reserves of gold and silver coins. back then, paper money was known as greenbacks. two new episodes of american built tonight, the light bulb, 8:30. essex aircraft carrier. watch them both here on fox business prime. what is day it has been. lauren, thanks for the help covering pelosi's arrival. our time is up. jackie deangelis in for neil. jackie: i will set my dvr and watch it if i get home in time. i'm jackie deangelis in for neil cavuto. all eyes are on china. the world is watching waiting to see if china makes good on its threats as house speaker nancy pelosi lands in taiwan. china sabre-rattling with armored tanks lining up. easing worries over china tension. we have big show for you today.

ohio senator rob portman and general keith kellogg break down implication of pelosi's trip. we're all over the rest of the stories of the day as well. gristedes food president john catsimatidis. alfredo ortiz is calling out president biden for president biden refusing to say america is in recession. curtis sliwa and his invitation to tour the southern border. house speaker nancy pelosi begins her historic trip to taiwan. alexandria hoff is the latest for us. reporter: jackie, this entire visit is symbolic. speaker pelosi arrival was nothing short of that. 10:40 local time, the tail of

that airplane illuminated. when you look closer, turns out the same plane used by the president is called air force one. upon arrival the congresswoman shared some of her thoughts on this last minute trip, at least the one we found out about in "washington post" op-ed. she wrote this in the face of chinese communist party escalating aggression our this should be a statement that america stands with taiwan, a democratic partner and defense of freedom. there has been a whole lot of enthusiasm on the ground. a taiwanese reporter with the building lit up with the message, welcome speaker pelosi. thank you. taiwan loves the u.s. it was heavily rumored taiwan was left off of speaker pelosi's itinerary before the trip to asia. president biden said the military advised against the stop. jake sullivan reit traded that speaker pelosi is free to travel

where she sees fit. she was briefed on the security when she visited taiwan in the past. >> for china to turn what is in the historical norm into a crisis or try to use it as a pretext for aggressive action around taiwan, that's on them and they would be the ones who would be escalating. the united states has no interest in escalation. reporter: ahead of the trip the chinese military released propaganda footage with chinese troops launching missiles and grabbing weapons. they say they will hold firing exercises once the speaker lease. back to the op-ed, story she released upon arriving in taiwan. speaker pelosi said the visit in no way contradicts the one-china policy backed up by the china-taiwan relations act of 1979. we're estimately showing support for taiwan and its democracy.

jackie: alexandria hoff, thank you very much. many members of the gop supporting pelosi's trip to taiwan. the white house says the u.s. does not support taiwan independence. republican ohio senator, senate foreign relations committee member, rob portman joins me now. great to have you today. we have headlines crossing from reuters from the taiwan presidential office, that president sy will meet with speaker pelosi at the presidential office before having lunch with her. many members gop, national security experts praising her trip and not backing down to china's threat saying absolutely no concession should be given to china. your reaction to what we saw this morning? >> jackie, i couldn't agree more. i don't agree with speaker pelosi on much but i was there in taiwan a couple months ago. it was very productive meeting. we talked about the military and what taiwan needs to defend itself. that is very important but we also talked about the

semiconductor situation. 90% of the chips are made in taiwan. these chips we depend on military, our automobiles, electronics. this is very important. this recent debate over semiconductors taiwan produces the high-end versions of this and it is very important that we protect that source of you know, our supply chains. it is really important she is there i think doing otherwise, backing down would be a sign of weakness at a time when china is increasingly aggressive in the whole indough china area. other countries in the region are looking to us to provide leadership, certainly not to back down. speaker has every right to go to taiwan just as we had every right to go in april. jackie: you bring up a great point, you mentioned semiconductor production coming out of taiwan, how important that is. china obviously has been warning you can call it, threatening the united states if pelosi were to make this trip. she did in fact take the long

way as to not agitate china's military but at same time you got experts say they might not necessarily take it out on the united states, china is, but may take outing a greg on taiwan, punishing them in different ways. >> they have been punishing taiwan with disinformation flooding the island. we saw some of the propaganda footage earlier of them flexing their military muscle. they have been already doing exercises in the taiwan straits. they flew six fighter jets when we were there over the line of demarcation in the straits. they continue too do that. by the way it is not just about taiwan. there are many things in the region concerning to people. what they're doing with regard to the south china sea, on a coral reef developing a military base. philippines says one of those islands is theirs. they're in dispute over that.

people are concerned what is happening in tibet. what is happening certainly in hong kong and the uyghurs in shinzhen province. there are a number of issues when it is increasingly volatile part of the world because of china aggression in the area. it is not a time for us to be backing down. it's a time for us to talk to china. make sure we they know we're not escalating. talk to our friends in the region. they are increasingly looking to us for leadership. jackie: senator portman, that ilk a great point as well. this comes in the wake of many foreign policy blunders if you will by the biden administration and it is interesting the timing of this trip and that nancy pelosi is taking it almost separating herself in some ways with the administration, taking a stance on this issue? >> well it's true if you saw the early responses from the administration from the

president, saying they did not recommend it. i think instead they should not have been opposite of what speaker pelosi was saying. they should be working together so we can have a consistent foreign policy and i do think in this case speaker pelosi made the right call. i think the trip will be quite productive. jackie: many agree with that as well. please stay right there, senator. we'll come back to you in just a moment. ii want to go to capitol hill though, republicans are planning to use a obscure rule to challenge some of the provisions of the democrats spending bill. fox news congressional correspondent chad pergram is live on capitol hill for us as senator joe manchin continues to deny the bill will raise taxes. reporter: the joint committee on taxation ignore as pledge by president biden raising taxes especially on those who earn less than $400,000 a year. democrats say the bill does not raise taxes. they say the bill spends money

on things like medicine. >> this is a piece of legislation that is an investment. we've taken $3.5 trillion in spending that was aspirational spending that my colleagues wanted to do on the democrat side, we've taken that down to a 400 billion-dollar investment. we're not sending a check to anybody. reporter: democratic arizona senator krysten sinema was cut out of the talks. sinema has not yet tipped her hand on the bill. democrats are anxious. >> i think democrats and many pundits in the media were spiking the football way too early on this because you know krysten sinema has not been brought aboard. i think she is the real wild card here and you know, she could potentially torpedo this bill by herself. reporter: republicans can say president biden only can pass the bill if democrats stick together in the 50-50 senate.

>> every single democrat cast siding vote for the spending spree that destroyed family purchasing power because of inflation. now they want to deal the economy another body blow with a vote. reporter: the road to passing the bill is not just about the math but also about health. democrats not only need 50 members to vote yes. they also need all 50 to be healthy. democrats only had all of their members available to vote yes for a few days since late march. jackie. jackie: chad pergram, thank you so much. ohio senator rob portman back with me now. your reaction to the latest developments on this spending bill? from a market perspective we watched oil prices closely. they cratered to $90 a barrel. speculators are looking to climate provisions, energy provisions are substantial. $369 billion. many poem praising joe manchin pause he was joe manchin was

able to squash larger versions of spending bill. still this will not help the situation in this country with respect to inflation? >> no, it won't, it is inflationary. by adding new tax hikes we have substantial tax increase on the american people. there is no way to get around that. the non-partisan joint committee on taxation said half of that tax, $326 billion comes out of manufacturers. they said the tax gets passed along to workers and to customers and how much of it gets passed along depend what is analysis you look at but anywhere from 30% to 70% gets passed along to employees. this is why they say a number of americans who didn't get expect to get taxed, will be told, hey, your salary is going down, your benefits are going down because of this new tax. 50% of those people or more make less than $400,000 a year. so it is a tax that distributes to employees. it will obviously hurt consumers

and at a time of high inflation why would we want that? jackie: yeah. >> either a tax increase or higher price for the goods that we buy? it's a tax increase and that to me is exactly the opposite thing to do right now. the democrats have consistently put out policy whether it was the $1.9 trillion bill had so much stimulus in it increased demand at a time it wasn't needed. it helped cause inflationary mismatch between demand and supply. this will once again hurt in terms of the supply side, make it harder for us to make investment in america. harder for us to build things. harder for us to have the ability to get out from under this inflationary spiral. jackie: i think there are a lot of hard-working americans out there feeling pinch of this inflation. looking at it as in fact a tax increase because it impacts their budgets. questioning what exactly is going on here. senator portman, great to be with you today. thank you so much for your time. >> thanks, jackie. take care. jackie: price of eggs up more

than 100% in the last year. coming up come grist tease d'agostino's president john catsimatidis why he thinks prices have peaked but shortages still continue. that is coming up next. ♪ [acoustic soul music throughout]

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♪. jackie: welcome back. consumers could be paying even more for dressries next year as the usda says prices could rise another two or 3%. lydia hu is live with a closer look at the food price forecast. lydia? reporter: jackie, that's right, we see global commodity prices are falling it's much too early to celebrate to have any expectation that food prices here at home are going to fall. like you said, the usda put out its estimates for grocery store prices next year predicting they could rise by two to 3%. that's coming on top of current food prices that outpace inflation. the cost to dine out, it shows could rise by another three to

4%. economists say the prices at the grocery store are sensitive to domestic input costs. so if we continue to see the high cost of labor and shipping, packaging and energy well that means food prices will remain elevated. those same input costs i listed are driving prices for eggs here at home. they're skyrocketing this year up 33% over a year ago. this is a warehouse here at puglisi egg farm where they're packaging thousands of eggs daily. the farmer here says his major inputs are so high, much higher than a year ago, labor, energy, transportation. there is also a bad outbreak of the avian bird flu sweeping the country. it wiped out 10% of the country's laying hens. the encouraging news here it appears the bird flu is declining but there is always a risk of resurgence. that is why we could end the year with higher egg prices as

well. if we take a step back to look across all food categories, economists say food prices to go higher because of ward in ukraine. hot weather in major parts of europe that could disrupt, possibly disrupt our food supply chain here at home. across the food markets continuing to be mark the by a lot of volatility and uncertainty moving forward. jackie. jackie: something consumers have to battle moving forward. lydia hu, thank you very much. let's get the read on all of this from gristedes and john catsimatidis. we're talking about the exorbitant fees we're seeing added to the checks. talking about staples we get in the grocery store. you think prices might have possibly peaked but shortages may lie ahead? we got some real issues to face here. >> yes we do have real issues.

we have a lack of world leadership in america. the problems are it comes back to the oil business and we're in the oil business too and we see it in all of our businesses. the fact is the price, fertilizer, nobody realizes it does come from oil, part of it and the price of fertilizer has doubled to the farmers. the price of diesel has doubled to the farmers. so what does that mean? that means higher food prices and the, getting the product from the manufacturers or the people who put it together, the farmers to the manufacturers to the stores, diesel fuel has doubled like we said and that is also in the factories that make the food, make the cans, or products. and nobody understands yet,

excuse me, why the chinese, why some of the people are buying large quantities of farmland. so we have chinese. we have people like gates buying lots of farmland. the price of fertilizer has doubled. the price of diesel fuel has doubled. so what does that mean to food prices next year? that two or 3% is probably very low. it could be a lot higher than that. jackie: okay. >> and the only way, like i said previously on this show the only way to bring it down is oil is down to $94 a barrel right now. we reached peak oil prices. we reached predicted by september peak food prices without any new things happening like the doubling the price of fertilizer. so what do we do?

the price of $94. it could go down to $74 or we could -- jackie: need more supply. >> need more supply. open up alaska. open up canada and the price, you blink your eyes and it will be down to $74 and inflation goes away and our problems go away. so somebody should tell washington, somebody should tell the white house and say, enough is enough. jackie: right. >> know the other problem -- jackie: may i interject and say, instead they're doubling down with the inflation reduction act and they're saying we want to spend $369 billion on green energy and climate change. they will not open up the spigots, john. >> the american people know that is a lot of crap. it just doesn't work. if you raise taxes on manufacturers, on oil companies, you know what they're going to do, they're going to pass it on to the consumer! jackie: that will drive us deeper into recession. >> deeper into recession.

the consumer will end up paying because anytime you raise your prices to a proctor & gamble or an exxon, they're going to pass it on. i mean you never see their earnings go down! jackie: you bring up the buying of farmland for example. to me, on the oil side and the food side of this these are supply side issues. these are basic staples. people may cut their discretionary gas spending on vacation or road trip during the summer but to get back and forth to work, put food on the table from the grocery store, they still have to do it. the chinese realize they should be part of that supply chain and they want to get a bigger stake in it. this administration, essentially, is stepping back from the supply side and saying we want to try to, you know change dynamics another way. >> it doesn't work. jackie: they don't understand the economics of it. >> it doesn't work and they should understand that because the, like the old greeks, the old italians had an expression, there is a violin playing behind our back and right now they are,

there is so many problems in the world that, people have to realize it. now if washington says we're going to raise the taxes on the rich, we're going to raise taxes on corporations they're just lying. they're taking advantage of the poor and middle class that are not educated and say, look, we're going after them. jackie: but they are the people they said they would help. under $400,000. you see new taxes for all those in that population. not closing loopholes that allow people to transfer funds through trusts and difficult things. they're going after the little guy. >> those people are suffering. those are the people suffering. in washington, you talk about racism? they're being racist against the poor and middle class that don't understand the real economy. jackie: it is unfortunate. john, great to have you your take as always.

great to i sue, thank you. >> thank you. jackie: coming up a u.s. drone strike kills al qaeda's leader. general keith kellogg is here next on where the fight against next on where the fight against terror goes from here. ♪ [power-drill noises] alright, limu, give me a socket wrench, pliers, and a phone open to libertymutual.com they customize your car insurance, so you only pay for what you need... and you could even save $652 when you switch. ok, i need a crowbar. and a blowtorch. [teddy bear squeaks] [doug sighs] limu, call a mechanic. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ at fidelity, your dedicated advisor will work with you

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>> this is 21 years, four presidents, two democratic, two republicans where the same policy stood. go after the leaders and masterminds 9/11, never give up until we kill or capture them. al-zawahiri here is living in an influential neighborhood where the taliban leaders live. he is out there on his balcony brazenly exposing himself because he feels comfortable once again among the taliban leadership. after all he spent most of his life the last 20 years hiding in pakistan. so yes, the al qaeda not just the leader is back but the reports are there are thousands of al qaeda inside of

afghanistan. jackie: that warning coming from general jack keane. ayman al-zawahiri one of the world's most wanted terrorists is dead after a u.s. drone strike. fox news correspondent peter doocy at the white house with the very latest. hi, peter. reporter: jackie, we're hearing white house officials did not give taliban officials heads up there would be a unmanned drone blasting off hellfire missiles outside of downtown kabul because they learned ahead of time that taliban leaders knew al-zawahiri was there. so instead they only told a small group of officials at key agencies about the strike. president biden: we make it clear again tonight no matter how long it takes, no matter where you hide, if you are a threat to our people, the united states will find you and take you out. reporter: president biden apparently eyeball ad model of

the al qaeda safe house before approving the strike in kabul which proves the u.s. can kill terrorists in afghanistan without troops on the ground, however, the president defended last summer's hasty withdrawal at the time saying that terrorists already moved on to other parts of the world. president biden: look, let's put this thing in perspective here. what interests do we have in afghanistan at this point with al qaeda gone? reporter: we know al qaeda didn't stay gone. al-zawahiri was targeted, taken out on balcony after safe house. family in the house survived. officials say they have a high level of confidence, even though they don't have dna proof that the man they killed was al-zawahiri. reporter: we will never again, never again allow afghanistan to become a terror safe haven. he is gone, we'll make sure nothing else happens. you know, can't be a launching pad against the united states.

we'll see to it that won't happen. reporter: president was speaking from a covered balcony from the blue room, yesterday was the third day he tested positive for covid with the rebound case. we just got word he tested positive now a fourth day in a row and is experiencing a return of a loose cough. we don't know exactly how much longer he will remain isolated in the residence. jackie? jackie: peter doocy, thanks so much. joining me is retired u.s. army general keith kellogg. great to have you with us, general. i want to talk to you about this operation. tactically it was a success. tactically a drone attack with no civilian casualties taking out a leader like this of al qaeda is great news for the country but many are asking the question, strategically speaking after the botched withdrawal of afghanistan, leaving the taliban in control on the soil there what is al qaeda doing there, al qaeda leader out in the open,

primed to see for everybody? what is it the taliban promised him? assurances of safety, et cetera. this is the concern all along when we left afghanistan, that we would create a situation that was more ripe for terrorism in some ways? >> jackie, thanks for having me. it was a righteous kill and what it really said you can run but you can't hide. we're going to find you. it may take us a year, two years or five years but we'll run you down. maybe one of the reasons he was inside of the city, remember osama bin laden was in a villa in the middle of nowhere, he was easy to take down. when you look at baghdadi he was in a villa in middle of nowhere, easy to take down. hoped to be swimming with the fishes in the city, sooner or later with 25 million-dollar bounty on your head somebody will start talking. i'm sure we had third country assets on the ground, target, where he was at. put a couple hellfires in there. i'm surprised it only got him

that is a pretty big missile. it has huge explosive weight to it. so the building probably went down pretty fast. it says we'll find you sooner or later, we'll kill you. there is a subplot to this i think is very important. the subplot is that we do have the ability to go over the horizon. we can kill from a distance. that was important. during the trump administration i remember time after time after time when defense officials and intelligence officials would come in, i'm sure it happened with president biden as well, where no, you have to troops on the ground. we don't have troops on the ground. terrorism will raise its ugly head again. i think we can do things from a distance, we don't have maximum amount 6 troops on the ground that you need. very important for the american people to understand we can find these guys sooner or later and we're going to kill them. jackie: we can but it also takes time. it takes a lot of intelligence on our part as well. it really is a reminder in some ways that the terror threat is a looming threat. it is something that doesn't

appear to be going away anytime soon. you look at it in the backdrop of all the geopolitical events we've been talking about today, and russia's invasion of ukraine, what is happening overseas in asia right now as well, you just realize that you know, from a foreign policy standpoint this country has a lot on its plate. >> oh, yeah. it's a very complicated world. you've got three major issues out right now i believe with russia ukraine, iran issue going on and you have china. north korea raising its head once in a while. go back to terrorism quickly. terrorism is not something new. it has been around a long time. i remember the red army fact in germany in the '70s t goes back well into history. it is not a new phenomenon. just how you street it and tolerate it. what is happening in the world, this is a very complicated world. president better have the national security team on its toes because things will come up

rapidly in succession in various place of the world. they have to be ready to act. now it happens to be china. jackie: let's move on to that topic, move on to china. nancy pelosi arriving in taiwan today. we saw pictures of the historic visit, general. how do you think china will respond? some threats are directed at her. she did arrive safely on the ground. she will meet with taiwan's president as well. she wrote that op-ed in "the washington post" talking about the importance of this trip, the statement it makes to china. difficult to think china will sit back even if they don't move immediately, sit back not to have some consequence to this? >> jackie, i would prefer china worry about what we're going to do, not what we worry about what they're going to do and president biden needs to send that very clear signal. i applaud secretary, i'm sorry speaker pelosi going to china, to taiwan. i wish she had taken a bipartisan group with her like newt gingrich did in 1997 when

we visited. we don't worry about the chinese. chinese need to worry about us. my worry something will happen in the next couple years. the chinese are starting to realize this whole concept of one china policy may start to fray. it has been around 50 years. now you're looking at a country, taiwan, i believe a country of 23 million people under democratically elected government. maybe we need to sit back, start thinking how do we align ourselves closer to taiwan, not just say one china policy, taiwan belongs to china, we forget about it? we shouldn't. i applaud her for doing what she did. look what is happening in taiwan, that is a very critical part of the world. we're a pacific power. over half the world trade travels through that region through the south china sea and we need to be aware of that. the fact we need to put more combat power, more battle groups, carrier battle groups in the pacific than we currently have, meaning seventh fleet

area. we'll see where it goes. this goes culmination in two years before president biden leaves office. jackie: i think you made a great point and part of her "washington post" piece posted online part of our visit one of several delegations to the island in no way contradicts the longstanding one china policy guided by the taiwan relations act of 1979. she goes on to say from there the united states continues to oppose unilateral efforts to change the status quo but so many question as you say, general kellogg, the ambiguity surrounding that. so these are matters we'll have to clear up. we really appreciate your insight and your time today. thank you. >> thanks, jackie, coming up, outdoor dining sheds, they were built to help restaurants work around covid restrictions during the pandemic but some new yorkers say they're destroying the city. they're taking legal action on that as well. we'll hear from former new york city republican mayoral candidate curtis sliwa. ♪

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jackie: transport nation earnings out today, uber, jetblue reporting mixed results for the second quarter. gerri willis has a closer look at the numbers. what did you find out, jackie? reporter: shares of uber soaring after the company reported quarterly revenue. uber saying it is benefiting from a 57% increase in demand transportation. consumer spending from retail goods to services. overall revenues grew 105% to 3.80 billion year-over-year. earnings tanked as reported a lot. nobody cares though, of.33 dollars a share. most of the loss attributed to investments and revaluation of stakes in southeast asian delivery companies. so big news for uber. the company turned cash flow positive for the first time and boosted third quarter out look? meanwhile jetblue shares lower after the company reported a loss of 4 cents a -- 47 cents a

share. higher than analysts expected revenue of 2.5 billion. the company sees profitability returning in its current quarter as all important revenue per available seat mile is seen rising 23% this quarter. by the way those capacity levels will still continue lower. and finally shares of british airways owned by this company, international airlines group, it is reporting it is suspending the sale of short haul tickets from london's heathrow airport. the airline saying the move which runs to august 8 travelers is in response to heathrow's request. as europe's biggest airport deals with luggage losses, staff walkouts, pilot shortages. i have to say, jackie, i was in the middle of all of that only a couple weeks ago. it's pretty intense. jackie: i hear if you're headed to the airport you better buckle up on your patience and not something that i'm willing to do. but i also will say, gerri, i probably contributed to the

uber-earnings with the crime props in new york city, riding the subway, issues associated with that. so many people i know, you can't get a yellow cab anymore. everybody is on with the ubers. i'm sure with that is a trend we're seeing across the country. good to see you. thank you so much. president biden expected toe announce a decision on student loan forgiveness. experts say we have to consider long term implications of erasing billions of dollars of debt the. ♪♪

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jackie: welcome back, president biden expected to make a decision on student loan forgive heness. that could i am back 43 million americans. grady trimble is on capitol hill with the latest. hi, grady. reporter: jackie, it could also increase inflation, that's according to the committee for a responsible federal budget.

if borrowers don't have to pay student loans or get some of their debt forgiven, that they will have more money in their pocket to pump into the economy with supply already tight, thus driving up inflation. president biden is expected to make that decision on student loan debt forgiveness, perhaps up to $10,000 by the end of this month. that is when the current payment pause that has been in place for about two years ends. biden has extended that multiple times and even extending the pause again could increase inflation according to the committee for a responsible federal budget. they add that with the inflation rate already at a four decade high, fiscal policies should be helping the fed to bring inflation down, not working against the fed's efforts. i caught up with senator elizabeth warren this morning on capitol hill to get her thoughts on inflation and student loan debt forgiveness, something she is in feign of, she doesn't seem

to too worried about story giving debt driving up inflation. >> if cancel being student loan debt, restarted with payments, the effect is not inflationary, it is deflationary. >> but about there is cancellation, something in the pockets to spend. >> no the cancellation affects balance sheet what they would have paid over the next 20 years but does not put them in a better position today. reporter: a new report from the government accountability office found the indictment of education miscalculated the cost of the federal student loan program. the department expected it to generate $114 billion between 1997 and 2021. this report found it will actually lose almost $200 billion. and new information from the

new york fed's research today found that they're expecting an increase in student loan delinquency. historically people fall behind on loan payments after a period of not having to pay those student loans which is exactly what has happened over the past couple of years, jackie. we will see what decision the president makes at the end of this month on student loan debt forgiveness or extending the pause, which he has done i believe four times already? so we'll keep you posted on that. jackie: grady trimble you are right, that is what happens when you tell people they don't have to pay their loans for two years. good to see you, sir. meantime this is of course is all happening with the midterms less than 100 days away. the biden administration will have to consider both the economic and political impact forgiving student loans is going to have. this administration has a lot on its plate right now. joining me geltrude and company founder dan geltrude. good to see you, sir. before i get to the inflation piece on this i want to talk about what he promised on the

campaign trail, the president. he promised $10,000 forgiveness. progressives like elizabeth warren want $50,000 loan forgiveness and we will not take anything less than that. as grady reports correctly, cost $197 billion at a time inflation is a at 40-year high. it is enough to make your head explode. >> has this administration ever made a sensible economic decision? what are we looking at here, we're looking saying potentially up to $50,000 loan forgiveness with no income cap. jackie: right. >> that is the kicker in all of this. that basically means a billionaire could be forgiven on $50,000 of loan payments. jackie: billionaire parent could have said to their kid, we're not giving you money for college. you get a student loan but they have a trust fund waiting in the wings, you know, they're getting loan forgiveness. it is mind-boggling. >> really is. really on top of that why should this be a good decision? when you think about, if the

government is going to step in and say, you don't have to pay these loans, or these debts don't count anymore, why should it be on student loans? why can't it be on people who have medical debt. jackie: yeah. >> why can't it be on credit cards, mortgages. it is endless. why pick this? there is over 40 million americans that have student loans and let's bring this up right before the midterm. jackie: it is not a coincidence. >> no, it's not. no it's not, jackie. jackie: some ways people say this is essentially a ploy to buy votes, i will forgive your student loan debt. see how great a president was, see how great the party is, vote for us, vote for us. this is great issue at a time we're struggling with 40-year high on inflation. as you say where does it stop, right? this is my problem with the stimulus programs all along in the bills we passed under the guise of covid. initially the economy needed some help but it did not need it

for the entirety of the last few years. i think people are more reliant on the fact if we sit home, we don't go to work, if we rely on the government, ultimately they will continue to hand money out and that is exactly what is happening here if in fact this is what the president decides? >> this is exactly what they're doing and having no understanding of the basic economics. we have a supply side problem here. yet we're completely focused in on demand. if there is more demand, it will solve inflation. it makes absolutely no sense. jackie: in fact, the supply as you mentioned is, the tightening supply on the food side, on the gas side is what caused the problem. they're not doing anything to address that at all. now they want to raise rates and get the fed to continue to aggressively raise rates to bring demand down. at the same time she is talking about demand over long term. basically what they're doing talking to the american that is listening in circles and

confusing them to the degree they essentially don't understand what is happening. they took bbb, "build back better" not able to pass. now they're calling it the inflation reduction act when it doesn't reduce inflation and it races taxes they're telling people this is good. we're working for you right now. >> listen, we saw that clip of elizabeth warren. i have to tell you i'm a cpa. i don't know what she said. jackie: i don't either. it is circular. logic doesn't make sense. when she is questioned on it she gives the reporter a hard time. dan, amazing. we have to leave it there but we could go on and on. great to see you. >> thank you. jackie: china sabre-rattling but markets not as rattled as speaker pelosi arrives in taiwan, we look at who the speaker will meet with during her controversial visit that is coming up after the break. ♪

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♪♪ house speaker nancy pelosi the highest-ranking us official to visit taiwan in 25 years sparking a growing threat from china as videos emerge of armored trucks on the street after the country warned of military action if the speaker

did in fact visit taiwan while united states markets are recovering from earlier losses over rising tension. welcome to the second hour of cavuto coast-to-coast. nancy pelosi landing earlier today in taiwan, edward lawrence live at the white house with more. >> reporter: she defied the biden administration by going to taiwan and defied the threats from the chinese commonest party and landed in taiwan. they provide logistical support for this trip short of condoning the visit. the message from the white house started to change. >> nothing changed about the policy or support for taiwan and aerosol defense and the speaker has a right to travel

here and the aggressiveness, coercion, increase in tensions in the last weeks and months of come from the chinese side. what we said is there is no reason this should escalate tensions in any way whatsoever. >> reporter: national security council spokesman john kirby adding this is no different from a trip by any many member of congress, the chinese could file missiles into the taiwan strait, the white house expects a retaliation. the foreign ministry says this will be met with resolute and strong measures, taiwan announced a cyber attack against some government websites. the house speaker saying this. our discussions with taiwan leadership will focus on reaffirming support for our partner and promoting shared interest including advancing a 3 and open in the pacific region. the house speaker writes the trip should be seen as support that america supports taiwan.

jackie: the white house offering mixed messages when pressed about the speaker's trip. here is what john kirby had to say yesterday. >> nothing has changed. nothing has changed. about our one china policy. repeatedly said that we oppose any unilateral changes to the status quo from either side and do not support taiwan independence and expect differences to be resolved. but peaceful means. there are direct conservations, the president did not speak directly with speaker about this trip. jackie: let's get reaction from karl rove, great to see you.

the one china policy, nancy pelosi in her op-ed reiterates today that the united states continues to oppose unilateral efforts, but also says beijing dramatically intensified tensions with taiwan to say leading the us depart -- defense department to conclude china's army is likely preparing for contingency to unify taiwan with the prc by force and that's one of the reasons she's making a statement with this trip that she is there right now. that is the grave concern. >> let's step back. my concern, up to the speaker to decide whether she wants to go to taiwan or not, speaker gingrich went there. the other thing that bothers me is the president should have, the policy of strategic ambiguity instead of saying as he did that he didn't think she should go and neither did the

defense department. this is an incentive for the chinese to ratchet it up. if he said nothing or repeated the same formula speaker pelosi did reaffirming the one china policy and so forth, it would not have served as an incentive, the signal to the chinese, i'm concerned about are going, the defense department is concerned about are going, why don't you pressure us more and make more of a demonstration and ratchet it all up so we have the chinese making extraordinary statements, making threats about bringing down her aircraft, the actual threats of going to the line that traditionally divided the taiwanese rule from the chinese rule. this is a mistake by the administration to get so explicit about it but at the heart of this is a grave threat to the continued existence of taiwan, the united states had

better wake up and realize it needs to supply the taiwanese with the means, xi is coming after them. trying to get elected to another term as president. he you wants to reunite china to end the status of taiwan and if he gets another term we can count on him moving rapidly to live up to that threat. jackie: i'm sure the notes you hit our the conversation speaker pelosi has when she meets with him tomorrow but we look at how this unfolded and you bring up a good point, and instead of unifying front, even gop members saying we never agree with nancy pelosi but agree with her on this. it is interesting to see the resistance to be on the same page and i don't think it is a

coincidence -- >> a strong supporter of taiwan, a large number of chinese american constituents, many of them refugees, some from mainland china, a lot of them opposed to the chinese regime in beijing so she long had this position. what gets me is why did president biden who is supposed to be adept on foreign policy, any foreign policy president should not have done which was to discard the strategy of strategic ambiguity and be explicit. i don't want her to go and the military agrees she shouldn't go. that was a mistake. we can talk about nancy pelosi going or not going, republican and democratic speakers who felt strongly about china have gone to taiwan but the president made the big mistake by he is the president. he should not have done that.

she's an independent operator, head of the legislative branch, lower house of the legislative branch but he should not have made that mistake and a lot of what we are facing as a result of his comments. jackie: he made a lot of foreign policy mistakes, i know that you know. having said that, china making those threats or warnings or whatever you want to call them, not carrying out anything on nancy pelosi or plane but the concern is they will take it out on the other side, take it out on the taiwanese, we know china wants to impose new tariffs on taiwanese goods and we know from the metairie standpoint china is buying warplanes to the median of the taiwan strait and you wonder how this will play out in the coming days and escalate with china not necessarily goading the us but going to the taiwanese. >> we've seen the number of sets on that today, they took the largest exporters to the mainland and not accepting any more goods from you and we will

see steps like that to sort of hurt the taiwanese economy and threaten the taiwanese people and they will do something they've never done before which is have a military exercise and circling the island itself which is what they would do in an invasion. we are likely to see this play out for days, weeks and months after speaker pelosi's return and what is the united states going to do? wake up to the reality in mainland china, under xi, to reunify china by force, ending the rule of democracy in taiwan and something they have especially ruled out before by agreement with the united states and use of force. neil: senator rob portman brings up the importance of taiwan, mentions the fact that it is semi-conductor manufacturing and that's a huge issue on the table. i want to switch gears because

grady trimble spoke with senator manchin who is meeting with senator sinema to discuss the spending bill they call the inflation reduction act. i want to ask about that. >> i love gerard baker's piece in the wall street journal says the title of that bill is an insult to used-car salesman. it's not going to reduce inflation. it will increase inflation. it will not reduce spending, it will increase spending. it will not reduce the federal budget deficit, it will increase it. it is filled with gimmicks and taxes and provisions that are designed to make it more expensive. people who drive gas powered car will be taking money out of their pocket to put it in the pocket of people, affluent people who want to buy an expensive electric vehicle. this is a disaster of a bill. manchin has broken a series of

promises that he said he would never invalidate and see if kristin sinema who made clear she supposed to some of these tax provisions see how she reacts to be left out of the discussions and being told it is time to fall in line. jackie: she's holding those cards close to the chest, good to see you. stocks, earlier losses, it investors rattled over the tensions but markets are coming back, the dow is down 56 points and the nasdaq as well. market strategist kenny paul kari, a bit of a bumpy ride in august as neil points out. august can be really tricky month, and a lot of things happen in august. it's not something you can go away and forget about.

>> there's a lot of vacation, there are lists people, more exacerbated. it does set us up for the consumer and alternate - september and october period, a volatile week. i'm not surprised especially after what happened in july 1st couple days of august feel confused like this. i suspect we will have this confusion going forward. i will look at 4125 on the s&p is a peer level. we did not hold it, we traded below yesterday, we trade just above it today and if we trade above that level and we have a chance of this trading range we will test the intermediate high, 4390 so i would not be surprised to see that happen.

jackie: what will take us there? the inflation reduction act, i call it the inflation bill because it will increase inflation, pardon the slip of the tongue. are market optimism looking at the overall picture, if we are in recession already and the word is out on the street we are not going to see the fed, we hiked a little bit but the bond market saying they won't necessarily hike as aggressively as we might have expected, we are still in a tough spot here but i don't see any of that is good news. >> i don't see it as good news either accept the markets, the traders are focused on the pace at which the trade is going to hike. it's 150 basis point hike which

is down from what powell indicated, 75 basis points of people looking at that as positive. look at what happened to the market, it took off and that is part, and the other thing is earnings have not been horrendous and we start the pricing closer to the month into september. in the third quarter, i don't think that's in there yet. weaver a lot of caution and i don't think -- that's going to come. jackie: it takes a while for it to play out and that is what the market is missing. so many said the fed has taken a long approach, should have gone really aggressive and combat inflation in the quickest inflation possible and we are doing this wrong with the inflation reduction act.

former new york city republican mayor, mayoral candidate curtis sliwa joins us as eric adams declined an invite to the southern border. ♪♪ my little family is me, aria, and jade. just the three of us girls. i never thought twice about feeding her kibble. but about two years ago, i realized she was overweight. she was always out of breath. that's when i decided to introduce the farmer's dog to her diet. it's just so fresh that she literally gets bubbles in her mouth. now she's a lot more active she's able to join us on our adventures. and we're all able to do things as a family.

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>> texas governor greg abbott inviting the mayors of new york city and washington dc to the southern border to see the humanitarian crisis firsthand after months of texas transporting illegal migrants by bus to those two cities. griff jenkins is in the greer the match rio grande valley texas with more for us. >> the wind is blowing and migrants flowing in record numbers, this is an open border, not a secure one as our hundred mayorkas wants you to know, i want to show you some video we shot at eagle pass

with our drone team. you can see on a daily occurrence groups of three, 400 migrants crossing into that area, many of them from venezuela, colombia, honduras, el salvador, guatemala. it is something they have never dealt with, it used to be a group of one hundred was her markable thing, now it is 300 to 400 as you see. the perils of this deadly trick these migrants are having to make often ends in death. let's show you some video, you see coast guard boats with texas game wardens retreating migrant body, a group of 5 trying to cross in a dangerous area after daybreak or turned back to mexico. one unfortunately did not make it. more than 400,000 migrants have

been encountered, 185 have died so far this year and we had one more. i talked to texas dps about the disregard these cartels have for migrants lives and here's what he said, take a listen. >> their main purpose is to get immigrants to the united states because they are profiting off of migrants and it is a multibillion-dollar trade. >> reporter: let me show you the multibillion-dollar trade. there's thousands littering the banks of the border. it has a color code on it as long as the number and another thing we can show you the rubber rafts all over the banks but on the mexican side and the us side but the cartels but migrants in and move them over, 15, 20, 30, sometimes they try to swim it and it didn't work out as you saw this morning.

jackie: thank you so much. here with reaction new york city republican mayoral candidate curtis sliwa wants to know what mayor adams is so worried about after denying this invitation to the border, great to see you, city hall heading back to texas saying are you want is a follow-up but this is after july 19th when adams called on president biden to send additional federal resources because city shelters were overrun with asylum seeking migrants and muriel bowser asking the national guard to help her, why won't they go down there and take a look? >> eric adams has window shades on his eyes, cotton balls in his ears and is a broad his mouth, he's not going to condemn president biden, where has he been, bringing attention to us that there were illegal aliens being flown in overnight into westchester county airport nearby and in stuart air force

base in newark which is in an hour and a half away, putting them on buses and going right into new york city, you mean to tell me the mayor was unaware of this? this is being done by the president of the united states and you want to get eric adams to the rio grande and the border just have beyoncé and jay low down there and if it's a celebrity will show up. jackie: i live in new york city, dealing with the struggles people have on a daily basis myself, crime, homelessness, mental illness all over the streets and you see this, we elected him because he said he was going to clean up crime, hasn't done much about it but he does a lot of socializing that page 6 likes to report on but we are in serious trouble and people are becoming fed up with mayor adams, your grace period is done. >> not only that but we are

sanctuary city, the definition of sanctuary as we welcome the illegal aliens, the same mayor who wants them to vote, he had new york city council passed a law, not for republicans going to state court to overturn it or have it on appeal, or they are not coming here, where homeless veterans aren't sent to. getting medical care, sending kids to school but we have to pay for but if it was up to eric adams and the democrats they would be able to vote and keep democrats in power in perpetuity. in the streets we have words with the $5000 customized suits and shoes, he's a fake phony fraudulent for gaze he. jackie: new york city residents

including myself, an issue i am passionate about suing the city claiming outdoor dining sheds that are left over are destroying quality of life, rats, drugs, noise, people using them as toilets, one of the places, the open restaurant program transforms what used to be a pleasant city block with healthy balance of residential and commercial use into a greedy shanty streetscape fueled by alcohol sales, marked by sanitation and noise violations and i can't disagree. >> some of these are the size of quonset huts. you can land a 747 on columbus avenue on the upper west side and park it in these quonset huts and all night long, patrolling streets with the guardian angels you see people suiting up, you can put the illegal aliens we are welcoming into the city in quonset huts and shelters, there are so many, dancing, enjoying it, what are they doing up?

quality-of-life has dissolved. the swagger man has no plan. and shelters, mostly disturbed, ratcheting illegal aliens and wining, dining and pocket lining eric adams. hanging out with tiktok girls and keeping up with the kardashians. jackie: the city is filthy and worse with the summer heat, a lot of people hoping something will give but doesn't seem likely, great to have you on the program. coming up, biden, a new billboard calling out the president for refusing to say the us is in a recession. we will talk to the creator behind the messaging next. ♪♪

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jackie: welcome back to coast-to-coast, the job openings declining with 10.69 million job openings compared to estimate of 11 million. the lowest level of openings in tween 9 months and new signs of a cooling labor market. the job creators network put up a new billboard calling out president biden for refusing to call hcallr hcaonicnturowa ow ion.ion. he is job s joeawo n tinesanenfro fredo ternaften. h uthth playing on george hw bush, to be true. economy, stupid, the play on the campaign slogan for bill clinton.

it is not a partisan message here, you're trying to point out what is happening and a lot of people are responding to this. >> sheer frustration led us to put the frustration up, we are lied -- we are tired of the lies from the administration and how is the saying go the first step to recovery is admitting you have a problem? sorry, but we have a problem in this country, two quarters of negative gdp growth, record high inflation, that is called stagflation, let's call it stagflation. jackie: everything the administration is hanging attack on his but the labor market appears strong even though you could argue it is not because of participation and wage growth not keeping in line with inflation but many feel they will keep their eyes on the jobs report friday and

are worried about the labor market and say that's the next domino to fall here. >> absolutely. what we did is we went back and looked to your point, labor force participation rate is almost a point below where it was pretty pandemic, we went back and calculated what it would look like if we were at the old labor force participation rate. the employment rate would be closer to that. they know that at the white house and trying to gaslight the american public. jackie: it is a huge issue. they see the headline number of 3.6% and think everything is great. you have to peel back the layers when it comes to the use numbers. we will have you back on. for nomination is still in question as we approach the august recess, charlie gasparino joins me to discuss who the white house is betting.

charles: they could do something crazy like try to get her through a lame-duck session, wait until next year. in the meantime telecom policy, it is clear they don't have the votes right now, she's caustic on another level, very progressive and even annoyed the cops. that never happens but she said something about defunding the police and that is scaring the hell out of democrats, senate democrats having a tough seat so likelihood is this week will pass, go into recess without an fcc, without her being appointed, she's unlikely to be the next nonmoney. never say never but giving you the odds. who might be the nominee? my producer has done some digging, found out someone, household tech name but susie

perez quinn, the chief of staff of nasa, used to be a staff member or chief of staff, top person under bill nelson, ranking member of the senate committee that oversees the fcc. she does have a telecom background, this is the name they are floating. wise this important? fcc is deadlocked, if the biden white house wants to get through telecom policies, brings back net neutrality where you treat, the internet service providers, big under clinton, obama, helped push it it as an attorney for tom whelen, the head of the sec but don't need her to push it, if

you don't have that broken sometime soon including next year, if the senate goes republik and it will never be broken. the theories get her through and not as much of an activist or as smart, and academic on telecom policy, you might not agree with her politics which a lot of people don't and some of the things she said about fox news that we are the enemy of the state, was really smart, a lawyer, academic, supersmart. that background is haunting her

to get approved, all the republicans vote against this, democrats holding this up. we will see if miss quinn gets the nod. >> i don't think they need any more controversy right now. charles: that the real name in this business. you know her stuff. here is one thing you might be a good activist or smart academic, but that doesn't mean you have temperament to be -- employed the administrative covid. jackie: let's look at these markets, the dow is going down, inflation fears, loretta

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you can see the pieces of turkey. it smells like actual food. i saw a difference almost overnight. healthy poops, healthy dog, right? as he's aged, he's still quite energetic and youthful. i really attribute that to diet. you know, he's my buddy. my job is to keep my buddy safe and happy. ♪♪ get started at longlivedogs.com jackie: cities across the country are facing enrollment crisis after covid shutdowns and they could pay the price for that. kelly o'grady is in los angeles with more for us. >> reporter: we talked about how the covid lockdowns, have been feeling it as well. i'm here in los angeles, the kids are about to go to school in two weeks. the district tells us they expect 10 to 20,000 fewer

students to show up and this is a problem happening across the country. k-12 enrollment declined by one. 3 million students in in the past 2 school years representing the largest enrollment change in public school history. a loss of 270,000 students, the remote longest when more students depart and the letter prioritizing in person learning and many families pleading -- plaintiff florida and texas during the pandemic and that could hurt financially as federal funding is determined by the number of students. 680 million for los angeles, 1.1 billion for new york city. that could mean staff layoffs and school closures, many of the students in the money may never come back, parents opted for charter schools and homeschool their children during the pandemic due to frustration. one school choice advocacy

effort saying, quote, politicians, putting adults before the needs of children at the worst time possible, families are fighting back, and many parents decided i will never put my children in public school system. i want to leave you with -- one in 5 element 3 schools, less than 300 students enrolled. the teachers union and schools and impact students that remain. jackie: when you make these policy decisions you think about the consequences and it seems to be hitting home. joining me from the washington examiner, kaylee mcgee white. kelly o'grady was talking about the trend to homeschool and people fleeing blue states because of the curriculum, a lot of parents like that as well. more people seeing that they have options out there and

standing up to policies with respect to how their children are educated and that is the bottom line. >> this is great news. i'm glad those publics will districts are losing funding and students because they have been failing children for years even before the covid pandemic began. test scores across public education system especially in states like california and new york were dropping and here's an alarming stat for you. in california the average eighth-grade student has the reading and mathematics proficiency of a fifth-grader. that is how devastating covid was for these students and what did california do in response, they lowered the standards of learning for students in the name of diversity and equity, they are not hoping students get back on their feet so parents have to do what they do best and put their children first. jackie: what happened to the funds that were put aside, money that was earmarked during school closures to make sure

classrooms are safe and sanitary it wasn't all used because kids weren't in the classroom. why is this extra money not being used to shore up schools to work on programs to give students extra help to get them back to catch up to where they need to be? >> great question, we should start asking the teachers unions because they have a major pool over what they are doing and a lot of that money is still there, just sitting there and they will never use it the way it should be used. it should be used to increase outside of school tutoring and making sure they are getting the assistance in the classroom that they need and right now none of that is happening in public education system and it is so frustrating to see. jackie: our education system is falling behind, the pandemic made it worse, look at china, look how rigorous they are with respect to education, they are trying to raise the next

generation to take over the world and we are arguing about critical race theory and things to teach in the classroom instead of focusing on this gap that has been created and how to catch our children up so people need to wake up and think about this. oil companies facing new taxes if democrat spending bill passes. why one ceo says oil and gas are here to stay regardless. ♪♪

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with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. >> if you raise taxes on manufacturers, on oil companies, you know what they are going to do? they are going to pass on to the consumer. that will drive us deeper into recession. the consumer will end up paying because anytime you raise prices to procter & gamble or exxon they are going to pass it on. university their earnings go down.

jackie: that was a warning about the impact of more spending and inflation reduction, how it would impact manufacturing and big oil and consumers ultimately. reaction from king operating foundation founder, jane young. we were looking at oil prices just under one hundred dollars a barrel, this is an administration that wants to take a baseball bat to big oil, not make them more likely to invest in the future. >> i see what is happening with taxes. they are getting earnings out. $50 billion for three or four of the biggest companies. what will be interesting to find out down the road is what they do with these earnings. exxon the first quarter, $6 billion, they spent $10 billion buying back stock instead of doing what they normally do in these trends when you see oil

and gas go higher. economics just work out so much better. but now you have taxes and esc people on the boards now saying go drill. we are not seeing ridicule increase public companies at all. i don't see it increasing at all. a problem with supply down the road, we need more oil, the united states will need taxes, we don't need to buy back their stock. we need to drill for oil in the united states, oil and gasoline. jackie: we put the production numbers on screen. it is important to note that we are 11 million barrels a day in 2022, the peak around 2020, where were we? 2020, 11.3 million, i think we

were drilling more than that but having said that, more the industry can do in this country to make sure we fill the supply-side gap, this is an administration that waged a war on fossil fuels and said we want to move forward with the green energy agenda, don't care what it costs the american public of you are paying higher prices at the pump, we will continue to push it through, we might get beat in the midterms but we will go through with the inflation reduction act that includes green energy policies and take our last chance to drive this point home. >> not going to do us any good in the near term, we need to drill for more oil in the united states. we don't need taxes or anything but support. we need the support, everybody to say let's drill in the united states, 11 million

barrels, we were 13-14 before the pandemic. jackie: i didn't have the number off the top of my head so we are substantially under that and people will tell you when we were at 13 we were 14 or 15 making up the difference, not investing in the future and you are against us, why should we take our money and put it back in the ground? >> four reasons why. number one, your federal government, state governments and also private equity companies coming back in, number 4, what we talked about, public equities and public equities are not jumping back in. independent oil and gas guys, more running than exxon. billions of dollars and just holding steady and not putting the money back to work in the

ground and with increased demand, the decline curve you are not seeing what we need to see which is an increase in production in the united states, that will bring the break down. jackie: we will see what happens because i am not holding my breath to see this administration make a turnaround, great to see you come out of time. let's take a quick look at the markets extending their losses, the dow is down 250 points. more coast-to-coast after this.

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jackie: senator manchin is meeting with senator sinema this afternoon to discuss the spending bill, inflation reduction act. markets will watch this closely because manchin seems to be supportive of the bill but we haven't heard too much from sinema. she could be the person that stalls this. we'll see. dow down 261 points. i will hand it over to my friend charles payne. charles: thank you so much. we're under a lot of pressure, folks, good afternoon, i'm charles payne. this is "making money." this is a choppy day. this is what we dealt with so far. there was a flight to taiwan. of course that landed. it was a modest bounce. speaker pelosi made it okay. fed officials are out there laying it on pretty thick. looks like they're trying to alal any misconceptions from jay powell wednesday. do you sell the july rally or keep on buying? that is a question i'm askin