advisory, we think there's a 50 50/50 chance of rate cuts and inflation not fully under control and we think it should be prudent and remain steadfast and not cut. however, they'll face a lot of political pressure, particularly from the administration in dc to cut. so we think it's a coin flip and we think that they might cut and might not. we definitely think that if the trend continues, then we'll cut later in the year. taylor: ed cofrancesco, thank you for joining me and despite the dow being over, a lot of things off for the day but it's a friday. don't be longing for the weekend. kudlow is up next. david: hello, everyone. welcome to a special edition of kudlow. i'm david asman in for larry

kudlow. it's the end of a very historic week in milwaukee and all over the country and donald trump accepting the republican party's third nomination for president last night. just days after the assassination attempt at his rally in pennsylvania. the former president took on a somber tone urging americans to unit while vowing to reverse the biggest failures of the biden administration. coming up, we'll be talking about all this with senior trump campaigner al alena haba. >> democrats and republicans across the country trying to digest the longest speech and longest in convention history and apparently it started often with a very changed tune, which is what the campaign said the

president would do. watch. >> as americans, we're bound together by single fate and shared destiny. we rise together or we fall apart. i'm running to be president for all of america, not half of america. because there is no victory in winning for half of america. reporter: also a very touching tribute to fallen fire chief corey comperatore and then former president said over and over again and remarks showing what it might be a rally. >> it's like hannibal elector, he'd love to have you -- hannibal lector and he'd love to

have you for dinner and all the hits from crazy democrats like nancy pelosi, boom, boom, boom. reporter: biden blasting this as same old trump writing for over 90 minutes and focused on own grievances with no plan to unit us and no plan to make life better for working people and trump team hitting back at democrats and disorder disarray on who will accept the nomination at their own convention. >> i think because of the strength of this convention and strength of president trump's speech and i think this effort by democrats to run a political coup against joe biden accelerates. reporter: david, security fence asking going upright now in grand rapids, michigan and trump supporters are waiting outside the arena ahead of the first trump vance rally. by the way, it is an indoor stadium and security will be

just as tight as it was here in milwaukee. david. david: yeah, i think he's going to go indoor for most of the rest of the campaign. aishah, thank you very much. appreciate it. kevin hassett former chair of council of economic advisers and kevin, great to see you. thank you for being here. donald trump did make the economic story one of the hallmarks of his speech last night and he was vowing to end inflation and i want to play a sound byte of that and get your reaction. roll tape. >> if you're paying too much, we're going to reduce your taxes and we gave you the biggest one and we're going to be going and it's going to lead to tremendous g.o.a.t. and we want growth in our country and that's going to pay off our debt. next we'll give some incredible waste of taxpayer dollars that's fueling the inflation crisis.

david: the claim he made and enough growth could pay off the debt. is that really going to be achievable? >> we'll have to wait and see how much growth we get and we can reduce government spending and i can tell you that i spoke about inflation with the president a few weeks ago, and he 100% understands that it's a problem of way too much demand because of all government spending and way too little supply and right now government joe biden is hectoring america's companies and heavy regulations and threatening with higher taxes and he's going to cut tax asks deregulate and he'll cut government spending a lot and reduce demand and i expect that's going to have a big effect on inflation, which would then reduce deficit with a lot of growth and with this potentially ai-powered growth and in this platform and it's going possible to grow out of this mess. david: i can't remember the average inflation growth and it

was close to or underneath. >> 9%. david: okay, it was under 2% and the average for biden is over 6% so it's just a ridiculous claim that his policies are going to actually increase inflation or leave inflation as it is. they're making that claim and a headline from cbs saying that trump says he'll end inflation nightmare. put that up on the screen. economists say trump economics could drive up prices. kevin, you're an economist. can you explain how they make that bang shot that somehow trump is going to cause an increase in inflation with his plans? >> they're all siting my old friend that inflation would go up a lot under tram and if you look, every election cycle, mark, who's run campaign events for nancy pelosi and comes out with a study and bad for republicans and good for

democrats and the fact is that president trump's policies gave us high growth and low inflation below the 2% target for three years before covid and covid is not trying to put that in the data and he did that with policies that he now wants to magnify a bit and going forward and expect higher growth and lower inflation and argument they make for why inflation will happen is one that tariffs will raise prices and two, that if you shut the border, then this big increase in labor supply we're getting from illegal immigrants that are taking all the jobs will go away and therefore wages go up and that'll cause inflation. they're legally pointing to immigrants. david: on tariffs, did tariffs drive up inflation during the trump administration? >> no, the trade weighted tariff from 2% to 14% and inflation stayed in the 1s and put a tariff on something, buy from

someone educational and second best producer charged at almost the same price skin fellation didn't kick up in the first term and i wouldn't expect it to in the next term either. david: meanwhile hear of economic plans by the democratic nominee or maybe not but we talked about this with a 5% federal rent control program and putting price controls on rents on a federal level and has that ever been done before? system of articulation if they're proposing price controls they've surrendered and it's establishing that the rent controls and price controls because that means that they give up. they don't understand where inflation comes from and we've been talking about it, you and i, david, for a listening time and. co-s from run away government spending and attack on supply and it's something we've been talking about ever since joe biden took office and very easy to fix and look at the

trump platform that finds 20 different points that are both addressing national security, the border and the economy. then he's got a really solid plan to reduce inflation. david: kevin, the great ironies of ironies is what they're proposing is the nixon policy. the nixon policy of price controls and relying on easy fed and that's a combination. they're going for the nixon plan, the democrats. it's crazy. >> it's crazy and the fed back then and the fed lifted interest rates and moved inflation in the right direction and i think the price controls probably in the beginning wouldn't have any effect and the fed has done such a good job fighting inflation and on the other henned they've slowed the economy to a slow. david: thank you, kevin. coming up, more on president trump's campaign and what

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david: now fresh off the convention floor itself is

alina h abba, senior trump-appointed campaign adviser and trump attorney. first, i want to talk about the conventionist itself and i say fresh off the convention. you arrived about what, 4:00 a.m. this morning? >> yes, the president and his team and beautiful first lady, we arrived at 4:30 this morning in bedminster, new jersey, and i think i was on tv at 7:30 this morning so we're -- fresh is not the word but i'm phygoing. david: did the president sleep at all getting in at 4:00 a.m.? >> i'm sure. i'm sure he did but he was out and about again with his team today and working as usual. but he really is amazing. david: it is. and we'll talk about him. i want to talk about what happened at the convention itself and it had so much energy and so much, of course coming right off the assassination attempt and that unified the party and the whole nation

really like nothing has before and except from what happened and even democrats are seeing that there's a unity among republicans now that they envy van jones, big democrat, was talking about that this morning. i want to play that sound byte and get your reaction. roll it. >> it was like this, guys, the last time i went and felt like this, it was obama 2008. there's something happening. david: there is something happening. can you describe it? >> yes, it's called effectively like a re-awakening of america and miss old america and i don't think anybody recognizes this version of our country and i don't care what your politics were in 2020. i can tell you that there's a change now and the change and the energy that i felt in that room for the last literally since sunday.

every day just got bigger and bigger and the more people spoke and more stories they heard about what america looks like now and what it will look like if and when we get donald trump back into office, was quite emotional and it really was an energy that even van could not deny. i'll tell you that much. david: the president talked about it and i've got a brief sound byte from him talking about the energy last night. roll that tape. >> with great humility, i'm asking you to be excited about the future of our country, be excited. be excited. david: but the excitement frankly was there in large part. he brings excitement into the room but there's a certain depth and again, i think it relates to the assassination attempt and the depth of feeling is stronger. not only in the party itself but in him and we saw that in his tone, which was subdued. it wasn't me merri bowl rows ord

but did you notice that in him? >> he's incredibly and not that he wasn't before but he's more grateful now than ever. he realizes every day on this earth is a gift. i think a lot do frankly and someone that was protected and have the utmost protection and who is a leading candidate in the political party could be assassinated in this day and age is incredibly scary thought and most americans thought that was something for the history books but then when it actually happened in 2024, in front of our eyes and in front of an audience like that, again, it's a choice that americans make and say we're not going to do this. we're not going to turn into this. yes, he's emotionally more connected to every day on this earth and i think that anybody in his situation would be, and i think that americans frankly are realizing how important every day is here and the choices we make and who leads our country.

david: you know, he talked a lot before the assassination attempt of the fact that if they weren't coming after me, they'd be coming after you. he literally took a bullet for the team, not just the team of republicans but for the country itself. you spoke to that specifically and turn that had phrase from a med fore into reality. metaphor into reality. roll that tape. >> let us not forget that president trump did not just take a bullet in butler, pennsylvania. he has and will continue to take them for each and every one of us. david: i think americans, even those americans not planning on voting for donald trump saw that happen, and his reaction to being shot. so quickly trying to show the crowd that he was okay and that he was still strong and in spirit. i think a lot of americans might have been turned to trump's side by what happened on saturday.

no? >> 100%. how can you test somebody's strength other than to take a bullet while speaking as a representative of more than half of this country. and then get up, fight, and not only that but sunday he didn't even change his flight plans. i fly out with him on sunday. i was expecting a delay. i was expecting something, a change, not one minute changed to our schedule. and he was so dedicated and so re-sill gent and how can -- resilient and not get behind a candidate like that and this speaks to a human level and it's not a political level. it's humanization. david: well, and you know, hillary clinton brought up 4:00 a.m. phone call that president sometimes receive and whether or not they'd be able to deal with that. whoever was running. this is so much beyond a 4:00 a.m. phone call. i mean, this is -- he took a bullet and he immediately responded in a way that would

calm the crowd in reaction to that and he kept a schedule and that shows a certain readiness in this fight of whatever is coming at you, and you don't know that you think of president biden and god love him, i hope he's okay, but the bottom line is you think of his lack of confidence and yet he has that job how much more a man that has full competence could do, particularly if it's super confidence of donald trump. >> the truth is he's not okay and america knows that and it's okay and okay to say that. we have a responsibility to americans that voted for him and those that didn't. he's the sitting president and that's a massive, massive responsibility. he's the sole executive branch member. if he cannot be up past 8:00 but we have a candidate that takes a bullet and fights and then goes on his plans as scheduled to walk down the stairs with no

issue after being shot in the head, i mean, what else do we need to see? it is amazing. david: you talked about lawfare. we have a sound byte from your speech but i'm not going to use it because we're running out of time, but you talked about lawfare and i'm wondering as you see these cases fall apart for many reasons and either they were the construction of the cases was so poor and behavior of the judge was poor and the prosecutor and they all are literally all falling apart and did you expect that to happen? are you surprised thanksgiving the president -- that's the president? >> we knew there were shams and i've been doing this for him for three years and i know from the investments they were flawed constitutionally and flawed appointments of jack smith and the das and funneling of money from radical left to das and ags and un-american and i've been saying it and i'm a bit of a

talking head and going at the same time and what i say is a fact and i know that until it's proven and the american people are saying be patient and fall like dominoes and the judicial system takes time. it does. especially when you have some construction frankly and political bias in the courtroom and they're falling apart and frankly they should all be dismissed. david: your new role as senior campaign adviser, will that pull away from your role on advising him on legal matters? >> no, no, i'm still his attorney. i think the reality is that i wanted -- you know, i have a voice that i'm so proud to use and while we're nearing towards the end of the campaign, it was just a great decision and i had spoken to him and he said get out there and speak to things bigger than just legal, and i'm so honored honestly. i feel it's such a gift to be part of this campaign team and to be behind president trump. david: he's getting two for the price of one essentially?

he's another great deal. >> what a great deal maker. david: i have to ask one final question because it is part of the news cycle that he's going to have next event that's inside and is that going to be his campaign advisory and is he only going to be doing inside events from now on? >> i don't speak to the president's security and the measures they're taking. my priority as in every americans is keep the candidates safe and he's speaking inside this weekend. but i will tell you that president trump is excited to get out to a rally and imagine being shot a week ago and getting back out in front of crowds. you know, there is, i'm sure, some trauma to that and he's just showing the most strength i have ever seen in any individual and he's looking to forward to going to michigan. david: okay, we'll be talking about that and what role the government played in protecting him or not coming up in the next segment.

we'll get into that in more depth but, alina, we wish you the very best and stay safe on the campaign trail. thank you for being here. >> thank you. david: coming up, talking to paul mauro next at the site of the assassination attempt and he'll give us the latest in the failures of the secret service. ♪

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david: republican lawmakers are demanding answers from secret service director kimberly cheatle over failures to prevent assassination attempt on donald trump's life at the rally last week. senior congressional correspondent chad pergram is live from capitol hill with all the details on this. reporter: david, good afternoon. secret service director kimberly cheatle will testify at house oversight committee next week and it'll be a blockbuster seventh one of the most

significant hearings in years. >> i want to know where the break down of communications occurred. you know, we know that three hours before he was flagged for trying to bring in a range fighter and hour before he was demonstrating strange behavior, enough the crowd was reporting him. reporter: republican missouri senator josh hawley said his office is attending to whistle blowers in the rally and a buffer zone around the podium and not enough personnel to secure the event and they'll not be able to redeem themselves with lawmakers. >> we have a good american shot to death at this rally and others in critical condition and no one will take responsibility and these people will be gone and absolutely the director ought to be gone and the potential ought to be gone. reporter: getting cheatle to appear is a good first step and some believe she might ghost the

committee. there's a mountain of questions. >> a serious reservation about everything that happened there. this is a security 101, and none of it was followed direct line of sight to your principle and you don't protect your principle when there's a suspect at large that you haven't accounted for. there's all kinds of breakdowns here. reporter: now, lawmakers believe the attendance of che atle can squash conspiracy theories on what happened. david: chad pergram, thank you for that. bring in paul mauro and former nypd inspector and fox news contributor and on sight at the site of the rally in pennsylvania. paul, thank you for this. i appreciate this information from josh hawley is extraordinary, if true. it comes from a whistle blower, we don't know if the whistle blower was with secret service or dhs or wherever. i want to just read to you the

post saying whistle blowers tell me that most, and emphasized most of trump's security detail working the event last saturday were not even secret service. dhs assigned unprepared and inexperienced personnel. unprepared and inexperienced personnel for a former president who's running for president, really? as larry would say, paul. >> you're absolutely right and that somewhat corroborates the information i had gotten from a source and i didn't hear it was mostly dhs but i heard there were a lot of dhs there. may be a dis-tics without a difference and goes to the fact this thing seems to have been very badly organized and there were by my account at least eight agencies that represented this and that's how short handouted the service appears to have been. from what i can glean from the numbers i've seen approximately and about 60 security personnel

there maybe slightly more and attendees numbered over 20,000 and may even have been more than that. at least 240 cases of heat exhaustion in the crowd and a number of people hospitalized because of the heat. everybody around this area wanted to go to the event and turned up for it, and the security personnel weren't ready for it. david: another problem that the senators looking into this have, they can't get hold of pre-rally operations plan. without that, you can't figure out why this was this communication failure, abject failure to get information about the suspicious character they had almost an hour before the rally began. as soon as that information got out, they shouldn't have allowed donald trump on that stage. >> absolutely. you go right to the and shall i've been saying from the beginning and getting the ops plan and that's the bible of the

event and who will be responsible for what. it'll bring a lot of clarity and my understanding is not only do the media not have it but the senators and congress people that have been asking for it have not gotten it either and this is when the conspiracy theory is growing and growing mushrooms and cdl and lending stuff online and this is how you put it out by being forthright and transparency and sunlight is the best disinfectant and what happens now is even those like me who are inclined to get us included with the fed and say to yourself, where are the regular press briefings and going for the point now and still not given a press briefing. they have noodle rod not came out and including the night of the event and they're worried at the press briefing from the fbi and more. david: the senators were in a phone call with her and trying to get information and turns out she was where the senators were in milwaukee and they cornered

her. she was running away. honestly, not giving the operations plan, running away from senators, literally running from senators, it looks like there's a coverup. >> i've visited almost every one of the police about seizure disorderses involved and gettins involved and getting purchase information and orders descended on high and uniformly i was told we can't speak, fbi shut us down. i was told that today. so i can also add the fact that, you know, it's often overlooked here, in the middle of this week, middle of rnc as of wednesday, director cheatle was scheduled to speak and ask them at a security conference and it's a national security event at the republican national convention and there aren't many and what is she doing in the aspen mountains when one of

these occurs every four years. david: unbelievable. think about three encrypted overseas accounts that the shooter have. i don't know if we're getting to the bottom of that. nobody seems to know. how did a 20-year-old find the best location for a head shot for using that phrase, but a head shot for the president when the social -- when the ss itself couldn't find that position. it all dunn dunned add up and ty they're running from the truth isn't helping. paul, you're the best qualified investigator. thank you for being with us today. appreciate it. >> thank you, david. david: turning now to the biden mess, several top democrats say mounting pressure could sway biden to drop out of the race soon, but biden's campaign says he is not dropping out. what's really going on? fox news' jacqui heinrich is live from the white house with the latest on this story.

jacqui. reporter: hey, stuart. the vice president was addressing a network of major donors according to the new york times to talk about urgent emerging needs and just before that call, the campaign held an all staff call and we're waiting for word about that after a key california democrat joined the calls for the president to withdraw from the race and she cited dismal polls showing that biden staying in would take down democratic majorities in the house and senate, and her letter was understood to be a message from nancy pelosi, even appearing to elude to a call that biden had with the former house speaker where they clashed over his chances. lofgrin write to biden i'm aware you've been provided data you'll lose the race for president and will not go through it again. lofgrin denied the involvement and cochair back pedaled after

indicating the president's decision to stay in the race might not be final and might be hard to put this genie back in the bottle especially as the campaign is shooting down reports and members of the president's own family have begun talking about what a potential exit from the race would look like and telling reporters they just have bad sources and insisting the soon soon as he tests negative for covid, he'll be back on the campaign trail. david: thank you. bring in mark simone and alex marlow and bright bart financier and coauthor of the bright bart business digest. gentlemen, good to see you all. what i love about what's happening with the democrats right now. it is so antidemocratic and we had a primary system where millions of people voted for joe

biden is we have delegates who have committed themselves to voting that way in the convention coming up in just a month. they want to ignore it and instead there's a little elite of a few handful of people who are trying to decide whether or not biden will be in or out. it's antidemocratic and that's what they've been charging the republicans with. >> the deputies to test democracy and think about in 2016 rigging primary for hillary clinton and rigged it in 2024 for joe biden is they're not happy with joe biden all the sudden and i've been here to rig the convention to that joe biden isn't the nominee and if you're a democrat voter, must be sitting here going come on. you've been watching the talk of democracy for the last four years and again, we're going to do this again. subvert the voter base and all the voter haves cast their ballots and cast for joe biden and what are they going to do? shuffle them off. what happens? goes in open convention and

people that have never heard of on the democratic ticket and be here for me. david: i have to admit it and sit back and watch the misery as they keep colliding with each other and colliding with charging the trump administration with and extraordinary and, mark, the thing is that the project to position with that confusion and chaos in the democratic party right now with the solidify indication by the republican party at the convention and new york post talked about this in particular in donald trump's attitude during his speech last night. the piece i think we can put that full screen up of the page, a new dawn making reference to the phrase, a new dawn, d-a-w-n,

with a new don after going through that horrible event on saturday and a republican party unified around him and independents on his side, you have to wonder where the democrats go from here. >> well, if they can figure their way out of this mess, they probably deserve to win. they'll never get out of this mess but biden has to go. if somebody wrote me a letter saying you stink, get off the air, i wouldn't stake it seriously. but every mayor figure in broadcasting came to me to get off the air, you got to take that seriously. if he does step down, you're going to see total chaos and voluntvultures like hillary clin and gretchen whitmer and they'll be circling and that alone will destroy them. david: only thing to do is point their finger at donald trump and saying he's going to be worse. we stalked earlier about -- talked earlier about his economic plan and the media is trying to con syringes people that inflation will be worse under donald trump even though

never got about 2% when president for the first time. donald trump came out and appealed directly to the american people watching in hordes and he spoke specifically of the failures of the biden administration on trade policy and dealing with iran. i want to play that clip and get your owe action. roll it. >> iran was bloke dealing with trump and told china and other countries if you help iran, you'll not do any business in this country and we'll put tariffs on every puck you do send in of 100% or more. they said to me, well, that's about it. they were ready to make a deal. >> we can see, we've had four years and saw what trump said last night. was actually what happened iran ran out of money and couldn't afford spending money on hamas where all the other terror is and china was in a mess all

though we still had trade with china. people can compare the registration of economics and foreign policy under trump or that under biden. >> look at one thing that's just happened in the stock market recently. we've seen small caps outperform everything else. the russell 2000 is through the roof. why is this? because people think donald trump is going to be elected and that his policies will really help instead of just helping the business business and tech has done really well under president biden and big tech and now it's the small caps rising because they know donald trump's policies will be very good for a much broader section of the american economy rather than the concentrated benefits that joe biden has delivered. david: alex, in a month, we get more position that people will be able to see what the democratic convention looks like compared to the republicans. well, the republicans well ordered not only serious and had

a deep tone and a lot of fun going on there. it's going to be chaos inside the democratic convention in chicago. not only inside but probably out in the streets as well. >> yeah, you beat me to the punch and brilliant points by my friend john carney and john many particular, yeah, it's going to be a total mess and can you manage if they don't anoint kamala harris, what will go on for as them weal that get in there and get their swing at donald trump. it's going to be so divided and so chaotic and such a mess, and i'll tell you i want to sit there and long the whole thinger and last detail and it's going to be the time of our lyes. david: ten what's going to happen outside the chicago convention just like in 1968 and radicals took over the street and conservative mayor of chicago knocking heads together and americans are probably going to see that happen.

we'll show on fox business and fox news. >> yeah, in 1968 student proterrorists taking over university building ands assassination and everything is repeating from 1968 and all that did was push the independent voters to nixon and they thought that was the law and order guy. that was the guy that would get rid of the chaos. you know, even if they get a candidate and straighten out the ticket, they'll never get over the fact that they lied to voters for three years. they'll guerrero be able to explain why they lied for so long about the condition of joe biden. >> yes. david: it wasn't just the democrats but eco chamber in the media that was doing the same. either they changed their tune or they're going to continue to shrink into total insignificance and we've got to leave it there and thank you very much. mark simone, alex carney and

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david: well, biden's student loan bailout was blocked ben giorgini a federal appeals court but joe biden and company can't seem to care. joining me to talk is kansas attorney general and sued them over the program and ag that you can't for coming in. another $1.2 billion and a full screen putting up all the costs and so far taxpayers are shouldering now $168.5 billion in forgiveness. it affects 4.76 million people. so you compare that to the 350 million americans funding the whole thing. it's just extraordinary and might add 1.9 trillion to the federal deficit. didn't the supreme court determine that funding of this magnitude has to be done by congress and the executive power alone. >> that's exactly right, david. in 2023, they ruled in a 6-3

decision in the supreme court and first round of debt cancellation was unconstitutional and only congress can do something like that and biden administration will allow the second round and the state of kansas, i brought one lawsuit and state of missouri brought another and group of republicans attorney jenkined on behalf of the state and we won again on the same basis and two obama appointed district jim clyburns and they're not conservative judges ruling against president biden. david: it's in the constitution that congress is the one that can dull out this kind of money if they decide to. they don't want to touch it because they know so many americans are against it. >> that's exactly right. congress will never pass it and stealing from the poor to give to the rich. you've taking -- the -- forgiveness doesn't just happen

magically and it's going to the taxpayers and people that didn't dbrox to college and paid their own way through college and paying off debt of those that ran up exorbitant student loans. david: the problem is biden's department of education and they're the ones in charge of this and under obama to moved student debt program into the hands of the department of education said at the private bans he continues to tell, to send out messages to people who are in debt for their student lopes and everything is okay and will read to you something i saw this morning saying borrows are enrolled in the save plan and plan to have taxpayers pay off debt, placed in interest free forbarnes while oured a any anyone -- fore bear answer and affected by ruling in the coming days and they're putting out the message go forth and wondering how if in fact they concede how

the kurts got it right. how can they? >> that's one problem right there because they're essentially telling people and sending letters saying your loans are forgiven and your loans are forgiven and the courts are saying no, they're not. that's going to be a problem because they told people and then go to buy a new car and still had student loan payments to make. they just keep ignoring the courts and hoping the public doesn't notice. one court after another after another. republican appo appointees and democrat appointees said you can't do this. only congress can do this and they'll have said so clearly and they did not. we had a p here that is de-ecartes and we all know the reason, he's trying to get campaign cash. david: yeah, he's using taxpayer money as campaign cash and got to leave it at all.

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arkansas governor mike