the laffer curve works. in the first year or two, you may have to borrow money to finance lower tax rates. but whether they are individual or corporate rates, you are making an investment. you are making an investment in future growth and prosperity and jobs including minorities, especially minorities. you are making an investment in middle-class working folks, blue-collar folks. so it is worth it to incur a temporary deficit. that will increase the debt. it is worth it because down the road everybody will benefit. studies show for example, studies on the left of center. you know, the brookings. they are not crazy leftists, but left of center. i don't know. 80% of the people got tax relief. 60%, 70% of the benefits of the corporate tax cuts went to working folks. middle-income typical families. that was worth it. when i made that statement in 2019, you know, i stick to it. it did not bother me. what bothers me is if you are going to spend a lot of money that will not enhance growth, that bothers me. ok? so,

i will be asking famed oregano economist art laffer what he is seeing ahead. plus a pivoting on his campaign promise to alienate saudi arabia. court reports now the bite administration and joe biden will travel to saudi arabia and met with the crown prince. senator ron johnson on biden's about-face. national average price for gasoline will hit $5 a gallon two weeks from now as some places see as high as $8 gas buddies patrick on how high prices are going to climb this summer. first take a look at where markets ended a nether big week of this after we saw better than expected jobs report for the month of made the unemployment rate remaining at 3.6%. job creation up 390,000. still jamie dimon the see of the largest bank, j.p. morgan, is out with a warning about the economy. >> it is a hurricane. right now it's kind of sunny, everyone thanks the fed can handle this. that hurricane is right out there down the road coming our way. we just don't know if it is a minor one or a super storm sandy. so you've got to brace yourself. >> he also said the bank will be much m

art laffer, thank you. i hope when we come together again we'll be able to talk a little bit more about how we get out of this situation. because there has to be a solution. i look at the dow up 590 points. so there is still a glimmer of hope on the horizon it will bounce back and give people confidence, too. we have to keep it positive. art laffer, always real. breaking news now. u.s. supreme court today struck down a maine law. the state of maine that bans tuition aid for students at religious schools. the 6-3 opinion along ideological lines. chief justice john roberts wrote the law is a violation of first amendment rights. andy mccarthy is with us. former assistant u.s. attorney and fox news contributor. glad you're in "focus." break it down. what does this mean? >> harris, i think it means we get to a more constitutional understanding of the first amendment. the confusion is the court's juris pru dense over the years. in the first amendment the constitution does not give you freedom of religion. if it d

laffer curve in accordance with how the economy will build up its internal muscles . companies withregulation, that is, the maximum destruction of burdensome regulatory procedures, then we really have a natural, natural level of that economy will be somewhere around 10-15% per year, which corresponds to such countries as france or germany, because absolutely absolutely for those listeners who viewers who have watched us until this moment and for example, everything is clear or not everything is clear, i still want to specify once again, and if you take it and slam your fist very hard on the table and roll away from to shake the hands of those who do not pay these taxes , the child will disappear, this will happen, the child will happen now, this is a complex gradual process, that is, it cannot be achieved by administrative methods of etifinization, moreover, it will have the opposite effect of what you said that even more people will go into the shadow. as far as i understand, it is necessary just now during the books not to sign models of restorative and anticipating the growth of

i will bring in laffer associates art laffer. art, inflation now, where do you see inflation?s there any insight into first half of next year. recession, i'm sorry. >> i thought you said inflation. charles: i did. but i meant recession. >> okay. i see, we're having a terrible time. the first quarter is down 1 1/2%. got forecasts for the next quarter at .9 of a percent. those are really, really bad numbers. whether it becomes officially a recession or not who knows but it's an awful period in the economy. it portends to be that for quite a while. charles: yeah. >> i see nothing in the poll at this matrix that would change my mind. there is nothing there. charles: you've done amazing work, in the '70s. we had a great conversation about that. long inflationary bout from 65 to 82. hour ago world bank came out with major headline. the world is moving closer to stagflation. they have taken all the numbers down around the world including the united states. the stagflation part of this, that's real, isn't it? >> it is. it's very real. i see nothing to tell me that inflation is going t

not just art laffer a bunch of democratic strategists said he did.tion like we haven't seen in a generation. you just had steve rattner this week who said he overstimulated the economy during a pandemic putting too much money in people's pockets which created this inflation. it's economics 101. if you flood the joan with free money and the supply side can't keep up, you listed those empty jobs, the supply side can't find workers the result is shortages and inflation. it's not hard to figure out. it's hard to solve once you do it. >> bret: okay. i just want to break in for this breaking news that's just happening at this very moment. if we can get a graphic of that race. we are just getting word that david mccormick in pennsylvania has conceded that race to mehmet oz. remember that's the runoff, the recount that was happening in pennsylvania. oz was up some 900 votes heading into the recount. the g.o.p. senate nomination on the line in that race. mehmet oz will now win that as david mccormick is now conceding. he says it's now clear to me with the rec

i will be asking famed oregano economist art laffer what he is seeing ahead.mpaign promise to alienate saudi arabia. court reports now the bite administration and

so gay laffer offset that yes we are . we understand tucker's concerns, but we will. we want to talk about this next month for the meeting, on a regular meeting between iran, turkey and russia. so it doesn't appear that turkeys close to any green light for any operation in anytime soon. dorian jones, that reporting from istanbul, turkey, thank you. and while those talks are underway in turkey, russia now claims to control 97 percent of lu hans. one of the 2 ukranian promises that make up the dumbass the kremlin, has made taking the eastern region. it's number one objective in this phase of the war and has been bombarding the city of of our donato. don't ask and surrounding areas ukraine's president vladimir zalinski says his forces are putting up a fierce defense and inflicting a heavy toll on russia's military, smoke and destruction across soviet oh, don't ask. the fight for the key industrial hub has emerged as a pivotal battle in the wall. russia has claimed to have taken full control of all the residential neighborhoods there but ukrainian officials say its outnum

now with some of the other developments in this war, rush, as a foreign minister, sergey laffer has met with various foreign ministers at the gulf cooperation council in riyadh, saudi arabia. the focus of the talks was not clear bought comes a day after european union leaders agree to ban most russian oil imports by the end of the year. hope francis has said wheat exports from ukraine should be allowed to leave the country freely and that food should not be used as a weapon of war. the russian blockade of ukrainian ports is causing global shortages and pushing up prices as demand increases. and it appears voters in denmark have said yes to the country, joining the european union's common defense policy according to a public broadcaster exit polls. more than 69 percent have supported the plan for in a referendum and then market is and you member bought in the past and negotiated an exemption on the blocks to friends policy. now, against a backdrop of russian aggression from deans, we're asked whether they want to opt in with if lou 5 comma 8 was, it is so straight to date of your corresp

maria: point i make all the time art laffer because a number 8.3% cpi does not mean costing everybody like a dozen eggs up 22% year-over-year. >> you got page one points i like to add if i could, maria is that the months dropping off still very high priced month abnormally high privileged month 12 months ago why i think this number is going to come down for the cpi, that is true next month, but as we come into election three months in a row where you are going to get monthly numbers dropped off very, very low i would expect resurgence of inflation three months prior to the election. maria: so you think it comes down then goes back up again. after the summertime we've got a market mixed going into this number the dow jones industrial average down 38 s&p 500 positive up 31 point nasdaq higher by 29, cheryl casone has the number waiting on cpi for may right to it. cheryl: crossing right now let me dig into report if we could, 8.6 year-over-year 8.6 percent year-over-year big number, that is hotter than expected that is actually back core what? >> both hotter than expected i wanted those

neil: always good having you, art laffer. always interesting.player in the whole '80s boom saw ronald reagan cutting taxes, paul volcker cutting back on inflation raising interest rates a full point at a time. look at him. he looks the same now. oh, he is the one on the left. we'll have more after this. ♪ (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commis

>> you know, i like you, think the world of art laffer. i disagree with him on this point. it's too little, it's too late and it will impose burdens on our highway trust fund is already heading for insolvency. it is just the wrong approach to take and its effect over all on our ability this summer to get around and afford things is just miniscule. neil: senator, while i have you on another topic, the bipartisan gun package they're working out of the senate it looks like they have go 14 republicans supporting it. it is a long way from done the devil as you often remind me is in the details, as you stand now, what you've seen now, would you support that measure? >> yeah the answer is no and i'm just devastated for the parents in uvalde. i have cosponsored a bill with roger marshall that would help harden schools. i am supporting a bill by ted cruz and my fellow wyoming senator john barrasso would put more law enforcement out there but the bill that is, we're going to get to vote on, and by the way we can't even try to amend it, is one that will impose restrictions on gun righ

art laffer and muhammad are standing by, the power econ panel coming up, but first peter doocy live on the north lawn. why isn't the president himself meeting with those oil executives while they are in town? >> sandra, he says that his staff can handle that, in fact, the oil executives that came to washington did not get to come to the white house, the meeting was a mile away at the energy department but the president has time to drop by a meeting at 3:15, with folks talking about offshore wind energy, that shows where the president's priorities are at least today, and more than two dozen energy producers in this country, writing a letter to the president, before you board air force one or the middle east we hope you will consider taking another look at made in america energy. honored to show you how our energy is involved in every step, from fuel pumps to critical product infrastructure, to production zones across our vast nation. no word when the president will take them up on that offer, but president biden is apparently considering using the defense production act, or d.p.a. >> th

i will be asking famed oregano economist art laffer what he is seeing ahead.di arabia. court reports now the bite administration and

fighter, currently reading or just read steveat forbes on inflation, brian the emergence of arthur laffer. charles morris tycoons and ryan walters the jagged jazz agent president which of those would like to bring up specifically any of them? or someone to say two things. not to say my favorite books of all times. it's either what i have read or am reading now. i want to say john sanford, i love to read. these are fiction. john sanford book the investigator he has written a million bucks about i love a mystery, cops, cia spies. sanford writes his favorite is lucas davenport. the tenth of the years i've read so many john sanford books i really believe i know it lucas davenport very, very well i've been intimately involved in his family. this is a book about lucas davenport daughter and i'm about halfway through it. i w will let you know how that worked. the other one horn to say jamie lee burke who is written about my other favorite cop. a guy name davidda robichaux and louisiana southern louisiana. do not have a copy. i've never met james lee burke i've never met john sanford i would love

really prominent economists to have a conversation with dick about that plan and so we brought in mark laffer and i think it was steve forbes and i think like jack kemp was there. the three of them were huddled on this couch in his office and kind of sitting across from him and dick's first statement is he said gentlemen, he said there is has not been as much brainpower onthat couch since i slept there alone .t. classic dick. now we are going to hear from dick, one of the greatest majority leaders in the history of the house of representatives, dick armey. [applause] >> thank you. thank you all. i just really want to make two points. the first is about the house of representatives. i came to know and understand that this is the most unique institution in the representative democracy in the history of the world. and i was so privileged to be part of it. i learned a lot at the institution and i learned to love the peoplewho love the institution . one of the people whose presence occurs in my book and one of the few people with whom i served whose approval i coveted. it was senator burke of west

join being me to discuss all of that, laffer tengler cio, nancy tengler and jim iurio. sorry, jim.y first question, how much further does this market have to go? many point to the carnage during the financial crisis as template. i have to be honest with you, so far it has been perfect. sadly, scary. it followed it to a t. nancy does the market have no go down another 40 percentage points next year before we hit rock bottom? >> i don't think so, charles, but of course none ever us know. you're starting to see signs of fed policy, financial conditions tighten in a pretty meaningful way. i thought the numbers were super interesting. the conference board which tends to be more sensitive to employment shows vacation intentions are going down. that is a big deal. if you look at some commodities that have sold off recently, food and energy, that is helpful. so, i think, you know, we saw in the '70s where the fed was hiking into, into a weak economy and i didn't like the way that turned out. i am hoping we'll see some pause. last thing i say u.s. euro-dollar futures yield curve has pulled

here is art laffer. >> inflation is not only not peaking and not coming down it is accelerating.ould have. this is not even a catch up back to where we were before. >> bret: 10-year chart of inflation the cpi, this goes back, obviously, to 2010. but you see the last year and a half and where that mountain is climbing. that's us. let's bring in our panel mollie hemingway editor and chief at the federalist. juan williams, fox news analyst and "the washington post" columnist marc thiessen. what about the communicating around, this mark, for the administration? >> it's been a disaster. the -- i mean, the president goes out and says the economy is doing great. we have great growth and all the rest of it they say we have the strongest labor market in his industry we actually have the largest worst labor shortage in american history. the reason we have inflation right now is because the demand is so high and businesses can't find workers. so, when you -- one of the things i learned as a presidential speech writer is that when you go out and say things that are contrary to the lived real

i want to bring in laffer cio nancy tengler and define cio, ceo, sylvia jablonski.adies i want to start with this. equity fund flow is robust as market goes into free flow. this has wall street perplexed. funds never stopped coming into this market, it is pouring into the market even though the market is taking this kind of a drubbing, when you look at this, nancy, are individuals doing the right thing. >> oh absolutely, charles. i think the bears are not in charge very often so you get very vocal bears in periods like this. as you talked about you miss five best days in the market of 1980, first quarter of 2022, your portfolio is 38% lower in value just from missing the five best days. maybe today is one of those best days. you want to maintain discipline as you seek places to go. i wrote about starbucks in the 2007, 2008 period. i bought it after it was down 30%. this was pre-great financial crisis. charles schultz, schultz came back and ran the company, the stock went from 30 to 40, split adjusted it was a 15-dollar purchase. after the great financial crisis it g

if laffer off came to belgrade, because he would have discredited this country, this country would have shown that crimes committed in ukraine are acceptable. the un says as a human trafficking crisis unfolding in ukraine, targeting women and children, more than 100 allegations of sexual violence against women girls and men have been reported in the conflict so far. the un security council made a short while ago to discuss the problem which remains under reported, but fairly widespread. for plate, it is an un traffic as well, is not a tragedy. it isn't which any women and children flee the convict being targeted for trafficking and exploitation. in some cases facing further exposure to ramp up the risk while seeking refuge. there been multiple reports from survivors of russia . soldiers breaking down doors to basements, where women were sheltering and raping them. these terrible acts were done in front of their children, and they were filmed by the russian soldiers. these are bone chilling accounts. let us go through the ratchet enough accusations off russian service personnel, committi

economists to to you know to to have a conversation with -- about that plan and and so we brought in our laffer. and i think it was steve forbes. and i think like jack kemp was there or someone answered the three of them are huddled on this couch in army's office, and we're kind of sitting across from him and a -- army's first statement as he said gentlemen. said there is not been as much brain power on that couch since i slept there alone. all right. here from -- army the great one of the greatest majority leaders in the history of the house of representatives -- army. thank you. thank you all. i just really want to make two points. the first is about the house of representatives. i came to know and understand that. this is the most unique institution in the cause of liberty and representative democracy in the history of the world. and i was so privileged. to be part of it. i learned to loveth the institution. i learned to love the people who loved the institution one of the people. whose president recurs in my book and one of the few people with whom i served whose approval i coveted. was sen

joining me now, laffer-tengler cio, nancy tengler. nancy, to me powell seemed unsure of himself a little bit here yesterday. remember he said 75 basis points was off the table at the last meeting. he had egg on his face. he was trying to clean that up. someone asked 100 basis points next time out. he is between a rock and hard place. did he exude the confidence the streets need? >> he looked unsure. this damage has been wrong at every turning point. doesn't make me happy to say this. they revised their inflation expectations numerous times. he did say 75 was off the table why i said it would be a happy surprise if we got 75. as people probed, initial reaction was strong from stocks. we closed strong. as people probed we saw overnight news of rate hikes elsewhere, i think it will be very difficult for this fed to rebuild credibility. i worry about that because the bears are rarely in if charge, when they are in charge, they are ruthless, they don't want to let go. that is the battle we're fighting right now. i wish we had a different g

. >> bill: art laffer former reagan economist. the worst may be yet to come. edward lawrence. here? >> what's interesting, bill, the president is actually brushing off some of the criticism from business leaders like big names we're talking about jeff bezos, jamie diamond and elon musk concerned about the economy. he said he was a super bad feeling of the economy. he walked that back over the weekend in a tweet saying the head count will go up but salaried employees will remain flat. in miss economic address on friday president biden says he is doing everything he can to lower the cost of inflation. but to do that congress must act and pass more spending. many economists are saying government spending is a big part of the 8.3% inflation we have. in fact, a former economic advisor to president obama said if people would voluntarily cut back on spending it would help president biden. >> the accusations how much did the stimulus spending contribute is really about did we give people too much money in their pockets? they are in some of the best financial shape they've ever been. d

congressman andy biggs, jason chaffetz, art laffer, "the faulkner focus" top of the hour. >> bill: thank, a hearing underway in the state senate in texas and police commander out of texas saying officers could have stopped the gunman in the uvalde school shooting within three minutes. what that is based on we do not know. that was his testimony just a minute ago which can be no resolution to the families down there in uvalde still trying to recover from this and life going forward. wow. that's the headline. we're watching it for you. when there is more news we'll pass it to you out of texas, meanwhile, three people and two dogs forced to jump overboard from this ship when it was on fire. that's a 70-foot yacht engulfed on saturday in thick black smoke and flames. the owners are kit and diane watson who lived on the yacht for the past year and they join us now. it is good to see you. had a few dogs on board as well. wow. this is a beautiful boat and it was your life and it went up in flames. what were you thinking? >> survival. we didn't have much time. we saw smoke coming up and the boat

i caught art laffer on fox news earlier this morning saying if he were advising joe biden, of courseeople and he'd recommend it giving a gas tax holiday when they need it right now. what do you think? >> anything would help. the american people need some kind of relief, though unfortunately, the administration and art's right on this , has more than raised the price of a gallon of gasoline, probably a buck and a half, two bucks just by really harming production in the united states. it's astonishing that he's now going to go to saudi arabia and he's going to learn that opec does not have that much spare capacity, so by killing that pipeline, the keystone pipeline early in his administration first day, 800,000-barrels of oil from canada, a friendly country to the united states, they've done everything possible and continuing to do everything possible to get in the way of improving refinery capacity, building new refineries, permitting a leasing on federal lands. everything that would help the situation, they're doing the opposite. rhetoric one thing, actions quite another. neil: you k

. >> dana: former reagan economist art laffer.eir cars or going to the grocery store today, is there anything on the horizon that tells you that there might be some easing in inflation in the future regardless of what the biden administration does? >> no, there is nothing i see that would tell me that inflation is going to be brought under control any time soon. but what i do think is very important, dana, is what you guys raised in the issue about janet yellen, secretary of the treasury and comments she was wrong. there is nothing bad about admitting you are wrong when you are wrong. nothing bad. god knows i've been wrong a lot of times in my life. the question is why was she wrong? and why was she wrong? is it because she is an employee of this administration and tilting her views toward what they want to hear rather than what she actually believes? if you are wrong because the facts don't could ob rate what you said. with new facts you should have new policies. i change my mind when facts change. they don't appear to be changin

. >> sandra: a panel coming up, art laffer, economist from the reagan era, ask him about the plans the republicans could put out to win support and the rollout by the white house. and colin mcshane will join us as well. funerals are underway for some of the victims in uvalde, texas. the city has just two funeral homes, which are now burdened with the task of burying 21 of their fellow community members. services for 12 victims held this week. senior correspondent casey stegall is in uvalde for us, another sad day for that community, casey. >> yes, sandra, it really is, and we are at the ever-growing public memorial in the town square. we have gn here every day, and overwhelming to see the families come here and cry and of course be hugged and be consoled by members of the community. according to texas d.p.s., the police chief of the school district about an initial interview with investigators right after the shooting. however, they say that he has not responded for three days for follow-up interview requests. he was sworn in behind the scenes yesterday in a private ceremony for the ne

you to art laffer, jr.ecause there's so much more ahead this morning. coming up the largest ever migrant caravan could begin the long march toward the u.s. border today. former u.s. border patrol chief ron to weigh in. plus the record run-up for gasoline prices nationwide average edging closer to 5 bucks a gallon. fox business' kelly o'grady is live from los angeles with a full report and joining the conversation all morning long, you saw michael lee, liz peek, both of them. you're watching mornings with maria live on fox business. ♪ ♪ ♪ —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause status. verzenio + fulvestrant is for hr+, her

i think if you're going to have the fed tightening, laffer and i and steve forbes would rather than thewe would like to see the fed selling off assets and their balance sheets. the fed doesn't set interest rates. the fed is a follower of interest rates. if the fed were to release some of the , what is their balance now, $8 trillion of assets they are holding those are mortgage- backed securities and government bonds, that would some of this excessive money out of the economy. stuart we may have seen the editorial in the wall street journal today talking about the airlines and what's going on there where they are having to give pilots as much as 50% increases in their salaries to get them to stay on-the-job. that's happening throughout, now look i'm all for high wages for people, but now we're in the risk because of this labor shortage, of a kind of wage put inflation that could make the situation worse in the months to come. stuart: got it, stephen thank you very much for being here. we'll see you again soon, stephen moore. >> by the way, stuart i saw paul mccartney last week in baltimo

joining me right now is rose cliff capital ceo and managing partner, mike murphy, laffer tangler investmentgler and constellation research founder, ray wong. thank you for being here. nancy, kicking things off with you. fed chair jay powell said a recession is not inevitable. we're looking for the next fed meeting on july 26. i know we're all expecting another hike, nancy. but it's going to come can right after the earnings season. how important is the second quarter earnings season and what are you expecting from the fed? >> well, yeah, maria, i think the fed has, as we know, has been behind on sort of every metric for the last -- over the last year. but if you look now at the two year, five year and 10 year inflation breakevens, they're now below where they were in late february when russia invaded ukraine and if you then look at the u.s., euro and dollar futures yield curve, they pulled in the timing of the pricing peak for the fed. they're now saying that the peak is going to come, the last hike in december rather than june of 2023. and it will be followed by two years of rate cuts. if

jobs' report and white house response to inflation, and high gasoline prices, we will talk with art laffered to the economy we have all-hands-on-deck, with those numbers and backdrop we will identify, where the jobs are, don't miss it we are breaking down everything you need to know when we come back. stay with us. . . straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. big game today! everybody ready? alexa, ask buick to start my enclave. starting your buick enclave. i just love our new alexa. dad, it's a buick. i love that new alexa smell. it's a buick. we need snacks for the team. alexa, take us to the nearest grocery store. getting directions. alexa will get us there in no time. it's a buick. let's be real. don't make me turn this alexa around. oh my. it's painful. the buick enclave, with available alexa built in. ask “alexa