jack: thank you for that, i am still worried i don't know interesting outfit but great idea, to read more check out this week's edition of barron's.com don't forget to follow us at barron's online. that is all for us, be healthy, where your mask, it's okay ♪ ♪ ♪. larry: hello everyone welcome back to "kudlow" it's friday it's a very interesting week on the one hand dividing the administration has had nothing but problems this past week, gas lines, higher prices, pretty lousy economic numbers, russia and iran taking them to the cleaners by throwing every conceivable bomb at israel, the southern border under border

still open no fix insight for that problem, russian cyber attackers hold up american companies for ransom in order to operate their computers and even though the cdc tells us to be mask free indoors and outdoors if you have the vaccine, still confusing behavior in the white house even throws a monkey wrench at that which should be so easy, tough week for the bidens. on the other hand consequently i must report this was a booming week for the stock market, saying it couldn't care less, the market was booming yesterday as early results today, up around $400, a whole string of numbers, much higher inflation, softer retail sales, over 8 million open jobs that remain unfilled, yet the market keeps rising and rising and i've always been a believer in the wisdom of the stock market, it

captures all available information, that is to say the market is always right until it is not that is the tricky part about the market, right now it loves huge quantities of free money from the fed, huge quantities of freespending from the government and at least fundamentally the market rise is backed by record profits, profits are the mother's milk of stock. >> i great conversation this morning with an old dear friend one of wall street's top investors who will be coming on the show next week. he said short run, very bullish, longer-term you are facing higher inflation, higher interest rates and higher taxes, none of which is good for stocks or the economy. right now mr. market loves action until it won't, go figure. president trump is going to

restart his famous rallies around the country beginning in june and july 4 and we are going to spend some time talking about his messaging, what is he going to say it's going to be really important point liz cheney is gone it is a gop united, i hope the president remembers his old assistant for economic policy he ran the white house national economic council along free-market policy principles and i sure hope that's going to be his message. i might have to give him a call, let's talk to him anyway. we need him out there to pinpoint the far left policy mistakes abiding crowd is committing, working to talk later in the show about why the green new deal cannot possibly happen along the biden timeline because we don't have the resources to transform our energy sector even if we wanted to and i don't particular want

to i don't want to transform it. i can make it technologically better but i like it where it is, i don't want to taxes all on investment, i don't want critical race theory i don't want to cancel culture woke at them, i don't want open border, i love immigrants, i don't want that under massive social spending that does away with workfare and the dignity of work. i want to remind everybody just how right senator tim scott was when he told president biden that america is not a racist country, i worked three years for president trump and we agreed far far more than we disagreed on key topics and i'm hoping the former president will stay with the script that i am outlining this evening, if he does it will be an absolute homerun, this great country of ours does not want massive new government spending and taxing it does not want it.

biden was not elected to do it even though he has gone so far left he is doing it. there has to be a steep political cost for his mistakes so president trump could play a constructive role in right now back to our show i am still on stocks, nervously, i am still on supply-side economics and in fact on monday, this will be this coming monday as slam bang special show called "kudlow" packs to the max were gonna have maria, charlton stuart, we will have art laffer, forbes and senator portman and as a special treat i'm going to bring back coolidge, jfk, reagan and trump, all of whom enacted supply-side tax cuts that brought fabulous prosperity to america i am bringing them all back into

play. meanwhile you hear it now this business russian cyber hacking reckoning our ecosystem and getting a ransom for holding a big company hostage which is a terrible trade but i guess we gotta fess up what to do about it or figure out what to do about it secretary jennifer granholm was asked about using rail as a method for transporting fuel in the aftermath of the pipeline crisis. take a listen to what she said. >> what is the feasibility of using rail. >> pipe is the best way to go, hopefully this company colonial will in fact be able to restore operation by the end of the week. larry: whoa pipelines, the best way for transportation, ms. granholm, thank you. that is all good despite the

administration canceling the keystone xl pipeline and now the transportation secretary pete buttigieg is saying you can't compare the two keystone versus the cottonelle pipeline, take a listen to this. >> is an apples and oranges when we talk about the consequences of the cyber attack on one pipeline versus the idea of introducing another one which the president kept his promise that he didn't think that was a good policy and he acted to keep his promise when he took office. larry: in other words secretary buttigieg said i don't know anything i'm just blowing blue smoke and mirrors that you i have no knowledge, i don't want to get involved, it is a classic washington play, let's talk about all of this, this is a very serious question it is a global geopolitics question, an energy question, a pipeline and infrastructure question and nobody knows more about all of those topics that are guest republican senator dan sullivan

from the great state of alaska, senator sullivan, welcome back let me get past the pipeline stuff jennifer granholm acknowledged, this should be a flutter to your heart that pipes were the best way to transport energy and oil, buttigieg said no way, but granholm said yes even though it closed down the keystone they didn't like the dakota access in the give the all trouble in alaska, what you make of that, that is a short part of the segment but what you make of it? >> it's great to be back on the show i got briefed by secretary buttigieg and mayorkas and granholm a couple days ago with other senators and i said on the colonial pipeline issue i said this is a shot on a much broader issue and it's the challenges that you guys are putting forth

on your energy policy, this kind of shutdown will be more commonplace if you don't change your policies, what policies am i talking about restricting the production of american energy in places like alaska, they are senior white house officials like john kerry going to wall street saying don't invest in the energy sector, as you noted there killing or slow rolling pipelines, that is going to bring more of the shutdowns in addition to cyber attacks, i love it if the secretary of energy is finally getting religion on pipelines but i'm dubious, if they don't change your policies, were gonna have a lot more of the backlogs and energy that are harming the entire east coast of america right now. larry: we sorta get to the foreign-policy part of this or foreign energy policy if you will, russia does not get a free pass, these cyber hackers say

they're not working for the government, general keane said they were dr you or spies in the intelligence service anyway, they might be freelancing at night, whatever, this is russian backed, the question is what can we do about this, you hate to see an american company held up or hostage and pay the ransom, you hate to see it, now it's been done is been done many times before this is hardly the first time. do you have any thoughts of how we can stop this. >> the number one thing we have to stop being the world cyber punching bag until recently we were not at all taking action against non-state actors or state governments who are doing this to us and there's been no sense of deterrence, country,

north korea iran, russia, nonstate actors have felt they could do cyber attacks against the united states with no consequences. where to change that equation we do that at their own time in choosing covid but we have to make sure people recognize if they get into a cyber attack on the united states, there gonna pay a price. the number one thing on the international front is that there's no sense of deterrence. that is critical. larry: just to add stats, nearly 2400 state and local governments, healthcare facilities and schools have been holed up by ransom or and they paid, a lot of them have paid nearly $350 million are paid in total, 311% increase from the prior year, the other wires that is 2020 over 2019, you say that,

there has to be a price or cost to this and as general keane said russia does not deserve a free pass. >> i don't think so at all is not just the deterrence, but we need to work with regard to our private sector and government in particular intel agencies to get in front of the cyber attacks and we have to diversify and that means more pipeline, not less and back to her great power competition with russia we are importing more russian oil than we ever have done before. more russian oil they were producing oil from alaska, this is nuts again i'll make the point that i made at the top of the show we have to change the

energy policy, the biden energy policy which is anti-energy production, anti-pipeline or were going to see a lot more the problems for the american people and the biden administration needs a serious course correction on this. larry: are we going to have to take action against russia, some sanctions but i don't think they have been very effective, we have to take more public visible harmful action against russia to quote jack keane, they don't get a free pass on the cyber hacking. >> i agree they don't get a free pass, the way i believe we should address it sometimes it should be public calls on the covid side that's where you can make a message to foreign government whether it's iran, russia, north korea, these are all countries that had cyber attacks against united states, are choosing in our time calls but we need to make sure the deterrence is something that these countries think about and over the last several years they haven't been thinking about it.

larry: last one a couple of meetings with president biden in one meeting with the team of gop senators on the issue of infrastructure package, what can you tell us, optimistic, pessimistic it seems like the spending and the tax spread is so wide, no deal is possible but you tell us. >> the american people rightfully want infrastructure, we needed but we need infrastructure the way it's been traditionally defined roads, bridges, ports, harbors, broadband, that's what we want and that's what we need were willing to meet the biden administration with regard to traditional infrastructure, the other thing i believe we need definitely, you and i've talked about it, you can spend $5 trillion on infrastructure if you don't have permitting reform but you can't move a project in a timely certain way it's not

worth it, right now the biden plan has nothing on permitting reform and streamlined permitting, we have to do that as you know the trouble administration i read closely with the president you and others but if we get the traditional definition of infrastructure, not the broad-based to trig and other infrastructure ideas that the biden plan has a lot of green new deal stop on that, and permitting reform, i think there's a way to get there. larry: francis brooke, andrew, working closely with epa, the permitting is so important last one, i know i said last but i have last last, mitch mcconnell said there's a redline under the 2017 tax bill, that will not be reimbursed, do you think that will hold very important for the economy and the stock market. >> i believe the republicans are united on this and there's a

good reason why, when we undertook the tax reform and you played a critical role in that regard, what we predicted would happen, the job growth, economic growth, the lack of inversion bringing foreign capital back to our country, that all did happen, no doubt about it the facts are there and we do not want to reverse that right now, i believe the republicans are united, i am not looking to undo the 2017 work that really benefited the vast majority of the american people should. larry: thank you for your time should alaska senator dan sullivan, thank you for this evening, moving along are inflation concerns weighing on investors, were gonna ask former white house chief economist -- no were gonna ask former national chief economist and

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over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. >> all right, let's try to make some money a larry: let's make some money stock market economic wisdom stocks at the top of the show, a big not quite 400 today but they had a good week, inflation

reportsn year-to-year change in the cpi consumer prices 4%, year-to-year change in the producer prices 6%. year-to-year change in import prices 10.6%, retail sales, core retail sales fell, that is not supposed to happen although industrial production was up in manufacturing was both up, manufacturing of 23% year on year it's a mixed bag, it's kind of a mixed bag let's bring in our experts jola warn you, former chief economist for national eco, counsel and ed yardeni president. joe i read your latest mrs. today and tried to commit it to memory i would read ed

yardeni's but there's so long and so good actually i have to take notes but i didn't have enough time, joe you think everything is hunky-dory even though you have inflation bomb, retail sales it looks like people to the stimulus and spent it in march and not to it's all over, what's going on here. >> the spending numbers have been so crazy there's so large we saw under president trump the retail sales numbers are up 34% over the last three months, is down from 78% the month before goods purchases in general are way above trend, i believe they have run out ofes goods to buy, the weakness that we see in april is due toni the unevenness of the economy reopening but now obviously the cdc and you'll see chpeople not spend as much on goods s which are facing eddie with, they will spend on

services and travel and go to restaurants and there can have dinner and they will go back to their normal life, that is great the economy reflects general underlying health that began last summer and carried over with momentum into the sheer. larry: ed yardeni, i will concede joe is right on a three month basis retail sales are up 34% annual rate, core sales up 10%, those are big numbers even though the monthly number fail, and youse have to admit these we much higher than expected inflation reports and that raises the question i don't want to jump on the inflation train, the permanent inflation trainll but i don't know what the word transitory actually means i heard a bunch of fed voices talk about transitory, but these numbers are awful, waiting, on this inflation? >> i find myself in the same camp as the fed officials i do think it's transitory and i find

that three to 4% inflation on a year over year partly through june and i think as we start to get less of a base effect in other words the earlier comparison to show less of a comparison to last year'sri depressed prices i think things will settle down to two at how% later in the year going into next year. it'll be higher than one and a half - 2% range since 2012 but i don't see this getting out of hand. what were gonna be surprised by is productivity making a phenomenal comeback and that'll be good for a lot of things you can offset cost increases on labor and you can keep profit margins strong but another's a lot to worry about that we never give enough credit to the private sector and the entrepreneurs that figure out

how to deal with the tough environment, they did a good job in the pinto make. larry: the productivity numbers have jumped nicely and that cuts back on unite labor cost or what we used to call wage push inflation or cost inflation, whatever. joe, the fed is going to leave it hot to quote one of their people, it could jump to 4% but would retire in june and come back to something like two and a half. do you agree with that and what were the consequences of that be and underneath b, one other bullet can long-term rates state 160 - 170 if you have a 4% inflation rate? >> i agree with that it's

transitory, as you know you said it best we had a pandemic led downturn,av very unusual and now we have a post pandemic price level adjustment a base effect that will fade if the economy reopens, hopefully more people come back to work and inflation will moderate, the by market despite the terrible inflation numbers that you highlighted the ten year note is only five basis points onas the week it is down ten or 12 basis points from the high-end of the year so rates can stay low even iff inflation goes to 4% because it will eventually moveo back down in te 2% range. larry: a very distinguished investor, i will not mention his name i spoke to him this morning he will be on the show next week. this chapter ed said the stockr market is facing higher rates, higher inflation and higher h taxes. at the moment the stock market is not rattled by those threats

at all, do you disagree with the threats or when might the stock market focus on the threats? >> i think the market, right now a lot of those issues you bring up, earning has been phenomenally strong and for example the first quarter instead of being around 20% in simply 40% on a year-over-year basis, their earnings story is phenomenally good and profit margins continue to expand which is a clear sign despite of the cost increases that we seen only rothat could happen before the pandemic there was a shortage of workers coming out of the pandemic a shortage of workers, there is a structural problem, we just don't have enough growth in the labor force.

businesses are very good and i think companies are rise to the occasion and they'll use the technology that is out there to increase productivity with. larry: we have to go, profits really are the mothers ♪ ♪ stock, profits are really the key it's a single fundamental in favor of the stock market rally, that's what i hear from both, yes or no? >> goldilocks. larry: see you soon, we will see you soon. you're both fabulous. back at it president trump to start up rallies next month, a magical mystery tour, here he comes, here comes brian kilmeade we gotta talk to him what he up to,president trump is supposed tohe show how nicely brian walks as he takes the chair, he moves his own furniture. that's the way we do it on i "kudlow". "kudlow". we will beku [ crowd cheering ] [ engine revving ] [ race light countdown ] ♪♪

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mystery tour, big rallies beginning next month, incidental ly and spilling over to july 4 and once he gets started there will be no stopping him. the question though is what will his message be? what should it be? and to be honest with the question what will his message be. what should be. onlyds brian kilby radio show oy brian kilmeade is capable of answering these penetrating exponential questions which is why i have you here. >> this is the e most sarcastici don't even know the side of you, i don't know what's going on. larry: it's pure love, you know that. that's what my family does. larry: this is a: big topic hes getting on the road which is great the question, the easier question first in your judgment what should he be saying what is his message. >> not so easy and it's what's happening on the shelf before i get larry kudlow's opinion of what's happening, look at the

numbers look at the numbers that the stock market, look at the numbers of the fear of inflation happening gas has doubled, i wonder how we'll handle cybersecurity, we already got hit i wonder if will be tough for broad weird you look weak, before i get to opinion i'll tell you the story he lists the things that are happening since he left in 114 days that is the first 25 minutes and then dial back 2015. he had funro up there he was working a, sometimes will do in a way that were not used to it was always in fun and people miss him twitter has a been a problem, long-term facebook is going to be a problem with the short-term when someone goes away they get more popular, that's is happening. larry: i totally agree he has got to get up there calmly and critique, the mistakes that i believe biden is making and as a

trump advisor i hardly ever disagree he is a supply-side or, marketing driven guy energy independent. then it seems to me he's got to lay out and remind people his achievements and what could be done if he got a shot at it again i'm not speculating on president what the next steps should be not biden steps but what trump's steps would be in other words constructive policy. >> that's interesting don't get into the weeds of it you can say interesting let me just tell you how mosss would've said the rockets because we would've been doing deals with iran and saudi arabia we would know been talking about that because we would have saudi arabia's back and we wouldn't have a problem with russia because the relationship with russia was a respecting the problematic in some ways in p china working are weighed towards a phase ii deal

or flatter confrontation. that is the fact because nobody was happier in the world than our number one enemy and that was china. the worst thing the president can do is say i i won that election they stole it from me in january 6 is not a big deal, i don't care who asked you, what question, were moving on and when you come to campaign for a candidate whether it's sean parnell or herschel walker in georgia, making about them he understands my agenda this is the woman that can make it happen and this is what's going to happen, i can't do anything unless we went 2022. larry: attacked the democrats on the left and promote republicans with a sensible pro-growth policies that he put into place and the america first international policy the grievances won't work, the policies will in the countries will remember his achievements. >> the goods thing is joe biden is fully everything the president feared if i was cutting an ad i would use

accusations in the assumption that president trump used on the campaign trail is a guess what every one of them happened if you get a roll tape and i would roll leading guess what he did. larry: i told you folks only brian kilmeade could runia this. >> i don't think it's true nobody knows more than you, i'm so glad you're here and i wish he had a bigger studio how do you work in a place of small. larry: you don't have to move thiss furniture. go back to radio. next up on the "kudlow" show the hidden cost of president biden's climate agenda you don't want to miss this they cannot achieve what they say they want to achieve they cannot do it and achieve they cannot do it and will tell you ♪ na na na na ♪ na na na na... ♪ hey hey hey. ♪ goodbye. ♪ na na na na...

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>> larry: very very important larry: very, very important op-ed in the wall street journal a day or two ago biden's not so clean energy transition

president biden's claim to go green is not all that it's cracked up to be according to the international energy agency the world preeminent source of energy information for government they say it is impossible, they say it's impossible for the biden plan to have carbon emissions by 2035, impossible. joining us now the author of that piece manhattan institute senior fellow mark mills, good to see youou again, it's been a while thank you for coming back on the show you roll a blockbuster of an op-ed and i'm going to try to read snippets but you're basically saying wind, solar and battery technology are bills from an array of energy transmission minerals or what you call atms, that has to be mined and processed they find with the global energy transition like this when president biden

envisions a demand for e those minerals lithium, graphite and rare-earth metal malls under minerals would explode, we don't have the capacity. and you also mentioned the biggest owner of those resources is our friend china, do i have that right? >> yes all those facts everything in the world is built from something and most people don't realize the iea realizes were ten folding in the quantities ofiv materials to deliver the energy service with oil and gas but differently in commodity terms the biggest increase in mining of commodities and copper and nickel and cobalt, the biggest increase in all of history that is required to meet the demand several hundred thousand% the minds don't exist, the art onhe

the planet, no one is funding them, they are not planned. larry: that is to get electric cars and batteries and other types ofs. renewables, you could not do it and therefore i must ask you this is d not a partisan question i'm doing policy science, why don't the bidens know that they got smart people in there, i may disagree with them philosophically, why are prthey telling the president tht a 2035 deadline cannot possibly be met. >> that the psychology question, not even a policy question, silently in quality enter quietly that america should help it celebrate opening new minds to meet this demand and they seem to know about it but here's the fact that every minor knows the average time from finding to opening the mind globally 16

years in america is like 30 years. if you decided tomorrow we need to make more copper or nickel or more cobalt, we wouldn't be producing until years after we were supposed to meet a goal of building all the stuff these are silly aspirations frankly. larry: you are saying the demand for these minerals will jack up commodity prices reverberate through the whole global economy when it comes to batteries the ia notes they could eat of the anticipated reduction in manufacturing cost expected from the learning effects of erincreased production in other words you think you're getting get away not one but you can get back in the other in china is a dominant factor there which is a terrible thing to begin with this green new deal we should throwdown start from scratch.

>> remember the building standing in the people inside, this is new for the green new deal the idea standing that nothing inside. larry: have you met with any of the biden people on this? >> i testified before the senate and the house this year on a committee of these matters i have pointed out the material resources don't exist, uses as an example that most people don't know electric car battery weighs about a thousand pounds, the gas tank weighs 100 pounds but youou have to mind 500,000 pounds of materials to make that 11000-pound battery multiply that by millionsrs of cars there are not enough mines in the world or plants. the reason i said this many times. >> does gm understand this, she says gm is going all electric by 2035 did she understand the t in feasibility of doing that? >> i gotta say it puzzles me

years ago i worked for a mining company in canada i love mining been promoting more mining in america ever since i immigrated here decades ago. but i don't know that they understand this may be the not been told and maybe they believe the magical thinking your point on commodity in human history this is economics 101 you learn this stuff copper is a commodity were gonna triple the demand for copper wind in all human history has a triply demand for economy and short-term led to lower prices, you have to have lower prices to make it cheaper. larry: that is a very good point of market oriented point. were gonna revisit this, thank you for the op-ed great to see you again very, very important stuff.ov moving along incentivizing work by just incentivizing welfare iowa governor kim reynolds joins us on her a fight of central planning and overly generous compensation for healthy economy compensation for healthy economy next up

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>> larry: republicans at the state level are trying to larry: republicans are for state level ours trying to stop team bidens ballooning of the welfare state, 16 states eliminating the federal on appointment benefits bbecause they know the best welfare program was actually a

good paying job, let us not deterred good paying jobs joining us now the governor of one of the states governor kim reynolds from iowa governor runnels wonderful to see you, and keep her coming on the show we appreciate it very much, what prompted you were you hearing it from business people that the unemployment benefits were too generous and jobs -- what was the trigger? >> thank you for having me on it's great to see you again iowa is open for business and we have been even throughout the pandemic our kids are in school are daycare's are open our economy is recovering and we have the second-fastest covid recovery in the country our unemployment rate is 3.7% vaccines are available to anyone who wants them and we have more jobs available than people on unemployment i traveled the

state talked extensively to business owners of small to medium to large size companies and over and over i was hearing the same refrain that people are not showing up for work there is so much capacity and potential and they can't get workforce is one of the biggest. to continue to grow our economy to the capacity that we all know is an opportunity. larry: were there any complaints, let me understand this the so-called federal top off the 300 bucks from uncle sam you're basically rolling that out is that correct? >> the state unemployment is still in place, that was in placed pre-pandemic and it servd its purpose at the beginning ofi the pandemic but were in a different spot than we were then and we can't continue to pay people to stay home we have businesses like john deere that find people to fill $20 an

hour jobs and up i had people turning down $30 an hour these are jobs that not only put food on the table but provide a living wage, when you business afterhe business in the hospitality industry, a manufacturing across every single sector this is a deterrent to getting people to show up they would have people lined up for interviews sometimes 30, 40 and nobody would show up i continue to hear over and over and i cannot tell you how grateful the business community has been in the amount of e-mails and calls and conversation and were grateful that we've ended this then truly to your point is an opportunity for iowans this is a long-term we will help them get the skills to fill the jobs and as you know a lot of workforce initiatives in place and were working with our businesses and industry in community colleges and high schools to help retrain and get kids in students is skills to

fill the multitude of jobs that we have in the state of iowa, just incentivizing that is not only harmful to the economy but it's harmful to a the individual, there is dignity and work it is sending the wrong message that we should be sending to individuals. larry: to quickies you still have state on appointment benefits. that. this is on top of larry: the second does the length of the unappointed benefits matter also? >> absolutely, they've extended this, you're talking about the federal bumper? that was extended until september they cutnt it i thinkt was five or six but they cut cut it down to three but extended through september, we need workforce now it's one of the biggest barriers. we made the decision to eliminate our participation in it in the state unappointed benefits are in place and will

work with iowans to get them the skills to fill the jobs that is the directions we b should be tt is what we should be incentivizing and iowa we reward work we don't punish it and that's a mindset that we have and we should have across this country. larry: that is a "kudlow" man strum, we should reward success and not punishment. i lovess that. governor kim reynolds of the great state of iowa, thank you, great state of iowa, thank you, walter, did you know geico could save you hundreds on car insurance and a whole lot more? so what are you waiting for? world's strongest man martins licis to help you break down boxes? arrrggh! what am i gonna do to you box? let me “break it down” for you... arrgggh! you're going down! down to the recycling center! >>hey, thanks martins! yeah, you're welcome. geico. switch today and see all the ways you could save.

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larry: special monday why taxes matter maria, charles, stu, arndt laffer, forbes, portman and special guest coolidge, jfk, reagan and trump all implemented supplies side tonight. "the evening edit" starts right now. >> mixed messaging on when to wear a mask after the cdc says if you're fully vaccinated you can take it off blue states and businesses see their keeping their mask mandate, are we following the science or is it more political theater joining us lara trump, mitch roschelle, congressman richard hudson and mo brooks, deneen borelli, adam goodlett and national border patrol council are doug cueto,