it is 9.1% right now and penn wharton, a nonpartisan group, one joe manchin cites a lot says it willthe joint committee on taxation says this bill will increase taxes on everyone for americans earning less than $200,000. 14.1 billion tax increase for americans earning between 200 and 500. >> todd: your favorite model is penn wharton, two more points, no def cision reduction until 2027, that is five years away. you mention inflation will go down, it is negligible. there is no impact until the year 2031. my gas prices are high in 2022, i don't want to wait until 2031. >> carley: rushing it through because more americans learn about this, more they dislike it, says the "wall street journal." sticking with this economic front and social media tie-in, facebook is policing individuals who question the white house definition of recession, fact checking industry experts speaking out on the state of the economy, that top economist, american institute for economic research phillip magnus joins me now. what did you say in your facebook post that facebook fact checked? >> i shared a screen shot

kristen: wharton is one of the awesome programs. thank you for giving us a free class. >> my pleasure. kristen: a new covid booster is coming soon. should you get it? what if you have already had covid? the do i was hit by a car and needed help. i called the barnes firm. that was the best call i could've made. i'm rich barnes. it's hard for people to know how much their accident case is let our injury attorneys know he how much their accident cget the best result possible. flex alert! flex alert! a power outage is looming. that's just alert, he's always getting worked up about something. flex alerts notify us of preventable power outages. that way we always know when to help stop one. okay, flex, just drop some knowledge on me again. oh okay, i will. i'll turn our thermostat to 78. i'll unplug the blender. the hair dryer. - my blankie? - yep! - let's taco 'bout it! - nope. ohh, we can save the laundry 'til the morning. yes please. oh, little things like this help save our power and help save us from outages. with flex alerts, the po

so it is absolutely amazing that james wharton survived all of these experiences. i i it's it's a fortune for us. can you talk about his adult life and his adult work and he's working abolition his work is an activist. man, i can't i would be remiss if i didn't start with the ford women and talk about his wife charlotte and then you go from there to especially his daughter sarah louise harriet margaret and how they work together establishing schools becoming pillars of the community linking up with the you know, philadelphia female anti-slavery society helping to establish, pennsylvania all so that scope of work coming out of james ford is incredible, but then to think about what james did and taking over robert bridges' business like to think he starts just doing a jobs bridges is so taken aback by him that he continually brings him up and gives him more positions within the sale loft and when bridges is ready to retire he passes the baton to james fortune to to start that to take over the business where he becomes a thriving thousand air and you know really becom

he's telling us that this will improve the economy when penn wharton says it won't. no matter what anybody says, they're hellbent on doing this because they can. i hoping after this election they can't do this anymore. and here's what i think it's going to take. one democrat admitting maybe the american rescue plan didn't work, and this won't work. maybe there's one among you. but if there's not, to the american people, in november i hope you will remember this. help is not coming by passing this bill. help was not on the way by passing the american rescue plan. misery came from that massive tax-and-spend bill, and we're about to pile misery on top of misery. we're about to increase gas taxes at a time you can't afford it. so to my republican colleagues, you should enthusiastically vote no. to my democratic colleagues, apparently you haven't learned a damned thing about what you did last time. with that, i yield. a senator: mr. president. the presiding officer: the senator from pennsylvania. mr. casey: that you want. i rise -- thank you, mr. president. i rise tonight

wharton said the same thing. if there is a chance this is right, should we do this? sen. schumer: the overwhelming majority of people -- we had the republican treasury secretary say it is reducing inflation. we had seven nobel laureates say it would reduce inflation. the overwhelming majority of those who looked at this -- a republican economist said it would reduce inflation. it is obvious it will. we are cutting prescription drug costs, energy costs, and spending $300 billion on reducing the deficit. it is as plain on the nose on your face that it will reduce inflation. we are going to try to get it done as quickly as we can. there are things some of our republican colleagues can demand that will take time that we do not know if they will do are not. reporter: senator graham threaten to the continuing resolution saying democrats would need 60 votes for a political payback scheme. sen. schumer: it is a long time away. thank you, everybody. that is it. reporter: can you explain the corporate minimum tax change? sen. schumer: i explained it to you. it takes $258 billion. >

penn wharton modelers are saying we don't agree with those who think deficit reduction will lead in a straight line to lower inflation. but that's what the democrats claim for their bill. so both things can't be true. this is something that they are studying. so are you wrong or are you not giving all of the hard truth to americans about what this is going to cost them in terms of inflation? >> let's say maybe they are wrong. there are others different is that. moody's said different and a budget policy. another group came out. we had 17 nobel laureates last year when i said inflation is real, it will be here and hurt us immensely. they said no, no, it will be transitory. 17 of the brightest in the country were wrong. >> harris: let me ask you what cuts inflation in this bill. >> let me ask you this how could it be inflation -- my republican friends we have to start paying down debt. i've been a budget hawk my whole life. we pay down billions of dollars. massive expenses. 3.5 trillion was bb. >> harris: how is it not a straight line? because i'm not saying and even wharton isn't sayin

no, edith wharton. encouraged encouraged korean to write um, lost two sons both very very tragically and seemingly meaningless way one of her sons monroe robinson had a drinking problem and whose life really in an eerie way patterned the trajectory that elliot's life took and she had another son that she was especially close to named stuart. and in a really strange freak accident stewart fell out the window of his dorm at harvard. and and died when he was 20 years old. and that was in 1909 and if anything could have really plowed corinne under that that almost did but but still, you know, she was a roosevelt. so she she knew how to deal with it. now what corinne got out of writing poetry? was very much the same sort of thing that that theodore got from going out to the badlands after his wife and his mother died the same day the wonderful writer peter collier says that that mournful landscape drew out his inner torment like a poultice. and writing poetry had that same effect on corinne. that's the way s

eater, we'll talk about the week ahd in markets with wharton school's jeremy siegel just you and youre going to tell you what investors are watching. major averages coming off their best month in at least a year and a half. >>> and house speaker nancy pelosi arriving in asia. the big question, will she visit taiwan that's something china has warned against and warned against forcefully. >>> and what does a billion dollars in esg get you in five years? we're going to get you the answer with the ford foundation president. you don't want to miss it. the second hour of "squawk box" begins right now ♪ >>> good morning and welcome back to "squawk box" here on cnbc live from the nasdaq market site in times square i'm joe kernen along with andrew ross sorkin. becky is off today u.s. futures have been around the flat line most of the morning an continue to be in that mode, down three on the dow right now. the s&p down seven or so nasdaq had a great week last week, up -- down 22 points or so this morning treasuries notably, the ten-year is below 2.7 now at 2.669. >> okay. a couple of stories th

. >> you look at the joint tax committee, you look at the tim wharton study, everybody is saying this is going to increase inflation. and joe manchin is a good man, but i believe that if you've got a 15% corporate tax in there, that is a tax increase. if you eliminate carried interest, it's a tax increase. >> so in addition, the companies would cut back on their hiring in order to save money to pay for that minimum tax, corporate tax rate that they want to impose. back to you. >> martha: that's right. that's the knee reflex of both businesses. if costs go up, they have to cut costs and not hire new employees. thanks, edward. joining me now, sandra smith from "america records." high, sandra. good to have you with us. you know, when you look at this bill, almost makes me feel bad for the federal reserve. here they are late to the game, bending over backwards to raise interest rates, to cool off the economy so people will stop hiring and costs will go town to get this thing back in gear. they've got this new spending bill that's going to make it more difficult for that, right? >> sandra:

the pen wharton budget model, the congressional budget office. they say a negligible impact in the short term. bernie sanders said that inflation reduction act does not reduce inflation. if you start to remove these gimmicks like was described, you can see a higher deficit impact than what they're claiming. you could see more inflation in the median term. >> charles: that's the part that is frustrating. the assumptions. these things make these assumptions that they may go over and over again. here we are with record-breaking debt. it gets frustrating for the average person watching this who is apolitical, by the way, not on either side of the aisle but heard it from washington and you see it happening over and over again. >> yes, they promised when they passed the american rescue plan that would do wonders for the economy. i don't know how they can feel good about this. we have had two consecutive quarters of negative economic growth. to raise taxes to the tune of hundreds of billions of dollars that will impact everyday americans. it's not just

have technically zero impact on inflation and could make things worse in the short term and penn wharton says we won't feel an impact any time before 2031. even the liberal media now have skepticism. >> are you personally comfortable calling it the inflation reduction act? >> the fill every pothole act. should voters measure the success of this bill on how much you reduce inflation in the next couple years? >> so this bill spins out over several years. this is really an investment in our economy. >> harris: they meant it wasn't inflation, they meant investment. the wrong i word? jim banks from the great state of indiana coming up. hillary vaughn live for us on capitol hill now. >> good afternoon. the president celebrated the inflation reduction act becoming law yesterday by bragging a lot about some of the climate perks in the package saying that this is the most aggressive action they've taken to combat the climate crisis so r. but it is called the inflation reduction act and mainstream concerns about why americans are being told it will reduce inflation when the nonpartisan congression

university of pennsylvania wharton budget model found that this bill will increase america's inflation rate over the next two years and get this. report from nonpartisan joint committee on taxation, they have determined that the majority of the tax costs from this bill will be borne by households earning less than $400,000 a year. i remembered the president promising again and again he wouldn't raise taxes on people that made under 400,000. under the bill, people making under $200,000 you will pay $16.7 billion in new taxes in year 1 and the same in your 2. they're going to get hit hard with higher taxes across that they will pass on to you, the consumer. how many times do we have to remind you? corporations don't pay taxes, people do. they pass the cost on to us. in order to squeeze the american people, some more of this bill also will more than doubled the size of the irs so that anyone can experience the joy of an annual tax audit. you will get the hannity treatment because they just pull my file, just general practices. as a result the inflation reduction act, the big lie will incr

according to one estimate from the penn if or wharton unit -- penn wharton unit, taxpayers will be on $1 trillion. another estimate from the can committee for a responsible budget has the price tag coming in between $440-600 billion. more spending, which has already stoked 40-year high inflation. joining me right now is congressman byron donalds of florida who sits on the house budget committee as well as the house oversight and reform committee. congressman, thanks so much for being here. >> it's good to be back with you, maria with. maria: so why is the president forgiving all of this debt and, obviously, going to raise taxes on rest of us to pay for this loan bailout? more spending after we've seen all of the spending in the last year and a half send inflation to to 40-year highs? >> the president's making this move because his approval numbers are in the to toilet. he's trying to get his base out to vote, so he's buying votes from people across the country. it is reckless, it's immoral. frankly, illegal, because the law that he is using is manager for national emergencies. well, g

-- george wharton pepper ends up defending franklin's bequest, and changing the terms to allow more people to use it, including women for the first time. >> we never established figures, by this point in the bicentennial, how much had franklin's bequest run to? grown to? >> not nearly as much as he had thought, but it had done quite well. enough to build something really big. this was the problem for boston and philadelphia. at that time, it was not as much as he had thought, but we were into the millions at this point. i do want to give out exact figures because it is so hard to give equivalencies for historical money, but at that time it was within tens of millions with historical equivalency. and then they began with what do we do with this money? a chunk is supposed to build something for the common good, and franklin had quite mischievously said, talk it out amongst yourselves. you have to decide democratically what it is you want to build. >> in 8 or 9 minutes we have next, the second century led to two institutions in each city, and philadelphia, the franklin institute which

u penn wharton 1.6 or 7 on top of the 8% we have now. it is increasing the deficit.nk about the disaster for the college loan program moving forward. elizabeth: what the congressman just said, liz, what the congressman just said, liz says this will help the lower class. it won't. many didn't go to college. now now they have to pay for it. 2/3 of student debt is owned by 40% of the top households mbas, executives. what do you think of that? >> i think that is who the democratic party, liz. james carville called them doofus coastal elites. that is kind of who is in charge here. the idea that this might win back blue-collar workers, wasn't that something that the democrats were interested in just a couple of years ago? boy, is that not going to happen here. i think it's a double problem. number one, voters associate all the big spending plans with inflation and they're right. that is what causes inflation. that is what caused inflation, democrat blowout spending programs. number two, most of those voters are not going to benefit from this. i actually think this is an un

elizabeth: welcome back the media reporting on what upenn wharton, cbo, chief economist have been warningmocrat new inflation reduction act will not cut inflation. hillary vaughn at the capitol with more. reporter: good evening, liz, abc, cbs, cnn raising the same question why is this called the inflation reduction act if some experts are warning it will actually not do much to reduce inflation but even some lawmakers that helped write this law are admitting people hoping for relief from high prices at the grocery store are going to have to wait. senator joe manchin telling me yesterday they never claimed that this package would bring costs down for people right away is it misleading to call it the inflation reduction act for americans, it will not make the grocery bill cheaper, not make everyday goods for them cheaper? >> immediately not. we never said anything happen immediately like today, turn the switch on and off. reporter: even this is called the inflation reduction act the climate perks in the package are getting a lot of attention. president biden proudly saying most aggressive a

they should do the opposite of all of their natural instincts because whether it's the wharton schoolee on taxation, they all say it's going to increase inflation and raise taxes on americans who make under $400,000. >> shannon: i can play a series of sound bites from the president. honestly, it's very likely. i don't want to be total segment with it. he repeatedly said that would not have been. let me show you what the tax increases are estimated to be by the joint committee on taxation. is a plenty of these will be on people making less than $200,000 of your, $16.7 billion, and it's between $200,500,000 a year. "the wall street journal" editorial board says this and gives life to the democrats claim that no one earning more than the promise president biden and made in his campaign. the reality is the bill is a tax increase on nearly every american. >> by this definition of tax increase, everything is a tax increase. the fact is they looked at in a while because your taxes are going to be great if you're not a tax team, you're not a hedge fund manager if you're not a billion dollar c

let me start with the fact that wharton estimates that this plan is going to cost somewhere between $300 billion and $980 billion over ten years. what is the actual number, do you think, and how does this get paid for? >> well, what we know is that the president has done a very in depth analysis in looking at whether or not the country can afford to give this relief to borrowers across this country. and what we know is that nearly 45 million people, if they take advantage of this program, will be eligible for loan forgiveness that will be $10,000 for borrowers who are not pell grant eligible and up to $20,000 or $20,000 for those who are pell grant eligible. so this is a huge boost to many across the country who have been looking for some relief in the midst of this pandemic and the president has kept his commitment. so in terms of the numbers, i will defer to the president's economic advisers in terms of those concrete numbers. but what we know for many families across the country, this is much needed relief and very much appreciated. >> am i correct in assuming there isn't a pay-for me

the pen wharton model -- >> hold on, hold on. i'm not going to let you do the thing where you recast what i said differently. >> martha: okay. >> what i'm saying is straightforward. we are reducing the budget deficit both in this year and last year far more, multiples more than the cost of student debt forgiveness. very simple, very straightforward fact. i want to make sure that is on the report. >> martha: i think people are listening to our conversation. >> sandra: they may see it your way, the way i'm laying it out. this whole thing, you heard governor sununu questioning whether it's legal for the chief executive to erase debt where people borrowed money. my whole life, if i borrowed money, i had to pay it back. that's the deal. if i borrow money, i have to pay the money back. so here's what the "new york post" is saying. president joe biden's pricey student loan forgiveness school is fresh proof how little democrats care about the rule of law and constitution. the education department admitted that they don't have the statuto

the pen wharton model says it will cost $300 billion at least. on the low end of the estimate. this, if you wanted proof that the democratic party is no longer the party of the working class and the party of the elites, this is the evidence here. the pen wharton model says between 69 and 73% of the debt being forgiven will be for people in the top 60% of the income distribution. you're going to -- half of all student debt is graduate school debt, law school. it's medical school. business school. so you're going to have cops and construction workers paying for the debts of future lawyers and doctors and business moguls who have huge earning potential. that is regressive and it's not good public policy, but it's also not good social policy. it's a complete abandonment of the working class. >> martha: this is an editorial from "the washington examiner," mark. it says this. nothing separates people more today than the line between those that have and have not gone to college. by giving away as much as $40,000 to families privileged with a college education, biden is benefiting the

the wharton business school crunching the numbers.hen the folks who get it spend it, it is a recipe for more inflation. >> you don't slow the economy down by forgiving debt and giving people another $24 billion to spend that they would have been spending paying off the student debt that they borrowed. 60% of the benefits go to people who are on pell grants, 87% of the benefits go to people making $75,000 a year. in my view the president did the right thing. >> dana: fox business correspondent hillary vaughn starting us off this morning. >> good morning. the white house insists they don't exactly know how much this is going to cost before they don't know how many people with student loan debt with take them up on the offer to pay it off. they did finally give a ballpark estimate friday saying it will cost around $240 billion. but that is a lot less than other analysts are predicting. the penn wharton budget model puts it at more than half a trillion. it could grow to 1 trillion with other changes made to the student repayment plan. the

. >> the penn wharton budget model adds that $330 billion to the deficit, and not to mention it is a bribe to win back well-to-do voters. blue-collar workers, sorry, you are out of luck. and the richest 20% of americans, they carry 60% of the student loan debt. and at the naacp swung immediately on this, saying that we have a problem. this is not how you treat black voters. like this senator and he expects others to quickly follow. and they are faking it but not making it and the democrats know the political appeal of populism. but the democrats have no intention of governing on a populist agenda. the moment that it's over, joe biden and his team will be back to lowering the standards of living and guys like john fetterman and ryan will be with him every step of the way. joining me now is chris, our partner and guest. so to me, this is madness. it takes an enormous amount of courage and an enormous amount of resolve to get into politics in this day and age as a republican, running as an american first republican. >> we know why mitch mcconnell is so down on them. these are not just t

that what's happened in the past is that when we've been faced by this kind of censorship threat wharton 80s there has been a response. people saw what was threatened and they took measures. to protect free speech. one of those really critical measures was creation of policies for reviewing book challenges . that severely cut back on the number of books that were being pulled . and but ultimately is people. it's librarians and teachers standing up p and students and parents and community members , members of the community standing up for free speech that ultimately turns back these kinds of challenges in a period like this. so numerically i would say i still think we're a pretty safe seven on the scale of free expression around the world. we have to continue to fight and that's the other thing i hope young people understand. the whole history of free speech in this country is you have to fight for free speech and once you take it for granted, then there will be people who will use that against you. >> i think it was fascinating for bookselling and a book publishing venue when we talked a

the big brains at penn wharton say it could cost four times that, neil, $1 trillion.ere's the quote from their report: total cost is $605 billion with under strict, static assumptions. however, depend on future -- depending on future details to be released, total costs could exceed $1 is trillion. and as you mentioned, neil, eight democrats have said publicly they do not support president biden's student debt relief plan, all running in critical races in the midterms including tim ryan who hopes to beat j.d. vance in ohio, a state that donald trump won in 2016 and 2020. neil: lucas, has the white house commented on these latest sort of rejiggered figures that show this could cost about $250 billion more over the next decade? i know that's a moving target. that would be inflationary. and this is more spending that would be the kind of stuff that maybe jerome powell was talking about yesterday. >> reporter: correct. and remember, report or from penn wharton says the estimates are based onion static assumptions, but, of course, things are changing all the time. inflation

a doesn't know what's in his own bill or doesn't want you to trust the nonpartisan experts at the wharton business school, c the joint committee on taxation or the tax foundation. they're allom wrong , but he's right. no, harris was right. and so the three groups we just mentioned, he's asking you too put your faith in joe biden and the democratic socialist party. after all, whymoiali would demos ever lie to us ? let's see the same democratsts that promised inflation was transitory, the same people that swore that trillion dollars in new spending could not cause inflation. ausethe same people that claim t the united states is not really in a recession despite by definition two consecutive quartersni of negative growth. the same democrats have stopped oil and gas exploration in the atlantic ocean, pacific ocean, anwrn , other federal lands, the ones that killed the keystone xl pipeline and then told you that thise would not have an impact on gas prices and also gave a waiver to vladimir putin so he couldno build those nordrd stream two pipeline. and then when gas prices did p spike, the sa

living on the 10th floor in building 18 intel together with my colleagues, we were for to a room wharton. they contracts required them to live in dormitories at the zone and lumen house. they had just 5 square meters per person, but home was glad to be living in rostock. buckingham could go, but i remember one time a group of 4 or 5 of us from the zoning bloomin house, went to rostock main railway station. let it look. there was a change of schedule, so we couldn't get a train to lift and hug on that norway. we didn't know the way back home. all we could do was draw 3 sunflowers on the ground island. either some locals understood and showed us how to get home back my phone colette is now an intercultural advisor. she also arrived in raw stock as part of the contract with his skein fuss nathan's. can i still remember the date in siemens? july 27th? 1981. i don't that i wasn't even 18. and i've been east mid divide. i boarded a plane with $120.00 other women and men, hong, in fleet augustine, or, and i landed in east berlin, suna feld airport, only they're tough with a 4 year contract year

look at the prestigious university of pennsylvania's wharton budget model. now this bill will increase america's inflation rate over the next two years. no to the bill raises taxes on middle income americans, not just those evil corporations that democrats pretty much every day love to vilify. and according to the bipartisan and joint committee on taxation, even families earning less than two hundred grand a year, they're going to face higher taxes, by the way, as if they're not paying enough. now the average couple is paying sixty eight hundred dollars in biden. this inflation tax an individual thirty four hundred dollars. god forbid if you drive a car you're paying even more because you're paying twice paid know a year and a half ago for gasoline. and let's not forget about the billions of dollars now allocated to the irs 80 7000 new agents there to audit tax code enforcement. in other words, mansions plan to battle inflation is to take more of your money so you can't buy anything this green new energy bill is so radical. manchin appeared on all five sunda

now, penns wharton school doest.timate the cost, the real cost could reach urealp to $1 trillion over 10 years onceew the new income based repayment system is implemented, although you will be taxed on that mone y and that means 40%, you'll have to pay the federal government. you can't make it her with reaction. fox new contributor, by thed. way, he needs now whatwith the humpty dumpty big fall. we need a real media host on this network. joe is the man and the host of monica crowley and her great podcast. d he monica crowley is with us . monica will start with you. nobody's telling us how they're theydy's telling us how they're should somebody that goes into the trades or somebody that shounrades or somebody that and doesn't have a college degree be paying for the college education ofut some kid that willingly took out a loan with the promise to p paayy back ? yeah, exactly., this you just hit the nail on the head. this this is sunfair, o inherene unfair, sean, to the exact people that the democrats always claim to w

the common english one and on the wharton patients come in with a swollen red eye and tell me what they've tried. and i think, okay, they've tried a cam, a mile tea bag keyboard, but that can often cause allergic reaction. so it's better to avoid that option. vitamin best, honest mom. so remember to keep camomile tea bags where they belong in a cup of hot water. and now it's your turn. take out that work out mass because his personal trainer. okay, yeah, with a new exercise. hello, all you need is to day a met and a wait. we do turkish get up. where is this name from turkish wrestlers they 200 years ago. the same exercise to show us how strong they are. and we do today exactly the same for this exercise. you need to wait. i take today what about what you can take, whatever you want to spend your leg straighten you are bring the other hand to the side and then sit up. wait is on your hand. heaps. hi. bring the straight leg backwards on to your knee. then stand up and we go back down again in through a lunch. bring the weight on your hand. bring the leg forward. sit down fully controlled, st

crop of leadership that has existed in kenya, near b, u, from almost the mouth this, but in loud wharton farm with call protest. so i did, unfortunately not. that's what i saw on the question as to what are you protesting against the corruption route in these countries with which it's really for tumors and also the livingston that was before when we talk about corrupt from lake area everywhere, you will see you on 2 blocks what on identification card you are you love to be if you want them to work for you to love to be like every kisses you're so it's really offered to us, okay. and citizens. and these could actually be the issues that are affecting a lot of young people because in october of this year, the independent electoral boundaries commission, that's the electoral body here in kenya began a process of registering new voters. the hope was that they would get 6000000 new names to that register by the end of february of 2022. when they were closing that register, they had only managed to get 2500000 new registered voters. however, as up was happening, digital, the famous people, boa

but household remedies like camomile t should be used with caution. decrement english one and on to wharton. patients come in with a swollen red eye and tell me what they've tried and i think, okay, they've tried a cam, a mile tea bag in people, but that can often cause allergic reaction, so it's better to avoid that option. vitamin based on niched mom. so remember to keep camomile tea bags where they belong in a cup of hot water. and now it's your turn. take out that work out mass because his personal trainer acadia with a new exercise. hello . all you need is to day a met and a wait. we do turkish get up. where is this name from turkish wrestlers? they 200 years ago. the same exercise to show us how strong they are, and we do today exactly the same for this exercise. you need to wait. i take today what about what you can take, whatever you want to find your leg. straighten your, bring the other hand to the side, then sit up. wait is on your hand. heaps high. bring the straight leg backwards on to your knee. then stand up and you go back down again into your lunch. bring the weight on your

that's what penn wharton said, for the next two years, they said it may actually make inflation worse, but it's a negligible amount, but the one thing we're sure of is it sure won't go down. so it's not an inflation reduction act. it's really an insult to the intelligence of the american people, to think that you can spend this money and you can tax individuals and businesses during a recession, something everybody from bill clinton to barack obama to chuck schumer to joe manchin have said you don't do, which is raise taxes during a recession. but that's exactly what this bill does. higher taxes, bigger government, more inflation, and fewer jobs. this is a bill whose time has not come. no wonder, when this bill was originally proposed, this build back better, senator manchin opposed the bill. so let's see what he and senator schumer wrote in secret, behind closed doors, and then sprung on the american people. and again, we haven't even seen the final product yet. yet, senator schumer said we're going to stay in until it passes. it will take all 50 votes of democratic senators and the

shery: minneapolis fed president neel kashkari speaking in wharton, minnesota at the alumni club.weakening from the u.s. to europe and asia, reinforcing concerned that prices and the war in ukraine tip the world into recession. chief asia economic correspondent enda curran joins us now. these concerns are leading people to think that perhaps the fed will need to slow down. we have the chart on the bloomberg showing services slowing, not just manufacturing at we have the two-year yield taking a hit because of that. how concerning our the latest global numbers? enda: that doesn't seem to be a synchronized slowdown in manufacturing sectors around the world. in the u.s., weakness in new orders and employment. that is notable given how strong the u.s. jobs market has been. in europe, it is about high energy costs that the stock traders on futures are dealing with, that is weighing in on their activities. australia, the sector is turning for the first time in seven months, the big actor up being the slowdown in china, the economy. so the impact and the weight of rising inflation and int

the wharton school of business says it increases inflation and a couple of years. the cbo says it has a negligible effect one way or the other on inflation. bottom line, it does not decrease inflation. i go back to that inflation state we are in. the american rescue plan passed on a partisan basis, i call that the american recession plan. this could be the american recession plan 2.0. people will not have the income by which to pay that which they have to buy. why do i say that? 50% of the book value tax is on manufacturers. we are in an international jobs war. countries around the world, particularly china are subsidizing manufacturers to move there and subsidize them in a variety of ways. i would love to be pure free market let's get government out of everything. we are losing the jobs war. congress all we are losing the jobs were in began getting credits, like we did in the chips bill, her manufacturers to return. -- for manufacturers to return. the left says we have increase manufacturing jobs. they will take care of that which congress used to incentivize them

as previously noted, the wharton school of business says it increases inflation and a couple years. the cbo says it has a negligible effect one way or the other on inflation. autumn line, does not decrease inflation. remember the american rescue plan passed on a bipartisan basis. i now call it the american recession plan. this could be the american recession plan 2.0. people will not have the income to buy that which they need to buy. 50% of the book value tax is on manufacturers. we are in an international jobs war. countries around the world, particularly china, are subsidizing manufacturers to move there. they subsidize them in a variety of ways. i would love to be pure free market, keep government out of everything, but we are losing the jobs war. congress saw and began giving credits for manufacturers to return. now, the left is looking at this and saying, those manufacturers, we have to increase those jobs. they have been taking care of that which congress has used to incentivize them to come back and hire more americans. but we are going to make them pay more. the national as

intelligence was denied made it difficult for him to secure the necessary passport papers from the wharton state departments for his travels as a correspondent. on june 3 covid 1943 steinbeck departed on a troop shift for england in the employ of the new york herald tribune. worktime dispatches 85 in total from england, north africa and sicily appeared in the herald tribune between june and december 1943 and was syndicated in newspapers all across the country except for oklahoma as well as in australia, new zealand, and south america. we have no other writers so likely to catch on paper the inner things people do not know about war. steinbeck been on the front lines for the invasion of italy pretty returned to new york in october 1933 with a burst eardrums, partial amnesia and ptsd. upon his return steinbeck in writing canterbury row. later recalled a group of soldiers had asked him to write something funny that is it about the war, we are sick of war. based on the life of his close friend the marine biologist who influences non- way of thinking canterbury road was a celebration of nonconf

which is less than some other estimates that we have seen, including an updated and wharton estimateich said that it could cost upwards of $1 trillion over 10 years. when we asked the white house about the discrepancy about the two estimates, they said they are certain this is not in the ballpark of how much their plan is going to cost. that is in part because their model is based on 75% of eligible borrowers taking advantage of their new program. the white house also said that they are obviously wanting as medical as possible to take advantage of this program, but the president himself sang, even if a fraction of people who are eligible to have the loans forgiven as a part of this program, he would be happy with the outcome. cnn, the white house. >>> there's been no shortage of extreme weather. mississippi where they are urging jackson residents to get ready. more details, after the break. adjusts for your best slsleep. and tells you exactly how well you slept. your sleepiq® score. our smartrt sleepers gt 28 minutes more restful sleep per night. so, you can be your best for yourself