it's $350 billion more spending, austan. on, $350 billion on green energy. >> that's fully paid for. >> no it's not. when austan is talking about increasing the amount of taxes people pay, they are talking about hiring something like 75,000 new i.r.s. agents. have we forgotten what lois learner did under the obama administration? come on. >> bill: austan is straddling the bank of the river and steve is in the middle of the river. thanks. >> sandra: house democrats may soon introduce a bill banning lawmakers and their spouses from trading stocks. all of this just days after nancy pelosi's husband, paul, sold $5 million worth of chip maker stock. a democrat appears to give the middle finger to the republican dugout last night during the baseball game. we'll talk to steve scalise from the great state of louisiana about that and the republicans' big win last night. ♪♪♪ riders! let your queries be known. yeah, hi. instead of letting passengers wrap their arms around us, could we put little handles on our jackets? -denied. -can yo

austan, how do you see that today as you characterize it?ith the polling, we've had the weirdest splitting of opinion that we've seen really ever where large majorities are saying they think the economy is in bad shape. when asked about their personal situation it looks quite strong. so we have a view of the macroeconomy that's different than the personal economy view. on recession, the fed is raising rates as fast as they've raised them in recent memory. so recession is a possible danger. if we get jobs numbers like the ones we saw today or that we've seen in the last three months, they will stop talking about recession because this is not a recession. it is not a recession if you are adding nearly 400,000 jobs. >> bill: americans feel awful at the gas station. >> i don't buy that, that americans. when i talk to people, i don't see that that people feel like their own life is going that well when they pay so much at the gas station and grocery store. the big issue right now is how to bring the inflation down? austan, it is not like this inf

austan goolsbee and steve moore. happy friday. austan, you went first last week.is week. looked like there might be a three-alarm deal at the hill. how many alarms are there on the economy as you see this going into the week? >> first of all let me say something nice about a democrat joe manchin. he is saving our country now. thank god for joe manchin. the deal they were just talking about which hopefully is finally permanently killed would have raised taxes on our small businesses, our companies, it would have increased spending by $500 billion. talk about dousing a forest fire with kerosene. so thank god it appears that's behind us. look, those numbers that came out this week, bill, are catastrophic. you had 9% inflation for consumers, 11.2% increase in prices for producers. by the way, when those producer prices go up, guess what happens, bill? it means consumer prices have to go up. we haven't peaked out. it is not transitory or temporary. the fed will raise interest rates i'm worried about a recession. >> sandra: can we play out larry summers. he continues to

and austan goolsbee, former chair of the council of economic advisers, now a professor at the university of chicago booth's school of business. stephanie, we want to go to you first. second quarter gdp number, it could change. it's only an estimate right now. why are we seeing economic growth falling for the second straight quarter? >> because the fed raised interest rates. this is what they were trying to do. remember, months ago we were talking about how hot the economy was, right? people were coming out of covid, there was huge demand for everything. for travel, retail, events, and for homes, and the fed is trying to raise rates to slow that down and even out supply and demand. it's difficult. when you start to see things slow, that gets in people's head saying, the economy doesn't feel so good. i can't afford things so much. that's what they're trying to do in order to get inflation down. it's counterintuitive, it doesn't feel great but it's moving in the direction the fed's aiming for. >> austin, what does this tell you about where things stand with the economy right now? >> well, w

i do want to tell you that austan and i and a few others had dinner last week i'll leave that there forlly like a zoom dinner >> we were physically together. >> you weren't back here, austan, don't tell me that. >> no, it was in washington, d.c. >> we were here on the swap. >> i was down in d.c. a couple of weeks ago too, and didn't hear a peep from any of you. >> give me a call, email me anytime, i'll be happy to have dinner with you. >> give me one of those fake phone numbers. >> 867-5309. >> it's a challenging situation because the fed was so behind the ball in 2021, it's a challenging situation because the biden administration dumped so much stimulus into the economy and pushed demand so hard in 2021, that now we're in a situation where the fed has to tighten into a slowdown, which kind of scrambles the way we normally think about monetary policy what could the administration do one thing the administration can do is pick some of the low hanging fruit that would shave a few tenths of a point off of inflation to try and make the fed's job a little easier. the administration could get

week after a political revolutionary rapid entry lanka, parliament begins choosing a replacement for austan president to put a buyer and jap accept. and ukraine accuses russia using a captured nuclear power plant to store weapons and shell targets. one of those alleged targets, the big city of nitro, yesterday by rockets. ah, monica jones, good to have you with us. you as president joe biden has joined a regional summit in saudi arabia. leaders from the alliance of 6 golf nations have gathered in the city of jetta, apart from biden. it will also be attended by the king of jordan as well as the egyptian president and iraq's prime minister on friday by med to saudi arabia's crown prince mohammed been so non raising the issue of the murder of dissident journalist jamarcus, shoghi, that you have her to prostate ties since by and vow to make the kingdom a pariah following pasha geese killing. 30 aster, dw washington correspondent, catalina chim. why, why biden changed his mind to engage now was a crown prince or president biden himself said that this trip to the middle east is mainly about promo

austan goolsbee, i thi agrees t economic moment. thank you very much. >> thank you. >> i like that, extreme weirdness. we can all agree. >> technical term. >>> in a more than two-hour call with the white house, china says presidents xi warned president biden about taiwan saying, if you play with fire, you get burned. we're live at the white house next. formula can help reduce the risk of dryry amd progression. ask your doctor now about an areds 2 supplement. . liberty mutual customizes your car insurance, so you only pay for what you need. [ sfx: submarine rising out of water ] minions are bitin' today. ♪ liberty. liberty. liberty. liberty. ♪ mions: the rise of gru, only in theaters. to be healthier, knowledge is everything. steps. calories. exercise minutes. because proven quality sleep is vital to our health and wellness, only the sleep number 360 smart bed keeps you cool, then senses and effortlessly adjusts for your best sleep. tells you exactly how well you slept. your sleepiq score. our smart sleepers get 28 minutes more restf

austan, how do we fix it?today and now new reporting that more americans than ever have having to hold two full-time jobs just to cover the cost of inflation as more americans are struggling. it amounts to 70 hours of work a week. this is a real impact that americans are feeling every single day. can it get much worse? what happens next with all this? >> god bless those people working 60 and 70 hours a week to feed their families and pay the bills. it is very simple, sandra. when you have inflation running at 9 to 10% as it has been running for the last year and you have wages up by 5 to 6% people fall behind month after month and it is causing a real hardship and one of the reasons people have to take on a second job. let's also remember the business end of this that was such a fascinating story about our barbecue. the small businesses are really getting hammered. if they try to raise their prices a lot of people can't afford it so you'll see a lot of small businesses really struggling. that's what the latest

that removes afoot to try to austan as early as next week by changing the rules of the 1922 committee, which is an internal conservative party committee, which goes about electing, removing a prime minister and setting up a no confidence vote. but this morning at around 830 for us, johnson was visited by the chairman of that 1922 committee. he accepted that the game was up, announcement was made that there would be a statement from downing street at some point during the course of the day on the reaction as us i can give you now. robert bucklin, the former, a former minister from justice in the same johnson had bowed to the inevitable kiss donna, you mentioned a statement from him. this is good news for the country and he's the leader of the opposition, the labor party saying, but it should have happened long ago. he was always unfit for office. he's been responsible for lies, scandal, and fraud on an industrial scale. and all of those who have been complicit should be utterly ashamed. summit, referring that to the cabinet ministers who have not yet resigned and who chose to express t

i would have suggested austan simon would have become a martyr, cut down in the prime of his life.ould have be primed up with simon the victim, alba in prison. fortunately we have the videotape before the grievance takes over. the bodega owners association, will meet radical d.a., alvin bragg, they will demand all charges dropped. they will demand a "stand your ground" law that allows defense with a violent attack. good. new york city is lawless. thank heaven for the tape. now we can do something about it. these radical d.a.s have got to go. second hour of "varney" is just getting started. ♪. stuart: todd piro joins us this morning. todd, you answer the question, what would have happened had there been no videotape? >> i think you answered it and it's a fascinating hypothetical. we could be in a situation where reality would not have been carried out because we would have all, not we, number of people in the media would have created their own reality what happened. an innocent man could be potentially in jail for the rest of his life. we live in an inverted system of justice, stuar