1092 bc? stuart: i'm saying 776. on -- thank you, everybody. the games were held that summer 776. they were created to honor the greek god zeus. athletes would leave gifts to thank him for their success. my time is completely up. i want to introduce, say, hi to david asman. david: you have a such a fine oiled machine. the people are really good. it was my pleasure, stuart. thank you very much. welcome to cavuto "coast to coast." i'm david asman in for neil. looking for markets to kick things off. they are vitally higher to reverse earlier losses. a new report saying one big part of the u.s. economy is shrinking, not growing. why the workforce is signaling a slowdown. homebuilders say the u.s. is already in a housing recession.

why confidence is plunging as homebuyers pull back. and linking childhood obesity to climate change? a new study blaming hot temperatures for keeping children on the couch and out of shape. really? that's all coming up on cavuto "coast to coast." first to our top story, president biden is set to sign the democrats massive spending bill this week as the white house defends its claims of zero inflation. fox news white house correspondent jacqui heinrich joining me live from the president's latest vacation in south carolina. hey, jacqui. reporter: david, good morning to you. congressional democrats are defending spending $300 billion on climate at a time of 40-year highs for inflation and also where the economy is meeting the technical definition of being in recession saying that you have to spend money in order to save money.

>> well we have 0% increase in inflation in july. prices have continued to come down. we're seeing gas under four bucks and the fundamental belief is that if we transition to lower cost renewable energy technologies away from high-priced fossil fuels, that that is not only what we need to do for the planet but also going to reduce the cost for the american family. reporter: that theory just doesn't go for the government but for consumers apparently. they're saying making investments in solar panels and electric heat pumps with things like tax credits will bring down your energy costs and then you will save some money. of course it is not the same thing as bringing down prices for things at the grocery store but the president is still on vacation. he does plan to sign this massive climate health care and tax bill that they have dubbed the inflation reduction act. sometime this week. they will then have the cabinet hit the road for a nationwide victory lap.

fox obtained a memo written by anita dunne. they write between sunday and end of august, cabinet members travel to 23 states and 35 trips touting inflation reduction act and touting the president's accomplishments. white house officials are having to get in front of this and cool things off. >> congress of course is a coequal branch of governments and makes independent decisions about their travel and i think what we've seen obviously the united states government has not waivered in her on going commitment to our one china policy and commitments under the taiwan relations act. certainly china should not use any visit as a pretext for any kind of hostility. reporter: but china of course is using this visit and pelosi's visit as a pretext for more hostility against taiwan. they have been increasing military exercises much like russia did before they invaded

ukraine and experts worry that china could be laying the groundwork here. president biden is set to meet with chinese president xi xinping sometime in november. we don't know about what. we do know know that the tariffs issue is still unresolved, david. david: right. that will come right after the party congress at which he will be i guess they use the word inaugurated as president for life, whatever it is. so the timing -- reporter: yeah, yeah, something like that. david: but the timing is very interesting. a lot of people thinks he goes to the meeting with the president and use it to pat himself on the back for his new appointment. jacqui, thank you very much. appreciate it. the pain of inflation is being felt from coast to coast and americans are trying their best to find ways around high prices. fox business correspondent madison alworth has a look what people are doing to try to make it work, stretching things as much as they can. reporter: stretching things, traveling distances. we're seeing people crossing the

border in order to get better deals. southern california residents, they are shopping in tijuana to save money with record high inflation. it is reported that owners of the popular mercado hidalgo they have seen a 20 to 30% increase of american visitors during weekdays. easy to see why. when you look at sharp increase of items here in the u.s. eggs up 20%. coffee up over 20%. you think is it worth it to make the trip of cost of gas. if you fill up in mexico paying close to national average of price of gas, in california today's average is $5.36 a gallon. for americans doing back to school shopping they are struggling to find deals. deloitte predicts parents of kids k through 12 will spend record $34.6 billion, that is $661 per child. again no surprise when you break down some of those price jumps. sharpies, they are up 55% in

cost. glue up 30%. scotch tape up 70%. some of these things you can't avoid buying for your kids. so data weave took a look at lunch boxes, they jumped 14% in costs. it is average of $25 for a lunch box. backpacks up 12%. you're talking about average of $70. david: 70 bucks for a backpack? >> how the weight should be distributed. these are not the backpacks you grew up with. a bit more high-tech. if you have kids, someone gone to back to school shopping, it is really exciting time. david: i still remember the smells of all the items we used to buy at the shops. >> some things you can't avoid buying. if the backpack battered entire year you want to keep your kid safe you might need to want that that is one of items that add up. david: it ain't zero inflation by any stretch of imagination. >> reporter: not when we look at numbers. david: not for food, rent, a lot

of things. that is the wrong word to use. madison, thank you very much. a nasty report came out of new york. the income manufacturing index was expected to have a positive print of in july but instead collapsed to 31.3. the slowdown in china may bring gas prices down more but as you it auger badly for the economy generally speak? this is as a bank of america chief economist see as high chance for at least a mild recession this year. our dynamic market duo, carol roth, jonathan hoenig are here now. good to see you both. we love you two together. jonathan, first of all on the manufacturing index number, it was really horrible. we haven't seen a number that low, i think may, spring of 2020, right in the middle of the covid lockdowns. that doesn't look good. >> david, this is the second

biggest plunge in this indicator's history. as you said this manufacturing number completely collapseds month after month, we've seen business leaders big and small warning about recession, prepping for recession, experiencing recession. jamie dimon, elon musk as you mentioned now, bank of america joining goldman sachs forecasting recession over and over. again 65% of americans already think we're already in recession. the white house which acts on politics, do they think it is all in peoples heads? people are feeling cost of recession and whether or not the white house wants to admit it or not this is not something going away anytime soon. david: carol, you know what is happening we see gas prices coming down, there is a slowdown in the world economy. china is slowing down. we see the manufacturing number. of course demand has been devoid in the united states. the demand for gasoline, even though there is still a lot of people driving in the summer, it is down to levels we haven't seen since the summer of 2020 during the lockdowns. so i mean, gas prices are coming

down. they're going to claim credit for it. all because of their new tax-and-spend bill? >> yeah. they're going to claim credit for it and unfortunately the fed may end up piling on and making it worse here. with this massive supply demand i am gal lance we're feeling which was caused by central planning the fed's only tool is on the demand side, right? they're trying to destroy demand. naturally the macroeconomic backdrop because of the consumer, the personal savings rate is at the worst level since the great recession, financial crisis. they have added double-digits to their debt. personal balance sheets are not doing well. there are demands from china and europe being degraded. all the pressures are natural slowing down demand f you have fed on top of that, with the white house taking credit that will not be a good thing for the economy going into next year.

david: jonathan, we'll still have trillions more in spending. remember we had the chips act before the spending bill came in. that was over 300 billion, this is over a trillion dollars in new spending in our economy. how will that affect our economy? >> there is no awareness that the inflation we're experiencing today is a result of all the profligate government spending. we're repeating history over and over again. 2/3 of americans are already feeling financial anxiety, this will stir more inflation and exacerbate the problem. keep in mind, david, 1970s were a period of economy and markets were basically stagnant. the more democrats want to spend, the more we're insuring that the mild recession turns into a decade or more long recession or even depression they continue at this rate. david: carol, we still have a lot of unfilled jobs. this is kind of a hangover from the pandemic. maybe it's a positive thing. always better to have more jobs than job-seekers but we have

lost 400,000 workers. that was as a result of people just doing out of the workforce. that came out, that's recent. came out in the last jobs report. even though we added a lot of jobs we have 400,000 fewer workers. doesn't that create kind of a buffer if we do have recession if we're in a recession right now at least we have those unfilled jobs? >> you know certainly if you're trying to find like any silver lining i think the jobs scenario in a sense might be that way because you know, maybe you don't get to 20% unemployment rate or something that you may have seen if we were in sort of a systemic recession. but you know, it is not a good thing long term for the country because you've got people who retired early. we didn't have enough immigration. we've got people wholesale opted out of the workforce. these are not good trends once we kind of get past the noise that has been created here now

what does that mean for the future? and also something we talked about many times over the years, a huge skills mismatch, just because you have workers you have jobs doesn't mean they fit together either. so i think it is an important data point to keep looking at. david: by the way, we did have two quarters down in the economy which usually is shorthand for a recession and who knows, we may be in the middle of another correction. we'll see. gang, thank you very much. appreciate it. carol, jonathan, good to see you. coming up the irs set for a major influx in the form of a 80 billion-dollar cash infusion. how florida is taking steps to protect small businesses from the supersizing of the irs. the state's cfo joining me next. ♪

this isn't just freight. these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion, because it means everything to you.

♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist ♪. david: well the soon to be supersized irs is going to be hitting small businesses and people making less than $400,000 a year. now this according to the bipartisan congressional budget office. will the middle class have any chance of escaping an impending

audit wave? gerri willis joining me now with details. i'm often asked when people hear i work for a business channel, they say what is going to happen with this irs beefing up? six times its current size. reporter: it is frighten. i can't escape, i'm lower income they're not coming after me. not the case. the congressional budget office confirming 20 billion of the 124 billion in new revenues raised by ira, inflation reduction act will come from low and middle income americans, folks making less than $400,000. the cbo analysis is the second to directly contribute claims by the white house and the treasury who insist that audits will not affect those making less than 400,000. this following analysis by the non-partisan joint committee on taxation showing 78 to 90% of the revenue raised by ira would come from taxpayers earning

200,000 or less. the cbo made a statement after analyzing the payment pack of a proposed amendment by senator mike crapo would affect middle and low income americans from irs audit. cbo said such exclusion would lower revenues by 20 billion. that is just more than the money irs extracts from you for the tax audits, it is compliance, time and money you have to defend yourself, 400 billion nationwide against a more aggressive irs, this from the cato institute. the inflation reduction act adds or expand as slew of special interest tax breaks and creates a parallel corporate tax structure based on financial statement income. those misguided changes would also increase tax compliance costs on the private sector. the ira would double the irs by hiring 87,000 employees

providing additional 80 billion in funding that would create a size of population more than the president's hometown of wilmington. can you imagine. a lot of people. david: $400 billion in compliance because of this. it is extraordinary. reporter: that is from the tax foundation. actually that number is couple years old. you know it is actually more than that. david: gerri, i think thank you, anyway. appreciate that. meantime florida is taking steps aimed at protecting small businesses in the sunshine state from the wrath of the new, bigger and badder irs. joining me now is florida's cfo, jimmy patronis. jimmy, i'm very interested in knowing what you're planning to do but first of all, you know what gets me about this? the democrats are always claiming that they represent small businesses. small businesses are going to be hit more than anybody because the big businesses already have army of lawyers and accountants and lobbiests in d.c. to get them special deals, et cetera. so it is small businesses that

is going to be hurt the hardest, no? >> absolutely, david. i'm doing this shot live from my family's restaurant. this is the way my family has worked for the last 55 years. small business taking care of people in our community and that is exactly right. they didn't go create new taxes. they will just go after everybody they possibly can to harvest more dollars from the under $200,000 range including small business, the biggest job creators in our nation. david: this comes at a time when americans are tightening their belts. we were talking about inflation a moment ago, how people are trying to work all these ways to stretch the dollars that are earning, not purchasing as much as they used to because of inflation. at this particular time you're going to multiply it by a factor of six the irs? it is just, it seems so, so negative as for particularly for middle class individuals but those small businesses are going to get killed?

>> they are. so, david, right now we are driving fewer miles now than we did at the peak of covid. so people are adjusted their lifestyle, adjusted their budget because washington has come up with zero solutions. florida we're doing four plans this coming legislative session. we'll make all state charter banks report when these audits take place. we'll force all the new irs agents to be licensed who they are, those fees we'll create a fund in order to create a defense mechanism for those being persecuted. if we see the same thing we saw in 2013 where they targeted tea party groups, they admitted targeted tea party groups we'll create criminal charges to go after them. we have to protect our citizens. the citizens of the state of florida prospend their money than washington. david: the free state of florida, it is still a state, and its laws are superseded by federal laws. you will challenge some of licensing of irs agents and do other things that may step on

the fed's toes, no? are you going to have to go to court over this? >> take us to court, that is the right fight to have. as my buddy kid rock said, we the people. those type of songs inspire me, inspire policies because we're sick and tired of the dysfunction and lack of listening to the citizens of america that washington. pelosi and schumer have pushed all this out because they know in november their clocks are getting cleaned. you know what? they will create a massive agenda and saddle the debt to our children and our grandchildren, over $700 billion. nobody is calling me, you know what? i want more irs. i guarranty no one is calling washington either. david: certainly not armed and loaded in the irs posting they put out last week. they quickly removed once people got upset about it. talking about how you have to be willing to use deadly force. you know, there are these polls out saying, you hear in the mainstream media, they say, well, most americans are for this, they think it is good.

it always depends how you ask a question. if you ask whether or not you are in favor of a bigger irs that will in fact target a lot of people in the middle class, i'm sure they say no? >> of course. of course. you know, again, at the end of the day look at what is happening in washington and these guys are pushing out an agenda nobody is asking for. $700 billion of new printed money. all that is going to do again expand the inflation problem we've already got in our nation. it is so sad these are people, i mean i feel like they should be arrested because they're spending our children and our grandchildren's money without their permission. they are saddling them with debt. david: jimmy, good luck to you. let me know what happens. that is interesting. taking a on big kahuna, the irs. >> david, you're the best. david: coming up today marks one year since the taliban seized control in afghanistan. we have a live report from trey

yingst, he is in kabul. you don't want to miss any of this. if you've seen his reports there are the best of there is. that is coming up. reporter: taliban are parading through the streets of kabul. they're marking one year since the the takeover of afghanistan. fighters are celebrating. many civilians are remaining in hiding uncertain what comes next hiding uncertain what comes next for their country. ♪. these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

moving forward with node- positive breast cancer is overwhelming. but i never just found my way; i made it. and did all i could to prevent recurrence. verzenio reduces the risk of recurrence of hr-positive, her2-negative, node-positive, early breast cancer with a high chance of returning,... as determined by your doctor when added to hormone therapy. hormone therapy works outside the cell... ...while verzenio works inside to help stop the growth of cancer cells. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor, start an antidiarrheal, and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain,

and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, and rapid breathing or heart rate, or if you are nursing, pregnant, or plan to be. i'm making my own way forward. ask your doctor about everyday verzenio.

i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so...

...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones david: it has been one year since the taliban took control of afghanistan after the deadly u.s. withdrawal from that country. i want to go right to the best there is in the business, fox news foreign correspondent trey yingst who joins us live in kabul, trey? reporter: david, good afternoon. today we were in the streets of kabul as taliban fighters took another victory lap. as for civilians here many of them remain in the shadows

fearful about what comes next especially those american allies left behind. here is a look what life is like under taliban control. 11 month old struggles to breathe as his mother looks on. the young afghan is one of more than one million under five who are acutely malnourished in the taliban controlled country. it makes me very sad when i see him in this condition. 35-year-old fatima explains. i have lost three other children this is the fourth one. a year into taliban rule afghanistan's economy has collapsed. the united nations now estimates 97% of afghans are at risk of falling below the poverty line. the taliban's controversial chaotic governing style has increased international isolation, putting at risk billions of dollars worth of aid that acts as a humanitarian lifeline for this country. a strict interpretation of islam is guiding life under taliban control making it impossible for

a separation between mosque and state. right now in afghanistan listening to music is outlawed. women must be covered when in public and the majority of teenage girls are banned from participating in secondary education. the taliban claims this is equality. are women free in afghanistan? >> of course. reporter: women can't go out in public alone at night. they can't serve in senior government roles. they have to be covered when they go into the streets of kabul. how can you describe this as free? >> the laws of the country regulate how people conduct themselves when in the public. that does not in any shape, way, or form someone is free or not free. reporter: we also pressed taliban fighters on these topics today. they were adamant. this country will remand under islamic law. david. david: trey, wonderful work as always. please take care of yourself

trey yingst in kabul. we have former general jerry boy boykin joins me again. our sympathy goes out to people suffering terribly under this. i can't help but thinking about our military here in the united states and their morale, particularly those veterans who served in the war zone itself in afghanistan. what's, what's the result of that, when are the aftereffects of that? >> you know, david, i think that those that have served there during our 20 year war there were just devastated by the way we left and what they, sentiments i think what most of them had was, we lost friends over here. we lost buddies over here. and now it is just going right back to what it was in 2003

other 2001 really when we came into afghanistan. so i think that, and i mentioned this earlier, that there are a bunch of suicides that can be attributed to the way we pulled out of there of veterans that have served in afghanistan who were just devastated by it. david: yeah. there was the brother of one who died during the withdrawal itself who committed suicide during a memorial for his brother. it is just horrible things, but you know, the way that the withdrawal took place, as, perhaps it was inevitable that there would be some deaths involved but not to the extent of the danger. it was clear that the president did ignore the advice of many of his military advisors, one on bagram airbase and how quickly we left one night, left, hundreds of millions, if not billions of dollars of equipment in bagram alone. the fact we didn't withdraw the civilians before we with drew

the military, keeping a zone open around the airport that led to that horrible suicide bombing. the fact that we allowed people to go in there. i mean, it couldn't have been handled worse, could it? >> i can, i certainly can't see any way that it could have been worse than what it was. look, i think that this will go down in history as probably the biggest foreign policy failure in american history. i can't think of another incident that compares to this. even if it is only in the last 100 years the reality is, it didn't have to happen. it didn't have to go down the way it did. had the president listened to the advice of his, of his people that are there to do just that, advise him, and had they done the proper planning and ad he made the right decisions which he did not make this could have

come out a lot better than it did and the fact that we violated longstanding american ethos like not leaving americans line is just something that we as a nation, we have to be ashamed of. david: let's bring it up to date. the killing of zawahiri. that was very successful, thank goodness, but it does appear kabul right now looks a lot like what it looked like pre9/11. terrorists feel free to roam around. they are not free when we saw with the killing of zawahiri, but it shows the fact that it is kind of terror central right now, isn't it? >> yeah. keep in mind that we went in there to begin with because bin laden had taken refuge there with a sizable amount of the al qaeda network. now al-zawahiri is killed there? what does that tell you?

the taliban said exactly what they said they would not do, they would not provide safe haven to the terror networks especially al qaeda, and he was in kabul. he was standing on a porch of a residence there in kabul, so what they have done is, they have gone right back to where they were in turn when when 2001 when we went in to begin with and this is very frightening. the europeans were willing to stay with us, they had 6,000 people there, we were being asked to keep 2500 in there to try to keep the taliban from taking over and our president denied that but not only did he deny it he actually misrepresented the truth to the united states citizens because he talked about having to put thousands more americans in there. david: i'm sorry -- >> that was not the case. david: i'm getting a wrap but i have to ask very quickly, how are they using all of that

billions of dollars of hardware that we left behind? >> yeah, that is a good question. i don't think anybody really knows. i think it is entirely feasible what they don't use they will sell and increase the revenues of the taliban. david: wow. general, it is always an honor to talk to you even if it's a sobering conversation. i appreciate it. general jerry boykin, former commander of delta force. appreciate it. coming up homebuilder sentiment falling to the lowest level since may 2020. how it could signal a housing recession. that's next. ♪.

trelegy for copd. [coughing] ♪ birds flyin' high, you know how i feel. ♪ ♪ breeze driftin' on by... ♪ if you've been playing down your copd,... ♪ it's a new dawn, it's a new day,... ♪ ...it's time to make a stand. start a new day with trelegy. ♪...and i'm feelin' good. ♪ no once-daily copd medicine... has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur.

take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy, and save at trelegy.com. (vo) the fully electric audi e-tron family is here. with models that fit any lifestyle. and innovative ways to make your e-tron your own. through elegant design and progressive technology. all the exhilaration, none of the compromise. the audi e-tron family. progress that moves you. - they get it. they know how it works. and more importantly, it works for them.

- i don't have any anxiety about money anymore. - i don't have to worry about a mortgage payment every month. - it allowed me to live in my home and not have to make payments. - linda, dinah, joanne, very different people, but they do have a couple of things in common. they love their home and they know their stuff. they all talked about the counseling they got so they knew how reverse mortgage worked and how it could be a real financial solution for their retirement. - [advertiser] if you are 62 or older and own your home, find out how you could access your home's equity to give you cash now and when you need it in the future. a reverse mortgage could put more money in your pocket by eliminating your monthly mortgage payments, paying off higher interest credit cards, and covering medical costs. - a person like me needed to get a reverse mortgage. it changed my life, it was the best thing i've ever done. - [tom selleck] really? - yes! without a doubt! - just like these folks, aag can show you how a reverse mortgage loan

uses your built-up home equity to give you tax-free cash. they also know they can pay it back whenever it works for 'em. - it's a good thing. - [advertiser] call right now to receive your free no obligation info kit. the kit will show you how you could get the cash you need using your home's equity as a reverse mortgage from aag. - call the number on your screen. - i've been with aag for quite a while now. i think they're the real deal. so look, why don't you get the facts, like these folks did, and see if a reverse mortgage could work for you? - [advertiser] call aag, the country's #1 reverse mortgage lender. - call the number on your screen.

♪. david: homebuilders sentiment plunging once again in august and the national association of homebuilders chief economist saying the fed tightening is pushing the market into, quote, a housing recession. joining me now is former fannie mae executive tim ruud. there is some good news that prices are coming down but maybe coming down for the wrong reasons, demand destruction. you add inflation with higher rates, that may be why the prices are coming down because people are not buying the way they were? >> yep, david. how are you? david: hi. >> you have a combination of things. look, the great housing correction we've all been waiting for seems to be upon us. that is not the same thing as a collapse. you have the existing home market which are resales. then you got the new home market. they're acting quite differently. new home market, look at builders. their stocks have been destroyed this year. i think they're down 40% on average and their business, they have got a record number of homes under construction because they can't finish them. the supply chain issues are

really stalling that production line. so they have you know, used to be six months, three to six months to finish a property. now taking 12 to 15 months. as a consequence you have inventory ballooning and you've got prices softening. of course builders are naturally pessimistic. david: finally, because of all supply chain prices there are more inventory online, right? i assume these are new homes? >> new home inventory jumped 30% year-over-year. as a headline you go, oh, my god. but you're seeing incremental increases every week shrinking and shrinking so it is losing momentum. new home market has nine months of supply and existing home market has only one or two month supply. that is really polar on sits. david: even though the president was touting zero inflation because the month to month figure has not increased because

price of gas went down, we saw food going up and see rents going up. will that continue do you think? is there any hope for renters out there worried about inflation? >> it is no picnic in the rental market, that is for sure. just like the housing market. we're seeing home price appreciation taper down a little bit. it is still positive. but it is going down a little bit. the rental stuff is being buoyed above that. look at housing as inflation hedge, right? if you buy a house, you have inflation, all right, that is not the worst thing in the world, right? because my property values will go up at least somewhat consistent with the home price appreciation. i locked in my interest rate. i'm kind of protected there. quite the opposite on the rental market. as interest rates go up landlords look for opportunity to increase rents. as incomes go up, rentals go up. you're on a treadmill where homeowner has depreciation and.

david: we know the pandemic is largely over but the hangover from the pandemic in terms of people not coming back to work is still with us. in my own building we're 3/4 of what we were before the pandemic. but you see other buildings going up in manhattan. i just wonder who is going to fill them? i know new york is a special example but there are other cities where you see building going on. are we in in the midst or beginning stages of commercial real estate problem? >> it is definitely curious. same thing in my office building every time i go into the place i think my security guard will have a heart attack seeing somebody is enough to give them a jolt. what we're seeing in some of the major cities is the lower quality buildings, the sea level, the d level buildings those are being revisited in terms how can you repurpose those businesses or those buildings for some sort of residential play. i think on the higher end of the market, the class a buildings seem to be pretty durable. those are long-term leases and

these contracts to build these things have been in place a long time but it is pretty dire in the cities. mind you these businesses are also moving out to the suburbs and exurbs playing out well for folks like me, five years ago wondering if you ever sell one of these big houses in the suburbs. now, you're in tall cotton. so it is good. david: at least there is talk on that. tim rood great stuff. wonderful overview what is going on, appreciate it. oil prices tumbling well below $90 a barrel as the biden administration release as record amount of oil from strategic reserves and demand is going way down. fox business correspondent jeff flock explains how all of this could give saudi arabia more control over the oil market. jeff? reporter: that is what our oil guy phil flynn has suggested, they like the fact we're drawing down our strategic reserve because that will give them more power. here is what phil wrote in his

daily energy report, i quote him now, the plan from saudi arabia maybe to encourage the u.s. to draw down inventories so they, the saudis will have greater control over global oil prices so supplies are tight. it seems if that was the plan it is working. as you report today, oil prices are coming down again. in fairness to president biden i think the release of the spr had an impact of reducing oil prices now down below $90. gasoline prices consequently down as well, down 10 cents in the last week, down 60 cents in the last month. we're down below four dollars now. remember in june we were above five dollars, the question what is the cost in terms of that reduction to the spr? i took a look at the last four presidential administrations and what they did with respect to the spr. take a look at these numbers, david, it is interesting. president bush, the only one to have increased the spr. when he was done he had increased it by

162 million barrels. he took it to the highest level in history. over the next eight years president obama drained 18 million barrels. over the next four years president trump drained 57 million barrels. that searcheds like a lot until you look at what president biden has done, 173 million barrels gone from the spr and there is more to come. we're still selling a million barrels a day through october which could take us to 358 million barrels which would be the lowest it has been in four decades and the spr would only be half full or perhaps you could say half empty depending on your point of view. and i leave you with one final note, however you want to characterize it, the spr now has, as of today, 23 days of supply based on u.s. demand. david: oh, boy. reporter: not a lot. used to be in the day we had two months. david: trump was trying to fill

it up at $18 a barrel when it went down, democrats wouldn't let it. >> that would have been great. david: jeff flak, thank you -- jeff flock, thank you very much. we'll be right back. when i first started fostering koli i had been giving him kibble. it never looked or felt like real food. but with the farmer's dog 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 hi, i'm eileen. i live in vancouver, washington and i write mystery novels. dogs have been such an important part of my life. i have flinn and a new puppy. as i was writing, i found that i just wasn't as sharp and i new i needed to do something so i started taking prevagen.

i realized that i was much more clear and i was remembering the details that i was supposed to. prevagen keeps my brain working right. prevagen. healthier brain. better life. if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel. research shows that people remember ads with young people having a good time. so to help you remember that liberty mutual customizes your home insurance, here's a pool party. look what i brought! liberty mutual! they customize your home insurance... so you only pay for what you need! ♪young people having a good time with insurance.♪

♪young people.♪ ♪good times.♪ ♪insurance!♪ only pay for what you need. ♪liberty liberty. liberty. liberty.♪ municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-217-3217. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country.

they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. [shouting] david: this is extraordinary video. look at what, you're looking at, just to explain, it is folks at

ikea in shanghai. they are shopping. apparently somebody tested positive for covid in there. they were threatening to keep those shoppers in the ikea. they're desperately trying to get out before they're tested and maybe put in quarantine as well. it all gets to the point of china's horrible zero covid policy which as the whole world knows, except for president xi in china, zero covid policies don't work and they create horrible situations like they have at this ikea in shanghai. meanwhile here in the united states the cdc is relaxing covid guidelines announcing unvaccinated people no longer need to quarantine after being exposed although many of the travel rules remain in place. family and emergency fed sin doctor, fox news contributor dr. jenette nesheiwat joining me now. doctor, wonderful to see you. of course at least we can be glad we don't live in china.

i mean that is just a horrible situation and they don't realize, it is amazing that a so-called modern society like china wouldn't understand that zero covid policy doesn't work, right? >> absolutely. i mean you've seen them shut down, lock down, shut down their economy and they still had an exorbitant number of deaths. we see it in also, for example, if you compare florida to california or new york, florida stayed open yet same number of deaths if not a little bit less. so we know that the lockdowns, the shutdowns don't work. we know the mandates don't work. we're at a point in time, david, where everything should be optional. masks should be optional. vaccines should be optional. because we have vaccines and because we have treatment now that we didn't have two years ago. david: and doctor, i'm sorry, but i think natural immunity works better than vaccines. >> yes. david: i'm going to say that out loud. >> i agree. david: because the stats seem to

support that even though the cdc wouldn't admit to it and they began closing some of their stats on natural immunity which is horrible i think but what we see in china is the result of not believing that it is important to have herd immunity because that works. once you get the sickness you're more resistant to it in the future and various varieties are less virulent than they were. >> you're absolutely right, david. having worked on the front lines in taking care of thousands of covid patients i've seen that first-hand, my patients who had infection in the past, they tend to go longer without having contracted a second infection. i'm able to see which is more effective, having natural immunity or having the vaccine for those getting sick a second time but i absolutely agree with you there. david: there is something else, another kind of ridiculous study that is coming out i'm sure people are going to use to support their views of climate

change. the suggestion is we have more child obesity because of climate change. that is kids won't go out and play as much. they won't work off the fat that. that they have. i think that idiotic. kids are kept an indoors, away from schools, glued to their computers, eating more cooking and junk food at home, right? >> absolutely this study published in the journal called temperature found that children are 30% less fit than their parents. it is so unethical david, to manipulate the truth. let's look look at the risks fas for childhood obesity. it is environment, what is going on at home. are your parents overweight. socioeconomic status plays a role. physical activity. your diet, what you're putting in your mouth. is the child eating high processed foods, junk foods. sometimes you look at inflation.

the prices of groceries are so expensive. sometimes cheaper to eat fast-food. that plays a role in addition to the exacerbation of the pandemic lockdown you're less active. david: absolutely. >> if you're consuming more calories than burning you will put on weight. to say it is climate change, it is wrong. it is what you eat. it is activity level. people on technology, cell phones, video games. look at the big picture, especially we're seeing now, children are suffering from diabetes, high blood pressure and high cholesterol -- david: doctor, i guarranty, i guarranty you will hear it from politicians claiming that we need to do more to fight climate change because it is making kids fat and it just ain't true. doctor, thank you so much. we got to run. appreciate you being here. more ads coming to your iphone. the apps that could be affected next. you're watching "cavuto: coast to coast" on fox business.

your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪ ♪ ♪ ♪ we believe there's an innovator in all of us. ♪ ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things. ♪ ♪ ♪ ♪

♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

♪ david: the mammas and the papas. markets starting the week higher, at least so far. well off earlier lows. welcome back to "cavuto coast to coast," i'm david asman in for neil. we have a busy hour ahead, including why some traders say the stock bounce is the calm before the storm. and just how much americans are paying due to inflation.

we talk to a budget office economist under president trump. and another bus of migrants from texas arriving in myself this morning. we're going to get the latest on the back ask forth between texas governor greg abbott and new york city mayor eric adams. let's get start ad. first, as we await more, some big signals on the economy from retailers and the fed later this week, we are getting the read today from the labor department. madison alworth is here with that and some of today's biggest muse headlines. >> reporter: hi, david. so the number of workers in the u.s. is continuing to shrink as businesses are struggling to find employees for their openings. so the number of workers, that's fallen by 400,000 since march. that's really troubling after we nearly hit pre-pandemic work force numbers. right now the total labor force is about 600,000 smaller than it was in early 2020. the labor force participation rate, which counts the percentage of more thans 16

years and older -- americans 16 years and older, ticked down to 62.1% after being at 62.4% earlier this year. that in balance -- imbalance between labor supply and demand is obviously concerning a lot of people. peloton, the at-home exercise powerhouse that took off during the pandemic, is not seeing sales move forward much like their stationary bikes, and they are now slashing jobs and raising prices. peloton plans to inkeyes the price of its bike model by $500 and its tread mill by $800. it will cut roughly 784 jobs as it ends its haas mile delivery network. and apple is looking to make more money off of its loyal customers not by charging for for your iphone or ipad -- yet, i'm sure that's always on the table -- but putsing ads on applications that come preinstalled on your phone, apps like maps, books and podcasts.

this move could signal that apple is looking to expand its advertising business more, and it all comes after apple launched app-tracking transparency att last year. this allows users to decide whether apps can track them across other apps and web sites. by turning it off, it means less access, less data and less money for those companies. so this could be a way to mitigate that. david: but people don't want ads. we're trying to run away from ads, and we're paying hundreds more for the iphone, so we've got to pay more and get more of what we don't want. >> reporter: yeah. david: doesn't make sense. well, a new report showing inflation is costing the average american an extra $717 is a month. this as president biden claims inflation is at, quote, 0%. hillary vaughn joining me now on capitol hill. it's a tough sell from the president, hillary. >> reporter: david, and for most american households that are paying that extra $700 a

month, inflation certainly does not peel like zero. but even though prices were still high in july, democrats are backing the president up when he said inflation was 0% in july. congresswoman pramila jayapal telling me it's not as important as bringing costs down in other ways which she says the inflation reduction act that congress passed will do. >> inflation is like a theoretical word, but what families feel every day is the up or down of costs. while we have 0% increase in inflation in july, prices have continued to come down. >> reporter: but some prices is have not come down. kitchen staples -- meat, eggs, fish, milk, fruit and and vegetables -- all more expensive last month compared to last year. republicans say americans pilling up their grocery -- filling up their grocery charts do not feel like inflation does not exist. >> we're currently at a rate of

13.7% since joe biden's taken office. you definitely can't tax yourself out of a recession, but this is the democrats' recipe. >> reporter: david, the president is on a high after congress passed the inflation rx act. they're going to fan out cabinet members to 23 states over the next few weeks to flaunt the benefits of that legislation. but for some americans, they probably care less what a cabinet member has to say and more about how much it costs to fill up their kitchen cabinets. david? david: sounds right to me. hillary, thank you very much. and, of course, the president is expected to sign in that so-called inflation reduction act later this week. here now with reaction is chief white house budget office economist under donald trump vance ginn. vance, good to see you, thank you for being here. by the way, what do you make of this zero inflation comment of the president? i mean, food is still going up, rent is still going up, year-over-year we still have inflation we haven't seen in 40

years. what do you make of all this rhetoric? >> well, i think it's good rhetoric for them. it's great to see you today. inflation didn't go up month over month, but we're certainly seeing it go up quite a bit over the last year, the cpi measure showed 8.5%. gasoline prices up 44% over the last year, food, up 13. one thing after another, families are trying to put food on their table, get from one place to the other, and this administration and bad policies are putting them in a situation where they can't live the life that they would like to live. we'd like to see more pro-growth efforts than these big government, socialist policies heir putting in place. david: and let's be clear, the reason gas prices have come down is the incredible drop of demand. we now have demand for gasoline at levels we haven't seen since the summer of 2020, the lockdown. it's that drop in demand because of demand destruction which is

causing the drop in the price of gasoline, right? >> that's right. i mean, we've had two consecutive quarters of declining real economic output which since 1950 has been determined to be a recession every single time. so i think we are seeing an economic recession. there's a lot of jobs that are being lost in certain places. some of the headline numbers look good, but whenever you look deeper down into these reports, the numbers aren't as good. people are feeling this brunt of the economic circumstances that we're in from too much government, too much spending, too much taxing, too much money printing which is creating inflation and stagflation that we're many today. david: by the way, we had just morning this number, very disturbing number from the new york manufacturing index. we were expecting a print of +5. instead, we got a -31. again, those are numbers we haven't seen since the depth of the pandemic recession. and then, of course, we have

china coming out with very slow numbers as well. so we may get a drop of inflation, but for exactly the wrong reasons. >> well, that's right. i mean, if you have less economic output, fewer people buying things, demand is falling off a cliff, all these things will push down prices. but, you're -- you're right, not for the right reasons. we want more production, more output, more oil and gas production that the biden administration puts regulations in place, forces esg which is a lot of regulation. really we need reliable fuel, and if you take that to so many places throughout our economy, we would have more jobs being created and less inflation. david: yeah. by the way, there's one thing that's going to be going up no matter what and despite what is said in the so-called inflation reduction act, that's the deficit. we see it around the world, a slowdown in economic activity,

but with all this extra spending, aren't we going to see even larger budget deficits even though the reduction act claims it's going to go down? >> yes, there will be larger budget deficits. we'll have a lot of excess spending early on over the next five years, and then tax hikes really come in the last five years which is where they can show there's going to be an increase in taxes that are going to reduce the deficit. that's over a decade. but i really think that's a rosy picture. that that's not going to come to fruition. we're going to see the federal reserve have more ammunition to print money chasing too but goods, too high taxes and too much regulation, and that's going to lead to stagflation their pressure. it's a bad situation, david. david: finally, the worst thing this my mind, it may not be the biggest thing, but the supersizing of the irs seems so ridiculous to me because of the fact you don't have to be supersizing, you could be downsizing the irs if you simplify the tax code.

come to some kind of flat tax where you get rid of deductions instead of adding more of them for green energy things, etc. but if you simplify the code more, you need less of the irs, because you don't need as many accountants. >> well, amen, you're exactly right. i really think that's what we should be doing here. instead of adding maybe an extra 87,000 i, s agents over the next few years, we should be finding ways to simplify the tax code. okay, how much are they actually going to get in more tax receipts? i think they're claiming around $200 billion. that's way too high, and if they're going to do that, they're going to have to audit people below $400,000 a year. it's a huge waste and a way to militarize the irs many some sense, and it's a bad way for america to be going. i think we should be simplifying instead. david: good to see you, vance, hanks so much for being here. >> thank you. ca. david: growing demand to release records leading to the raid of

president trump's mar-a-lago residence. a former assistant fbi director weighing in on that coming next. ♪

♪ ♪ we all need a rock we can rely on. to be strong.

to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? this is xfinity rewards. rely our way of showingirement a our appreciation.its. 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.

♪ david: new details emerging from the raid on former president trump's home last monday. fox news learning the fbi may have seized boxes contain thing privileged records which donald trump says he wants back. ashley webster is live many palm beach with the latest on this. hey, ash. >> reporter: hey there, david. you're absolutely right. and because of that, trump attorneys asked for an independent review of those documents. some of the papers reportedly marked top secret, but the former president says, look, i declassified those documents myself. also the justice department pushing back on that independent review request even in the case of documents that, indeed, could have been protected by attorney-client privilege. in other words, those notes and documents involving conversations between donald trump and his private attorneys. meantime, donald trump himself speaking to the media percent first time since the raid this morning. he spoke to fox news digital, and he said, look, the

temperature has to be brought down in the country, and he says he'll do whatever he can. he said heed had his representative contact the justice department to offer help. the doj has never confirmed or denied and, basically, is not commenting at all. trump went on to say, quote: the country's in a dangerous position. there is tremendous anger like i've never seen before over all of the scams and this in one, years of scams and witch hunts and now this. meantime, republican senator senator ron johnson of wisconsin says he's lost all trust in the current administration. take a listen to this. >> i don't believe anything that joe biden tells me, and i certainly don't believe merrick garland and the higher-ups in the fbi. they've been lying to the american public as well, they've been covering things up. so it's obvious that the fbi has been politicized, the top echelons of it, department of justice has. >> reporter: you know what, david? if also we should mention we're

waiting for the florida magistrate judge, bruce reinhart, to make a decision by 5 p.m. eastern today on whether the the actual affidavit attached to the search warrant can be made public. that would be the entire case being laid out by the fbi and the department of justice. that has remained sealed, but certain media organizations have asked the judge to make that public. and if that is the case and the judge agrees, we'll mow a whole lot more about what actually prompted the raid here one week ago today. we're waiting this that 5 p.m. deadline to see if the affidavit will be released. david: very interesting. thank you, ash. more lawmakers are calling for the release of the affidavit and transparency on the leadup to the unprecedented raid. senator i asked iowa senator chuck grassley for his take. >> full transparency is going to be when they release the affidavit. the double standard that we have within the fbi over a long period of time. there is political bias within

the fbi, and i think it's legitimate to raise the question about possible political bias between the way they handled the clinton investigation, carter page, steele dossier and the way president trump has been treated. david: here to weigh in is former assistant fbi director chris swecker. chris, thank you for being here. now, on thursday a.g. garland sort of chastised folks for criticizing the fbi, but there is real reason when you look at what happened with operation hurricane, crossfire hurricane as hay called it. one of the people that was right in the middle of that, a guy named kevin klein smith who was an attorney for the fbi, he actually pleaded guilty for lying to fisa judges in order to get warrants back then. so there have been to occasions in the past four or five years the highly politicized top echelon of the fbi actually giving bad information to judges to get more information.

shouldn't we know about that by seeing the affidavit? >> yeah. and as you say,you were to go back and read the inspector general reports, and there's been several of them about crosspyre hurricane, the fisa -- crossfire hurricane, the fisa, mccabe's leaks, that sort of hinge, it puts you in a position where the bureau almost has to prove that they're not being political, if you will. same thing with the justice department. so the sunshine is the best disinfectant. it would be great to see affidavit unsealed because i think it would show exactly what investigation is sort of going towards. these are very, very serious statutes that were cited in the search warrant. one carries a 20-year sentence that basically accuses or says there's probable cause that the ex-president destroyed documents or altered documents with a corrupt purpose. that's a heavy statute. so if this case were to be cup held, if there was a successful prosecution, it'd be a knockout

punch. david: well, then there's the question of unequal justice here and because of people who in the past have mishandled documents, thinking of sandy berger, former, one of the key advisers in the clinton administration, and then can you have, of course, hillary clinton herself about which remember that a famous press conference of jim comey who was then director of the fbi in july of 2016. i think we have a clip of that. i just want to play it, about the hillary clinton servers that had documents on it that were top secret. let me play that and get your reaction. roll tape. >> seven e-mail chains concern matters that were classified at the top secret, special access program at the time they were sent and received. of all of these e-mails were housed on unclassified personal servers not even supported by full-time security staff, although there is evidence of potential violations of the statutes regarding the handling of classified information, our

judgment is that no reasonable prosecutor would bring such a case. david: after laying it all out and a lot of that, frankly, sounds similar to what president trump is being charged with, he said, you know, there would never be a prosecutor who would indict on this. so doesn't that mean there won't be an indictment with trump? >> well, all think that, but, i mean, this is different -- different people in the justice department may have a different interpretation. i mean, that, this my view, that case was more egregious because all that information was out on the internet easy to access, outside the control of the government and probably far more sensitive information passing between, you know, with the secretary of state's e-mails and interactions with all kinds of different people -- david: and, and, and she wasn't former president of the united states. i mean, that's the thing -- >> right. david: -- that is really sort of, i think, thoughtless on the part of the attorney general in his okay on this raid, is the fact that this is the kind of

stuff that you see in places like pakistan or other third world countries where, in fact, they do indict former political leaders. you have to be very sensitive to that, and i don't get the sense that the attorney general is. >> i don't think so either. i mean, the attorney general's own guidelines say hat fbi and doj -- say that the fbi and doj has to use the least intrusive investigative technique that's in their tool box for any given investigation, let alone the former president of united states. i would submit to you this was not the least intrusive tool. not only that, the search warrant basically allowed them to take any document many, you know, that that he produced or receive or reviewed during his tenure as president. and that's pretty much everything that's in his possession. david: chris, we've got to go, but donald trump is now sort of lighting up a little bit and saying he was going to cooperate with the doj, saying he can do whatever he can to help. >> sure.

david: it is -- cooler heads must prevail. i mean, the raid itself was not done by cooler heads at all. it was a hot-head sort of action. but it does seem like there is an attempt, at least on the part of donald trump, to dial things back. >> yeah, and i think that's absolutely appropriate. i think that he could go a long ways towards dialing the temperature down. and and let's not direct this at the agents on the street. david: no. >> i mean, they're trying to do a good job. this is leadership at the doj, in my opinion, and a failure to push back on the department of justice by the fbi, because there are, as you say, there's a backdrop here that i think requires an abundance of caution on the part of the bureau in assuring the public and being transparent to the public as we discussed earlier. david: chris sweker, no, no, no, absolutely. most of the men and women who are fbi agents are decent people trying to keep us safe from terrorists, drug dealers, all sorts of bad people. this is different. what peter strzok did, ann key

mc mccabe, that's a whole different level, and we thought it was working its way out of the fbi, but apparently there still needs to be some cleanup. chris swecker, thank you very much for being here, appreciate it. >> thanks, dave. david: a quick check of the markets, all lee indices in the green -- three indices in the green. charlie gasparino joining i coming up with why traders say brace yourself for september. more "cavuto coast to coast" right after this. ♪ she said love don't come easy -- ♪ it's a game of give and take. ♪ you can't hurry love, no, you just have to wait ♪ or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help.

t. rowe price. invest with confidence. i have moderate to severe ulcerative colitis. so i'm taking zeposia, a once-daily pill. because i won't let uc stop me from being me. zeposia can help people with uc achieve and maintain remission. and it's the first and only s1p receptor modulator approved for uc. don't take zeposia if you've had a heart attack, chest pain, stroke or mini-stroke, heart failure in the last 6 months, irregular or abnormal heartbeat not corrected by a pacemaker, if you have untreated severe breathing problems during your sleep, or if you take medicines called maois. zeposia may cause serious side effects including infections that can be life-threatening and cause death, slow heart rate, liver or breathing problems, increased blood pressure, macular edema, and swelling and narrowing of the brain's blood vessels.

though unlikely, a risk of pml--a rare, serious, potentially fatal brain infection--cannot be ruled out. tell your doctor about all your medical conditions, medications, or if you are or plan to become pregnant. if you can become pregnant, use birth control during treatment and for 3 months after you stop taking zeposia. don't let uc stop you from doing you. ask your doctor about once-daily zeposia.

♪ here goes nothing. hey greg. uhh...hello? it's me, your heart! really? yes! recording an ekg in 30 seconds. tada! wow, that was fast. you know it! kardia offers the only personal ekgs that detect six of the most common arrhythmias in just 30 seconds. so you can manage your heart health from home, or on the go. your heart rhythm is normal. no arrhythmias in sight. i wonder what my doctor would say. ooh! let's find out! with kardia, you can email your ekg directly to them or send it to a cardiologist for review.

kardia can do all that? all that and then some, greg! kardia also gives you access to heart health reports and automatic ekg sharing. what next? let's get some fresh air. been cooped up for too long. yeah... ♪ kardia mobile card is available for just $99. get yours at kardia.com or amazon. david: stocks going higher after reversing earlier hases, but some traders say this may be the calm before the storm. charlie gasparino joining us now. what are you hearing? >> i did a column in the missouri post this weekend -- new york post about jerome powell and how committed he is to the 2% inflation target which

would essentially mean a bunch more rate increases of the 75 basis point variety to get it above some level that you bring inflation down. it's, what, at 8.1% now? or 8.5. david: yeah, 8.5. although the wholesale prices are high or. >> so there is a debate going on, and here's what i'm hearing. this is kind of -- it's why i never give advice. i can just tell you what i'm hearing. a lot of people believe that he will pause after one more. he will hike it 75 basis points, we'll have a if.25 -- 3.25 fed funds rate, i believe, and then pause and watch. now, that's what i think is factoring in the market. now, does that mean that we've dealt with inflation, that there won't be any more rate increases? there's a lot of people on the other side of that trade saying he may do that, but he's going to have to come back to the well. because inflation is still pretty high.

despite low gas prices, a lot of that is recession-related, people are just not -- gas is too high -- david: demand destruction. >> you have higher food prices. you still have embedded in the economy structural inflation that means even if he pauses, he's going to have to come back and and deal with. david: and he still has that huge portfolio. >> and so we're talking about a very scary market. this is the type of market where there's a disconnect between what he's saying and what people hi he's going to do. and the other part of it, if he does pull back, he will just have annihilated his forward guidance and made neel kashkari, who was -- head of the minneapolis fed -- look like a complete, like he has no idea what's going on because he was at the aspen institute last week, point blank said 2% is the target. i can see paul saying, well, it's still -- powell saying,

well, it's still the target, but it's how we get there. i would just say this, low volume, you know, a lot of people think this is a fake rally. but a lot of people think it's based on he's going to pull us. david: interesting. charlie, thank you temperature. -- very much. well, president biden expected to sign the inflation if reduction act this week after it passed in the house. joining me now is cath kathleen -- can kathleen, and you say the legislation will hurt american energy production and keep prices high. what is the worst thing in that bill that you think will keep energy prices high? >> it's all the different new taxes and increased rates and fees that will add costs onto american energy production and increase american energy prices for consumers. what we need to do right now is increase production here in the united states, not import from overseas, and by putting new taxes and fees on oil and gas here in america, we're not doing

that. david: there's also the general idea that a government-directed green energy policy is going to be great for everybody. haven't we gone through that often enough? i mean, we saw it during the obama administration, obama-biden administration, where, you know, you had the solyndra-like debacles happening and wind farms the that had nowhere near the job creation that you had from the fossil fuel projects that they replaced. it's, again -- and then you look at what's happening in europe which is a terrible failed experiment with the move to zero fossil fuels. it's, they're now having exorbitant electric and heating bills that could be getting a lot or worse. >> that's right. germany provides an example for the united states. hay spent $850 billion -- they spent $850 billion on wind and eau solar over the last 15 years, and it has increased their greenhouse gas emissions as they've had to return to coal

because they don't have enough natural gas. they have extremely high energy prices, and they're now at the mercy of russia because their energy, you know, comes from russia. they don't develop their energy themselves. so we don't want to go down that path. but this inflation expansion act is actually doing that. you know, when was the last time extensive government programs and spending actually achieved the results that that it was supposed to achieve? david: can i can tell you, it's never. the answer is never. never, never, never! [laughter] i don't know -- final question, i have to jump in. joe manchin, he claimed that he went in favor of this bill because there were these provisions that increased permitting, permitting of pipelines, permitting of krilling. have you seen any signs of -- of drilling. have you seen any signs of those extra permits that he said he had? >> well, he has a deal with chuck schumer that he's going to get a permitting bill passed in september. but the left is already saying,

you know, progressive democrats are already saying that they don't wanting to to have anything to do with that permitting bill. so i think that senator manchin was premature in moving forward with this legislation, and i don't think he's going to get his pipeline built. david: wow. then he may not get another term as senator, because west virginians are not too happy about it. kathleen, great to see you. appreciate it. another bus of migrants arriving in new york city earlier today as the feud between texas governor greg abbott and new york city mayor eric also also heats even even more. we'll have more on that after this. ♪ take me home tonight -- ♪ i don't want to let you go til you see light. ♪ take me home tonight -- ♪ listen, honey, just like ronnie sang ♪

♪ if you shop at walmart, you get it. ♪ you know how to spend a little less to get a little more to make life a little better. ♪ ♪ ♪ ♪ ♪ ♪ ♪ trelegy for copd. ♪ birds flyin' high ♪ ♪ you know how i feel ♪ (coughing) ♪ breeze driftin' on by ♪ ♪ you know how i feel ♪ copd may have gotten you here, but you decide what's next. start a new day with trelegy. ♪ ...feelin' good ♪ no once-daily copd medicine has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier

and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy. and save at trelegy.com.

i'm amber, i've lost 128 pounds with golo, taking release. i have literally tried everything. i was on the verge of getting gastric bypass surgery, and i saw the golo commercial, and it was the last thing i tried 'cause it worked.

ta skli rerouesesrcs iadre yto om dinate - with two fully permitd teresource assets; an upcoming maiden resource at its flagship gold project in southern b.c.; and a vast pipeline of world class greenfields projects. talisker resources. ♪ david: the more migrants arriving in the big apple today by bus from texas. the city's immigrant affairs

commissioner saying many were sent there against their will, but texas officials say that's just not the case. joining me now is fox news correspondent nate foy live in new york city with the latest. nate. >> reporter: david, good afternoon. yeah, the texas official in charge of these migrant buses says the mayor's office here in new york city is lying. he says there's enough food and water with on these buses for a four-day journey even though it normally takes just lee, and he says the idea -- three, and he says the idea they're being forced is simply not true. >> if the bus is stopped, they are free to get off just like every other person that the federal government turns loose in the nation. now, they are not allowed to get off while the bus is moving, but stop for fuel, to change drivers, to get food and other places, so there's no reason that we have to kidnap these people and keep them on the buses. >> reporter: now, david, we also have new video from inside these migrant buses. take a look.

the texas department of public safety inspects each and every bus before it leaves, and he says all protocols have been followed to this point. 52 more migrants arrived in new york city this morning. commissioner manuel castro of the mayor's office of immigrant affairs was again on hand welcoming these migrants, and he's calling the texas governor morally corrupt. listen here. >> governor abbott is doing this in such a way that, you know, as disruptive and harmful as possible to new york city. again, it's a political tactic of his, you know? unfortunately, it involves human beings which makes this very morally corrupt. >> reporter: also today the texas lieutenant governor, dan patrick, said other democrat-run cities may soon be impacted. and speaking with chief kidd, i can confirm multiple buses are enroute to new york city right now, but he would not tell them when they will arrive or exactly

how many are coming. david: by the way, i think there's a total of 300-400 people from texas whereas about 5,000 came before texas began to bus people here. so if they have problems with the migrants coming from texas, they should have complained to president biden before texas began the busing, because a lot more came before the busing began. thank you very much for that, nate, appreciate it. well, meantime, tennis champion novak djokovic in jeopardy of missing the u.s. open in new york because of his covid vaccination status even though the cdc has dropped its most restrictive guy dance in that regard. fox business correspondent lydia hu has more on that. >> reporter: hi, david. yeah, the tennis if star is not vaccinated, and the federal government still requires proof of covid vaccination for foreign travelers even, as you point out, the cdc revised its covid greens to treat unvaccinated and vaccinated people in the same fashion, eliminating social

distancing and quarantine periods for both groups after an exposure. djokovic assured fans he wants to play in the u.s. open saying i am preparing as if i will be allowed to compete while i await to hear if there's any room for me to travel to the u.s. pingers crossed. fingers crossed. and now the travel policy preventing djokovic's participation is not sitting well with tennis legend john mcenroe. watch this. >> i think it's b.s., that's what i think. i think he should be allowed to pay. my personal opinion is i've been vaccinate manied, i had a booster shot. that's up to the individual. it's really unfortunate. >> reporter: and medical experts point out that djokovic's natural immunity should also be considered. >> and djokovic, he actually had covid end of 2021. the majority of americans got their vaccine early 2021. so his immunity is probably stronger than the heart of people who have -- majority of people who have been vaccinated against covid.

>> reporter: according to a statement issued by the cdc, it is reconsidering the requirements for travel and proof of vaccination for international travelers, but there's no timeline on the decision, so this means djokovic, the 21-time grand slam champion, well, david, it appears he could miss out on the u.s. open. it's just two weeks away, and that means he's going to get out on the chance to tie his rival, rafael nay a daughter's, record of 22 grand slams. so frustrating for fans out will. david: and, of course, he won at a wimbledon. i didn't get the sense he was a superspreader there. meanwhile, the president gets to covid twice even though he's been vaccinated. so many contradictions here. lydia, thank you very much. take a look at this, desperate ikea shoppers fighting their way out of a shanghai store, security guards reportedly trying to to lock all of them in after just one customer came into contact with a covid patient. joining me now is former state

department official christian whiton. it's kind of related to what we were going to talk about and what's going on many china because they still have crazy zero covid policy which doesn't work. we now know that, essentially, herd immune immunity is what has created a calm after storm of the pandemic. but they're committed to policy, and it is creating a lot of trouble for the chinese government just at the same time that they are doing all the saber rattling on taiwan. i'm wondering, does -- do the economic and political consequences of zero covid policy in china make it more or less likely that they'll invade i taiwan? >> hi, david. i think it makes it a little less likely right now many that they're having so many crises to deal with domestically, a lot of which they've created themselves. they have a real estate bubble that is popping and just in defiance of all logic and all practice from elsewhere around the world, pursuing this

strategy. the reason those people are panicking is because they, especially in shanghai, went through a prolonged period where you were ordered to stay inside, and then your ability to leave your house was very limited. so they are slowing their economy, increasing the number of risks to the chinese communist party. they seem to be, frankly, tempting fate a little bit here. david: there's also the question of how -- can we know that they've been wanting to get taiwan, wanting to somehow take it over, but the question, the devil's in the details of how you do something like that. and an all-out invasion not only would be costly in terms of personnel that would probably be killed as a result, but they would also lose some of those vital assets that taiwan has like, well, the chip manufacturers. is there something short of an invasion, a blockade or something else that they might be more likely to use? >> yes. we're wail seeing that right not

right now beginning with speaker pelosi's visit and now a number of senators are there. china has declared a number of areas around taiwan off limits. nothing critical. we rely on taiwan for the highest tech semiconductors, those can come and go by planes. but you have this risk that taiwan's economy will be put under increasing black flag, black cloud as china essentially tries to boil the frog slowly. david: mean while, in the midst of all this we have this meeting coming up. it's in move. it's, i guess, in the mid part of november, but the timing is interesting, because it comes right after that party conference, the communist party conference in china where he will essentially be endowed with the title of dictator for life. i mean, they're not calling it that, but that's essentially what it is. and then he meets with biden. won't that be seen as sort of

biden kowtowing to the new supreme leader? >> absolutely. and the question is, why have the meeting? what has china done to deserve this? what do you think rationally he can get from them in a meeting? something we need to convey or something we need to learn? really it's just biden's people thinking that, basically, the activities are the same as accomplishments. and it will be unusual. there has been this practice that chinese leaders serve two terms, their second term their successor was already established. xi has disrupted that, so this will be extending his term to 15 years and beyond. and instead of high lightening the trouble and trying to -- highlighting the trouble, the biden administration seems to be trying to the make life a little bit easier for them. they're also talking about dropping trump era tariffs, although that's on again/off again. david: extraordinary. seems to be the wrong policy at the wrong time.

christian whiton, thanks for being here. coming up, what you can do to cushion the blow to your wallet from inflation. ♪ how will i know? ♪ how will i know if he really loves me? ♪ i say a prayer with every heartbeat. ♪ i fall in love whenever we meet. ♪ i'm asking you 'cuz you know about these hipping things. ♪ -- things ♪ not just structures and skyscrapers, but teams who make it all possible. after all... we wouldn't be where we are today without them. so we made sure that like these buildings... their futures may also stand the test of time. ♪ ♪ ♪ ♪

so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit. it features textured surfaces, convenient handrails for more stability, and a wide door for easier mobility.

kohler® walk-in baths include two hydrotherapies— whirlpool jets and our patented bubblemassage™ to help soothe sore muscles in your feet, legs, and back. a kohler-certified installer will install everything quickly and conveniently in as little as a day. they made us feel completely comfortable in our home. and, yes, it's affordable. i wish we would have looked into it sooner. think i might look into one myself. stay in the home and life you've built for years to come. call... to get a free kohler® luxstone® bath wall upgrade. and take advantage of our special offer of no payments for 18 months.

♪ >> a few items from the grocery store, i'm still racking up $200 bills and yet i have two meals to make for dinner. >> i noticed the prices when i was at checkout, ridiculous. >> groceries up, gas is up, water bill, everything. >> as a parent, you want to buy a 25 cent folder, you can't find them. so you have to spend a dollar something on a folder. david: everyday americans certainly feeling heat of inflation. while a new report reveals it's costing the average american $717 a month. so how can americans save and build wealth when they're struggling to put food on the table? here with me now, the ramsey show cohost, george camel. george, thank you for being

here. st one of the responsibilities of government to make sure that the dollar we earn today is worth the same tomorrow and next month and next year, but they're not doing it, so how do we survive in an inflationary environment? >> well, number one, we can't rely on the government for anything at this point. we've got to take care of ourselves financially, and that means we can only control our money, our budget instead of trying to control gas prices and grocery prices. that means we have to get on a budget, get out of debt so that we have margin to cover that extra $700 a month. david: now, debt has been very cheap recently. that sounds like an oxymoron, but it has been. zero interest rates, which we've had for about 10 years now up until about a year and a half ago, it was it is, it was good to go into debt, or a lot of people thought so. but you guys working with dave ramsey say even if you have 0% debt on your car service, you should still get out, pay it off.

why? >> well, as we take calls on the ramsey show, no caller has ever said i love this debt. it's so fun making payments to lenders every month. so, david, we've got to commit to a plan. we have the debt snowball method with where you lives out your debts from smallest to largers, attack the little one with a vengeance. and when you do this, you make progress and you have that payment back in your life to attack the next one and the next one. so debt is a thief. it steals from your income, it steals from your paycheck, and we need that back in our life right now. david: so even if i have a car loan out at close to 0% interest, i should still pay that off. >> absolutely. these lenders are not your friend, and with 0% comes terrible terms, along with that you're going to be paying on this debt a long, long time. imagine if you had that $400 car payment back in your income and you're able to send your kids to college, save for retirement. that's the kind of stories we

love to hear on the ramsey show. david: so what do i do then? first of all, i have to go into my savings in order to pay off the debt, but what do i do once i begin to cut back and get rid of all that debt? how do i begin to build a pile large must have to get rich, to make wealthsome. >> well, part of the reason people can't build wealth is because they have no emergency savings, and they have lots of debt payments. and so we encourage people to get out of debt and then fund a pulley-funded emergency fund of 3-6 months of expenses. then we can actually invest for the future, save for our kids' college, we have margin many our bank accounts and breathing room to attack ouren financial goals. david: bottom line, it looks like people are going to have to change their lifestyle dramatically; move into a smaller house or apartment, whatever it is, get rid of your car if you can't pay off the debt, etc. >> sacrifices must be made. it might mean cutting subscriptions, changing where we shop, not going out to seat --

eat and getting on a budget. start making a plan for your money. that's the key for americans right now. daive david and bottom line, what should i go back into the stock market if i do? with trade thing going so high again? if. >> we'd encourage people to invest when you're out of debt with a fully-funded emergency fund, and you're investing for the long term. we're not worried about today and and next week, we're thinking 10-20 years out. david: the gotcha. good to see you, george, appreciate it. well, coming up, stocks' recovery from early losses, and we're looking ahead to a big week of retail earnings. more. >> "cavuto coast to coast" when we return. . . i need indeed.

indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪ ♪ ♪ ♪ we believe there's an innovator in all of us. ♪ ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things. ♪ ♪

i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums]

life is for living. let's partner for all of it. i'm so glad we did this. edward jones david: well stocks are up after early losses but you know, we've been talking a lot about the losers from the climate and tax bill? here's a winner. tesla is up almost 4% today. a lot of bonuses for electric carmakers. charles payne is here to take you -- always winners, charles, always winners. charles: it is about gaming the system. don't hate the player, hate the game. david: bingo. charles: talk to you soon. good afternoon, everyone, i'm charles payne. this is "making money." breaking right now propelled by more signs that recession is here after disasterous economic data this morning, manufacturing, and housing. wait until you tell you about this the market extended the four-week rally. hedge funds,