child's life forever. ♪ music ♪ ♪ unnecessary action hero! ♪ ♪ unnecessary. ♪ was that necessary? no. neither is missing your daughter's competition to do payroll. with paycom, employees do their own payroll so you don't have to miss your daughter's big day. time to shine. get paycom and make the unnecessary unnecessary. this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo larry: hello, folks. welcome to kudlow, i'm l arry kudlow. first up, soaring u.s. debt

is a spending problem that threatening higher inflation, and higher interests, and a bunch of financial problems. that is the subject of the riff. u.s. government finances are a mess that according to latest congressional budget officers report across board spending, deficits, debt, all moving in the wrong direction. there is no excuse. there is no economy economy justification this is big government socialism on a tear, you have to ask with all spending and borrowing will federal reserve be forced to enable the government's faltering finances by creating too much cash and reviving inflation. you also have to ask when will government borrowing rates in bond market start heading back up. so listen. in last 4 months since

february. new cbo score card shows 2.6 trillion in higher spending over next 10 years. for this fiscal year alone, 2024, spending reestimate the 400 billion higher in a couple months. good chunk is joe biden's student loan cancelations, some is medicaid expansion some badly misnamed inflation reduction s act subsidy. not a revenue problem, they are high, not defense spending, because defense is still underfunded. and expected to hit postwar lar -- low 2. 8% of gdp, over all spending to go to 5. 6%. that is almost 4 percentage points higher than the average of the past 50 years. and with that spending.

the cbo is expecting two trillion dollar deficits as far as the eye can see. cuculminating in 52 trillion dollar total debt in public hands that is 122%. of gdp . they are outrageous number, there is no pandemic, no war and so far no recession, but there had sr. a 20% rise in level of consumer pricing during mr. biden's term and 2% drop in weekly wages in this period, we have over a strtrillion of federal interest payments and biden treasury is financing the massive deficits at short end of maturery st spectrum there is a huge mistake. "wall street journal"

estimates if federal spending as share of the economy remained at prepandemic average. the deficit would be 890 million lower this year and train .4 trillion smaller than the cbo's 10 year projection, ven spending all this money, the economy only grew at an asn anemic 1. 8%. how about a repeal on the phony act and stopping s the student loan right offs and keep the tax cuts and throw off more revenues, without tax hikes, one reason that joe biden's economic polls are rock bottom people look at numbers like these, and search their own shrinking pocketbooks and hear he

wants more of the same. even bigger government. with even moreover regulation. there is no confidence in the current white house. it is time for a change. and that is my riff. all right. let's get on with it, a gory tale, joining us now brian riedl and david malpass. brian, you wrote about this in new york post, the late economist herb stein said, if something is unsustainable it won't be sustained or if something is bad can cond condition -- can't go on or something like that, with this horrendous numbers with out of control tomorrow finances and out of control big government spending and boeborrowing and

regulating there will be consequences, there is inflation risk and interest rate risk, and default risk. what do you think brian? >> the interest cost and interest rate risk is huge. even under low interests, interest costs have been from 350 billion when biden took office, to a trillion dollars by next year. it will be 6 biggest item in the budget after social security, and interest costs will go to 2 trillion a decade from now that is low rate. if interesting go up one point. the deficit goes all the way up over 4 trillion from a 3.8 stri trillion, and a decade from now, you are looking at 37% of all federal taxes just to pay interest on the debt. that ask all of taxes you pay washington, for first 4 months of the year will pay

interest. because it will come to dominate the official government. the danger when you run-up a 50 trillion dollar debt, you are sensitive t to interests, one point adds hundreds of billions a year. larry: which is possible in the current environment. and at the shortened. tthe 90 day treasury bill. david malpass. you know, as troubling as the numbers are, this is like the growing of government command and control of government. the government regulating the economy. the size and scope of the government, regulating the economy. whether it is taxing or ordinary regulations, or you know, dei or woke or esg or

any of the other left wing there this is big government socialism to use newt gingrich's term, i don't think it will turn out well if it does not change david mel pas malpass. >> it is already not turning out well, you look at inflation rate which is high and growth rate which is low, you know in cbo numbers they show 2% a year into future, 2 things that stand out to me in the cbo numbers are lack of growth, and also the hammer blow on young people in the country. the government borrows the money, it spends it and young people will end up paying it. it goes into this affordability crisis that they are facing. larry: i think that is important. the affordability crisis,

david, as a follow-up, all of these government programs, a lot are pandemic related, that biden continues and climate change and electric vehicle programs that public dud not want, and student loan, they taxed up a loss, and if biden got what he wanted, supreme court has deemed illegal, it would be a 1 t trillion dollar loss over 10 years, david, you know, who is running the ship? what happened to free market capitalism, my point is, this is a big government run economy. and when you experiment like that, where is socialist or quasi socialist this is not animal spirits not innovation or free enterprise that is not prosperity, you see what i'm saying? this is the triumph of government. and i don't want that. i want to triumph of a a free enterprise

system. >> the numbers are staggering, they increase by 4400 billion dollars this year's fiscal deficit since february, and at the government spends more it plows it to making more regulations that strangle account. as we look out over 10 years, the new cbo number its looks like have 120 trillion dollars of spending by the government. 90 trillion of taxes, which is the historical average. so note a tack problem -- it is not a tax problem, that spending is out of control. and the more they do the bigger it makes government and slows the economy down. that is what shows up in the numbers. trump can change it, but you know biden's budget, is more of the same, it looks for slow growth, and very large increases in spending. larry: that is more of the

same. higher taxes. brian riedl, my former boss ronald reagan said you have shown me t the manure, where is the pony. i don't want anyone to be depressed. on. how do we get out of this brian? give my a couple of for. >> first rule. stop digging, first thing congress is can do stop passing big spending bills next year we'll have discretionary spending caps coming up infrastructure bill will expire, debt limit will com come up, 2017 tax cuts, there will be so much expiring for renewal next year, congress will have a chance to set the course differently. but, the main driver of long-term deficits are social security, medicare and interest, a lot of

viewers don't want to hear that, it will be hard to spring back the think about deficit to normal levels, without addressing social security, medicare and interest shortfalls. larry: without addressing the big entitlements, i would say, growth would help. the difference between 1.8% and 3% growth is huge. many trillions of dollars over a 10 year period. but the other thing, is david malpass, how about getting rid of entire inflation reduction act. i'm not saying it easy but you have a reconciliation budget deal next year in republicans take congress and white house, get rid of it over a trillion. go back and start cutting in to some of the other bills that were passed chips act too generous, and infrastructure bill too generous. what do they did 50 million of -- billion of internet broadband for poor communities, not a nickel

has been spent, it did not meet all of dei qualifications, a lot of garbage that could be pared back. >> that is right. so i have an idea, which is when you over the debt limit, you have the president has more authority to impound money and to do line item veto. i think that we need process change in the proses, that when the debt to gdp ratio is too high, that it punishes washington, right now what washington does is punish the whole country when they spend money. and so there needs to be a change in checks and balances so the whole system works better otherwise we're facing a perfect storm next year, you named it. spend becomes do and taxes go up. and that -- president should

be talking -- president biden should be talking about that all of the time. how he will fix that problem. but he doesn't have any answers. larry: no, he has more of the same, it is time for a change. i know a fellow who was president once who is getting ready to become president again, he has very clclever idea, thousand stop it before it getting really bad. brian riedl and david malpass appreciate. larry: one week until cnn presidential debate, can 7 straight days of practice save joe biden. larry: i'm asking an open and honest question. we'll talk about it with lawrence jones right here next -- set, you can catch kudlow, monday through friday 4 p.m. here on fox business if you can't phoenix y -- text your favorite 9 year oil, she will show you how to dvr the show and you will never miss a single tax cut, i promise

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for more watching and less spending... x marks the spot. do it all on the network made for streaming, and bring on the good stuff. larry: a week away from presidential cnn debate in new york, peter doocy is live with more. reporter: a lot of wisdom,

new polls president biden is underwater on issues that decide presidential elections but he was starting from much a place of weakness on the economy and inflation if you look at numbers, 41% approval for economy 37 for inflation his highest in over two years. his 35% approval now on immigration is five points higher than it was a month ago. and that is part of way that you goat this. get to this, for moment 2 point biden lead over trump in new fox "fox news poll," independents have been breaking for trump, by 2. in last fox poll now biden by 9 raising stakes for both men in next week's debate. with trump early favorite, 50%. half of all voters in fox poll say trump will beat

biden in debate biden preps, he is about to be sequestered at camp david biden inner circle is split on which trump they need to prepare biden for. >> i am happy the mics will be shut off when you are not speaking, you not have audience members or maga members yells in audience. >> i think that muted mics helps trump. reporter: we got a sneak peak in campaign priorities trump and biden people had a coin toss with cnn test biden team chose tails they owon, do you want last word or podium of your choice, the biden people chose podium on their right, trump will get last word next thursday. larry: all right peter doocy, interesting, thank

you. we bring in lawrence jones, co-host of fox and friends, would you have chosen the podium or last word? or why do you think. >> he didn't want a podium initially, some reports said he didn't want to stand he wanted to sit down. the bar is set so low for the current president. that he doesn't have to do much to win the debate. if i am donald trump i'm standing in the pocket, he could throw the touchdown but he should not, it like donald trump is like the nfl and joe biden is high school. if you stomp on him, you will look bad. everyone already is expecting you to stomp on him, he has to keep the ball right here, and the touchdown is there but he does not throw it. he has to be merciful with

the current president. larry: that is great. >> he is the speed of which they go, is not the same, there is no crowd, that is great for donald trump. he is an entertainer, with the mic s off, this will allow the current president to really dig himself a hole, that is great for donald trump, stay on message, the economy and border, he has a record to run on, and peace through strength, they accused him in 2016 to use nuclear code on day one, now we have wars breaking out everywhere and joe biden is nowhere to be found, he has to stay in the pocket. larry: using this analogy, i'll play along with it, mr. biden will stay in the huddle for the next

seven-days. longer. yeah about 7. 8. do you think that is wise? do you think he needs that? and do you expect trump to be in preparation for the next week? >> well, the current president needs rest. right? he has to prepare for this and do whatever strategy they use before the state of the union, to do can the same thing all over gain, question is, if he comes in jacked up, on the debate, donald trump has to let him go, and i know former president if he is challenged he will meet you right there, just let him burn out he will be out by the second rounds. larry: the b12 plus will wear off it is 90 minutes. >> not too long, current president, he does not need much prep is the policy the policy, and he could -- remember the current president uses no cards but he not write on them, he

uses the prompter, the current president -- you worked for him. jim: you mean former president. >> you could give him all advice you want he will say what he wants to say.. larry: i learned that the hard way, i hit about .265 with him every now and then you get something across it is interesting. that they are putting biden away for a week, maybe they will rift him hear a -- rest him or brief him or explain to him the white house policies. i don't know. any of the above. that is possible. do -- you see the numbers changing. i was looking at other numbers. the betting markets, to pay-to-play. betting markets giving trump a 20 point advantage in presidential race. and also, i think almost all of these polls of the swing states show trump almost trump's to lose at this

stage of the game. >> it makes me nervous it that way, sometimes when the scoreboard is that way people don't show up to vote that concerns me, i can tell you why they are betting this way, when you look at core demographics of democratic party they vote for democrats they have told pollsters either they will cast vote for trump or they will stay home. if you get donald trump to get 30% of black vote that is game over that never happened in modern time for a republican, you have hispanics that are breaking. larry: did you see his numbers among women. >> as well. larry: i was looking on breitbart but "new york times" sienna poll or survey. how trump is gained with wim. women and biden lost with women. >> you know it is the grocery store. a lot of women are turned off by the donald trump bombastic approach but when they weigh the bombastic

versus the grocery store every week, i'll take that. and get lower prices. soy, look. we saw this during the primary that number one issue of border, but as we're get closer to the election, number one issue is the economy. i think it will end that way. election will be based on people circumstances, you talk with black voter today to the barber shop or mall you talk with folks they say life was better under donald trump it is what it, i may disapply with him on some things but people choose things that impact them on day-to-day basis, and white house has done themselves a disservice, i understand the white house press secretary job to be chief spin ir, but to deny reality of people on the day on day basis not smart. larry: you know, interesting. one of ministers in detroit meeting, said obama and

biden never came to the hood, quote unquote. >> they didn't. larry: trump is the guy that has done that, he did it in south bronx and in detroit. my guess he will do it more, i think it matters. >> it -- i went to bronx rally, i have never seen so many demographics at a republican event. biden thinks he could get away with obama did, obama had something different. he had charisma but high with historic figure within the community, and sometimes people disagreed with him, they voted for him because of historical reinces. biden does not have that, he does not have that relationship. and the one asset you know, someone has been in politics since i was 15, one thing we remember joe for, to communicate with people out there, you have quotes. he is not out there he can't do it, they have to shield him, he has no connection. larry: he is in -- i hate to see it, he could not get

into his suv. i did not take pleasure out of that, you don't want to see, that he and the american president.. >> china and russia and iran on our heels, we can't have a president that is weak even if he is part of a different party. larry: i i'm on it la lawrence jones terrific stuff, first time on. >> did i might cud kudlow standard. larry: lived it. you can catch launches. edward lawrence on fox and friends fabulous. >> on kudlow. biden green climate agenda making our military reliant on china, a disturbing report, we'll talk about it with senator kevin kramer. kudlow is available as a podcast, episodes every

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larry: interesting report out of the h heritage foundation, running on breitbart. biden's green climate agenda is making our military relreliant on china or it could or there is a risk we talk about this with senator kevin cramer. i know you know a lot about, the main issue is the mismanagement of the strategic petroleum reserve. which they have knocked down bidens, sold off a third, i don't know 40% nearly, and that is something that we might need if worse came to worse. and that china was involved.

on other side, this is any war would be. this was first point. the mismanagement of strategstrategic pre petroleum reserve, we hear bidens the take more out of the to artificially depress gasoline prices a few days or weeks before the election which is ruins our military readiness. >> also a direct violation of the point of the strategic petroleum reserve. strategic and reserve are important. this is not an emergency, my gas prices ar an outcome of biden administration policies there is a tragedy, and it is the stickiest part of this. but what heritage did they drilled it to war fighter. the inability draw on those reserves imagine a major conflict with china, far,

far away, in the pacific, moving big weapons systems big ships moving a lot of personnel, long distances requires a lot of fuel and a lot of energy unless and they will you know equip air force one and b21s with solar panels i d i don't think so, solar panels come from china, electric vehicles come from china. the supply chain comes from china. other thannunure. >> and china gets its oil from a discount at iran our adversaries, they are all allies we're the common enemy, i think heritage did a great job in drilling down not just the economic and supply chain but the literal need for tragedyic reserves

-- strategic reserves at the time when biden administration brought them down, i believe a 40 year low. the strategy they are dealing with now is campaign strategy, they want to spring price of fuel down, they will use the reserve. larry: cheap politics. but it is jeppard jeopardizing our national security. the u.s. military is powered by fossil fuel. and there is a insanity to try to end fossil fuels or cutback on them or curtail future drilling and production and transportation of fossil fuels that is what our military uses. so in effect. all this green new deal stuff is against running against the military, and you know, what we said h earlier, they are defunding

military. at end of 10 year cbo. defense spending 2. 8% of gdp you have to go way back lowest we had in whole postwar period. no fossil fuels and no money for defense. how about that. >> well, for sure, i'm on armed services committee. republicans with a couple democrats raised that top line number. by 25 billion otherwise we have a reduction in military spending going forward at the time when the world is on fire. in case people did not notice. china being the big problem, but iran and north korea, russia, all significant problems for us, and we're reducing, the amount we're spending on preparing for the big fight in the pacific we hope will never happen, but best way to ensure it does not happen to produce

more energy, more fossil fuels, be provider of choice to world and having strategy strategic petroleum reserve this is readily available and adequate to the task, that will bring down the price and inflation for everyone. and then we don't have to put solar panels on bombers and hope they fly. larry: that is quite a sight, sip tor kevin cramer thank you, sir. >> another story. hollywood joe biden versus working class donald trump. joining me now joe concha fox news contributor and mark simone. welcome to you. so the debates are coming up and election continues, begin with mark simone. joe biden -- i mean he has a lot of hollywood celebrity friends. do you think it will help. >> you need people that are not that bright.

george clooney with his crazy wife. you know, give donald trump credit, he has reversed, he has gone to bluest places, talking with black audiences and hispanic audiences and suburban women, and biden left with a bunch of comedians. larry: biden flew across world from g7, where he got lost with 7 people there he flew to hollywood, obama had to escort him off the stage, maybe he was tired i don't know, do you think people recent that, if you are part of this working class coalition, you see your president with these hollywood celebrities, who are not that popular. they don't like their movies that much any more. what does that do? >> to mark's point, hollywood is popular as gas station sushi is. it not the '50s, not what

is used to be getting sinatra's backs was cool, but clean sal clclooney not so much you about to new york with stephen colbert, and in hollywood jimmy kimell, trump is in wildwood, new jersey. and he is in harlem, and democrat used to be party of working man and women, the party for women. now it is the party that advocates having biological men compete ge against the by biological women in sports like boxing and track and swimming, you have states like minnesota, and pennsylvania, and michigan, wisconsin, no coast there, not many elites that is where trump is. larry: up for grabs. >> a great point. movingo. wild play a most regrettable kri cringe worthy statement by new york city

mayor eric adams. >> you look at our administration you will see we got all this chocolate running the city. larry: all of this chocolate running the city, that cringe worthy and racist. most unfortunate he said, that what is your reaction to that? >> i wish he knew his history, last mayor to do, that similar, charming, personality well, but nagen, mayor of new orleans he screwed up in hurricane, saying here a chocolate city, comedians one after him, nagen went down in bblflflames. >> what is your reaction to that. >> unforced error, why would you say that, it almost felt

rehearsed. so, eric a adams has been a profound disappointment when the bar is so low you are successor to bill de blasio. the worst mayor of any city. such hope for him,. larry: to slap at white people what is he getting at. >> he is pandering, to his audience. >> socialist stay, a rid city, you know hammer and sickle red city but a chocolate city, i am insulted. >> you should be, it should could sanctuary city. >> a great point and important. that is what is killing them. >> we used to be a mosaic, a milting pot now look. >> he is playing to all wrong fears. all right. mark simone you want to talk about the joe biden replacement theory. is there know dat

update for us. >> i do. >> whoever rail really runs this democratic world they have been vetting a couple josh shapiro, governor of pennsylvania and maryland. they are sending them out young guys without much of a record. they can't be tagged. >> like obama not horrible but, think about of the -- sshapiro and gavin newsom, whitmer this is not 98 yankees. >> that swept padres. >> not wi willie mays. >> 62 mets. >> [ laughter ] [ laughter ] can plan play this game. you are a student of biden replacement theory. >> i don't see how he gets

through the debate. >> he is resting for seven days at camp david. >> problem is they get him read that's screaming yelling joe biden. in a room of a thousand people. but at a table in a small room, you can't yell and scream like that. >> trump to be apprentice trump, we get around immigration and he talking about 3 things to happen, border wall, resume, remain in mexico, and catch and release. i'll let joe biden take remainder of my time, and till us what remain in mexico is and why he h along with -- >> i like that you said atrendap said apprentice, i thought you would say turn to biden and say you're fired. >> on c kudlow jobe

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. >> eliminate taxes on tips for restaurant workers and hospitality workers. and anyone else relies on tips. no more taxes on tips. larry: all right there you have it trump proposal for tax-free tips, joining us to talk about north carolina senator ted budd. before we get to tips, there is a story on fox business digital. irs penalties on american tax payers surged 300%. last year. and guess who, guess who, freelancers, gig workers and others self-employed individuals not rich people, people in the gig economy.

i thought it was going to be you know all this irs money to go after hitch people, that is not the case senator budd. >> he is going after some of the hardest working folks, this didn't just start when donald trump announced he would not tax tips, we're working legislation. we're ready to go as soon as trump is in office, we have an election in front of us. but, right now, you look at 85 thousand irs employees that joe biden hired. these are the folks he hired to go after the hard working people. if you look at you know people who use venmo all of the time over 600 in th transact in venmo, this is under joe biden, you can tell people he is going a making it hard or working people, and what former president trumpments to do, makes it easier on hard

working folks. >> you know, when probe president biden launches years agents, 85 thousand irs workers, they will go after the rich people, articles like there is a no they are not, and they never do. you are right. when you get down right to it they chase waitresses and waiters and golf caddies, self employee people. to tax-free on tips it is compelling, is there anyway you could get a vote, i know you might lose it but a vote on the floor of senate before election, embarrass those people on shall we say the other side of the a.m. theaisle that, to tax everyone in economy. >> we should try, chuck schumer doesn't want us in washington, he does not have much time on calendar

unfortunately he is in charge now, we'll make republicans in charge in november, we need to make them vote, you see folks they are after, 85 thousand irs agents after your venmo, and after the tips, and after you with inflation. a rich pinch may not know if you -- person may not know if it cost to put gas in our tank or someone that goes to work every day, they know how much it costs, here in north carolina it costs 1100 more per month for average family, and folks i talk to, they can't afford, that i believe them. larry: kitchen table issues. i think we're all assuming mr. trump will lean on t those kitchen table issues, last word. >> everything joe biden has done has made it hard for us, and everyone that trump done makes it easier for us, he has already proven himself. larry: senator ted budd of north carolina thank you,

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