stuart: peter morici joins me now. any other industrial democracy. that's true, isn't it? >> absolutely, probably a better growth rate than china. what's the comparison? europe, which has the kind of policies he would bring to america is not growing at all. china, which has perfected the kinds of policies, command and control, is in deflation. this is like bragging my son was elected to the central american ice hockey team. right now the competition is pretty poor, but what is disturbing is how much of the growth in jobs is in the public sector or subsidized by the public sector and consequently built on the borrowing we are doing. the deficit is so much larger. you've got an economy on speed, not with healthy growth and sooner or later that comes back to bite you. ask the chinese. asked the japanese, ask the germans and the french. this comes back to bite you. stuart: what did you think of the speech last night? edward:the progressive pundits are overestimating how good it was at its critics are kind of overestimating

where does peter morici see inflation going from here?o stay about where it is in terms of the cpi and the personal consumer price index at around 3, 3.5%. the reason for that is inflation in the services sector are is becoming very, very stubborn, and we're starting to see those expectations that mr. powell says are anchored, firmly anchored at around 3. in fact, the lowest measure of that was put out by the new york fed, and that is now rising up to be in line with what the conference board has and the michigan survey and so forth9. so my feeling is that people expect 3% ininflation. service providers are pricing 4 or 5% in which is customary that they're a little more. and so i think we're stick. stuart: okay. you've got a new op-ed. you say that the federal she -- reserve should leave rates alone until a recession is an actual threat. okay, i got the point. but that would be a long way off, wouldn't it? >> well, not necessarily. i mean, if you survey economists, now, they haven't been terribly accurate in recent years, they're a sayin

peter morici, as always, appreciate it. >> you take care.nk you, you too -- shows how much credit card fees have surged under president biden. all right, lauren, by how much? law lauren so americans socked with $157 billion in late fees last year because interest rates are high and, yeah, they're swiping their credit cards more often because things cost so much money. guess what? delinquencies are up. we're falling behind on our payments. the number of americans one month behind is at a 13-year high. obviously, the president knows this is the a problem, that's why he's doing -- going after junk fee, capping all late fees at $8. that doesn't solve the problem. there is a problem, right? not a solution. ashley: right. , and adam a, 30 seconds. quickly. again, i know you're always optimistic, but it does speak to the state of the consumer, especially those late payments. >> well, if president biden wants to actually do something to help the consumer, he should stop regulating the businesses that are forced to operate less efficiently than they

for now, thanks for joining us- — peter morici is a professor emeritus at the university of marylande bridge many times, travelling up the east coast. how important is the bridge on this busy route? too early to assess the economic implications but this is a major port in the us and one that handles a lot of cargo and it could be out of action for quite a while? this is the largest— of action for quite a while? this is the largest east _ of action for quite a while? this is the largest east coast _ of action for quite a while? this is the largest east coast port, - of action for quite a while? this is the largest east coast port, the i the largest east coast port, the east coast has many more people than the west coast, the major north, north and south are to free, it goes right under the harbour, —— north to south artery. major distributors like amazon have got their warehouses there. this is as close as we get to the suez canal. unlike the suez canal, the workaround is more convenient, and they can be used but there is no place on the east coast that can take this kind of cargo, an

international trade chief peter morici.o come in the fox report china poses an ever growing threat to vessels of traveling in the south china sea and elsewhere. and now u.s. navy officials are asking congress to step up to help neutralize the risks. more on that when we return. lift heavy loads, ♪ and as he puts it, add the strength of 10 extra people to his family's land. ♪ every 3 series tractor built to deliver confidence. you just have to get in the seat. learn more at johndeere.com/getintheseat dale used to hide his smile. now... it's swishy time. he uses therabreath anticavity mouthwash for 24 hour cavity protection. try therabreath mouthwash. it's a better mouthwash! look for therabreath for kids in stores today. when you need to prepare for unpredictable adventures... (gasp) you need weathertech. [hot dog splat.] laser measured floorliners front and rear. [drink slurp and splat.] (scream) seat protector to save the seats. [honk!] they're all yours! we're here! hey, i knew you were comin'... so i weatherteched the ca

does peter morici think the cuts should come sooner?ice i ever got was to invest with vanguard for my retirement. the second best? stay healthy enough to enjoy it. so i started preparing physically and financially. then you came along and made every mile worth it. hi mom. at vanguard you're more than just an investor, you're an owner. helping you prepare for today's longer retirement. that's the value of ownership. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. [alarm beeping] amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. why not? did you forget something? my protein shake. the future isn't scary, not investing in it is. you're

also with us peter morici professor emeritus at the university of maryland who has used the bridge manyry for transport says that no bridge could have withstood a collision of this kind, is that how you see it or was this a very old bridge the crumbled under the pressure? bridge the crumbled under the ressure? ~ ., , , bridge the crumbled under the ressure? . ., , , ., pressure? well, he has absolutely no foundation nor _ pressure? well, he has absolutely no foundation nor does _ pressure? well, he has absolutely no foundation nor does he _ pressure? well, he has absolutely no foundation nor does he have - pressure? well, he has absolutely no foundation nor does he have any - foundation nor does he have any background to make that kind of a conclusion. the bridge itself was struck in the pier which supports the bridge was struck by 10,000 tonne ship, thousand feet long and this bridge was not protected by peer protection structures that have beenin peer protection structures that have been in use for at least three decades. it is predictable, it was just a matter of time before another

peter morici is professor emeritus at the university of maryland there are a lot of ways around thisbut the all cost money and what it's going to mean is this going to be very little flexibility in the system. this is like the closing of the suez canal. if we were at war with the russians and the chinese and they wanted to take out a bridge, i can only think of one other bridge that would be as critical, maybe the george washington bridge in new york. but that wouldn't close the port of new york. this, unfortunately closes the port of baltimore as it is our largest port. a good deal comes through that way and a good deal goes out that way. you can't get around that. president biden has sent the army core of engineers to clear the passage as quickly as possible, the federal government he said will pay to rebuild a bridge. we can speak to the former mayor of baltimore, stephanie rawlings—bla ke. the transport secretary called it the transport secretary called it the cathedral of us infrastructure and it must be an enormous shock. is unimaginable, this is a bridge that i wasjust on unim