your guest is? >> as browns fan i say pittsburgh. stuart: three rivers come together in pittsburgh. there are 466 bridges. >> wow. >> more than i expected. >> that's a lot. stuart: how big are they. time's up for me and for you, mark. great to have you on the show. good stuff, neil, i'm out of time it is now yours. we're whiting for from the president of the where joe biden will announce relief on the way, $25,000 or less in income, loans have to be repaid, lopping off $10,000 worth of that loan and see what they do? it is expected to be very positive for him and maybe democrats in general in the midterms, even though that is debatable because there are a lot of people not getting this who might be ticked off. let's get the latest from jacqui

heinrich from the white house what she is hearing. reporter: neil, we'll hear from the president a couple hours from now give remarks in the roosevelt room. he just tweeted this, keeping with my campaign promise my administration is announcing a plan to give working middle-class families breathing room as they prepare to rhee assume federal student loan debt payments in 2023. i will have more details this afternoon. this plan lobbing off 10,000 for making 125,000. 20,000 with a pell grant. getting bipartisan reaction. some democrats say 2 could blow back on them in midterms. republicans are raising the alarm about it. non-partisan groups said it is so costly it could be undoing i in deficit rye ducks as part of the inflation reduction act. according to the penn wharton budget model, one time cancellation of $10,000 per borrow, will cost 300 billion. not limited to people making

less than 125,000 a year, as of now it is according to the plan we know of that number would jump to 344 billion and what some democrats have been asking for all along, a 50,000-dollar cancellation, that would have carry ad price tag of $980 billion. that is exactly what the naacp had been calling for. as much cancellation as possible. its president said if the rumors are true we've got a problem. president biden's decision on student debt cannot become latest of policy left black people, especially black women behind. this is not how you treat black voters who turned out in record numbers, provided 90% of their vote to once again safe democracy in 2020. a committee for a responsibility budget says this would not just cost our economy but could set black people behind. >> we're probably going to do more to increase inflation from debt cancellation than any inflation reduction from the inflation reduction act but it actually widens the racial wealth gap overall, disproportionately people who

hold student debt who went to college are white. reporter: lawmakers on both sides of the aisle are saying this is a bad idea. >> puts another $300 billion into the economy and $300 billion circulating that adds to inflationary pressure. >> do you worry from your side of the aisle there will be people say i paid off my loans or people that don't go to college saying why do i forgive this. >> no question about it. i'm already hearing that from vermonters. reporter: lot of unanswered questions including how exactly the white house just made a claim this could have a neutral if not deficit reducing impact. that goes against what a lot of experts are saying. bigger question on what authority president is able to do this. speaker pelosi said last year the president can delay or postpone repayments the ability to cancel debt with congress. we're waiting to hear for details, neil. neil: looking forward to that. jacqui heinrich at the white house. madison alworth looking for the

backdrop with all of this. soaring tuition, room and board costs pretty much eat up whatever benefits i stress some might get from that. madison what are you hearing. reporter: the price of college tuition is moving lockstep with federal student loan expansion f the white house wants to get to the root of the problem of american higher education costing more history shows us a student loan handout is not going do do that. as loans increased so have the cost of college. look at private colleges. the cost increased below a average of $3,000 in 1971 to over $51,000 in 2021. if the costs had increased with the rate of inflation students would actually be paying closer to 20,000-dollars a year. the same thing happens at public colleges. adjusted for inflation today's cost of a public education could have been closer to $10,000 on average. instead we're looking at a cost of just above 20,000. when colleges know students can pay more, they charge more. one study from the federal

reserve bank of new york finds the average tuition increase associated with the expansion of student loans is as much as 60 cents per dollar. critics of student loan forgiveness say just bailing out debt holders with money from the american taxpayer just going to keep us in this cycle of debt and debt relief. >> see an increase for price for a college education. that's because students will have more confidence in borrowing student loans. they would expect future forgiveness and so as students are able to borrow more loans the demand for higher education would increase. therefore the price for college would also increase. reporter: of course nothing has been announced yet but expected to get the announcement of that 10,000 loan handout for borrowers this afternoon. i think we hit this in the last report but penn wharton estimating that payout initially would cost $300 billion. neil? neil: added to that debt.

neil, thank you very much, madison alworth following all of that. kevin brady joins us now the texas congressman, ranking member of the house ways and means committee. he was the genius behind the tax cuts that came to pass under the trump administration. probably not a big fan of this spending right now. congressman, good to have you. >> good to see you, neil and you're right i'm not a fan. one because i don't believe this is legal but the president is trying to use taxpayers as a personal campaign slush fund and it's wrong and i don't believe he has a legal authority to do it but i think to your bigger point this is just so unfair. so i have a neighbor who is a detective, who worked three jobs as long as i've known him, including selling carpet. plus his wife worked to make sure that their daughter could go to a state college, good quality college and come out of their debt-free. they have to pay taxes to pay off all that sacrifice of years

pay off the debt of someone else's student loan and i just think here you have got under president biden, so under this scheme you got a single mom who will pay off the debt for a computer scientist. a plumber will pay off the debt after physician assistants. you have a janitor who will pay off the student debt of a i.t. architect or a psychologist. how subpoena that fair in anyone's world? it just isn't. so we are going to fight this because it is illegal. it is unfair. as you said, it will drive inflation and college costs meyer. neil: i'm not sure to your point the president can do this, this would not be a legislative initiative and would be added to the debt. i think that is one of the arguments they are going to make, that it's okay but i don't know enough about the mechanics how things work in washington to know whether you can do something like that in washington? >> yeah. i have never in all my years

seen anything like this, $300 billion at the stroke of a pen on student debt. again desperate to try to salvage both the midterm elections and his presidency. i don't expect democrats in congress to do anything but salute this. even though most of this goes to the wealthy and predominantly anglo college students, i don't see them lifting a finger but i think a lot of america wants to hear about this are going to be very angry. neil: depends as well, congressman, right, how this $10,000 is handled, right? whether the government cuts a check to college kids or those who are falling under this 125,000-dollar and under ratio. or, you know just, you know, lops it off from whatever overall loans they have. i mean it could have very different consequences, right? >> yeah, it will and i think there are a lot of americans, i think like me, i worked a lot of jobs through college from construction worker, janitor,

meatpacker, worked a bartender, waiter, all of that, still had a small student debt i had to pay off over the years there are a lot of americans who have done the exact same thing who believe this is absolutely unfair. neil: there are to your point many who dutifully paid off their loans are probably hearing about this, then you have to worry, congressman about the unintended consequences those who are left out of this who will not get out of this furthermore, those who might be in a rears on auto loan payments or mortgage payments. record number of americans, 20 million who are late on their utility payments. isn't everyone going to want some of this? >> yeah there is no doubt. it always giveaways and bailouts always encourage more giveaways and more bailouts especially of this size but you can imagine, we are in debt already. the infrastructure bill isn't going to reduce debt.

neither is this latest inflation reduction act going to reduce inflation or the debt in any way but can you imagine, you know, if you had a fraction of that $300 billion how we could, we have a worker shortage. we need trades. we need skills. we need drivers. we need assembly line workers, all of that, if you imagine a fraction of that was devoted to reconnecting to work in higher skilled jobs frankly our economy desperately needs, what that could do to actually grow the economy and give people opportunity rather than just pay off the debt for those who, you know, went to college, got a degree and still owe that debt. neil: you know there might also be the notion that for those who can't take advantage of this latest relief plan, if they just wait it out or continue not paying their monthly loan payments, eventually help will be on the way. do you worry about that? >> i do and i think that is already the expectation.

just as we saw you know, those ongoing stimulus checks create the sort of expectation that there will be more. those very lavish unemployment benefits, that will discourage people from reconnecting to work. we saw still the hangover from that. it is human nature. wee have a president willing again to tap everyone's working families to pay for what hopes will be political votes come, you know, november, or in his own re-election. you know i think you really create a moral hazard here. neil: you could have more voting against the president and democrats if they're not part of this gravy train, right? >> yeah, there is no doubt about that. the forgotten man and for the gotten woman who will end up, you know, paying for all of this, who worked their whole lifetime, maybe didn't go to college. went to a skill or worked to pay off their own debt or their kids students loans because they didn't need to have them, you

know, i think there will be real anger among working families. neil: real quickly the administration argued in the past a lot of these kids were snookered into loans and signing on the dotted line. i always say that, you know, an unfair indictment of kids that they're that stupid. what do you think of that? >> it really is and for the most part it is the students and families making those decisions. neil: right. >> it looks easy to rack up 40 or $50,000 of debt until you realize just what an anchor it is around you as you try to pay it off and i think student debt frankly is one of the big challenges in the economy. this is exactly the wrong way to go about it. neil: kevin brady, thank you again. >> good to he sue, neil. neil: thank you. to the congressman's point, larry summers, former treasury secretary for bill clinton already come against this with repeated tweets and emails, this, whatever the final figure, is inflationary. this is now not the time to do

that. meantime we got an interesting announcement coming out of apple for a september 7th event, which seems to telegraphing the big introduction of the latest iphone, iphone 14. it is characterized as a far out event. we'll show this little press rsvp they come out. i'm only saying far out. sometimes it hint what is they have to offer. i'm thinking the camera, and maybe getting vision you know, better images from far, far away, changing macro lens, maybe who knows i'm getting too into the high-end means here. apple, sent september 7th big doings. many think it's a whole new iphone. given the prices of these will people pay, after this? ♪.

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neil: all right. i want to show you something on apple announcement, just interesting what people are sort of giving me these black helicopter views of the apple

announcement telegraphing a september 7th announcement presumably iphone 14 and apple watch. they have already told me that they looked at the image. we'll show you this in a second, this is how smart your viewers are. they already gleaned what that image means. telling me, neil you have to expand the image to see it. kind of scaring me folks. i will have more on that. but the drama builds. we'll have more on that in the meantime. meantime the drama pretty much the same in the housing arena where one month after another seeing declining sales, seeing existing new home sales, future activity is slip-sliding away. more data on real estate, more particularly the buy home, sell homes. jackie deangelis is brilliantly putting together all of this where we stand. jackie, it doesn't look like we stand in a very good position right now. reporter: neil, things are murky. i want to start with mortgage

rates, they have been bouncing around but as of today the 30-year fixed is 5.13%. according to freddie mac. how is that impacting the housing market. it is softening a little bit. i want to look at fresh data out this week. mortgage applications out there, falling 1.2% last week from the week prior. volume was 21% lower than the same week one year ago when rates were around 3%. demand for refinancing also dropping 3% for the week. that figure is 83% lower than the same week a year ago. then of course there are pending home sales which is basically signed contracts. that figure also dropping 1% from june but 19.9% year-over-year. that gives you a better sense of what is happening. now the data has slipped, eight of past nine months. because the rates are on the rise. toll brothers, a major u.s. builder, lowered the delivery guidance as well. ceo said this. as our third quarter progressed. saw significant decline in

demand as combined impact of sharply rising mortgage rates, higher home prices, stock market volatility and economic uncertainty many perspective buyers to step on to the sidelines, however more recent weeks we've seen signs of increased demand sentiment is improving and buyers are returning to the market. the numbers have dipped but he is still optimistic things are going to pick up. that remains to be seen, neil houses hinges on the economy and things are a little murky. i think the situation is a little bit different this time around because inventories are still low. prices are relatively high, that is something we haven't seen before when rates typically go up. neil: not necessarily a crash. jackie, thank you very much for that. let's go to best friedman, brown harris stephens, ceo, uncanny read of this market. tess, help me out with the distinction just reporting on the data that shows certainly things that might be slowing but hardly crashing.

so how would you define it? >> hi, neil. nice to see you. you know i think what jackie mentioned she was comparing things to last year and as you and i know last year was a housing boom, post the pandemic, so it is really hard to compare things right now to last year. i would look at 2019. i think that is a better way to look at things. i think we're in a more normal market. than what we were, applications for mortgages are down. contracts signed are down. i think there is a little bit of caution with buyers right now. but i just spoke to a gentleman who is handling a project on the upper east side of man hat tank. this is not hyperbole. he told me mass seven different offers on certain things. the market is not doom and gloom but getting back to normal. neil: still a company like toll brothers a big builder we don't see a robust demand we were hoping for, things are slowing down.

that hit the stock. a lot of these housing stocks have come back from their lows. maybe they're now factoring it might not be horrific but obviously the rise in rates, the volatility in the stock market could chase buyers away as well as the new supply coming to market. how do you play all of that? >> yeah. i mean listen i always say the market is here to serve us, not instruct us and you know, the psychology of people, what's going on the uncertainty doesn't create a great environment for people who want to buy or especially discretionary spending. so i think like you said the market, the stock market being volatile, inflation, i'm hoping has peaked, and gas prices, seems like they have taken a turn going down which is a good thing is, creates an environment where people are a little bit more skeptical but people are still buying. why? because they have to. because their family has expanded. because they have got a new job or they're moving or someone passed away. so that continues. it is the discretionary spending

i think we'll see a little bit less of as we go into the next quarter. neil: we're hearing a lot of people are looking ad adjustable rate loans which used to be anathema in last housing crisis because they got stuck with rates that were rocketing but now you can lock into some low rates for 10 years. i'm wondering how the dynamics are changing there? >> yeah i think people will take advantage of those lower rates. something more adjustable maybe do a refi for something safer like a 30 year down the line when we see where rates are going to settle, again, neil. rates are still, even though they ticked up, to over 5%, they're still historically low as you know. and it is an opportune time. i think prices you can negotiate a better price, even if you have a higher mortgage rate. so i think it is all, you know washes out. it is not horrible as some people were portray. neil: people lose that

perspective. i should tell you what my wife and i paid for our first mortgage but enough about me. best friedman, thank you very much. >> thanks, neil. neil: collectively hear all the viewers, no, not the mortgage story. it was 13 1/2%. we'll have more after this. pay for what you need. contestants ready? go! only pay for what you need. jingle: liberty. liberty. liberty. liberty. (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.

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neil: all right. two big primaries yesterday in new york and florida. we were commenting on the unique nature of all of that. those two states are always at each other. in florida where we kick things off first, it has implications way beyond just yesterday in the primary and maybe way beyond the midterms in november. let's go to phil keating in miami with more. hey, phil. reporter: good afternoon, neil. the match ups can said in the big races in november. starting with the governors race. can republican ron desantis win

re-election or does he get bounced? the senate race can republican marco rubio best the most capable democratic challenger he has faced since winning the senate 12 years ago? democratic congressman, former republican governor charlie crist decisively won his primary with 60% of the vote. he is vowing to fulfill the top priority of florida democrats, make desantis a one-termer. >> but he is running for president of the united states and if we defeat him, which i believe we will on november the 8th, that show ends right here in florida. reporter: governor ron desantis held his own watch party and today is on a keep florida free tour up and down the state with senator rubio. >> don't take any of this freedom for granted. you have got to fight for it. we need to win across the board in november to make sure that we solidify this state as the nation's citadel of freedom.

reporter: in a landslide primary victory congresswoman val demmings, a former orlando police chief, easily beat her three rivals, pulling 85% of the vote. she launches her running to win tour today in tampa. >> i stand before you tonight believing in the promise of america. because i have seen the promise of america. >> she called minneapolis thinking about defunding the police, said that was very thoughtful. when people were in the street burning down cities she said, it was a beautiful sight. now she says she is against defunding the police. reporter: even rubio admitted recently so far demmings has outfund raised him and desantis's war chest is extraordinary. he has more than 130 million in

the bank. democrats and republicans will being pouring money into these two races. today's day one post primary and all four candidates off and running, neil. neil: so it begins. phil keating thank you very much. now to new york and there the race was interesting because of redistricting. you had two democratic congressman essentially going at each other, and a third player as well. the drama is now resolved. go to buy bryan llenas as well. reporter: neil, had a democrat and special election and democrats are pointing that to that race as pretty much their evidence they believe that the election this november for the midterms may not be as bad for them as people were saying it is. they're actually looking at it fairly hopeful this morning. the reason, abortion. democrat pat ryan in that district defeated republican

mark molinaro last night in highly competitive swing district focusing on protections abortion rights. on the other hand medical lynn narrow made the referendum. republicans outspent democrats but they still lost. ryan said this is proof that overturning roe v. wade by the supreme court supercharged democratic voighters. >> when you take fundamental rights and freedoms from any american, they stand up, they are counted and vote, send a message. we are standing up across this country now. reporter: but there is also a reason to believe that democrats are reading too much into this race. according to the latest fox news power rankings this week, democrats have gained momentum but republicans are still expected to take back control of the house albeit by a slimmer margin than previously expected. elsewhere in new york's 12th

congressional district, powerful house judiciary chair, democratic congressman jerry nadler won in a blowout by some 30 points over representative carolyn maloney ending her three decade congressional career. >> i'm really saddened that we no longer have a woman representing manhattan in congress. [shouting] we cannot and must not give up the fight continues. reporter: because of new york's messy redistricting democrats not only lost a ranking member in maloney, they also lost a rising progressive star, mon dare jones, who is now out of a job. neil? neil: bryan llenas thank you for that. bernadette hogan, city hall bureau chief. bernadette, a lot of ways you are looking at this, democrats say today with this upstate new york win in a crucial swing district for democrat that maybe they will not have such an awful time of it in november.

what do you think? >> right. they're seeing a district, the hudson valley, which has gone back and forth, republican, democrat. two years ago joe biden narrowly carried the district i think 51 points. but before that, it was held by a republican, john fasso. of course antonio delgado had that seat. democrats are hoping the abortion issue really pushes them over the edge seeing backlash like decisions in kansas. mark molinaro he is a republican, not a trump republican. he was very specific about saying that. republicans outspent democrats two to one in this race. they were seeing that it would potentially go to molinaro. we see pat ryan, someone looks like molinaro in physique, they're both white guys, both represent, county executives neighboring counties. they worked together throughout covid but the fact a democrat

pulled out over a republican could have implications for other districts across the u.s. of course new york is a democratic state. neil: there the issue appeared to be the whole roe v. wade supreme court decision. i'm just wondering looking even across new york and even the country by extension how galvanizing an event that will be for democrats? what do you think? >> right. they're hoping that it is. i mean the women's right to choose. it was an assault on of course this, something that has really gotten away from the religious aspect. of course we're in a more secular society. republicans even like molinaro would not support a national ban on abortion but wouldn't go as far to say codifying the right to a woman's right to choose. so that is something a place like new york, especially hudson valley where a lot of new yorkers, people from manhattan, brooklyn, moved to throughout the pandemic, and they're highly engaged, you're

seeing that reflection in last night's results. neil: all right, now the talk earlier on that there could be a sort of a republican you know wave beginning in the house where they could pick up at one point i think 40 to 50 seats. that seemed unrealistic then. maybe increasingly so now. might be closer to 20. hard to say, but, even mitch mcconnell has ruled out the likelihood or maybe just warning his troops not to get cocky, of taking the senate back. what do you think of that? >> well, again, it is august right now and a lot can change between now and november. it depends on the issues, right? americans are freaking out about rising prices. things that directly impact the wallet, inflation, price of gas. again if i'm spending more money on my grocery bill every month, you got to look at who is in office, and what is that going to do. each state is different but biden's polls numbers have not been good.

americans are pointing fingers at him but how will that look when it comes to the state representatives is really the question. neil: thank you very much, bernadette hogan, "new york post" city hall bureau chief. again some surprises there but as she pointed out correctly it is august. the election is no november. anything and usually everything does happen well before right up to the vote itself. all right, we've got the dow up about 95 points today. still struggling back and forth with many investors focused on what we might hear out of the federal reserve chairman jerome powell when he speaks in jackson hole, wyoming on friday. he could tip his hand he like a lot of fed governors, district presidents has no intention on easing up on rate hikes even with some weak economic news. we shall see. ♪.

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the country's #1 reverse mortgage lender. - call the number on your screen. ♪. neil: all right, this is the invite, i want to show the invite apple is giving out to journalists and others for its upcoming special event at apple park. that is the steve jobs theater, you might recall in cupertino, a lot of people are trying to glean what are they going to announce? a lot of people know it's a new iphone, iphone 14 is what we're up to now, iwatches. could it be a reference to new camera and phone you can see far out, and got the new lenses beyond the beyond, like a telescope? i don't know. one viewer, neil, can't you see, blow the picture up a little bit and you see these are all little apple iwatches.

i did that, and no they're not. they're not little apple iwatches. some people are interpreting that as part of the watch announcement that is going to be included here but the fact of the matter is it could be nothing and apple is just messing with us. what we know when i expanded that out a little bit i don't see watches, do you? my floor director here? i see a bunch of little lights. he is a big astronomer all of that, he might recognize -- it's a phone with a big bite of apple out of it. keep your grassy knoll theories out there. a lot of you had little reactions to that. million points of light. a sign they are going to enlighten us. calm down. we'll see. in the meantime we're looking at other technology developments today, not what apple is announcing but back and forth

battle with twitter and having at it with elon musk but now these whistle-blower claims and whether it warrants more scrutiny or the possibility of more washington scrutiny. let's go to kelly owe grady on this in los angeles. hey, kelly. reporter: neil, yeah the bombshell whistle-blower complaint is spurring bipartisan support from lawmakers. i just connected with mr. mr. zatk-e's team, they mead with the senate intelligence committee and house judiciary committee. ed markey sharing in a statement, these alarming allegations that twitter playing grantly violated the 2011 consent decree and investigate this and if necessary take swift action. this appearance on capitol hill hard on big tech may advance sweeping consumer privacy legislation. frank pallone as chairman of the

commerce committee i'm assessing the next steps. these allegations are alarming and reaffirm to the need to pass my comprehensive privacy legislation to secure americans data. lawyers tell me it isn't a smoking gun yet but if evidence exists the claims are true on either the bot or security side it could be grounds for what the merger defines as quote, material adverse effect. here is the issue if twitter is providing investors with false disclosures for years, the implications would be dire for the company and a lot of acquisition is about public perception and growing opposition on capitol hill does nothing to bolster twitter's position. all this as whistle boyar, elon musk are not only interested in twitter user numbers. back in june the sec requested information how the social media giant calculates the numbers and the reasons why he restated mdas in the april quarterly filing the investigation has

concluded but there is so much attention on twitter right now. that is really not ideal going into a legal battle. neil: kelly, thank you for that, kelly o'grady. speaking of a legal battle, folk notice grand forks, north dakota, taking action against a chinese company's purchase of north dakota farmland y fork is a chinese company doing in. why should we be concern abouted this alexis mcadams is there. reporter: people in grand forks north dakota, are very worried not just a local concern but a national concern. this is the land we're talking about in north dakota. the chinese company bought it in quiet transaction, it was for sale by three local farmers. it is creating outrage from council meetings all the way to washington, d.c. out in the small and quiet city of grand forks, north dakota, just one hour north of fargo.

there's a controversy growing, after the chinese company fufung bought it last year. city and state officials say fufoug has ties to the chinese communist party, investing $700 million to open a corn mill. >> they're never be enough corn from growers around here to facilitate that plant, never. reporter: that land is just across from frank's ainge gus farm. reporter: where the plant wants to be would be prime farmland in grand portion? >> absolutely 370-acres of best farmland. reporter: he is one of thousands in the area signed a petition to stop the deal. local ben, filed a lawsuit against the city. >> i'm not going to say that economic development isn't a good thing but at what cost? reporter: the plant would be 12 miles from the grand forks air force base, home to top secret drone technology. this federal reserve filed in may found red flags with the project. north dakota senator kevin camer is concerned about espionage. >> china of today is not the

china of decades ago. china has demonstrated real aggression. for the this would be the largest private sector investment in the city of grand forks. the city said it would bring in 200 jobs and millions of revenue. >> nobody is static about it being chinese investment. reporter: grand forks mayor says this is not a done deal until the federal government weighs in. >> if they truly believe it's a bad project with the facts and information to back it up we'll certainly follow their lead. reporter: so, neil, what's next? the federal government is looking into this foofng plant if they find any national security threats they will let the city know. the mayor knows that is real possibility. the federal review should be done according to the city. we reached out to too funk, what they think about the cfius review from the government, they

didn't want to comment. neil: alexis, thank you. this apple announcement getting all the buzz, heralding a september 7th announcement for a new iphone 14. a lot of you are weighing in on what this could mean but some of you are getting nasty on my insights. cavuto, you fat fool, really about the fat stuff. forget about expanding i am mains or itself. what apple is saying the camera on this new iphone will be off the charts. i think i made a reference far out thing, a better lens, macro lens, allow you to see further, take in wider area. they say, no, no, you forgot to mention the fact that the digit al zoom will double the 9 x, nine times digital zoom on the iphone 13 pro max. okay. that's fine. we don't know that.

apple is not giving out any tick large on this but if you think it will doubling the digital zoom and macro will have more macro i'm with you. if some are criticizing me for venturing a guess, saying i'm fat, vulnerable, we'll have more after this. ♪

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well, then you should find a hand specialist certified to offer nonsurgical treatments. what's the next step? visit findahandspecialist.com today to get started. neil: all right. all of a sudden inflation lowering the boom on a lot of baby boomers who want to retire right now but are having a devil of a time meeting higher prices. some look at other opportunities. they can franchise like my next two guests, kirk and jen, house town usa owners in new orleans. guys, very good to have you both of you with us. it is a like a doggie day care place. you have not got it up formally up and running but let me begin with you, jen, why now? >> we both found ourselves in a position where we were looking for something else to do with the downsizing from covid and we really just wanted to do something together so we looked

at franchising a way to kind of get started, not have to reinvented wheel to get going. neil: got it. curt, a lot of husbands and wives go into the beautiful retirement years, often times at each other's throats. apparently you guys are not. i'm very impressed with that but you still face, still face some hassles, right? maybe give me the latest. >> well, yeah, i mean thanks, neil for having us on. actually i feel like jen and i have been battle tested. we've survived katrina, ida, numerous other problems down here in new orleans. so we still like each other. so that is a good sign. neil: that is excellent. >> but, yeah, it is good opportunity for us to work together. we are looking forward to that. neil: you know, it is hard to get any new business off the ground. you obviously thought about this. a given i guess, you like dogs. so that's good but do you face

much competition? did you weigh the market? >> yeah. i look, i feel like we had a feel good partner with the franchise one of the reasons we went with them. hounds town is a great support. the ceo, jackie and michael gave us a good day of discovery and we were able to look at the competition. they helped us with demographics. they have got processes and protocols in place. it is just, a great place to start a business. they bring real value to the table. neil: real quickly, jen, this is a business, a dog-eat-dog world as you know, that's me giving that for free, are you worried about the, are you worried about the competition? >> well, not really because we kind of do our own thing at hounds town. my goal was nypd he was k-9 nypd

founder. he understands the psychology of dogs. we don't breed discriminate like some other brands. i feel we're kind of unique. neil: what you're saying here you're all bark and no bite. i'm really sorry to do that for but this just sort of spoke for itself. best of luck with this, okay? thank you very much. we'll have more after this. ♪ .. ♪ ♪ ♪ ♪ bubbles bubbles so many bubbles! as an expedia member you earn points on your travels,

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neil: got a reason to think if you meet the criteria you get $10,000 shaved off your student loan debt. the president will give us details in the roosevelt room at the white house where he will outline a plan to forgive the debt of students who earn $125,000 a year and at least haven't lopped off to the tune of $10,000, don't know how he will do that or who qualifies, get into all of that right now. >> reporter: president biden making it official, taxpayers in america will be paying off someone else's college debt even if they paid off their own or didn't go to college. president biden using taxpayer money to pay off $20,000 of debt for those who went to college on pell grants, $10,000 of debt for everyone else but

this only applies to evil making less than $125,000 a year, those are the people who will get this taxpayer-funded payout. on top of that, extending the pause on student loan payments for everyone. one final time, to december 31st. this is not free. there is no such thing as making debt disappear leica magician. the penn morton budget model estimating forgiving $10,000 per borrower will cost $300 billion. the national taxpayers union foundation puts the cost of this at $2000 for every taxpayer. even some democrats, are worried about the blowback. >> do you worry on your side of the aisle, i paid off the loan for don't go to college saying why do i not forgive this. >> are hearing that from result. >> reporter: others a year ago,

doing this was legal. >> people think the president of the united states has the power for debt forgiveness. he does not. he can postpone, he can delay, but does not have the power, that has to be an act of congress. >> reporter: the general counsel says this is legal. after september 11th, to forgive student loans during a period of a time of war or emergency, that emergency is the pandemic. neil: i had no idea another feature of this is it would keep the moratorium in place through the end of the year. that's a costly moment. >> right after the midterms. neil: gets back to the cost of

all this, the fact of the director of the budget model, director, good to have you, didn't realize the extra feature where you postpone people paying through the end of the year on top of whatever it will cost to give $10,000 sort of cuts to those up to 125 grand. you crunch some numbers, what can you tell us? >> it will cost $330 billion, $10,000, households making $125,000, the threshold doubles and so if you add to the ferment, $30 billion on top. neil: we are having some audio issues.

while we are fixing this, i want to go into a couple things he said. one is how that 10,000 gets to the kids or the kids parents who would qualify. would it be a check? or could it be just lopped off the overall figure? the latter means for people getting it, won't have that spending boost, what they are hoping to see. >> i confess, part of that, when you refer to the impact on inflation, even if you receive loan repayment forgiveness, that's not $10,000 in your pocket his this year. we will not get macro demand search from this but it would be positive inflation but 1/10 of 1%, even 0.2% they get more

generous. neil: this would be then over many years, right? >> in particular if you have $50,000 in student debt and 2,000 were forgiven your student that goes on $40,000 but that means monthly payments go down by 20%. that is a month of monday in your pocket. we calculate 70% of the benefit is going to the top 60% of income distribution so this is not something that is targeting low income households. people in higher income households tend to not be as cash constraint to begin with so they will save this money or pay down other debts as well so the macro effect is not that huge but in terms of targeting low income households this is not going to do it, way earned income tax credit would do.

neil: the former bill clinton treasury secretary, just that potential hit, thank you very much, in the meantime, if you have more money presumably to spend because you are not paying as much in loans maybe you can go shopping at nordstrom, high end retailer to put it mildly but concerns that business is what it was and won't be what it hopes, much more in today's business headlines. >> reporter: the shaky retail forecast continues with nordstrom, 18% on news the company is cutting its annual profit forecast. the announcement is coming that retail pullback as major company sound the alarm on consumer spending. you noted nordstrom is a higher end brand but the main hit of that demand was to nordstrom rack according to the company ceo, the bargain brand of

nordstrom. that could mean bargain shoppers are curving there spending. earlier, macy's expects deteriorating consumer spending on discretionary items like apparel will force the company to use heavy markdowns to move items off the shelves. one of the biggest inflationary movers has been the price of vehicles new and used. we are seeing a shortage of supply due to problems with semi conductor chips and the supply chain. the ceo told liz claman the problem could last into 2023. watch. >> seeing an improvement with semi conductors allowing us to make more vehicles but demand is outstripping what we can produce. >> mary bar jointer at 3 p.m. at 3:00 pm eastern. some good news for peloton. the company announcing it will sell its exercise bikes on amazon. this is the first time peloton has sold its equal and through another retailer. they are happy with this news

because it has been one of the pandemic darlings that has become a victory of this return to normal, stock has faltered over the last year. the same kind of thing we have been seeing with companies like zoom. neil: thank you. scott martin, wealth management cio and fox news contributor. all these signals that madison was alluding to in the retail world i find it interesting that nordstrom has the slower end business taking it on the chin. >> tough environment for the consumer, tough environment for businesses. the interesting thing, the lower inside of things, rack aspect of their store is suffering. the higher end consumer will trade down at some point because as we see another stores a lot of inventory is on the shelves and not being sold

so it is spreading everywhere nowadays so we have a labor problem to work out as well, wage growth not keeping up with inflation, consumer keeping up with their only essential spending and not going to the nordstrom racks of the world and buying gifts. neil: the retail industry seems to want to scream at consumers, supply chain issues for a lot of key items, electronics, stabilized for the moment, might start your holiday shopping right now and urging people to get out while the getting is good. what do you think of that? >> i will tell my wife you recommended that so i will take the credit card out to buy stuff for next christmas because the good news is this time around it doesn't look like we won't have same delays that we had last year but it is a good idea if you see something you like, you see the price you like go out and buy it because a good chance it will go below and disappear you have to get it somewhere else and wait for it to come back

and inventory but the other key is retailers are suffering, trying to get inventory moved so likely the consumer will have a lot of power around thanksgiving and christmas as retailers move this. neil: they will still be there. >> yes and that is where a lot of sales come from retailers around the holiday season. you have a dose edo with the consumer to get the economy moving, consumer spending is 70% of the overall us economy and this is key to getting out of the recession. neil: maybe you can help me out with this apple announcement, and a new iphone, new watches and all. the image here, against a dark

sky, blow it up and you realize that. there is a reference to far out cameras that might explain the price of these items because the 14 of the top will go from $200 or more. will people have the money to buy them? or are they content with phones the way they are now in this environment not to? >> we are all addicted to our electronics, i think it will stand well to do well in their release. the apple products work very well, they are part of our lives but the prices keep going up, the technology gets better but it is about the hype. they send the invitation. people spread rumors what the pictures are as you noted but that gets the buzz going and in this fourth-quarter consumers

are likely to bounce back the economy will have growth in the fourth quarter, not so much the third quarter, consumers get excited about new products from apple even if it isn't the iphone 20 in a couple years because these iphones get better and better but higher in price. neil: we are hooked on our devices. >> i watch people walking across the street on their iphones. that the tip off. neil: that is the best i could do. i'm wondering, i think the depth of the consumer is overhyped. i'm not trying to dismiss the people in a world of hurt trying to decide what to buy but some you could say, and the resilience of the consumer, even the tough ones when people are being very invented and

resourceful but this doesn't remind me of 70s experience of stagflation where not only do jobs stop, buying stopped. what about you? >> don't see it yet. close to the edge, the consumer comes through, for the consumer it is about confidence, the biggest item on the personal balance sheet is typically a home, if they are sketchy about stock portfolio, 401(k), they are not getting interest and never will, the consumer will recoil, some of those things stabilized, not to get housing on fire like it was last couple years or get stock market on fire like it was the last couple years, we need to get things stabilized because the consumer operates on more confidence than on a personal net worth. a big fourth quarter, you have a lot of retailers participate

in this rally, a select few get creative. neil: take a quick break here, passing along an item from the restaurant -- the white house, the first lady has to to positive for covid, rebound case, husband it is well and to since tested negative, this is quite common. we had anthony fauci on, he is stepping down from his service as medical advisor, don't be surprised to see more of this, more after this. ♪

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i was reminded today is a sad anniversary for you. >> two months since i got the call the christian was murdered. it hit me hard, i am not going to lie. my family and i thinking about the fact that innocent life was taken and no idea that anything like this could have reached our family. it has been very difficult one but i am so thankful for the support of the viewers, the networks, you, scott, jay wallace, rockland, sean hannity, everyone has been phenomenal, even sean hannity set up a conversation with me and john walsh of america's most wanted to get some help and john was so graciously to offer me to come and meet with his family and production crew and we shot a public service announcement which will be

coming out in the local chicago market tomorrow to get help and get more tips so it has been a real and true family affair, for graciously allowing for this so i am really thankful for the love and support as i continue to fight the greatest fight of my life. neil: i couldn't believe when i heard it had been two months. any closer to finding out what happened? >> i believe so. i've gotten some tips into the police, fairly substantial, someone they were considering and it was more concrete to them that it may be one of the individuals, still process, real process and when whoever is charged it goes to the county prosecutor which i'm

very concerned about because they have been under charging cases and kim foxx i don't have a lot of faith in. people can be proven wrong but that's not what it looks like so i am hoping to make sure this is such a solid case, and as many tips as possible whether it is a slamdunk and whoever did this, don't slip right out of the handcuffs and we see that time and again, county prosecutor dropped 25,000 felony cases including rape and murder. don't watch that to be the reality but it is a fight like hell but here i am. with the support of you all i have been able to do it so i am thankful. neil: given widespread crime

spike seen in so many cities including chicago and a populist rage against mayors and governors and prosecutors who are dismissive of this, that doesn't translate and i wonder if that surprises you. >> i was just in chicago yesterday for a shoot. i interviewed his mom whose 7-year-old self is murdered and she said people have become so desensitized in the city of chicago it is like a gun ranch with lives and that is a problem. people are used to it now. they just know that their number may one day be called and it is so unfortunate for anyone to live in any american city and that's the reality in their mind, we've seen time and time again cases not be closed,

last year i mentioned this, really mind blowing, out of all the crime committed thousands of crimes committed only 12% of those led to an actual arrest, let's not think of those who got prosecuted. that is a big staggering number. when you wonder, that is the way it is but the facts and reality measure up, you are not seeing justice for a lot of families. that's why i am using this for all the airtime possible. we are all fighting, i am sorry, we are all fighting for our loved ones, people who have been victims, two months to the day, my little brother -- life is changed for all of us. that the best way i can say it.

i'm thankful to be in a position and have the resources to do good for other people. neil: anyone's position, you are remarkable and so many others who met the same fate, they are just incalculable. hang in there. >> thank you. neil: more after this.

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♪ ♪ neil: the irs has been in the news of late, about the land $85 billion in taxpayer money over the last few years. gerri willis. >> reporter: irs commissioner charles reddick, 600 facilities nationwide. in 27 years. the message to employers the

commissioner is saying, and abundance of misinformation for social media postings, with several threats toward the irs and its employees. we are aware of these messages and make sure your safety is my top priority. we watched for the irs for more information on these threats. all of this coming as republicans roundly criticized an expansion of the irs, 87,000 new hires, the cbo says $20 billion in new tax collections, with low and middle income americans, the house minority leader saying weapons available to irs agents, 4600 guns, 400 rounds of ammunition, whether the irs can be fair and governor rick desantis said what is used against middle-class americans could

crush them. senator marsha blackburn saying this to maria on sunday morning futures. >> coming to people who their gross is $200,000. it is not the millionaires, not the multimillionaires, it is people that are small business people that are going to get hit with these audits, fees, and finds. neil: risk assessments will evaluate whether more security controls is needed, and and killed 168 people. back to you. neil: gerri willis on that, senator physician by training roger marshall with us now. you have never been a fan of the spending involved in the

latest inflation reduction act including beefing up funding for the irs, with the security review, has to add to that concern. >> we higher 87,000 more federal employees they need to go to the border, we need border patrol officers, not more irs agents. i'm concerned with the labor shortage to get 87,000 people in the private workforce and put them in nonproductive situation. i ran a small business, signed a paycheck every week for some 25 years, 300 people, those small businesses get hammered by these audits. it will cost $25,000 to defend the audit, money down the drain it doesn't grow the economy at all and they will come after small business owners and those moderate income folks.

neil: you probably heard the white house, republicans are scaring people here, not like the gestapo hunt of tax cheats and all the rest, with 50,000 retirees planned at the agency, the net gain is not going to be nearly so oppressive, what do you say? >> i'm concerned about why are they arming these agents? why is the irs buying these weapons? i'm concerned about the audits. neil: they are not doing that but go ahead. >> we will see where they end up. and expensive to defend these audits, introducing legislation that would make the irs use legal and accounting fee if they take you to an audit and they are wrong so that will get rid of the frivolous suits we

are going to see. neil: we you heard this as well, this isn't meant to target anyone making $400,000 or less but business and wealthy tax cheats and the rest. when i brought this up with administration officials, the 400,000 under crowd what constitutes rich represents 60% of our tax revenues that come into washington, if they are deliberately saying they are not part of this that does that mean they can do whatever they want and getting some false assurances? >> i go back to my concern about small businesses but we ask democrat senators to put that in writing. if they wouldn't do special audits of people under $200,000 income level and refuse to put it in writing so they had the chance, what else do you do with 87,000 agents, there can't

be a thousand billionaires out there, they work themselves down to hard-working americans. neil: thank you very much. roger marshall joining us. the back-and-forth on how quickly this money gets to beefing up the irs is anyone's guess but it will be delayed and so many democrats saying what are you worried about? thousands of agents, armed or not get worried. they get frantic. a lot more after this. if you shop at walmart, you know that with thousands of new rollbacks, you can spend even less, to get even more, to make life even better.

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>> florida led the way over the last few years, somebody governors and mayors trying to lock people down in florida we lifted people up. neil: the lockdowns in florida were nothing like they were in so many states across the country and the results are the

same stuff that might be a lesson but for restaurants and floridians across the country has been booming, real estate booming and restaurants in general are seeing crowds like they have never seen before. doesn't ashley webster know it in saint augustine, florida? >> another tough assignment, they say go out, find a nice restaurant in saint augustine and that is what i have done. that has been up and running a little over 6 months and business is good when you compare it to other cities around the country even better. let me show you this quickly, these are the blue cities from july 2019 to july of this year san francisco, the number of diners down almost 46%, oregon, 45, seattle 40%, philadelphia 39%, new york city 37.9%. bottom line, low taxes, business friendly atmosphere, beautiful weather goes a long way to bringing people to

florida, let me bring in the general manager of the restaurant, chelsea, tell me you are from new york city. we will get to that, you have lived there for many years but why is business so good here and not elsewhere? >> in saint augustine, florida has seen a boom in economic developed during the pandemic where as you state other states have it, the flux ability with remote work made a difference, it was a historic ability to come, migrate, work from home here, why not in paradise? income tax laws in every thing else, why not paradise, why not here? neil: were just there recently. describe the difference. >> i visited in summer of 2,020, that was quite an experience and going back around easter time we could see the energy was back and it was lively but definitely an experience to see those restaurants that didn't make an businesses that have been there for years and aren't anymore so what we offer in florida was

just looser on the laws and things like that which promoted business. neil: congratulations on the success of the restaurant and those taxes go a long way. let me show you this number. this is a ranking of overall tax burden for individuals, guess who ranks number one in the highest for taxes? no big surprise new york coming in at 12.75%, florida all the way down at number 46, 6.6%, alaska at the bottom, just over 5%. bottom line more people heading to florida, they love the low taxes, love the business friendly environment, lack of regulation and all those people moving here business has been moving in for a restaurant here that began 6 months ago. i'm happy i am here to report all of it to you.

neil: thank you, in northern florida, different view of florida. stocks doing -- why is that? ♪ ♪ to finally lose 80 pounds and keep it off with golo

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neil: where's the twitter battle going with elon musk, about twitter and real customers. now we know congress is looking into this. >> they are looking into this. the whistleblower, twitter describing him as a disgruntled former employee, if any of this stuff is provable, twitter

faces a more exit stencil threat than anything elon musk has poses. this is just not me talking, law experts all morning, if this guy is accurate, the bond issue, downplaying the box, to generate more ads, with public sec disclosures we are talking a case here the sec will bring against every one of the ceos this occurred under. the justice department could do that.

they provide proper disclosures, they prove knowingly, funded the numbers, at a high level. the sec according to every lawyer from john coffee to charles nelson at the university of delaware has to look at this. they do have a high bar, the high bar for the justice department is even higher so you have to prove knowing and purpose -- purposely defrauding investors and this whistleblower gives them that case this is the problem for twitter, years of disclosures that are fraudulent, likely going to lead to class-action lawsuits and advertisers, the

issue was key to advertising revenue, fudging those numbers to keep them low. there's a lot of stuff that will play out. $38, $40 near their if this is true, this will come down dramatically. big stuff here. not saying this is proven yet because it is obviously not but keep an eye on it. if any of this is true we are talking massive legal issue for twitter and past ceos including jack dorsey, the current gentlemen, this is big stuff. neil: we were off, with these numbers, where do we go? neil:

>> twitter has some fudge in its disclosure. if it is dramatically more, they ignore the evidence that it is more, if you could show stuff like that, you get into the area where they knowingly invest the public. this is the bigger thing than they have, serious stuff. it has to be proven. neil: the george mason antonin scalia law school of internet law. good to have you. don't know what is true or what is typed or if this whistleblower is detailing the truth. let's say he is in the company deliberately defrauded investors and advertisers then

you've got something much bigger. >> anytime any business is accused of fraud you have a problem and have to face it head on. as an attorney i have to look at facts, i have to look at evidence and so far nobody has seen any. it is like taking verbatim what the fbi says at mar-a-lago as true. we can't do that. looking at the history you have an employee who is brought on, in january, if this was so important, i don't know. maybe it is truthful. the group that is fronting him called whistleblower aid, the same george soros funded group against facebook and george soros has bigger fish to fry, going after facebook and

twitter, and content moderation. and the accuracy of the statement they need a national standard for privacy and data security. driving new hampshire to massachusetts to new york you will face three different data breach laws and privacy laws. we need one national standard, the national standard from congress, not from california or some unelected bureaucrats from those -- neil: let me ask you this, say this wasn't delivered or fraud but in the end, twitter's viable user number count is off but substantially, at the very least elon musk has his out on this, hasn't he? >> elon musk is turning over every stone for every evidence he can to show the product, under contract looking at a home.

this could give a lot of advantages negotiating down the offer price. neil: leaving congress, said something on the house ways and means committee harm a very concerned about the legality of what the president is doing on this loan forgiveness matter, taking it into his own hands. is he right? >> congress has the power of the purse, decide where our money goes and how it gets spent. than they take this money and the executive branch, and this is systemic and endemic. we are seeing efforts to circumvent congress, with loan forgiveness, and privacy rules

and control the economy. it will end run congress and extend constitutional power. neil: every president we've seen going through executive orders of fiats, don't know what is legal or not but even if the president goes through with this the court would almost assuredly shoot it down. >> a problem not being discussed is the equal protection laws of the constitution. this loan forgiveness is discriminatory. if you make $126,000 you are entitled to nothing. you are entitled to nothing. if you make $126,000, you get 10 grand so where did this number come from? one hundred $25,000 pooled out of thin air, no rulemaking, no process and one of the things i talked about, these 3 letter agencies in the government, the biden administration, the irs,

the federal trade commission trying to ignore congressional rule, to engage in executive fiat, doing end runs around rulemaking. the reason americans cannot allow any executive branch to decide and it was end run around the constitution, congress and just do whatever it wants because we didn't elect these unelected bureaucrats, we elected our representatives to decide how our money gets spent, what policies get put into place, maybe slow but better than the alternative of the federal trade commission, three yale law students deciding what the data security laws are for the rest of the country. neil: thank you very much, the dow is 8.5 points. ♪ runching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,

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neil: ever get a feeling they're waiting to see what happens in jackson hole with jerome powell until traders really know that, just wait. here is charles payne. charles: i get that. i am impressed in the market. everyone said it would go much lower. it is hanging in there thus far. neil: you're right about that. charles: call me rose-colored glasses. neil: that's fine. works for me. >> thanks a lot, neil. neil: all right, bud. charles: i'm charles payne. this is make an money. investors are grappling with expectations of jerome powell's big speech friday at jackson hole.