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>> advancing in the senate is going to be very tough if they don't have something to run on. and i think that in this case they really shot themselves in the foot by their inability to work together. >> whether we support him or not, whether we are democrats or republican, you do want the president to be strong because a strong american president is strong for america. that's good for all americans. and seeing this is uncomfortable. >> this was a bad bill which is why, which is why they kept the text secret for months. they released it sunday night, and within 24 hours the bill was dead. >> voters get to make these decisions. that is, that's pair a are mount in this country. and i think the justices will see it that way as a well. ♪ we show up, we gonna show out ♪ stuart: what is this music? lauren: bruno mars. stuart: bruno if mars? totally lost. lauren: this was big, like, five years ago.

is it uptown funk? you're look at sixth avenue going uptown, it looks pretty good. stuart: ryan payne got it right, this is not the beatles. well said, young man. we need to raise your chair, you're about a 6 inches shorter than normal. >> with i'm looking up at laure- [laughter] lauren: why am i so tall today? stuart: you're shrinking, ryan, you're shrinking. [laughter] put the camera on me, please. [laughter] it is thursday, february the 8th. we're looking at the marks. s&p dead flat, shy of the 5,000 market. -- mark. dow's down 70. if show me big tech. all over the place today. apple -- sorry, alphabet, amazon, microsoft, up. meta, apple, down. microsoft, new high, 414. the 10-year treasury yield, that's been a bit of a problem recently, 4.15%. now.. -- now this. democrats claim to be defending

democracy. they've orchestrated a series of legal charges against donald trump designed to tie up and ruin his presidential campaign. the most blatant is the case that is now being argued in the supreme court as of right now. four judges, all democrat appointees, are trying to keep trump off the ballot in colorado. wait a minute. how do you support democracy when you're telling voters they are not allowed to vote for the leading republican candidate? the democrats say trump led an insurrection on january the 6th, and that disqualified him. the supreme court has never heard a case like this. it goes all the way damage do 1868 when -- back to 1868. this is such a stretch. it shows how the democrats are prepared to pull out all the legal stops to beat the hated donald trump. trump's lawyers make three points. first, january the 6th was not an insurrection are. second, the section of the constitution blocking insurrectionists does not apply to a president. and, three, even if it was an

insurrection, trump did not engage in it. trump himself says the courts and election officials should not take away the right to vote for the candidate of their choice. even top democrats like david axlerod, he says you just can't kick a presidential candidate off the a ballot in the middle of a presidential campaign. have you stopped to think what happenses if the colorado veto stands? let's just athe outrage would be palpable. we're likely to get a quick decision because 15 states hold primary ifs on super tuesday next month, and we need to know if trump is in or out. i'd like to see a unanimous decision striking down colorado's trump exclusion. that would send a strong message to democrats, you can't -- you're not upholding democracy by kicking biden's main opponent off the ballot. third hour of "varney," it's already started. it's going to continue. ♪ ♪

stuart: brian men berg is with me. >> -- brian brenberg is with me. >> i have no idea how colorado thinks.. -- thinks it can keep trump off the a ballot, but if the supreme court doesn't come in unanimous, then you know they're plague politics too, and and that might even be worse for the country. they needed to do this, decide quickly and unanimously, put this to bed, let's -- let voters decide. stuart: what happens, do you think, if the colorado veto of trump off the ballot stands? what do you think? >> i don't know. i mean, that's kind of where you go, right? you kind of go to, like, people in the streets saying you've taken away our democracy because, effectively, that's what happened. what happens in america when democracy dies? i don't want to know because i don't want democracy to die. but this is the kind of case that gets you pretty darn close to that line. stuart: you're right. pruden just told donor ins at a

campaign event -- president biden -- that he spoke with former german chancellor helmut kohl in 2021. problem is helmut kohl died in 2017. this is the second time this week, actually, there's a whole string of these gaffes. >> yeah. stuart: how long can they keep him out of the public eye to shield him from these kind of self-made gaffes? >> well, we keep saying they're keeping him out of the public eye, but he keeps doing them in the public. they're not even a keeping him out of the public eye -- stuart: but they can't completely keep him out, can they? >> no, they can't. and here's what happens. this goes back to the economy. they say we have a great economy. americans say, no, we don't. why do we say that? when we look at the president, as a fragile as he is, as close as he is to getting it wrong every time, they say if this economy is based on the wisdom of his judgments around policy, we are in deep trouble. it could all that fall flat in a second. stuart: i believe you're going to stay with me for the hour. >> if try to hang with you,

stuart. stuart: you know, it's 11:06, and we're going to get to the markets. i see red ink emerging for the dow. nasdaq's up 50. this is a split market, no clear trend. ryan payne with us this morning. the s&p 500 hit 5,000 earlier on today. what do you think is the main driver of this really nice rally in. >> i mean, it's all about the mega cap names right now, stuart. in fact, you've seen the market actually instead of broadening out like it did last year, starting to narrow into just a couple names. last week we saw apple go 20% at the end of the weeking that drew a 40% return on the whole s&p 500 for the whole week. that's one stock. it gets even crazy than that, but'd go ahead. stuart: is this going to continue? you say it's concentrating in the magnificent seven or whatever that number is, does it continue? >> i think it does. the one big powder keg is there's $6 trillion sitting in money market funds. that's people saying, hey, i can

get my 5%, i'm going to mark park my money there. but the problem is rates are starting to come down a little bit. the money market funds that we have that we offered our firming we're at 5, now they're at 4.7%, the fed keeps cutting interest rates or starts to cut interest rates this year which they probably are, that's going away. you're not going to have that 5% anymore, and you're going to see all that momentum, money's going to start to funnel into the market -- stuart: ah. so the $6 trillion on the sidelines in money funds you think at some point with lower interest rates come back into stocks. that's your premise? >> it has to, right? stuart: you talk about the roaring '20s. are you referring to the 1920s and the economy and the markets in those days? >> it was a great time. stuart: is there a parallel to today? >> there's a parallel to today. if you take away last year, probably one of the best economic stats was the fact that productivity growth was, like, 2.7%. that that's, like, gangbusters and the that's why we're so excited about artificial

intelligence, automation. we have this labor with shortage, not going away because you've got lots of baby boomers continuing to retire, so you're going to be able to pay the people you have well, but on top of this productivity gains from all the technology we're going to use. that's why elon musk looks so brilliant in terms of the autoa mission he's done with tesla -- automation he's done with tesla, with all the factories he has. you see some of these robo-humanoids he's creating, that's going to have a huge, process effect for productivity in the economy. strong wage growth, strong productivity, that's a recipe for a strong economy the next couple of years. stuart: you're not cautious at all, are you? you're bullish as they come. >> stu, i mean, look at me. raging bull. [laughter] stuart: raging bull. new title for this guy, ryan payne, raging bull payne. we'll a take it. [laughter] have a t-shirt made for you, if you like. [laughter] lauren's looking at marathon digital which is -- lauren: raging bull. i mean, crypto stocks are

surging. look at this, up 14%. coinbase, 8%. bitcoin is above $45,000. why is that important? if it is the first time it has hit 45,000 since the day after it started trading up, the spot etf started trading, january 11th. stuart: it's got back to that. raging bull says it's animal spirits that we have in the market. stuart: as in ryan payne. >> you can devote me on that -- quote me on that. [laughter] stuart: roblox. it's the up another 3%. lauren: they got several upgrades, barclays is one. they're taking the price target from 26 to 46 which is where it is now. they like the earnings, they liked the guidance, and roblox actually issued guidance for the first time after they reported yesterday. stuart: if they say it's going to 46 and it's at 46, do they sell it? lauren: i don't know. they decide what they're going to do next. [laughter] stuart: let's have a look at hershey's. i think it's on the upside. lauren: yeah. it started the day lore.

then they came out and said they're cutting costs and cutting jobs, less than 5% of their work force. investors are liking that. but the news is grim. the news is that volumes are down because people don't want to spend $2 for one candy bar anymore. and then they guided the forecast for annual sales and profit was all a guided lower. i used to always grab a candy bar at a duane reade, and now i don't because it's $2. stuart: i think you're missing the point because of the weight loss drugs -- lauren: said stuart varney, never. stuart: not true. [laughter] nonsense. but thank you, lauren. holding a super bowl party, are you? well, you might want to check out the price of what you're buying. we'll break down how much everything costs this year. treasury secretary janet yellen back on capitol hill. she's facing awkward questions on how the administration's been tracking our purchases. watch this. >> secretary yellen, what do you say to americans who feel like you're calling them an extremist

just because where they like to shop and what they like to read? you have nothing to say to the american people? stuart: that's hillary vaughn for you. she really gets at it, doesn't she? the administration is accused of targeting conservatives. we have the full story. president biden visited new york yesterday with, new york city, that is. he came to ask donors for money, and he completely ignored the migrant crisis and how his policies are ruining this city. he comes to the city, takes money out and ignores the migrant problem. what a guy. claudia tenney on that next. ♪ ♪ j.p. morgan wealth management knows it's easy to get lost in investment research. get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you, and help you find the right investments. so great getting to know you, let's take a look

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♪ ♪ stuart: new york city on high

alert after a string of violent crimes carried out by migrants. nate foy with us this morning. what's the a mayor doing about this? >> reporter: well, stuart, so the nypd commissioner describes this as a migrant crime wave work over the city, and new yorkers are paying for it with their safety but also their pocketbooks. and because of that, new york city mayor eric adams is now asking the state to split the cost of the migrant crisis 50-50. he projects the cost will be $10.6 billion through fiscal year 2025. so far the state allocated $1.9 billion this fiscal year, and the governor proposed $2.4 billion for next fiscal year. mayor adams says more is needed because it's not coming from the biden administration. >> the federal government has only committed $156 million. the vast majority of which we have yet to receive because of a complicated reimbursement process. despite our efforts, we cannot

assume they will give us any more. >> reporter: stuart, police announced seven arrests this week where migrants are accused of using mow e peds to steal people's cell phones and hack into them to access bank accounts. "the new york post" separately reports overnight two venezuelan migrants are facing charges for using mopeds to steal jewelry. and a few days before that, police arrested a my grant from north africa charged with assault and robbery as a hate crime, accused of stealing a man's pro-israel flag on long island and then attacking him in front of his neighbors. more than that, several of the migrant men accused of attacking two nypd officers are believed to be headed west to the california/mexico border. one of those the pie grants flipped off a photographers while walking out of jail. mayor adams described that incident as despicable, but he said it's not a are reflection of the over 100,000 migrants currently in new york city. back to you, stuart. stuart: and i'll take it. thanks very much, indeed.

president biden spent yesterday fund raising in new york city. it does not appear that a he met with anyone about a the migrant crisis. congresswoman claudia tenney, republican from upstate new york, joins me now. congresswoman, biden just tame to the city, took money out, he took money out of the city that he helped to ruin are. what do you make of that? >> what else would joe biden do? he's a decrepit, soviet-style leader that's backed by his staff and maybe the obama operatives in the background from last, couple terms ago. look, it's unconscionable that he refuses to do anything about the border. today i started thinking about it, he says i'm going to go back and do something because it's all political. i scratched off a little resolution in my mind, why don't we go back and demand that president biden, in a resolution as a sense of congress, that he actually reverse all of the executive orders he issued on his first day, reversing the trump orders that were helping us and putting us with safety and without the risk and the

cost that mayor adams is crying about? don't forget, kathy hochul raised our taxes in new york by a billion dollars last year for the migrants. now we're getting even more money being spent and more taxes. stuart: is i think there's something going on here. biden could issue -- there are reports he's going to issue executive orders on the border. if he does that, he'll be doing what the republicans want him to do, and he's going to take the credit. he will, he will -- >> exactly. stuart: -- maybe close that border flow a little bit and then take the credit for it. he's reversing the whole issue of the border. >> well, that's one way of looking at it. or it's an admission that we were right, he's got to change that in order to get the policies back in place because he is seeing this devastation to our nation if financially, you're seeing especially new york state and some of these states, texas. everywhere's a border state. but also the security risks. the criminal actions that are going on. in upstate new york alone, we

have rape charges, assault charges, a murder, people with bad intent coming across our northern border. mayorkas doesn't know, like, where with 40% of these gotaways have gone. we have no way to find them, tag them, know when they're coming back. they've run amok. what's biden going to do to clean this up? what about what's already happened and who's already here? we have to have a mass deportation the system in place in order to get this done, and they're not going to do that. it's all going to just be, you know, lipstick on a pig, i hate to say. stuart: this is some suggestion that new york send its national guard troops, state national guard troops, to the northern and southern borders. would you be in favor of that? >> absolutely. i've been to the northern border. most of my district is the northern border of new york, and we -- our border agents, i just had a round table with police the other day, and customs and border patrol told me their sources -- resources have been diverted to the southern border which makes us vulnerable. and 85% of the people on the

terror watch list have come across the northern border. we are not safe, we're not security, and we're losing our relative wealth by the cost of maintaining these migrants. i should say, illegal immigrants. stuart: thank you. congresswoman claudia tenney, republican, upstate new york, thanks for telling us exactly how it is on the border. thank you. a new report claims that the homeland security department is aware that many migrants would not qualify for a asylum status. what's in this all about, ashley? ashley: yeah. internal customs and border protection documents do show the biden administration well aware that a great proportion of those migrants coming across the southern border are coming for economic reasons rather than escaping persecution. u.s. border officials interviewed hundreds of immigrants -- or migrants, that is -- in central america as they made their way north. not one reported escaping political persecution. poor and corrupt economic conditions were the most common

reasons. in other words, each migrant interviewed would not qualify for entry into the u.s. to pursue asylum. and it appears homeland security is well aware of this fact but has taken no action. now, as we know, most a asylum seekers, legit or not, are allowed to remain in this country for years until they get their day in court by which time most are similar -- have simply disappeared across the country. stu. stuart: we got it. thanks very much, ash. brian with brenberg with me. what do we doe with these migrants who are here? they're not going back. i think they're going to have to work, like it or not. >> i can't get onboard with that because if you let them work, if you do the work permits, what it tells them is we're regularizing all of this. stuart: i agree. that's right. >> you should come. look, the congresswoman just said we should deport them, i know biden won't, but that doesn't mean you stop asking for that. the only thing we can do is deport them. and reinstitute remain in mexico, stuart. we have all the data to know

they should not be waiting here for asylum because they don't qualify for it. stuart: do you know how it works in california? an illegal migrant goes to his relatives or somebody and gets a fake id. he takes that to an employer, he gets the job. the employer is not allowed to check on that a fake id. he's working. he's a migrant. he's working. he's legit, he's in. that's how it works. >> if you go for these halfway policy solutions, you'll get that everywhere. you get it in every sang chai ware -- sanctuary city already. if you give an inch, they'll take the whole thing, stuart. stuart: i agree. but i see no way around it. how -- okay.. -- >> we've got to go, stuart the, they're in my ear. [laughter] stuart: thank you, brian. coming up, 50% of people say taylor swift has done more for our economy than joe biden. we will certainly get into that. look at this op-ed, shrinkflation is in the air. allysia finley wrote that for "the wall street journal," and she's here with examplings of where we're paying more and

getting less. allysia is next. ♪ ♪

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stuart: on the markets this morning, again, same story, the dow is now down 120 points. a couple of stocks in the dow are big losers e, that's why it's down so much is. nasdaq up 30, s&p down 6. 4,988. it was at 5,000 earlier. check big tech, please. we have alphabet and amazon and meta if up, microsoft and apple down. microsoft back to $412. the 10-year treasury yield up, 4.15 is what you've got there. and bitcoin, is it back to $45,000 yet? yes, it is, $45,200. treasury secretary janet yellen testified on capitol hill, second time this week. she's facing questions over the administration's allege ad bank surveillance. hillary vaughn on capitol hill. the highlights, please, hillary. >> reporter: stuart, treasury secretary janet yellen was asked about these reports that the financial crimes unit at the treasury department is telling banks what red flags to look out

for if they could potentially be a home grown violent extremist e, telling them to scrub through their customers' transactions and look for words like trump or maga, see if they shopped at dick's, cabela's, bass pro, if they bought any religious books. all of that the treasury said could add a up to something suspicious as part of their january 6th investigation. secretary yellen was asked why treasury is doing this by senator bill hagerty today. >> -- believe that the matter that you are referring to dates back to before my time as treasury secretary and in the aftermath of the january 6th attack on the capitol. so i'm starting in the trump administration, there were efforts to work with financial institutions to determine what had happened and to work with them to provide relevant

information -- >> and purchasing a bible is relevant information -- >> i, think -- >> it's ridiculous. it's a shame. >> i will get, i will get back to you with more detailed information when i've had a chance to study this thoroughly. >> reporter: so, stuart, not a lot of details on if this is fill happening and how many americans -- still happening and how many americans could have been caught up on this. stuart: take a look at this, it's a headline in the "wall street journal." it's a good one. shrinkflation is in the air, online and everywhere else. allysia finley wrote that. she's the author of the piece, and she joins me now here in new york city. okay, i'd like some examples of shrinkflation. what have you got? >> well, shrinkflation has been around for a while in products. i'll give one example, oreos. during the pandemic they went from about 16 ounces down to 10-ounce packages. my owe yogurt has gone from 7 ounces down to 5 ounces --

>> stuart: but the price in. >> they've been about the same or increased a little bit. stuart: you might if pay more but you're getting less. >> which is an effective price hike, right? when you consider the marginal impact. now, we're actually starting to see more now is shrinkflation in services, and one example is airlines. so nowadays they have basically unbundled their prices, so now you have to pay just to select a seat not even a special seat. any old seat in coach. you have to select a seat is, pay extra for a car ally-on -- carry-on, so that'll increase my flight back to california during the holidays, that increased my charge by about $80. and so the prices have stayed about the same, but you're actually getting less, and you have to pay for if you want what you got maybe a year or two ago. stuart: do you think there's something morally or economically wrong with it? >> i don't think it's illegal, and some people like the idea of

being able to choose what you want, differentiated pricing. but the fact is i think it's deceptive advertising or -- and and i think president biden, he realizes that people are really annoyed, and that's why he's campaigning on junk piece. i wouldn't say these are junk fees, per se, they're just trying a way to conceal their price increases. stuart: i think your piece in the wall street journal opened a lot of people's eyes to how they're paying a bit more, and they're getting a lot less. i think that's beginning to sink in, right, brian? that's one of the reasons why bidenomics isn't selling very well. >> well, and the great point of this piece isn't just that it's happened to cookies and crackers e, but it's happening to your flights or to your insurance or to your streaming services. it's services that are now shrinkflating. stuart: streaming services, prices going up but i'm getting more, aren't i in. >> you're getting ads and commercials, amazon just started

charging an extra $3. stuart: you got me. >> another example with amazon is they used to offer free grocery delivery over $35 worth of goods. well, now you have to buy at least $100 worth of goods, otherwise you get socked with a $7 charge. stuart: yet again, allysia finley has impact from a "wall street journal" op-ed piece. allysia a, thanks for coming by. we appreciate it. good stuff. inflation could -- [laughter] here we go -- could push up the price of your super bowl party snack spread. however, there is one staple which will actually be a little cheaper this year. okay, ashley, come on in. which one? ashley: yep. that would be chicken wings. they have dropped 5% in price. in fact, the frozen variety down 11%. and that's good news since the national chicken council predicts americans will eat 1.45 billion wings on sunday. that's bad news for chickens. but some snacks are more expensive. according to a report by wells

fargo, chips are about 5% hire than a year ago a, but guacamole expected to cost about the same as as a last year. as a last year. experts say you can find better prices if you shop around, but many grocery stores are discounting certain items for the with big game. thanks to inflation, yeah, you can expect to pay just a little more overall this year for all your favorite snacks. stu. stuart: staying on this subject, domino's pizza is crashing in on the taylor swift super bowl craze. what are they doing, ash? ashley: yeah, who isn't? dominoes a pizza offering what they call the perfect combo. this deal includes two medium one-topping pizzas, a 2-liter bottle of coke, 8 cinnamon bread twists all the for the price of $19.89. yes, it's a nod to swift's

album. use promo if code 1387, a mod to taylor's favorite number, 13, and travis kelley's jersey number -- travis kelce's jersey number. you know what the most popular topping is? stuart: tell me. ashley: pepperoni. stuart: i knew that. i live in new jersey. i knew that about pepperoni. thanks very much, ash. brian? are you going to make any changes? >> the problem is the medium pizzas are only this big now. shrinkflation. kidding, kidding. it's a great deal. i want to order it. stuart: 1988 or 1989 -- >> it's a good price. we're a family, we're going to eat well. stuart: all right, thank you very much. we want to aerofrom you, making my changes to your super bowl snack list because of inflation? are you going to buy the taylor swift combo? let us know, varney viewers@fox.com. coming up, mcdonald's

blasted for big mac combos costing $18? now they're promising to return to affordable. andy puzder used to -- he used to run fast food chains. i want to know why we're paying $18 at mcdonald's. he'll tell tell us. the ev push, in my opinion, it's a bust, and and ford is backing off. we'll dig into that as well. ♪ ♪ -- struck by your electric love ♪ ♪ ♪ is this yours?

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stuart: the largest auto show in the country kicks off in chicago this weekend. well, or kelly saw is berry is there for us. some automakers are scaling back on their evs. are hybrids the big focus this

year then? >> reporter: stuart, you would think that's what the focus would be on here at the chicago auto show, but we're noticing that's not the case. many of these companies are touting their all-electric vehicles. one of the new companies to the chicago auto show is lucid, that's the vehicle we're in right now. we are taking the drive right now down the track, giving it a shot. i want to give you the inside look at what this vehicle really can do for you. but who knows, maybe i'll be one of the new 1.2 million million people that went electric last year, so that's either all electric or hybrid. that's according to kelly blue book. to be fair, i've never driven an ev before, so this is a bit of a change for me. but we spoke to the coo of lucid about their decision to come to the chicago auto show. he says that there's a new market that they're really tapping into outside of the northeast and outside of really california and oregon, and we also spoke to him about how heir

doubling down on ev sales while those the other companies cut back. take a listen. >> we're not doing that. we're really focusing on ev iss. our technology is the best with in the world. when you look at the range, for instance, our lucid air is the only vehicle e out there that can go more than 500 miles on one charge. >> reporter: now, one of the companies that's not here, stu, is stellantis. they said challenging u.s. market conditions is the reason why, so we won't be seeing them. back to you. stuart: kelly, thank you very much, indeed. now then, let's have a look at this ev market despite the fact that they're showing right there in the chicago auto show, my opinion is that the ev market, the ev push is a bust. i want to bring in diana further cot ross on this -- furchtgott-roth on this subject because you study it. i say the ev market is burst. am i wrong? >> you're absolutely right,

stuart. consumers don't want to buy these evs, and the recent debacle in chicago where the chargers froze, the cars froze, there were blocks-long lines of teslas waiting to charge that went down, i mean, it just proves it. only about 7% of new vehicle sales are evs, but the government wants to get it to 60% in 2030 and two-thirds by 2032 with rules at the white house right now waiting to go out. stuart: well, they can't do that, they'll never make that. >> they can. stuart: well, they can do it, but they won't make that target. >> they won't make the target, and if they don't, then the car companies are going to get fined, and they have to buy credits. and they'll pay for it by raising price on the cars that we like to buy like the pickup truck and the suvs. this is what the white house is still planning on doing. stuart: detroit, gm, fort -- ford, stellantis, they're going to have to have government subsidies. if they can't sell the evs, which they're ordered to

produce, they've got to have subsidies to stay in business. >> absolutely. and ford said yesterday it's going to focus on smaller evs. and i want to congratulate toyota, which was attacked for saying it was never going to go all electric and it was going to continue to make the cars people wanted to buy with. stuart: what happens when a wave of chinese cheap electric vehicles arrives on these store? are we going to try and keep them out. >> in. >> i think we should try and keep them out. if people are worried about a chinese spy gallon going -- balloon going overhead, they would be worried about these evs sending thematics back to china. plus, they can disable cars from remote. what if we were in some foreign entanglement with china and china decided to stop all the evs in in the united states? it's a security risk. stuart: please come back soon when we've got more time. we appreciate it. all right, what do you do -- what do you make of all this? [laughter] >> i watch the market and how these companies do when they make announcements about evs.

the one thing you notice lately, ford says, you know, we're going to scale back evs. invest investors say, ooh, i like that. hertz says we're going to offload our ev, investors say, good, nobody wants to rent them. consumers have weighed in. the white house is trying to force something, but consumers have said let us buy hybrids, gas-powered cars, don't make us buy something -- stuart: don't make us do it. can we choose, please? you know, freedom of choice? >> capitalism. stuart: that moment where we show you the dow 30. a lot of selling, by the looks of it. you're down 130 points on the dow industrials, back at 38,500. next, the congressional budget office a, cbo, they say the u.s. deficit will be $1.5 trillion for in this fiscal year. that is an extraordinary number. the economy's expanding, low unemployment and you've got a deficit of $1.5 trillion in one year? andy puzder's here and he's going to dig into that for us. ♪ ♪ if

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stuart: the congressional budget office says the u.s. deficit will be $1.5 trillion for this

first a call year that the runs from october to october. if andy puzder joins me. andy, how is it -- [laughter] that with the economy expanding 3. 3%, the unemployment rate is below 4%, and we're running a $1.5 trillion deficit? how can that be? >> to state the obvious, we're spending too much. we've got $870 billion that will be paid in interest on the debt this year. so if you rook at the -- this year it'll be a $1.5 trillion deficit. you look at that a $870 billion, that's 57% of the deficit is in this interest payment. i think that puts -- people always a compare interest to gdp, and we're at the highest level we've been except for times when we were in an economic crisis. we've never been this high in a boom economic time. but compare it to the deficit, 57% is interest payments. stuart: so what happened? the deficit keeps on spiraling

even in good time, what happens? >> i think people have ignored the threat for a long time because now maybe 20, 30 years we've been saying we've got too much debt, and nothing happens, right? are things different? their -- they're not different. i go back to hemingway who was asked how did you go bankrupt, and he said barrageally then suddenly. -- gradually then suddenly. [laughter] i think what we're going to find is if we don't address this issue, the president, particularly a first term president because many of these programs are so popular, but a second term president that was strong could address this issue, and somebody better address it quick because it's a death knell for the american economy. stuart: mcdonald's is promising to focus on affordability this year. they got a lot of heat because of their jack ised-up menu prices. for example, $18 for a big mac meal. how come it's $18 for a big mac meal? has that got something to do with min minimum wage? >> yeah, it has a lot to do with

minimum wage. restaurants that are in met to propoll tan areas no longer have the type of people coming to the restaurant that they used to because people aren't going to work full time. there's a lot of things going on, but the minimum wage is huge. in california you're going to see not only restaurants shutting down, but more will shut down because people -- when you find out, when you start having a restaurant that isn't profitable, the thing you ask yourself is do i lose more money if i keep it open or more money if i close it. and the answer is you lose more money -- you notice how i did that so smoothly? [laughter] you lose more money when you keep it on, when you keep it open, you're going to close. stuart: you used to run fast food chains -- >> yes. stuart: two of them, as i recall. >> yes. stuart: what would you do in this situation? you can't fight minimum wage. you can only put your prices up. >> this is tough. we tried to run products that were premium products but told people they were a value. back then we had a burger, we called it the $6 burger e, but we only charged $3.99 for it.

you got a premium musculoskeletal. now it'd have to be the $15 burger or the $24 burger for $15.99. prices have gone way up. people are looking at this new drug concern. stuart: ozempic. >> that's another challenge. and mcdonald's isn't talking about cutting prices, they're taking prices up 10% this or year, they're just going to use special value offers. it's a tough market. stuart: andy puzder, thanks for sharing your expertise. come back soon. sw a new survey is, there's lots of them, it says people are giving taylor swift with more credit for helping the economy than joe biden. okay, ashley,ing come on in. give me a lesson in swift-onomics, please. ashley: wherever she goes she generates a lot of attention and a lot of money too. inflation if at 3.1%, that's significantly down from 2023, but who gets the credit? well, a recent survey conducted by real estate witch -- yes,

that's a real thing -- shows that 50% of americans believe that taylor swift has done more to help the u.s. economy than joe biden. her concerts alone. she comes into town, everybody benefits in that city. over 38% of boomers say that biden is primarily responsible for the debt crisis while nearly 24% of millennials and gen-z blame joe biden for economic distress. despite all the finger-pointing over the economy, herein lies the power of swift. 3% of those surveyed said, you know what? we don't care if we pay $1,000 or more for a taylor swift concert, calling it a necessary splurge that adds to an experience of a lifetime. so there you go. [laughter] stuart: a necessary splurge. isn't that a contradiction? [laughter] i thought it was. ashley: yes. stuart: here it is, the thursday trivia question. and i think i know the answer. at what temperature does fahrenheit equal celsius?

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stuart: before the break we asked at what temperature does fahrenheit equal celsius which i think i know the answer. i will go last. you are first. ashley. ashley: no idea. i will go with number 2-40. brian: i feel great about number one, minus 20. we want so do i. i feel really cool and really good about-20. we got it right? come en. he looked it up. brian: you were so confident. i know that one. we went give me the prompter again. got to read this. the answer is negative 40 degrees, the freezing point of water is celsius 0 °. fahrenheit is 32 °. thanks for sticking around. full hour this afternoon, the big-money playbook, education in america town hall on this network at one:00, live studio audience. don't get put off. coast-to-coast starts now.