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tv   Varney Company  FOX Business  March 2, 2023 10:00am-11:00am EST

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♪ will: we will be using bob
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dylan's the times they are changing in a couple minutes because i think times are changing. good morning, everyone. it is 10:00 eastern. straight to your money. the markets first of all, the dow is up 64, the nasdaq is down 66, not a very clear trend, the 10 year treasury yield well above 4%, now you're up for dollars and $0.06, big tech don't like higher treasury yields, so most of the big tech stocks are down, microsoft is up 40 one cents. up about, meta, amazon, apple on the downside time since we checked out that coin, this morning we are 23,008 a coin. that is the market and now this. the rumblings are getting louder. there is deep anxiety in the democratic party about president biden running for a second term. democrat dean phillips of minnesota has gone on the record, out there calling for a new nominee for 2024, not biden.
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he told the atlantic, quote, believe me, there are literally hundreds of fellow democrats who would say the same thing, four anonymous democrats told cnn the president has the support of only half the democrats in congress, the problem for phillips and those hundred of others is the president's age. he would be 82 in the next president election, 86 at the end of the second term. paul after paul, his standing sinks on the issue of age. than what? what will the democrats do? go with vice president emily harris? surely not. pete buttigieg burned his boat on planes, trains, and maternity leave. gavin newsom, being here for 50 years, i don't see the rest of the country accepting a chronic liberal from the west coast. the primaries are your way but the maneuvering started. american politics seems to be
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moving away from the identity politics that define the biden presidency. here's where bob dylan comes in. congressman, senators, don't stand in the doorway, don't block up the hall. that message is nearly 60 years old and could be directed today at president biden. second hour of varney just getting started. the senate just voted to kill biden's esg investing rule and biden could issue his first veto. senate minority leader john thune joins us. wise the esg rule bad for investors? >> you are talking about having investment advisors take $152
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million in assets that are invested by hard-working americans and allow them to be able to invest them in their liberal priorities instead of trying to optimize a return. most investment advisors want the best return for the people you are trying to help out there. in this case a lot of what this department of labor rule would do is allow investment advisors to invest in esg priorities, industries of the democrats like and not to investors the democrats dislike which would be oil and gas and things like that. this is a dramatic rule that could impact the life savings of ordinary americans. will: the principal is the government should not be telling me where i can invest and where i cannot invest my private money. that's the principal, isn't it? >> exactly right and the woke capitalism they have adopted permeates every aspect of our economy but this is pretty
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profound, you are talking about $152 billion of the american people's money invested, hoping they get a good return for retirement and what could happen is if they decide to invest in these woke industries they could reduce the rate of return people are receiving and increase their risk. will: it is my call, not the government's. let me talk about the student loan handouts, the supreme court is ready to reject the $400 billion giveaway, but what happens in the unlikely event that biden does get the student loan past, what happens to the economy? >> the committee for responsible federal budget said it would increase inflation at that and that is a left of center organization so you will have inflation. you send a message to everybody in this country that follows money you won't have to pay it back, and have college tuition rates go up, no college will say if they don't have to pay back their loans, why should we
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worry about tuition rates, you will see a lot of impact that would hurt students, people of this country and most importantly, americans in this country who are paying for this, hard-working taxpayers who didn't get a chance to go to college or paid back their loans will be subsidizing or underwriting this president's trillion dollar giveaway to people in this country, gets away with forgiving student debt. this is an astounding thing. will: outside the supreme court as the supremes were looking at the student loan, you had randy weingarten in an extraordinary rant. i am sure you saw it. what do you think of that? what do you think parents think when they see the head of the teachers union behaving like that? >> i think it is an example of liberalism run amok, these are people who really believe you
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grow and expand government and you would be -- bestow benefits on people across society, clearly that was the objective with the biden student loan giveaway, right before the election, clearly a political stunt and his constituency groups are rallying around it but talk about the hard-working americans, people across the country, in the form of adding more to our debt and the message it sends the were country built around principles of personal freedom and individual response ability. the message that you aren't going to have to pay back the money that you borrow, has committed shockwaves and ripple effect into the future. will: i hope the times are changing, thank you for being with us, always appreciate it. edward lawrence is with me this morning. what do you make of biden's student loan handouts fight?
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>> what strikes me is the cost. $441 billion according to the federal reserve. it's not really factored into budget projections of the cost is a factor. the white house are saying we don't have the feeling of a plan b so they believe it is going to stand on the standing itself, not the merits but the standing will be thrown out by the courts. that's what they are hoping for. will: you are here for the hour, stay there please. big short investor michael burrough's worrying about what will happen if student loans get canceled. what is he saying? todd: terrible consequences. he says let's not forget the student debt problem is built on a foundation of terrible choices, bailing generations out of those bad choices will mean more bad choices, tuition hikes, terrible consequences for america. it will compound the debt crisis and this feeling that
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you are never held responsible. we forget, he was settled with 6 figures of student debt because he graduated ucla, then got his medical degree from vanderbilt and started a residency at stanford, he was a trained doctor and when you think about it, some of the people we are bailing out have medical degrees, people who are going to make a lot of money. it is just not fair and it is not good, hard-working america mentality. will: good stuff. back to the markets. i see a little green for the dow industrials and read for the nasdaq down 60, s&p is down 10, look who is back, david dietz after an absence of 3 years. >> we've all gotten younger. will: tell me why i should not leave the stock market are not going to bonds? >> long-term we are near the
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end of the increasing inflation and rising interest rates and here is why. inflation has gone up and up, we are seeing signs of commodities going over, rents of come down 6 months in a row. consumers pocketbooks can't keep up with rising prices so it is important inflation starts to roll over. if that happens and we have lower interest rates the fed backs off, those are the positive reasons. will: positive for stocks if inflation is rollover and the fed stops raising rates, that's our rally on the stock market but give me the timing, when does this happen? >> we had a great january because we saw inflationary data get weaker. then in february we saw tougher metrics and people went the other way but we are going to see signs of weakening in unemployment giving people confidence. all eyes on the march 14th cpi number. as long as that's not too hot.
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will: i'm waiting for it. welcome back, good to see you again. lawmakers just approved a bill to give biden the power to ban tiktok. edward lawrence still with us. would this be a nationwide ban on all devices? >> it would be should the president signed into law. the house foreign relations committee voted down party lines to give the president the authority to ban tiktok for everyone in the united states, the bill would also allow the president to ban other security risks, the chairman of the foreign relations committee says having tiktok on your phone is like having us by but on your telephone, the president says banning the apps on all federal phones, i asked about that, listen to this. >> why did the administration wait so long to ban tiktok and all federal employees, 29 states have done it, the president's first month in office canceled an
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investigation by the commerce department, why did they wait so long? >> i'm not going to speak to any investigation, the process is "happening now". that's what we are seeing. what i can say is the president has been very clear about his concerns about apps like tiktok. >> of spokesperson tells foxbusiness a ban on the apps is a ban on american culture and free-speech. will: interesting opportunity to go up against china. but finally -- >> the president, donald trump almost had it banned. >> i think if this were to happen it would make it easier for parents. my oldest is 7 so i can't speak to this yet but i say she's not going to be on tiktok because i won't lower but other parent say she will be the weirdo in the group because all the kids are on tiktok. if we just ban it, it becomes easier as parents to make those unpopular decisions. will: vaster people in my family, especially my grandchildren if they ban tiktok.
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>> you make appearances on tiktok? blue when i have no idea. i probably do. let's go with movers. what happened, 14%? todd: they are selling off on weak guidance because of a slowdown in the interest rate overall. you know spam. will: i was raised on spam and look at me now. you stop laughing over there. >> pressured by inefficiencies in the supply-chain. will: 6 flags. this one -- look at that. todd: higher ticket prices and lower costs. off-season they didn't open their parks because they are in the middle of this turnaround to lower costs in general and charge more for the parks that are open especially the ones not as popular in the winter and that could be a home loan.
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stuart: apple store north carolina just shut down abruptly after a string of shootings in the area. the surge of illegal migrants putting a strain on our cities. how much it cost the city of denver to house 5,000 migrants. how did you think that works? attorney general merrick garland said the fentanyl crisis was unleashed on purpose by the mexican cartels. watch this. >> how would you describe the fentanyl problem? >> horrible epidemic but an epidemic that was unleashed on purpose by the sinner lower and no generation hotels. with one former drug czar bill bennett said on this program that we should go after the cartel leaders and kill them. i will ask homeland security committee chair mark green what he thinks of that. we will be right back. ♪
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hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple,
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but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works. stuart: mixed picture on the market, the doubt one hundred, nasdaq down 60, not much price movement. look at big tech where the money is. we have a selloff. microsoft is up a book. the rest of them are down. off about down $0.33, apple down one dollar. amazon about $0.86, not that much price movement. attorney general merrick garland says america's fentanyl crisis was purpose by the mexican drug cartels. watch this again. >> how would you describe the fentanyl problem in america? >> it is a horrible epidemic but it is an epidemic that has
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been unleashed on purpose by the new generation cartels. >> what are we going to do about it? >> we have more than enough ability now to attack this problem. >> we agree with me whatever we have is not working? >> i agree with that because of the number of deaths. >> if you're watching the show yesterday, former drugs are bill bennett said we should go after the cartel leaders. watch this. >> declare them foreign terrorist organizations. that allows the government to go after them wherever they are. we know how to do these things, we've done these things before. it is an act of will. once we took claire them what they are we will know how to act like we took out the guy in the middle east. stuart: strong stuff and it was on the show yesterday. congressman mark green, republican from tennessee joined me now. why aren't we going after them with our military and if we did would you approve?
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>> agree with bill bennett on a couple issues which one is it is an issue of will and it is also an issue of designation but i'm not sure foreign terrorist organization is the right designation. we tried for a number of years to run that. there are some tentacles to that designation from the legal standpoint so what i am doing, but my office is doing is drafting a bill that will create a new criminal terrorist organization that would allow us to use the assets of the military to go after these guys. i would support using military resources, cyber resources to take all of that stuff, to take these guys on, 107,000 dead americans, we went to war for 20 years over 3000 that were killed on 9/11. it is an issue of will and hopefully the administration will do something if we pass this legislation.
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stuart: you held your first hearing on the border crisis as chairman of the house security committee, what can you tell us about this meeting? >> it was a very challenging meeting because we had -- we last two children to fentanyl and in the case of her children she was able to clearly show that it wasn't some kind of attempt at suicide, they were slipped the wrong drug and went to a party. everybody was killed in the hotel room and that party. that was very difficult to listen to but she was right in everything you said. every american is at risk with our open border. basically the drug cartels have seized control by flooding the crossing sites with people the ties up border patrol and they sneak the fentanyl across parts of the border. it is insane what the administration is doing it every american is at risk. stuart: what you are doing on that committee is exposing what
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is really happening with fentanyl in our country. you don't have the power to close the border and said the military after the cartels but you do have the power to expose how bad it is and the extent of it. >> absolutely. we will do that. we also can write legislation that compels certain things like border patrol actually gets out, and we can sever relationships with ngos that are facilitating people flooding the border which is facilitating the cartels to seize the advantage so there are things we can do legislatively, we need to pass them in the senate but yes, one of our primary missions is shine a spotlight on how alejandra mayorkas's decisions, refusing to enforce the laws written on the books is creating risk for every single american. stuart: every state in america is a border state these days, thank you for being with us, appreciate it.
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denver, colorado spent serious money dealing with the influx of migrants. come in on this, how much are we talking about? ashley: housing, 8 and travel to other cities across the us, that includes $871,000 just for bus tickets alone to destinations like chicago, new york, miami, atlanta, dallas. more than 5,000 illegal migrants have traveled to denver from the southern border since december. the city's living stays in emergency migrant shelters to only two weeks to encourage migrants to try to find a more permanent stay elsewhere, denver mayor michael hancock says the lack of a, quote, sensible immigration system is to blame for the migrant crisis. i don't think we have any system in place anyway. stuart: millions of dollars for 5000 migrants. the white house, what is the
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white house saying? >> nothing. in 2017, denver became a sanctuary city. why not have migrants in denver if they are going to welcome them? second of all, fiscal year 2023 that we are in, we have 8,000 encounters on the southern border. if the federal government isn't going to stop the flow of migrants, that is another record of something like 2. 6 million people coming across the southern border in fiscal year 2023. passing the cost of the states and cities for all this, texas is a huge burden for texas and it is being spread across the country so we are starting to hear about this pushback? >> how long to be say like this? don't go there. musk just laid out his master plan to speed up the country's transition to sustainable energy, tell you all about that. beijing marking fbi director
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christopher ray after he said covid likely came from the wuhan lab in china. are we soft on china? why aren't we going after them? gordon chang deals with that next. ♪ ♪ to you, it may just be an elevator. here goes nothing. but for a young homeowner becoming their parents, it's a learning opportunity. come on in. [ chuckles ] the more, the merrier. paris, huh? bonjour! we got any out-of-towners in the elevator? tom. it is not easy. 10th floor, huh? must be a heck of a view. okay, see how everyone else is facing this way? progressive can't save you from becoming your parents, but we can save you money when you bundle home and auto with us. okay, that was terrible. okay, let's hang back. we're gonna try that again. with a majority of my patience with sensitivity,
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stuart: the dow is up one hundred 38, nasdaq down 53 points, interest rates have moved higher, that's always bad news at the nasdaq. lauren is back with us looking at the movers including, starting with macy's. lauren: look at nordstrom and calls, both up 2%. they like what we heard from macy's, upbeat annual forecast. what are they doing right? more orchestrated, targeted sales to protect their margins. stuart: doesn't look like her recession. lauren: they have a good swath of the consumer, bloomingdale's -- stuart: credit suisse, they have been in serious trouble, down 7%.
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lauren: they are going up billions of dollars. lauren: utc, the pretzel people. up -- it is us? stuart: is that the proper name? it is utc. lauren: stronger earnings, volume fell, higher prices. i can't tell you how many chips, good enough for 10% gain. stuart: prices are up, they brought in more. lauren: it works for a lot of companies these days and at some point parents and consumers will say i'm not paying them. this isn't ut z but some chips that we buy, it is not fully full and is is $6. stuart: if you stop buying the
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$6 bag of chips -- >> when i can i do but you can't just take it and open it. stuart: got to control your children, moving on from the pretzel market. look at this. china's population came in at $1.4 billion in 2022, that is down 850,000 from the year before, the first population decline in decades. gordon chang with me now. how was xi jinping reacting to this? >> reporter: they are starting to give incentives for people to have children, some chinese officials are even talking about compelling couples to have kids. from other countries we know these programs don't work, china is on the edge of the steepest demographic decline in history in the absence of war or disease. by the end of this century china will be somewhere, maybe 400, 500 million people, down from one. 4 billion now. b1 is xi jinping panicking
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about this? >> i think he has got to be panicking because his main form of diplomacy is to intimidate other countries, you can't do that if your country is falling apart and the country will fall apart as the population declines, no way around it. be one let's get serious, china is marking fbi director christopher ray after he claimed covid likely came from a lab leak in wuhan. they say, the chinese say he has no credibility whatsoever. what do you make of that? >> the chinese have no credibility whatsoever because they have hindered the international community from looking at the origins of covid 19. the scientific community loves this idea of natural transfer to an intermediary mammal, human, but nobody has been able to document those links but we have a lot of information about a lab leak including the fact
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that china sent its major biological weapons expert in december 2019 or january 2020 to clean up the lab. that's a real indication that china has a guilty conscience. stuart: you are at cpac, i can hear in the background. what your message you are delivering to cpac? >> i will be talking with senator haggerty and we will discuss china's attack on the us and what americans can do to defend ourselves. stuart: thank you very much. i've got edward with me and i want to address this issue. why isn't president biden pushing for the real story from china because i don't think he is. >> if you ask the president he says he is, they make this vague transparency push when he says he talks with xi on this, china keeps pointing back to the original report saying it did not start in a lab, started in the wet -- the leaders of the report have backtracked
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saying that's not the case, china restricted our information but you can't make this stuff up, in response to the fbi director, china's foreign minister spokesperson said we urge the us to respect science and facts, stop politicizing this issue, stop its intelligence led, politics driven, origin tracing and stop undermining international solidarity against the pandemic. stuart: they destroyed all the evidence. they had it in the first week or two and destroyed it. they destroyed the science. >> they held back the original investigation. stuart: one of these days we will find out why president biden is soft on china. we might ask. the administration may be getting closer to banning gas stoves, trying to dig up research to prove how bad they are for your health. we have that story. oregon considering a bill that would give homeless people one thousand dollars a month, no strings. madison madison alworth breaks down the democrats latest handout. ♪
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stuart: call this the stock of the day, salesforce is a dow stock and is contributing might lead to the dow jones industrial average, we had a good earnings report that may satisfy the activist investors who have been all over salesforce, stock is up 12%, $20. considering homeless people, $1000, madison alworth with me. this isn't the only state giving it out. >> reporter: this would be the first statewide universal income program if it passes. oregon is weighing a bill that would establish a people's housing assistance fund demonstration program. if passed, it would give
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homeless and low-income individuals $1000 every month. supporters say the funds would go towards rent and other living expenses but without any strings attached so anyone who receives it can do whatever they want with it. opponents save this cash handout does not address the problem bringing people to homelessness and doesn't help bridge the gap. >> when you look at a problem like homelessness and the real issue is more than a need for a monthly check, these people usually need the help of another person, not a government program, to address the root problem of their homelessness. >> jobs, community come things needed to bring people out of homelessness. opponents point out we are in a system with lots of handouts with taxpayer dollars, concerns this could further fuel inflation with taxpayer dollars going further into the system but this is not the first
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universal income program in the country. in new york there's a pilot program that guarantees income for 2400 artists and in san francisco, they are giving basic universal income to transgender residents. so this would be the first statewide universal income handout. of the bill is passed it would be in effect until january of 2,026. once something is started is also hard to stop it. stuart: you can't kill it, you really can't kill it. what is the morality of giving free money to homeless people? >> there's got to be some guardrails. i've done countless stories talking to some former homeless folks who said they get money and they purchase drugs with that money, they recommend giving it to services that help them help out the homeless but this is what president biden tried to do, get everybody use to her paycheck through the child tax credit and get everybody used that monthly check coming in, the president and the state of the union
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address wants to bring that back in the second two years of his term. stuart: lauren is shaking her head. lauren: i just got off the phone with someone who specializes on the streets of portland with homelessness. these people need help. they don't made money. it is insane. this is how it works. this is how politics work, all about harm reduction, free paraphernalia, free money. that is not what they need. stuart: it is immoral. lauren: if you ask homeless people where the problem start, they were abused as children. that's the most common story and it exacerbates and gets out of control. how many people would one thousand dollars really help? how many people would have the ability to do the right thing with that money? drugs will get more expensive. everybody will have $1000 more in their pocket. more self-medication. stuart: it is not the answer to homelessness.
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everybody else, thank you. a lot of people. the administration took another step towards banning gas stoves. ashley, you're down there in florida, what are they doing with gas stoves? ashley: evil gas stoves, consumer product safety commission asking the public for information on any hazards associated with gas. it asks for research that links gas stoves to health issues including childhood asthma and possible solutions with the costs and feasibility of those options. it is a common step taken by the federal government through taking any regulatory action. the commission insists it is not looking to ban gas stoves, but it doesn't take potential regulations off the table. advocates point to recent studies that found gas stoves can ebit substances that are
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harmful to human health. we have survived up to this point but we will see what happens. stuart: i just can't imagine the reaction to banning gas stoves. >> i have a gas stove. imagine restaurants having to rip that out, take away gas stoves. i use gas, heating system is gas. think about older homes in the united states with gas heating systems. stuart: they are using health as an excuse, what they really want to do is get rid -- >> all about the transition. all about that transition which is what the president says he wants, transition to the green economy. how you get the power behind it? stuart: you want to ban gas stoves? lauren: i enjoy my gas stove but it is all part of the mission of the administration. stuart: which is -- lauren: in the meantime they
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need the fossil fuels and the president admitted that in the state of the union. go to the texas oil patch, the big players can get what they need. the smaller players are saying i must speak about just drill a well. he doesn't have the ability to get the money he needs to do that. >> how many do you speak to? lauren: i have a lot of interviews. to get perspective. stuart: started out with tesla on the downside and still down. 5% lower. a big reveal. lauren: wall street is reacting to the lack of detail. wears the vehicle that will run on the lower cost? i will be positive here, this
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comes from dan ives of wedbush. this event made crystal clear how far ahead tesla is of the rest of the auto industry. stuart: that may move the market up a bit for tesla. thank you. alaska's willow oil project would produce one hundred 95,000 barrels of oil a day, it's waiting for approval from the white house. what's the likelihood the administration will give it the green light? yes or no? i will ask the governor of alaska in our next our. the president has repeatedly touted his relationship with xi jinping, beijing is quick transitioning to rival to enemy, why is the president so soft on china? florida senator rick scott on the show to deal with that next. ♪
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stuart: florida senator rick scott criticizing president biden in the relationship with china.
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all biden does is pacify china. senator scott joins me now. why do you think biden is soft on china? >> either he has not read his intelligence reports or somehow he is compromised. think about this. spying on us through spy balloons, drones, tiktok, a country that sends fentanyl to the cartels to 70,000 americans, never complied with the trade dealer international agreements, they lie, cheat, and steel and what you watch with biden, he does nothing, absolutely nothing. the spy balloon came across the country, doesn't do anything to try to hold them accountable. he's pacifying for communist china. maybe he hasn't read the
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briefings. stuart: you say they've got something on that. >> who knows? in my life, when things don't make sense, you have to assume the worst. it doesn't make sense he does nothing to hold communist china accountable. what i think, didn't come out and say he looked in the eye of xi and will never do anything wrong even though he's doing these bad things and threatening taiwan, out to tell us why he thinks this way which he won't do. stuart: if donald trump was in -- still president we have this relationship with china? >> no. he was holding china accountable. he was doing whatever he good, and here's what i think about it. we all have to be part of this. every american has to say china is our enemy.
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don't purchase their stuff or get on a chinese apps or tiktok, don't purchase the junk they try to sell to us. tell them you are not going to do that unless they tell you where it is made and government stop by, chinese drones, the military is not doing it, federal government buying chinese drones, makes no sense, the president could do these things, i will get that bill passed this year, but we all are part of this. they are our enemy now. stuart: i would like to save time, how do we save social security without a tax increase or benefit cut? >> what you have to do, the country needs to live within its means. we can do this. we have to do two things, i did this as governor of florida, grow the economy, get people back to work.
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they don't need government programs like food stamps and medicaid and things like that. step 2, so much waste in this budget it is staggering the amount of waste. 70,000 empty federal office buildings, 6% of the federal budget authorized, there is so much money to be saved. there are ways to provide benefits to medicare recipients, how to build a better delivery system and all sorts of things we can do like that. stuart: maybe we should consider raising the retirement age but that is another story. coming up on a hard break. thanks for joining us. i am on my way. thank you, we will see you soon. the director of the congressional budget office says our country's debt situation is dire. edward lawrence is with me.
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do you think president biden suggested by senator scott will ever cut spending? >> reporter: he's not going to cut spending. he will add revenue, that's what democrats want to do. the committee for responsible federal budget says the debt service is going to be the fastest growing expense for the next 10 years. credit card debt, the fastest growing expense for the next 10 years what do we do? what will be the problem? stuart: thank you for being with us. >> do they give you the key to get out of the chair? where is the key? stuart: i get a bathroom break so they can't lock me in. thanks for joining us. governor of alaska, chad wolf will join us, so will sean duffy and brent bozell. people of chicago sent a clear message to lori lightfoot, you failed. or policy failed. that is the message for every democrat run city in america.
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chicago's choice is america's future choice, that is "my take" next. ♪ ♪ ♪ good night to you ♪ why do vitamins and supplements cost so much more now? other companies are charging you more and more for less and less. and we hate that! that's why force factor has partnered with walmart to provide amazing supplements at great prices for all americans. force factor products use clinically studied patented ingredients to powerfully improve your health. they're also delicious, easy to use and affordable. that's why force factor is now the number one best selling herbs and supplements brand at walmart. rush to walmart and unleash your potential with force factor.
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of the department of justice started in earnest under barack obama and now with joe bind, they're out in the open and brazen. >> we're looking at all kinds of things where we think the government is not functioning in the way it should be and i

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