griff: former economist peter morici joins us to explain why. >> reporter: good morning.in. >> reporter: moderate joe biden won the primary, got co-opted by bernie sanders and aoc of the rest and ran on a radical platform. if the republicans hold the senate with the gains they made in the house that is a clear mandate to compromise and move away from things like terribly high taxes and nationalizing health insurance and the rest of that nonsense in the platform. jillian: let's look at president-elect biden's tax plan that includes increasing top income tax rate to 29%, payroll tax for those earning 400,$000 a year, raise capital gains tax, increase corporate taxes to 28%. with all that being said you talk about why joe biden should hope the city remains republican but why should the rest of america especially those on the far left, how is it going to benefit them? >> we all benefit from a growing economy and we rely on high technology, research and development and fund that with venture capital by opposing a 57% tax on capital gains for angel investors and so forth, we ar

i will ask economist peter morici to react on that. he's next. ♪ for over 30 years, lexus has been celebrating driveway moments. here's to one more, the lexus december to remember sales event. lease the 2021 is 300 for $339 a month for 36 months and we'll make your first month's payment. experience amazing at your lexus dealer. look limu! someone out there aneeds help customizing first month's payment. their car insurance with liberty mutual, so they only pay for what they need. false alarm. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪. charles: goldman sachs getting very bullish, forecasting a v-shaped economic recovery and they're lending much of the v, the word v rather to the vaccine, the vaccine progress in fact we just talked about, adding in stimulus and other factors, goldman modeling for 5.3% gdp next year. remember the consensus is 3.8%. i want to bring in university of maryland economist peter morici. peter, are you as optimistic as goldman seems to be? >> it all depends when we get a vaccine and how

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former chief economist for the international trade commission peter morici, good to see you as alwayss start with this widget the republicans are able to keep the senate what can joe biden do? what moves can you make of any when talking about taxes and tax cuts? >> you can play with irs regulations, those governing the taxation of foreign income of corporations but these are very marginal things, they won't yield a lot of money and will get a lot of blowback from corporate tax officials. it isn't like they will go unchallenged and the courts would if he plays with regulations that affect individuals can you imagine democratic congressman's telephones lighting up when people are filling out their tax forms that the iris arbitrarily changes their taxes, that's not very likely and the latitude is very limited. shannon: we just put up a list of all the things joe biden wants to accomplish, what is to increase the corporate tax rate from 21% to 28% and the reason that concerns republicans, companies are not just going to take a hit. what they will do to balance it out as fire people. if th

david: peter morici. od to see you, peter, thank you very much, appreciate it. >>> the pandemic slowing foot traffic to brick and mortars by more than 50% this black friday but holy cow, did americans shop online bilge time. we have the numbers. california governor gavin newsom announcing stay at home order how californians should shop at small businesses. a lot of mixed reactions there. from california congressman-elect darrell issa. he is back with us after a short break. stay with us. i'm greg, i'm 68 years old. i do motivational speaking in addition to the substitute teaching. i honestly feel that that's my calling-- to give back to younger people. i think most adults will start realizing that they don't recall things as quickly as they used to or they don't remember things as vividly as they once did. i've been taking prevagen for about three years now. people say to me periodically, "man, you've got a memory like an elephant." it's really, really helped me tremendously. prevagen. healthier brain. bet

we'll dig into that with peter morici.n the hour fox news contributor liz peek, why she believes liberal media is helping trump to win four more years. we'll be right back t, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. ♪ usaa charles: all right. so i want to take a look at the potential impact of a biden presidency on corporate profits and investments. according to rifinitive would derail capital expenditures which many economists make the difference between years of okay growth and those years with great growth. it has an impact on household incomes and standards of living. they also she a sharp decline of earnings with 10 of 11 s&p sectors taking a hit. the largest would be energy, income down 44%. only com

former dallas fed adviser danielle di martino booth and from the university of maryland, economist peter morici we start with any of the actions being taken, your reaction on twitter to the selection of janet yellen? you almost broke twitter. what is your problem with janet yellen heading up the treasury department? >> well, back to where we were a year ago, i was on set with you and we were talking about the most mundane, arcane plumbing issues in the repo market and overnight reserve and all the things were gumming up the plumbing in the financial system. these are matters that make markets tick and/or come to a screeching halt. janet yellen is a labor economist. the reason the mortgage -- the subprime mortgage crisis blew up in her backyard, remember countrywide mortgage, it was on tv constantly, the color of my dress, but she has a fundamental underappreciation and misunderstanding of the intersection of the financial markets and economic data. it was a very easy choice for biden to make. janet yellen is the ultimate comfort food for markets. she would impose negative interest rates, have t

let's bring in peter morici to talk about this. think it is coincidence we are seeing lockdowns in blue states, the red states are trying to keep the virus at bay but also keep the economy humming. >> where you keep the economy humming people don't lose jobs and we don't have ancillary effects of depression, drug abuse and so forth. we have to remember there are extreme costs in terms of people's health and economic well-being from locking down. dave: we had bad news on the job front, the dallas fed president is worried about a double-dip recession, the possibility of one going into 2021. are you worried about that? >> it is a concern. my feeling is the fourth quarter will be a slow quarter in terms of growth considering where we came from. we need to stop the bickering between the treasury and the federal reserve about continuing the loan programs to businesses and municipalities and so forth. this is not the time to pull those back. comments like governor cuomo's serve to stir panic in new york, so many people hesitant about vacc

you are right peter morici thank you so much. >> yeah, what do you? pete: exactly. and families this christmas season. this morning rick and lieutenant colonel dan rooney join with us a very special announcement and how you can help coming up next ♪ it's america ♪ ♪ the company who invented car vending machines and buying a car 100% online. now we've created a brand new way for you to sell your car. whether it's a few years old or dinosaur old, we want to buy your car. go to carvana and enter your license plate, answer a few questions, and our techno-wizardry calculates your car's value and gives you a real offer in seconds. when you're ready, we'll come to you, pay you on the spot, and pick up your car. that's it. so ditch the old way of selling your car, and say hello to the new way-- at carvana. will: time now for news by the numbers. first 222 pounds what mike tyson weighs ahead of jones jr. 54-year-old champion preparing for the fight by eating the ear off a cake made to look like his opponent's head that opponent being evander hole field a play on what he did