revious dose. an increased risk of guillain-barré syndrome was observed after getting shingrix. fainting can also happen. the most common side effects are pain, redness, and swelling at the injection site, muscle pain, tiredness, headache, shivering, fever, and upset stomach. ask your pharmacist or doctor about shingrix. shingles doesn't care. but you should. >> from the fox studios in new york city this is maria bartiroma's wall street. >> happy weekend to all, welcome to the program that analyzes the week that was. i am maria bartiroma. do democrats have a deal? senator kirsten sinema is on board with her party's massive spending and tax bill with some new changes, democrats hope to ram the bill through this weekend. senator lindsey graham is here with a response.

a big surprise, the jobs created in july, larry mcdonald here with what this means for the economy and what the federal reserve will do. mountains of guns and drugs, a look at my trip to the border this week as our broken border crisis continues. changes made in the inflation reduction act to woo key democrat senator kirsten sinema's vote, the interest rate tax carried by a buyback tax, the bill would cost americans $333 billion in new taxes, senator joe manchin says republicans should like this bill. ranking member lindsey graham, thanks for being here, joe manchin said you should like this, do you?

>> i hated. i like joe manchin he stood up to the liberals on occasion but he is empowering the left, he will increase inflation. the congressional budget office said in 2023 inflation will go up or down by 0.1%, the joint tax committee said that the new taxes will be passed on to the consumer, $70,000 of earned income, when it comes to obamacare subsidies you will get a subsidy, if you make 4,000 as a family of four, every problem we are facing is worse, these are the same people who told you the american rescue plan would rescue you. this is a horrible idea. it doesn't reduce inflation. let me say this. if you believe the border is secure and if you believe that caliban didn't know zarqawi was in couple, you should doubt this.

maria: 230 economists sent a letter saying this will lead to inflation. we know that inflation was at 1.4% when president biden walked into the oval office and now it is largely due to this spending. why are these senators agreeing to it? >> it is in democratic dna to tax and spend, this is all they know how to do, joe manchin, when it comes to tax and spending, no one has mentioned this, there's a 16.4 cents a barrel gas tax on imported oil passed on to the consumer, resurrecting attacks, a vampire tax, reimposing it on imported oil which will make gas go up, not down.

it grows the government, taxes will be passed onto the consumer, this is the worst possible outcome when it comes to foreign policy, biden's administration is dumb and weak and when it comes to domestic policy, tax and spend. maria: you have a bloated irs that president biden wants to higher 86,000 new irs agents to audit everybody and look under arcs for any tax cheat. is this the same item that was in the build back better agenda where he wanted to see all transactions in the bank account of $600 or more? >> this is a fraction of build back better, bad policy at a time we need good policy. have you ever travel down 95, gone from new york to florida? have you ever done that? maria: yes, yes.

>> there are a bunch of southern towns that make a living off of you coming through, they are called speed traps. 10% of the money going to the irs is for technology improvements which they need. most of the money is on the enforcement side so the irs is one giant speed trap for over drivers, people working in a restaurant, average americans because they are going to take these money, higher these agents and go after everybody in america to suck you dry. maria: i want to move on to china, we have new developments this weekend, fuming over nancy pelosi's trip to taiwan, now it is considering large-scale military drills to taiwan, to name taiwan a key ally, the white house is trying to stop that bill and the usd laid our scheduled missile test.

why is president biden and the democrats rolling over to the ccp, nancy pelosi did the right thing by going, don't you think? >> totally. i like president biden as a person but his team are dumb and weak in the face of aggression. this is ukraine all over again. i along with some democrats were begging the biden administration to sanction putin to the military buildup, if you try to go in that's will hit you before you go in. we wanted more weapons going into the ukraine before the invasion. they took a different path. what does bob menon doesn't myself trying to do? increase economic support to taiwan, give them more weapons to deter china and they are undercutting our bill. we have sanctions against china for cyber attacks on democracy

they are trying to water down a bill that would help taiwan, stop missile launchers by the american military because they don't want to provoke china. when they are faced with a bully aggression from a bully they get weak kneed which means you get more bullying. maria: china is putting sanctions on nancy pelosi. they don't care and not only that but we are seeing the ccp push back, stopping any cooperation with the united states and as i understand it there's a contract in place where taiwan has paid first technique women, military armament and we haven't said this to them yet? why not? >> we have a supply-chain problem, they are building the jets in south carolina, 63 that they need to bolster their defense. if we let ukraine go we don't do well ukraine, china goes to

taiwan. bob menand as and myself are trying to increase economic aid to taiwan, increase military capability to deter aggression by china, what does it matter to you at home? 90% of high end chips that go in refrigerators and cars are made in taiwan, do you want to get communist china, it matters in taiwan so what have they done? they left afghanistan within a year, the leader of al qaeda, in that caliban government shows they have a warm cozy relationship. you have a nightmare scenario, rise of radical islam in

afghanistan, to stop congress from bolstering taiwan at a time they need the help and this is ukraine all over again. maria: i am just back from the border this week, you and your colleagues sent a letter to homeland security secretary mayorkas sounding the alarm on national security in the wake of the assassination of the 9/11 mastermind ayman al-zawahiri. you are concerned about al qaeda terrorists coming over the southern border, how many people have been on terrorist lists already? >> 56 we know of. some people plotting to kill president bush 43, fbi director, are you concerned about the rise of radicalism in afghanistan, the group coming through the southern border, i

am very concerned, the new al qaeda leader will pick from somebody, to outdo everybody before him to get street cred with radical islam. how would you do that? massive attack on the united states would make him a hero overnight? i wrote a letter to mayorkas, 479% increase of legal immigrants from 20 one to 20, 234% from% from 22 to 20, the highest on record, the border patrol spend all their time processing the legal immigrants, how easy would it be for group of terrorists to shoot through the gap, i'm begging him to change the policies that led to this invasion and if you don't you are setting up a terrorist attack. maria: unbelievable, great to get your thoughts on this, appreciate you joining the and your leadership, more on the threat at the border coming up in the program and the huge surprise in the jobs report for the month of july.

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maria: let's talk markets, where the market ended the week after a wild friday and blockbuster jobs report for the month of july, 528,000 jobs added to the economy, 250,000 were expected and unemployment takes lower to 3.5%. joining me to look at the economic data, the president of macro maven, the founder of the bear traps report, larry mcdonald, thank you for being here. give us your assessment of this jobs report. kick us off, this was better than people expected. >> surprising number, so strong it makes you suspicious and i would point out, in the weeds,

was-368,000, in non-seasonally adjusted number. in terms of measuring month-to-month changes in employment and they use seasonal factors to adjust that. we will see what happens on revision here. we are dealing with a tight labor market. there are lagging indicators, with the headline payroll number, with employment activity. whether it is small business hiring, the ism surveys, regional fed surveys, consumer confidence indications on the job outlook, the number one input is what is on the profit front and we are on the back of the real slowdown in profits.

i think those profits will go into recession and decline which would presage declines in the employment picture. maria: there is a 65% chance markets are expecting 65% chance the fed raises rates in september by 75 basis points. things are slowing down. some are cutting jobs in the tech sector. how to assess what we saw in july. >> in our live chat, we run a live discussion, 650 institutional investors in 25 countries, narrative in their that is very powerful, two or three people bringing out the ceo of uber this week, it is shocking that 70% of his new drivers, 70% new drivers the

last three months taking on a job because of inflation pressures at home. the top 50% of americans have savings, their assets have been hit with stocks and bonds and a lot of pain because stocks and bonds in the first half have bad numbers, close to 20% combined for stocks and bonds but the bottom 50%, those people are a real pain. you are seeing a lot of part-time jobs, people taking on extra job, i want to remind you march 2000, 430,000 jobs, 6 months later we were minus 250,000. at the end cycle you have people scrambling for jobs, capture the easily available jobs out there and then we roll over. maria: how is it possible we can create 528,000 jobs and being recession. >> we are coming off of a

period we had $3 trillion deficit last year, fiscal spending and now this year that is down almost $2 trillion so this huge fiscal drag, last year, there was a lot of construction jobs in the service sector that were available, some of those jobs were still available in recent months. a lot of part-time jobs being taken on but you look at unemployment claims the move over the last 3 months at the pace of that move, unemployment claims, there is up there with all the big recessions in terms of its move. >> whether the administration wants to call the recession or whatever they want to call it we are headed into tough times and the market seem to imagine a discount to the worst of it as this number indicates, we

have barely begun to see any of the shoes drop. maria: thanks for joining us together on this weekend's news, see you both soon, texas sending the first buses of illegal migrants to new york city. it arrives friday, the crisis at the southern border is escalating. officials in texas say biden policies are to blame. what are saw and heard when i went back to the border and got another firsthand look. stay with us. ♪today, my friend, you did it...you did it...♪ today, you took centrum and took one more step

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maria: welcome back. texas over want to of illegal migrants, governor abbott sending them on buses to new york city and dc.

the bus, the latest bus, i visited the border for 1/5 time for the deadly crisis happening there. >> the lethal poison through social media platforms. >> they use color to attract attention of young adults to a form of advertisement they use, don't know what you are ingesting to seize these drugs and what these drugs contain but even though we know the majority comes across to contain some type of fentanyl poisoning. >> seized by our personnel along the southern border

because of operation lone star, seized 6000 weapons associated with connectivity state wide and weapons that are smuggled into mexico. what you see is different platforms of rifles and ak 47s and a tougher weapon being smuggled into mexico. >> 187, that is what they found. the regular facilities, governor abbott, you can see it is packed, two empty spaces. the first body that hasn't been stacked up is one of the bodies we recovered. >> heartbreaking to see what border patrol is going to because they are not able to do their job successfully because of the policies, it is so important that we put back in place the policies that were working.

this should not be political. i want the biden administration to put the american people first. if he cares about immigrants for him to secure the border. >> it's not a democrat or republican issue, it is something we need to secure. it is hard being a landowner. people have to carry guns to defend themselves because of what they are seeing out there. that's what is wrong with this. they pay attention to the immigration activists that is only one part. what about us who live on the border, the men and women in green that work there, they are frustrated. we need to secure the border. when people say the border is secured it is not secured. >> biden administer and border patrol dropping migrants off in small local communities that were incapable of dealing with the large number of migrants, they talked about bussing migrants to san antonio. i said don't do that, i have a better idea, we will put them

on buses and send them to washington dc. we need to relieve the congestion on the texas border but now people in washington dc and new york are seeing what texas has to grapple with and i have news for them. they haven't seen the fullness of what we are bussing up there. president biden called you? >> never. maria: you can watch an encore on my broken border crisis streaming now on fox nation. don't go anywhere, more wall street right after this. oh, man. hey! open up! the redesigned chevy silverado. with a sophisticated, high-tech interior... open the door! it's easy to forget it's a truck. ♪♪ - thanks. - nice truck! it was. find new style. find new roads. i love all types of dancing...

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time. gerry: hello. this week on the "wall street journal at large," nancy pelosi defies china and pays a visit to taiwan. is this bold leadership and defensive freedom or reigns leadings kick that could rebound on the u.s.? job growth in july and democrats are set on hitting the economy on massive new tax in spending bill and arizona to michigan, republican voters endorsed-backed candidates and si