steve moore, doug holtz-eakin.hy biden's illegal student loan cancellations will cost $1.4 trillion and jack up the inflation rate and markets absolutely crashing today, down over 500 points on the dow. we will report on that and dig into it but first up, our own madison alworth is live at columbia of the with the latest. good evening, madison, what have you got for us? >> reporter: good evening, larry. we have quite a bit going on. as you can see behind me protesters are lining the streets outside of columbia is because the campus we reported from yesterday over here to my left that is now closed down. that is after students took over one of the large halls there, going in and taking control there. i want to bring you some of that video from last night. so after midnight protesters broke into hamilton hall. that is where the dean and other administrators have offices. those students occupying the building within minutes after breaking glass and forming a human shield. columbia, it took them nearly 12 hours after t

doug holtz-eakin, how do you see things in terms of the consumer? course, walmart earnings coming up. that's coming up soon, on thursday. >> right. maria: and we get the retail sales tomorrow as well. >> well, i'm in the stephanie pomboy camp. i'm concerned about the consume- [laughter] particularly the sort of outside of the luxury categories. you know, people really are stretched, and the data is have shown that for a little while now. this is likely going to lead to another hot cpi number, four in a row, and that puts the fed in a tough position. and it does remind everyone, i hope, that last year everything broke in the way of disinflation if. we got huge easing in energy prices, we had a big productivity boom. that doesn't happen every year. and as it goes away with, things are going to get tougher, and you're seeing that in this report. the margins are going to get squeezed, earnings are going to get hurt. maria: well, we'll see, because the earnings were pretty good, right, tiffany? are we seeing that mar -- stephanie? are we seeing that marg

and as a doug holtz-eakin said, you have got a whole year to go. don't know whether this is sustainable, whether inflation's going to snap back begun. in fact, john carney, you've written about the possibility, i mean, jay powell does worry that it would be like the '70s, that the inflation rate snaps back again. >> that's right. i think there's a very good chance that we've gotten all of the goods disinflation is pretty much washed out of the economy. everything you were going to get from maybe increasing worker participation washed off the economy. all we have left really is for -- unless we get more productivity, we will get more inflation. so if we keep growing productivity which, by the way, nobody if knows why it's happening -- larry: never. >> -- and we don't know whether it can continue, so that's the big risk. that's what jay powell if's afraid of. they don't want to cut and then come back and have to raise. i think kevin o'leary is absolutely right, no cut in may, no cut in june -- larry: not in my lifetime. they're not going to cut again

doug holtz-eakin him will weigh in on who is playing a better hand. don't miss that. >> the fact of the matter is we spent too much. we've got overregulation p or polls show inflation is still a very hot topic and blaming business is not going to do it. ♪limu emu♪ ♪& doug.♪ and if we win, we get to tell you how liberty mutual customizes car insurance so you only pay for what you need. isn't that what you just did? service! ♪stand back i'm going to show ya,♪ ♪how doug and limu roll, yeah!♪ ♪ ♪you know you got to live it,♪ ♪ ♪if you want to win...♪ [bump] time out! only pay for what you need. ♪liberty, liberty,♪ ♪liberty, liberty.♪ after careful review of medical guidance and research on pain relief, my recommendation is simple: every home should have salonpas. powerful yet non-addictive. targeted and long-lasting. i recommend salonpas. it's good medicine. ♪ hisamitsu ♪ the tempur-pedic breeze makes sleep feel cool. so, no more sweating all night or blasting the air conditioning. because the tempur-breeze feels up to 10° cooler, all night long. don't mi

let's go back to american action, whatever, doug holtz-eakin's, doug holtz's eakin -- >> american actionorum. larry: american action forum. joe biden's final rule costs are $1.37 trillion, $1.37 trillion. barack obama's, much more frugal, $303.1 billion. that's still a big number until biden came along. donald trump, 30.1 billion. all right? trump 30 billion. obama 300 billion, and biden 1.4 trillion. what does that tell you? that is disregard for free-market capitalism, that is emphasis on what newt calls big government socialism, top down, regulatory state, jamming stuff down our thoses that we don't want. that is all that is. you know what? that is why his economic polls are so terrible. people know all about this. they want to buy gasoline-powered car. they want to buy, buy an ev, fine, buy an ev, don't tell me i have to in the next five years. don't tell me you will spend trillions of dollars subsidizing student loan cancellations? really? people are, falkander, this great thought just occurred to me, people are smart, not stupid. the trouble with the bidens is, they think the avera

steve moore, doug holtz-eakin, thank you ever so much, fellows.ext up on kudlow more on the trump trial with alan dershowitz "kudlow". na help me? dad: aim at the wall, but get closer. daughter: (gasps) what the?! daughter: alright. dad: side to side. when you work with someone who knows a lot and cares even more... you can do this. ...you're unstoppable. (♪) wow... are you kidding me? you can do this. at truist, we believe the same is true for banking. -so, what's the code? -it says 547. 5-well, that's not working. dad, she really needs to pee. [baby crying] we're gonna get in in a minute, okay? -it's not opening. -well, i'll call. representative. [baby crying] speak with a person. [cs line] you are a valued customer. representative! we can go in the window. (♪) daddy! just a moment darling. meanwhile, at a vrbo... when other vacation rentals leave you hanging, try one where you can reach a human in about a minute. (traffic noises) (♪) the road to opportunity. is often the road overlooked. (♪) at enterprise mobility, we guide companies to unique

let's bring in former congressional budget office director doug holtz-eakin to to discuss all this. doug, i know as the former cbo director you look at some of these numbers, particularly the deficit and the debt, and i'm sure your head is exploding. >> yeah. can. david: let me just print out, and a hat tip to gary kaltbaum because he pointed this out to us all, the august numbers, we just got the august numbers for the deficit. it was $380 billion in august. [laughter] and in the same month, in the same month the total revenues came in at only $307 billion. in other words, we are spending more than twice as much as we're taking in. try doing that at home, by the way. what is going to happen as a result of doing that? >> well, it's already happening, david. it just happens a little bit each year, not enough for people to notice. but if you run big deficits for long periods of time, you undercut future standards of living, and we've run big deficits for a long time. growth in the 21st century is a full percentage point lower than it was for gdp per capita than service the in the 20th

doug holtz-eakin, we're looking at a chart of everything.t 40% just in the last year, you know? ground beef up about 5%. you got many essentials continuing to stay elevated, and even oil prices, while off of the highs of the year, are worrying people again going into the home heating oil season. your thoughts. >> well, you know, food, energy and shelter are 50% of the typical family's budget, 50% of the cpi and, you know, as i said earlier, we've got some real good news on food and energy in the past couple of months. that's reversing now, and, you know, people will feel that. that's a big chunk of their paycheck. it's also something that's going to make it much harder the sort of explain away the failure of the inflation rate to come down to 2%. i think the fed's really going to earn their money at this point. i didn't like that claims number at all. we've seen the labor market stay pretty solid. one week's data, you don't want to overreact. but if we see real weakness in the labor market and sustained high inflation, the dual mandate's rea

doug holtz-eakin, former cbo director. thank you, sir. appreciate it.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

joining us now american action forum president doug holtz-eakin.w. democrats seem to be on defense about this government waste. they're saying it's going to cost more money to get rid of people, that the math doesn't make sense. it all sounds like excuses to me because people understand a a doge with elon musk and vivek, they're going to get in there, they're going to trim the fat. and at the end of the day, people are going to lose jobs, but that is okay especially if there's growth in this economy. you can rehome them somewhere else. >> yeah, that's certainly the case. there's no such agency that has so many people that somehow we're not going to be able to be absorbed by the labor market. i guess i'm mystified by we're going to waste money. this is a private sector effort. there are no taxpayer dollars in doge anywhere. this is being led by musk and ramaswamy, and they're focused on efficiency. and i think everyone should be in favor of having an efficient government. so i'm always mystified by people opposed to their existence. you can question

larry: doug holtz-eakin i actually want to have my cake and eat it too in the next budget.istration, okay? i want my cake. i want it the right flavor with the right icing. i want to cut spending big time but i also want to grow the economy by curbing regulations and maintaining the trump tax cuts. the personal tax cuts. i want to do all three of those things. now i would maintain you could do all three of those things. i will give you the first whack at it. then i will give russ vought a whack at it? >> i think step number one which you understand because you lived through it, you stop doing all the regulation this administration is doing. they put on the books $450 billion of regulatory costs already. if you take the unified agenda at face value, put another 250 billion on the first quarter. that is an unbelievable stealth tax on the american economy. so you get bad growth. what do you do? you spend tons of money to get artificial stimulus. if you stop the regulatory onslaught, it frees you up not to rely on the spending. you have to go back to remember 2017 was an enormou

doug holds weak eakin and robert holtz are on deck next. family b, you're the first to know when high rate debt is stressing your budget. but your family's service has earned you a big advantage. the va home loan benefit. with the lower rate newday 100 va cash out loan, you can pay off high rate credit cards and car loans. that's real money you can use to take care of your family and home. we are on a mission to visit every national park in the states. we've done a lot, but we have a lot to do. when i was diagnosed with skin cancer, i was told that mohs surgery was the only answer. i just didn't want to go through all that. i came home and i did my own research. that's when i found gentlecure. if you, like millions of others, are affected by skin cancer. it's important to know that surgery isn't the only option. there's another choice, gentlecure. gentlecure uses low energy x-rays to kill cancer cells with a 99% cure rate. plus, there's no cutting, no surgical scarring, and no downtime. throughout the course of the treatments, i was able to live my life and the cancer was gone. to lea

and others government wages are rising more than twicee the rate of private sector wages and doug holtz eakin said on the show thatss business may be ines a recession or business is flat lindseyi makes the same point i remarked on how flat manufacturing is. government spending you're getting temporary stimulus and consumer spending but this ithgo long-term growth rest vote. >> that's not and is going to explain we look back historically ands ar economicaly why the numbers are being a propped up for thiresbe administration economically. thernee benefiting from massive government spending anitd defict tespending. just to give you a sense of how far worse it's gotten. when we left office tht the annl interest bill was $350 that is now $870 billion in a few short years and it's going to get worse. it is approaching defense asug something thatht we thought wasf only within the ten years of the window so each and every data point showing the reckless oy f our fiscal situation. they continued their strategy if organ spend as muc oh as we can and put it on the fed the fed a can figure out hownd to de

let's bring in doug holtz-eakin, farmer president of -- along with the capital president and chief marketk you for talking to us. america is staggeringly broke. the national debt is climbing, as you can see on the screen, at a rapid pace, showing no signs of slowing down. despite the growing criticism of massive levels of government spending, if you look at this clock, what does it tell you, the latest findings from the congressional budget office indicate that this national debt will grow to an astonishing $54 trillion in the next decade. >> it is simply not sustainable. into codays, millions of americans will promise and commit to becoming physically fit. i wish in two days, over 500 or so politicians would commit to becoming physically fit. we can't, as investors, sustain this. this is something that wall street understands intuitively. you can't keep spending money you don't have. you run out of money, financing options, and you go out of business or your stock plummets. politicians need to understand that very clearly. there's only so many levers you can pull, so much money you can b

. >> sandra: let's bring in our econ panel, doug holtz-eakin and dan greenhaus. e seeing reporting right now, bloomberg is reporting that wall street ceos and executives are cheering this trump victory. said they were leading the other way into election day, now the stock market is up and they are apparently very happy. so where was all of that concern about all of the tariffs? >> well, i think the tariffs remain the uncertainty, but everything else breaks the direction they would like. a much better tax bill out of congress next year. they get the regulatory regime that we saw when he was president before, specifically astonishing in its ability to control costs imposed on the private sector, and as a result they have a much better business climate. we will see how the tariffs work out. i don't think the chinese tariffs are actually the big issue. those went in the first term, kept by the biden administration, mr. trump said he will raise to 60%, we can debate how much of impact that will have but the notion that somehow knew trade war is about to develop, it's b

we have mark zandi, chief economist for moody's, and doug holtz- eakin, former council of adviser under george w. bush. thank you both for being with us. mark, first to you, your reaction to this rate cut. how exactly is this going to impact americans? >> well, much- anticipated, boris, the federal reserve has achieved its goals of full employment. the unemployment is around 4%. it's low for all demographic groups and across the country. so check, they've achieved that goal. and they now have achieved the goal of getting inflation back down to their target, which is a 2% inflation rate and they've done that. so they're now lowering interest rates to something that's more consistent with rates neither supporting or restraining economic wth. a scald equilibrium growth. they're on their way. that's good news. and good news for american households and consumers, particularly folks that took on credit card debt or consumer finance loans or home equity lines of credit back when inflation was high to supplement their income to maintain their purchasing power. so this is good news. it should be

duyne from ways and means, attorney general andrew bailey, lieutenant colonel james carafano, doug holtz-eakinformer house oversight committee staff director julian epstein, he's also former chief counsel of judiciary. also fox news contributor deroy murdock. we're getting reaction throughout the hour as we await president biden's highly anticipated solo news conference coming up in just about an hour. and the details coming up too about new reports that european diplomats the from multiple nations at the nato summit happening now in d.c. are, quote, alarmed by president biden's apparent decline. and we've got new action coming in on former president trump's new york case. it's still in play. and this surprising testimony too by fed chair powell, that amid higher costs for american families, fed chair powell has not met with president biden in two years. if and the latest this hour on the biden white house spending nearly $2 billion of your tax money to get elected. it's doing it in a number of swing states, spending it to retool car factories to make electric cars that consumers are not buyin

doug holtz-eakin, thanks so much. >>> when we come back, donald trump and the ceos, business leaders making pilgrimage to the mar-a-lago ahead of the president-elect's inauguration. critics say they're bending the knee, so what are they hoping to get in the next trump term? ♪ ♪ hey, jackie! (♪) evan, my guy! you're helping them with savings, right? (♪) i wish i had someone like evan when i started. somebody just got their first debit card! ice cream on you? ooo, tacos! i got you. wait hold on, don't you owe me money? what?! your money is a part of your community, so your bank should be too. like, chase! big news for mahomes! i'm switching to iphone 16 pro at t-mobile! it's built for apple intelligence. that's like peanut butter on jelly... on gold. get four iphone 16 pro on us, plus four lines for $25 bucks. what a deal. ya'll giving it away too fast t-mobile, slow down. it's time to feed the dogs real food in the right amount. a healthy weight can help dogs live a longer and happier life. the farmer's dog makes weight management easy with fresh food pre-portioned for your dog's need

let's bring in the deputy director brock cromartie and budget officer doug holtz-eakin for more on thise program, and thank you for joining us, let's start with you. the dow is down 3, the nasdaq down 3.5, back up about halfway down from the lows of yesterday, consumer spending was slowing, and income falling drive and the downturn as well, a lot of people are saying that the chickens that people had been experiencing due to high inflation and out-of-control prices are finally coming home to roost, what do you say? >> i disagree, it's important to take a step back and look at where we are on the economy has a hole, goldman sachs is projecting we will have 3% growth until the third quarter of this year. look, i think that the baseline projection of our session is about 25% over a year or two year. man, so that's not outside of normal expectations, the point as especially with the fed poised to cut in september by 50 or 75 basis points that will drive down costs for businesses who want to buy borrow, and cost of mortgages or succumb a small business loans and add some juice to the economy

larry: john, regulatory stuff, let's just talk for a minute about that, doug holtz-eakin has put outs on regulations. president biden's final rule costs are expected to be 1.4 trillion, 1.4 trillion, in biden's. obama was a paltry 303 billion, bad enough. donald trump, 30 billion, pretty good. what do you make of that? >> exactly what you're saying about how well the american people did under donald trump is related to those numbers. when you add on these giant interesting aer regulatory burdn on the private sector you crush the ability of businesses to grow, crush businesses to hire people, crush ability of people to start new businesses. that is what happened under obama when it was just 1/5 of what biden has done. biden this is just the track record so far. imagine what he will do when he is a lame duck president if he gets reelected, it will be four times what he has right now. just this week they put on some regulations that the american action forum said they have never seen a week like this. they put on tailpipe emissions that cost something like $850 billion. they put in new

congressman dan meuser, doug holtz-eakin, stephanie pomboy, mike lee, cheryl casone, thank you so much. 30 minutes away from the opening bell, the dow jones industrial average right now is up better than 30 points. the nasdaq and the s&p are flat. let's hand it over to stuart. "varney & company" picks it up. stu, take it away. stuart: good morning, everyone. this is inflation data week. consumer prices tomorrow, producer prices out about half an hour ago. here's what we have. in april, prices paid by businesses went up a much bigger than expected 0.5%. that is the hottest read sense february. over the last year, producer prices went up 32.2% -- 2.2%, and that's the highest since april of 2023. a strongen inflation report today. here's the market reaction, subdued. when those numbers first came can out, the market went straight down. we've recovered a lot. the dow is actually up 20 points, the s&p is down a mere 2, and the nasdaq down 40 points, that's it. the 10-year treasury yield with, well, that's moved up above -- no, it just dropped back below, it was just above 4.5%, now it's 4.4

and that's what we want in the end. >> doug holtz-eakin, justin wolfers, thank you both. pleasure and happy thanksgiving, by the way thank you. still ahead this hour on cnn news central we're live in new york at the site where macy's inflates all of its balloons for the big parade tomorrow. we're going to take you behind the scenes with harry enten, who's promised to be wearing a turkey outfit. plus, we have an inside look at how a methane leak hunting satellite could help combat climate change. that story is next but first, it's a story you will only see here. >> cnn speaks exclusively with ukrainian soldiers anxious about dwindling resources and donald trump's looming presidency holiday. >> yeah yeah. to say ukraine at the center of civil how do you sleep at night on a mattress from mattress firm. >> so i sleep all night long. >> it's our best doorbuster ever. >> get a mattress and pillow for just 89.99. get matched at mattress firm. sleep it who's coming in the driveway daddy. >> hi goodness. >> my daughter is being treated for leukemia i hope that she lives a long gre

doug holtz-eakin, how are we going to "out of this?the right point, it looks all rain e bows and puppy dogs. the fact is inflation's running at 3.4% annualized rate, people are still not affording what's going on. big portion of the population can't take a morgue gang out right now -- mortgage out right now. how do we get out of this? >> well, i think 2024's the year the fed really earns its money because they've had the lurksly of being a one-mandate fed for years, now they're going to have to worry about inflation and employment. today's a reminder that inflation is sticky, and i think stephanie's exactly right, the path from 3 to 2 takes longer and is harder than people realize. the fed's not going to cut preemptively, it will cut when there's a crack in the economy. and i agree with the diagnosis, there's a crack in the economy. the only source of strength has been the household sector. it's fray being at the edges. the government's going to spend money hand over first, we've seen that. and and so what will happen is the fed will c

it's not just goldman sachs and mark zandi and doug holtz-eakin and other people who have said that there are many forecasts because these are things that have been tried before so for example, having a global tariff of 10%, 20%, he goes back and forth, plus 60% on china, right? >> that one would raise costs for consumers because that means tariffing. everything that comes into the united states his previous round of tariffs, we have lots of studies on those, those additional costs were passed onto consumers in the form of higher taxes and in fact, there was, there's a bunch of estimates from the peterson institute of international economics that shows that the typical family would pay $2,600 more per year as a result of those tariffs. more than they would get in income tax cuts. so basically, all of the benefit that he he's been bragging about, you know, we're going to cut your tax rates, et cetera, that wouldn't be entirely wiped out by tariffs. >> so here's jpmorgan oregon's david kelley. it is one of those magical economic proposals that could actually cause inflation and put you in a

. >> when we were doing social security reform with bush, doug holtz-eakin, the pension i was promisedy boomer, and if you grandfather me, they've of-- >> cutting the benefits of people who don't need them first would be along with raising the retirement age would be the most sensible priorities. >> okay, i've got a clock 0, 0, 0. >> that's the rating. [laughter] thank our panelists for coming out today and thank you all for enduring us. [applaus >> all right. how is everyone feeling? right here at the end of the day? day one. it has been a, just a fantastic day. it's been great to see and meet many of you, a lot of you returning. a lot of you here for the first time out in the pleasure. we've got a great day in store tomorrow as well, but to cap us off this evening, you know, to bring us home, i can't think of a better person to put a capstone on what we're doing here today and this weekend. he's someone that i greatly admire his leadership, both in maryland, but also at the rnc. he's mr. michael steele. steele made history when he became the first african-american to be elected to st

american action forum president doug holtz-eakin is going to be joining us. york's hakeem jfrs.efie stay tuned, you're watching "squawk box" and this is cnbc. >>> vice president kamala harris wants to raise the u.s. corporate tax rate to 28% if she wins the presidency. this is harris' first major proposal to raise revenue and try to finance some of the spending that she wants to pursue if she wins the white house. joining us now, douglas holtz-eakin, president of the american action forum. and we have -- how are you, doug? it's good to see you. >> i'm good. >> we don't need to summarize the philosophical differences between the two parties, but they are significant and this is not surprising and the proponents of something like this, you know, i listen to what they say, and i guess they make some good points. what would you say? >> well, i have real reservations about this proposal. number one, let's look at the facts on the ground. prior to the 2017 act, the u.s. was losing the headquarters of about five american corporations every year. and there were profo

joining me now, american action forum president doug last holtz-eakin. -- [laughter] >> i don't know -- [inaudible] with winston churchill. [laughter] charles: the white house is trying to win another war though. before we get into the stuff on the drawing board because the american action forum does amazing work with its regulatory blitz, i just, you know, from inauguration day to april 19th we saw the staggering rules and stuff. and before we get to that, i want to ask you just your thoughts on what we're seeing, you know? you've got these tax proposals out there, you've got some other things. well, you know, what? met me -- i teased this, i might as well go with this for the audience because you put a lot of work into it. the 851 final rules, $1.4 trillion, let's call it, 267 million hours of pape paerwork. so at the end of the day, does the american public at least get a t-shirt for surviving this blitz? it just seems nuts. >> it is literally overwhelming to me. i've never if seen anything like this, you know, in one week they put out the same burden

holtz-eakin. former cpppo director. doug, i am looking at your latest report. it gets better and better or worse and worse you know what i mean. the final rule costs for mr. biden 1.6 trillion. for mr. trump minus 160 billion. trump's fell. but biden up 1.6 trillion, then you have paperwork hours increasing i guess under mr. biden, 292 million. and mr. trump story million. -- 74 million is there any end to this, they keep piling it on? is that what is happening? >> well there appears to be no end, we have kept track since -- the day one of each administration. it was something i did not think could be done. a great accomplishments of trump administration. this administration, has imposed more regulatory costs in less than one full term than barack obama did in two. which is hard to wrap your head around, this is an onslaught of unprecedented proportioners this is hard on small businesses and every business that is trying to control costs. they have to pass these costs along, this is a real achille's hil heel for bidenomics, this is a problem. larry: steve moore