have to be cognizant of price point entry. but let me get this plug in, liz. when you see what is happening in the market today, when you think about the next 10 years of american innovation and ingenuity. it is important we put forward a piece of legislation i'm working on, 401(k) account for every child at birth, to keep them going to be capitalist. liz: got you. >> less than half the people under age of 40 need believe in capitalism, we need them to believe in capitalism. [closing bell rings] liz: brad, we want you to come back with more on that. dow at all-time records. see you tomorrow. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so jay powell's fed performance it is the hottest broadway show around. so far he is sticking with the

non-inflationary script. stocks up 400 bucks. full report, art laffer, steve moore will weigh in. meanwhile the great state of texas is early didded to stop the invasion of illegal immigrants no matter what various courts may say. donald trump should use the excessive fines clause of the eighth amendment to halt joe biden's lawfare. we'll hear about all this from vivek ramaswamy in just a couple moments. general jack keane will give us his take why democrats are turning against israel. kellyanne conway on safety and security, driving women and minority voters to trump. and bjorn lomborg, on why following the so-called climate science will cause, get this, $60 trillion by the year 2100. $60 trillion for no good reason at all. let's go straight to our own edward lawrence live from the federal reserve. edward, how was the broadway show today?

>> reporter: it was great, opening act, closing act. there was no intermission. i can testimony you the fed decided to pause for the fifth straight time in the federal funds rates as you know that sets interest rates with a pause there the federal reserve chairman said he just did not see the data make that first rate cut. we know inflation is accelerating month over month and pce, cpi inflation reports over the last two months. we've seen that. the fed chairman says that is bumpy road to get inflation down. the pause does a lot for inflation for the fed to move up. >> i take the two of them together and i think they haven't really changed the overall story which is that of inflation moving down gradually sometimes a bumpy road towards 2%. i don't think that story has changed. >> reporter: so the fed chairman also received two letters in the past few days from congressional democratic lawmakers calling for rate cuts. one, because higher rates they say hurts the green energy push.

the second because interest rates they say are squeezing families. how do these letters affect what you guys are doing policywise? >> we receive these letters with respect and we write careful responses and address concerns but the at end of the day we take that on board but we have to make our judgments and we have to stick to our knitting which is maximum employment, price stability, supervise and regs late the banks, work on payment system, things that we do. >> reporter: the fed chairman saying he sees rate cuts this year, not later this year. that leaves the door possibly open for june. they talked about reducing the balance sheet and how that should look. back to you, larry. larry: many things, edward lawrence. -- thanks. we'll get a recap of the markets. it was a big day in the markets. up 400 points. kelly o'grady is around to give us details. hi, kelly.

>> reporter: larry, investors like the sound of when, not if when it comes to rate cuts. that news by jerome powell set the markets flying. s&p 500 and the dow hit all-time highs. the nasdaq finishing up in the green. that was not a record but this was the s&p's 19th record close in 2024 in a row. it is the second straight record close. as expected bond yields fell on on news of pending rate cuts. tech stocks have powered the market rally all year. today was no different. meta, google, amazon, microsoft, google even tesla finishing in the green. they have the most to benefit from rate cuts, that is where the money goes when you cut rates. bank stocks and credit card companies all seeing nice bumps. american express in particular, on the screen there, excuse me, jumped close to 4%. rate cuts could mean more spending from consumers, less defaults and finally chipotle a

very tastey dish today on wall street, the company announcing 50 to one stock split. it gained 3 1/2%. the big one to watch tomorrow is reddit. that is going to ipo. it is the first major tech ipo of the year. a lot of investors will be focused on that. larry: very tasty dish, kelly o'grady, very tasty dish, thank you so much. a couple more words about the fed story. here we go again. it is the most important one-man show on broadways. it opens, reopens, six or seven times a year. the star of the show, fed chair jay powell plays himself. the great thing about these powell performances they're like war schalk tests you can read anything into them you want. wall street spends untold sums hiring analysts to interpret mr. powell. investors are baffled by all of this commentary. after today's performance stocks

went up 400 points or so so somebody's happy out there. now are they happen because the fed leaned against the win and suggested no easier money? that mr. powell is going to hold the line with his 2% inflation target? or that the fed is not going to start slashing rates in order to juice the economy, to reelect joe biden? i don't know what the reason is. others might say the fed economic projections still show three interest rate cuts this year, even though these economic projections are nearly always wrong. i think the best thing powell said he will keep his 2% inflation target and not raise it to 3% and in fact the fed's not there yet. here's some price level indicators that we all should keep an eye on including the fed. the gold price since october up 20%. a key commodity index since november up 12%. brent crude oil, 86 bucks. it is now up 19% since

mid-december. gasoline at the pump here in the usa, that has climbed 12% back to $3.52. and treasury market, most of the interest rates have gone up since the last fed meeting in january. the actual inflation reports in the last three months have shown higher, not lower inflation trends. so, i think mr. powell's right to stay cautious and not embark on some wild, monetary pump priming and interest rate-cutting eruption. by the way, interesting point, in a recent report, former treasury secretary larry summers has reconstructed the old cpi from the '70s and '80s, that included personal borrowing costs like mortgage rates, auto loans, credit card rates. for some reason these costs were removed from the consumer price index at some point during the mid and late 1990s. i don't know why. but one reason why joe biden has

a rock bottom economic approval rating, and consumer sentiment is so low, is because car loans are running at 10% around, credit card loans upwards of 25%, and mortgage rates stubbornly above 7%. this is all causing great consumer unhappiness. now even though the experts took these personal interest rate costs from the inflation index indexes, want to add summers reconstructed the cpi and came up with an 18% inflation peak back in april 2022. that's right, 18%, and a 7% inflation rate as recently as november 2023. so the story is even worse. the official cpi as you know, 3.2% for the year-ending in february. now even though since the beginning of joe biden's term the price level has gone up over

18%, groceries, 21%, energy up 30%, so, so, so, with all this jay powell is right to keep his pedal off the accelerator. but remember, folks, even on broadway there's no such thing as a one-act play. more to come. we're going to talk something about this. let's bring in our two experts, steve moore, committee to unprosperity hotline, host of "moore money" on wabc radio. and arthur laffer, former reagan economist, and author of, "taxes have consequences." arthur, i think powell got it right today, even though it is a rorschach test you read into i am whatever you want and broadway shows have more than one act. all the price indicators are going up, i think the fed is right at the moment. why shouldn't they cut interest

rates, what do you think? >> i don't think they should cut interest rates at all. excuse me, i have a little cold. they shouldn't, what really bothered me about his report and he is promising tee cuts in the future this year until we get more data. but these numbers are not good for inflation, larry as you point out. you look at the dollar versus bitcoin, you look at the dollar versus gold it has been falling dramatically as well. there is no real boom in this economy. it is just not happening. that is where i'm sitting, good. steve moore, i don't think they should cut-rates at all this year. inflation has not come down to 2%. i don't think they should and this is an election year as we all know, regularly scheduled election november 5th, although one can never tell in this country anymore, but the fact remains if the fed starts slashing interest rates and slamming the foot down, pedal on the accelerator, everybody will accuse them of playing politics, which they would be playing politics which would not be

healthy for the fed's health? >> i was reading some headlines right after jerome powell made his statement a lot of headlines were you know the fed won't cut-rates now but they will cut them two or three times later in the year. that's one of the reasons for this you for area that we're seeing on wall street but, you know, i'm looking at the same numbers you and arthur are looking at and i don't see the progress. these numbers are very troubling to me, especially what is happening with commodities. look at bitcoin, it fell today, bitcoin is up double. that is a hedge against the falling dollar. arthur laffer taught me that gold is a hedge against dollar losing its value, so why are those things up so much? the other thing is, that that i did look at that, that larry summers study and it actually answers the question i've been wondering about, which is when you look at mortgage payments, larry, on an average 30-year mortgage, those payments are

almost 80% higher than they were when trump was higher, 75 to 80%. what larry summers' study is saying, those numbers are not being computed into the actual cpi numbers. larry: right. >> i think inflation is probably a little bit worse than actually the official numbers are indicating. larry: could be much worse. they took the mortgage costs out. >> right. larry: they took the car loan costs out? >> right. larry: i don't think they ever had the credit card stuff in there but we're going to put it up on the full screen. i don't know if you guys can see it or not but summers reconstructed the cpi based on what he thinks would be pre-1983. so the peak in inflation was not 9% it was 18%. yes it has come down, but according to his chart through last november, it is still at 7% because it is very interesting because all these borrowing costs are very high and it is

strangling consumers. you know, arthur, that helps explain, even with lower inflation joe biden's approval rating on the economy is rock bottom. you can see the consumer sentiment indexes they're running 90, 95, but in the middle of the trump term it was 140. consumer sentiment is bad and part of this, yes, cumulatively level of prices has gone up 18 to 20% but borrowing costs are killing people, art? >> yeah. i got to say first, larry, how happy i am to be on with you and steve. how much fun to get the three of us together. it is just wonderful, the three musketeers i guess we could be called. no, agree with you, larry. i don't think the economy is as strong as powell thinks it is either. when i look at the economy, employment to population, it's a very low number. i know the unemployment rate's low but employment to population is low. as steve pointed out, gold prices are really, really high. they are the highest they have

been in a long time, over $2200 an ounce by the way, but not only that bitcoin just skyrocketing. these are alternative moneys in the marketplace so people are voting against the u.s. dollar and that's a bad sign for the fed. they don't need to be lowering rates an causing this to go on, they really don't. larry: all right, i want to switch gears, stay with the economy but, steve moore's good friend senator elizabeth warren was out recently and she is promoting the ultramillionaire tax act, okay? in fact, do we have a full screen or is it sound? we have a full screen so i get to read this? all right, put it up there and i'll read it. okay, i can't really hardly see. i will read this here, as president biden says no one thinks it's fair that jeff bezos gets enough tax loopholes that he pay as lower rate than a public school teacher. all my bill is asking that when

you make it big, bigger than $50 million, then on the next dollar you pitch in two cents so everyone else can have a chance. so, steve moore, there they go again. now it is elizabeth warren. i mean no surprise. she once told me on another show on a different network she was really a capitalist but i didn't buy it then and i ain't buying it now. the point is all these democrats, including joe biden, you had in the hotline, joe biden wants to raise every tax there is, income tax, corporate tax, small business tax, capital-gains tax, dividend tax, unrealized capital-gains tax, steve moore. in a sense elizabeth warren is piling on. i don't know why. what would happen if you had this, what would happen if you did this? >> first of all wealth taxes are a tax on savings. we want people to save. saving is what provides seed corn for investment. let me give you an an example. laffer around i did new analysis what is happening in the states

where you have a number of states have the wealth tax, they are a disaster. people are leaving these states and going to states with more sensible tax system. let's assume, i think elizabeth warren proposed a two or 3% annual wealth tax, well you pay that tax year after year after year, after year, so after 10 years of paying this wealth tax you have just taken away 30% of someone's wealth. i mean it is nuts. nobody is going to save in this country or if they save they move to bermuda to avoid these massive taxes. larry: whatever happened to freeket capitalism? what happened to supply incentives, the laffer curve? what is wrong with these people. i think it is time to retire them, arthur, i do. arthur, take a couple tylenol every four hours, take some flow nays. that will really help. i had the cold for six weeks. very hard to get out of here. steve moore, thank you for your

tax hikes, art laffer, get well soon. the great state of texas is determined to stop the invasion of illegal immigrants no matter what various courts or judges say and i still think the eighth amendment is donald trump's best option against joe biden's lawfare. we will talk about that with vivek ramaswamy. it will be a real treat. vivek ramaswamy who himself believes in free-market capitalism as i do. i'm kudlow. we'll be right back. ♪ students... students of any age, from anywhere. students in a new kind of classroom. ♪ using our technology to power different ways of learning.

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♪. larry: all right, so texas determined to stop the invasion of illegal immigrants no matter what various courts may say. fox news's nate foy standing by down there in eagle pass with all the latest. nate, what can you tell us now? >> reporter: man, the back and forth battle just seemingly continues, larry, with a special hearing that just wrapped up earlier this afternoon with the federal appeals court where texas and the biden administration laid out their cases why sb-4 should or should not go into effect. texas wants to implement it in the interim before the court rules or at least hears arguments about the cost constitutionality of it coming up in two weeks. if sb-4 bows into effect it would allow texas to charge and

deport migrants who enter the country illegally. texas as that sb-4 mirrors federal law, why at least some aspects of it should be enforceable while litigation plays out. listen to this. >> texas has a right to defend itself and under any plausible reading of that right, at least some applications of sb-4 are constitutional. >> reporter: but the biden administration says the law oversteps its federal authority over our borders. they argue the block should remain in place with accordance with present. in eagle pass, texas dps charges these 17 migrants with criminal trespasses because they could only do that because they arrested the migrants on a private ranch. sb-4 would broaden the ability to enforce those charges. also today, over 150 migrants crossed the border illegally in california. they came in two separate groups. many expect if sb-4 goes into

effect, the numbers out west of illegal crossings are just going to further skyrocket, right now, larry, we're waiting on that decision from the three-judge panel and then we will have in two weeks more broad arguments over whether or not this law is actually unconstitutional. we'll send it back to you. larry: yeah, but nate, correct me if i'm wrong, but the razor wire is still up and still a good barrier against the illegals? >> reporter: well, the razor wire is up and if a migrant were to cross the rio grande and breach the razor wire, tactions sass dps would be able to charge them. they can also charge migrants who trespass on to private ranches if the ranch owner agrees to press charges. but what sb-4 would do anywhere in texas along the southern border if law enforcement has prove a migrant crossed outside of a port of entry, they would be able to arrest and deport that migrant without deferring them to border patrol, where we

see so many times they get processed, released into the country. larry: yes, sir. nate foy, thank you for the update, we appreciate it. joining me to chew on this vivek ramaswamy 2024 former presidential candidate, found i were of strive asset management. welcome back, my friend. word on -- texas is going to stop the invasion no matter what these courts say and they should? >> i agree with you, larry but i think texas has actually called the bluff of the federal government here. either on one hand as texas argued, that their policy is consistent with the federalist government's you can't be in the country or state of texas illegally and they're consistent or does the federal government argues, argues that is not consist tent, if it is not consistent, that proves and smokes out the federal government abandoned the rule of law as it relates to our border. texas says the policies are

consistent, biden says out of one side of his mouth, we have a southern border, texas is saving the same thing, there is no conflict. if there is a conflict as the federal government claims, previouses reality that the federal government abandoned the existence of our southern border anyway. it spell as new conclusion. we need a president in charge of enforcing the ruled of law in this country and that is the best border policy, larry. larry: if biden would do his job instead of open border policy, we had a border policy, texas wouldn't have to do it. biden won't do it. greg abbott, somebody has to do it, so he is doing it. i'm all for it. you know what, down there they're just trying to protect themselves. i agree with you. vivek, i have a couple things for you today. we love having you. i like talking issues with you, not politics. there is one, what do you think about this, there is a judge in illinois who is now saying illegals, illegal immigrants can carry guns, can own guns and

carry guns. now i'm in favor of the second amendment, lord knows, but if you're an illegal, you're breaking the law, how can you be carrying a gun? and second of all, most of these illegals are, or all of these illegals they have never been vetted, we don't know where they come from, we don't know if they have a criminal record or not, but i'm just cure just, should we allow illegals to carry guns? >> the second amendment applies to citizens of the united states but the ultimate irony here, larry, is, as you see certain states, illinois of all places, places like chicago, infringing on second amendments rights on a regular basis, now suddenly selectively expanding its consideration of the second amendment for people who entered the country illegally. you can't talk out of both sides of your mouth. the we're inadequately protecting second amendment rights for people that have them, citizens of united states, rights to bear arms which

doesn't exist for having a right to be in this country in the first place. the bill of rights work, every american has certain birthrights attached to being an american. nobody has an automatic right to be an american without going through the right, correct process in the first place. that is the basic principle we have to understand. we have a constitution that guaranties rights to american citizens. not everybody has the right to be an american citizen. we have basic border policies that have to be followed. larry obvious, what is seems foreign in this country, what i'm stating obvious constitutional principles we need to revive. larry: you need to keep saying them, vivek, we're counting on you. we you need to keep saying them. we know president trump is in a pickle in new york because of this crazy lawfare around these unbelievable fines and so forth and so on. >> yeah. larry: so on this show last night around the night before we've been talking about the eighth amendment, the eighth amendment says, excessive bail shall not be required, nor

excessive fines imposed nor cruel and unusual punishment inflicted. couple years ago it was none other than ruth bader ginsburg upheld the excessive fines issue and the excessive fines clause should kick in here. in other words, i'm suggesting that mr. trump get his people to go around the state, the city of new york and the state, go directly to federal court, directly to the supremes and have all of these crazy fines and buildings seizures and whatnot, have it nullified because of the eighth amendment. this is an excessive fines clause. what you do think about the eighth amendment? >> i spot on agree with that, larry. it is dead on. the eighth amendment was created for cases like this one. larry: yeah. >> excessive bail and excessive fines. mentioned back-to-back, it was mentioned for a case like this that is designed for an aggressive prosecutor by the way is weaponizing the law to advance a political promise that

she made while running for office. so i could see no better case than this one. that proves what's at stake here. it is sad what they're doing to president trump, it is disgusting. i think it is honorable one man standing up to it as best he can. this is not just about donald trump. this is about every american. if they can do this to 45 h hth president of the united states, someone running i believe the will be the 47th president of the united states can do it to anybody. that eighth amendment was written for a reason. in context it has come up about the death penalty. the eighth amendment relates to cases involving excessive bails, excessive fines. the 454 million-dollar ruling by a politicized letitia james in a case where not a single victim was harmed, every person made money doing action with donald trump, but people not ordinary consumers, sophisticated financial institutions for that to be the bail in this type of case is

offensive to our founding fathers agree with the your supreme court today, ruth baders begin berg would agree with you, this is the exact case the eighth amendment was meant. larry: jonathan turley called it mob law. you're the lawyer, not me, but the 14th amendment which was passed after the civil war of course, but basically said federal law can supersede state law and in those days the issue was slavery, i get that. that can be used now. ruth bader ginsburg, scalia, some others used that a couple years ago to enforce the eighth amendment and i think that's the way out for mr. trump. just go past all these crazy people in new york. >> absolutely. applies to state overreach as it does to federal overreach. it is about protecting individual righted and donald trump's rights because that protects every american as well. i agree with you, larry and i am

hoping we see a victory on that front, amount vivek ramaswamy, we appreciate it. k soon. general jack keane his take why the democrats seem to be turning against israel. my pal kellyanne conway, safety and security are driving women voters to trump. safety and security. you're always safe with kudlow. we'll be right back. when you're a small business owner, your to-do list can be...a lot. ♪ [ cellphone whooshes ] [ sighs ] that's why progressive makes it easy to save with a commercial auto quote online so you can take on all your others to-dos. already did. see if you could save at progressivecommercial.com.

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...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo ♪. larry: all right, so if i may, why the democrats turning against israel? sure what it sounds like to me. joining me general jack keane retired four-star general, chairman for institute of study of war, fox news senior strategic analyst, presidential medal of freedom recipient. general keane, welcome back sir. look i don't want to put words in your mouth but here we go, you have schumer calling for new elections in israel and netanyahu was briefing the

senate today, remote, he went ballistic over that, he called it completely inappropriate. he called it outrageous but there is another article, general keane, u.s. to pitch israel on securing egypt, gaza, border, as an alternative to smashing into rafah. i mean i thought, i thought the idea here was, united states backs israel, israel has to crush and annihilate hamas. that's the idea. just seems like everything coming out of the white house is against that but you tell me, sir, what do you think? >> no, i mean we're really in a very unfortunate place with one of our closest allies. we have the president of the united states in public testimony criticizing the conduct of israel's military operations and we have the senate majority leader also publicly interfering with the

political process by calling for the prime minister to go to elections so he can be removed. i mean this is really quite unprecedented. this is not an adversary we're dealing with here. this is a very close ally who believes that they are under an existential threat to destroy the state of israel by making the security situation in israel so untenable that people will not want to live there anymore. as we all know, there is a very small jewish population in israel, some seven, eight million people. so what is going on here is shameful to try to find an appropriate word to describe it and as to the military operations itself, if that is true what he just said, that israel, conduct of operations should be to make sure the border is secure, i mean, who has experience like that to make such a lame recommendation.

so our audience really understands, larry, most of the fighting battalions that hamas has have been destroyed, close to 2/3. so there's four to six of these battalions that are left. one is operating around gaza. another one is around yu think. s, and four of them in the rafah area, and they're all effective. to destroy hamas is the objective. if, let's just take the administration's thought process here. if israel walks away and does not take down those battalions that are remaining and the leaders, many of whom are still alive, what will happen then? hamas will declare victory. they already are declaring a victory on the international world stage because of so much condemnation of israel but they will declare a military victory. they will rearm, reposition, reorganize and at some point,

year plus reattack. larry: yeah. >> then we have another existential threat dealing with -- this is what is on the table l proposing. that makes no sense. the people of israel are not supporting anything like that. they're supporting this administration's objective to destroy hamas' effectiveness so they cannot conduct a reattack. remember, we went into afghanistan with the principle purpose that making sure there was not a 9/11 and we succeeded that. that was our motivation. that's the prime minister's motivation here too. to make certain that october 7th does not happen again and let him have the leeway how to deal with the civilian population which obviously is of concern but you cannot let the concern of civilian populations overwhelm your thought process that hamas is not going to be defeated and you're just going to give up because civilians may be hurt. let's put in place a plan to protect the civilians as best we

can. larry: which is what the idf is trying to do. once and for all, israel has a chance to clean house and they should let them do it. they're not doing a bad job of it, you know? as you just said it has been fairly efficient according to the numbers i've seen. anyway, general keane, we're always tough on time but we thank you, sir, we appreciate your point of view as always. thank you for your wisdom. >> glad to help. larry: let's turn back to the presidential election. there is a great story here safety and security driving women and minority voters to trump. joining me the great kellyanne conway, former counselor to president trump and president of ka consulting, fox news contributor, author of, here's the deal. it is kind of cool, welcome back, my love. >> thank you, larry. larry: trump did an interview with "breitbart." it is not the only place he said this, safety and security driving women and minority voters to me and to gop and you

know, the polls show that. i mean there is another story, jason riley in today's "wall street journal," who does not like trump and that whole gang is against trump whatever their own reasons are, trump is winning minority folks, black votes, winning hispanic votes, women's votes. safety and security, kellyanne this is right up your alley. >> i say there is a safe acronym. safety, security, affordables education, you run on that and win. economic security, border security, but now also national security and public safety. democrats made a grievous error four years ago, saying defund the police, all that no-cash bail nonsense to criminals, even the vice president kamala harris herself did so at the time. now it is coming back to bite them, larry. there is article about austin. the city council over four years ago took $100 million away from the police to put it into public safety. it is oxymoron. they have record number of police resignations, early

retirements. guess what happened, crime is on the rise. mother of two children, ages five and seven, got in car accident, kids were bleeding, she called 911, 911, had to call lyft, a rideshare to get them to the hospital. when you defund the police, not defend the police you don't have public safety. all kinds of security. people know there was more economic stability and national security, border security and safety with trump there. bullies prey on their victims. putin in iran and the mexican foreign minister say don't you dare say send mexicans back to us. won't take them, state of texas. bullies know they can get away with that when they know weakness. larry: trump would double their tariffs. >> and china's. he did. we talked about, they will do the tariffs. they changed their policy right away. larry: he is a great negotiator. the other thing so interesting about this, particularly with the minority groups, kellyanne, there is a cultural point here.

>> yes. larry: they're tired of the democrats woke and cancel culture and no americana, no american history and so forth. that whole story has backfired on democrats. these are working folks, right? >> they are. larry: these are latinos, these are african-american, they are seeing the same thing. >> minority voters in large part, particularly hispanic, african-american males are leaving the democratic party. they believe the democratic party left them. it has something to do with economic upward mobility, homeownership and safety and cultural issues, why. their kids were home for better part of two school years. they got to hear what they're being taught in these conventional schools. masked up with kitschen islands as classroom, screen time is school time but there is something else going on here. the democrats, most of them, the party for sure, openly hostile to religion. you don't believe me, ask the 30 plus of them who couldn't condemn hamas in resolution. nothing about israel, palestinians. condemn hamas.

couldn't do it. they're always offering their thoughts now. weren't say thoughts and prayers anymore. offer you my thoughts, larry. won't even say prayers. hispanics know, you walk into catholic church, we're both catholic, larry, walk in any catholic church on a saturday, sunday, who is in there? multigenerations in the puce of is in hispanics asian americans. the masses are in korean, spanish. the white us are out jogging and having hundred. they lost it. openly hostile to people. larry: you have two fronts here. you have got a cultural front. >> security. larry: finally the economic front, they're paying a fortune, borrowing costs for their mortgage, borrowing costs for their car, borrowing costs for their credit card. >> everyday necessities not luck sureries. everyday necessities. democrats made previous just necessary take attacking trump

on border. hispanics say i spent 20 years coming illegally. i played by the rules. you have people pour in. they have rights, you're plucking my kid out of their classroom in the bronx to put their migrant kid there. people know what they see with what the democrats say. larry: hear that? listen to here. kellyanne conway, a font of wisdom. >> thank you, larry. larry: take a quick break. then bjorn lomborg, he will tell us why climate science, will cost it, get ready for this, $60 trillion by the end of the century. $60 trillion for no good reason and by the way it is going to impositivish half the countries around the globe. imkudlow. safety, security, you heard kellyanne. she got the story right. we'll be right back, boom

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larry: bjorn lomborg writes the following climate science could lead to financial ruin, yeah. joins now, bjorn lomborg, president of the copenhagen consensus, senior fellow at the hoover institution and author of, best things first. bjorn, i look at this i used to be a numbers guy, i think i still am, the total cost will average $27 trillion each year across the century, reaching up

to 60 trillion a year in 2100. net zero is more than seven times as costly as the climate problem it tries to address. so why are we doing this? >> because of panic. so, larry, you're absolutely right, this is incredibly expensive to do it the way that most politicians around the world are saying, namely, let's go net zero. that is just not going to work. what is going to work, look, climate change is a problem, what is going to work, but is to invest a lot more in innovation so we will actually get green technology that will be so cheap everyone will want it but let's not make these arguments just simply because people say oh, we should follow the science. the science tells us there is a problem but it is economics that tells how to deal with it smartly. larry: bjorn, we've already spent a fortune, i don't keep track of it. we already spent a fortune, you're right, i've seen this number, basically 4/5 of the world's energy still comes from

fossil fuels and the other thing i want to note, that you say here, is, over the past two centuries global life quality has dramatically inimproved the to a large extent because of incredible increase in energy mostly from the harnessing of fossil fuels. fossil fuels is not the enemy. let's make renewables, better, more efficient, cheaper, yes, 100% through the private sector investment and technological advance. that's what you always say, i happen to agree but this stripping spree, and tie being our hands what we're allowed to do, not do, which is anti-democratic small d, bjorn, i think it's nuts. >> and also, i think this is important to recognize, you might be able to convince well--meaning americans and well meaning europeans to do this. of course china, india, africa will not give over their opportunity to lift their populations out of poverty. in some sense, it is built on

the insane idea that we'll be able to convince everyone to be poorer and less comfortable. that is just not going to work. the only way is through innovation. larry: last one, a few seconds left here, basically the media picks up on studies that are not correct, they're not peer reviewed and there is a lot of over simplification, that still drives me crazy. >> it certainly drives everyone crazy. some of them are true but there is no context. look, fundamentally the problem, it's not the end of the world and there is a big difference. if it was the end of the world you can convince people to spend everything, but if it is just one of many problems you really need to ask the question, how much are we getting for each dollar we're spending and we're not getting a good value on current climate policy. larry: bjorn lomborg, best of the best, $60 trillion later. anyway we'll talk soon. appreciate it very much. folks, i will be right back with my last word of the things you .

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