may not be buying bud light in the pyro household we are not responsible for that drop because of the holidays we purchased a lot of beer but dry january's a few days away so that stops in a few hours if you will. ashley: what is dry january? i've never heard of it. thank you very much. coming up, house republicans want to know if president biden had anything to do with hunter deifying a congressional subpoena. a new poll shows one in 5 young americans have a positive view of usama bin laden. what? they actually say the 9/11 mastermind, they have more disturbing poll results, you won't believe it. iran back to the rebels launched an attack on american forces in the red sea.
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is the war widening? we will get a full report from israel next. they're all expecting more. more efficiency. more benefits. more growth. when you realize you can give your people everything, and more. thank you very much. [applause] ask, "now what?" here's what. you go with prudential to protect, empower and grow. with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com
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ashley: the second to last trading day of the year, how they shortened week but what trading we have is on the upside, the dow in the s&p and the nasdaq up a tent or two. now this. is really forces continuing to strike central gaza. when is really not a chief says the war could grind on for months. trey yingst in the middle of it. in tel aviv, israel with the very latest.
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>> i want to start with the latest out of the west bank were overnight israeli forces launched raids against palestinian militants and infrastructure. reports indicate the rates targeted ten separate cities, notably the west bank city of ramallah. a number of arrests were made in other locations in the exchange shop was reportedly raided. it is day 83 of the war between israel and hamas and after expanding ground operations the israelis are facing fierce resistance. 167 israeli soldiers have been killed since the invasion began with thousands injured. the israelis are using infantry troops backed by tanks but each day hamas and islamic jihad are launching new attacks using rpgs and roadside bombs. as the conflict continues the manager and situation in gaza is deteriorating for the 2 million palestinians living there. >> the wars especially challenging for some of gaza's most vulnerable residents,
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those like a deaf woman whose daughter has autism. war is very difficult. i see people upset and it is hard for them. i struggled a lot from the war. there's hardly any food and it is challenging to find supplies. the united nations estimates 1.9 million palestinians are internally displaced, many living in tents. at a food kitchen in the south of gaza civilians lineup to wait for their next meal. the food here is far from enough to feed so large number of people, he explained. i got my food today but sometimes i'm not so lucky. on the humanitarian front israel says one hundred 15 a trucks entered the gaza strip yesterday. many international organizations say it is not enough but israel says the un asked them to slow down an inspection point because they couldn't keep up with a number of trucks going in on the gaza side.
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ashley: i understand you have a new update about the tunnels found in gaza. what have we learned? >> the israelis released a new video today from the central part of gaza. they use a drone to go into a mosque in the gaza strip and if they turn the corner you see the entrance to a tunnel, the israelis say this video illustrates just how close the tunnel infrastructure of hamas is to the civilian population. the israelis say they were previously civilians sheltering that mosque. ashley: interesting indeed. thank you as always for your reporting. chiron skinner joining me now. are we entering a new stage of the war? >> we've been on this stage since october 7th. i've said this honor many times. october 7th put us in a new world, a new geopolitical
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landscape, not just in the love out where the war started, but across the globe. as you've seen and reported on in the last few days, this more now extends to yemen, to the red sea, lebanon, hezbollah, israel's north. it is a widening, all-encompassing war. largely because of the hatred for hezbollah, for hamas, for the houthis in yemen, who are menacing the us in the west and the red sea and the palestinian islamic jihad. they are all proxies of iran and iran is trying to build this resistance movement that makes the war deeper, wider, more kinetic and a lot more dangerous. ashley: you would agree that
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this could go on for months. >> i do agree. i think they are right, they are being accurate because the war has so many facets to it. it's really a multi-front conflict for israel that is increasingly becoming a multi-front conflict for the us. ashley: antony blinken is going to travel to the middle east to discuss the ongoing war. president biden is on vacation in the caribbean but should mr. biden be part of these talks, rather than being on a beach and what should we be telling the israelis? they have been under pressure to have a humanitarian pause in military action but they are going full bore. there mission is to wipe out hamas and that's not going to change, is it? >> it's not going to change.
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you are quite correct the biden administration is using the secretary of state to do diplomacy in the middle east, against taking a page out of henry kissinger's book many decades ago. the president needs to be more engaged in this conflict and this provides the leadership that will assure israel's protection in this conflict. it hasn't been doing that budget hasn't been making israel feel comfortable. it has wanted a cease-fire, that has been the biden white house all along, a cease-fire, humanitarian corridors without understanding the destruction and degrading of hamas is critical to israel's survival. i don't think it wants to have that conversation at the level and the depth that is actually needed but that's the conversation mr. blinken needs to have when he makes another trip to the region.
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ashley: you engineer and pulling all the strings in this. we have responded to individual attacks, we had 100 attacks on us personnel in the middle east from these various iranian proxies but doesn't feel like we are heading back hard enough to send a message. would you agree? >> we are dealing with iran because iran, i have said this is a broader war. through its proxies, the paramilitary militias that the iraqi government has endorsed, we have been hit in iraq and syria while also being hit in the red sea, we are trying to catch up to what's going on and i think this goes back to stance the administration took october 7th of trying to rein in israel after the most horrific attack we have seen in the middle east in recent years. instead of understanding the level of genocide it wanted to
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make sure israel would not be a violator of international human rights. it has been difficult for the administration and it is paying the price all over the middle east. ashley: we will have to leave it right there. thank you for joining us this morning. talking about the latest in israel and gaza. thank you. harvard university facing another major blow as they get back lash for their handling of anti-semitism. come back here, what's going on? >> reporter: vienna terminated its nearly decade-long partnership with harvard's microeconomics of competitiveness network. they made a public statement that it stand in solidarity with the jewish student community. this came after harvard's
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president clotting gaps testimony during house hearing on anti-semitism when she refused to say calling for the genocide of jews breached their beliefs. ashley: remarkable. thank you very much. san diego facing a migrant crisis, 62,000 migrants have been dropped off in the past three months. county supervisor jim desmond says there's no end insight. is not wrong, and he is here next. hi, i'll have the avocado toast... minus the avocado. so, toast? yeah. everything is so expensive these days. hey, chevy gets it. that's why they're keeping prices down to earth. like on the most affordable ev in america.
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thank you. please call or go online right now to give if operators are busy, please wait patiently or go to loveshriners.org right away ashley: almost an hour into the trading day and still on the positive, very modest, the dow, the s&p, the nasdaq up 0.22 a quarter of one%. to 12:45%. look at the 10 year treasury yield. not that long ago, 5% all the way down to 3.81% on the 10 year treasury. oil, meanwhile heading lower, down $0.73. coin a bit of a downturn on
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bitcoin, down $1100, 42,495, that's the market action for you. now this, thousands of migrants continue to make their way toward the southern border just as biden officials of wrapped up their meetings with mexico's president, grady trumbull joins me now, the question everyone is asking did anything come out of these meetings? >> reporter: alejandra mayorkas called the meeting very productive. we didn't get any specifics from him or secretary of state antony blinken who was also in the room. today, this morning, mexico's president obrador said the two sides agreed to open rail crossings at the border that had been closed because of the surge of migrants but he says fentanyl hardly came up in the meeting and notably, while that meeting was taking place, and still right now, a group of thousands of migrants is making its way through mexico toward the united states. it is unclear how you the
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country plans to deal with that caravan, the democratic mayors of new york, chicago, and denver are calling on the biden administration to do more to help them deal with the influx of migrants in their cities. >> we need the federal government to provide more financial assistance. all of our cities have reached the point where we are either close to capacity, nearly out of room. without significant intervention from the federal government, this mission will not be sustained. >> reporter: republicans say president biden that democrats have brought his problems upon themselves. >> governor abbott is saying if you didn't have double standards he would have no standards at all. if you are a century city or sensory state you can deal with this and you can see what kind of test it is.
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>> reporter: immigration talks in the senate are ongoing but slow going, happening remotely this week with so many lawmakers and president biden off for the holidays. ashley: he is in the caribbean. how lovely. by the way, san diego facing a ton migrant crisis. 62,000 migrants have been dropped off in the last two months while 1500 arrived just this past weekend. it is a never-ending wave of humanity. jim desmond joins me this morning, thank you for being here. let me ask you about san diego, can your city handle this influx of migrants? >> it is the city and the entire county of san diego, the answer is no. i think it is ironic that the mayors of chicago and new york and denver all blame the state
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of texas when it's the border itself and in san diego county, it's the federal government that is dropping people here in a parking lot and these people are being helped by nonprofits funded by county and local taxpayer dollars to the tune of over a million dollars a month and that could be money spent on roads and infrastructure and the money is coming out of a pot that supposed to be dealing with homelessness and housing issues. you look at my we can't fix our homeless issues, it is the federal government that's doing it to us in san diego county. ashley: are you getting any help from the federal government? >> we are getting a blind eye from the white house, we sent letters throughout the country.
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they think everything is okay. alejandra mayorkas says the border is secure. last year, 2022, only 14% of the people applying for asylum went to the hearing, 14% of those people got asylum. 86% of people seeking asylum didn't show up or went to a hearing, did not get it granted to them and those people are not being deported, they are still here and it is a system that is chaos and mess. we need to shut down the border, end new immigration until we get a system that works. a system that is humane, a process instead of chaos. ashley: i can't imagine the stress it's putting on your infrastructure, these people are not properly vetted. we know that.
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many more just disappear and you are left as a city having to pick up the pieces. for the existing population of san diego and the countywide, this is a significant disruption of life. >> absolutely and we are being forced to pay for it because the federal government isn't giving us any recourse so that is the crux and one of my biggest complaints, we've got enough of our own problems and now the federal government is dumping these people in our laps and saying good luck. we have hundreds of people spending the night at our airport. we are a big tourist community but people come and see migrants sleeping in the airport, it's not a good first look when you come, leaving a bad taste in your mouth. the federal government looking the other way can have all the talks with mexico they want. it is our border, our problem and we need to do something
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about it. ashley: thank you for taking the time to talk to us about this massive influx of migrants. the number of migrants across the southern border this past year have outnumbered the populations of more than a dozen states. tell me more about it. >> cvp data shows the number of migrants crossing the border from mexico into the us surpass the population of 17 states. they are alaska, delaware, hawaii, idaho, kansas, maine, mississippi, montana, nebraska, new hampshire, new mexico, north dakota, rhode island, south dakota, vermont, west virginia, wyoming in the first 11 months of this year there were 3 million migrants crossing 7 or north of the border, can't forget the northern border. president biden's critics argue the at ministration has not
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enough to curb the influx of migrants and his approach to the border has incentivized migration. i think that something we can all agree with even if we are biden supporters. none of this happens unless you are trying to make it happen. ashley: exactly right and what a mess, what are crisis. coming up next, a new trend on instagram that could be exposing you to hackers. we will expand that. 2023 a year for union protests, they saw major labor wins but at what cost to the consumers? we have that report next. ♪
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neil: the us, 300 strikes by union groups in the last year, four times more than we saw in 2020. kelly, do we know how much these strikes cost the economy. >> those strikes cost the economy billions of dollars as 2023 was coined by some as the year of the strike, more than half a million picketed the us with hundreds of thousands more threatening to strike, the bureau of labor statistics says there were 30 work stoppages of at least one thousand workers or more in 2023. kaiser permanenta employee saw 20% increase after the largest healthcare workers strike in the nation's history. united auto workers won at 25%
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pay increase over four years for 150,000 employees of ford, general motors and stellantis. ford saying union when will add $900 to each new vehicle the on american will try to offset through higher productivity and lower expenses. the writers guild of america won at 12. 5% increase over three years but those contracts didn't come without a cost. the autoworkers and hollywood strikes alone impacted the economy by 10.4, and $6.5 billion. sack actor's president says corporations needed to be reminded that workers matter too. >> their first instinct over and over again was to do something that was not in the best interests of anybody but themselves and then they added they are not the only people in the room. >> in 2024, the bar will be
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high for new contracts. we watch for companies like at&t which has three contracts that apply to 32,000 boeing employees with a new contract come september, flight attendants for the major carriers are still in negotiations plus postal workers, teachers and more. ashley: it used to be brits that were the king of the strikes in the 1970s but then there's the french. employees of one of the world's most famous tourist attractions just went on strike. come back in here, where is it and when will it open again? >> you gave it away in the video. you cut the video yourself for your own show. the eiffel tower is the answer, close to visitors on wednesday after workers went on strike ahead of contract negotiations with the city, this coincided with the planned events marking the 100th anniversary of the death of the tower's creator,
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gustav eiffel. it was unclear when it would reopen, 800 employees work at the tower every day, 6 billion people visit it each year making it the most visited ticketed monument in the world so if you are planning on going around the eiffel tower and being look at the lights, you can't go in. ashley: next one for you, federal employee said to get a major payoff in the new year which how much are we talking about? >> they are doing such an amazing job starting in february, by february i mean january, federal civilian employees will see the largest salary increase since the carter administration. president biden signing an executive order in december giving federal employees and average of a 5.2% increase in pay, the largest since the 9.1% before reagan took over. that is why carter did the party gift, comes as 80% of
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people say their income is not keeping up with inflation. 56% feel government spending, like the pie increases president biden has given to federal bureaucrats is causing high inflation. keep in mind it is our money they are playing with. use our money like this inflation goes up it costs us more and federal workers make more but that seems to way. >> that's a wake-up the doesn't work. thank you very much. i cut some video for this to use too, ramping up security for new year's eve in times square, there is, bracing for pro-palestinian protesters who mayor adams says want to do bad things. parents divided over what role artificial intelligence should play in children's education. cory deangelis will deal with that next. ♪
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♪ e all expecting more. more efficiency. more benefits. more growth. when you realize you can give your people everything, and more. thank you very much. [applause] ask, "now what?" here's what. you go with prudential to protect, empower and grow. with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com (adventurous music) ♪ ♪ ♪
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ashley: i find this interesting, they i related job postings were dropped more than 20% this year as more businesses are scaling back those initiatives. which companies are changing their programs? >> we are talking black rock, jpmorgan chase, american airlines, they altered their they i policies, this is coming from reuters which tracks changes to things like scholarship programs, worker training and other company initiatives. according to the report, black rock describing a scholarship as designed for specific underrepresented groups and jpmorgan but the program described as advancing hispanics and latinos and advancing black pathways, those programs invite applications
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from all backgrounds but the changes come after conservative nonprofits including american first legal contacted companies and demanded they cease employment practices based on race or sex, demands were made to starbucks, morgan stanley and mcdonald's and others, jpmorgan chase, black rock and american airlines are among six companies that appear to have revised their they i policies after receiving those letters threatening lawsuits. after the supreme court struck down affirmative action in college admissions some expect challenges to they i policies to grow. >> now that fig leaf is gone and these company's are coming under fire some of which have started to sue over these racial based hiring and promotion schemes, without the legal protection they thought they had whether they had it or not, these officers are looking at this saying this is a lawsuit waiting to happen. >> the increased risk is why we are seeing postings for deer
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jobs, down 23% year-over-year according to the drop website so very interesting trend. back to you. >> i'm honored you called me stupid a lot of people called me that today. thank you. the new york times is warning evictions at new york city migrant shelters could actually damage migrant children, they say, quote, 3500 migrant families in new york city shelters have received eviction notices. that means children will have to change schools or face longer commutes. it is one big mess. cory deangelis joins me. what do you make of this? >> reporter: this highlights the problem that is the biden border crisis and sanctuary status of new york city but also highlights the problem the 1-size-fits-all government
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school system that is resistant to any change whatsoever, they can deal with students moving around and new york city had to put a cap on charter schools, thousands of kids on charter school wait lists. why not lift the cap, allow students to transition to schools that work best for them. we had result out of new york city showing black students in charter schools outperformed government school peers by 27 percentage points in math so this would save taxpayer money, charter schools cost 80% of what they expend in government run schools which is north of $36,000 per student per year in government schools which is $430,000 for a k-12 education so this is a problem for those students and their families needing to move here and there but highlights the problem of a school system and costly for taxpayers at the same time. ashley: it to lose/lose situation.
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parents growing pensive about artificial intelligence being used in a child's education. a poll shows 44% say there are potential benefits and downsides when it comes to the new technology. i can understand that. should ai be used in children's education and if so, how? >> there's a lot of disagreement because it is a new technology that is expected to when people don't know what to expect, but there's a huge divide over what art to happen. parents need to choose the education that works best for them based on what they are comfortable with and at the same time this isn't either/or question. you can have some ai integrated into some subjects to teach kids about this technology but at the same time you can have other subjects for other times over the year or grades where it's not implanted so you can
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teach kids the basics as well. this isn't a predicament that needs to be either/or conundrum. ashley: i used to get an encyclopedia but then the internet comes along than artificial intelligence can easily write your assignment for you whatever it may be and that's a dangerous road to go down. >> at the same time we don't want to have schools be isolation centers where kids don't learn about technology other people in the workforce are using in the future so it's a difficult concept, it is not an easy answer but it could be, you could incorporate the concept of ai and teach kids the basics to write their own essays. ashley: it is a fact of life. it is here. we need to learn to use it. thank you for being with us today and todd, thank you for joining us for the whole hour.
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still ahead. ray wong, russia cia chief, georgia bbn cybersecurity expert alton right away for slate of guests coming up. the 11:00 am hour of "varney and company" is next. ♪
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