changed. we knew exactly how jake tapper felt about donald trump, we know how dana bash feels about donald trump. they can't stand the guy. however, they kept it straight last night. i was impressed. stuart: i think though that last night was genuinely historic. it was a presidential debate like no other. this is going to be remembered for decades to come. it's the day, the time, the debate when biden lost his presidency. that would be my opinion. that's how dramatic and extreme i think it was. maria: do you think it's going to be kamala harris, stu? stuart: i think it'll be awfully difficult to get kamala harris out of the way. how you get biden out of the way is another story entirely, because he's not going to go willingly, i don't think anyway. maria: stu, i know you're going to picket up where we left off. have a great show, "varney & company" begins now. stu, take it away. stuart: thanks very much, maria. welcome to "varney & company." it was historickingic. last night joe biden's presidential campaign collapsed.

his goal for the debate was to show he's up to the job. he failed. throughout the 900 minutes our president mumbled incoherently. he was visibly confused. he had that vacant, open-mouthed stare. he'd memorized a few one-liners but didn't know how to use them. he lost his train of thought, jumping from subject to subject sometimes in mid-sentence. it was a debate catastrophe for him. he has lost the media. a selection of headlines tells the story. the panicked democrats know it's time for him to step down. they just don't know how to get him out. there's a lot of finger-pointing. how could the first lady let her husband go out in public like that? did his handlers lie about his true condition? they called videos of his decline cheap fakes and said he was sharp as a tack. no, he wasn't. what now? chaos in the democrat party. after last night, they know biden cannot if win in november, but they don't know how to change candidates. they don't know who to put in his place, and they don't know what to do with the unpopular

and unelectable kamala harris. throughout today's show you will see how the candidates faced off in the most consequential presidential debate of all time. if all right, now look at the stock market. stocks up this morning. can we call this a trump debate victory rally? i don't know about that. a bit early. but the dow up about a, what, just 6 points. nasdaq up about 37. the 10-year treasury yield coming down a little this morning. you're back to 4.26, favorable inflation news, 2.6% on the pce, as expected. the 2-year treasury yielding 4.68, so that's below 4.70. rates down a bit. bitcoin, $61,200. oil just above $800 a barrel. sorry, $82.03. gas, no change, $350 a gallon for regular -- 3.50. on the show today, a deep dive into last night's debate. it has changed the election. it has effectively ended joe biden's presidency. it was trump's debate to lose,

but it was biden who lost. friday, june 28th, 2024. "varney & company" is about to begin. ♪ ♪ ♪ was it over then, and is it over now? ♪ stuart: ooh, taylor swift. well done, producers. lauren: sad moment. stuart: well done, indeed. lauren: we didn't have to get to this point. stuart: oh, you're sad? lauren: there were warning signs, put it that way. stuart: did you feel sorry for the president? lauren: no p. i felt sorry for the american people. stuart: well said. i'm with you on that one. let's get straight to grady trimble in atlanta. grady, take us through the biggest moments of the night, please. >> reporter: well, stu, there was substantive policy discussion on the economy, the border, the wars in israel and gaza, but all of that is being

overshadowed today because president biden failed at his primary objective last night which was to allay concerns that he is too old for another four years. >> $2 trillion tax cut benefited the very wealthy. what i'm going to do is fix the tax system. for example, we have a thousand trillionaires in america. what i've been able to do with the covid -- excuse me, with dealing with everything we have to do with -- look, if we finally beat medicare, and i'm going to continue to move until we get the total ban on, the total initiative relative to what we're going to do with more border patrol and more asylum officers. >> i really don't know what he said at the end of that sentence. i don't think he knows what he said either. >> reporter: so about halfway through the debate, we started hearing from biden's campaign that he was sick as a way to

sort of explain his hoarse voice and what we were witnessing. but by the end of the night, people in the democratic party were scrambling, trying the figure out what to do after that. still, vice president kamala harris, california governor gavin newsom and biden's campaign are shrugging off biden's bad performance. >> i don't think that you can call on the debate as a great time for president biden. i think he had a rough time last night, there's no question about it. the president might have lost the debate on style, but he won it on facts, he won it on decency, and he won it on the ideas that people think are important in the country. >> reporter: former president trump, on the other hand, appeared subdued last night, focusing on policy related to immigration and the economy. and blaming president biden for the border crisis and inflation. today both trump and biden have campaign rallies. we're all watching, stu, to see, number one, does biden appear if at his scheduled event in north

carolina, and if he does, what does he say to address last night if he says anything about it at all? stu? stuart: we're going to find out. grady trimble, thanks very much, indeed. ben domenech with me now. ben, the democrats obviously have a profound dilemma here. they know that biden can't win in november, but they don't know how to rea place him, how to get him out. how do they do that? >> well, stuart, you know, in the technical ways that they go about it, really they can't do it without biden pulling himself out of things. stuart: exactly. >> he can't actually go forward in terms of, you know, this election with the support of democrats given everything that we've heard over the last several hours, but it's also something that i think people don't fully understand in terms of the mechanics of the way the democratic party is structured. if they were going to pull the trigger on this, if they were going to actually have him remove himself and replace him presumably with kamala harris,

they would need to move rapidly. one of the reasons, in fact, that they need to move if rapidly is that because of the way that ohio structured its timeline, you actually only have til august 7th in order to replace the candidate. you don't have the luxury of waiting til the later scheduled convention in chicago in order to make that change. and so things would have to move very quickly. but, stuart, rook -- look, in our weekly conversations about this over the past year, you were ahead of the curve in saying that you didn't think that joe biden was going to be the nominee. and about a six months ago, i believe, i said that i started to agree with you. i think the thing that we've been missing about the conversation today and the thing that or you know, we're going to see play out over the next coming days is there are going to be a lot of people pointing their fingers at the white house, jill biden and the family, etc., saying, you know, they should have been honest with us. he shouldn't have been running in this situation. but that's not the actual

culprit here. the culprit here is the media. the media collective that that all united together and said this was not a big deal. cheap fakes. joe scarborough going out there and saying that he's the smartest, you know, on-point guy that the you can find in politics, etc. and that lie that they told to their democratic readers is the reason the democrats are stuck in this position today. if they had been honest with us six months ago, a year ago, they would not be in this predicament. and so i don't think -- we should not allow the media to escape their role in precipitating this on the american people in a way that i think is deeply irresponsible. stuart: kamala harris spoke to cnn's anderson cooper after the debates. listen to what she had to say about biden's performance. watch this. >> i got the point that a you're making about a one-and-a-half if hour debate tonight. i'm talking about three and a half years of performance and in

work that has been historic finish. >> but is that the man we saw, that the man -- >> the other guy on the debate stage -- >> you say you are not concerned at all a having watched the president's performance tonight? >> it was a slow start, that's obvious to everyone. i'm not going to debate that point. stuart: come back in again, ben. if biden is out, what is kamala harris' role now? >> i don't think that you can remove her. i don't think that you can jump over her. i think that she has to be the democratic party's nominee for the fall for obvious reasons. i think that removing her, especially replacing her with someone who hasn't been, you know, tested to any degree would be something that would backlash against them with their base of support. and democratic, the democratic conversations that i'm hearing about on capitol hill and within the leadership today really are grappling with whether they can push her forward and have the media sell her -- stuart: that's the question,

what are they going to do? >> i don't think they'll be able to do it. stuart: i agree. ben domenech, thanks for being with us on on an important morning. cnn if's van jones is slamming president biden's performance. lauren, i think van jones is saying, biden, you should step down. lauren: it was a moment of raw honesty. van jones says, please, mr. president, allow us the opportunity to replace you. >> he had a test to meet tonight to restore confidence of the country and of the base, and he fail to do that. and i think there's a lot of people who are going to want to see him consider taking a different course now. we're still far from our convention, and there is time for this party to figure out a different way forward if he will allow us to do that. but that was not what we needed from joe biden, and it's personally painful for a lot of people. it's not just panic, it's pain of what we saw tonight. lauren: panic, pain, i'd say anger. the white house gaslit the

american people and the party that biden was fit to serve. stuart: yeah. lauren: the debate was about a competency. stuart: it was. okay. let's move on to finance. move away from the debate just for a second. we did get the latest read on the pce. that's a measure of inflation, the index that the fed pays attention to. break the numbers down, please. they're they're core pce up 32.if 6 on an annual basis -- 2.6. the lowest since march of 2021. it was flat month over month. bottom line, step in the right direction, fed pushing closer to 2% inflation. stuart: okay. let's see if we've got a link between the market move this morning, which is up, and the debate last night. ryan payne with us this morning watching the market for us. is there a connection? if that's a very modest rally for stocks, but it's a rally nonetheless. is it because of trump's win? >> i think modest is the key here, and i think it showed up more in the dollar which was a little stronger because trump is clearly going to be tough on putting tariffs on europe if he does get back into, you know,

being the president again. and if that's the case, this means that inflation will probably be a little bit higher, interest rates will be a little bit higher, but that pce number that lauren just talked about this morning came in the right on track, 2.6%. that means we're winning the battle on inflation, and that actually brought the dollar down again under 2.3, again, on the 10-year treasury. a. stuart: so this market is moving more about favorable inflation than it is about the debate last night and trump's apparent win in that debate. it's inflation that's ruling the roost this morning? >> 100%. the variable who gets into office, markets don't like uncertainty, but we already know what a trump presidency looks like, we've had it before, and with biden we're living it rye nought. i meant to say 4.3% on that 101-year treasury, just for the record. stuart: we'll take it. thanks for being with us on a very important day. we can't call it the trump debate victory rally -- [laughter] >> that's a jinx. stuart: it would be, wouldn't it? we told you about the group of

nobel economists who warned about an inflation bomb under a second trump presidency. the trump campaign calls that worthless and out of touch. trump 2024 national press secretary karoline leavitt, she's ready to sound off. democrats pappicked over -- panicked over biden's performance at the debate. watch this. >> it's a one night that helped confirm people's fears. >> the candidacy has fallen. we should pray for the president. if. stuart: just take a look at these headlines. biden cannot go on like this. dems freak out. biden debate performance is nightmare for democrats. the big question, what happens now? we have an all-star lineup all morning long to cover it all a for you, and we'll be back. ♪ ♪ we're going down, down in an earlier round -- ♪ and, sugar, we're going down swinging ♪ ♪

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♪ stuart: donald trump will hold a campaign rally with virginia's governor, glenn youngkin, today. polls show trump and biden are in a dead heat in that state. lucas tomlinson is in chesapeake, virginia. when was the last time virginia picked a republican for president? if. >> reporter: well, good morning, stuart. i should have known you were going to hit me up with a pop quiz on a friday morning. it's been a few decades, all the way back to 2004 when george w. bush won the common if wealth of virginia. as you can see here, there are thousands of people that have descended on this tree farm in chesapeake, virginia, just outside of norfolk. if you know, remember, there's a lot more to virginia than just fairfax, arlington and loudoun counties as we're seeing here. a lot of trump support possessor out here for this rally. earlier, virginia's governor

spoke ab why he thinks this race is now so close. if. >> it's three and a half years of a failed economy, failed border, failed national security, and that's what americans see. and i hear it all over virginia. people want strength back in the white house, they want a strong america, and that's what donald trump displayed last night. >> reporter: now, stuart, just a few months ago nobody was calling virginia a swing state or a potential pick-up opportunity for donald trump, but a different story here today according to our new fox news poll which shows the race in a dead heat. that's a big reason why the first lady, jill bide, campaigned here yesterday in virginia beach -- jill biden. >> it really comes down to who has the wes.com and who has the -- wisdom and who has the experience and who has the ability to really lead this country in the right direction. but more than that, and i know you all know this, we're really looking at what man has the

character -- [cheers and applause] >> reporter: so, stuart, we're about six hours from donald trump taking the stage here in chesapeake, virginia, and already at a 9:00 this morning there are thousands of people here. we actually had to get out of an uber and walk about a mile to get here just because the line of cars was going back for miles. so that's the scene here in virginia, stuart. as a you can see, the her. tents are set up, a lot of enthusiasm for donald trump. stuart: i can see that. lucas, thanks a lot. we'll see you later. new york times fact-checked trump a whopping 411 times while only -- 41 times while only correcting biden 12 times. trump 2024 national press secretary karoline leavitt joins us now. was that -- does that mean that trump was supposed to have lied more than biden? [laughter] >> no, stu, that's not what that means. that means that the new york times is being "the new york times." [laughter] we knew heading into this debate, actually, that cnn had

25 fact checks of president trump on their web site compared to 55 for joe biden -- 5 for joe biden. with that said, last night it was clear who won the debate. president trump absolutely did. he laid out a sharp vision to make this country great again, to bring down the cost of living, secure the border, get us out of the wars that joe biden's a weak foreign policy has created. and as for joe biden, even "the new york times" is saying it was a catastrophic night. he was incomprehensible, he was mumbling, bumbling, hard to understand, and the democrat party is in total disarray this morning. stuart: indeed. 16 nobel prize-winning economy is predicted inflation would surge if president biden was -- if president trump was elected again. listen to what biden had to say about that a last night. >> and, by the way, those 15 nobel lawyer -- laureates he talked about a, economists, they all said if trump were to reelected, we'd have a recession, and inflation's going to increasingly go up.

and, by the way, worst president in history, 159 presidential scholars voted him the worst president in history. stuart: okay. what's your response to that? >> all due respect to these nobel prize winners, the american people don't need them to know which president put more money back into their pocketbooks, and that president was donald trump. if you actually look at the list of these folks, they're all far-left activists. one of them is actually janet yellen's husband. president trump has a real plan to bring down inflation in this country. it was merely nonexistent in his first term. we never talked about the word inflation because it wasn't an issue americans were facing. and through his domestic energy plan to drill, baby, drill, to utilize the resources here in our country, that's how we're going to bring down inflation and also pay off our debt and strengthen our national security as well. americans will have more money in their pocketbook, and president trump is also going to cut their taxes. joe biden denied last night that he wants to raise taxes again on the american people. stuart: karoline leavitt, thanks

for taking time out to be with us on an historic morning. thanks very much, indeed. >> thank you. stuart: president biden made a surprise visit to a waffle house in georgia after the debate last night. what did he have to say there about his performance? if. lauren: oh, he thinks he won the debate. watch with. >> mr. president, how do you think you performed tonight? >> i think we did well. it's hard to debate a liar. new york times pointed out he lied 26 times. big lies. >> you suffering from -- [inaudible] lauren: sore throat. he mumbled, he stumbled, he fumbled. i think that goes beyond a cold. grady brought this up earlier, biden is scheduled to be at a rally with some rappers who are supposed to perform in north carolina today. see if he goes. stuart: see if he shows up. that'll be interesting. thanks, lauren. quick check of the markets. this is the morning after the debate. i've got some green but not a whole lot of it. dow's down 16, nasdaq's up 36.

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stuart: all right. three minutes til the opening of the market, there's a couple of dow stocks that are selling off. the nasdaq up just the 211 points. ray wang -- 21 points. ray, let's talk about who is better for tech stocks. is it a trump presidency or biden? >> that's a very interesting point, right? we look at a couple angles here, right? if you're thinking about regulation, trump is less regulation, biden's more. think about taxes, trump is less taxes, biden is more taxes. and you think about what's happening with antitrust, biden is much more enforcing antitrust than trump. and that actually has an impact in terms of stocks. because what's been going on is we haven't seen ipos, we haven't seen a lot of mergers and acquisitions in tech, and so in the long run you end up seeing trump was better for tech stocks than what was actually happening with biden. and if you look at the s&p, the s&p was up 4.1% with trump -- 14.1% and 10.is 1% with biden.

so you can see the difference in what's happening. but i do think it comes down to industrial policy. you're going to see tariffs with trump and, of course, biden hasn't taken them down, but both have been really good in terms of actually fighting china and trying to combat copyright and ip transfer that's been going on. but overall a, what you're seeing is the tech companies are, have probably done better under trump than with biden, and that's been really interesting to see. right now we only have about seven stocks that have been driving the stock market down to maybe five. in the trump era it was much more broad-based. stuart: it's interesting that investors should perhaps prefer trump because the people who work in technology companies probably don't support trump that much. so they're kind of conflicted, aren't they? trump's second presidency would be good for their companies, but they don't like trump. explain that one. >> stuart, you're absolutely right. here in the valley i would say that 800-90% of the workers are, tend to lean more democratic,

and that's actually in contrast to actually what policies would actually help them. and so it is quite a conflict whether it's policies around a employment, around a taxation, policies around, you know, immigration, it's been quite interesting. and so that's the last case, the immigration piece, it's going to be interesting to see what happens in terms of h11bs which trump was against before and now has changed his mind -- h-1bs. biden was much more leaning towards a broader immigration policy. stuart: all right. there you have it. ray wang says on balance tech stocks do better with trump. if ray, thanks very much, indeed. going to be a big day today. very interesting day. i'm not so sure it's going to be a huge stock price movement day, but there's certainly an enormous amount of interest in the market and finance after after last night's historic debate. he's pressed the button, off we go. just bear in mind we got benign

inflation news this morning, 2.6% in the pce, an index that the fed watches, and we're off and running. the dow's actually up 2 points. look at the big board, the dow 30, we've got more losers than winners, but it's a narrowly-divided market. lauren: the problem's nike. it's down 17%. stuart: that is a big problem. yeah, nike, a big problem. we'll get to that in a second. the s&p 500, have a look at that. it's up just a tiny fraction. look at the nasdaq too, what's that doing in the early going? if it is up just a tiny fraction, that's it. big tech, where are they this morning? pretty much down. apple is up. there's news on them which lauren will give us in a moment. microsoft, meta, alphabet, amazon, they are all a down but not by much. we've got to take a looked at trump media. -- a look at trump media. this morning it's surging, what, a 6% gain there, up 2 points. this is a proxy for trump, isn't it? lauren: 100%.

trump won the debate last night, and even cnn said so. 67% of debate watchers gave last night to trump. if as you said, trump media also trades on sentiment around a trump over the fundamentals. stock's up 40% right now this week. stuart: 67% of the people who watched cnn thought trump won. lauren: yes. according to cnn. stuart: they're democrats. that that's the way it is. apple's iphone shipments in china, a big jump. that's why apple's stock is up this morning, i guess. lauren: discounted as much as $316 on some of their models, which is nice, but they're battling for market share. huawei is out with a new phone, china's number two vendor ahead of apple. so apple offered some discounts in may, sales rose 40% from a year ago, about 5 million phones sold. but also oppenheimer is increasing their price target from $200 to 250, so that's a nice boost from oppenheimer.

stuart: indeed. now, we talked earlier about nike down $17. that is 16%. why is it down so muchsome. lauren: they need a new sneaker. they need to wow people again. they're losing to the competition whether it's hoka out of france, adidas out of germany or even roger federer's on sneakers. they're saying sales will fall 10% this quarter, and they'll fall in the single digits for this year. so they're in a slump. where's the turn-around? maybe they'll showcase some performance products at the paris olympics, but -- stuart: yeah. they forecast down 10% this quarter with. down 16%. all right. toyota, launching its irs for the if the -- first ev with an advanced self-driving system. where's the launch in. lauren: china. the japanese automaker wants bigger market share in tesla. tesla also launching self-driving in china. toyota wants to catch up to cheaper rivals and to tesla.

they're also working on bat arelies and more -- batteries and more intelligent vehicles. they're going to start with an suv. i thought that was interesting. not a small car, an electric suv. that's in 2025. stuart: got it. the stock is up $1.50 at $205. the chinese search engine baidu, i know it's launching an upgraded 56789i. model. what's new -- lauren: this is ernie for turbo. 300 million users have access to it. what's new about it, it's just smarter. it can compete really with chatgpt or whoever. i think people care about this because openai is no longer giving its chat bot to china. so china needs to show that a they have advanced a. a i. capabilities. baidu is their version of google, so they're putting their service out there in front of millions of developers and thousands of businesses to fill the vacuum by american technology, and they're also integrating a.i. throughout their businesses and their economy. stuart: they're taking our

place. lauren: you could say that. stuart: all right. tractor supply. they're pulling back on their woke policies? lauren: stock's up 3%. withdrawing their carbon emissions goals and eliminating any dei position. if why? -- why? it's a tennessee company. they know their market, they know their customer. it's rural america. why don't they focus instead on land and water conservation, agricultural education, veterans' issues? stuart: interesting. you pull woke and your stock goes up 2.5%. that's interesting. and then we have target making it easier for employees to stop shoplifters. what are they doing? lauren: okay. so this comes from bloomberg. they're reporting that target is telling employees step in and try to prevent theft when the items being stolen are $50. it used to be $100. this is happening right and left. i don't see any employee stepping in to stop someone from stealing something, right? if. stuart: no. lauren: but, you know, i guess

target, like many retailers, is desperate. they've hired the security guards, they've put so many items under lock and key. they've reported huge shrinkage numbers. they're working with local law enforcement in many cases, they're working with the national retail federation to try to figure out what to do. but you think someone working at target is going to go after someone because they stole a couple bottles of toothpaste? stuart: probably not. lauren: but they're being told to reportedly. stuart: that's an interesting legal situation. because the employee gets hurt and they've been told to stop this guy from shoplifting -- lauren: maybe it's just, you know, saying something or pressing a button. i don't think it's physical deterrence but you never know. stuart: let's get to chewy. pet food company, obviously. they had a 34% pop yesterday. lauren: yeah. stuart: oh, wait a minute. i see on my prompter, roaring kitty. lauren: yep. the man known as keith gill. you can't make this up. he posted a picture of a puppy face, so the stock went up 34%. it closed the day lore, it's down again today.

while this is ridiculous, i think the message going to traditional wall street is kind of like, okay, boomer, you can read all the earnings reports and sit in on all the conference calls that you want. we can move the market by posting memes. by following certain people. stuart: okay. very important lesson learned there, or i'm sure. check the big board, please, because we're in business now for six and a half minutes, and the dow is up close to 2000 points, 39,300. dow winners, at the top of the list, united health, caterpillar, salesforce, chevron. american express too. s&p 500 winners topped by humana. sin crony financial, united rentals, comerica and united health on that list as well. nasdaq winners, any big-name techs? monogo -- lauren: they've been on the winners' list a while. stuart: qualcomm, charter, baker hughes, walgreens boots alliance. a group of dropouts raised

$120 million to take on nvidia. we'll hear from the 22-year-old who's leading the charge. actor kelsey grammer split with most of hollywood. he supports trump. has he been ostracized is? i'll ask him. he's coming up in the 1 1:00 hour. inflation and the economy took center stage lastigt the debate. roll it. >> we've got to take a look at what i was left when i became president, what mr. trump left me. we had an economy that was in freefall. >> did a poor job and inflation's killing our country. it is absolutely killing us. stuart: edward lawrence has the story from the white house. plus, congressman jason smith. he'll respond to all of this coming up next. ♪ ♪ i got bills i got to pay. ♪ so i'm gonna work, work, work every day ♪

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[thunder rumbles] ♪ ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪ stuart: 12 the minutes in, and the dow is now up 174 points. there's a turn around for you. nasdaq is up 26.

another big topic at the debate last night, yep, tax cuts. edward lawrence joins us from the white house. take us through what biden and trump had to say about this. >> reporter: yeah, stu. and let's set aside the performance from last night. we're going to drill deeper into what the candidates actually said. on taxes, former president trump said he would continue the tax cuts, he would try and not have them expire that he a had passed. he'd work with congress to do that. president biden has said in the past he wants those tax cuts to expire and then pledged this -- >> he's increased the tariff -- he's increased, he will increase the taxes on middle class people. i said i'd never raise a tax on anybody making less than $400,000. >> reporter: but president biden has never said that he would work with congress, and it's unclear the path to do that if president biden lets the tax cuts expire. taxes on just about every american would significantly go up including those making under $400,000 a year. now, on debt and taxes, president biden said this --

>> he had the largest tax cut in american history, $2 trillion. he raised the deficit larger than any president has in any one term. >> reporter: it's true, but he failed to mention about $6 trillion of the $8 trillion spent under president trump went to support americans with various aspects of the covid shutdowns. debt held by the public went up about a $7.9 trillion for the 4 years under trump. debt held by the public went up about $6.5 trillion so far under president biden. here's -- he's on pace to match almost the debt increase under president trump, and there's no covid lockdown. in fact, for the first year of the presidency, the administration if tried to hold on to some of those lockdowns but then relented under public pressure. there's a lot of government spending going on with this administration, and it looks like they would like to continue that. stu? stuart: thank you very much, indeed. now listen to what president biden a had to say about the state of the economy when he took office. roll tape. >> there was no inflation when i became president. you know why? the economy was flat on its

back. 15% unemployment. he decimated the economy. absolutely decimated the economy. that's why there was no inflation if at the time. there were no jobs. i provided thousands and millions of jobs for individuals who are in all communities including minority communities. stuart: the chair of the house ways and means committee, an important guy, jason smith, joins me now. congressman, is that accurate, that the economy was decimated when biden took over? >> once again biden's not being factual. if when biden took over as president of the united states, inflation was 1.4%, stuart. ask and then in his first three months in office they rammed through the republic -- the democrat house, the democrat senate and himself rammed through the $2 trillion american rescue plan if spending bill. and from that point on, we saw inflation be on jet fuel. it has gone up 20.1% since that

moment. but inflation was 1.4% when he took over. and guess what? the reason why it went up 20.11%, stuart, is because when democrats controlled the house, the white house and the senate, they spent more than $10 trillion of money in 2 years, $10 trillion. and that has been jet fuel. and that is why every american that's watching this is paying more to put food on their table, clothes on their backs and gasoline in their cars. stuart: but biden did say last night in the debate that it was trump who decimated the economy. i take issue with that. i think it was the pandemic that decimated the economy. what say you? >> it was absolutely the pandemic. everything shut down. but think about it. when the pandemic happened, it was in the last year of president trump's presidency. he also created the vaccine during that time in record amounts. it's absolutely amazing how he handled that situation. unfortunately, that was not the case with president biden. and, in fact, everyone that you

ask today, the best question would be are you better off today than what you were four years ago, and every american will tell you that they were better off four years ago. that's why donald trump will be reelected president of the united states. stuart: congressman, biden says that trump's $5 trillion tax cut over the next 10 years is going to bankrupt the country. watch this. >> he somehow helped the middle class. the middle class has been devastated by you. now you want a new tax cut of $5 trillion over the next 10 years which is going to fundamentally bankrupt the country. you had the largest deficit of any president in american history, number one. number two, you have not, in fact, made any cac, any progress with china. we're at the lowest trade deficit with china since 2010. stuart: quick reaction, please, congressman. what happens if the tax cuts are, indeed, fully repealed? >> if the tax cuts are fully repealed which president biden is wishing to do to increase taxes $7 trillion, that will

bankrupt all americans. not the country, it will cost every american -- cause every american to face more in taxes. that's unacceptable. we need to continue with the pro-growth tax policies that helped increase wages for working class americans. that's why president trump has even suggested eliminating taxes on tips. it's because we are the party of working class, and that's who we're fighting for. stuart: good politics. jason smith, thanks very much for joining us, sir. always appreciate it. >> thank you, stuart. stuart: now take a look at these editorial headlines in "the new york times" torching biden after the debate. biden has lost the times. let the democrat civil war begin. that's my take, coming up top of the hour. president trump stutteredded, stumbled and looked confused throughout the debate. watch this. >> everything we have to do witt medicare -- >> thank you, president biden.

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stuart: the day after you've really got to get back to the debate. voters are questioning biden's fitness for office after his, well, what amounts to a shocking performance. roll tape. >> that $2 trillion tax cut benefited the very wealthy. what i'm going to do is fix the tax system. for example, we have a thousand trillionaires in america -- i mean, billionaires in america. if they just paid 24%, 25%, either one of those numbers, they'd raise $5000 million -- 500 billion, i should say, making sure we're able to make every single solitary person eligible for what i've been able to do with the, with the covid -- excuse me, with dealing with everything we have to do with -- look, if we finally beat medicare -- >> thank you, president biden. stuart: i'm sorry, folks, that

is painful. doc siegel joins me now. the white house claims the president just had a cold. what's your reaction to that? >> i don't think this it's an issue of a cold at all. a cold can make you a little weak, but if you're a president and you have a cold and and this is how you sound, what happens if there's a sudden emergency crisis? you know, unfortunately, stuart, we do our weekly cognitive segment here, and i really wish -- talk about painfully -- we didn't have to apply it to the president of the united states today, but we do. and i'll tell you something else, the debate itself is a cognitive test. president trump calling for cognitive testing, he's been calling for it for years, he talked to me about it when i interviewed him in 20 20, he's had them. but that isn't even the issue. this is a cognitive test because you're challenged and you're meandering, and, you know, halting and slurred speech, starting a sentence one place and ending it somewhere else. he was trying to say that everyone was covered during covid, and he ended up saying medicare which was flat out

wrong. and you, as one of the top business hosts in the world, must cringe when he gets millions and billions mixed up and billions and trillions mixed up. he couldn't make it as a guest on your show, stuart. stuart: frankly, it's frightening because he is the president of the united states of america, and honestly, i don't think he's up to the job. can you define his condition medically? can you say he's, what is it, senility or is it alzheimer's? can you put a label on it? >> well, i haven't examined him, and we're not being privy to all of his diagnostic tests. i've been calling for an mri of the brain because that will show us a lot. i think, by the way, very revealing is that a people keep leading him off stage, his wife leading him off stage, you know? that shows some feebleness. he has some problems with his gait that seem neurologic to me and several neurologists i've spoken to. one thing i want to point out is if you have ate aal

fibrillation, which is an irregular heartbeat, even on blood thinners, which he is, there's a very high incidence where you're not getting enough blood flow to very small amounts of the brain called micro esteem ya. that can lead to cognitive impairment. and that's what i'm most concerned about. that's why i want to see an mri. listen, stuart, we're holding him to the highest standard in the land, right? stuart: yes. >> he's the president of the united states. he's got the nuclear codes. we need to have someone that's as fit as possible. it's not a matter of age at all. it's a matter of fitness, and the voters have a right to know and have a right to decide. stuart: we saw it all last night. dr. siegel, thanks very much for being with us. we see you again real soon. >> thank you, stuart. stuart: we have a power hour ahead for you. vivek ramaswamy, house judiciary chair jim jordan, steve hilton and kelsey grammer. the 10:00 hour of "varney & company" is next. ♪ ♪

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