valued. maria: yeah. it's a great analysis there. and i love your analysis on where the jobs are, becky. thanks for that, because people want to understand where the jobs are but also where the wages are. lisa erickson, do you wore aabout this wage -- worry about this wage situation? >> well, definitely we do need to continue to see wages come down. it's a little bit of a conundrum because, obviously, from the broader economic stand point9 we need to see that inflationary pressure come down and wages are above the level that would allow that. maria: yeah. >> we do need to see gains to maintain consumer spending. maria: all right. >> -- see that to come down. maria: we have a -- hope you have a great weekend, everybody. we'll see you monday. "varney & company" begins now. stu, take it away. stuart: good morning, maria and everyone. the jobs reporting all about the strength of the economy and how the federal reserve might

respond. here's the numbers: 311,000 jobs added in february. january's job report revised down to 504,000 from a surprise 517. look at the, the unemployment rate up to 3.6%. these are hot numbers. labor market's strong, implying the federal reserve will, indeed, keep interest rates high for longer. look at this, however. a surprise to me. the yield on the 10-year treasury hasn't gone up, no. a strong job market and it's gone down. 3.82 is the yield on the 10-year. how about the 2-year? it was approaching 5%. it's backed off significantly. you're down to 4.7%. now, here's the reaction in stocks. to me, another surprise. the dow is down 13 points, okay, that follows a 1,000 point in the last couple of days, but the s&p is up 7, and the nasdaq is up 51 despite the strong jobs report. let's get serious now -- [laughter] really. the selloff at sbb financial

group continues to rattle the markets. this is a technology-based lender. out it lost $2 billion selling assets after a big drop in deposits. it's gone from $600 to $60 yesterday and has been closed, the stock's halted pending market news. that's the news at this moment. is sbb -- svb, big problem yesterday, halted today. investors worried that bank jitters spread. four big banks lost $52 the billion in value, they're up a tiny fraction this morning. and then there's the budget, $5.5 trillion worth of new taxes, $6.8 trillion in spending. tax and spend on steroids. look, it's not all going to pass. it's the not a serious budget. it doesn't address the enormous, looming problems of social security and medicare. s the really a political document, a campaign plan to point the way for biden's re-election. good luck. the president of mexico so offended by threats to use

america's military in mexico against the cartels. he threatens to interfere in american elections, campaigning against republicans who support military the action. we'll bring you his heated exchange with republican dan crenshaw. he's going to be on the show. we're going to call out the president for blaming republicans for defund the police. he's pivoting, trying to flip the blame for his failed policies. and we'll bring you matt taibbi. the democrats are contemptuous of this. they know they've lost twitter which used to be their very own thought police machine. it's friday, march 10th, 2023.ys about to begin. ♪ ♪ who's gonna work for the working man ♪

stuart: all right. we've got to get jumping right into this one. svb, the big problem for the banking industry yesterday, svb halted this morning. i is see, by the way, the big with banks are down a little bit today. kenny polcari with me. you're here for the full hour. svb, what's the danger of contagion? because that's the big fear on wall street. >> yeah. i don't think there's any danger of contagion to the rest of the banking industry. it's a very specific story to svb. jpmorgan is not in that boat, wells fargo, s citibank, bank of america, they're not in that boat. there may be some issue with, you know, interest rates and the fed and monoair the policy, but absolutely -- monetary policy, but absolutely nothing like what we're seeing in svb at all. so the big banks got slaughtered yesterday because of svb, but i think that's way overdone. stuart: they're stabilized right

now. i will call them stable this morning. >> right. stuart: let's get to the jobs report. as you heard, 311,000 jobs added in the month of january. yeah, that's right -- no, february, i should say. morning, lauren are. take us through it. lauren: solid hiring, broad-based when you think about it. hospitality really strong, 105,000 jobs added. retail, 50,000. construction, 24. but here's the slowdown, transportation warehousing lost 22,000. i.t., 25,000. so why are yields down today? stuart: yeah. >> wages. this is the other part of the story, wages are softer. earnings fell to $33.09 an hour. and the number of hours worked fell a too, that's a softening. and now the fed funds futures that are pricing in a 25 basis point move. it had been 50, now it's moving back to the 25 camp. so it's, i think it's a report for everybody, for every point of view today you can pick manager to justify it. stuart: yeah. and yields down, sockses up.

that surprises me -- stocks up. lauren: stocks up barely. and it's been a terrible week. the dow is off 1,000 points this week -- stuart: down the last two days. lauren: yep. stuart: modest rebound. the other big story of the day, president biden's huge budget, $6.8 trillion in total. lauren, take us through the president's proposal. lauren: oh, gee. welk he calls for $5.5 trillion in tax hikes on the richest americans. that's the theme here. raise the top personal income tax rate to 39.6% if you're making over $400,000. for households with a million dollars, capital gains tax goes to 39.6, 25% minimum tax on $100 million in wealth, okay? and here's how he is spending on his other priorities. this stuff boggles my mind also. $886 billion in defense, $6 billion in support for ukraine, $26 billion for the border. but, but, but that includes

hiring just 350 border agents. that's it. 87,000 at the irs, 24 the 00 at the epa -- 24 the 00 at the epa. here's the president. >> i'm not going to lay out the entire budget, that would take the rest of the day. it's a detailed budget. but i want to give you the con ours of what we're for -- contours of what we're for and how in stark contrast with what appears to be what the other team is for. lauren: the other team is for less spending. i saw these numbers yesterday from house republicans. so for every dollar in revenue that goes into the government, they spend $1.29. that's the problem. stuart: yes, that is a problem. lauren: so you've been warned. he laid out his budget, the american people have been warned. stuart: thanks very much. sean duffy's with me this morning. you spent, what, nine years in congress? you know what it's all about. is this budget really dead on arrival completely? >> yes, stuart.

sos the dead on arrival. the president sets his vision for what he'd like the budget to be, republicans say, thank you the, sir, appreciate the budget, and we're going to the sit down and put pen to paper and develop our own budget in the house that'll pass, seasoned it over to the senate -- send it other to the senate. not sure if they're going to do a budget, but hopefully remedy those two together and come up with the appropriations process. but lauren made a good point, for every dollar we bring in in revenue, $1.29 to the in spending. stuart, that's just the beginning. with all the new programs and spending, it only gets bigger. so this concerns me. more taxing, more spending, we know it's not going to bring in more revenue. it's actually going to bring in less revenue. you remember this, when we had the trump tax cuts in 2018, i was part of that, we lowered taxes, we grew the economy, and we brought more money into the federal coffers. more money came in, not less. and we -- when you raise taxes,

you shrink the economy, and you'll bring in less money. this is simple stuff. and here's what concerns me, stuart. $31.6 trillion in debt, the next 10 years, add another $18 trillion. democrats are not dumb. they're trying to bankrupt the country. they're trying to destroy the dollar because none of this would make sense but for that the which is really concerning. hopefully, more americans stand up can and push back and demand more respondent from their -- responsibility from their federal government on spending side. stuart: sean, i just want to point out to everybody that svb, the problem institution yesterday, was halted a few moments ago. it's reopened. it's reopened at $58 per if share. i believe that's where we are right nowment back to sean. change the subject. one of the journalists who was responsible for releasing the twitter files every thed on capitol hill. he slammed big tech and the media for selective censorship. watch this. >> a free internet would overwhelm all attempts to control information flow.

it's very -- its very existence a threat to anti-democratic forms of government everywhere. what we found in the files was a sweeping effort to reverse that promise and use machine learning and other tools to turn the internet into an instrument the of censorship and social control. unfortunately, our own government appears to be playing a lead role, effectively news media became an arm of a state-sponsored thought policing system. stuart: that is a key expression, the state-sponsored thought police. your comment, please, sean. >> yeah. obviously, very concerning. i appreciate these two journalists, shellenberger as well shep concern stepping out and exposing their concerns, again, left-wingers, about the the federal government involved in censoring speech. ronald reagan said freedom is only one generation from extinction. we're teaching a whole new generation that it's normal for the government to the step in and censor speech. that is frightening.

this is foundation of democracy, debating ideas, having a conversation. it's a release valve for people. when they don't have the ability to speak and they're censored, bad things happen. you don't want to go to that place. stuart: no, we do not. sean, thanks for being with us. we will be watching you and dagen on "the bottom line," tonight, 6 p.m. eastern on fox business. let's head down to the great state of texas, why not? for the american rodeo, why not? where will cain has a front row seat. give us a preview of the big event tonight. big prizes, i think, will. >> that's right, stuart. you're a farmer. get down here in texas, i'll turn you into a cow i do. larger -- cowboy. large largest single-day payout. all winners came hoping -- take home six figures. it's also a performance horse competition. you just saw todd bergin here, a legendary horseman, saw him showing you some spins. that horse is a reigning horse that he's been specifically

training to basically turn the cowboy aspect into a competition. cutting cows out of a herd, controlling a single cow, responding to the reining like that. it's an awesome competition, stuart, and it's -- those animal, i mean, elite athletes. which is appropriate because we're sitting here, this is the home of the texas rangers right here. it's been turned into a rod owe. 720 tons of dirt. by the way, it's the almost sold out. $27 tickets -- tickets, you can still get here, articlingon, the, stuart -- arlington, texas. stuart: i just wanted to see you on a horse. no, doesn't -- >> i did it earlier, stuart. i can't get on a horse like that, that's a fine athlete. you're not allowed to get on that with just a hat. [laughter] stuart: see you later, will cain. thanks a lot. coming up, mexico's president rebuked calls for u.s. military action against the cartels in mexico. he calls it an offense and called out cartel members for lack of discipline.

has obrador lost control of his country? yahoo! remember this? accusation from dr. redfield, roll ape. >> this was an ape yore decision that there's one point of view that we're going to put out there, and anyone who count agree with it is going to be sidelined. and as i say, i was only the cdc director, and i was sidelined. stuart: well, dr. fauci responded. does the former secretary of state, mike pompeo, believe it was a lab leak? mike pompeo is next. ♪ baby, if i could turn back time, if i could find a way -- ♪ i'd take back those words that hurt you, and you'd stay ♪ you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine.

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stuart: china menace, red threat rising. china's xi jinping was unanimously elected for a third term as president. is xi president for life at this point? lauren: it seems so. he's 69 years old, and he just won a third 5-year term, that's unprecedented. largely ceremonial -- stuart: don't vote existence him, you don't know what will happen. [laughter] lauren: this is why -- look at this video. so they have no masks on. i thought that was huge. so what is xi going to do in his third term? revive the economy and other things. he might make more trips abroad to sell his vision, and i just thought it was so, so rich that the first foreign leader to call and congratulate him was myrrh putin of russia. stuart: oh, really? lauren: uh-huh. stuart: now this, former cdc director robert redfield accused

dr. fauci of shutting down conversation around covid originating in a chinese lab. dr. fauci, however, is saying that's not true. roll tape. >> i really feel badly about that because i know bob about that. he is totally and unequivocally incorrect in what he's saying, that i excluded him. it looked much more likely that it was a lab -- that it was a natural occurrence from an animal reservoir. i have always kept a completely open mind. the evidence weighs more likely towards one; namely, a natural occurrence. but i would be perfectly accepting if there were evidence that it was a lab leak. stuart: well, look who's here, former secretary of state mike pompeo joins me now. mr. secretary the, do you believe covid was the result of a lab leak? >> good morning, stuart. to hear dr. fauci saw that brought a little smile to my face, but the truth is it's the really sad. c. redfield has this exactly right, every stick of evidence that we saw i beginning in the very beginning of 2020, and

dr. redfield was cdc director when i was the secretary of state, every piece of evidence we saw suggested this came from the lab. and ms. as more evidence has unfolded, it becomes even more conclusionive. this virus was an accident leak. it happened in the fall of 2019, and dr. fauci continues to tell the american people a lie about what happened. he tried to close it down during the administration, and he's still trying to convince people by throwing smoke in the air, dust in the air that says, well, we still don't know what really happened. we know what happened, stuart. stuart: is it possible for the united states and the world to stop gain of function research which which may be at the heart of this problem? >> we can do two things for sure, stuart, we can make sure we don't conduct this kind of research here, and then, second, we can make sure that american taxpayer dollars, american-supported financing don't go someplace else. if some other country tries to do it, they'll have their own

sovereign capabilities, but we can be determined to make sure the united states doesn't support dangerous research that puts people's lives at risk all around the world. stuart: president biden's budget includes $842 billion for the defense department. that is up 3.2%, but it doesn't keep pace with inflation. if you were the president, by how much would you raise defend spending? >> oh, stuart, a couple ideas here. first, you're right, it doesn't keep place with inflation. be very important we get inflation down for that reason and and thousands of others as you talk about on this show all the time. we should never forget that the military's costs rise as do the lives -- lives, as do the costs for our soldiers, sailors, airmen and marines, so their paychecks aren't going as far either. i don't think we're that far off from the correct number, but the shame of it is, stuart the, we're not allocating those resources correctly. more focus on great power struggles between the united states and the chinese communist party, less focus on diversity,

equity and inclusion instruction. that would be a good first step. stuart: mr. secretary the, the cartels responsible for killing americans, they say they dealt with the men responsible. are they afraid of a potential u.s. military response? >> well, the united states needs to be sure that we do in the right, stuart. i don't know what's in their minds, if they're afraid of a military response from the united states, but we've not shown the willingness yet to even secure our own southern border from folks coming into our country. i think the chance that this administration's going to do something inside of mexico very, very low. we know we have this responsibility, if there are those killing americans, if there are terrorists on our southern border, we have both the legal right and responsibility to make sure we protect america. i hope the administration will do that the, and i hope, more importantly, the mexican government will permit us to do the things that need to be done not only for americans, but mexico's sovereignty safe and functioning within the rule of

law inside their own country -- stuart: it's not there yet. >> there's good leaders down there, we've got to get them to the right place. stuart: got it. mike pompeo, former secretary of state, always a pleasure. >> thank you, stuart. have a great day, sir. so long. stuart: thank you. benjamin hall, our heroic fox reporter who was severely injured, is now opening up about that day and the attack the. tell me more. lauren: he describes the blast that sent shrapnel into his eye, into his neck and knocked him out for dead. >> pierre shouted, get out of the car, everyone get out of the car, and the next second, the second bomb hits right in front of the car. and that one i went black. i was out kid. and -- dead. and then i saw my daughter, out of nowhere into this blackness right in front of me came my daughter, honor. and she said to me, daddy, you've got to get out of the car.

lauren: his book hits shelves on tuesday, and you can preorder it today. stuart: good. let's get one. thanks, lauren. all right, check futures because we've got a turn-around here. strong jobs report at first put stocks up, now down. dow is off 106 points right before the opening bell, and we'll take you to wall street for that bell next. ♪ ♪ well, let's shake, rattle and roll. ♪ let's shake, rattle and roll. ♪ let's shake, rattle and roll. ♪ let's shake, rattle and roll ♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq,

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all the exhilaration, none of the compromise. the audi e-tron family. progress that moves you. stuart: more on that turn-around in stocks. when the hard and strong jobs number was reported morning, stocks actually went up. i was surprised by that. now we've turned around three minutes before the hoping bell. mark mahaney with us this morning. meta, they're your number one pick. tell me why, mark. >> well, it's trading at a reasonable valuation, 14 times gap earnings, we think there's almost 50% upside for our price target by the end of the year. they've taken costs out of the business, and it sounds like based on reports they're going on the taking more cost actions, and they need to. they overhired over the last couple of years. and they've also got two revenue

growth initiatives, these reels, these short form videos, we think that's led to more users on facebook and instagram, and they're starting to better monetize that. and heir the also kind of rebuilding what i call the ad tech stack that got kind of blown up after the apple privacy changes. but if you improve the targeting, the ad attribution, that means the ad spend is better for advertisers, you've got a path to revenue here. stuart: why did you move them down, netflix? >> they're starting to roll out password sharing. they're cracking down on that which a lot of households concern the apparently, there's 100 million households that are using netflix without paying for it. [laughter] as they clamp down on that, a lot of people are referring to that or using that or experiencing that as a price increase, and you're seeing churn go up. that's the concern in the market. i'm looking beyond that though. i like the rollout of this

ad-supported offering. i think it expands the value proposition. this is a rarity in business history where they can lower the price but get more revenue per user. i'm willing to look beyond it, that's why i till like it. stuart: metaa the and netflix, mark ma handny likes them. i've got 25 seconds before the opening of the stock market. the backdrop today, big story the, strong jobs market. 311,000 jobs created in the month of february. okay, that's down from january, but still it is a strong jobs market. strangely enough, interest rates actually went down on that strong jobs market. try to explain that a bit later. they're ringing the bell, they're clapping and that means the market is now open. how far down did we open? all right, a mere 50, 60 points for the dow industrialses. let's have a look at the dow 30 if we've got them all open to this point, probably not. the majority, actually, more than 50% are on the upside

despite that strong jobs report. how about the s&p 500? that, too, has opened slightly lower. it's down just a fraction, .14%. nasdaq, same story, .16%. big tech, it's usually all over the place, and this morningst the all down except for meta, recommended by mark mahaney moments a it's the up all of 22 the cents. amazon is up 3 cents at 99 2. alphabet, apple and microsoft on the downside. i really have to deal with all the drama surrounding svb financial. halted early this morning, news pending, it's now been roped. susan's with us. take me through this, please. susan: so much drama. there are reports this morning, and this just broke a few minutes ago, that silicon valley has now failed in their attempt to raise over $2.25 billion to shore up their balance sheet in the deposits -- stuart: i'm sorry, please, get that off the screen at $106.04 a

share, that's wrong. susan: yeah. i think we're down about 60% just in the opening minutes. but, look, there's talk that svb is trying to sell itself off. you've herald of major -- heard of major firms in sill caron concern silicon valley like code 2, tribe capital the, some that i've reached out to overnight as well. and they've been telling some of their start-ups and they themselves have either been pulling money or capping the amount of deposits that they're holding at silicon valley bank. at its peak it was the 15 largest lender in america, so we're not talking about goldman sachs, we're not talking about jpmorgan, but it was vital to silicon valley saying that it does do almost 50% of all venture capital-backed business with back tech and start-ups, health care start-ups, so we're trading off the lowest levels since 2016. worst day yesterday since 1993. i want to bring your ages to bill ackman, tweeting that he

thinks if private capital can't provide a solution, and right now indications are they have failed in that capital raise, a highly diluted government-preferred bailout should be considered. now, silicon valley bank yesterday said they had $180 billion in as assets to cover $160 billion in deposits. obviously, that money is disappearing quite quickly with companies kicking out their cash just in case. silicon valley bank, they made some really terrible the, terrible bets on u.s. treasuries, $21 billion worth of treasuries when the yields were only at 1.7%. so now we're at 4%, and you can imagine those treasuries are worth a whole lot less now, so they had to sell that portfolio at a has of $1.8 billion. so that's why they're desperate to raise cash in this environment. stuart: the big banks, some of them, were slammed yesterday. and i see -- susan: most of them. they lost $52 billion in market

cap. stuart: they're going down a little bit more today. >> that's right. bank stocks had their worst year in two years, since covid, because of contagion. and there's discussion about who is going to buy svb. they have now hire advisers to sell themselves off, right? you also had more negative headlines in the banking space, not just svb. think about silvergate, that crypto lender that unone with itself or closed down shop -- unwound itself. i think there's just a lot of fears with now interest rates all of a sudden at 5%, and that is the steepest rise that we've seen many in interest rates since the 1980s. stuart: kenny polcari, you discounted any idea of contagion with the big banks, but we do have some with smaller banks, don't we? >> yeah. and i think it's not necessarily because they're in that same tech space, but just because they're smaller. if they get caught up in the bond trade that susan was talking about, that could cause a problem. stuart: earnings out morning, start with the big one, that

would be oracle. susan: yeah. disappointing here, we have some disappointments because the stock is down significantly. and so they missed for their latest quarter missing analyst expectations and really this is a company that's now kind of, they're trying to build itself into the cloud space, but they are behind, of course, the other big players. stuart: by the way, svb financial at $39 a share this morning. susan: lowest since at least 2011 now, i think. stuart: it was at 600 a few months ago, maybe a year ago. now you're at 39. docusign, i'm interested. down 17%? susan: yeah. so it's interesting because they actually did better when it came to earnings and their revenue beat from what i saw, but they did announce that their cfo is stepping down later this year. the stock was down graded by jpmorgan to underweight, and the firm is really talking about -- and this is terrible when you're guiding for deteriorating demand trends and potential competition. you know, you've heard a lot about competition coming from the likes of microsoft and

other, some of these software, i.t. services providers. so i think that's a problem for the company. stuart: what a market this morning, you know? jobs report, svb financial, man -- susan: i want to keep things in perspective, you know, i'm suremenny will tell you this, the -- i'm sure kenny will tell you this. this is not 2008 once again. we're talking about only about $2 billion for capital raises. stuart: fair point, you got it. kenny polcari, still with us, here for the hour. [laughter] why do you like amazon? >> listen, at this point considering where we are in the market, i stick with the big, boring kind of mega-cap u.s. names. i like amazon, what they're doing in the cloud space and certainly the way it's changed everybody's life in this country, right? so i look at declines in the price of amazon as a much longer term opportunity. amazon's not going anywhere. stuart: yeah, but you're not going to buy them now, are you? >> why not? absolutely. i'd be patient. i wouldn't be chasing it, but i'd be buying on weakness.

like warren buffett says, you buy on fear and sell on grief. when you have days like yesterday and sod -- today when the big asset managers are using amazon and apple as atms, it's an opportunity for the long-term investor. stuart: but you're not going to buy it today? >> why wouldn't i? stuart: well, are you? >> yeah, in fact, i might. i have to go back to my office and take a look. stuart: glutton for punishment. kenny, stay there, more for you later. check that big board, open for nearly seven minutes. we're down 12 the 1 points, and that's a third of 1%. you're back to the 32,000 level now. dow winners. are there some? yes, there are. mcdonald's up 1.5%. merck's up, chevron, coke, amgen, they're all up just a little. as for the s&p 500 winners, newmont, a gold stock. eli lilly, mcdonald's, marathon, merck. constellation energy, don't know much about 'em. asml holdings, i don't know many

of these guys. i don't see any big name tech stocks on the nasdaq winners' list. i'd like to see some. and here's what's coming up for you on this exciting, jam-packed friday show. former nfl quarterback colin caber -- kaepernick is back in the spotlight, he's accused his white adoptive parents of racism. >> i know my parents loved me, but there were still very problematic things i went through when this can happen in your own home and how we can move forward collectively while addressing the racism that is being perpetuated. toure stuart you've really got to shake your head about that one, don't you? i certainly am. and then there's buckingham palace are keeping seats open for prince harry and meghan markel for king charles' coronation. neil shaun is here with a royal with round-up later in the show. ♪ ♪ just hold on, i'm going home

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stuart: businesses in washington, d.c. are struggling. why? it's all the federal employees working from home. tell me more. lauren: about a third of d.c. workers work for the federal government, and most of them are working from home. and d.c.'s mayor, a democrat, muriel bowser, is now joining republicans in getting vocal about getting these workers back in the office, at their desks. their argument is productivity suffers when you're not in person, and the surrounding community suffers as well. but then you have the federal unions which are important democratic voting blocs, and they do not agree. they say, look, we're just as productive at home, and it's not our responsibility to the make sure those small businesses get business. that's not our job.

and then you have republicans citing numbers saying, look, you pause social security -- you call social security, you're on hold for at least 40 minutes because there's not enough workers showing up. to put actual numbers on, 47% of the government's 2 million civilian employees were working if from the home in 2021. we don't have data the from last year, so not even half have shown up. stuart: they're not all coming back. lauren: no. stuart: the work from the home trend, here here to stay? >> i hope not. [laughter] i'm one of those people that likes to go to the office, that likes to network with my people, that likes to be in an environment like that. it's not going to go back to the way it was, it'll certainly be a combination, but this 100% work from home stuff the, i just don't like it. [laughter] stuart: i would if i could. actually, i wouldn't, i like the studio. all right, lauren, why are wealthy land hordes -- i don't know why we say wealthy landlords -- skipping payments on office buildings? lauren: well, some are trying to

negotiate a better deal, other terms. others since they don't have the money. office buildings, because they're usually in big cities where not even half of workers are showing up to use those buildings, they seem to be going the way of the shopping mall. it used to be a safe, profitable bet even early on in the pandemic. some of the big names said we're still going to the invest in big names and office space, everything's got to come back. but that's not the case, and their debt is being increasingly going into default. >> housing, it's going to go into housing. stuart: ouch. quickly, see the market sliding a bit more. we're down 148 right now on the dow jones industrial average. opened slightly higher, now we're down 150. coming up, not too late to be on the showed today the, don't forget to send in your friday feedback. ing questions, comments, critiques, whatever to varneyviewersfox.com. president biden is talking about paying your fair share. we need an economist. we got one, peter morici here

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stuart: big news this morning came out at 8:30 eastern. 311,000 jobs were added in the last month, had be february. i think that's a strong report. edward lawrence joins me. you spoke to outgoing labor secretary the march i the walsh. this is the his final day on the job. he's got to be the happy, edward. >> reporter: he is. his last day is tomorrow. he's very excited about this report, he says he's not rah really worried about the unemployment rate going up to 3.6%, but when you look at this report, manufacturing actually lost 3,000 jobs. so i wanted to know what happened. listen to this. >> we're rye thing to key the sect that the. it's not a huge -- dissect that. it's not a huge problem right now, we're going to see those numbers drastically go up. we're kind of monitoring that at the moment. trying to figure out -- just saw it today for the paris time, but it's not a concern right now. >> reporter: so we are seeing wages being eclipsed by inflation for another month. workers are losing ground,

prices rising more than they are making. average hourly wage is at 4.6% year over year, cpi inflation at 6.4%. the federal reserve watching that growth to see if it adds to inflation. fed chairman jay powell every thed this week that the jobs report would be critical in determining how high interest rates will need to be at the next meeting. >> we're also getting a jobs report on friday and a cpi and ppi inflation report next week. so those will be important and we'll scrutinize them. when we say that we're going to be looking at the totality of the data, which is what i said, that does include these reports yet to come. >> reporter: so back to the report there, this is where the jobs are, leisure and hospitality added back 105,000 jobs. construction added 24,000. manufacturing lost 4,000, retail up 50,000. health care up 44,000. this is a very strong report, but it could play into the fact that the federal reserve could go 25 or 50 basis points. it really sets up for that next

inflation report next tuesday as a critical piece of information if that remains the same or goes up and we're looking at the bigger rate hike. stuart: you're right. that will be another big market day. tuesday, 8:30. got it. edward, thanks very much, indeed. president biden unveiled his multitrillion dollar budget proposal. peter morici, economist, joins me now. all right, peter, if some of these taxes go through, a lot of people will be paying more than half their income in tax. i think -- wait, wait, that's, to me, that's grossly wrong and immoral. how about you? >> well, in new york city it's going to be more like 60 or 62%. stuart: yeah. >> i mean, chuck schumer better buy some going out of business signs to put up in manhattan if they were to pass this thing. it's really a political ploy -- stuart: you keep going on about -- they keep going on about their fair share. 50% is a fair share for the government to the take? you work all the way up til june before you're working for yourself. >> it's not a fair share.

it's exorbitant and confiscation. no one expects these taxes to pass. what's going on here is under president biden america's real wages have gone down about 8%. people are just flat out poorer because of his bankrupt economic policies. this is a way of distracting attention. it's a way of saying, you know, what's really going on is the rich are getting all the money. i'm going to take it away and give it to you, but he's not. what he's going to do is spend it on the inflation reduction act, his industrial policies and so forth which will just drive inflation even higher. this is really setting up for the 2024 the election. stuart: and you don't think any of these tax increases will go through, none of them? >> no. i do think that some of them could go through. sooner or later the carried interest is going to go away. i mean, or or that really isn't very fair. some of the things that llcs coare kind of abused. you have people who make $500,000 a year and pay themselves a $10,000 salary, run

the rest through an llc because they're self-employed and pay no payroll taxes. stuart: a new crypto tax, is that going to go away? if stock buyback tax? corporate taxes go away? >> that might -- the the republicans are in a negotiating position. they only hold one-half of one-third of the government. if if think they they're going to just get spending cuts without some revenue enhancements, then we're not going to have a deal, and we're going to have a budget crisis. i think some of this could happen, but some of these draconian taxes on income, that's not gonna happen. also who does he want to soak? the folks on wall street who are some of his biggest contributors. that's what's kept the carried interest alive all these years. every democratic president says he wants to do something about the carried interest, and at the last minute it gets pulled from the table. why? probably because jamie dimon is whisk perking in -- can whispering in his ear.

stuart: peter morici, thanks for joining us. >> take care. stuart: some companies want to cut benefits as they prepare for what may be a recession. which benefitses? >> popular ones. parental leave, adoption, fertility assistance and childcare sub city keys. in this comes from care.com, it's a site you go on to find babysitters, for instance. they did a survey, and they said about half of the companies that they spoke to plan to cut these type of offerings potentially this year because they're worried about saving money in an economic down urn. stuart: okay. do you think a recession is coming, kenny poll kenny polcari? >> i think it's already here, and i absolutely think it's going to get worse -- stuart: can't have a recession when you've got 311,000 jobs created in february, 500,000 in january. >> okay, but the unemployment rate started to tick up this month, we're going to see it continue to tick up. and, look, powell's made it very clear, he's got to get it above 5% in -- if he's going to succeed at all unless, of course, they redefine what the

cpi target is, which is what i think they're going to do the, make hair job a little bit easier. stuart: i recommend decaf, kenny. [laughter] thank you very much for staying with us and drinking our coffee. [laughter] still ahead, tammy bruce, brandon judd, steve hilton, texas congressman dan crenshaw. the 10:00 hour of "varney & company" is next. ♪ i wanna rock ♪ ..

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