stuart: we asked the question, how much money is estimated to be thrown into it each day? 12,000. what do you think? >> 9000. the most popular travel spot. i'm going with 9000. stuart: that much goes in every day? you've done your time in rome. >> i will say number 2, 6000. i what to say 3 but i will go a little more. stuart: i will say 12,000. i was going for 3000. the answer is one. 6 million in coins collected every year. the neighbor who throws it, coast-to-coast next.

>> democrats say the president needs to turn on his empathy switch for voters struggling with the high cost of inflation. i talk exclusively with president biden's top energy advisor coming up in a moment. closing arguments underway in the hush money trial of donald trump. the defense making a plea to the jury not to convict based on the words of michael cohen. mcdonald's location this in california might mean a not so happy meal, the middle wage hike bleeding money, talking to the franchisee who says she can't raise prices fast enough to cover the costs. i'm edward lawrence in for neil cavuto. you are watching coast-to-coast. ♪

edward: president biden under fire for celebrating the economy and lacking empathy over high prices to continue to hit american consumers. hillary vaughan is digging deeper into this. >> reporter: president biden likes to brag the us economy is the strongest in the world but many americans did not feel this economy is worth bragging about. for some it could get worse, taxes could be going up for millions of americans if president biden goes there was his plan to let the trump tax cuts expire with no plan to replace it. >> president biden: that expires in the next two years. let me tell you something that it will take -- expired and dead forever. >> the mar-a-lago value, there's a competing vision of the economy at the heart of this election. following my blueprint to rebuild america and it is working.

>> reporter: not everyone feels biden's policies are working for the. recent fox news polling shows 64% of americans think the economy is getting worse, not better, trump says bidenomics are to blame for that. >> we are going to throw out bidenomics and replace with amaga -- maganomics. i i will give you growing incomes and fair trade for the american worker. >> reporter: even some democrats getting worried about biden boasting about the economy on the campaign trail is not land with voters. david axelrod telling the wall street journal his desire to claim credit is a huge obstacle to connecting with voters on this issue. you can cite date until the cows come home but what counts is how people are perceiving the economy. political has a piece detailing the vibe behind-the-scenes among democrats about how the biden campaign is doing it it's not going great according to

some. it up or don't - democratic operative saying you don't want to be the guy who is on the record saying we are doomed or biden is making mistakes, nobody wants to be that guy but biden's stubbornly poor polling in the state of the election are creating the freak out. doesn't seem like biden is freaking out about how the economy is playing with voters. he was asked how he is going to turn around consumer confidence which is at all-time lows. he says it has already been turned around. edward: thanks. let's get reaction from the senior advisor to the president on energy, in the trenches when it comes to energy, gas prices are more than they were a year ago but remained steady in the 350, 3 $60 range, is that the target price americans will shoulder without blaming him? >> good to see you. thanks for having me on. energy prices are $0.10 lower today than they were a couple

weeks ago. we are lower than we were this memorial day than we were last year so consumers, what's most important is to see the consumers and american families are getting lower prices at the pump progressively. so obviously we think they go even lower but we understand this is the peak of driving season just starting on memorial day but we are glad to see oil prices come off by about $10 or so from their highs a few weeks ago with gasoline prices at the pump for consumers also down so we will try to work to make sure we have whatever we need that american consumers can get those lower prices. >> reporter: does the president want to keep moving forward with the speed of his forced transition? >> what the president wants to do is two things at the same time. number one is to accelerate the energy transition and number 2

is to make sure we have enough supplies in the energy market that we have lower prices for consumers during this transition. transitions are not light switches, but we've made enormous progress to advance renewable energy in this country, to advance electric vehicles but that's not solution for every day people on a day today basis for lower prices, that is about moving the economy towards a cleaner and more efficient energy economy but we recognize people have electricity bills and gasoline bills to pay and we want to make sure that while we are doing this energy transition we have enough to make sure prices come down for american consumers. >> reporter: prices up 19% since president biden came into office, rents up, grocery prices are up and people and companies dealing with gas prices so why add more restrictions on future oil

drilling, production, why not do both at the same time, signal support for american energy while making the transition and letting the market get their? >> let's not compare this to the month the president took office which was in the middle of covid and people were staying home largely, we are glad to be in a different economy where people are no longer at home but traveling and want to work and the economy is open again so what the president has done is created and energy economies that supports the energy transition on the one hand but us production at an all-time record of $13 a day, oil and gas producing as much as they have ever done in reached peaks above any level seen in history in the united states and around the world. that's not something we would like to see continue just for the period that's necessary of the transition.

while we are working to ensure there are more electric vehicles built in america, made by americans, there is no more renewable power, we have that. it's hard to say the president has not done everything to balance that approach and to make sure we have lower prices at the pump for american consumers and so on. >> you do have most of the increased coming from private lands, not public lands, the president canceling keystone pipeline, restricted the amount of land in alaska they can drill on. he is gone through and increased prices of royalties on public lands, increased the amount of insurance on those pumps on land there so there are restrictions in place going forward so why not loosen some of that while we make the transition?

>> is very important to note that some of these restrictions you are citing are good for the american people, increasing royalties for the first time in decades is a good deal for the american public so the american people can benefit from this as well and it is hard to make the argument that anything the biden administration has done has restricted the industry from being able to increase production. increased production far exceeded by a rate that far exceeds anything anybody anticipated 18 months ago. go back and look at the anticipated increases, much lower percentage than we ended up doing so there's a balance, we put restrictions you need to put on, not an open check, but the industry has proven that they are able to grow both their profits and reduction in the united states for the american economy at levels that are necessary.

>> otto week this week, faster than 2,020 one, getting those charging stations nationwide, 8 stations so far, you mentioned laying the groundwork to handle the transition, can we handle this? >> yes. it is really hard, that is why passing get the inflation reduction act, and the bipartisan infrastructure act helps in putting the money in place so we can be the best infrastructure in the world once again both for evs but more generally, we cannot be a leading economy if we don't have a major investment in energy infrastructure which is one of the most important things in power, electricity and charging stations, you' re right that it is not easy, we have to work at it together

with partners in congress and the private sector to make sure we can spend that money and bring as fast as possible the infrastructure that is required for the ev transition to happen faster. >> reporter: you had to act with lebanon, there is no more going on on the northern side of the is really border with hezbollah but the terror group is linked the cease-fire deal in gaza to a cease-fire with what they are doing. where do you stand with lebanon? >> we've had ongoing conversations with lebanese and israelis to make sure we don't slide into a full-scale war on that front. we've worked with both sides to keep the conflict that was already raging across the blue line, there's no real border between israel and lebanon, and working to make sure that that is as contained as possible,

hezbollah has fired several rockets over the last few weeks deeper into israel, we've had conversations with lebanon to restrict that and to bring the temperature down as much as possible and we are hopeful we can put a process together that will bring a end so that israelis and return to their homes and lebanese can return to their homes in south lebanon in the most secure fashion possible. >> does it come full circle with the president's energy policy, it has given opec plus including iran more of a windfall of cash that they are using to destabilize the region through hamas terror tachometer hezbollah and it seems changing that energy policy, relaxing at a bit would reduce the money to iran and come down on these problems? >> everything is connected. energy is connected to a lot of geopolitics but let's just review, we are at over $120 a

barrel when russia invaded ukraine. we had some spikes during the middle east conflict, we are down to $79 a barrel in the united states, that's down an enormous amount. we've used the spr when we needed it at the most crucial moments and most extreme moments. we are doing everything we can to bring down the prices, even the least conflict clearly has some missed premium into the oil price, trying to do what we can with allies in the region and throughout the world to reduce that and i will say us production, none of the administration policy can be blamed on lower production when you are at historically high production levels in the united states so not only is production kept prices down for american consumers but natural natural gas prices down in europe, ensured that europe has been able to go from 40%

dependence on russian gas to 18%. the production at home has done a lot to stabilize the economy and the policy of the administration allowed that to continue to happen. >> reporter: $79 a barrel's where we are now as you mentioned. that still pretty high. thank you very much for your time on this. i appreciate it. >> thank you. edward: i want to bring in kevin o'leary. what do you think of this electric utopia just around the corner? >> i would start by saying all administrations should stop talking about energy transition. there is no such thing as a transition out of oil and gas are hydrocarbons not during anybody's lifetime for maybe a hundred years or longer. there is such a thing as energy diversification. that nomenclature should be changed to.

even the global economies admit the climate change in abu dhabi admitted for the first time ever there is no such thing as energy transition. let's stop talking about that. be honest with the american people and people around the world. we need diversification as different sources become economic and make sense. most of the transitions like wind and solar don't work economically. they are getting better and over time they will take their percentage of diversification but they won't replace oil while you are alive, your kids are alive or your grandkids are alive. i want people to get over it. number 2, energy security, we've learned from ukrainian war, they started drilling the

ocean, and to be a next x border. the largest net export, matters to american taxpayers and i will tell you why, you talk about and why. we should maximize output and put a royalty on it like they did in norway and use that royalty for one purpose, paying down the national debt. you want to get out of the mess we have in debt, that's how you do it. we can too because we are one of the largest producers of oil on earth, it should be pro production, drill drill drill, distribute distribute disturbing, build new refineries off of america and make sure our economy is number one in terms of energy security. that is what should be happening. i never want to hear the word transition again associated with hydrocarbons. >> the ripple effect would lift all boats, i will switch gears with you, donald trump in court

for closing arguments. i wondered about this. you followed this closely. does this case and the treatment of the former president damage new investment in doing business in new york city? >> or bringing up a great point. this trial, i don't want to get partisan on it. half the country thinks this trial never should have happened. what i think is the american brand, we are the number one economy on earth for foreign capital because they believe in our appellate court system, they believe in the fairness of our system, they think it is safe to put money long-term here and we are the largest economy on earth. these kinds of trials, i don't know what this trial is, porn star wars or whatever it was, don't know why we would do this to any former president, any former president, this hurts the executive, the brand, the white house, which sits for all

presidents, doesn't matter what party, you don't want to heard that brand and all these trials on trump, i want to stay out of the partisanship with this thing, the real estate wars trials were very bad for new york, it scared capital away because people started asking if they are doing this to this person, who is next? so i really think we have to think if you 're going to bring a former president into a federal trial where he's accused of felony and potentially jailed, think about the american brand first. i understand if it was murder, i get it but this is not murder, this is porn star wars, what does this have to do with of the american brand? nothing. this was a bad idea and frankly i don't think it's making a difference to the polls right now which is very strange for people that might have thought this could be used for political reasons, stop doing this to the american brand. >> we got to leave it there,

the world is watching related to this, appreciate your time, appreciate it. white house is assessing whether israel violated a redline after israelis roff a strike that killed 45 civilians. senator cynthia lammas on that next. (♪) (♪) try dietary supplements from voltaren, for healthy joints.

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>> reporter: welcome back to cavuto coast-to-coast. we are learning more about those israeli strikes that left dozens of palestinian civilians dead. investigations are underway to determine what took place. the aftermath of those strikes, new details were provided by an israeli official the claim the initial blast was caused by two different munitions that were used in the southern part of gaza looked lead to a fire that led to the deaths of civilians. this doesn't exactly match the initial aftermath video that shows dead civilians whose bodies were torn apart. one eyewitness reacted to what she saw. >> reporter: bodies of innocent children were torn to pieces, not fair for this to happen to us. even our food was mixed with blood. nothing survived.

>> reporter: the united states is weighing in on the strikes calling on israel to use restraint, the national security council saying in a statement, quote, devastating images following the idea of strike in rafah that killed dozens of innocent palestinians are heartbreaking. yesterday, benjamin netanyahu said this about the incident. >> translator: in rafah we have activated a million non-involved residents and despite our best efforts, a tragic mistake happened last night. >> the top spokesperson for the israeli those very brief the media saying the israelis are investigating whether or not the initial strikes led to weapons exploding in the areas that could have caused these injuries and deaths. edward: let's get reaction from cynthia. i am curious.

he supports israel but pushes back against israeli operations holding back weapons, is this prolonging the conflict and allowing hamas, aside from what happened over the weekend? >> reporter: i do think it is prolonging the conflict. he held back meaning president biden, held back $1 billion of that could be used to convert bombs into very precision targeted ammunition. that is exactly what israel needs. why the biden administration would hold back the precision capabilities we need and then complain when something like this happened is beyond me. we provided $14 billion recently. to help israel prosecute this war as they determined is best.

they were the country invaded by hamas. they were the people who lost 1200 innocent civilians. hamas burned babies, raped women, they took hostages, 5 of those hostages, why we weren't more focused on the hostages, then we are on making sure israel prosecutes this war in the manner we would deem best is beyond me. this is not america's role telling israel how to prosecute this war. edward: i want to get in this subject, and that this in the time it left, you are starting a program to army in congress. what's that about?

>> when i came to the senate nobody knew anything about digital assets, between bitcoin and alternative coins, we try to educate nevers of the senate, financial innovation caucus, kiersten joe brand -- jell-o brand --gillibrand and i put together some of the fruits of those labors, planting the seeds of understanding within the congress about how this asset list is growing. how bitcoin is a means of exchange, how ethereum could be used for a variety of applications. this is an industry that is starting to gain the attention of every day americans. it will be an important part of the economy unless we blow it.

edward: so they understand what this is and how to regulate it going forward. as the group americans for prosperity rollback prices to the levels, for president biden took office and donald trump was in office. what was that about? >> one of your early interview speaking for the biden administration said we are pumping more oil and gas than we ever had, why aren't prices coming down at the pump, we need to produce enough to meet our own needs, be energy independent and export to other economies. the prices are high, because we are not producing as much as we

need, prices the american people can afford within their own budgets. gas is up 50% around the country from what it was when donald trump was president and they are cutting back on one. 2 million acres in wyoming where oil and gas can be produced putting it off limits. trying to put off all of our coal. our coal is producing 60% of all the electricity in this country. we must produce more. we must have policies that allow america to be energy independent again. the reason prices are so high in the grocery stores part because gas and oil is so high the transportation to get food and clothing into those is driving the price up. brian: this argument has been going on for a wild. appreciate it.

we have closing arguments, trump's trial back in the session. both sides giving their final pitch to jurors. live report from the courthouse after this. car, where are we going? we're here. (♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com ♪ i have type 2 diabetes, but i manage it well ♪ ♪ jardiance! ♪ ♪ it's a little pill with a big story to tell ♪ ♪ i take once-daily jardiance ♪

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eric shawn joins me at the courthouse. where do we stand? >> where the former president is in court behind me, closing arguments underway. trump's defense attorney giving the final summations. he could be finished in half an hour from now and he echoed what was said this morning, claiming often brag just asked no case. >> everybody says this is crazy, not a trial that should happen. it's a very sad thing. this is a dark day in america. we have a rigged court case that should never have been forgotten. >> reporter: through the morning jurors have been hearing often brag's case torn apart piece by piece. blanche zeroing in on michael cohen telling the jurors they cannot believe anything that comes out of his mouth, that

cohen is an admitted liar and convicted felon. he said donald trump is innocent, he did not commit any crimes, the district attorney did not meet the burden of proof, he said, period. as for the checks trump did sign come the invoices and ledger entries prosecutors say were falsified business records, blanche said it made sense for trump to pay cohen because cohen was doing legal work for the president and his family when he moved to the white house come blanche said trump repeatedly disclosed the payments and did so to the irs, tweeted about them in 2018 and disclose reimbursement on the white house disclosure forms. as for stormy daniels, blanche said trump and the president will campaign was not afraid of her claims, did not think it would damage the campaign, didn't react earlier in the story even mattered and cohen, stormy and their lawyer were trying to extort money from trump with that claim. blanche noted the jury did not hear from alan weitzel berg, the prosecution and defense did

not call in, the missing witness, the former cfo of the trump organization serving 5 months in rikers island jail for committing perjury and one of the last trump trials, the real estate trod trial. the summation should be wrapping up momentarily, than the jury will get lunch. after lunch this afternoon the prosecution, joshua steinglass will get his chance to lay out the prosecution case that will be the last word, jury instructions later tonight if not by tomorrow morning. the jury should get this case by tomorrow and the rest of us will be waiting to see what their verdict will be. edward: the burden is on the prosecution. guy lewis is joining us now, the payments, in closing arguments, this is about invoices and risk -- receipts.

the salacious testimony on hand, having the jury back to a mindset to what the case is about. >> great question. short answer is yes. i think the jury is going to home in on this thing like a laser. i looked at the evidence and the witnesses and the testimony and documents and after doing this for 40 years, see the shock, surprise over the summer, we will get acquittal, not guilty on all counts. >> reporter: those lawyers on the jury, in this area it is favorable because trump is not a popular figure in new york city. if those lawyers, will they be able to see through the noise, would they know the prosecution and see this as a fuzzy crime, and asset to have lawyers on the jury for liability for the

trump team. what do you think? >> generally it will be an asset to. normally from my jury pool and my panel, in this case, lawyers are going to look at it very carefully and bring their training to bear and when you put all 12 jurors together, this is where i think people miss the ball, you put 12 people together and they become the smartest people in the world. they come in with some sympathies and some prejudice but i think these jurors will try to do the right thing. the reason i am convinced this is not going to go like everybody says is when you do look at the evidence, when you do bear down on the evidence in a hard, close way, i keep walking away from this thing saying not guilty. i see reasonable doubt all over the place.

>> we will see how it comes out. thanks for your time. edward: california's $20 minimum wage is in effect and affecting fast food franchise owners. mcdonald's franchisee will join us next. ♪ ♪ limu emu... ♪ and doug. (bell ringing) limu, someone needs to customize and save hundreds on car insurance with liberty mutual. let's fly! (inaudible sounds) chief! doug. (inaudible sounds) ooooo ah.

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>> two months into the minimum wage hike for fast food workers franchisees are growing frustrated as they are forced to raise prices to keep up. carrie parker joins me now. my son loves the mcnuggets especially after baseball game. i see the cost increases because inflation, you have the inflation you are dealing with and new laws and regulations. >> we have multiple, we have the minimum wage increase, inflation we are continuing with, rising costs from every

direction you can imagine, insurance, food, security, there are so many ways family businesses are being hit to keep track of. edward: how are you keeping with it? >> a variety of ways, the first thing we have been trying to do right is stay home. we don't want to panic, don't want to hike our prices up so much that our customers can't afford it, we don't want to change the lives and schedules of our employees so they are not given the opportunities they need. we are trying to be measured in our approach, to stay mindful for the fact that everyone is being hit by this. not a single industry being impacted by rising costs. we want to be thoughtful in our approach. mention the wage hikes, 25% increase, we want to be mindful

that businesses around us, their employees are not making $20 an hour. trying to focus on p and l and see where we can get real savings, where can we cut in ways that don't impact our employees. edward: are you seeing the consumer scale back of the order? do they buy less? our sales down at all because of prices? >> you've got it exactly right. we've had to increase prices, that's indisputable and we are definitely seeing our sales go down and not buying the same number they have historically bought, people i used to going to mcdonald's and giving good value and straddling the line the best we can to make sure

family businesses continue to survive and to thrive going forward. brian: edward: appreciate it. i love the friday side, i'm a sucker for mcdonald's french fries. thank you. want to bring in douglas holtz eakin, former congressional budget office director and american action forum president. this is a case where uc the minimum wage didn't backfire. >> you have to be concerned about the prospects here, i understand the patient's she's trying to display but you can only run losses for so long. i would be surprised to see new franchises in california. if you look at what businesses do they will minimize the cost of delivery. to get people to order on touchscreens instead of having

people take their order, all that. -- bad news for employees and franchises for less opportunity to go elsewhere. >> looking at the economics of california, seems like a model, more regulations, more taxes on residents, seems tough. >> looked impossible to me. public policy is designed to build a better utah because people can't survive in that environment and we've seen that. a lot of things california does become models for what the left wants to do nationwide. it's worth watching california starting the drive, they pushed the rule for these franchisees and the franchise business model. edward: another inflation gauge on friday.

if it comes in flat or slightly down what does it say about inflation? >> 322 was always the hardest part of this battle. staying flat, a resurgence this year. it's an expected trajectory for inflation but when the fed began this battle chairman powell said only one mistake the vaunted volcker fed in the 70s and 80s, won't make that mistake. >> if donald trump wins the election and instituting energy policies do you see deflation happening, prices coming down instead of disinflation with the rise of prices coming down? >> the energy component is not enough to do that. the trouble is the bulk of

inflation, has to do with the scarce supply of apartments and new homes and we need a lot more than that to get rid of disinflation. edward: looking at the data should there be a rate hike? >> i don't think a rate hike is merited. it's taking longer than we hoped. that is the best front in the long run. takes it out of the business calculation and have to deal with the rest. edward: everyone you see the record credit card debt because of inflation. when does the consumer break? >> january, february and march 1st quarter was pre-solid, looks like we had a series of bad reports, flat retail sales, a decline in credit card users, 50% compared

to normal, and that has been strained for a long time. edward: we will see what happens friday. the dow falling to kick off the shortened are trading week as fed presidents signaler stalin rate cuts. we are back. ♪ ♪ (vo) explore the world the viking way from the quiet comfort of elegant small ships with no children and no casinos. we actually have reinvented ocean voyages, designing all-inclusive experiences for the thinking person.

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edward: markets trying to find their footing, the nasdaq looking for its 12 record close of the year, crossed 17,000 for the first time today, let's get reaction from the floor of the stock exchange, jonathan, a little rapidfire as we approach the end of the show. and two weeks we have another decision about the fed, what are markets looking at, jobs or financial reports?

>> we are looking at it all. as the fed has stated they will remain data dependent, as are we and as is the market. a lot of volatility back-and-forth because we get conflicting data, good news and bad news, the market tries to determine exactly what the fed will do with this information. as we see volatility here things have quieted down a little bit. we see a recent pullback and the market step back again. edward: in that environment, what sectors stand out? where is the best to invest? >> the tech sector has seen a lot of volatility. when you see a lot of volatility to get those pullbacks. that's when you jump into something like that talking about the financial sector, interest rates or potential for interest rate cuts will have an impact, something to keep in

mind and the savior play, the dividend sectors are feeling comfortable with rates where they are. edward: we know about the nvidia lovefest, what happens if one emerges in 15 seconds? >> they are trying to catch up but nvidia has pooled ahead and we will see other companies using its product more. edward: elon musk talked about that. we appreciate it from the floor of the stock exchange. that does it for us on coast to coast. jackie deangelis and "the big money show" taking you through the next hour, see what they can do with 100 point loss