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promising less than 2 percent so they need some help from madison avenue if you read books from arthur lafferr thomas sowell or larry kudlow you will choke off the economy otherwise. >> . steve: those clinical tactics with the bipartisan infrastructure deal how do they say that republicans are not getting anything exchanged that they are giving biden cover for the massive expansion of government to be want to gather because the two bills go together what you think of republican senators voting for the deal next week. >> they better be careful. a lot of people think the so-called bipartisan infrastructure is a gate opener to the big tax-and-spend reconciliation that comes later. i can think of very specific items. basic infrastructure bridges and roads and tunnels even broadband is very useful. it's not a huge effect but it is useful they have not played in excel pipelines or the mr drilling but they haven't put in the national environmental policy that we work hard to get permit time limits to do this infrastructure in a year or two and i don't know why republicans settle i'm not sure what th

godsend during the shut down or backfiring reagan administration. economists, arthur laugher, as in the laffer curve, told talk radios, glen back. when you tax people who work and pay people not to work, don't be surprised when a lot of people choose not to work. and many who do want to work cannot because many businesses just didn't survive the shut down and because the shut down itself, change the way we live, what won't come back as the american come back unfolds. let's ask hillary ford, which president of washington based straw mark, business development consultants. hillary. it is great to see you here in the flesh after a year and a half of data hold on. going to be back. welcome back to the hotel. i am at here in washington has discontinued daily housekeeping, understandable after all the revenue they lost as business and leisure travel got clobbered during the shut down in new york city alone. some 150 hotels remain closed. this policy is company wide among health and properties. one tell workers union estimates that some 40 percent of housekeeping jobs could disappear if the policy be

shares are up about 17% this year let's bring in matt millie and nancy laffer nancy, at a time chinaf you're concerned that one of the starbucks' biggest growth markets is china >> yeah, it is a concern, seema. the mobile order data shows that comps in china have slowed, that loyalty may be slowing we may have hit the tipping point in terms of growth there that's something we're going to be watching on earnings. this is a company that has done very many things right during covid and beyond they're using digital and data in a really broad way that's improving margins. foot traffic in the u.s. in q3 is better than q2. it's a member of our 12 best ideas portfolio and we do expect the company to raise the dividend in the next quarter so if you've got weakness, this is a stock that you may want to add to at a pace. >> matt, you're concerned about valuation, from what i understand >> yeah, but i'm also worried about the technical picture of the stock. there's good news and there's bad news on the positive side it's broken above its april highs. on the negative side of things, it's also get

larry: let's back out some of this as i tried to explain and i had a great conversation with art laffer this this afternoon, the federal spending is bad but by itself it doesn't necessarily cause inflation, those are just multipliers and they don't do anything they don't boost the economy or aggregate demand we learned that through obama years. but it's a regulatory underbelly of all the spending that clause the wheels of commerce and cuts back on the output of goods and services, then you have the same money supply as goods and services i think my problem mick mulvaney was on the network earlier today or yesterday saying something similar. that is the problem spending leads to regulation, regulation leads to more inflation like backdoor supply inflation that's why i want you to fight like hell to get reforms on spending. >> i like what you said, spending leads to regulation, you had it right in the trump white house were 22 regulation for every new one created. that's what helped grow the economy, you dangle out the federal dollar, that creates the incentive to try to get more command

art laffer is here with us. working on this economy and advising our presidents of the united states. always good to see you today. at one point president biden said, you know, he said the market has gone gang busters. if the former president were still here in the white house, he would be telling you that every day. he doesn't think the market is a big indicator of the u.s. economy. what dew say to that, art? >> i don't think that's contract at all. the market is very important indicator of what will be, not what is or has been. while everything the president said is true and it was true, it's misleading. growth, this huge growth is not due to joe biden. it's due to donald trump's warm speed and getting rid of it as fast as job. biden did a good job of getting the inoculations out there but he doesn't deserve any credit for this economy so far what he's going to do is hurting the economy. quite damagingly. i think this market response right now is a large part due to joe biden. >> martha: so art, stand by. stev

record closes mike santoli here to break down the crucial moments of the trading day and we have laffern i took out that 35,000 hat, we went below but we have not closed above that number and we continue to churn higher, whether it's the banks in the lead like today or technology where it's been the last few weeks. the rotation >> the market continues to kind of find just enough, it seems, to keep going forward. friday's rally was a lot stronger than you might expect and the fact it came after a 1% shakeout the number, and it's worth noting it is exactly double the low from march 23 of 2020. up 100% in less than 16 months that's basically never happened to have a double in that rapid period of time so far we've been avoiding that kind of payback phase that we normally might get after such a massive rally, one, because it was really a flash crash, an exacerbated flash crash, not really a recession priced in slowly the policy response has been massive, as we all know, and the rotation cools off the market as it goes along. parts of the market take a rest. is it too perfect for it to conti

art laffer, former reagan economist, many other powerful players.s he did. so art calls them as he sees them. always good to see you, art. the president is saying i'm optimistic we're going to get big numbers. i think he's right about that but only because the prior numbers were so awful. but how do you see this going out the rest of the year into next year? >> yeah. well, the thing that surprises me about the president on this, neil, is that he is accurate, but he's not correct. i mean, we had this huge drop because of covid, and a lot of the growth that he's touting as the best in 40 years is just the catch-up from opening up after covid which is accurate, i mean, he's correct, there's nothing wrong with his numbers, it's just not, it's just not reflective of what is happening. we're just trying to catch back up to where we were. one of the things that i think has been missing in all of these to discussions is the stock market today is about the highest level it's been relative to gdp. now, i'm using the s&p 500, relative to gdp than it's been in

here is art laffer. you are a professor. you know what you are talking about.eeps the inflation mills rolling. where am i going wrong? >> i don't think you are going wrong at all but what it really does, where i find spending is a problem is it disincentive isis people and production of employment. we have lost 8 million jobs because of the pandemic, the participation rate went from 61% to 58% and we will never get those jobs back if we keep paying people not to work. not only will we never catch up but the growth rate is going to be slowed down because of these stimulus packages, just the way it was under obama, they limit the growth rate, we can ill afford to lose all of that production and then have lower growth rates and that drives me bonkers on these plans coming out of biden. inflation is also a very serious concern of mine although i am not sure it will come back. there's a point we are making that is a once up and back down again but the real thing is production and production is a killer, it is long-term and irreversible. stuart: talk to me about the