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tv   Kudlow  FOX Business  April 5, 2024 4:00pm-5:00pm EDT

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they're selling more volume with on higher prices, and they'ring with able to increase -- being able to increase their profit margins. as we pivot to industrials, liz, they are a little bit cheaper than those tech stocks. again, i think the big takeaway for us is that the economy continues to do well, the labor data all week showed that. the jobs report showed that today, and we think that the economy's in good shape. and as long as it is, we wan to be in the sectors and companies in the market that are growing earnings and their profit margins the fastest. liz: michael, i'm with ya. we've had an incredible runup. okay, so a stumble this first week of april. no big deal at least for now. dow snapping a 4-day losing streak, gaining 307 points. the s&p up 56, the nasdaq up 197. we're all about the solar eclipse on monday. that's going to do it for "the claman countdown." ♪ if.
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hello, welcome to kudlow, i am larry kudlow. headlines rising but the inner strengths is questionable. biden economy looks like a part-time economy. all three big money to break down, brian brenberg, jackie deangelis and next after that, why is joe biden betraying israel? jack's misclassified documents case against trump imploding, the great professor alan dershowitz for all that and doug collins and alex mar-a-lago, a little bit of politics of democrats latest illegal, vote ballot climate harvesters. how much will the tax i do the economy? the answer is, a lot. first, lady trumbull with all the details. we can figure them out. i used to do this kind of work
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regularly on wall street, much simpler, i don't know what the numbers mean. six different ways, help me out. >> it depends on how you look at it i guess it might come as no surprise the biden administration is focusing on the good aspects of the jobs report, they just put out a statement as we were coming on the air saying, are you better than you were four years ago comparing this jobs report to march of 2021 former president trump was president in the statement highlights in march of 2020, the economy lost over 1.4 million jobs but you might remember that was at the start of the pandemic and campaign makes no mention of that. nonetheless digging deeper we are seeing to sectors about the biggest gains in march, healthcare was 72000 jobs added and government behind 71000 jobs added. because those are the two
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leading sectors, some economists raise concerns government spending is propping up the economic data leisure and hospitality returned to pre-pandemic levels, construction added 39000 jobs but manufacturing, a sign of whether we are making things, that was flat after losing 10000 jobs in february which by the way, a downward revision. >> i think the construction does play a part in the story, filled before you can have you working in the so we expect 2024 a lot of those investments, we are going to see factories go up and then we will see more growth in manufacturing. >> we will seek if the growth in manufacturing comes. wages also up 4.1% from a year ago.
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good and that it means more money and workers pockets but that could put upward pressure on inflation and for that reason, hope for summer rate cuts is dwindling. >> i don't see the rate cut coming which means small business owners about the regular consumer for credit card debt is at the highest levels, they are the ones suffering. >> the number of jobs added to february was revised down by about 5000 jobs so not massive adjustment like leasing attempt recent jobs reports but a downward revision nonetheless. >> at the beginning, the biden put out circular competitive march of 2021 the entire economy imploded because of the pandemic and they didn't mention the pandemic which is this -- i can't swear on tv, the family shall, the stupidest thing i've ever heard even for them. a new low for stupidity. >> you would think they would make mention the entire world economy was shut down in march of 2020 when asking the question, are you better off than you were four years ago? >> permit pinocchio.
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thank you, appreciate it. i have a couple of thoughts, whatever your interpretation of the jobs report, the federal reserve is not going to cut interest rates this year, if not going to do it, folks. inflation inching up, not down, commodity prices booming, price of gold floating higher, the price index themselves moving north, not south nor is the fed going to move it 2% inflation target grocery prices increased more than 50% since 2019 according to the "wall street journal". a typical basket of groceries about hundred dollars worth about five years ago would require about $140 today. while underlying of the economy is up for debate, it's not fallen into recession and whatever you think of validity of the jobs numbers, the fact remains rate of unemployment 3.8%. that's not a recessionary indicator in the fed what be dumb enough to ignore the actual
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data and went ahead and cut rates, it would be viewed as a political attempt for the economy in order to reelect joe biden. biden told the fed to cut rates as the usual far left senators like jared brown, liz warren and bernie sanders. in other words, the usual suspects. donald trump and every republican official would pound the fed into the ground if they tried to pull a full hearted sound like an election year. inflation continues and the economy is resilient. republicans would be correct to pound jay powell and the fed for that election year. joe biden has inflation on budget. massive spending, record deficits in treasury market overload bartering. on the one hand, the biden's are trying to inflate the economy and on the other hand the fed is trying to restrain it. it doesn't make a lot of sense, does it? mr. biden wants tax hikes
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virtually every nook and cranny of the economy. companies and visuals and investors, 50% capital gains tax in foreign income for the national speak land and let foreign government decide tax burdens on american companies abroad. pure insanity. $34 trillion worth higher taxes out of smashed enterprise and lungs any hope of long-term economic growth. biden's huge spending and tax and policies along with his manic government regulation of energy and attempts to force-feed election rules nobody wants. thereby ending gas vehicles and most folks love, causing something of a rebellion around the country. people don't want government bureaucrats to tell them how to live and what they can or cannot by. the country clubs freedom. the country clubs consumer
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choice a big part of their love of freedom. for the jobs numbers today, the top line 303k but if you look under the hood, so strange correct 26.8 million part-time workers and that includes 691,000 job part-time workers in march. meanwhile, full-time workers felt, is it a part-time economy? folks with multiple jobs to make ends meet increased by to 17000. the private sector industrial workers industrial workers felt 154,000 and could drop in 151,000 in february, not good. former white house economist i great probably on that one. additionally, over the past year exceeded nativeborn jobs by
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1.3 million. i know there is controversy, i want to state that bureau of labor statistics labels best legally employ that is important so it doesn't appear that this comes out of biden's catastrophic open borders policy generating roughly 10 million illegals with a massive crime wave to go with it. we will revisit this issue of foreign-born job numbers as time goes on and more data is available but really it is in for joe biden's basement economic goals, the country has no confidence in him. his ability to generate future opportunity and prosperity. real wages have fallen badly during his term, middle-class working folks don't believe he would fix that given a second try. i think that's the real story. let me.
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fabulous cohost of my favorite show, big money show. jackie deangelis, hold your hands up. raise your hand when your name is called. [laughter] >> brian, i don't what to make of this, i'll start with you, are the biggest of the group. [laughter] i don't understand, one think i should have put and i mentioned here, the government affect, 150,000 of the 300,000 government, i'm using government plus health and social assistance is essentially government. private insurance companies in the financial component so 150,000 of government jobs, half of it and then incredible stats about part-time workers so i don't what to make of this number. >> this is one of those days where you start with the headline number and think it looks pretty good and revisions weren't so bad but then you go
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back household survey which is what you did to get the part-time numbers and you realize my gosh, all of the job creation this month was part-time. in fact, that's been the case since february 23 so for a year we seen part-time. what's interesting here is you made the case you can't cut rates with this data and then you look at the data and it's not as long as you think it is which raises the question, i know you are confident about the fed not cutting great air but this is the rocksolid report. >> there's no question about that rocksolid but the commodity price level signals a long wait and the price index is the wrong way in effect can't move when prices are rising and you got now people may not subscribe to this but i would keep an eye, crp, gold, energy, oil, maybe
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this is middle east retaliation, maybe not but it's all moving north and the fed needs to move south. >> if you think it's an inflationary hedge than you're getting a little nervous. 2300 dennis government on earlier this morning, going to 3000 but he says if you are out buying gold bars at costco than that usually is a side gold has peaked we will have to wait and see. if you are neil you're looking pretty good because four hours ago he came out and said we could do to cuts or zero and maybe that's when you wake up today and look at the numbers and think maybe we do zero. >> 300 points today, it didn't offset yesterday's drop of 500-point it will be down for the week so i don't think box have a clear message at the moment but we are going to have to sort through, is this a
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part-time country, a part-time economy? do not understand. we also have to sort through nativeborn versus foreign born which may not be a bad thing. let me add that because bureau of labor statistics labels best, these are legal jobs, green cards, thesis and whatnot but what is your take on this -- everyone is working part-time and foreign-born taking over. >> i see a lot of problems, i agree with you on headline number basis, they have a right to say this is a good jobs report and it might lead the fed to pause with respect to what the navigation plant will be on interest rates but what hit me was what you said about the government jobs even if we go with 71000 number, why are we adding that many jobs? we have been in the last few reports as we are in healthcare which is a sector where you really need to add people for the country is in dire need of
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so what's happening as you cap joe biden growing this economy and i talked about you this morning in our meeting, ask larry kudlow, that's not where they see the growth from the government basically -- the same way he's trying to buy votes whether it's with student loans or ev theft he's doing handouts and swing states with respect to this, he is propping up the government having them hired to make the numbers look better than they are. >> i love that, taylor, i love that and it could be a jobs, they are proposing the biden's are proposing eight billing dollars funding plan to hire 50000 climate core. i call them little i'm in tears. >> that's on two fronts. >> first of all, 50000 more j jobs, that's number one. they can't get it done fast enough. second, i know what they will do with them, all these climate here people, radical zealots is
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what they are, they are involved in mail-in ballots at harvesting ballots, on a mission. the whole government is now on a mission to get di spread throughout the government trying to lift all the political laws so the government bureaucrats can go out and work in this election which they are not supposed to do because they work for the federal government. it's one big harvest. [laughter] it's not a thanksgiving harvest. it's an election harvest. >> two-point there, energy is proven to be inflationary as we transition so that is a problem for people at home and for the federal reserve, a problem for the biden administration. the eight billing dollars in spending, tacked onto the doings of spending other that's hugely inflationary as my concern is $34 trillion in debt isn't going to like this in the bottom tomorrow but eventually the music stops and that money comes
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due and i don't know if it's our kids or grandkids but someone will have to pay for that and we are all going to pay for that in higher taxes and that's what i am against this spending and some of these green initiatives. >> what you make of this? i can't let go of this because i wasn't aware of it, biden's put out a press release saying how much jobs have grown since march 2019 which would happen below and jobs for decades because of the pandemic. now that is an even bigger life. the lie that biden got a perpetual pinocchio on, a bottomless pinocchio from the washington post was that he cut budget deficits by 1.7 trillion, he's increasing every year by about 1.7 trillion but on this one, this could replace, the brand-new bottomless -- >> a new category. >> and live with impunity. you can't do that it's a moral
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issue and we just had easter. [laughter] >> celebrated something else. >> but we can't talk about it, it's a family show. >> you make a comparison like that, that's like me saying, comparing might benchpress today to when i wasn't seventh grade it looks great but doesn't mean i've made progress with the last couple of years but you do that when you don't have a story to tell and they don't have a story to tell. that's why the polls show you people have no confidence. >> i think that is important. at the end of the day all of these details we work through, you're all good at it and it's what we do for a living but the fact is, no confidence and biden or biden's ability to prosper us and provide opportunities in the future. >> it's a "house of cards" so i
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want to see manufacturing jobs. you want to talk about growing this economy the right way and making mike knox work for somebody, charming growth in the manufacturing. >> there is manufacturing construction going on because of the subsidy bills but there are no manufacturing jobs. i'm looking at this not only zero this month but 12 month change is 25000. twelve month changes 2000, pathetic. absolutely pathetic. i'll say this, and this on a bottomless pinocchio. [laughter] that is as low as it goes. [laughter] brian brenberg, jackie deangelis, catch them on the big money show everyday 1:00 p.m. eastern, a terrific show. watch it here on foxbusiness. thank you kids, appreciate it. why is joe biden betraying israel? to go through this, too? alan dershowitz right here onset
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kudlow. thank you, folks. ♪ the new dexcom g7 sends your glucose numbers to your phone and watch, so you can always see where you're heading, without fingersticks. dexcom g7 is the most accurate cgm. so, you can manage your diabetes with confidence. ♪ ♪
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harvard law school and author of the important book war against the jews and anti- hamas barbarism. thank you very much for this. i want to talk on the phone call where it was blameworthy and appears to be changing policies with respect to war funding and ammunition, but basically auditing them to negotiate with hamas and make cease-fire with hamas, hamas hasn't agreed to any of this as usual. >> whenever the united states turns against israel, result is a wait for making any deals. hamas says, why should we give up any hostages? biden is doing our job for us. cnn is doing our job, the new york times is doing our job tony blinken is doing our job. there all making is your lose and if they lose, no matter how many people die gaza, hamas will
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continue so the biden of administration is not only betraying israel, it is betraying the peace process. it is dripping to a continuation of hamas. i have to tell you, if joe biden with his original statement in support of israel, this war would be over. >> i couldn't agree with that more. let me say, we interviewed the economic minister, a rising star -- here's one of his lines yesterday coming up. >> i did not hear one word demanding hamas to surrender. i expect people to say hamas surrender. we will haunt you all over the world. qatar, we are going to haunt you from now on, you have to choose sides. >> i didn't hear hamas surrendering and biden's phone
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call either. what is this about? >> not even the criticism of the refusal by hamas to come to the bargaining table, israel has come made efforts, not everybody in israel supports this. some really want to not stop the work. israel is put on the table and the united states has as well and hamas refused. every time biden shows weakness, hamas shows strength and that's why hamas loves the united states didn't veto to get a council resolution, they were just laughing up and down. iran floods it. when hamas and iran loves something, you know it wrong so what the biden administration is doing is against peace. >> i was thumbing through the readout from yesterday's phone call and the kirby press conference afterwards, they are now saying from the original
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october 7 for the u.s. government and biden's work, totally behind israel wiping hamas off the map, they are now saying they favor, they still support israel's defense against hamas. that is a different measure than saying if israel's annihilation of hamas and that's like saying okay, we will have cease-fires and if hamas comes after you then we will give you the green light to defend yourself. that is completely wrong, a complete turnaround in the wrong direction from this work. >> i agree. what they are looking for is a tie, not a went. as high as a win for hamas and biden recognize when it comes to putin, he said if he wins in ukraine, he will move to poland, the same thing is true with hamas. they have a tie, which is a win,
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if they hurt israel which is what they are doing now with the help of cnn and the biden administration, they are coming to a theater new year and it literally came to a theater near him and moscow even though it wasn't hamas, they learned all of these groups learned from hamas, learned, terrorism was essentially invented by palestinian extremists and we are allowing terrace to win and it will hurt us in america, a national security threat to the united states to help hamas w went. >> president biden basically doing it for political reasons, everybody says so, it's not just me. he's got troubles on the left and a spark left or whatever left but i think those are the worst reasons to change foreign policy. >> you are right but he's also trouble in the center. hours before he died, we were corresponding to do a statement, put it in the "wall street journal" saying people like lieberman and me for
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traditionally democrats don't count on us voting for you this time. open minds, you have to earn verbose and i have to tell you, he's not burning my vote these days. >> you will lose sensible people, that's for sure. >> christians and jews. don't mortgage" which are much more to 200,000 arabs and muslims, two state solution, michigan and minnesota will hurt the democrat so not only immoral, it is dumped. >> ethical man. you're going to give you the rest because you come back for the next segment and talk about legal matters but it's felt a happy onset. jack smith special prosecutor classified documents case against donald trump may be an deep trouble. greg jarrett will talk to us along with professor dershowitz,
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let's take a look at special counsel jackson's case against donald trump and let's ask if there are problem, is importing? greg jarrett, greg, let me start with you. i really don't understand, this is an argument about jury instructions as i've tried to read through this on several publications and judge cannon in florida offered different options and jack smith is violently against it. can you walk us through? we got the great alan dershowitz to comment as well. >> jack smith is notorious for august tactics, railroaded defendant to be chastised and reversing and now he's pulling
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the same intimidation tactics with judge cannon. he demanded she accept his version of proposed jury instructions excluding terms defense, presidential records act and went so far as to trying to have her kicked off the case if she didn't capitulate correctly, she told him to stop it because jury instructions, they are never finalized until the evidence and testimony is introduced. if i had made that dumb demand of the judge in the case, the judge what tell me to stand on the corner with a cap because a judge can't possibly know how to instruct the jury until all evidence is presented. i think cannon has been tolerant of contentious abusive attitude whereas other judges would have held him in contempt for insubordinate arrogant. >> doocy it the same way? the two scenarios have to do
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with the presidential records act, i'm not sure people understand that, maybe you could give a snapshot. >> i always agree with greg jarrett number one. what jack smith is terrified about, he might actually have a fair trial in florida he knows he's not going to have a fair trial, 95% of the voters, he knows there's not going to be a fair trial in georgia, certainly not in york and he's terrified judge in a fair county in florida might actually give donald trump's rights to a fair trial so is doing everything to provoke the judge, possibly make a motion to recuse and instructions have to wait to hear what the evidence is and generally you don't give instructions in advance because if you do it, it gives the other side prosecution opportunity to appeal. a real favor on this issue presidential records act it may
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come out ultimately against donald trump, we don't know. it's not absolute. >> are we arguing over jury options now? they haven't had the case get, having gone to trial, nobody's been in court. smith is trying to one up or what? >> is trying to force her to make decisions that will allow him to appeal. he'd like to appeal as soon as possible because he doesn't want to delay. the term people are accused of trying to delay the trial, it's nonsense, the prosecution that's trying to rush the trial. the people of the united states are entitled to a guilty verdict before they decide to vote for. that's -- almost admission range that's an admission of election appearance. >> that's interesting, smith actually said entitled to a guilty verdict before the election? what if it -- how does he know
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what the verdict will be? he's not mr. personality, that's for sure. >> oh no he's not. he doesn't come across well jurors. just ask some of the jurors in the case he lost. the presidential records act as the professor said is potentially a viable defense. bill clinton used it classified tapes in his home after he left office and at the time the department of justice argued the act allows a former president to keep whatever he wants and federal judge completely agreed so ruled. now fast-forward more than a decade because donald trump, the d.o.j. is reversed itself, renounced the act and prosecuting trump criminally. this is another instance of selective prosecution and unequal justice. >> one other thing i would like to ask about, your good friend letitia james, new york attorney
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general, i know you hang out together, she is saying mr. tom's bond from the company based in california is not good. it is registered in new york as i understand it. do you have a thought on that? >> she's wrong as usual. paid all caps for $175 million bond and fully collateralized, it is a valid bond but letitia james spanked by the appellate court now trying to end run disqualify the company by claiming it is not a standard carrier in new york. it doesn't have to be. it is a surplus or excess carrier and as long as it is sufficiently capitalized -- and it is over a billion in equity, you can offer tom's bond and that's what it's doing. the truth is, james got ameliorated by the higher court, desperate to stop jumps appeal,
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seize assets, doesn't care about the law only about filling her campaign so to if i may borrow the professor's book title, get trump. >> you are right in the other example of the double standard is obviously trump people are trying to recuse the judge in the criminal case in new york on the ground that his daughter works for democrat and what profit financially if he were to be convicted. the democrats are coming in thank you can't do anything about it but what about clarence thomas? they are trying to get him recuse because of his wife, i can't be what's good for the goose is and goes good for the gander. >> this insurance company in california is well-capitalized. >> we do have it, the commerce clause -- >> who raised that x. [laughter] the only thing i understand.
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professor alan dershowitz, love how you onset. greg jarrett, who come from that fancy vacation place, come onset soon. we miss you a lot. we are going to talk politics right now with right birds alex editor-in-chief breitbart news and author of breaking biden and doug collins, former, host of the doug collins podcast. welcome back. i've got one, a couple beauties. this is maybe too easy but the first one is, once again joe biden is coming in insisting on expanding to lump cancellations, a lot of the story their pitching, i probably credit on breitbart news, the supreme court said you can't and with impunity he keeps raising it and adding to the student loan cancellations. i always ask, what part of the english language doesn't biden understand? let me get your opinion, it may
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not be speaking english. >> it's not, it's about buying votes and he's trying to buy the votes over educated liberals who took on too many student loans making a lot of money. a lot of this, there's a racial element because black americans have a higher ratio of debt to income and they will get a comparatively handout so i think electric and honest. it's a great day if you left inflation, selling cars or landlord and all these people get more money because of biden's handouts and all of its inflationary. >> quickly, all these people will get more money, that is true but are more people are not going to get any money. the last i looked, the ratio was about 70% not and 30% will. more or less. that 70% will be teed off at 30%
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and biden or am i wrong? >> i think you're right it's going to be pretty good consultant and folks on the republican side, giving them a hand right here, something can be played up in september, october 20 go up voters disenfranchised leaving they are disillusioned with biden, maybe with the system think he what's going on and then you have donald trump talking about these elections is real issues of economics and he's at this is what joe biden is doing, you're maybe not seeing yet but will tell you the truth, he's taking you and giving to them about us exactly the message people are going to resonate to because they are tired of seeing a government that pokes the issue of inflation putting money into a system and claiming they are trying to fix it. that's hogwash. >> claudia tenney was onset a couple of days ago and raised
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this. as a presidential by executive order coming that basically says to all federal bureaucrats, go on out there and work in the election you can help for the direct mail, the harvesting, you can undertake any political tasks you want. executive order throughout the federal bureaucracy, we've never had that before and it violates all the hatch act and so forth but that is where they are go going. >> that is what they are doing at they've been doing this in the entirety of biden's administration. i did write about this in my book breaking biden what you have been kind enough to plug so thank you for that. there are not just a get out the vote effort, they are trying the ei, all of this is hedge against the prospect of trump winning because they know i know trump is ahead and he's a favorite and want to make sure joe biden particular has a legacy and a
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chance to preserve it and look through every one of these moves in election day, look at it in that lens and it makes more sense. >> they can say whatever they want, republicans morning democracy but it is they come up democrats as alex said, enshrining ei and felt bureaucracy doing everything they can to protect the tenure bureaucrats because they know mr. trump come in and look for major reforms but this bureaucracy which is always there and quite liberal. the other thing is, developing this private or, are you familiar with this? climate court eight billing dollars for 50000 people and young people by the way, plenty of benefits by the federal government including student loan cancellations and they will go out and harvest their to she's off, that's what they are going to do.
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>> i agree with you you just talked about legal issues, here's an interesting thing, is what happened when the president is untucked by the department of justice or anything going on with what they are doing. you hear no pushback on these unconstitutional acts going on dealing with issues with student loans and now the hatch act and federal i think for a party this is what happens when they are all in agreement politically with policies. this is why people are frustrated, we continue to get this message out, is truly not just about donald trump or whatever you may think is about you and your individual life. >> it could happen to you. thank you both, appreciate it. coming up, sky high tax foundation, what a disastrous tax hike.
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are now accessible to the many. earn points for travel with credit one bank, and live large. her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.
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i talked about disastrous joe biden tax hike plan at the top of the show and here we go again.
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his new book tax autocracy which if you don't know about taxes and how they go but you priced out the foundation of price tag, this biden plan. it's a disaster seven, 800,000 jobs lost. gdp falls a couple%, wages fall even more. talk to us about this plan. if you tax something, if you tax, if something moves and you tax it, will get disastrous results. >> i call this the biggest success tax plan everything. we are looking at gross tax increase of about four and a half trillion dollars over the next decade and after you discount a bunch of child tax credits, it's about three and a half trillion, massive tax increase but let's look at the impact and raise the corporate tax rate and once again have the highest corporate tax rates in the world. it raises personal income tax rates for income to nearly 40%
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when you're out on other taxes with including state taxes, some states will have top tax rates over 80%. capital gains rate will be nearly 50% all in. this is a big hit on u.s. multinational, small businesses and investor class. basically successful people in america for the targets of this massive tax increase. >> reversal of trump tax cuts that were very successful and of course biden tried to reverse all of trump success for policies unsuccessful results. these estimates you have, i'm going to call it 800,000 jobs what do% gdp. is this one time loss or recurring loss? >> it's over time, over the next decade and that's how we see the impact on long-term gdp,
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long-term jobs and long-term wages so these things happen gradually as a tax increases rolled out. the impact will be significant short-term the real impact is over long-term as you see the economy began to slow, cutesy investment begin to slow and wages began to decline and ultimately all the jobs will be lost. >> that's the thing, if you are penalizing investment and activity overall activity by business as well as investors, if you penalize not, that's going to cause higher inflation also because the supply of goods will be shrinking or slowing even while the government spending all this money to bluestem in. that's going to put us back in the soup. >> about economics, that tax policy get there simply nothing to be said in favor of this tax plan. >> i appreciate it. we'll talk about your book on
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the radio coming up. the tax foundation, i'm cut. stick around, last word rightie after thisnd.
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i'll just tell you again, biden betrayal of israel, it does great damage to israel's national security, does great damage to our national security and a + four

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