arthur laffer. mr. laffer was economic adviser trump's 2016 presidential campaign. [applause] president trump it was a big day. very important for a very important subject. today it's my privilege to award our nation's highest civilian honor to the father of supply-side economics, dr. arthur laffer. [applause] president trump: i know he has been to the oval office many times but this is a special time for you. this is a tremendous award. you have the congressional medal of honor on the military side and the presidential medal -- i just want to congratulate you. thank you very much. joining us for this moment us ceremony are our six children. thank you very much. congratulations. and we are grateful to be joined by vice president mike pence who just got back from florida. big night in orlando, mike, right? secretary steve my new hampshire and our top economic adviser and great friend, i hear that voice, money, mup, money, larry kudlow. thank you, larry. few people in history have revolutionized econo

it's fuel for thought. >>> economist art laffer came up with his famous laffer curve back in 1974, butid a lot more recently that may have been his greatest achievement, because it is perhaps the thing that really brought him to this moment when the presidential medal of freedom was placed around his neck. "trumponomics," a book he wrote with kudlow and steven moore about how smart trump's policies are, which are, of course, their policies. >> i've heard and studied the laffer curve for many years. the wharton school of finance, it's very important thing that you've done, art. very important. >> very important, though i don't think trump studied it at the wharton school of finance. trump was a student there in the '60s. trump came up with the curve in the '70s. maybe he heard about it from the ferris bueller movie in the' 80s? >> art drew on his napkin a series of lines and a curve that changed history with the now-famous laffer curve still a very, very highly respected economic curve. >> does anyone know what vice president bush called this in 1980? anyone? something d-o-o economics.

art: let me say the laffer curve is my profile. just joking. tax bill, we have been very fine on the bill that was passed in december. the revenue numbers are coming in nicely, thank you. we had a repatriation of capital from abroad, which brought in $250 billion. in 2018, revenues have looked ok. it does take some time for these to have full effect. i think the gdp numbers, which are clearly a result of the tax bill, and the cumulative effect of those -- this will pay for itself in a couple of years, if not already doing so. david: what about entitlements? art: they need to be addressed. they have not been addressed by any administration in ages. david, if you tax people who work, and you pay people who don't work, you are going to get a lot of people not working. a lot of the entitlements we have really do influence the willingness of people to work. the one study i did a couple years ago, a single mother in philadelphia earning $29,000 a year. if she were to earn $59,000 a year because of all of the welfare losses that she would no longer ge

that's the whole point of the laffer curve.sident trump understands as well? >> reagan said that it caused him to stop making movies because the tax rate was over 90% on him. he said it wasn't worth it makinga another movie. trump is wired for sound on this and understands it. trish: he has put in a lot of good economic policies i'm sure as far as you are concerned. one of the things i always loved about you is you have almost a creature-like quality when you talk about the importance of freeing up the raw animal spirits of our economy. all of it is there. we just -- the government needs to get out of the way so people can do what they do best, and that's create. >> yes. it's so true. the best incentives in the world, even if the people aren't the best, they will perform the best. if they had incentives, even great people see bad results. the plon terry policy, trade policy, all those are critical to creating the prosperity america needs and deserves. trish: i want to get your reaction to a late-breaking report. bloomberg said

laffer. what do you say?t, a very close friend of mine, and i can't comment on my replacement. the president did tweet he will announce it pretty much as soon as he gets back. i can say art's national hero. that is why he is getting the presidential medal of freedom. ashley: let me ask you this question, what is the best piece of advice you give to the person that replaces you? >> for every cea chair, i talk to pretty much everybody, austan goolsbee, at the beginning when you get in, hard part creating demand for your product. a lot of time political guys want to make decisions without input of economists. you have to weed dell your way in there. i always talk about making sure cea is represented at table. austan said, the other thing to know when to be out of town. ashley: always good advice. by the way kevin, on left-hand side of the screen, we're seeing air force one on the tarmac in shannon, ireland. the president gotten on board, to your point. when he gets to the other end, mid-flight, he will know wher

art laffer is here and he's about to answer that question. we will also ask is the rocket fuel from the tax cut running dry? the "r" word for recession taking a back seat to the "o" world, obliterate. when the president used it pertaining to iran, that's all it took to see a massive pile-on into safe haven investments, a pile-on that is continuing at this hour. look at gold at the moment. that is a 15-month high of 1,428 per troy ounce. you can see red on the screen for all major indices. >>> plus, i just said rocket fuel. how about spacex's heavy launch. you won't believe how many satellites they strapped to this rocket and got back up into orbit. the federal reserve chair's risk analysis and charlie breaks it on the sprint to the finish of that $26 billion t-mobile/sprint telecom deal. less than an hour to the closing bell. let's start the "countdown." liz: we have got to show you this fiery trails lighting up the sky over the kennedy space center in florida after spacex's falcon heavy blasted off, lugging 24 satellites for the defense depa

let's bring in art laffer. great to see you, art. >> hey, e-mac it's wonderful to be on your show thank you for having me. liz: so art bernie wants to pay with a tax on stock and bond trades, in reality i think he wants to take about $2 trillion in taxes over 10 years out of the same 401 (k) accounts that students own and labor union pension funds too. isn't sanders being a bit misleading here? >> oh, totally but let me just say, e-mac, there are way too many college students today. a lot of these kids who were there aren't getting the education to provide them with higher incomes and higher earnings in the future. they should be in technical schools and where they're really needed in the workforce and they aren't getting that type of education so this type of just panhandleing to people is just ridiculous. bernie sanders is guaranteeing that he can't be elected and if he were elected, we would be living in venezuela which is just crazy. he doesn't understand that he's way too old and i'm older than he is. he's

>> melissa are you asking me to contradict arthur laffer? melissa: no. >> arthur is my mentor. i love the guy. we're having a big party for him on wednesday when he wins the medal of freedom. melissa: yeah. >> look, i disagree with arthur just a little. there is no question from the late 1970s through, you know, up to five or six years ago what happen to china, one of the great economic miracles of all time as they moved away from communism to more free enterprise, free market system. what worries me, where i differ a little bit in laffer, the last six or seven years they moved back in the wrong direction. day after day with respect to our security, building up the military or cybersecurity issues or the hacking into our computer systems or i would argue they have moved more towards central planning and state ownership. i agree entirely what you all were just saying. it is not a question who owns the company. it is who is directing its operations and that relationship between government and the company. melissa: all right. we'll leave it there, guys. both of you good stuff. con

laffer was economic adviser trump's 2016 presidential campaign. [applause] president trump it was a big day. very important for a very important subject. today it's my privilege to award our

art laffer on that, former reagan economic advisor is next. melissa: plus the future of airport security. a new move from u.s. officials to insure passenger safety but tech experts are sounding the alarm. connell: taking extreme measures. stay tuned for this, how one ex-navy seal found comfort during his return to civilian life. pretty cool stuff coming up later in the hour. ♪ cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. metastatic breast cancer is relentless, but i was relentless first. relentless about learning the first song we ever danced to. about teaching him to put others first. about helping her raise her first child. and when

donald trump awards the presidential medal of freedom to economist arthur laffer.ormer reagan 8's ideas laid the foundation for the 2017 tax cut. >> he proved the most powerful way to grow the economy and raise government window is not to increase tax rates but to adopt strong incentives that unleash the power of freedom and innovate, create jobs and deliver greater opportunity to all americans. >> reporter: laffer served as economic advisor for the 2016 trump campaign. the middle of freedom, the nation's highest civilian honor. congratulations to him. the time is 10 minutes after the top of the hour and it is our top story. an american drone shot down by iran overnight is lindsey graham lays out his red line. >> attack on american interests, go after the iranian's. >> what would that look like? a member of the president's intelligence advisory board ways in up next. you don't want to miss that. caught on camera parents throwing punches during a little league game. what would spark this fight and what police are saying this morning? ♪ hit me with your best shot ♪ w

and the white house has honored economist arthur laffer with the presidential medal of freedom.ve rattner will have thoughts on the man who co-wrote "trump nomices." "morning joe" will be right back. nomices. "morning joe" will be right back incomparable design makes it beautiful. state-of-the-art technology makes it brilliant. the visionary lexus nx. lease the 2019 nx 300 for $359/month for 36 months. experience amazing at your lexus dealer. has been excellent. they really appreciate the military family and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. it was funny because when we would call another insurance company, hey would say "oh we can't beat usaa" we're the webber family. we're the tenney's we're the hayles, and we're usaa members for life. ♪ get your usaa auto insurance quote today. ♪ applebee's new loaded chicken fajitas. now only $10.99. ♪ ♪ this simple banana peel represents a bold idea: a way

larry was introduced to me by a gentleman who is a great ntleman, great economist art laffer. and he just got the presidential medal of freedom a couple of days ago. and art was telling me that he's the head of a hospital where he comes from. he's on the board. and they did this. he said it is beyond anything he's seen from an economic standpoint and even a health standpoint. i said let's talk about it. we discussed it. it's something known very well but a lot of people don't do it because there won't be some rich people that won't be too happy about this. but the people will be happy about it. solarry, could you -- [applause] -- so larry, could you -- [applause] so larry, if you would, one thing before larry gets up, one of the big beneficiaries are really good doctors, the good doctors. they should be the beneficiaries. not the baddock tors but the good doctors. thank you for being here because i guarantee you, you'll all probably very good doctors. so larry, come up and share a little bit of your wisdom and what the -- this is all about. >> mr. president. [applause] thank y

president trump today awarded the presidential medal of freedom to supply-side economist arthur laffer. he pushed for the reagan tax cuts, arguing that tax cuts will generate enough growth to pay for themselves. the trump tax cuts relied upon the same theory. mainstream economists say that in fact, laffer's prescriptions have led to higher deficits whenever they've been tried. olln street today: stocks my anaged odest gains after the federal reserve's statement on interest rates. t d jones industrial average was up 38 points to close at 26,504. the nasdaq rose 33 points, and tedhe s&p 500 aight. and the library of congress has netamed a new u.s. aureate: joy harjo. shanis the first native amer woman to hold the position, and will serve for the next year. harjo has won numerous awards nd is known for collections such as "the woman who fean from th sky"in mad love and war". still to come on the newshour: the fight over interestates between president trump and the federal reserve, new evidence isnking saudi arabia to the murder of journjamal khashoggi, how the trump administration's clean

he's also in washington, d.c., going to give an award to arthur laffer who created the laffer curve. back to you, john. >> joe johns for us in florida, thank you. >>> new developments this morning on the democratic side of the race just a week out from the first debates. a new poll in florida shows president trump behind most of the leading democrats including joe biden. biden is the clear front runner on the democratic side, but he's taking a brand new approach to these polls. we're live where biden will be raising money later today. i'm sure biden likes the polls. >> it's not the same as the president saying the polls are fake news, but joe biden is not taking anything for granted. telling fund raisers yesterday that he realizes it's early in the race, these polls will change, the race will change. and also he understands that as the front runner in this race he does have a target on his back. we're starting to see other democrats go after him. elsewhere on the trail yesterday, vice president joe biden visiting the stonewall inn marking pride month there. but he did not respond las

art laffer. >> how but doing, charles? charles: the market is finding its footing. think mexico and china will do the right thing. start with mexico. you're not a fan of tariffs. i'm on the page with you on this one, mexico is much more of an ally than china is. we have intricate relationship with them. we want their economy to do real well. they have not done the right thing when it comes to immigration, have they? >> no, they haven't. tariffs, if you will, charles, let me go through tariffs. tariffs have been used historically by the united states to raise revenues. prior to 1910. it was a major source of revenues for the u.s. tariffs have been used to protect industries which is very poor use of tariffs. it is counterproductive. it is not good for the economy, it is not good for anyone and tariffs have been used for a country specifically for behaving badly. we put sanctions on iran, and put sanctions on cuba and sanctions on russia to get them to behave well. what is being done a specific tariff threat on mexico. they have done very little to stop the flee flow

how about arthur laffer as the president's chairman of the council of economic advisers?t: i think that would go down well in many counts. i do. that is an interesting suggestion. now, the president, i don't think he's watching the show right now because -- >> he's in france. stuart: he's in france, may be flying to ireland as we speak. we will bear that in mind. we will take that little sound bite clip from you there and see if we will run it again later and see what he says. >> look, laffer, i know from talking to the president that he thinks laffer is the best economist in the country. he would love to have arthur. the question is, what you and i need to do is put the pressure on laffer to accept the job. okay? stuart: he's a great grandfather many times over. >> i know. he's a great grandfather. by the way, june 29th, i mean june 19th is a great day when he will win the presidential medal of honor. we want you to come to the hotel. we are having a big blowout party for maybe the most influential economist of the last 50 years. stuart: okay. that's an interesting invit

can use council officials unnamed of racism calling it the afrikaner of kids in chile it was the laffer caliphate akins yes all of that starts in minutes of one of the meetings that's absolutely beyond a doubt that that was said because that was said in a meeting in front of dozens of witnesses at the time it was in relation to allowing child refugees into the bara they're basically saying if they did that it would turn the bar into an islamic caliphate you know my front yard rather an islamic caliphate and you know some neo liberal you know quasi state where basically you don't really have the rule of law you have the rule of money and that's all that talks and you know that's all that's ever listened to and it's ridiculous that to reason may have the cheek and share on gas city to try and claim credit for her actions in relation to graeme felt how i mean on one racism she said that she was against racism obviously in her resignations. speech and she used her resignation speech to talk about the setting up of the independent quietly into the tragedy the search for the truth that she ma

reporter: the president just awarding the presidential medal of freedom to arthur laffer.rd to individual who made special contributions to the security or national interests of the united states, world peace, culture or other significant public or private endeavors. congratulations to art from all of us at fox business. what is happening here? a little league brawl. parents fighting at a baseball game played in poverty in extree poverty. i ban n word and f word and the kid don't use them. what kind of standard is set when idiotic parents do something like this. they should apologize to the rest of the human race by stealing oxygen by the good ones who are here. >> these are 7-year-olds. we have seen them fighting like this since i was a kid, especially at hockey games. you make parents sit in the back row? i don't know what the solution is. you ban them. >> ban parents? >> if they are going to go to these games and fight, yeah. if they show up and do that, they have to take them out. if they find everybody, that guy in the white shirt shouldn't be going to another little

arthur laffer, good to see you, my friend. >> it's wonderful seeing you, ali. the shout out. it's great being on your show. >> the newly recipient of the presidential medal of freedom. because you have e*trade, whose tech isn't complicated. it helps you understand the risk and reward potential on an options trade. don't get mad. get e*trade. yand you want to getr an excellent price you'd think with all these options it would be easy. but with terms like msrp, invoice, list price, things get confusing pretty fast. you just want to get a real price and that's where true car comes in. only with true car can you see what other people paid for the car you want and you can connect with certified dealers who offer prices based on this same information. none of those other sites do that. from end to end, true car is your only one stop solution. (woman) you have the support of a probiotic and the gastroenterologists who developed it. (vo) align naturally helps to soothe your >> it's wonderful seeing you, >> it's wonderful seeing you, t. (vo) go with align. the pros in d

. >> tiger woods, elvis presly, arthur laffer. >> michael yush very, very kind and thank you for havingme. >> i want to remeeind you to answer the survey question. are democrats snatching defeat from the jaws of victory by moving too far to the left? >>> just who just quit the nra. i opened it and the answer was me. i was surprised and i will explain. >>> and scooters they can be a lot of fun. i recently took a spin on one in washington. some say they're also wreaking havoc on several american cities. should they be banned? with options like new power bowls starting at nine ninety nine. summer berry... ...or spicy dragon... ...topped with shrimp, salmon, and more! or try endless soup, salad and cheddar bay biscuits for eight ninety nine. it's lunch at red lobster. so hurry in! you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? flonase sensimist relieves all your worst symptoms, including nasal congestion, which most pills don't. and all from a gentle mist you can barely feel. flonase sensimist. you can barely feel. metastatic breast cancer is

senator rob portman, former cea chair austan goolsby, and former trump adviser art laffer will join us jig is up, the news is out, they finally found me ♪ ♪ the renegade who had it made >> announcer: live from the most powerful city in the world, new york, this is "squawk box. ♪ ♪ wanted man >>> good morning and welcome back to "squawk box" here on cnbc live from the nasdaq market site in times square i am joe kernen along with becky quick and andrew ross sorkin and the futures right now are just under -- as far as the dow -- up just under 200 points. 198, 199 points. we might see it happen as we're watching here. the s&p now up there's 200 on the dow the s&p now up 21 1/2 or so. the nasdaq up 54 latest move higher from -- we were up about 140, 150, and some more conciliatory comments from the ministry in china, china commerce ministry, about how we should work together through negotiation and dialogue to reach some type of -- but they also, the ministry also said that the u.s. has to agree to stop its wrongdoings, so -- >> right, but that's still ratcheted down rhetoric from what we'v

the trump tax cuts relied upon the same theory.e mainstream economists say that in fact, laffer's presonspt have led to higher deficits whenever they've been tried.on wall street today: stocks e'naged only modest gains after the federal resestatement on interest rates. the dow jones industrial averag was up 38 points to close at 26,504. the nasdaq rose 33 points, and the s&p 500 added eight. and the library of congress has named a new u.s. poet laureate: joy harjo. she is the first native american e man to hold the position, and will serve for xt year.e harjo has won numerous awards and is known for coons such as "the woman who fell from the sky" and "in mad love and m war". still to come on the newshour: the fight over interest rates between president trump and the federal reserve, new evidence linking saudi arabia murder of journalist jamal khashoggi, how the trump dministration's clean energy rollbacks may impact public health, and much more. >> woodruff: federal reserve> chairman jay powell's comments about a potential interest rate cut marked a shift in the fed's assessment of where th

and give the presidential medal of freedom to economist author laffer. this was supposed to be a reset moment for the administration, a reset moment for the campaign, but it's really been campaigning ever since he won in 2016, and we heard a lot of the same theme. from hillary clinton to robert mueller. we heard about immigration, of course, border security, fake news. this was really the same old story, same old song and dance. take a listen. >> no collusion, no obstruction. many times i said we would drain the swamp. we are building the wall. our radical democrat opponents are driven by hatred, prejudice and rage. we'll tell sleepy joe that we found the magic wand. the sleepy guy. >> reporter: the president did apparently come up with a new campaign slogan -- keep america great again. and he also touched on many of his successes over the last years including talking about the economy through the exaggeration there he's used before, this may be one of the best economies in the history of the united states. as we all know, it's not all that although it w

let's bring in art laffer. hopefully he can make sense of all this for us.g to you and congratulations on the metal, by the way. >> good morning, sandra. thank you very, very much. so bill skipped out on you this morning. >> sandra: every once in a while, we give him a day off. >> benjamin is doing a great job. >> sandra: he sure is. it's great to have him here. what about these flipped counties? there are some interesting statistics coming out that could spell trouble for the president in his reelection campaign? >> i think the articles are selective in their choice of where they look. there are a lot of counties that went for hillary that have done really well that are going to flip over to trump. when you look at the balance here, the u.s. economy has done really, really well. that will fit donald trump enormously. under obama, they didn't do well. hillary didn't do well on that, obviously. and i think trump's economy is doing really great. >> sandra: but the question is, art, is the economy doing great everywhere? it looks as though the 207 counties were

art laffer is standing by. >> the time is not for us to see you know what?e need an economy, and a government that works for all of us. not just the 1%. and if people want to accuse me of that, i plead guilty. yeah, that's what i played. >> do i believe that workers should have more say and be sitting on the boards of large corporations? yes, i do. do i believe that we should break up some of the major banks on wall street and support credit unions and community banks? yes, i do. so i think one of the things that we have to look at is the fact that power in this country rests with just a handful of people. >> bill: there is the message from bernie sanders, calling for drastic changes to the u.s. economy. art laffer with me. sir, how are you? nice to see you. good morning, sir. >> very well, bill. i just saw that interview yesterday. amazing. just amazing. i mean -- that book, "the american renaissance." bernie sanders book should be "the great american collapse." his policy would lead to absolute economic collapse. >> bill: here's my question. does his messa

. >> i was on the hill yesterday down in washington for the art laffer award ceremony. finished. all the republicans i talked to. republican strategists in the room with art laffer, they say there is a 100% chance that he is not going to be the democratic nominee. there may be other views on that. i'm no expert. that's what they were saying. republicans that i talked to think just as a reporter i was working there as a reporter among these republicans. they that i that biden is finished not because of this but he has been slipping so much in so many different ways and his comebacks are always insufficient. >> i don't know about that. we have no idea who will ultimately end up being the nominee at this point. >> sandra: that's a fact. >> i will say that he said was insensitive and unnecessary if i'm being completely honest. he didn't need to go all the way back in history to talk about what is happening right now. we have a do-nothing senate that hasn't had a vote or passed a bill since may. let's talk about what is actually not happening in washington >> bill: you're sa

jillian: laffer served as economic advisor to the 2016 trump campaign.ck he popular talk show. >> i would love to bring it back but maybe not every day. the only time i missed it during the election or something big happens in the news. gee i wish i had a show. jillian: the oprah show ended a 25 year run nearly a decade ago. we'll be curious if that happens. steve: she has her own channel. ainsley: her hag magazine. steve: stay tuned. ed: remember when the president said this at his 2020 campaign kickoff? >> i have a feeling she is going to be running for a certain gubernatorial position. don't worry about it -- ed: who is she? we have come clues about her plan coming up. ♪ [farmers bell] (driver) relax, it's just a bug. that's not a bug, that's not a bug! (burke) hit and drone. seen it, covered it. at farmers, we know a thing or two because we've seen a thing or two. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ wgreat tasting, heart-healthys the california walnuts.ever? so simple, so good. get the recipes at walnuts.org. i heard there guwere fleas ou

bush, karl rove joins us as well as art laffer and judge andrew napolitano joins us along with u.s.s well. we want to kick off with this, the big tech threat. the industry battling for its future against potential new regulations as congress ramps up regulations on silicon valley's largest companies or talks about doing so. facebook fighting to rebuild trust as well. the networking giant boosting spending on advertising amid a wave of anti-trust and privacy probes. the ceo of apple, tim cook, targeting some of the biggest names in tech over the weekend in his stanford commencement speech, he says companies must take responsibility for the chaos that they create. watch this. >> this industry is becoming better known for a less noble innovation, the belief that you can claim credit without accepting responsibility. with every data breach, every privacy violation, every blind eye turned to hate speech, fake news poisoning our national conversations, the false miracles in exchange for a single drop of your blood, too many seem to think that good intentions excuse away harmful outcomes.

i saw the president yesterday, because as you know, i was privileged to be over there with art lafferal medal of honor in the oval office. i chatted with the president for just a minute or two. he's not pleased with jerome powell. he wanted a rate cut. i want a rate cut as well. neil: that's interesting. this was after the fed made its decision which was no decision for the time being, but hinting of one to come. so he's still not pleased with him? >> well, i would say he's agitated. he thinks and i think there's a lot of truth to this, that he's created this booming economy and it needs the dollar liquidity to keep it going and that jerome powell isn't with the program on that. so yeah, there is a sense of -- that he doesn't get, you know, what he's trying to do, that he's increased the supply of goods and services, that he's frustrated that, you know, every time we get wage increases, or every time we get, you know, an increase in employment, somehow the fed feels like it has to pull it back. i'm with him on that. why? why do you have to do that? you should be looking at the inflati

arthur laffer has proved so useful over the past 40 years of edgy terry baiting and switching that presidentf freedom. viviana hurtado is sorting out our fiscal mess. if anyone care about the exploding deficit? fiscal conservatives and those with a more libertarian back. want to keep in mind about this eye-popping number is that exists within this context in the next coming months, there are negotiations happening around the budget and what is connected to that as negotiations stalled or break down. aat would be for example perspectives of raising the debt ceiling or not. it is not just the lines around the gop saying, if we will be cutting it will be toward entitled programs and social programs, not defense spending. it will be interesting to look at someone like gop senators susan columns -- susan collins who says social problems -- programs are important to her constituents. tom: this is a backstory, but front and center off cbo with shocking numbers. someone who reads congressional budget office data, their first wonderment of our fiscal nation, is neil bradley with the united states cha

. >> when trump gave the presidential medal of freedom to arthur laffer -- >> he says he's not threateningell but then makes the comments that sound threatening. i mean, how -- you know, you know, some people would argue it's your nomination - >> i think it's counterproductive for what he wants. >> i told the president this i think it's fine for him to criticize the fed when he thinks they're not promoting the economy. i think it's inappropriate to say i want to get rid of powell. unless he does something egregious, a criminal activity or something like that then i don't think -- by the way, let's not forget, donald trump appointed jerome powell. not like this is an obama leftover. >> and back him into the corner where he really resists doing what he might have done by now he's the new jeff sessions now. >> remember what happened in january. this bull market began in early january when the fed had to put its tail between the legs and admit that it had made a mistake. >> you're making it harder too. >> trump was the one who was bashing it andrew, that might have had a positive effect on the

art laffer, thank you very much indeed.the senate both passed different border aid packages. they haven't got an agreement yet. congress is going to leave washington tomorrow for the july 4th recess. senator shelley moore capito joins us now. madam senator, are you going to stay and get this done no matter what? >> i think we should stay and get this done. we have a huge humanitarian crisis. the senate passed a broadly accepted bipartisan bill, over 80 votes, last night and the house continues to keep pushing more partisan bills that just are nonstarters in the senate. we could wrap this up by today if we could just have common sense. stuart: i know we should. i know we need to. we made that case many times on the show. but we've had senator scott on the show this morning and senator barrasso yesterday. both of them said they ain't leaving until they've got this done on the border. will you make that commitment? >> oh, absolutely i will make that commitment. i'm not going to leave until we meet the demands of this humanitar

i'm a laffer curve guy i don't know where we are -- we know it's between 0 and 100. >> but do we need to -- you mentioned 70 cents of every dollar i mean, that's a problem, is it not? >> what's 70 -- oh, entitlements >> entitlements. if we do anything with increased revenue -- i mean, spending should still probably be cut and we need to address entitlements, do we not? >> we don't even need to cut entitlement spending we just need to slow them down or make them grow at zero and all our problems go away. >> -- not of the leading 22 -- >> they all went up over 5% or 6% last year with nominal gdp growth less than that. they're still gaining. and by the way, we haven't even gotten into the really demographic -- the gray boom spot i talked about 12 years ago, if you'll remember. i'm sure you don't i thought the real consequences won't show up until 2025-2030. i said this in 2012. well, it's not 2025 yet, but we're getting there. >> right >> robert, thanks for coming in. >> thank you, guys >> thanks, robert. >> thank you >> we have more to come. >>> all right, coming up, s