and then build that foundation for getting this government to the point that it can function within a budget. and not piling on debt that will kill the future of our children and grandchildren. >> people want to see a thing coming sec chairman will get behind an idea to consolidate agencies a lot of conversation about potentially cftc merging

into the securities exchange commission or perhaps the cpa merging into another. would you support those ideas? >> absolutely. when you talk about these agencies that have built up and you look at how departments actually function like the idea we see around the department of energy a national energy council. and the department of interior with the governor taking that as secretary and beginning to look at natural resources asking those important questions. if we are drilling on federal lands what happens if we do something similar to a sovereign wealth fund? what happens if we use that to pay down our nation's debt? and i fully believe that americans have reached a tipping point when it comes to the ineffective government that does not function in a

timely manner to deliver the services that are necessary for the american taxpayers. >> maria: in terms of the agenda are you in line with some of your colleagues in the senate who want to do to reconciliation packages? the first being the border? $100billion is what is talked about for a border bill and a second reconciliation package later in the year that will include the extension of tax cuts? >> it is a good way to approach it. use the first reconciliation to deal with the border with energy and military. go ahead and get those posted for president trump and get the initiatives into law through budget report language. then this summer do the second package which will be with permanence for the 2017 tax cut cuts.

we can do that by standing on current policy. that is a good thing. then come back and do another tranche of no tax on tips. looking at social security and removing those taxes. look at overtime pay. this will be a very exciting time for reshaping us tax polic policy. >> maria: and president trump has a whole new team coming in. are you expecting to vote for all of president trump's nominees for his cabinet positions? >> i do expect to vote for all of them. i have had such positive meetings with them. individuals who are looking to be a partner with the american people and with american industry. and i fully believe the policies and the people that

president donald trump is bringing into his administration will help move us to the productivity that the american people are wanting to see. they are tired of being broke. >> maria: that's right. we will be looking forward to those hearings in early january. you're also working with elon musk pushing for the passage of the bipartisan kids online safety act requiring online platforms like asked to take steps to prevent harm to children when it comes to cyberbullying and sexual exploitation and drug addiction. your bill is strong but is said there is doubt. >> there is concern about the free-speech component and whether it might lead to further censorship by the government which is a valid conservative voice. we are working through that. >> your reaction? >> speaker johnson is a good man. i know he wants to protect children. i am hopeful his staff will

put the new free-speech language in front of him.

arrogant and to think they can go sell this off and prohibit

construction from beginning immediately on that wall. it is astounding. there is these people, these democrats have learned nothing. they learned nothing in the election. they still think the american people are stupid. they think the american people are wrong when it comes to understanding the economy. joe biden continues to say he has built the world's greatest economy. yeah, we all know that's not true. >> it's quite extraordinary. senator, we'll be watching these next 40 days until january 20th. it's good to see you. thanks so much for being here this weekend. good to see you. all right. marsha blackburn joining us in tennessee. a quick break and then traders cheering president elect donald trump on the floor of the new york stock exchange. usa. usa. >> usa. >> kenny polcari is here. and what this enthusiasm could mean for markets and your money.

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comm funds.com. >> welcome back. take a look at where markets ended the week after the nasdaq traded above 20,000 for the first time ever. this week we also got two key inflation reports. consumer prices ticking slightly higher in november, but wholesale prices rose the most since february of last year. this, with less than a week away from the final federal reserve meeting of the year coming up this upcoming tuesday and wednesday. joining me now is slatestone wealth chief market strategist kenny polcari. kenny, great to see you. >> thank you for having me. >> so assess where we are. we got those inflation reports out this week. but in a couple of days people are expecting another cut in interest rates from the fed in that two day meeting. the final meeting of the year ken, it's amazing to me what the market is expecting. >> and it's like i think it's nearly 100% that they're expecting this 25 basis point rate cut. and i don't see it. i have been, you know, vocally

against it. i've been saying we don't need it. the fed has already cut rates by 75 basis points. we're going into a new year, a new administration. there's a lot going on. cpi and ppi have both started to tick back up. the ppi now two months in a row. the cpi just started to tick back up. and i think it's i don't think they should, but i think that powell has got himself backed into a corner. and if he doesn't cut rates then you know the algos and the traders are going to stamp their feet and create chaos in the last week and a half of the year. and i don't think that i don't think the fed or the administration wants to see that either. so i think they're going to be forced into cutting just to pacify everybody. but then i think you're not going to be any you won't see any cuts in the first quarter of 25. >> i mean, there is a risk you cut too much going into an economy that's growing and gaining growth because of deregulation and energy capacity. tapping into that and all of trump's policies, what happens then? inflation comes back, right? >> well, listen, it's i hate to say it. i hate to keep dating myself, but it's a repeat of what happened in 1970 and 1980.

they prematurely cut rates into into the growing economy. and they reignited inflation. and it got and it was worse the second time around. and paul volcker had to jam rates high and send the country in a two year recession. so i'm not saying that that's where we're going, but you can start to feel that prices are not going down, and you can see it in the cpi and ppi that they're starting to tick back up. and so i that's why i think there's no reason to cut. and you know what's really funny is that powell came out two weeks ago and said we're going to go slow. there's no reason to rush. and the market went from a 70% chance to a 90% chance. yeah, it's ridiculous to me. >> you're right. you're right. meanwhile, they were cheers on wall street thursday, with president elect donald trump ringing the opening bell at the new york stock exchange, traders on the floor were clamoring to shake his hand. the enthusiasm for the incoming administration palpable. you remember those days when you were there on the floor of the exchange? i was there with you. what's your outlook for these markets, and how will they respond to trump when he's in

office? >> i think listen, i think the market's already telling you how it's going to respond to trump ever since the election. right. coming into and then since. right. the markets are very excited. and now look there's a lot going on right. the deregulation part is going to be very exciting. the crypto part is going to be exciting. the idea that, you know, we're going to this economy is going to take off again. his comments last week about about, you know, any company that wants to come and spend $1 billion in the united states is going to get, you know, a quickly a quick pass to it, right? all permits, everything they need if they're going to come and they're going to invest here, we're going to bring the u.s. economy back. and i think that's what the market is telling you. it believes it's going to happen. and i actually think there's a couple of polls out there saying that 65% of americans are now kind of buying into this whole economic policy, that they think he's going to be able to take control of it. so i think the market's excited. i'm excited. you're excited. let's see what happens. >> yeah for sure. are there areas you want to tap into now kenny to participate in this rally next year. where is the best place to allocate capital

in your view. >> so where we never got out. so we've always been in right. so we're in a broad range but certainly i and the whole tech space. and i'm going to tell you something that's been really interesting of late is this whole quantum computing idea. right. so the idea how that's also then going to change ai and the way that ai operates and continues to change the world. so that's a new place to kind of look at. i'm just starting to, to dip my toes into that space. but listen, for a well-diversified portfolio, you have to stay broadly diversified. so i'm not going to be chasing some of the names that have really outdone themselves, but i am going to be putting money to work in the new year when i think we're going to get this a little bit of a pullback in january and february, because i don't think it's coming in the next two weeks. so when it happens, well, i'm going to look to add money into the financials, into the industrial space, certainly into this new quantum space that we've been talking about along with tech when it pulls back. i'd love to buy more nvidia, but i want to see a pullback. >> all right. we'll be watching

all of that kenny it's great to see you. thank you so much. >> oh merry christmas. it's always a pleasure. >> merry christmas to you. sending best regards kenny polcari joining us. thank you sir. well other states are looking to california's fast food $20 minimum wage hike now. and we're getting new data and reaction on the actual impact. one california mcdonald's franchise owner has already had to close two restaurants this year. he'll join us next. stay with us. >> maye musk on varney as trump transition continues and elon's new department looks to cut government waste. she's detailing the work ahead monday on varney. where are you headed? >> where am i headed? am i just going to take what the market gives me? no, i can do some research. >> you know, that's backed by jp morgan's leading strategists like us. >> when you want to invest with more confidence, the answer is jp morgan wealth management. >> to go further, you need to be ready for what's down the road. as energy demand continues to rise, we are harnessing breakthrough innovations to increase

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trend for california's fast food industry. we were all over this story when california governor gavin newsom signed into law a fast food, $20 minimum wage last september. it went into effect in april, and now we know the impact. new federal data reveals more than 6000 fast food jobs have been

lost in the state over the past year. for comparison, during the same period just one year earlier, california's fast food restaurants actually added more than 17,000 jobs. california mcdonald's franchise owner scott roderick joined us back in april to share his concerns. then. since then, he's had to close two of his restaurants. he's back with us right now. scott, good to see you. thank you so much for being here. we're actually seeing now the numbers and what a $20 minimum wage has meant for the industry. walk us through it. why did you have to close two stores? >> well, good. good. hello, maria. you know, since this new wage targeting fast food franchises took effect last april, my business has certainly experienced the cost pressure. the legislation sent out. singled out 15,000 fast food restaurants in the state. so eight months later, here we are. it's no surprise to hear that at least 6000 jobs have been lost in my industry. you know, i personally have not

taken the approach of mitigating the impact to lay off staff members. i have good people that have worked for my family for years, decades, but instead i've had to reduce my investment in labor hours across all departments and dayparts. i've slowed to a crawl. new hiring. essentially, i'm relying on a smaller staff size. this is the first summer that i can remember where we simply did not accept short term student summer work. the hours were simply not there. so what i suspect is driving some of the 6000 job loss numbers that you just reported thinking about. my own experience is the is the cumulative result of hours reduction versus outright layoffs? yes, there are companies in california exiting the california market. i've heard stories through my trade association of companies that have laid off employees, but i suspect that most of those 15,000 restaurants impacted have been forced to do what i've done reduce the hours of full time workers, limit the use of overtime, reduce the pace of hiring, and look to cutting costs on every single

line item. >> yeah. so you're saying because you have to pay $20 an hour and you're paying these, these, these people, this is sort of like students and you know, they don't it's not like they have any experience. right? they need a they need a job. and because you've had to pay $20 an hour, you've had to take out expenses elsewhere. and in some cases, that has meant closing stores or letting others go. >> well, operating in california restaurants in restn california is california is a , and even more so in a place, a high cost place like san francisco. and so yes, unfortunately, in the past year i've had to close two restaurants, one just before and one right after the california wage mandate took effect. you know, ultimately closing and focusing on the remainder of my enterprise was the right choice. but, you know, when a business like mine arrives at its lease end, even after 30 years in a neighborhood, a business owner has got to decide if what the landlord is proposing for a new lease makes sense. and i had to study the new term economics

against the backdrop of escalating costs. not just rent, but of course, a wage that skyrocketed skyrocketed 25% overnight on april 1st. >> wow. that's incredible. look, looking nationally scott, this week we saw the small business optimism jump to the highest level since june of 2021. a ceo survey from some of the world's largest and most influential companies showed 84% are optimistic about their company's performance over the next 12 months. so as you look ahead, what is your outlook for business in the coming year? >> well, family owned businesses like myself are looking forward to getting back to creating jobs again, and that only happens when an economy is healthy and growing. and so my hope is that a new class of legislators in washington and in statehouses, even in city halls, get back to removing obstacles to business growth. my business is hopeful for lower utility costs, access to insurance, fighting inflation, the back door. and when it comes to lawmaking and looking forward, i learned the

hard way that if you're not at the political table, you are on the menu. >> total great point. you've got to have a voice at the table, no doubt about it. scott, good to see you and we'll be watching your work. thanks so much. >> thank you maria. >> all right, scott roderick joining us. i've got one (♪) (♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com (♪) (♪) voltaren... for long lasting arthritis pain relief. (♪)

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presents under the tree this year. so we give the gift that keeps on giving. we'll be following this on mornings with maria, weekdays 6 to 9 a.m. eastern on fox business. i hope you will join me here on weekdays, and i'll see you over on fox news channel on sunday morning, 10 a.m. eastern live for sunday morning futures. i've got exclusive interviews this weekend with house ways and means committee chairman jason smith, house china select committee ranking member raja krishnamoorthi. trump media ceo devin nunes and utah senator mike lee. sunday on fox news. join us for sunday morning futures. that'll do it for us here on fox business. thank you so much for joining us. have a great rest of the wee i'll see you again next time. >> on the barron's roundtable sponsored by global etfs. >> welcome to barron's roundtable where we get