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growth, higher inflation equals stagflation. it is the worst of all worlds. stocks dropped nearly 400 po points. we attack all the smoke that steve moore and mike and then can president trump stay on a message if he is in court every day? sure looks like it. the great kellyanne is going to tell us. she will be her onset and then do presidents have absolute immunity from the supreme court hearing this morning? greg and pam will weigh in. the markets did not like today's gdp report. our own gerry willis is standing by with some more. not so good prec. >> no, not so good. if you want to know where at market rates are going, interest rates are not going to get cut anytime soon after today. but let's start with those numbers from gdp. as we take a look at this, the answer to your question yes, the markets realize rates may not come down soon but let's start

with today's close, stocks down but not the lives of their day. the dow was down three to 35 points it is worse it was down 700 points the esp down 23 nasdaq down 100. the selloff started with the release of the first quarter gdp as larry said which came well below estimates at 2.4% 1.6%. worst inflation was hotter than inspect >> with consumer prices increasing at a 3.4% pace. that is well above the previous quarters of 1.8% advance. all income growth shrunk prices are high classic definition of a stagflation for the trader saying has them concerned. meanwhile the chances of a rate cut in july are down to 25% and june forget about it as they say. adding to the worries met up lunch 11% of the social media giants issue revenue guidance for the stocks the biggest decline since october 2022. upcoming tech reports from alphabet and microsoft to be

looked at with a fine tooth comb tonight and tomorrow morning. one trader said to us, friday fears will creep in. that is not sound good. c6 creep creep that's all i had to say. the rift tonight, joe biden's economy going from bad to worse. it's not just high inflation and falling worker wages. now we have got higher inflation and lower growth. that will drive wages down as well it's called stagflation. sheedy report came in at 1.6% for the first quarter way down from the temporary growth spurt in last year's second half. meanwhile core inflation rate in the first quarter jumped to 3.7% at an annual rate. away abway above the fed 2% tar. now, inside the report consumer spending slowed, capitol investment slowed, inventory slumps the trade deficit widened. so what is joe biden's answer on

the campaign trail? spend more? tax more? regulate more. it's a perfect policy store for continued stagflation. meaning even weaker growth and higher inflation. joe biden is crowing over his intentions to let all successful trump tax cuts expire. as is always the case with president biden's economic statements are completely counterfactual. i've gone over this ground so many times. but distinguished economist larry lindsey is writing people making less than $200,000 at an average tax cut 5.5% under trumps. now that is a bigger number than 3.9% tax cut for those making over 200,000. real weekly earnings or any

trump years rose 7.7% from the end of 2016 to the end of 2020. these are average families these are typical working folks. they are not rich people they enjoyed a virtual boom under mr. meanwhile under biden real wages have dropped 2.9%. let me get this right typical family's other income up 7.7 under trump. but fall 2.9 under biden. 10.5% swing against biden and that explains so much of why economic confidence in trump typically runs 25 percentage points or more compared to biden. made lock key measure of inequality. stay with me on this is called the gini coefficient. if declined significantly under trump. he was the first president and for decades at the lower gini

than when he entered. inequality fell by middle and lower income people untruths he may be spewing regulatory cost s by $1.4 trillion which is strangling small businesses. by the way, is killing electricity for other sources of power necessary to underpin economic growth. plus, biden continues to spend his keister off democrat economist and honest man has pointed out the $500 billion or more because of joe biden's plans to cancel student loans will increase inflation and increase interest rates. that includes increasing higher

mortgage rates. basically biden makes trying to temporarily boost consumer demand while the business supplies of goods and services but that is stagflation scenario or worse. mr. biden says he will permit personally expire the trump tax cuts. permit retired biden expire and retire. steve moore committee to unleash prosperity hosted more money w nbc radio. former assistant track secretary for economic policy and chief economist, fbi and gentlemen welcome. michael faulkender, this was unexpectedly poor report. most of slower growth. to lead a fed gdp trackers two -- nine. actual number came in at 1.6. 1t inflation numbers came much higher than expected. you have a 3.7% deflator it's

the worst of both worlds what is going on here? >> it really is. this is an action but you take money, borrow money from abroad sell them to go spend the money for us about what we saw a lot of it was spent on reported goods that is where some of the shock and the report came from. the imports number at rosa so much. second is they keep undermining the ability of producers to generate things here domestically. and as you said, last week along with it anot another seven or $50 billion of regulation coming out of this administration. that is not even hit the gdp reports yet. this is very much a sign of things to come under joe biden. we have government telling businesses not to create things because of all the regulation coming out of washington. all within the borrowed money driving up demand. >> steve mori m moore i may havt half of my viewer ship but i am

defining it it's the best and most the standard measure of inequality this is the important point i'm trying to make would biden says he trump tax cuts are only good for rich people. that's completely untrue. middle income workers have the biggest gain we have chronicled that before. larry lindsey wrote about it. the gini coefficient shows inequality fell under trump. let me repeat that inequality fell under trump. it's the first time, what did lindsey say in 40 years such a thing has happened. joe biden does not understand it. those folks those working folks the non- rich folks have benefited under trump and that you're in for the trump days. that's all i'm saying. gini coefficient means inequality it fell under trump. it has been rising under biden. >> exactly the opposite of what joe biden says. he keeps talking about it middle our expansion this is a middle squeeze we have seen.

the number i like to use on your show it's true it comes in the census bureau is $6000 per household increase in income under trump that is a giant number $6000 of additional purchasing power it is down by $2000 under biden. i'm with michael why while the expected growth? i'm surprised were going to 1.6 frankly. where's it going to come from you have higher taxes. michael is right. now is the burden of regulation is about $3 trillion on top of five or $6 trillion of taxes. with that all of these antibusiness rags that coming out one after another after another. we cannot keep track of them they're coming out so rapidly. one other point when you have inflation running at what was it 3.6 or 3.7%, we had nominal growth of gdp at 5% the problem is inflation is eating almost

all of that growth because prices are rising so f fast. >> the inflation fire are still very hot. that is the point. the fed wants to percent removing the wrong way. we sell this in the cpi january february and march the average cpi for the first three months of the year was 4.5% at an annual rate. low and behold the deflator the court deflator is up 3.7. a little less which is what generally happens. the fed wanted to or heading towards four. or worse. the policies are going to stimulate demand. you know jason fuhrman, michael faulkender it. i know him very well and honest guy and obama economist he was out if you cancel all of the student loans the point is it'ss going to boost consumer demand

which is going to cause higher inflation. higher interest rates and higher mortgage rates. a thought on that? >> the part of the democratic party and this has not bought into this part left a approach after joe biden is shown the exit. he and larry summers have been out there the entire time saying if you throw this much money into the economy you are going to get inflation. and larry, let's remember but i have mentioned this before but larry summers came out and said if you include mortgage interest payments and car loan payments the inflation rate under joe biden would not have peaked at nine. peaked at 18. the of the traditional way the way we measured inflation back of the 70s and include those numbers and really identify the impact of household budgets. inflation has been far worse than the official statistics would have you believe. that is why joe biden is so far underwater. got a couple left wing democrat

economist who still want to believe sometime in the future and are calling on his party. larry: just to be on the show tomorrow haven't seen the him fa while, good for him. steve moore avenue of the regulatory story? two things i want to explore. one of them is new rags from biden will basically attempt. though all the challenge in the courts but attempting to end coal. to end new natural gas and coal and new natural gas plans. they have already ruled out new lng plants. so steve, just on that i know there are others over 1 trillion in total costs. who's going to power the economy? you had to have electricity. now the wind and solar is a tiny portion of our total electricity. if you take out natural gas and

you take out l and g and you take out coal i'm not sure what is left besides the windmills in 2000 a.d. in holland which we had on the screen a couple of nights ago. what's left beside the dutch windmills? what's one less thing about this inflation story because it is important. do you know the last incumbent president he ran for reelection within with inflation rate this? jimmy carter against your guy at reagan. >> that's way too easy if they are going to ask her question. that's way too easy. talk about the power. you cannot close down power and have a strong economy. you just can't. the biden's think you can and i don't understand this. >> about 80% of our energy from old-fashioned wind, coal i'm sorry, oil, gas, and coal.

the fossil fuels. the regulation -- make i want to make sure your viewers understand this. biden is putting out a regulation that says all freight that is transported across america tens of billions of dollars of freight every single day has to be on a carbon free form of transportation. that includes our rail, our trucks and our ships. what are you going to do? are you going to use sailboats to get stuff across the country? you have 10-ton truck that's carryinsecuring a huge cargo. they have to go across the country. you are going to do that with the battery? batteries don't even exist. this is nonsense. it's almost as if they are intentionally trying to destroy our economy. you destroy a country's energy supply and its economy will not function. larry: us not the only regulatory issue.

so let's go back to american action the american action form. joe biden's final cost 1.37 trillion dollars. $1.37 trillion barack obama's much more frugal $303.1 billion. that is still a big number. donald trump 30.1 billion. [laughter] trump 30 billion obama 300 billion mbyte and 1.4 trillion. what does that tell you? that's a disregard for free market capitalism but that's emphasis on what newt calls a big government socialism. regulatory state. jamming stepped down our throats that we don't once. people know all about this.

he will not mind any fine but don't tell me i have to want to be going to spend subsidizing this great thought occurred to me people are smart not stupid. the trouble with the biden's as they think the average voter is stupid not smart. how about that? >> larry, the thing is these are numbers coming straight from the administration. this is what the biden administration is telling you about the economic impact. to think that's going to understate or overstate the true number? the true numbers going to be significantly higher than that. the trump number actually was negative if you did the analysis the right way pretty fake do that d regulatory again you took regulatory costs off the american economy. the contrast between the two visions could not be more stark. and larry, let me mention one

other thing. they are in regulatory overdrive right now. we are approaching this cra deadline. they don't have these rules down and trump once again and they have the house and the senate we can use the congressional review act to undo things that are dealt with so many legislative days to go. they are trying to cram everything in now. we got a few biggies still to go too. >> i am crust you did not comment on the brilliance of my insights that ordinary people are smart. they are smart. that is the basis that's the essence of free markets. they know how to act in their own self interests. the biden's don't believe that. they think only pro- hamas ivy league graduates are smart okay? i've got to get out of here and getting into a lot of trouble. >> what ha happened this morning the fcc announced new on the internet for goodness sake super.

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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. larry: can president trump stay on message while he is in court every day joining us now to tell us all about it kellyanne conway former counselor to president trump and fox news contributor. welcome, welcome, welcome.

besides going to the bodega in harlem i guess this morning he went to a construction site in midmidtown 48 and park. we have a poll i don't know if the poll is any -- he has a narrow the gap in new york to only 10 points. four years ago is 23 points it. so what is going on here? >> what's what is going on is trump has respin in his coalition. his core constituency looks and feels it is larger it's more diverse than has been the past why? he includes even more union households in a 2016 it helped us when he places like michigan and pennsylvania, and ohio. it includes more hispanics and african-americans. more women he beat the queen beat herself the would be first female president of the united states will majority are female. the majority electorate since 1954. even if he gets 4% more, 3%

more, that "new york times" siena poll shows biden beating trump and new york by 10 points was biden when new york by 22 last time. if it is half right biden is in trouble. but see what trump is doing? he's doing something joe biden cannot dupree cannot command a crowded. it's just low energy, no excitement whenever he shows up somewhere but what is ironic this is the way the democrats like barack obama and even jimmy carter at the time all over iowa would go through the crowd and shake hands and talk to people directly. it's been trump in his rallies up on the day is, now with the teleprompter above the people. >> they are cheering him. >> he goes to the bodega and the crowd just develops it. chick-fil-a is a god's chicken or the lord's chicken. and he does this thing in midtown on 48th street they're e building a big bank building and by the by you take a look at construction workers. i see a lot of blacks, i see a lot of hispanics. they are all chanting for trump. you know something is going on.

the biden thing is like dead air and dead weight. >> that's one small person and people run up to me from all places, all spaces, many different faces telling we are for him one 100% but some people say i didn't vote for him before but things are so bad now biden is a gift to trump and ironically even though he is stuck in the courtroom most days he is on message. his message she is projecting strength, resilience, perseverance's great american qualities. he is also the guy who was the better plan on inflation economeconomies not going hide r taxes is not going to be 44% capitol gains tax. many people predicted when trump left in 2016 is going be the king at that. he should save the king of growth and here is how in here as wiper. >> i love king of growth. i love educating question of do no good that is. larry: king of growth will go to mr. trump on anti-semitism or joe biden has nothing to say but listen to mr. trump for a moment, please. >> i will direct the department of justice to pursue federal civil rights cases will not only

have their endowments but through budget reconciliation, i will advance a measure to have them fined up to the entire amount of their endowment. >> people of that. larry: we are going to go after the rich endowments. we could find them and tax them he wants to go to a merit policy not a di diversity equity inclusion policy. he is totally opposed to what the anti-semites are doing. and the other thing is he said we did not quite get it in this clip he will enforce civil rights laws against discrimination. which joe biden is uttered a noa peep about merrick garland has not uttered a deep about it is discussing they have not uttered a peep about it but. >> they haven't previewed and when they work hard they work on the issues the don't give to the americas i love president trump injects himself into what i call the cultural touch points.

the culture is like ice. people are saying what can columbia do? what can new york do? this is crazy on her college campuses also have been in the halls of congress. with anti-semites who could not cannotvote yes on a resolution o condemn hamas. president trump standing up and saying you elected me? there is a federal role for what's happening on college campuses. and this is what we are going to do. the reason harris, joe biden, mayomaryland do not touch the enforcement is the on the issue. just as i thought they own the issue of border security at nine years ago and donald trump raised it to elevate to the national consciousness they called him all of these names. andannoand not some but what nun the swing states. they miscalculated the wisdom of the voter yet again. they thought if we can attack at trump and his plan on the wall and immigration and border security has backfired. hispanics are running toward donald trump. it's also young people.

on the hill has an amazing article about housing costs. a young couple when they're going to buy their new home that is invited that's not clover that's joe biden and harris. >> a mortgage rates, borrowing costs 30% credit card cost is now showing up again in the inflation numbers. they may beat tongue and cheek. average folks, average voters average consumers are smart they are not stupid. biden's think they are stupid. average people have a wisdom they know the way the world works. the kitchen table level. biden does not get a clue about that. >> site moderate thousands of focus groups in my career. i've been in all 50 states at least one during a project on the ground. when you sit with people who learn to appreciate that. elevate their opinions they will tell you their aspirations and

frustrations. let me tell you some of them is he summons household income of the latte and dry cleaning bills annually for some of my friends in new york. that's your household income. they cannot afford to make a bad mistake as household budget for the numbers show he has them. kellyanne conway there's nobody better, seriously nobody better.

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space if it will take president trump speaking outside the courthouse right now. please listen. >> it was a nothing and compared and that hate was not the kind of hate you have here. this is tremendous hatred. we have a man that cannot talk about it because he does not understand it pretty does not understands what's going on with our country. he does not understand all over the world are being laughed at as a country because of him and his administration. today we h add i was forced to e

here i am glad i was it was a very interesting day in a certain way. u.s. supreme court had eight monumental hearing on immunity and how it can do with the presidential immunity. i hope it otis made it clear tak about a president must be a certain ceremonial presidents out the founders had in mind or not talk about ceremony we went presidents that can bring people together. i heard the meeting was quite amazing quite amazing the injujustices were on their game. so let's see how that all turns out. presidential immunity very powerful. you practically won't have a country anymore. thank you very much. thank you. larry: there you have it on the issue of presidential immunity

about that key point supreme court heard a hearing today. fox news legal analyst we have pam bondi. thank you for coming on both of you. pam, i know you have followed this you followed amicus brief. what was your read of the hearing on immunity at the supreme today? >> i think it went great for president trump. the questions were great by the justices. i think firmly relief the worst-case cent center for prest trump which is good is there going to find there is immunity they are going to remand it back to the lower courts to make a determination which incidences instanceswere immune which wereh were official acts in which were him as a five private citizen most likely that is what will happen. they could rule compute complete immunity or rule he has no

immunity at all but given the questions today i believe that's was going to happen. that will take a months and months and months of hearing before it it's a trial. >> give us your read if you will agree if the issue is i understand that the non- lawyer that i am nixon versus fitzgerald gave presidential immunity in civil cases. this one is a criminal case. many people think the criminal case should be included in a presidential immunity or whatever it is. the outer limits of immunity. otherwise presidents are not going to be able to operate as presidents they may all go to jail or be in court after they leave the white house as they are doing to trump. what is your read? >> it appears most of justices are willing to grant some kind of immunity. they spoke as you pointed out a great deal about nixon the 1982 case that didn't give a

presidents immunity from civil lawsuits as long as their actions fall quote on the outer perimeter of official duties. it is quite possible the high court will extend that immunity protection to criminal prosecutions because the exact same reasoning applies. if there is no immunity whatsoever, my goodness the chilling effect on a presidential decision-making would be severe. so they go that way pam is what they remand the case back to the trial court to decide whether those limited immunity conditions were met by trump in the j6 case. they could simply say there should be some kind of immunity for presidents. we are going to send it back to the lower court to figure it out. we will give you a little guidance to do that. either way the process will be time-consuming briefs, court hearings, further appeal that makes it impossible a trial

could take place before the election. larry: no for the special prosecutor. pam bondi wall street journal ran a piece today, abe lincoln would've been thrown in jail because after all he suspended habeas corpus during the civil war. that was really against the law or congress did not approve it. harry truman took over the steel mills in a labor dispute. i oppose that he would've been thrown in jail various presidents they think they mention both the bushes and obama would've been thrown in jail they might have violated some interpretation of the war powers act when they're trying to stop russia. that is trumps logic. you cannot be president if you have to look over the shoulder about going to jail or courts or what ever after you leave. that is been his logic from day one. >> writes. larry it will be an endless cycle of former presidents being prosecuted. they would just become figureheads they would not be

able to do their job. one of the leftists arguments in this was president trump could have ordered seal team six he could order seal team six to two assassin's political opponent. that was what we wrote in front of the court brief that of course he cannot do that. trust us use it use the same language we use in our brief to say first about the president could not do that that would be illegal the navy seals would not do that because they would know it is a legal prayer that is ludicrous the left argument has become. i firmly believe president trump will prevail in this immunity case. larry: your key point grade, i think both of your same same thing. there is no 242nd clock here there is no 10 seconds over the half-court line. this is not going to happen right away. this is going to be a long drawn out process. when will "the supremes" make a decision to remand if they do that? can you take a guess? >> judging by what neil gore

search said today this is a decision for the ages. he and the other justices really appreciate the gravity of what is before them. i think they are going to take their time. this is not about trump with those future presidents for generations. and i love your point about lincoln yes he would've been thrown in jail. you would have advised him not to suspend habeas corpus. not to sign the sedition act if i recall correctly but. >> nono i told harry truman do not take down the steel mills. that is not free-market capitalism he went ahead and did it anyway. nobody threw him in jail or court, that is the point. >> what is important today as brett kavanaugh said what is to stop a creative prosecutor from

using a vegas statute to criminally charge a president, especially a prosecutor from the opposing party. well, that pretty much defines all four indictments against donald trump. particularly the criminal case under so absurd being brought by alvin bragg right now in manhattan. pam bondi i've got one minute left. first about you will not come to new york. got to come to new york for this crazy alvin bragg at trial but e is the latest. alvin bragg's has got this guy what's his name number three guy in the justice department which i think links into biting but that's a separate subject. pam, what they are saying now i'm misdemeanor plus eight misdemeanor equals a felony. they were trying to find a felony here the whole time. they cannot find a federal felony so they have decided to new york state misdemeanors there is no law have been

broken. they are so obscure equals a felony. this is not a year and harry truman taken over the steel mills. [laughter] >> larry, it is. as been very clear the department of justice solution initially declined to prosecute. the southern of new york declined for the statute of limitations before they had to join misdemeanors together, and turn them into 34 felonies to attempt t there'll try to push these cases for it alvin bragg is pushing his case for they want to push these cases they want him in trial. he could not be sitting into the supreme court today. that's where he should have been listening to the oral arguments but he cannot be there. he tried to rush our thing to have them tied up which is the ultimate election interference. >> yes, ma'am, yes, ma'am. pam, thank you. greg thank you ever so much.

switching gears, we go from one babag to another. what is so bad about coal which the bidens now want to ban altogether? let's ask vice president's of the national mining association. rich, thank you for coming on. the latest admissions, epa and emission rules squeeze call plans. coal, oil, natural gas. no new natural gas plants according to these two but there's not going to be any electricity to power and economic growth in this country. onto your take in what you're going to do about it but. >> thanks larry, thanks for having me on. today's announcement by the bite administration dealt a massive and mind energy in this country.

from data centers to electric vehicles the reassuring massive amounts of energy maritime electricity inflations are to jump 20% it makes no sense to shut down one of the option analogies which is called base of power in this country it is still 16% and is the majority power source in over 12 states. coal is mined in 20 with an average job of $91000 in payroll. representing over 3000 jobs in this country indirect. the country needs to understand what's happening here. the dude in the same thing with natural gas now. the cost here you can calculate, i read some of the epa numbers.

i frankly don't believe a word of it. i once participated in this exercises are you've got to have power to grow the economy you can make coal cleaner, fine. we are to have the cleanest oil in the world. and of course we have a natural gas that is a cleanburning fuel and even the european union has acknowledged that even though biden won't acknowledge that per ththe trying to shut down all of it. thirteenth century dutch windmills not against dutch wellness 30 join dollar economy this is all happening at the very time what the renewables are socially rushing onto the market they cannot get the permits for they cannot get the financing for they cannot get the materials, inflation is through the roof. what are we doing? we are tearing down efficient

coal plants at the very time when we need them. we are tearing down our house before we have anyone built. this is all out of sync. the technology is in place. we need to catch our breath, let the adults get back in the room and slow it down too. >> the calvary is coming and trying to stop lng exports. that calvary is coming. thank you for coming on the show we appreciate it. net neutrality this will destroy the internet government controlled of the internet and communication. no profit no investment no nothing. were going to talk about it with the guy stopped at this nonsense and the trump administration. my pal, former fcc chair ajit pai. someone has to have power to grow the economy because the 13th century when bill is not going to be enough.

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larry: fcc under biden once net neutrality but they want to try to bring it back it will destroy the internet in my judgment. joining us now to talk about former fcc chair who ended net neutrality during the trump years. this is a power play but they're going to try to control everything. they're going to try to control

prices are going to try to control profits it seems to me what is going to happen is there's not going to be any new investment. the internet was a faster under your regime when you're in the fcc chair. we're going to lose that advantage too. what he think about this? where are they doing this? >> it is a complete waste of time. unfortunately though the net neutrality is part of the civic religion for certain left-wing activists and politicians. the sec is taking heed of that and trying to come up with new justifications like national security or privacy or things like that to justify the power grab. it is unfortunate as pointed out today the internet is better than ever as a result of the decisions we made in the previous administration. the internet is faster but is cheaper in real terms it's more competition than ever before. they're so probably fcc needs to solve here. it is what it is unfortunately. >> broadband construction, we like to think about things like 5g and selling off assets in

space that will allow more of a five jeep building. why would you invest all of that money if you know the regulatory agency, the fcc is going to police your profits they're probably going to ask them to submit blueprints with dti specifications on that. can you just imagine the hoopster going to have to jump through and therefore nothing is going to get done. that usa will fall behind. >> larry put your finger into really important points. the first is of course if you are going to intimate be an entrepreneur and praise the capitol you have to have the certainty of the government is going to come in and completely destroy your business plan that is a risk when you have the utilities felt regulation fcc is imposing here. the second .5g and space in particular that these are areas or just in their infancy only got into office. we enabled those innovations to thrive because we have a light touch approach. ♪

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