doing in a.i. an etf that investors can buy chat, not to be confused with chatgpt. it has a lot of chip-makers and a other companies that will benefit in the generative a.i. space. liz: it is gaining 4% right now. year over year it is up 12%. round hill generative a.i. and etf tech. david we have a big rally today. what to you think happens form? can we push into the green for the week after monday's horrific display by the bears? >> i absolutely believe we can. we had tough days with the economic data and global carry trade. [closing bell rings] >> the market is on track, constructive with stocks. liz: david, good to have you. look at the dow, making a shot to the screen up 701 points. s&p, nasdaq, best day of the year. we'll see you tomorrow.

♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so, president trump back on offense today, wrapping up an hour plus press conference just a few moments ago. we've got dagen mcdowell, katie pavlich, tammy bruce will weigh in on that whole story in just a moment but first up fox news's bryan llenas will give us a roundup. brian, what did you see, what did you think you saw? >> reporter: larry, look it was over an hour. he took something like 40 questions. the former president taking question of a question, what is now the 18th day his opponent vice president kamala harris has gone without having a news conference her several since she became the presumptive democratic nominee. >> what are we doing right now? she is not doing any news conference. you know why she is not? she can't do a news conference. she doesn't know how to do a news conference. she is not smart enough to do a news conference. i'm sorry we need smart people to lead this country. our country has never been in

this danger before. >> reporter: former president said harris and running mate tim walz are enjoying a honeymoon period in the polls right now that will come to an end when people get to know her and her policies. trump warned that the harris campaign will raise taxes especially the trump tax cuts expire next year. he said voters are going to quote with their stomachs, meaning inflation at the grocery store, is the inescapable issue for harris. >> we're going to have no tax on seniors social security. and we're going to have no tax on tips, very simple. and we are a country that has so many different ways to make money. we have, we have under our feet more liquid gold, i call it oil and gas, than any country in the world, much more than saudi arabia, much more than russia. >> reporter: trump then said he believes presidents should have a say in the interest rate decisions made by the federal reserve, while commenting on fed

chair jerome powell. >> the federal reserve is a very interesting thing and it is sort of gotten wrong a lot and, he is tending to be a little bit late on things. he gets a little bit too early and a little bit too late. you know that is very largely a, it is a gut feeling. i believe it is your gut feeling. i used to have it out with him. i feel a president should have at least a say in there. i feel that strongly. >> reporter: trump challenged harris to three debates, larry, september 4th here on fox, abc news on september 10th and nbc news on september 25th. harris agreed to the september 10th debate. we'll at least get that one on abc. larry? larry: bryan llenas, thanks very much. president trump on offense hitting kamala harris on all the issues, that is the subject of tonight's riff. ♪. just two days after kamala harris picked the far left progressive governor tim walz

donald trump stood up for over an hour, the news conference today, mar-a-lago and hammered the entire democratic ticket and i mean hammered. on the economy, inflation, open borders, crime, foreign wars, all across the board, you can almost call it a fresh campaign reset. here is just a little bit of the hammer. >> kamala's record is horrible. she is a radical left person at a level nobody's seen. she picked a radical left man that is got things that, he has positions are not, it is not even possible to believe they exist. larry: kamala has been the presumptive democratic nominee for 18 days. still hasn't faced a press conference or any media questions at all for that matter. mr. trump had no teleprompter. looked like he had just one page of notes.

answered all the questions, still standing tall at the end of the 64 minute presser. joe biden couldn't do it. kamala harris won't do it. donald trump did it, did it well. now for my taste could have been a little growthier. then again i always want growthier. he did however have a very good tax cut session. take a listen to the tax cut stuff, love this. >> our tax, our tax cuts are the biggest in history, our tax cuts are coming due very soon. if they don't renew them the equivalent of having a four times tax increase from what you have right now and it will destroy the economy? all the years of studying politics i never seen people get elected we'll give you a tax increase. larry: right. i said it a million times. tax cutters win elections. tax hikers lose them. glad mr. trump still agrees. america's great middle class has been swept up by high prices and shrinking paychecks the entire biden-harris term and lately

they have been hurt by rising unemployment. among those without college degrees which covers nearly 70% of the work force, the unemployment rate has jumped from 3.3% to 4.6%. that's a big recession threat. i think mr. trump should keep going growthier, to the great middle america and the great middle class working folks. lower taxes mean higher paychecks. reopening liquid gold means cheaper energy and an end to the biden-harris affordability crisis. rolling back biden's nearly two trillion in red tape and regulations, a boon to small businesses. left-wing progressive like kamala harris and governor walz always blame business rather than tax and pend, modern monetary theory progressive policies always doom to failure. keep that hammer down, mr. trump, keep it down. finally as brian told us trump

offered to debate fox news september 4th. abc september toth. a veep debate on cbs for running mate jd vance. so far haven't heard debating peep from the kamala crowd. that is the riff. let's talk, dagen mcdowell co-host of "the bottom line" height or on fabulous fox business, katie pavlich, editor of townhall.com, fox news contributor, tammy bruce, fox news contributor, author of fear itself, fear itself. katie pavlich, did he get it done? was it a reset? did he need a reset? what you doubling half of it? >> he got it done. there could be fat trimmed off the answers that don't necessarily affect people with their lives that need to vote for him. he talked about vehicle mandates and energy. kent after kamala harris electric vehicle mandate for

trucking. you could have to rebuild every bridge in the country because these things are so heavy. they're not practical. people don't want them. they're too expensive. he is clearly drawing a contrast here not just with kamala harris and president joe biden. i thought him going after the way they took him out, saying he had the right to run for president. now you have a woman who is in charge of the democratic ticket running away from the press on answering questions. whether the american public will reward him for coming out when she is hiding we'll have to see but we have a debate agreed to. both of them, september 10th. we'll see if they agree to the other two. larry: not to get too lost in this, tammy, the fact is katie is right, trump is right. to this day we don't know exactly how it happened that the president of the united states who was essentially presumptivelily nominated in primaries to head up his own party again suddenly hot his john as the nominee.

i don't know if he lost his job as president or not. i can't figure that out either. folks don't understand that. they don't know that. i think that is sort of a dangling modifier. >> it should be discussed and explained. not just that event that is inexplicable, the entire process has been. how biden got elected. hiding in a basement. how did kamala harris get chosen? what have they been doing for the last three to four years? who has been in charge? who is the people responsible for this disaster? who is really responsible for the afghanistan airport catastrophe? who is responsible for the, well, competitive enterprise institute notes $15,000 a year cost to households because of regulations. who has done that? and now who is kamala lawyers? all these questions come up and i think trump points out to them in some fashion about authenticity, honesty, transparency. who are these people?

why is tim walz being portrayed as some kind of a aww shucks moderate democrat when he is bernie sanders? how does that work? it comes from all of that, from the beginning. the american people have to realize that this has been the ultimate in gaslighting and we've been lied to continuously which allows them to be you know, to do what they want while telling us not to believe our lying eyes. larry: dagen, come to you on this though, is this a reset? trump has not had, by some critics, trump has not had the best 10 days of his campaign. i was talking to vivek ramaswamy about this last night. others raised issue, going after brian kemp in georgia, a few other miscues, kind of off message. now looks like with walz coming in, and he is a far left guy no matter how much he aww shucks. is he coming out swinging after they put this guy walz up? >> he doesn't need reset he

needs a focus. larry: focus. >> he needs to focus more, one thing i wrote down from the press conference it is of course, i never heard anyone campaign on a tax increase. larry: don't you love that? >> boom, shakla. he can hammer that even more. larry: heard me say that. heard me say that. for the last several decades [laughter] >> i want a pile driver on that issue and on all policies that matter to the american people. he has the opportunity to paint kamala harris into a corner because she is saying nothing about policy. so, the democrats want to raise taxes on the vast majority of americans. the democrats want to get rid of the trump tax cuts. they weren't for the rich. they were for the working man and women. the democrats want a lower standard deduction. they want to tax the businesses

that you work for or run. that means fewer jobs. that means again a stranglehold on you and your family. that is more of the last 3 1/2 years of intentional suffering and hardship that harris and biden inflicted upon you. keep hammering the tax cuts but also, everything that kamala harris has helped do has been a handout to iran. they have enriched iran. they have enriched climate crusading cronies and they have enriched people who have the privilege of going to college and getting a four-year degree. they have told roughly 85% of all-americans who didn't have a college degree, they didn't get student loans, don't have student loan debt -- larry:0%. >> incruding people not in the workforce it is more 85%. so they have told those people, screw you, you don't get anything.

doing more of that she is bragging about that. hammer, hammer, hammer. larry: katie, that gets to it. was there enough of that in the press conference today? >> there was a lot of that followed by other things. larry: i know. >> can we trim off the other stuff and focus on those things, i think that would be the most helpful for the president, but yes, it you can focus what he is saying in terms of substance, he wins every time. the fact is -- kamala harris has not produced a single policy position on any of these things. she allowed her surrogates to speak for her. the claim is they just threw this campaign together. only a month to do this. she ran for president once. they ran away from the far left policies. if they were popular for the country they are running away from them. they are lying to the american people they have any plans different from the policies of the past. she will implement them if gets elected. >> she is worse than anything biden done last 3 1/2 years.

if you get rid of hydraulic fracturing in the united states, that destroys 65% of the natural gas, 65% of the oil we produce, more than 70% of the natural gas we produce. that crushes every household period. who would run on that? larry: and loses pennsylvania by the way. which wraps up the election. >> ultimately, you have the details, dagen. you understand these things. kamala harris can't speak about them because she doesn't understand them. she is repeating things that whoever that anonymous cabal is tells her what they are going to do. can't explain it, can't defend it, can't tell you why it is good for the country. that is why they can say nothing. they won't will be dispratt. they won't agree with the three debates. they're desperate to hider like they did with biden. there is something wrong with kamala harris and the nature of what she understands. like for a different reason there was something wrong with biden. they will avoid it completely.

the american people cannot accept silence from people that have lied to them for two generations. larry: i thought it was fascinating at one point, he was defending biden. >> yes. yes. larry: i just thought that was interesting because that brings out this business, it is like, we just had an undemocratic transfer of power in the united states. >> right. larry: except that, whatever, 200 million or 250 million voters had no participation in it whatsoever. >> yeah. larry: that's something that i think sticks in peoples craw. they know something -- >> something wrong. larry: two things really happened wrong. one of them was the shooting of butler, pennsylvania. no one figured out the secret service catastrophe. it is a huge coverup at the fbi, right. >> absolutely. larry: the other one is this, a cabal just removed a president it would what normally be called a coup d'etat. i like to do the economy. don't like to devaerry from that

very much. these are hot political topics and trump go to them. >> he had moment of comedy. talked about his ear, shot in the lobe. top of the ear, not the lobe. but that was pretty funny. question of yes, something seriously wrong, biden in the white house won't say why he is staying in presidency but not running again. kamala harris knew about the decline, now she is the nominee, taking over at the last minute, claiming she knew nothing what was going on behind the scenes. they always accuse trump of breaking norms. this is not normal. they also claim to be the party of democracy. they were trying to get people like rfk, jr., out of the democratic primary, they filed lawsuits. they didn't have a primary. they switch out the candidate. she can walk into the debates previously negotiated while like she is entitled to that?

larry: i think it is a big issue. tammy, one thing bothers me. the secret service discussion is, there, out of the mainstream, out of the press right now. congress is away. there is a task force, blah, blah, blah in the house. i don't know what is going on. there are secret service agents who were at butler pennsylvania, at butler field should not be at work right now until we find out what the story is. i think america is acutely aware of this problem as well as this so-called coup d'etat problem. i wish more came up in the press conference. trump was valorous in what he did. these are a big thing. americans are starting to scratch their head. you're starting to read in newspapers this was conspiracy talks, this was conspiracy, this was a plot, this was iran. i have no idea about any of it because i don't have any idea. >> that is how conspiracy theories rise. nature doesn't like a void. it is inviting this kind of

problem of conspiracy theories. there was new bodycam footage released about the officer who went up on the roof. sheet reminder about what happened. it has been an extraordinary coverup after a former president, presidential candidate almost murdered in front of the world and yet it is now almost like, oh, well, next. i worry that it is like the las vegas shooting. like the massive shooting at the concert. we still do not know. it is just gone away. this is a problem but it is not helpful when conspiracies begin to develop and yet i have to say, for someone who is vehemently against that dynamic, is that it is understandable and after the russia hoax and the fbi's fingerprints on that, it is now not so strange to think that there was a conspiracy but we've got to maintain some kind of focus and vigilance because it is an outrageous, frightening dynamic for the american people and then cover ups come into it. one of the other things

americans don't like, kamala harris likely roll covering up what happened with biden. that also must be discussed at length. larry: dagen, affordability crisis amongst working people is not a coverup. they know it very, very well. mr. trump must address this again and again and again. i don't think he can talk about it too much. >> no, absolutely not. it is all on the backs and shoulders of harris and biden and what they have done. e.j. antoni wrote about it. seven 1/2 trillion added to the federal debt. one trillion in cash spent out of the treasury department. $280 billion annually people are paying just to, on their outstanding credit card balances. and their wages, real disposable personal income, you like numbers. larry: down. >> has fallen. larry: paychecks have fallen.

>> right. larry: single biggest, single biggest worst part i think of the biden-harris legacy. >> real disposable personal income fallen 6% last 3 1/2 years. it was up 20 some percent under president trump. it is all, this was all avoidable. you don't, where did the money go? they're borrowing two trillion dollars, running a two trillion dollar deficit this year? that's a recession level deficit. where is the money going? well, intentionally crushing people at home and you want to buy a house? you can't buy a house. prices skyrocketed. mortgage rates soared. larry: the american dream. >> right and they have done, they have done, despite the fact they know, it doesn't work they have never changed policy despite, in the face of knowing that it is hurting people. larry: they blame trump. no, they blame trump. they always blame trump. the other day when the unemployment rate went up they

blamed trump. >> what? he is not here. larry: not been here four years. >> so much power. i don't know where he is. >> you want to know how badly government sucks? they can't protect president trump's life. that is how bad government sucks. larry: there is that. i agree. all these things. i mean i think on the whole trump did pretty well. these things are never perfect. >> i know. larry: no, no, you all are perfect. >> thank you, larry. larry: katie pavlich, tammy bruce, dagen mcdowell. catch dagen with her co-host sean duffy, on "the bottom line" 6:00 p.m. own fox business. here is a whopper. dow is up 680 points. must be because trump did so well. it started before he had the press conference. we'll ask david bahnsen to help us out on that. catch "kudlow" monday through friday 4:00 p.m. right here on fabulous fox business. if you can't catch us at 4:00, please text your favorite

nine-year-old. she will show you how to dvr the show and you will never miss a tax cut. i promise you. ♪. ♪("baby" by summer walker)♪ ♪ ♪ ♪ ♪ book in the hotels.com app to find your perfect somewhere.

(fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) how so? (fisher investments) we're a fiduciary, obligated to act in our client'' best interest. (fisher investments) so we don't sell any commission-based products. (other money manager) then how do you make money? (fisher investments) we have a simple management fee, structured so we do better when our clients do better. (other money manager) your clients really come first then, huh? (fisher investments) yes. we make them a top priority, by getting to know

their finances, family, health, lifestyle and more. (other money manager) wow, maybe we are different. (fisher investments) at fisher investments, we're clearly different. everybody wants super straight, super white teeth. they want that hollywood white smile. new sensodyne clinical white provides 2 shades whiter teeth and 24/7 sensitivity protection. i think it's a great product. it's going to help a lot of patients.

with so much entertainment out there wouldn't it be great... ...if you could find what you want, all in one place? show me paris. xfinity internet customers can enjoy the ultimate entertainment experience and save on some of the biggest names in streaming, all for just $15 a month. get the fastest connection to paris with xfinity.

larry: 60 points stocks rally, middle of press conferences, or not, kelly o'grady what is going on in the world? >> reporter: the bounce-back after good labor market data. investor fears maybe we're not headed into a recession. dow up 683. s&p up close to 120, nasdaq up 464. big driver, initial jobless claims totaled 2 to thousand for the week. down 17,000 from the week prior, well below the estimate of 240. much marvel after 180. good news for the labor market. spooked investors inflation is here to stay. now giving the labor market, not as bad as the last friday's jobs report showed. one note, continuing jobless claims they ticked up to 1.875 million. the highest level since late november 2021. speaks to those who are unemployed may have finding a job. zooming out though we still haven't fully recovered from monday's selloff or the end of last week jitters. the dow still down 630 points. the s&p 500 down 58 points, nasdaq down 120.

so larry, look, these are day-to-day moves. look how little piece of market data sends things up and down. wall street happy. larry: thank you very much. ing us to explain it, david bahnsen, managing partner at bahnsen group. dear friend. can't be couple thousand volatile on weekly unemployment claims? >> no. larry: can't be, with all due respect. >> you know what it isn't? it isn't kamala harris, isn't all the different theories. 1.3% is what the dow is down. you know why the dow can go down 1.3%? because you and i sneezed. it doesn't count. we've gotten spoiled. we're a little deceiving on the numbers. we say 1000 points. that is 2% now. 1000 points used to be 10%. larry: what is happening? >> look the monday thing, again carry trade deal people were bored hearing about is going on. don't have the worst day in the nikkei one day and best day in

nikkei ever unless something is technical. they had a leveraged deal. they got broken up. the big tech stuff is expensive. the dow is barely down at all. we've been talking on your radio show. value is doing fine. dividends are doing fine. energy is doing fine. larry: interest rates bounced back up today? >> 10-year back up to 4%. still 70 basis points lower than it was a few months ago t got to 3.66 on monday. it is not pricing in recession. it is pricing in slow growth. i don't want slow growth. i want good growth. larry: look, profits are the mother's milk of stocks, the lifeblood of the economy. profits numbers bounce around. i mean in the aggregate, maybe this is boring to our viewers, it is not political, in the aggregate my impression right now profits are still okay. they may not be 15 or 20%.

>> no. no they're positive. larry: is that fair? >> that is very fair. here is the problem. they priced in 13% profit growth next year, we're trading 21 times that number. larry: that is way overvalued. >> way overvalued. i am glad we can talk about profits instead of politics. with the stock market i thought you were supposed to do. larry: i thought the market rallied on the press conference. the press conference didn't start until after the rally was well into it. oops. >> president trump's tweets on monday were fair game in a campaign but i'm just saying the problem of blaming someone when it goes down they take credit when it goes up. it gets a little crazy. it is profits. it is profit expectations. i would argue it is priced for perfection in the tech sector. anything priced for perfection brings other stuff down. larry: for run-of-the-mill middle class folks if there is such a thing listening to this discussion, what would you

advise them in the market? >> if they're invested in the market, everyone wants to talk about buy and hold the index. you talk about that a lot. it is cost way to do it i think index has become a play on tech, a play on nvidia. that is a little risky. the last time tech was 30, 40% of the market, that was 2000. that didn't end well. people need to diversify, be more value-oriented. we're dividend growth investors. there are other ways to do it too. i'm not only here to talk about my book. larry: would you buy bonds and sell stocks? >> we're not at that point yet. fed will be cutting. i'm not bullish enough -- larry: emergency cut, that kind of thing? >> no, if they did that, look out below! that would be a panic move. last time this was an emergency cut, it was covid. they were shutting down the country. time before that it was bear stearns going under. larry: the economy is definitely slowing? >> definitely slowing.

larry: stocks and profits will slow with it. >> that is the issue. all of sudden you get downward revisions on profit growth, next year expectations in the second half of this year are revised lower i think you will see the index coming down. you add to that the volatility of israel and the election. larry: yep. >> energy i'm watching because the election has a lot going on there with lng export, crude production. that's what you want to watch if you're election focused. larry: david bahnsen, thank you. people don't understand. sometimes i don't understand. maybe most of the time i don't understand. anyway, coming up here on "kudlow," tax cuts win elections. that i understand. tax hikes lose them. i understand that too. we'll talk about it with kevin my ♪. for 44 years. when i have customers come in and ask for something for memory, i recommend prevagen. number one, because it's safe and effective. does not require a prescription.

and i've been taking it quite a while myself and i know it works. and i love it when the customers come back in and tell me, "david, that really works so good for me." makes my day. prevagen. at stores everywhere without a prescription. so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management.

if your business needs a new application then developers will have to write code. a lot of code. if an application needs to be modernized then you'll need time, resources... and caffeine. if this sounds daunting then use watsonx code assistant ai designed to multiply developer productivity so you can generate code quickly. let's create a more modern foundation for business, with watsonx code assistant. ibm. let's create.

did i read this? did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain. visit morethannormalaging.com

larry: all right. kamala harris, soft on crime record seems to be on full display. here with another great report,

fox news senior national correspondent william la jeunesse live from los angeles. william you slaughtered it last night. i couldn't sleep a wink if you ever came against me. what have you got for today, for heaven's sakes. >> let's talk about her record and some positions. number one she opposes mandatory minimum sentences for convicts. she supported the d.c. handgun ban. wants a flags review board for police shootings but she is being criticized even by some democrats for misleading voters and lacking leadership on the soft on crime prop 47. >> california prop 47 allows certain non-violent unserious felony convictions to be reduced to misdemeanors. >> reporter: the year? 2024. police call prop 47 a get-out-of-jail-free card. retailers and local d.a.s predicted a rise in crime but the state's top cop, attorney general kamala harris, said at the time, nothing. >> she was hiding out. not doing her job. not educating the public.

>> reporter: harris claimed as ag it was her duty to stay neutral. others disagreed. top newspapers said harris failed to inform voters, calling her gutless and disappointing. >> prop 47 was a lie from day one. >> reporter: 10 years later some voters want to undo prop 47, blaming harris for safe labeling it safe schools and neighborhoods act. >> misleading school, promising safe neighborhoods and schools was intentionally designed to trick voters. >> reporter: throughout her career harris governed as a progressive. >> i think san francisco wants a progressive district attorney. >> reporter: as d.a. she promised never to seek the death penalty. outraged critics allies after a criminal murdered a police officer. >> this district attorney made a big mistake. if i had known she would have said that in her campaign i never would have supported her. >> reporter: as u.s. senator

said defunding police allowed cities to spend more on services. >> to believe that by putting more police on the street you will have more safety. that's just wrong. >> reporter: she supports sanctuary laws shielding criminal aliens from deportation. and decriminalizing illegal immigration. >> we'll not treat people who are undocumented across the border as criminals. >> reporter: so as ag harris was supposed to accurately tell voters what prop 47 meant for public safety. she didn't. critics say there was no mention stopped dna collection from some felons crippled ability to solve crimes, didn't warn of a spike in theft or the cost to consumers. larry? larry: william la jeunesse, thanks for the run-down, we appreciate it. talk some more about the economy, dear friend, kevin hassett, former chair of council of economic advisors. author of great book "the drift, stopping america's slide to socialism." you saw our former boss press conference, parts of it, heard

about it or something, he had a nice section, maybe we'll play it again. a great section how tax cuts win elections, how tax hikes lose them. couldn't agree with that more. was he growthy enough, kevin, that was the question i asked? i know he was in that game. was it growth think enough? did he make it to the middle class? did he talk about improving paychecks sufficiently? >> i believe he did and he has got this proposal to end the taxation of social security. i know some conservative friends of ours have criticized but it is an example of growthiness. right now if you're a senior, think your social security isn't enough, you go back to work they tax the heck out of you, reduce your benefits. the marginal tax rate could be highest for anybody in the income distribution. we have to get people back to work. it is a total supply side thing. the fact if president trump is not elected a lot of the tax cuts are going to expire and probably the democrats will not renew them. i think it is important he get back in. he emphasized the benefit of his

policies adequately. larry: he did. he talked about social security relief. that can be worked out. there is a lot of ways to work that out. you and i already talked about that, falkander and so forth and so on. seems to me, if you relief the social security, look you already paid once, right, to get social security this asking you to pay a second time. in a sense a third time with the earnings test but the point is, if you relief the tax burden from social security, overall, right, that americans employment more valuable. so we would get more employment. >> right. larry: if you have more employment that has got to be a good thing i would think? >> absolutely. there is another thing that our friend steve forbes has taught us there are all these stealth tax hikes out there from inflation and president trump promises to get ahead of the curve to stop borrowing from the chinese and spending money. the fact is, if you think about it, if the government borrows as much as it is right now, it is making it harder for you to borrow. your mortgage is more expensive,

your car loan is more expensive, interest rate on credit cards are more expensive. you think of that as stealth tax hike. the higher mortgage rate is like charging extra tax on you when you buy a house. all in all you will see a heck of a lot of supply side benefits from reducing government spending and having a big supply side push. larry: all right. not everyone agrees with that. kamala harris, i am going to play a little clip from her detroit speech. it is all businesses's fault. that is what it is. take a listen to this. >> it will be my day one priority to fight to bring down prices, to take on the big corporations that engage in illegal price gouging. [cheering] take on corporate landlords that unfairly raise rents on working families. to take on big pharma and cap the cost of prescription drugs. larry: yeah, this you go, all business fault. not taxing. not spending. not leg rating.

not modern modern monetary theory, not progressive causes. it is business, kevin, what do you think? >> right, if you think about it, what she is basically singling there for example, she support's president biden's rent control even. that was incredibly socialist speech. she picked a socialist vice president very avoweddedly socialist. democratic workers party he is member of in minnesota. that is really chilling thing she just said if you think about it. a war on business is a war on american workers. we proved that during the trump administration where we just deregulated business and cut their marginal tax rates. all of sudden wages grew by more than they had over the eight years of presidentobama. think about it. real wages declined eight years under obama, four years under biden. they're 0 for 12. basically batting 100% under president trump. why would people who care about wages and welfare support these people who are in the democratic

party. seems they're in denial to me. larry: it wasn't just fabulous. just a one or two liner in the detroit speech, but closest she come to any policy discussions at all. what we'll get, basically the bide -- biden-harris economic policies. we don't hear the word biden-flation anymore, don't hear "bidenomics" anymore. "kamala-nomics" look like "bidenomics" is that fair. first time she said anything to do with policy. >> thing bothers me what she just said, i'm sorry, the fact she is the vice president right now, we have a president possibly asleep somewhere and not doing anything. so effectively she is running the white house. why does she have to wait until next january to do something about inflation. why can't she do it right now? why can't the biden inflation do it right now. it doesn't make sense to me. i have one last thing to add, i

think the response to the initial claims today was way, way wrong because people don't lay off folks at the beginning of a recession but they stop hiring so really clear that hiring has stopped, that the jobs report signal from last week is the true signal. what i think that means, going into the fall, going into the next jobs report for august, it will be one like we just saw. that will be politically important. people will see the negative effect as they do in their every day lives from the kamala harris policies. larry: i still think we're at the front end of recession. by the way the unemployment claims you're supposed to look at four-week average smooth, 240,000, it is up 50, 60,000 from a few months ago. it is trending higher. that is the way you're spoused to look at it. it is silly to look at it on a weekly basis oar daily basis. more to be revealed on this whole story. kevin hassett, thank you for coming out, we appreciate it very, very much. >> good to see you. larry: folks next up, the biden-harris regulatory assault

has strangled small business, all right? they have really taken it on the chin with all this red tape. i think it is almost two trillion dollars worth. we'll talk about it with expert douglas holtz-eakin when "kudlow" returns. are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. so you can feel confident in your financial choices voya, well planned, well invested, well protected. ♪ i have type 2 diabetes, but i manage it well ♪ ♪ it's a little pill with a big story to tell ♪ ♪ i take once-daily jardiance ♪ ♪ at each day's staaart ♪ ♪ as time went on, it was easy to seeee ♪ ♪ i'm lowering my a1c ♪ jardiance works 24/7 in your body to flush out some sugar. and for adults with type two diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. serious side effects may include ketoacidosis

that may be fatal, dehydration that can lead to sudden worsening of kidney function, and genital, yeast, or urinary tract infections. a rare, life threatening bacterial infection in the skin of the perineum could occur. stop jardiance and call your doctor right away. if you have symptoms of this infection, ketoacidosis, or an allergic reaction. you may have an increased risk for lower limb loss. call your doctor right away if you have symptoms of infection in your legs or feet. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. ♪ jardiance is really swell ♪ ♪ the little pill with a big story to tell ♪ [♪] can a personal loan unlock your ambitions? oh yeah. consolidate bad debt and save money for your next goal. take a swing at your kitchen reno... we meant that literally. or design your actual dream wedding.

all your ambitions. all in one app. sofi personal loans. low, fixed rates borrow up to $100k. no fees required. go to sofi.com to view your rate. sofi. get your money right®. choose advil liqui-gels for faster, stronger and longer-lasting relief than tylenol rapid release gels. because advil targets pain at the source of inflammation. so for faster pain relief, advil the pain away.

ryan t. writes, "moving is stressful. can you help me take one thing off of my to do list?” ugh, moving's the worst.

with xfinity, you can transfer your internet in just a few taps. just a few easy moves. did somebody say “easy moves”? ♪ ♪ oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪ ooh, ooh. -let's keep it professional. professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xfinity app. bring on the good stuff.

larry: strange link small business and getting worse. joining us doug holtz-eakin, president of american action forum. welcome back. >> thank you. larry: you're updating your biden regulatory tracker by what, two, three billion dollars? you're 1.7 trillion now, is that the final rule? seems like there is more than that but that's plenty? >> 1.7 is an unbelievable number, larry. you know i thought the obama administration was regulation without restraint. in two term they imposed $895 billion of regulatory costs. in less than one term the biden administration has doubled it. it is the most uncontrolled regulatory assault ever visited on the american business community. larry: for people watching this show, especially small business people, what does it mean? tell us what it means this massive amount of quote, unquote

regulatory red tape? >> it is really simple. you had a nice discussion on tax policy with kevin hassett this is tax policy in another form. it cost you honey to pay taxes. it costs you money to buy a new piece of equipment when they say you can't use the old one. when think force you to raise wages cost you money. cost you money to hire a lawyer for small business when you don't know how to comply with the rule. this is money that has to come from these businesses and ultimately the businesses may fail. that is the fear of small businesses. guys won't start. they will get too intimidated. for those that survive only place costs can go into the customers. tax policy hurts growth, hurts people real wages. this does the same thing. the numbers are huge. larry: say small business wants to fight the government, i fought the law, the law won. they want to fight the government. they want to fight the federal trade commission or sec or something like that. they really can't, the

government has all resources small business doesn't? >> yeah. this is something where, you know, in principle we like to believe that agency issues and regulation. they take 90 days listen to comments, if someone says this is completely unreasonable, better way to do it, they listen. in practice that does not happen. a lot of times they issue final rule without comments. you're stuck with it. now what do you do? your business is literally threatened in some cases. these are big dollars. how do you manage that? so, i really admire what president trump did, what your team did for four years. you said look at what one goes in, two have to come out. regulatory budget agencies, did things i never thought could happen, tremendous control of the regulatory state. larry: trump thinks deregulation was more powerful than the lower tax rates. i don't agree with that but that's not an argument. i will take them both.

let -- >> take them both. larry: you want to grow the economy. look, we're heading into a slowdown. i think everybody acknowledges that. so you don't want to raise regs. you don't want to raise taxes, right? just common sense. >> yeah, we really thought that the biden administration would get this. they would showdown as they got closer to the election, that the potential of a new congress but really hasn't happened to the degree i thought it would. they're churning out regs on regular basis. they cost real money. every week i have people add them up. i really thank them for doing that. it is not exactly the prettiest picture, not a fun job. larry: go back to taking two out for putting everyone in. i think the actual number was even bigger than that, but i won't quarrel with you. anyway, $1.7 trillion. that's a pretty big burden on all business but especially small business. doug holtz-eakin, former cbo director. thank you, sir. appreciate it. good to see you again. >> thank you. larry: folks coming right back with my last word. at

♪. we do them this way. this way has people who start early. people who care and inspire each other to do things the way they should be done. this way uses technology (♪) and goes the extra mile (♪) to deliver your promises on-time, every time. this way is why we're the number one national ltl carrier for quality. for us, this way is the right way which is why it's the only way we go.

♪ me and my friends ♪ ♪ life is better with the credit gods are on your side. rewards once available to the few are now accessible to the many. credit one bank. get cash back rewards, and live large. conference today, mr. trump said in all the years of studying politics, never seen anybody get elected by saying we're going to raise -- give you a tax increase. got that right. tax cutters win, tax hikers law enforcement luisa mack donned up next. liz: larry, not even jimmy carter campaigned on tax hikes