effect on chip stocks. money is coming in. the dow reversed. it had climbed into the green earlier this hour. it is down 80 points. a lot of that is the looming government shutdown. give me 15 second. >> here is the thing i think you need to look beyond over the hood of your car. i know there will be rough times. i don't think you want to be chasing overvalued companies, and you have to know what you own. liz: good stuff. always good to see you. [closing bell rings] liz: thank you very much, jordan kimmel. markets mixed at this hour. s&p popped into positive territory. we'll call that too close to call. russell green, dow jones industrials red. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. we're here at the ronald reagan presidential library working with our colleagues for the second republican presidential debate tonight. now as an alumnus of the reagan

administration i always get a big kick out of coming here. it is kind of like a home coming to celebrate the phenomenal success of an administration that defeated soviet communism and spurred a multidecade economic boom by putting the economy back into the hands of the hard-working men and women exercising their freedom and god given talent to make america the greatest country in the history of history. right at the beginning with the gipper's inauguration speech on january 20th, 1981, he laid out his core beliefs in these famous words. please take a listen. >> government is not the solution to our problem, government is the problem. larry: all right. and years later in thinks second term president reagan reiterated that core belief. take a listen to this one. >> the nine most terrifying words in the english language

are, i'm from the government and i'm here to help. larry: there you go. now additionally, during a period when inflation was the number one economic problem, that was back in 1980, just as it seems to be today, here is what the gipper said as a solution? >> why is it inflationary if you keep more of your earnings and spend them the way you want to but it isn't inflationary if he takes them and spends them the way he wants to? larry: all right. there you have it. some very wise words. regarding tonight's debate i think the seven candidates who will be on the stage will have a crucial second chance to articulate a positive, common sense vision to solve the problems created by joe biden's misadventures and left hard lurch. frankly i don't think they got the job done in the first debate. sorry to say it, but that's my view, that's why tonight will be a second chance and i believe voters are looking first and

foremost for a strong commander-in-chief, a strong leader who will reject the big government socialism of joe biden's democratic party and explicit reject in bide's so-called "bidenomics" and his far left green new deal which is destroying the economy and jobs. the solution to today's inflation and falling real wages is not more government central planning or regulating, no, no, the solution is free enterprise economics, free markets, low tax rates, minimal preglations and a strong, reliable dollar and reopen the oil and gas drilling and refining spigots that will increase energy supplies and reduce energy prices and thus bring down inflation throughout the economy. mr. biden's democrats want more and bigger government. the republican candidates must

unambiguously reject that notion. also, these candidates must explicitly reject the open border chaos and catastrophe that is now plaguing the country with eight million illegals during the biden term. with lawlessness, with homelessness, with fiscal bankruptcy, with drug trafficking, with sex trafficking and with virtual end to american sovereignty. the border will be a big issue in tonight's debate and border security, a border wall, back to remain in americas co, using the military if necessary going after the drug cartels, these are all things that must be addressed clearly by the candidates this evening, no hedging. no ambiguity. and finally restoring american values, traditional family values, traditional parental values, traditional schooling. this is what folks are thinking about in all parts of the

country. tonight's debate should not be about attacking donald trump, who is the clear front-runner and has actually run a superb issues campaign, no, no. the candidates on the stage tonight must tell voters what they believe, where they want to take the country and how they will overturn joe biden's wrong way direction. the spirit of ronald reagan hangs over the debate tonight and i surely hope the candidates are listening to the gipper's wisdom. all right, we can talk much more about all of this over the course of the show but now we've got to talk about some fiscal problems on capitol hill and which are very pleased, perfect man to do it, speaker of the house, kevin mccarthy. we welcome him to the show. mr. speaker, thank you. i want to talk about some of the themes of the debate tonight and i know you're deeply involved in

these themes in washington but first, maybe you can update us and i'm so interested with respect to the search for a continuing resolution and regular order on the appropriations bills, you have linked that fiscal battle with changes for border security which is such an enormous problem and i would like for to you expand on that because i think it is a powerful message. >> thank you, larry, and you got to be inspired, i think every american should go through that library because some of the same similar challenges we had as a nation when ronald reagan we came in we're having today, from inflation, from the rise of power from china and this new movement for china, north korea, russia and iran and we're watching people believe that government can solve the problems we know that is caution the problems. everybody should go out to the reagan library. let's talk about what we have right now. we have a real challenge on our

border. not because of policies made passed the house or senate but simply a new person in the white house. this president biden changed a lot of policies that gave us an open border. with that we had 50,000 people just in the last five days those are ones we know of. not that republicans are arguing about this but let's look to democratic leaders. i don't know if america knows but the governor of massachusetts declared a state of emergency based upon immigration and they're far from the southern border. the governor of new york, the mayor of new york city, the mayor of el paso, they say it is on the brink of their communities breaking based upon this open border. it also brings us fentanyl, the number one killer of americans between the ages of 18 and 45. today 300 americans will be poisoned and die from fentanyl. like an airliner crashing every single day in this nation and

this president, think what he does, he goes to a picket line in michigan but he actually caused the picket line by his policies to subsidize these electric cars that are moving their cars overseas, and now the problem he is causing by ignoring the border. i believe we can put an emergency bill on the floor, keeps the government funded, secures our borders that is exactly what we bring forth on friday. we're bringing more appropriation bills, which equals 73% of all the appropriation money that we need to get done right now. so we're doing our jobs. we want to make sure the president does his as well. larry: so basically, mr. speaker, you're saying let's get 30 or 45 more days with a temporary resolution and then, that will give you elbow room and time to complete the appropriations one after another, to avoid another omnibus package that is so unpopular and unsound but meanwhile, you are adamant, and

your conference is adamant i take it, you want to tie all these fiscal reforms to border security which in some sense, speaker, i mean inflation may be the number one problem but i think border security is not far behind? that is basically your strategy, is it not? >> that is few and look, we can look at places we can save more money. during the debt ceiling we cut 2 trillion, put work requirements in. we have nepa reform we haven't had in 40 years. we put a new pipeline in. we have a movement forward but we got to build on that. what we found happening on our border, the human trafficking, the challenge that every community is a border community. look it, chuck schumer is the leader of the senate. his governor and his mayor is pleading to do something about the border. we're hearing it across the nation. when the president went to the u.n. he didn't meet with the mayor of new york city. why? because he didn't want to hear about the challenges and destruction that he is doing to new york city. that far away from the southern

border. larry: so your first deadline as i understand it is friday? >> well, we'll bring up the emergency funding bill on friday. the government funding runs out 30th, late sunday night midnight. we believe we can get this done. the senate has not passed one appropriations bill unfortunately. larry: the senate, as i understand it they're working up some kind of a cr but there is no border security involved in that. they're really not aiming at the exact problems of the country right now? >> no, i think they're a little tone deaf. they should focus on america first, understand what the challenges are. i believe that is what president reagan would have done and the thing i think, i keep a portrait of reagan in my office, he is smiling all in color, people ask me why. if ronald reagan was here today he would tell you to the believe in the exceptionalism of america. if you believe in your

principles that it brings people more freedom you should be a happy conservative but should express that and show people a path. larry: i love that. when i was a child working for him i learned about that and i still love it today. it is fabulous. kevin, just one last one, do you think you can keep the government open by the friday deadline? >> i believe so. look, it is not much to be able to do some actions really quickly on the border. the president doesn't take legislation to do it. we can simply make an agreement he will do romaine in mexico, stop wasting money restoring materials. finish openings on the wall you have to get done. look at title 42, and we could be in a new position to saving more american lives, stopping the fentanyl coming across and saving these communities that are calling out and asking the president to do something about it and these are democratic leaders. a state of emergency in massachusetts? who would have thought. larry: yeah. no, i agree. we see it in new york too. i mean the illegal thing is a catastrophe in new york and

you're right, the democratic mayor and even the democratic governor have now come around although the biden white house refuses to meet with them or give them any help. so you're taking matters into your own hands. will the republican congress keep the government open and also get this border security done? what is your forecast, mr. speaker, last question? >> that is exactly what we're proposing on friday to get that done. move the emergency bill to keep the funding for the government open. look we passed hr.2, border security. the senate never brought it up. we passed hr.1, deal with energy, make us energy independent and stronger, the senate never brought it up. we passed the parents bill of rights, give a say in their education, the senate never brought it up. which understand just as ronald reagan, economics matter. we saw what biden has done, brought us inflation by overspending. we're beginning to curve that, continue to grow our economy, make us energy independent but also rein in government and give the freedoms across america, to

americans to make us this whole nation stronger. larry: i hope the candidates on the stage tonight listen to your words, mr. speaker. i'm going to bet a lot of them are watching this show today and i really appreciate your reaganesque themes. i will say good luck on the deadlines. thanks for coming back to our show. >> thank you. larry: you bet. take care. all right, folks coming up now, americans want a common sense solution to inflation, to crime, to ukraine, to the border to schools. the question is can the candidates deliver that tonight? that is really key. we'll ask the great kellyanne conway. don't forget fox business hosting the second republican primary debate right here in the ronald reagan presidential library in simi valley, in california, 9:00 p.m. eastern. yours truly i'm right here this is the first outdoor show, if i'm not mistaken. we're hosting the predebate coverage 8:00 p.m. eastern,

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♪. larry: all right, focusing on this debate tonight the question i have is, can the candidates give america common sense solutions tonight? let's ask the one and only kellyanne conway, former counselor to president trump, president of ka consulting and a fox news contributor and author of the excellent book, here's the deal. welcome to our outdoor celebration of ronald reagan, kellyanne. so, okay, back to business, serious business, i don't think that these candidates got it done in the first debate, all right? maybe some moments this, some moments that. i don't think they hit, i don't think they said, this is phrase they used, they didn't make themselves commander-in-chief. i don't think the policies were clear on inflation, on the border. the border business is now becoming front and center, front page. what does kellyanne think about all of this? >> remember when steve forbes on the flat tax he superglued

himself to one big issue, when you talk about flat tax you knew what the problem and sew using were, associate it back to him. no one has done that with taxes, deregulation, unleashing american energy. can any of these guys and gals get us to 4% growth and how? what will they do about 40, 40-year high interest rates? what would they do about 40-year high inflation? people want specifics. we have to get way past the sound bites. folks are suppering. 15% any they're better off under "bidenomics." larry: who is that? rough crowd. >> biden family. survey of wilmington. [laughter] larry: checks flowing in, never mind, i'm sorry, here we go. >> but that is on peoples minds, seriously speaking. you know the statistics. majority of americans say they can't afford a emergency bill of $1000, living paycheck to paycheck. they can't afford utilities, the rent, mortgage. these are serious every day

issues. if someone on the stage can give us a four or five-point plan like you put together for the former president, say get up we'll cut taxes for whom and by how much. we're going to get back to deregulatory agenda. which agencies do you really think you can tackle first? is it epa, dhs? tell us energy and also how did we get to 4% growth? remember president obama famously said you can't wave a magic wand and get to 2% growth. 1.8% average in his years was new normal. it was not new normal. we got it to 4%. we got it to energy. i don't want to hear the nonsense of all of the above energy policy, that is opinion lump. that is a sound bite. the specifics are, get back to the pipelines. larry: drill. >> drill, baby drill, alaska, new mexico, gulf of mexico. >> we are energy under our feet and off our shore made in in the

usa. larry: petroleum derivatives cover the entire economy. there are 300 areas in the consumer price index. these guys don't get that. say it. >> in other words, we all know the candidates, if there is not a single candidate you can say you came away from the first debate or what they have done in the ensuing five weeks and you're saying here is candidate x's three-part plan to turn the biden economy around, then they failed to make that deal. they need to do that tonight. it is really important too, because i know the border is also an economic issue in addition to issue of national sovereignty and national security. the drug crisis is an economic issue. crime, like you saw in philadelphia overnight, that is an economic issue. so security, affordability, fairness, education. if they stick to that acronym, safe, national security, border security, economic security, affordability is easy to figure out, everyday affordability. fairness in men and women's sports. no eight million people crossing border. larger than population of 38 states in this country.

you no, you can't have, it is not fair that people are overtaxed. it's not fair that kids in baltimore don't have proficiency. you get to the education. democrats will never be for charter schools, school choice, educational freedom, opportunity scholarships. these folks like senator tim scott can come forward i can say i'm a product of that education reform. time we bring that to the children of america. civil rights issue of our time. larry: you know i was on with john roberts and sandra smith earlier. >> i saw you. larry: two of the best of the best. here's the thing, we were talking about this and i think, you have to be, you have to totally reject the big government socialist model and the green new deal model. in other words, they were playing a clip, aoc was complaining about the economy, interesting, so -- >> said it is in crisis. isn't that something?

larry: but her solution will be more government, more central planning, more taxes, more spending and more regulations, right? >> always. larry: okay. people on the stage tonight have got to say that, say no, no, no. we're here in ronald reagan's library. he was a free enterpriser. he was a free market guy. he wanted working men and women to run this country, not the federal government in washington, d.c. we reject the left-wing socialist model and we want free enterprise. they have to come out and say it, kelly can, say it. >> mini tutorial on capitalism why that works. every single time it works. rejection communism, socialism, globalism, frankly. larry you make a great point yesterday. took another tour of the reagan library, museum. people don't appreciate you're the highest ranking trump official that also worked for president reagan. that is not by accident. no. it is called, not a coincidence, causation. larry: why i love this place. >> people remember that ronald reagan was this great communicator. guess what, if you don't have

something substantive and compelling to communicate you're not a great communicator. what did he do here in california? proposition one. it failed but he turned around and got proposition 13 passed 50, 60 years ago. how? educated people you shouldn't have to pay these taxes that are confiscatory that leave you with less, less than half of what you earned. it compelled him to run for governor. it compelled him to run for president. he ran on lower taxes, deregulation. when he said are you better off than you were four years ago, i watched it yesterday the debate with carter. they have it running here in the museum. i watched it again. his closing statement. it is evergreen. it is timeless. you have to finish your sentences. you can't say i'm not biden, i'm not trump. i don't know what the haley plan is, pence plan, christie plan, scott plan. tell us what you do specifically. larry: core beliefs. you want to see, you used this, i saw you this morning on one of the, commander-in-chief, commander-in-chief of the

economy, commander-in-chief of parental school values, commander-in-chief of the border. show us. trump is way ahead because he is running on issues. trump is the guy run aring on issues. >> doing policy videos, doing a terrific job. if they attack trump for two hours tonight i'm telling you it will get them nowheres. >> it will get him up to in the polls again. i think there are better argument to have a split screen between a republican candidate and joe biden. i'm the guy who can replace biden. larry: that's right. >> quickly, trump is running on policy. also basically saying everybody else is problem is inning what they would do on the economy and inflation and the border. i actually did it. larry: i did it. >> look at promise, versus delivery. when you high someone who do a job you hire someone already done a job. i think that is why he is ahead. larry: by 40 points. the best of the best of the best, she is the best of the best and a long-time friend. coming up here on "kudlow," americans want to hear about

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♪. larry: well seems like a simple proposition, republican candidates really should focus on joe biden-flation tonight. i don't think they got it done the last debate. we'll see. talking about this, joining us the great charlie hurt, "washington times" opinion editor and fox news contributor and john carney, "breitbart economics and finance" editor

and coauthor of the "breitbart business digest" which has a cult following. gentlemen, thank you very much. john, i start with you, you have written two articles, this is great. inflation is the number one problem in most of the polls. the gop didn't get there. only mentioned it six or seven times in the entire first debate i believe was two hours. they actually didn't mention the economy too much. i'm scratching my head. you tell us, are they getting it done this time? that is why i said there is a second chance here because they didn't get it done in the first debate. tell us about this, john? >> i really hope they have been watching your show, larry, because you've been telling them what they need to do. i think they probably got some pushback after the last debate saying look, in every poll shows the number one issue facing americans is inflation. that should be the number one thing that comes out of their mouth and it affects issue after issue after issue. hey, health care is expensive.

inflation. gasoline is expensive, inflation. foreign policy, guess what, high gas prices mean that putin is making a lot more money off of his oil they can hit this on every issue. they shouldn't, they have no excuse for ignoring it this time. larry: charlie hurt, i want to get your take what john carney is saying also i want to bring in biden is phony, joins the picket line for the uaw. biden's green new deal that will be destroying automobile-related jobs for as far as the eye can see. i mean the problem may be ford or gm or whatever, chrysler but the reality is biden's policy, the electric vehicles are destroying the car business. i mean how does he get off doing this, charlie hurt, and should these guys be talking about this tonight? >> don't forget the only reason joe biden went to the picket line in michigan because donald trump already stole his lunch on the whole issue of this

strike in the first place. larry: right. >> when joe biden sent his emissaries to detroit to negotiate with the uaw, help the uaw get a good deal with ford, they told joe biden and his emissaries to politely buzz off and go home which was enormously humiliating considering how important the unions are to the democrat vote. but absolutely, everything, as always you're exactly right about this, the fight here has to be about the economy. you have to go toe-to-toe with joe biden and when you break it apart and you look at every single issue, major issue, that is leading to the problem with our economy today, all of it can be drawn directly to policies that the biden administration has enacted. in some cases in order to, you know, directly subvert the previous president, just out of pique or something, it has cost

american taxpayers an enormous amount of money out of their wallet and the question i want every republican to ask who do you think joe biden is working for? if you don't feel like he is working for you at home. is he working for china, working for ukraine, who is he working for? he is not working for the american people. larry: john carney, the phrase, hard-hitting comes to mind. these candidates need to be hard-hitting direct, very clear. kellyanne was here talking about how, why shouldn't they have like a four point plat form and just look in the camera and keep talking. ronald reagan had a four point platform. donald trump in 2016 which was his issues campaign, had a four point platform and trump's doing something similar this campaign he didn't really do in 2020. to me that is what i want to see. have a commander-in-chief visage, to say, i will throw out

biden's socialism, big government socialism and restore the free market enterprise to get the economy moving again. am i asking too much? i'm serious. i get frustrated with these guys, john carney. >> you're right to be frustrated. they have not done it so far. tonight is the big chance. go ahead and say here are the four things i would do to fix the economy. you can pick so many different things. number one thing should be restore growth without inflation. we can do it. we've had growth without inflation. the fed is afraid of growth, frankly. they think anymore growth will produce inflation. they want to slam the brakes on growth. we can have non-inflationary growth in the u.s. to get back to the uaw strike, it is evs, that is a huge problem, but it is inflation. their number one issue they want to get paid more because they lost their money since the last contract. they lost the cost of living adjustment. it is biden-flation. the moment they are asked, i don't think workers should get

paid that much. that is some of reaction so far. very bad thing to say. yes, they need to be paid more because biden drove the value of their dollar through the floor. larry: i will give them a raise. biden gave them a pay cut. charlie, 30 second, what good is it to whack donald trump. do you think it happens tonight? 30 second. >> i don't think it helps them at all. you're exactly right. the best strategy to go after joe biden and you know, bring a voice for the american people who are suffering under this. "bidenomics" and they will be rewarded for it, "bidenomics," really sounds like a disease, worse than covid. >> only one cure for it, john carney, there is no vaccination for "bidenomics." you have to throw it out all together. moving right along, outdoors, first outdoors kudlow, i'm having the most fun this is the good, the bad and wonderful. steve hilton, steve hilton, fox news contributor, trace

gallagher, anchor of "fox news at night," and if that weren't something pete hegseth co-host of "fox & friends weekend." pete is doing "fox nation" tonight covering the debate. >> who is the good, bad, wonderful? let's clarify, take positions before we move on. larry: one's imagination is -- of programs. steve hilton and trace gallagher, you live in california. >> yes. larry: you have for quite sometime as i recall, okay? >> yeah. larry: everything has gone wrong in california. >> right. larry: it is a model for what biden has done in washington. now two things, number one, how can you guys let this happen for all this time, that's what i want to know? you live here. but number two, why don't these candidates i can think of one in particular from florida, say, look at that mess, look how my accomplishments are much better. explain that to me. start us of on that. he is from nashville, someplace in tennessee, basically gotten

the story right. so he is clean on this. you two are really dirty on this point. >> yeah. well thank you very much. it is not -- i get so mad when people say you deserve this in california. i never voted for it. there are millions, more republican voters in california than anywhere else. i'm a u.s. citizen now. larry: there you go. >> this is what is going on here. this is why it is important. it is a great question because all the bad things that are now infecting metaphor of the disease, infecting the rest of the country they start here. the green new deal you talked about earlier, started here. all these bad things. economically, socially, on crime, everything that's bad it starts here. that's why those of us who are here we need to fight to turn things around. because you know better than anyone, back in the day in the reagan era, here from california we used to export dynamism and prosperity. now we're exporting despair and stagnation. we got to turn it around. larry: nice going. >> i'm actually doing that. larry: run for office. seriously run for office.

with that british accent, would be very dynamic thing. >> i just started something called golden together. trace and i talked about it, to put out a positive and practical ideas to turn things around. larry: okay. >> we need to do it just not for california to save this great state, but save the country. larry: trace gallagher, what did you tell me the gasoline price here? >> the gasoline outside the borough, 35 miles from here, $6.08. that is the whole concept. steve is right. talked about the uaw strike with charlie hurt, the electric vehicle push began in california. they set a date. they want electric vehicles turned over and nothing sold but electric vehicles by 2030. it is one of those things where it is not sustainable because they don't have a plan to be able to back that up. larry: talk about, gas-powered vehicles, really, seriously? californians take that seriously? >> they can't keep the lights on out here, when it gets hot.

there is not enough electricity in california to keep the grid system going. they want us all to rely on some grid that is nonexistent in seven years? it doesn't make sense. >> wait until the gas-powered trucks by the way. >> or the tanks, coming next in the military. larry: pete hegseth, tell them how it should be done, would you? we need a note of sanity here. >> ronald reagan would be very proud of states like tennessee where they allow the cops to do their jobs. they prosecute criminals. government gets out of your way. i have a government that when i call them they actually are nice to me and help and things actually happen. inflation still hits across the country of course, schools are sane, taxes are low, faith is flourishing. larry: stop there, faith is flourishing. tennessee, as i understand it, school choice, state? >> getting there, not fully there. larry: parental rights state? >> very much so, yes. larry: faith is flourishing state, religious freedom? >> not just churches but full

churches. families faithful, families want to raise their kids in religious schools. speaker of house in tennessee said i want to reject federal education money because we don't want the strings come with it. i'm not saying tennessee is perfect. larry: you californians, voted in california for years, accepted this dynamic plunge of decline what used to be a great state, are you listening to that? >> california is suing schools because of transgender issue, they are suing schools that will not keep secrets from parents. if a child is transitioning and school lets the parent now, that is outlawed, you can't do that in california. larry: what a terrific idea. >> they will sue the school on that. which is why hundreds of thousands of kids are being pulled out of public schools, going to private schools or homeschools. the public schools are hurting. test scores in california are

about as abysmal as they are in baltimore. larry: steve hilt tone you can do your show, popular show, in any other state. why stay in california? it is a woeful tale. what pete hegseth is saying a wonderful solution. why are you doing the show from cal? >> we will turn things around. we have the highest taxes. with the highest taxes, we have the worst poverty. we have 50th, we are basically top of every list that you want to be bottom of and bottom of every list you want to top of. we have the worst literacy. worst poverty. highest housing costs in the nation. larry: terrific. >> lowest homeownership in america. so which got to turn it around. that is what we're working on. >> candidates tonight are going back, i'm very serious about this, this is the kind of messaging they should get out with clarity, not be afraid. >> very much so. reagan was the great communicator, morning in america guy, the happen warrior, it

doesn't feel like a happy warrior moment now you have to point to california. if gavin newsom want to be the standard-bearer for california do you want to make america california? here is what the left is destroying, continues to destroy. here is what we believe in. this is basic bedrock issues time. do we have men and women? should we protect our kids? should taxes be low. all of those things that they need to focus on those issues. i agree, if they start attacking trump, this is the party of trump. that bad idea and gives us a sideshow. >> without giving us gdp i hear that, i want to know why gas is 6.87 a gallon? i want to snow why the burrito next to the gas station is $16 that was nine dollars a year ago. $16, the same burrito. larry: that is impressive. >> food is only up 4.6%, come on, forget that. that burrito is never coming down, larry. the gas might come down but that burrito is never coming down.

people know that, they need someone to explain to that why, what they're going to do about it. larry: steve hilton, can you afford a burr roto? $16 for a burrito? do you like burritos as a former british subject? >> i save half for the next day. that is how it works at this point. larry: well-done here in california, nicely done. pete hegseth, thank you for the truth with a capital t. >> you got it. larry: catch pete's pre-and post-debate coverage with "fox nation" starting to night at 8:30 p.m. eastern, "fox nation".com. coming up on "kudlow," another win for joe biden. poverty has gone up significantly under joe biden, there is no end in sight, because he has done everything wrong running big government socialism. we'll talk about it with kevin hassett the smartest economist i know next up with "kudlow." please stick around. ♪.

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and i'm on my way to lose another three. with golo, i can do it. (announcer) change your life at golo.com. that's golo.com. ♪. larry: here is another one for joe biden and "bidenomics," poverty, has gone up in the last 2 1/2 years, a lot. no end in sight.

he said middle out, lower up. really? joining me kevin hassett former chair of the council of economic advisors during the trump administration, author of "the drift," stopping america's slide to socialism, most important book of the 20 first century. we don't have kevin. all right. all right, we now found kevin. i will talk about poverty and failure of "bidenomics." there is my pal kevin hassett. kevin, you have new numbers. "bidenomics" was supposed to be middle out and lower up. looks like middle down and lower down. you tell us, please. >> right, larry. i know you've been busy ou there at the reagan library, so you didn't notice the intelligence reports today that suggested "bidenomics" probably escaped from a lab in wuhan. larry: okay. got it. >> i'm sorry. but the fact is, that the poverty right now is skyrocketing in the u.s. because the media can't cover the economy straight up because there is a democrat in the white house, nobody is talking about it. but if you look at the numbers,

poverty per families that are headed by females, single fee mails, the poverty rate in 2021 was 11 percent. in 2022, after a year of the inflation, it jumped to 22%. it doubled. for african-americans, it weren't from 12 percent to 18%. nor fate any of americans went from 11% -- looking at big swaths of america 25% of people are in poverty and nobody is talking about it. we have a poverty emergency. it is really important we get people to understand it. people need to start talking about policies that will fix of the problem, not just deny it. larry: kevin, this should come up tonight, too. i don't know if it will, in a word, kevin, why is this? you're doubling or more the poverty rate among mining north during the trump years, those poverty rates came way down as the unemployment rate. >> historic lows. larry: what is going on here, kevin hassett?

>> what's going on is that wages haven't kept up with inflation. so that same census report that gave us the poverty numbers showed us that since 2019, right before covid that real wages in the u.s. dropped by 4,000-dollars per family. that is the median family. you know the people who are poorer are not in the median. they're way below that. so, when you talk about 16-dollar burritos and almost seven dollar gasoline in california, people just can't make ends meet. it shows up in the poverty statistics. the way to fix this is get growth up again and also get inflation under control. larry: kevin, today, oil hit the highest point this year. west texas got to $94 a barrel and present crude got to $97 a barrel. also, kevin, the treasury bond, the 10-year bond, which is a bellwether bond and also and inflation indicator that is now,

that closed over 4.60 today, 4.61. the markets are starting to show exactly kind of data points, attitude, that you're talking about. >> you know, larry, it was early last summer when you and i on the show were saying 10-year treasury rate has to go to at least 5%. we talked about the taylor rule where it ought to level out. i actually think it is 7%. you with your eye amazing network called upjohn taylor. he thinks it is six, a little high. six or seven, that is where interest rates are going. they're getting there inexorably, john taylor deserves a nobel prize because he showed us the interest rate you need to get inflation under control and the fed is not doing it. the fed is still low but the taylor rule. like the law of gravity, you got to go there if you want to fix inflation. inflation. people are seeing that -- larry: kevin hassett, best of the best ♪

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thank you. mmhm. [bubbles] larry: all right. just a reminder, yours truly will be hosting the pre-debate coverage at 8 p.m. eastern, 5 p.m. pacific. you don't want to miss it. listen to ronald reagan, his program and his spirit about freedom and free market capitalism. and now we ought to listen to liz macdonald next up. elizabeth: larry, we will be watching you tonight, we can't wait. it's so exciting. you're the best, larry, love you. okay, it is game on. the fox business republican debate just hours away. our all-star "evening edit" panel on the t