watch the show on that day and every day. what do you expect, will it be two interest rate cuts, or just one or none? >> i think there should be zero interest rate cuts but you think the fed will actually do one. i think cutting rates right now is one of the worst things the fed can do because that is ultimately going to be inflationary. if they cut-rates too soon they will cause inflation to reaccelerate back into the fourth quarter, first quarter of next year. then they're going to be potentially forced to raise rates again and market does not have that priced in. liz: eddie ghabour, thanks to you. so a little bit of an eclipse shadow over the dow and s&p which are slightly down. nasdaq, russell, dow transports in the green. tomorrow we will see you. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so, we witnessed a total solar eclipse today. it is a great event.

here is really good news. actually it is still unfolding. we are moving from the darkness, gradually back into light. very important, kind of like what's going to happen in november in the election. oops, we report, you decide. now some more breaking news. there he goes again. joe biden canceling student debt. just a few moments ago, 25 million borrowers, no interest payments. will cost a fortune. bucks the supreme court and breaks the law. senator marsha blackburn will be on that and some other matters in just a couple minutes. congressman brian mast and cory mills will weigh in on the ukraine bill in the house. will speaker johnson secure the border or not? and our political panel on trump's unifying fund-raiser, big news and his new abortion policy announcement today, also big news. and the great art laffer, inflation, interest rates and biden tax hikes, no good. first up let's go to our own

edward lawrence who is live in madison, wisconsin, with solar, lunar, i don't know, whatever, he has details on joe biden's student loan bailout. edward, what can you tell us? >> reporter: larry i can tell you the president is trying to energize that younger voter by expanding the student loan forgiveness program. he announced new changes proposed changes to existing programs that would expand it to include some 30 million people and balloon the cost of this. already the president has put the taxpayers on the hook for $146 billion in canceling student loan debt, affecting four million, roughly four million. president biden telling the crowd he also wants free community college. president biden: i will never stop to deliver student debt relief on hard-working americans. only in the interest of america we do it and again it is for the good of our economy that is growing stronger and stronger, and it is by freeing millions of

americans from the crushing debt of student debt. means they can finally get on with their lives. >> reporter: but the president of the committee for responsible budget, maya macguineas, continuing to push this accentuates the problem. >> it would actually make the problem worse. it is not a structural fix. the way we subsidize higher ed now makes the costs go up and these one-off debt forgiveness make that problem how expensive higher ed worse, not better. >> reporter: she adds that forgiving debt could also put pressure on inflation. the president hoping to expand the program and finalize the rule just in time for people to start voting. the last process took five months. which means the final rule here would come out about september, right before the november election but this time they will face legal challenges. the attorney general of kansas already said the president cannot get around the supreme

court this way. larry. larry: i'm sure, edward is is timing of this purely coins dental i'm certain of it [laughter] >> you know like most, election year things come out. stuff happens. larry: even better than a solar eclipse. that is the great edward lawrence out there in wisconsin. thank you ever so much. folks, a couple thoughts from me. this is important. come home to trump, that was the theme of president trump's smashing fund-raiser saturday night pulling in more than 50 million claimings. a one event record, eclipsing the obama, children ton, 26 million at radio city music hall, that was last week or the week before. the republican donor class coming home to mr. trump unifying after the divisive primary season has come to an end. mr. trump virtually winning all the polls, especially swing state surveys, showing that enthusiasm, and momentum is on

his side. the list of contributors and wall streeters, john paulson's home, reads like the who's who of gop megadonors. harold hamm, john steve wynn, john catsimatidis to name but a few. many folks were for desantis or haley during the primary season or other candidates. they're now unifying around mr. trump, no order to defeat joe biden's woke open border and big government socialism. mr. trump spoke to them about economic growth with his trademark support for drill, baby, drill, tax cuts and deregulation. he described his working class coalition of blacks latinos, whites and young people. he emphasized wages under his second term would grow faster than prices, thus ending joe biden's affordability crisis and reminding how well typical families did during his first term. he also talked about rewarding success, not punishing it.

he mentioned trade reciprocity and of course stopping the biden illegal immigration crime wave. just as important was his theme of unguying -- unifying the country around successful policies. at this fund-raiser, mr. trump emphasized not only unity in the gop but unity through america. success is always the best revenge. prosperous america secured by law and order along the border and throughout the heart line as well as restoring respect overseas. president trump believes his america first policies will bring america back together. the donors loved it. so will everybody else. that's my thought for this evening. now, let us bring in our friend tennessee senator marsha blackburn. senator blackburn, thank you, ma'am, for your time. i just want to spend a moment on this fund-raiser. they raised big bucks but it is like the gop is coming together

and you think the reach out here, successful policies to restore the middle class, i think the whole country is going to unify around this? >> i agree with you, larry, and everywhere i go, all across tennessee and into other states, people talk about inflation. when you look at the fact that food costs are up 36.8% over where they were in 2020. people feel that pinch. at the grocery cart, also at the gas pump. under president donald trump they had a little money left over at the end of the month and under joe biden they have too much month left over at the end of their money and they want to go back to trump policies and i agree with them whole-heartedly. larry: senator blackburn, that's a great line about the money at the end of the month, and the month at the end of the money. i love that.

i will have to put that to work. will you unlock that? that's a terrific line honestly. >> you have at it, larry, thank you ever so much. let's move on now. here we go again, president biden, he is expanding the loan cancellation. now maybe 30 million borrowers or more, no interest payments, no principle payments and it just so happens the registration will come sometime in late summer or early fall just before the election. i'm sure that is just a coincidence. supreme court said no. what about the supreme court doesn't mr. biden understand? i still don't get it. >> it is offensive to tennessee, and all americans, when president biden will stand up railing against the supreme court and say doesn't matter what they say. i will do what i want to do. you know, larry, people look at this and say, we're tired of two

tiers of justice, two fierce of access, two tiers of treatment and they know that joe biden, this president is openly defying the supreme court when the supreme court has spoken and said mr. president, you cannot do this. and for him to say i will do it anyway is so wrong, it's one of the reasons people are tired of joe biden and his antics. larry: i thought he was the president in defense of democracy and in defense of the constitution? i mean to me, that's an opening you know, as wide as a truck. he should be criticized and held accountable. besides this supreme court decision, by the way, he is probably violating as you said many times he is violating the constitution on the border. he is violating the constitution with his regulatory state. now he has got these student loans. he is violating the constitution

with his war, his raw fare war on trump. >> yes. larry: he would not allow democratic primaries in north carolina and in florida. they did everything they could to keep robert kennedy, jr. off the ballot. this is democracy? he is the anti-democracy? >> what he continues to say is to trot out that line and talk about how he is trying to defend democracy but isn't that what the democrats often do? they will say one thing and do the exact opposite. what joe biden is trying to do, what his administration is trying to do, is to be a government of, by, and for the powerful, the elite, the well-connected and not a government of by, and for the people. the court has told him no on student loans. he has also been defied when it

comes to the border and we will begin this impeachment on wednesday with mayorkas. he should be impeached and if chuck schumer tries to toss out these articles and not have a trial, every american should be incensed. this would never have happened in a trump administration. it would never have happened if republicans were in charge of the senate and for chuck schumer to say we're not going to have a trial, that has never happened in the history of the united states. larry: can you just walk us through that? that's a key point, senator. the house passed the impeachment and they walked it over, they walk it over this week to the senate and the senate is supposed to just accept it. as i understand it is a

pro-forma development under the constitution. you're saying that will be rejected for the first time? >> well, we will convene at 5:00 on wednesday and we will receive the documents from the house, the impeachment articles. and then we will be sworn in as a court of impeachment. every senator is sworn in. the process then would be for the evidence to be presented, for the trial to take place. what chuck schumer is saying he is going to do is move to table the impeachment articles and not move forward on a trial. that has never happened. it has never happened and what we need to do is move forward with that trial. i think mayorkas should be removed from office. he has been doing joe biden's bidding on the border.

that border policy is wide open. it is an intentional move by the democrats. there are thousands of americans that have died of fern at that nil -- fentanyl poisoning. thousands of americans have been killed in traffic accidents or shootings, things carried out by those illegally in this country. there are thousands of women and girls who have been sex trafficked by the cartels it. there are 85,000 children that hhs and the office of ref few guy resettlement took into custody and we do not know where they are. and mayorkas cannot tell you where they are or who has them. they have lost 85,000 children. some of these children were being trafficked and now they have gone to sponsors that were not vetted.

yes, mayorkas should be tried and he should be removed from office. larry: yes, ma'am. not to speak of a bunch of new york cops being attacked in the subway by venezuelan gang members and -- >> the list goes on and on. larry: tragic this cop in the queens who was taken out by another venezuelan criminal. >> devastating. larry: senator marsha blackburn, thank you, ma'am. i want to get this right. money left over at the end of 9 month versus the month left over no money, that about right? >> well there is too much month left over at the end of the money and under trump, they had money left over at the end of the month. larry: i'm taking that down verbatim. we will give you credit, ma'am, as always. >> you got it, senator marsha blackburn, thank you ever so much. all right, folks coming up here on "kudlow," there is ukraine foreign aid bill coming. the question will speaker jones

son insist on securing the border in the bill? we'll ask florida congressman brian mills and cory mass. watch kudlow at 4:00 p.m. and if not, text your favorite nine-year-old and she will show you how to dvr the show and you will never miss an impeachment when enamel is gone, you cannot get it back. but you can repair it with pronamel repair. it penetrates deep into the tooth to actively repair acid weakened enamel.

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larry: it has been six months since the israeli massacre by hamas. now where do things stand? fox news's jacqui heinrich live at the white house with more. jacqui, what can you tell us? >> reporter: larry since that israeli strike that killed seven aid workers pressure on the president from his base has been boiling over. you had outside of detroit last week, protesters chanting "death to america." in wilmington over the weekend, protesters getting as close as they could to the president's house. acting out, pouring fake blood from water bottles in a display there. they have been calling on biden to condition future aid to israel. something the white house has been hinting and something republicans warn would be dangerous message to u.s. allies and enemies alike. it doesn't sound like israel is

poised to dial back its plans in rafah? >> we'll wait a few more days. we'll know deal with the hostages. we'll step into the city. we waited for a very long period of time to negotiate with hamas. if they're playing with us, with the u.s., with the qataris, with the egyptians, they find out we know how to fight and we'll find them even in rafah. >> reporter: that means biden will be tested again. today the white house cast doubt on that timeline though saying israel has given assurances they won't begin operations before a broader discussion about viable options and alternatives. >> we don't think that israel can effectively evacuate 1.4 million people. that a full-scale invasion into rafah would have an enormously harmful effect, impact on the civilianses who are there. it would hinder the delivery of humanitarian assistance that it would actually hurt israel's national security and that's something, it is the kind of

operation we can't support. that's what we remain in conversation with them about. >> reporter: meantime in the background the administration seems to be more urgently working on this hostage situation. you had the cia director bill burns in cairo over the weekend trying to work on these negotiations. tonight at the white house you have families of u.s. citizens being held hostage meeting with jake sullivan and we're told that officials say there has been a proposal given to hamas. we're waiting for hamas to respond, larry. larry: jacqui heinrich, we appreciate the run-down very much. the question is joe biden betraying israel and are joe biden democrats betraying into hamas's hands. let's ask florida congressman, brian mast and cory mills. a lot of people including this host that mr. biden is playing into hamas'' hands, and

betraying israel. what do you think. >> i think that is the truth. he is from the beginning saying one thing to people in detroit, michigan, of arab background and staying entirely to a different group he would stand in front of maybe just today. maybe you saw it, nancy pelosi, 30 or 40 other democrats sent a letter to the administration saying no more arms transfers to israel. to break that down for one quick second what that literally means is, no more iron dome transfers. so the most measurable, humanitarian effort that the united states of america puts forward knocking indiscrimenant rockets out of the sky coming from gaza into israel, democrats don't want to see us transfer those rockets, cory, biden has gotten cold feet within a few weeks much the massacre on october 7th. people are furious. he may be playing for dearborn, michigan, or playing for something outsidof minneapolis

saint paul, but israel this is existential threat truly. they are the only democracy in the mist and a great american ally. what happened to joe biden or is another afghanistan on the way? >> well afghanistan was just the beginning as you know, larry, with the way he handled the botch the afghan withdrawal, resulted in 13 brave heroes we should never forget names. we have to understand biden is pandering to the radical left more and more. rashida tlaib, aocs, they won't stand with our long time ally israel. pott trump was so wise in his foreign policy decisions to put things in place like the "abraham accords," normalize relationships to weaken iran's approach. win or victory for hamas, a vin or victory for the houthi rebels, this administration briden chose to delist as terrorist organization. that is win for iran. a win for iran is a win for

china, russia, north korea where they're politically aligned with. this is not singular foreign policy focus to geopolitically what this means moving forward for america on the world stage. larry: thank you for all of that. brian, come back, if you will, brian mast, speaker johnson has a dilemma. tough bill now, ukraine and other foreign aid funding there is some money in there for israel. there is some money in there for taiwan. i think 60 billion mostly for ukraine. then the question is, do you need to tie that to the border which you may have heard senator marsha blackburn, i mean the catastrophe at the border and its lack of law and order throughout the country is getting worse, not better. and biden has been duplicitous about that. what happens here, brian mast? how do you personally see this? >> look i think it makes it more palatable for some in the house if you tie border to ukraine or israel or taiwan or something else but the fact of the matter

is we're a congress that came in, we made a commitment to the american people, there will be germaneness to each thing we vote on one thing related to other. it would be wholly responsible for the speaker to say he could move a vote on israel aid, he can move a vote on ukraine aid or taiwan eyed or border, you name it, but if you buckle all those together that is promise broken to the rank-and-file members of the house, like myself, my colleague mr. mills, that is not what we signed up for. we want to vote on things individually, it might be global affairs or foreign after fairs doesn't mean everything is exactly the same. larry: on any bus is bad, minibus is bad. this is what it is. i think that is an important point. cory, one other thing floating around from lindsey graham and also donald trump is the aid to ukraine in the form of a 60 billion-dollar loan. you know, if they succeed they will pay it back. if they don't succeed it will be

gone. what do you make of the loan idea? >> well, i don't like the lend lease program they had established before but if you actually look at the details, senator lindsey graham also stated he want the language on the loan that says it want be withdrawn or deferred, meaning that he is basically going ahead utilizing the premise of it being a loan with the intended of being free money. at $35 trillion in deficit we'll spend next year more in servicing our interest then we'll spend for of the entire annual budget of our national defense. we have hundreds of thousands who have decided under joe biden with open borders. we have 178 plus countries and 400 plus people on known terrorist watch list coming in from the u.s. north and south. all the things that marsha blackburn was just talking about with regards to angel families adding up like laken riley. we need to be concern about our own borders, our own economic prosperity where we throw out money to areas of the country, for example, the eu has

$190 billion in frozen russian assets they profited $3.5 billion on they can utilize. this is actually an area that can be used. if it is not an offset, if it is not a pay-for like we put forth on the israel aid package to offset with 87,000 irs agents or green new deal spending we offset and fay for, unused covid funding that is where we need to be at. focus on america. focus on american prosperity. not foreign governments who want to secure their own people for corrupt practice is, these are all great points. brian mast, i give you the last word on this. i agree with you on the need for segmentation, come part -- i don't like omnibus or minibus bills at all. if you are going to help with ukraine, wouldn't it be better with suggestions like an inspector general, for example, to oversee the funds, and/or, some language that would mandate some kind of off-ramp peace

negotiations? this thing could go on forever as a stalemate. i don't know whether you agree with that or not but i'm just going to ask you in the last moments here, does any of that make sense to you? >> we're almost at day 800 and there have been independent audits of what's been going on. i think you pointed out one of the biggest problems, nobody on the face of this earth can tell you whether it has to be end of this war being war crime tribunals for vladmir putin or all russians out of the ukraine or crimea or nuclear demilitarizatin of what they have done or demilitarized nato borders, you can't find the national security strategic objective that is being sought since day one or day 200, or 600 or 800 we're almost on and that is one of the biggest problems we faced. we lost objectives. larry: got it. you put it much better than i did, thank you. gentlemen, terrific stuff, cory mills and brian mast, two gop

congressional stars, thanks to both of you. up next, trump's unifying fund-raisers, that is very big news over the weekend. today the former president announced a new abortion policy. that is important as well. we'll talk about it with liz peek, with alec lace and with guy benson. i'm kudlow. we'll be right back

♪. larry: all right, let's talk some politics. trump had a smashing, unifying fund-raiser this weekend down in florida. let's talk about that, joining us liz peek, syndicated columnist, fox news contributor, alec lace, host of "first-class fatherhood." his son is here in studio wearing exactly the same tie, political editor townhall.com, fox news contributor, host of "the guy benson show," fox news radio. ladies and gentlemen, thank you very, very much. liz, start with you, money, money, money, money. and i want to add money plus unity is what it looks like to

me down there in florida. >> honestly at this point was more important than the actual dollars raised was stunning. let's just admit, as donald trump said on truth social, biggest fund-raiser ever in the history of man or whatever. larry: yes [laughter] >> and it was great and it definitely started to narrow the gap between democrat and republican fund-raising. the gop had a bad year last year. they really need money. to your point, larry, i thought it was very important that this crowd of long-time donors actually did rally behind donald trump, after a lot of them said never again. larry: right, never again. alec, they did close ranks which is important and trump had a good message. he talked about again, i will paraphrase, success is the best revenge and the success idea which he used in south carolina, i don't recall if he used it any other primary, was awfully good

message. used it down in florida. i hope he uses it more. >> biden had bigger guests. lizzo showed up. larry: he had obama, obama and clinton and still outbeat him two to one. >> two presidents, three presidents against one and trump outdonated, got more donations. larry: of course. >> the message is on point. we got to save the country. we need big donors to show up and step up. biden attacks him saying he doesn't have the grassroots movement. this is a grassroots movement like we never seen before started in this country in 2016. the big donors are on board and we'll change the country in november. larry: as alec was talking, it is like one chicken beats three turkeys? i just thought of that. >> you make that up? i just, alec brings me to my finest moments. all three of those guys, that is the best they could do was 26 mil? on one little island, trump raises 50. >> democrats still have a big advantage in this area because

they are the big money in politics party. larry: yes, they are. >> you about this is a big step in the right direction for the for the republicans. i come to something i've been talking about a lot. marquette had a national poll out among likeliest voters joe biden is up by four points head-to-head. among registered voters who are unreliable but are registered trump is up by 12, and among unregistered voters, who are eligible and registered adults trump is up by 25. so, a key question about 50 plus million dollars in one night, how is it going to be spent? i will just beat the drums. if the republicans want to be a professional party interested in winning a lot of that money needs to go toward the low propensity voters, getting ballots in their hands however it is legal, wherever might be and registering the people who are not yet registered. because the democrats one of their analysts put out a panicked memo saying we're worried about voter registration

drives. registering the wrong people, i.e. trump voters. that is cue for republicans if they can take it. larry: i think you're right. i hope they listen to you, very important. they want the whole federal bureaucracy to be out there to vote mail-in ballot harvesters. so you're exactly right. >> that is a serious thing. they are literally weaponizing every federal agency as claudia tenney said on your show. this is not a joke. three million federal employees. wouldn't it be hilarious if they go it and register, could result in three million new voters, 3 1/2 million new voters. wouldn't it be hilarious if they elected trump? >> plus we were talking about the 50,000 i call them climateers. climate corps. $8 billion for the 50,000 climate corps. i see 50,000 vote harvesters. let's move on. alec, you're dying to get in on that and i don't have enough time. here is mr. trump dramatically on truth social unveiling his position on abortion.

take a listen, please? >> the republican party will always support the creation of strong, thriving and healthy american families. that includes supporting the availability of fertility treatments like ivf in every state in america. like ronald reagan i aroly in favor of exceptions for rape, incest and life of the mother, to states will determine by vote or legislation or perhaps both, and whatever they decide must be the law of the land. in this case, the law of the state. many states will be different. larry: all right. very interesting. liz, i want to give you a whack at it first. what did you think? >> i think that is exactly the right message. eventually this will not be an issue any longer because every state will decide their own path on this but, look, trump is in the middle ground. that is where america is. democrats are the extremists on abortion. larry: you're shaking your head. i happen to think liz is dead on

right on this. he is the middle ground. >> without a doubt. larry: look the supremes said state by state, but and it is an important but, but he is going back to what he calls properly the reaganesque exclusions which republicans used to say, forgot to say in 2022, and sometimes in 2020, 20, guy what do you think? >> i think the pro-life movement large elements of it will be disappointed with this position. i'm wondering if a 20 week ban landed on his desk he will veto that. i'm not convinced that. he will have to answer that question. like he watched all of the attacks the democrats have been launching on this issue last couple years. that direct statement is direct answer to all of it. his position is constitutional won and modern won compared to the very position of joe biden and the democrats, gone off the deep end tragically ghoulishly on this issue. republicans need to make that case. trump did that this morning,

ghoulishly includes partial-birth. ghoulishly literally killing the baby after the baby is born. i don't know if that is what guy is referring to. that is true, that is ghoulish. children:was in favor of that, could joe biden is talking about roe v. wade. >> the doctor shows on tv never show you what happens during an abortion. they keep that off the screen all the time. they don't want to see how truly behalf barrick. what donald trump did cut off the democrats talking points at the knees. this is their number one issue. the border inflation, only thing they are going after heavily on the abortion issue. supreme court says 2 goes to the states. plays it safe. not a constitutional right to have an abortion. biden says you can't have constitutional right to pay off student loans. he denies that, and still trying to do it. biden is breaking the law. trump on the other hand i like this is abiding by the law.

supremes made a decision, put it back to the states and trump is saying that's right. >> boom. larry: biden on the other hand, the supremes said no to student loans, no to the eep bureaucrats biden is the lawbreaker. i thought he was prodemocracy guy, alec? >> he is not. people voting for joe biden is voting against donald trump. they have to keep feeding the der ringment sin stream. those are the people that voting for biden, not their supporters. larry: it is a virus you but can't treat it. >> no doubts you will find a cure some day. larry: liz, a bit of a cliche, do is a-- ban moms hear this announcement take a breath of sigh of relief? >> i think the issue begins to lose its potency. i'm worried in two important swing states, nevada and arizona, they will have abortion on the ballot. face it not all states yet have gotten to the place where there is no longer an issue. they have not declared their own law. in those two states it will

drive turnout to some degree. the counteracting trend young people are very concerned about israel and palestine. so that is -- larry: i'm furious, just on that point, biden has betrayed israel. >> yeah. larry: he has betrayed, not a subject, go ahead. biden has betrayed israel. guy benson. you're a smart fellow. take a whack at it. my view. take a swing at it. >> at dearborn, michigan, there were rallies and chants not just death against israel, "death to america." those are core voters, democrats core constituencies this campaign and administration is pandering too. larry: it is pathetic. >> worse than pathetic. larry: we've forgotten about massacre on october 7th. joe biden word is not worth anything. i don't mean you, the administration. it is so annoying. >> districts south of dearborn, biden got 88% of the vote in

2020. arab-american district. this time around in the primary, 4%. this is big. i mean i think this is going to really haunt the democrats. it will show up at the convention in chicago. larry: left it. >> no kidding. larry: liz peek, alec lace, guy benson, thank you very much. appreciate it. next up, folks we'll talk to art laffer. i think he has a thought about inflation and a thought about tax cuts versus tax increases. i could be wrong but i sell the man. i'm "kudlow." we'll be right back. if you have wet amd, you never want to lose sight of the things you love. some things should stand the test of time. long lasting eylea hd could significantly improve your vision and can help you go up to 4 months between treatments. if you have an eye infection, eye pain or redness,

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larry: in a shocking disclosure, joe biden wants to raise taxes big time, according to his campaign plans. joining us now, art laffer, former reagan economist, presidential medal of freedom recipient and author of, "taxes have consequences." arthur, we have had the tax foundation on, scott hodge, speaking of consequences, biden's plan basically taxing everything and everybody and scott said it will lose about 800,000 jobs, 2% gdp, 2% loss in real wages. i think it actually would be worse than that. but the point is this. biden wants to tax and discourage success and

opportunity. that's really his message. >> it's totally his message. he wants to get everything under the government up brill la. that is exactly what he wants to do and only thing he keeps them from doing that are private sector jobs and income. and when you look at the facts, larry, the facts are really very explicit, whenever you raise taxes on the rich, the economy underperforms, tax revenues from the rich go down and the poor are hammered. when ever you lower taxes on the rich, the economy outperforms, tax revenues from the rich go up, the poor, minorities, disenfranchised do well. that is exactly what you find from 110 years of u.s. data where we look at every single tax return. i just don't understand how he can sell this message when people understand clearly it just doesn't work. larry: sure. if the top earners and most successful, if you penalize them, you're penalizing the middle and lower earners. you know, art, we saw this. >> of course. larry: this was kevin hassett's

argument and your argument on the corporate tax. biden will raise the corporate tax if he had a chance which he won't but nonetheless, he wants to raise it from 21 to 28%. the people who will be hurt the most are the middle income wage earners and the lower income wage earners. in fact the lower income wagerers had the biggest percentage gain in income after the trump corporate tax. the bottom 20%, art, actually did the best. biden would screw them. >> yeah. kevin hassett's work on this is really brilliant if you look at real wages and workers wages and what happens to median income. he shows the corporate tax rate really had enormous impact on that. i think steve moore's number is, increases in median income under trump were something like $5000 or more than that. larry: six thousand dollars. >> six thousand and it is down four thousand for biden and if you raise the corporate tax rate

it will reverse those policies and who wants that and how does it sell politically, larry? tell me, what political consultant or advisor would suggest that this is the policies you want to announce in order to win an election? it just doesn't work that way. larry: art, this week, i guess, wednesday, thursday, we have cpi, ppi. in your judgment is inflation dead, quiescent, still alive? how do you see the story and should the fed be cutting interest rates? >> well, let me just say that you know, looking at these inflation numbers in the near term, say a three, four-month periods that type of thing, i think using monetary aggregates and things like that doesn't make sense but using other market prices does make sense. when you look at cryptocurrencies, what are they 71,000 is the bitcoin, 71 1/2 thousand, it is hugely up, larry. look at the price of gold, 2350 bucks something like that.

it is hugely up. if you look at some minor currencies in the global thing, egypt, other currencies you're seeing cracks in those currencies and really massive devaluations there. when you look at these markets, i look what is going on with oil, some of these other things, i'm hard-pressed how those inflation numbers will literally be coming down. it makes no sense to me, those numbers actually measured will be coming down. so i'm not expecting to see inflation cooling off in this coming period at all, the next three and four months and with that being the case how can the fed justify using their model and their way of thinking cutting interest rates? how can they possibly justify that? they can't. larry: eastern if they used discredited phillips curve and target unemployment, unemployment is under four, or, if they're smarter, and use a commodity price rule which is what you're suggesting, i mean commodity prices have gone up about 20% i think since early to

mid-december. >> huge. larry: it is, that's a big move. part of it is energy to be sure but a lot of it, copper is up too. if they use either one, art, commodity price rule or oil phillips curve unemployment rate, it basically says don't tamper with your interest rate. >> exactly and you know even interest rates are edging up as well if you look at these numbers and all of these prices, larry, tell us at least for the near term, prices are far better forecaster for inflation than these quantity measures which are sort of fuzzy over long periods. quantity measures i don't see how they can rationalize a cutting of the discount rate or the fed interest rate, they just can't and the numbers that are dropping off, if you look at the cpi, there is a number 12 months ago dropping off and a number coming on. if you look at those numbers, again there is no good news for inflation and those numbers either. larry: thank you, art. we appreciate it.ay folks, is will be back with my

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