s'mores. it's the best. not buying the tariff and walking back that president trump made in the last hour. thinking like i do that tariffs were short term pain that's necessary, and providing great volatility trading, awesome. long term issues? that's fine too and it's overblown and tahin they need to plan as your prior guest said. liz: investors ready to kick finger off the buy button and nasdaq closing in correction. we'll see you tomorrow and see if we can see -- larry: hello, folks. welcome to kudlow. i'm larry kudlow. so treasury secretary scott

bessent talks growth at the economic club of new york today. going to help elon musk's doge rescissions and newt gingrich on trump's golden age, economist ej antoni updates trade picture and new cabinet member sba kelly love herrera on importance of trump's tax cuts on small business. first, fox news peter doocy live at the white house. peter, what's cooking? reporter: larry, i came out of the oval office a few minutes ago and president trump talked about the meeting earlier today with a majority of the cabinet and elon musk, and they were trying to make sure it was a smooth road forward. he basically told saboteur net secretaries they need to work with musk and it's not because he thinks that musk is doing anything wrong or that he's

wanting them to wok together on issues of staffing and wants the cabinet departments to keep staff that they want and let musk know which ones they don't want. going for them and not many people that don't work. trump elaborated and now my cabinet is in place and instructed them to work with doge on cost cutting measures and staffing and secretaries learn about and understand and people working for various departments can be precise as to who will remain and who will go. the scappee lines rather than -- scalpel rather than the hat chet and elon musk's meeting on the d hill yesterday with republican lawmakers and pitched an idea by rand paul and others about codifying, basically making the

doge cuts the law. and 'em didn't know according to the axios report till last might when republicans were pitching him on it that they could make some of the cuts permanent with only 51 votes. wouldn't need any democratic support and so musk's doge could be going from an idea that president trump likes to start his administration and second time and to let people know he's serious about reforms and to something that's actually making the law of the land a budget that's $500 billion less every year. larry. larry: rescissions. you know what, peter, so interesting, you went back four, five, six, seven years ago and didn't hear that kind of emphasis from president trump on cost cutting as all now and not used in a long time. just saying and filling in the blanks. we have senator kennedy to talk

about it. peter doocy from the white house lawn. thank you ever so much. all right, folks, treasury man bessent talks growth at zig field ballroom. and that's the subject of tonight's riff. treasury secretary bessent spoke to the economic club of new york today and emphasized growthyness of president trump's program. going for them to promote dei and esg. debanking and basically terrible supervision of sill chronovalley and disregard for the importance of community banks. jay powell presided over a real mess and incidentally looked

like trump appointee mickey bollman, a member of the federal reserve will get the nod to become the fed vice chair for bank supervision and that'll be a welcome relief from jay powell's woke policies. now, scott bessent defended president trump's campaign to stop unfair trading practices and currency manipulation and intellectual property theft and incidentally president trump himself today paused the 25% tariffs on mexico and canada giving usmca a 30-day reprieve. you know what, trump is right about unfair trade. i spoke with bessent about this it's high time that trump's idea of reciprocity is put in place if the u.s. doesn't do it, the world trade organization will never do it and our heartland

industries will continue to suffer. mr. trump's review process may be a little dishevelled at the moment but the policy itself is direct. meanwhile according to bessent, king dollar will continue to reign and he's very pleased that bond rates are coming down and bessent is a growth guy. always been a growth guy. i talked at some length about trump's tax cut policies where the president wants all the 2017 tax cuts plus no tax on tips or overtime or seniors benefits after all. growth is so important, and i mentioned that the combination of tax cuts and deregulation and the rest of the trump program over the next ten years and subpar 1.8% cbo baseline. that would be worth $3 trillion

more in resources created by the private sector. talk about the need to re-prytize the american economy in order to e7bd joe biden's failed big government socialism. trump tax cuts croix hence and i have scored and deficit neutral the way cbo scores the current services baseline were spending increases every year. on every price. mr. bessent talks about importance-over reducing government jobs and increasing private jobs.

brilliant mind and tremendous intellectual grasp of key issues that will fulfill donald trump's mission of a new golden era for america. and that's the riff mow it's my great pleasure to bring in louisiana senator john ken difficult haven't seen governor kennedy in a while. sharp as a tack, pro growth and he's a mainstay going for the trump cabinet. what do you think? what's your view of him? >> what i think treasury secretary understands well. when moms and dads lie down to sleep at night and can't, the thing they're most worried about is high prices. it's not to say they're not worried about other things, but it's high prices and we can't

lose sight of that. i think scott understands it. number one, reduce spending, number two we've got to deregulate the economy so goods and services cost less. number three, we've got to re-design the tax codes to look like somebody designed it on purpose. you pointed out since 2010, gdp growth averaged a little over 2%. that's not enough. it's got to be 3% or better. that will stimulate the economy and grow wages, if we do those three things as treasury secretary understands, people will be able to deal with the high prices and products and services will go down. but we're not talking enough. we're talking about the things we need to do, larry to get high

prices. going for them on the star and going for tofu crowd is mad. larry: senator, just the work through it with me. on the one hand, we're going with tax line and helping pocketbooks get a little fatter. you need less government spending, much less government spending to hold down price, and i think the federal reserve

needs much less money printing also. they're part of the processer here. you may disagree. thought i'd throw that out and it's a multi-pronged effort. >> i would agree with the multi-pronged effort. how did we get that? government overspent and getting out of it we have to spend less money. the strength of the u.s. dollar matters. u.s. dollar is the world's reserve currency. actually, that's probably not true. the real reserve currency in the world is a taylor swift concert kick but the u.s. dollars, u.s. dollar is number two. if we reduce spending, interest rates will fall. we also have to deregulate the

economy and we've got to increase wages and only way is to stimulate the economy and we'll do that through reconciliation. larry: i love that . i love all that . absolutely right. taylor swift notwithstanding. senator kennedy, rand paul, another very smart chap, he's talking about using the doge -- turning the doge savings and for that matter any savings into permanent rescissions. rescission authority and getting 51 votes and hasn't been used in many, many -- by the way, can i say, sir, way back when when i was a young man working for ronald reagan in his budget office, assistant budget director then, i was 12 years old and we used rescission authority, a lot. but it's seldom used and i'm hoping administration russ

vought and scot bessent works and gos for the rescission and takes the money out. >> it's a no brainer and talked about it with elon musk at lunch. we need to pounce on this concept of rescission like a ninja. what does that mean? introduce a bill to take spending cuts found by mr. musk and to have congress take into account money back. don't have to wait till mr. musk is through with the work and peace beale and start on immediately and that's what we talked about at lunch yesterday. that will end about all the

lawsuits and going for them saying musk doesn't have the authority, only congress does. okay. let congress do it. larry: all the fraud on social security and going for them and mentioning in the speech to the congress and he was kidding and the bobby ken difficult maybe they're healthier and live to be 5150. we know they can be not living to be 150 and might want to and it's 23409 ending social security and ending the fraud and social security. >> yeah, we can fix it very easily. i've been working on it since 2018. but we're going to move the bill in the next few weeks. in a nutshell, when you die, your name is sent to social security administration. they compile what's called a

death master file. but social security for years refused to share the list of dead people with anybody else in government and department of treasury and i've got a bill to require them to do that and to share that list permanently with the treasury department and everybody else in the federal government who sends out checks so we can stop sending checks to dead people. larry: senator, you're a smart chap and we've worked together. mostly agree. let me ask you, -- step back for a second. happy or side with the trumpen economic policy? because it's different than it was in his first term,

particularly with respect to bringing down spending and bringing down federal work force and things of that nature. how do you read it? happy with it? does it need improvement and where? >> i'm not saying tariffs are going cause inflation. president trump did in the first term and they didn't. we just don't know and we're in very obscure territory and uncharted waters and i think if the tariffs the president will back away from them.

but there's another saying, trust in god but tie up your camel. if this stuff, if this starts causing inflation, we're going have to recalibrate. i'm telling you, i'm not saying the border isn't important, you crane and middle east and culture wars and academy awards and super bowl. all those things are important, but the single most important thing and things that moms and dads worry about when they lie down and sleep at night in camp and the thing they expect the president to fix is hao high prices. we can do it, but we've got to start, we have started but we've got to go full speed ahead beginning now. larry: yes, sir. senator kennedy, if you ask me, you're on message and appreciate you coming back on the show.

thank you, sir. take care. coming up on kudlow, president trump is trying to bring golden age to america. growth, growth, growth, growth. senator kennedy is right though. cost, inflation and a holistic package. talk about it with the great mentor newt gingrich next up on kudlow. ♪ chocolate fundraiser. ♪ with the chase mobile app, things move a little more smoothly. ♪ deposit checks easily and send money quickly. [coins clinking] ♪ that's convenience from chase. make more of what's yours.

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>> over ten years the differential of 3.8 to 1.18 about $3 trillion of extra money, that could be important for a number of private sector uses. larry: that was yours truly interviewing scott bessent at zig field theater no less for the new york economics club. but the point is important and joining us now is the great newt gingrich, present and mentor to all of us. presefriend and mentor to us all and fox contributor and scott bessent was on my mind and spoke well at new york economics club and had a chance to interview him, et cetera, et cetera. and i'm thinking, growth, newt.

it's a important subject and sometimes gets lost in the difference between 3% growth for the next ten years and 1.8% growth is about 3 $3 trillion of extra money and, newt, that would be private sector extra minute money under the trump policies which are ending big government orallism. that'll add to middle class pocketbooks. let me add to that and turn over to you. >> well, the key to the successful america is to have a growing economy, which helps prices everybody in the world. we've done it before and capable of doing it and huge resource base and four are chinese and

the last one is saudi. the europeans shows regulation over innovation and they have stagnant ever since. if they can pass the spring and encouraged by senator kennedy and can pass the big beautiful bill, get taxes down and get regulations down, get it done by mayor june at the very latest, you'll see a boom next year and companies piling into the countries and see investments and with all the things in new technology and visited a factory called divergent and can reduce cost by somewhere between 40 and 70%. it's the most advanced factory on the planet.

so many good things and focus on making america the fastest growing and most desirable place to invest and come here to build next factory and launch next company and hire people. we could enter what president trump called a golden age. larry: you know, the next factory point, newt. let me anghon to that. i didn't know this. now at the speech on tuesday night, trump's speech and 100% expensing of machinery and equipment retroactive to equipment and scott bessent said today at economic club speech that factory building would be 100% expensing and retroactive

to january 20th and not apartment house but not shopping centers but if you build a new factory and you're going to get 100% expensing and probably will get the 15% made in america tax rate, that will be fully ex-pensioned and written off retroactively, newt. that's fabulous. i didn't know that . that just slipped out today. >> well, the 1981 tax cut didn't go in till 198 1983. they're very smart about the kind of incentives and the number of companies that have announce that had they're going to invest in america the first couple weeks of trump administration, i have no doubt by the end of this year if we can get it passed by may or

june, you'll see literally trillions of dollars of commitment to new factories, new jobs, new opportunities, higher incomes, much safer pensions and frankly ability to pay for social security for the foreseeable future and that solves a lot of problems. larry: it's like a secret weapon and so important. the different thing this time semi-fo to sis on ending big government socialism. may start with elon musk and running through trump and running through scott bessent and running through russell vought at omb and kevin hassett at sec and made everybody glum and dismal and trying to get rid of it. rescission authority and budget authority and you name it. this is hugely important because

that will free up resources for your technological revolution. >> remember, there's an entire cabinet that's the most entrepreneurial and success oriented and achievement in history. they understand where thump wants to go and they want to go with him and really aggressive solid cabinet secretaries and they'll work as partners with musk and not competitors and together and they'll reshape the government of the united states into a more de-centralized smaller it's an amaizing historic moment. larry: you've been fighting for it now. 1,000%. newt gingrich, you're the best of the best and we'll talk soon thank you, sir. coming up on kudlow, ej antoni going to update the trade and

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larry: going to talk some trade we con mist ej antoni and unleash prosperity heritage foundation. ej antoni, one thing i want to say. you saw the scott bessent presentation today and kudlow interview with him and he did a good job on deregulation going with the trump policy and new york and everyone obsesses 24/7 about tariffs. that's all they talk about.

we've had unfair trading system and going for the heart land and the point is the treasury man defended trump's policy. did he not, e j? joie had did, larry and they defended them and he did so articulately and pre-venning them from allowing china and backdoor or a matter of getting a better deal for american farmers and american fact i have workers by getting handicapped

american industry and nobody talked about it. and >> it's a communist country and russia aauthoritarian and in other words it's not like we're old milton friedmann trump is right and we've talked about it for the better part of last year, you can't allow this to continue.

that's something the secretary and they're log deal with and getting hands durty and doing the hard work that so many id lodges refuse to get into the weeds and deal with the issues. now trump tuesday night in hiss superb speech mentioned a tax policy and tax cuts and he mentioned 100% immediate writeoff factories, if you build a new factory you're going to get 100% writeoff and

retroactive to january 5. not shopping malls but factories. i got 30 seconds. you may have known that. i didn't know that. >> larry what, is the economy and walleye we produce. we want to encourage production and investment and this is a move that's going to do exactly that. it's going to encourage american production and employment of americans. larry: ej, thank you very much. we appreciate it very, very much. we have a 30 day reprove on usmca and get to that another time. ej is the smartest guy i know. joining us now, little politics onset. liz peek, syndicated columnist and lee carter, pollster and president and partner and rich

lowry. trump is very popular and stuff you from the speech on tuesday night? what else did you pull from that speech? >> the whole speech was democrats were defeated and wasn't that they were angry and not that they hate what had hay said. they were resigned and it was a bad night for them. across the board i tested this with them. they were flat lining the whole night and knew they looked bad in the audience and knew that donald trump was winning and unfortunately for them, they

just had nothing to do about it. they just resigned. >> they didn't like the auction panels? didn't poll well for them? larry: he's been a happy camper and point number one. some of the guests he introduced including kid becoming head of the social security and all that. secret service and all that . very clever and human but the democrats couldn't smile or be happy at it. that made them even more merose and then al green gets thrown out. ma resource and that couldn't

smile or anything. >> they started with a shocking spectacle and worst breech of decor rum and 77-year-old man wave ago cane cane and had to be expelled and that's the image you don't want for the democratic party. they'll be in the wilderness for awhile and not going to like the speech. applaud when there's things that all americans can agree on. larry: you see theed guests and great stories and hostages and butler field rescue and secret service and kid and other one going to west point.

>> we're not the on ones that recognize their lack of muay tanty and passion. nancy pelosi columbia arrowheaded these people success play for a long time and hakeem jeffreys is not nancy pelosi and it's a huge problem for them. larry: democrats need an anti-anxiety pill and whole party on hold with glumness a

moroseness and meanness. it's becoming mean, mean. jaire there's no connection to the american people and that was demonstrated with the american people looking forward and look for answers and all the things to come back and democrats denied it. then what they came in prepared to do during this speech was say we're not going to applaud anything and we're going to sit here and we'll resist. and you know what, the row cyst message might have worked in 2016 but does not work today because majority of americans say that they want what donald trump is doing and they want someone that's going fight for them, not against them. they want somebody that's going to focus on issues important to them. >> what are they resist something nothing that's popular and it's absurd. >> larry: these are 80/20 issues. >> i don't think democrats will learn anything any time soon but gavin newsom in a podcast said after the election and review

that he doesn't think that it's fair to women to have transgender athletes or biological males competing if the sport. see if he claws it back or apologizes. it just came out. larry: will he make that california policy? they have a different legislative law policy. larry: remember when bill clinton had the sister soldier moment and i'm tossing to either. they need about five sisters on the values questions alone and put economics aside. they need to show america. >> they can't define what a sister or woman is. >> you're right. >> what is beginning to sound

reason and will moderate is john fetterman. he's the only guy out there say hag are you doing? it's not working? hating trump is not a message and that's what they have to get over and lyric they're sunk and crazy people and far left is the tail that wags the dog and they've got to stop that. got to get at it. i'm going to follow through on gavin newsom thing. >> ever had him on? larry: i had him on my old show on a different network several times when he was a pro business moderate democratic mayor of san francisco. i saw him in the white house and

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lyric we welcome back kelly love herrera in the trump cabinet. congratulations, madame secretary and administrator. appreciate it. kelly, we've known each other a listening time. scott bessent was talking economics club in new york today. and how about banks make loans to small businesses and there'd be something new and different that might help you run in the sba. what do you think?

>> we need to get back to have ago sane regulatory environment that allows businesses it flushish and get regulations out of the square that's what we're going to do with sba. it's one of my key priorities. larry: just as this, i know you'ring with banking regulators got to change their whole hued and look at loans and they've done really badly and esg and dei regulations tied to it and they all hate fossil fuelled and frankly jay powell just add as guilty aanybody on that point. deregulation would help you allot. what's the number one talking about internal reforms and where

will you begin? >> e limbing waste, fraud and abuse that biden aided and abedded and getting rid of that . zero tolerance policy on fraud and finally most importantly we're implementing president trump's pro growth agenda and getting rid of the green new deal and dei and we'll help support his manufacturing boom that ensures we create that boom and you shall oring in unparallelled prosperity and we'll do that through the sba because it's 99% of all businesses in america are small businesses. we create two out of every three new jobs and that's why president trump brought a fellow business person in and this agency respects small businesses and we'll honor their jobs by doing ours and get people back in the office finally. it's a new day at sba, and i couldn't be more proud to be in the fight with president trump. larry: i think tax cuts will help you. i want the tax cuts to be one big beautiful bill passed next week.

you know me, but those will help. small business get as big deduction in the tax cuts, plus, i don't know if you followed story but the the writeoffs are back and even, kelly loeffley, factory construction is 100% expense and rote robin lou active to january 20th. that's tailor made for small companies. >> absolutely, larry, and i hope that congress got that message about passing the tax reforms, making them permanent and helping with the doe duction, expensing, and giving them certainty in a time of urn certainty like biden -- uncertainty and if kamala harris would have be elected, we'd have had tax increases that w have crushed small businesses so there'll is a pro growth, supply sider and i can't wait to see where we go. larry: fabulous.

fabulous. sba director kelly loeffler. congratulations, muhammad ali. appreciate it. ma'am. folks, i'll be back with my last word. join thousands of advertisers who have built their businesses, reaching america's most influential audience. need creative? we can help. fox news media impact starts here. advertise with us today.

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i'm on it. find out everything we have at wt.com. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job on indeed, it's easier for talented candidates to find it. which makes it easier for you to hire them. visit indeed.com/hire an alternative to pills, voltaren is a clinically proven arthritis pain relief gel, which penetrates deep to target the source of pain with nonsteroidal anti-inflammatory medicine directly at the source. voltaren, the joy of movement. larry: hat's off to treasury secretary for the great growth messaging and tax cuts and banking deregulation