Kudlow : FBC : June 20, 2024 4:00pm-5:00pm EDT : Free Borrow & Streaming : Internet Archive (2024)

sometimes not only do they shift but they stampede away from something? >> i think the key first ingredient is earnings, watching the mag-5 here. are they keeping up their run rates. are things starting to slow down? are they improving their top and bottom line numbers. that is going to be critical. the second will be the fed, how fast inflation is slowing or not slowing. can we see more than one rate decrease this year. those are the two dynamics that will really influencer prices going into year-end. liz: jeffrey, confidence, i hear that from you, thank you very much. jeff from small. markets close mixed with the dow leader up 289 points. s&p, nasdaq, russell in the red. [closing bell rings] remember atari the videogame company between asteroids found in the 1982. the ceo is here tomorrow to talk about the future that will do it for us. ♪. larry: mellow, folks, welcome to

"kudlow" i'm larry kudlow. first up tonight soaring u.s. debt is a spending problem that threatens higher inflation and higher interest rates and a whole bunch of financial problems. that is the subject of the riff. ♪ u.s. government finances are an absolute mess. that according to the latest congressional budget office report across the board, spending, deficits, debt, all moving in the wrong direction. there is no excuse for it and there is certainly no economic justification for it. this is big government socialism on a tear. and at some point you have to ask, with all this spending and borrowing, will the federal reserve be forced to enable the government's faltering finances by creating too much cash and thus reviving inflation? and you also have to ask when will government borrowing rates in the bond market start heading back up? so, listen to this, just in the last four months since february,

the new cbo scorecard shows $2.6 trillion in higher spending over the next 10 years. for this fiscal year alone, 2024, spending has been reestimated $400 billion higher in just a couple of months. a good chunk of this is joe biden's student loan cancellations. some of it is medicaid expansion. some of it is the badly misnamed inflation reduction act subsidies for evs and the green new deal. it is not a revenue problem because revenues are holding nice and high. it is not a defense spending problem because the defense is still underfunded and expected to hit a postwar low of 2.8% of gdp. overall spending however is expected to go to 5.6% of gdp within a decade. that is almost four percentage point higher than the average of the past 50 years. with all that spending, the cbo

expects 2 trillion-dollar deficits as far as the eye can see, culminating in a, get this, 52 trillion-dollar total debt in public hands which will come to 122% of gdp. these are outrageous numbers for an economy that is close to full employment. there is no pandemic. there is no war. so far there is no recession. but there has been however, is a 20% rise in the level of consumer prices during mr. biden's term and a 2% drop in real weekly wages over that period. what we do have is over one trillion dollars of federal interest payments which is crowding out the defense and entitlements and the biden treasury is financing these massive deficits at the very short end of the maturity spectrum which also happens to be the costliest case to fund borrowing. go figure. it is a huge mistake.

"the wall street journal" estimates that if federal spending as a share of the economy just remained at its pre-pandemic average, the deficit would be $890 billion lower this year and 13.4 trillion smaller than the cbo's 10-year projection. meanwhile even spending all this money the economy only grew at an anemic 1.8% according to the budget office. so, so, how about repealing the entire phony inflation reduction act? how about stopping student loan writeoffs? how about stopping pandemic era welfare expansions? that's a start. meanwhile keep the trump tax cuts to grow the economy at 3%. now three off plenty of more revenues, trillions more in revenues without any tax hikes. one reason joe biden's economic polls are at rock bottom is that people look at numbers like these. they also search their own shrinking pocketbooks and then they hear he wants more of the

same, even bigger government, with even more overregulation. in other words there is no confidence in the current white house. it is time for a change and that is my riff. all right. let's get on with it. kind of a gory tale. joining us brian riedel, senior fellow at the manhattan institute and david malpass, former president of the world bank group. brian, i know you wrote about this in the "new york post" today. i mean i don't remember the exact phrase but the late economist herb stein used to say, you know if something is unsustainable, it won't be sustained or if something is bad it can't keep going on, or something like that. my point here, brian, is, with these horrendous numbers, with out of control big government finances out of control

government spending and regulating there will be consequences. we may not see them this moment. there will be consequentials there is inflation risk, default risk, all kinds of risk. what do you think, brian? >> the interest costs and the interest rate risk is enormous. even under low interest rates interest costs have gone from 350 billion, when biden took office, to a trillion dollars by next year when it will be the second biggest item in the entire budget after social security and interest costs are going to $2 trillion a decade from now. that is the low interest rate scenario. if interest rates go up one point, the deficit goes all the way up over four trillion dollars from a 3.8 trillion at current interest rates under current policies and a decade from now, you're looking at 37% of all federal taxes just going to pay interest on the debt. that means all the taxes you pay washington for the first four months of the year will be

paying interest because it will come to dominate the federal budget. the danger is, when you run up a 50 trillion-dollar debt, you become extraordinarily sensitive to interest rates. larry: yeah. >> where even one point adds hundreds of billions per year. larry: which is possible, which is very possible in the current environment with all this federal borrowing, they're doing it at the short end of the curve. they're doing it for the 91-day treasury bill. i'm not sure i understand why but it is the highest borrowing cost. you can do it a 100 base is points lower. they should issue 100 year bonds. that is the subject of another segment. david malpass, as troubling as any of these numbers, david, this is like the growth of government, the command-and-control of government, the government regulating the economy, the size and scope of the government, regulating the economy whether it's taxing or or ordinary regulations or dei or woke, or

esg or any of these other left-wing nostrums we had to live with for the past four or sew years. this is big government socialism to use newt gingrich's term and i don't think it will turn out well if it doesn't change, david malpass? >> that's right. it is already not turning out well. you look at the inflation rate which is high and the growth rate which is low. you know in the cbo numbers they're showing 2% per year out into the future and that's part of what's driving up that national debt. the economy is just not growing. two things that stand out to me in the cbo numbers, the lack of growth and hammer blow on young people in the country. the government borrows the money, it spends it and young people will end up having to pay it. so it goes into this affordability crisis that they're space -- facing. larry: i think that is important

point, the affordability crisis. david, just as a follow-up, all these government programs, a lot of these are pandemic related programs that the bidens continued. a lot of these are climate change, electric vehicle programs the public doesn't want. some of them, these student loan estimates, okay, they just tacked on 400 billion-dollar loss. some people have estimated that if biden got what he wanted, which the supreme court deemed illegal, but if he ever got what he wanted it would be a one trillion dollar loss over 10 years. that is also, but david, you know what? who is running the ship here? whatever happened to free-market capitalism? my point is, this is a big government-run economy. when you experiment like that, where it is socialist or quasi-socialist, this is not the animal spirits. this is not the innovation. this is not free enterprise. this is just frankly not prosperity. you see what i'm saying? this is the triumph of government and i don't want the triumph of government. i want the triumph of a free

enterprise system. >> the numbers are staggering. they increased by $400 billion this year's fiscal deficit just since february and, as the government spends more it plows it into making more regulations that strangle business. so as we look out over 10 years, these new cbo numbers, looks to me like $120 trillion of spending by the government, $90 trillion of taxes, which is the historical average. so it is not a tax problem. it is that spending is completely out of control and the more they do, the bigger it makes the government and it slows the economy down. that's what shows up in the numbers. larry: yeah. >> trump can change that but you know biden's budget is more of the same. it looks for slow growth and very large increases in spending. larry: yeah.

>> and taxes. larry: more of the same. higher taxes. that is why there is no confidence. but brian riedel, my former boss ronald reagan used to say okay, you've shown me the manure now where is the pony. i want to figure out a way to get out of it. i don't want to leave our viewers, listeners, completely depressed. i don't want anybody jumping off of a cliff, how do we get out of this brian? give me a couple of instances. >> first rule of holes is stop digging. the first thing congress can do is stop passing big spending bills. this year discretionary spending caps coming up. the infrastructure bill is going to expire. the debt limit is coming up. the 2017 tax cuts. there is going to be so much expiring for renewal next year. congress will have a chance to set the course differently but ultimately the main drivers of long-term deficits are are social security, medicare and interest. i know a lot of viewers don't

want to hear about that but it is going to be really hard to bring back the budget deficit to normal levels without addressing social security, medicare and interest shortfalls. larry: without addressing the big entitlements directly, i would say growth would help. i mean the difference between 1.8% growth and 3% growth is enormous. i mean many trillions of dollars over a 10-year period. but the other thing is, david malpass, you know, how about getting rid of the entire inflation reduction act, just get rid of it? i'm not saying it is easy but you will have a reconciliation budget deal next year, all right? if republicans take the congress and white house, get rid of it. it is over a trillion dollars, get rid of it. go back to start cutting into some of these other bills that were passed. the chips act was way too generous. infrastructure bill was way too generous. what are they doing, $50 billion of internet, broadband for poor communities, not a nickel has been spent because it didn't

meet all the dei qualifications. i mean there is a lot of garbage that could be pared back, okay? , plus some pro-growth tax cuts, a lot could be done, david malpass. >> that's right. so i have an idea which is when you're over the debt limit you have the, president has more authority to impound money and to do line-item veto. so i think we need process change, change in the process that when the debt-to-gdp ratio is too high, that there, that it punishes washington. right now what washington done is punish the whole country when they spend money. so there needs to be a change i think in the checks and balances so that the whole system works better. otherwise what we're face something a perfect storm next year. you named it, the debt limit comes due, the spending runs out, taxes go up automatically. the president should be talking,

president biden should be talking about that all the time. how he is going to fix that problem. he doesn't have nip answers. larry: no, he has more of the same. it is time for a change. i know a fellow who was president once who is just getting ready to become president again and he has got some very clever ideas about how to stop all of this stuff before it really gets bad. brian riedel. thanks ever so much. david malpass, appreciate it. coming up here on "kudlow," folks, one week until the cnn presidential debate. can seven straight days of practice save joe biden? i'm asking an open and honest question. we'll talk about it with lawrence jones right here next on set. remember, folks, you can catch "kudlow" monday through friday at 4:00 p.m., right here, fox business. for some crazy reason you can't, just text your favorite nine-year-old and she will show you how to dvr the show and you will never miss a single tax cut. i promise you, i'm kudlow.

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serious allergic reactions and severe eczema-like skin reactions may occur. i feel better. check out these moves. ask your rheumatologist about cosentyx. larry: we're just a week away from the cnn presidential debate here in new york. fox news white house correspondent peter doocy live at the white house with lots of wisdom on this subject. peter what you got?

>> reporter: lots of wisdom, larry. we look at new polls, president biden is underwater on issues that typically decide presidential elections. but he was starting from such a place of weakness on the economy and inflation, if you look at the numbers, 41% approval for the economy, 3% approval on inflation -- 37%, that is actually his highest in over two years and, his 35% approval now on immigration is actually five points higher than it was a month ago. that is part of the way that you get to this, for the moment, a two-point biden lead over trump in this new "fox news poll." it is 50-48, within the margin of error. independents had been breaking for trump by two in the last "fox poll." now they're breaking biden by nine that raises the stakes for both men in next week's debate, with trump the early favorite, 50%, half of all voters in the "fox poll" say that trump is going to beat biden in this debate but as biden preps, he is

about to be sequestered at camp david, the biden inner circle is split which trump they need to prepare biden for. >> i'm so happy that the mics will be shut off when you're not speaking. you won't have audience members and maga members in the audience screaming and yelling. >> i think donald trump show up next week is going to be the most disciplined version of donald trump. i'm somebody who actually thinks muted migs probably help trump. >> reporter: we got a sneak-peek into what the campaign priorities are. so the trump and biden people had a coin toss with the cnn hosts. the biden people chose tails. they won. they got to pick, do you want the last word of closing statements or do you want the podium of your choice? the biden people chose the podium on the right which was the priority. which means trump will get the last word next thursday. larry. larry: peter doocey, very interesting. i don't know if i would have

made that choice, but thanks for that report. for this and maybe some other things, bring in lawrence jones, co-host of "fox & friends." lawrence, thanks for coming on. >> it is a pleasure. larry: would you have chosen the podium instead of the last word or why do you think biden did that? >> well, so, remember he didn't want a podium initially. some of the reports said he wanted to sit down, he didn't want to stand. larry: right. >> so he was kind of suckered into cnn didn't go along with this. but the bar is set so low for the current president, he doesn't have to do much to win the debate but if i'm donald trump, i'm standing in the pocket, just, great football analogy, you could throw the touchdown but he shouldn't. like donald trump is, he is like in the nfl and joe biden is in high school. if you stomp on him you will look bad because everyone already expects you to stomp on him. he has to keep the ball right here around the touchdown is there but he doesn't throw it.

he has to be merciful with the current president. larry: that's great. >> because he's, the speed of which they to is not the same. there is no crowd, which is a great thing for donald trump because he is an entertainer, he plays into the crowd. he doesn't need to do that. with the mics being off, cut off when you're not speaking, this is going to allow the current president to really dig himself a hole. that's great for donald trump. stay on message. it is economy, it is the border. he has a record to run on. peace through strength. they accused him back in 2016 going to use the nuclear codes on day one. now we have wars breaking out everywhere and joe biden is nowhere to be found this is a good time for him but he has to stay in the pocket. don't throw the touchdown. larry:ing using this overused metaphor you created i will play along with it, ha-ha, mr. biden will stay in the huddle for the

next seven days, actually longer than that. yeah about seven days, eight days. do you think that's wise? do you think he needs that? and by the way do you expect trump to be in preparation for the next week? >> well the current president needs rest, right? he has to prepare for this. he has to do whatever strategies that they use before the state of the union they have to do the same thing all over again. now the question is if he comes in jacked up on the debate, donald trump has got to let him go. i know the former president. if he is challenged he is going to meet you right there, he has to let him burn out. he will be out by the second round. larry: the b-12 will wear off. it is 90 minutes. >> it will not go too long. the current president, he doesn't need much prep, it is the policy, policy. remember, the current president uses no cards but he doesn't write on the note cards.

he use as prompter but not writing the speech on the prompter. the current president, you worked for him, you can give him all the advice you want. larry: former president. >> former president. you can give him all the advice you want, he will say what he wants to say. larry: i learned that the hard way. i know, man. i hit about .265 with him. that is my batting average. every now and then you get something across. it is interesting to me they're putting biden away for a week. maybe they will rest him for a week or try to brief him. maybe they will explain to him what his white house policies really are, he may not know. any of the above is it at all possible? you see these numbers changing around? i was looking at some other numbers though. the betting markets you have to pay-to-play. the betting markets are giving trump a 20 point advantage in the presidential race. also, lawrence, i think almost all these polls of the swing states show trump, it is almost

trump's to lose at this stage of the game, what you think? >> it makes me nervous it is that way because sometimes when the scoreboard is that way some people don't show up to vote, okay? that concerns me, but i can tell you why they're betting this way. when you look at the core demographics of the democratic party, people that typically voted for democrats, they have essentially told the pollsters, either they will cast their vote for trump or they will stay at home. if you give donald trump gets 30% of the black vote, that is game over. just never happened in modern time for republican. you have got hispanics are breaking. larry: you see numbers among women? >> women as well. larry: i was looking, up on "breitbart," but it was "new york times/sienna poll" or survey, trump has gained with women and how biden has lost with women. it is extraordinary. >> you know what it is? it is the grocery store. larry: yeah. >> a lot of women are turned off by the donald trump bombastic approach but when they weigh the

bombast versus them going to the grocery store this week, they say i will take the bombast and get lower prices. so, look, we saw this during the primary, the number one issue was the border, but as we're getting closer to the election, the number one issue is becoming the economy. i think it is going to end that way. the election is going to be based on people circ*mstances. when you talk to black voters today, you go to the barbershop, go out in the mall, talking to folks, listen life was better under donald trump. that is what it is. i may disagree with him on some things. people are choosing the things that impact them on a day-to-day basis. the white house has done themselves a disservice. white house press secretary job to be the chief spinner but to deny reality of people day-to-day basis, just not smart. larry: you know what is interesting? one of the ministers in the detroit meeting said obama and

biden never came to the neighborhood, to the hood, quote, unquote. >> they didn't. larry: trump is actually the guy that's done that. he did it in the south bronx. he is doing it in detroit. he will do it several times. it may be symbolic but it matters. >> i went to the bronx rally. i never seen so many demographics. biden thinks he can get away with what obama did. he had charisma, historic figure in the community, although people sometimes disagreed with him, they voted for him because of historical reasons. biden doesn't have that. he doesn't have that relationship. larry: no. >> the one asset, you know, as someone that's been in politics since i was 15 years old, the one thing we remember joe from, being able to communicate with people, out there. you have the quotes and everything. he is not out there. he can't do it. they have got to shield him. he has -- larry: he is impossible.

i hated to see it. he couldn't get into his suv. >> no. larry: i didn't take pleasure out of that. you don't want to see that as american president at some point in time. >> china, russia, iran on your heels. we can't have a president that's weak even if he is part of a different party. larry: no, no i'm on it. lawrence jones terrific stuff. first time on the set. >> did i meet the kudlow standard? larry: are you kidding? you threw the long bomb, you scored every time, i love it, terrific stuff. don't forget catch lawrence along with his cohost, steve doocy, ainsley earhart, "fox & friends." fabulous stuff. coming up here on "kudlow," biden's green climate agenda is making our military reliant on china. a very disturbing report. we'll talk about it with senator kevin cramer coming up. remember, folks, kudlow is available as a podcast, we have

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♪. larry: all right, an interesting report coming out of the heritage found daigh running on "breitbart," biden's green climate agenda is making our military reliant on china, or it could or there's a risk. let's talk about that with north dakota senator, mr. kevin cramer. senator cramer, welcome back to the show. i don't know if you had a chance to see this, but i know you know a lot about -- the main issue here is the mismanagement of the strategic petroleum reserve, which they have knocked down, the bidens have sold off a third, 40% nearly, and that is something that we might desperately need if worse came to worse and we're in some conflagration and china was involved in that on the other

side, undoubtedly any war would be. so that was the first point they talked about, the mismanagement of the strategic petroleum reserve, and senator, one hears that they're going to do it again. the bidens are going to take more out of that stock and you know what, artificially depress gasoline prices a few days or weeks before the election. it is ruining our military readiness, what do you make of it, sir? >> well, it is also, larry, a direct violation of the point of the strategic petroleum reserve. strategic and reserve, important, right. this is not an emergency. high gas prices frankly an outcome of biden administration policies, and it's a tragedy and it's by the way the stickiest part of the -- but, what heritage did, is they drilled right down to the war fighter themselves. the inability to draw on those reserves in, just imagine a major conflict with china, far,

far away, in the pacific, moving big weapons systems, moving big ships, moving a lot of personnel long distances is going to require a lot of fuel and a lot of energy, unless, of course they're going to equip air force one and b-21s with solar panels, i don't think so. even if they did, and they could, solar panels come from where? china. electric vehicles come from where? china. the entire supply chain comes from china. other than uranium from nuclear power that comes from, russia. let's not forget, larry, while we're on this role, china gets its oil at a discount from who? iran. our former adversaries are our now current adversaries exempt they're all allies because we're the common enemy. the heritage did an excellent down not just to the economic, the supply chain, but literal need for strategic reserves at a

time when the biden administration brought them down at this point, larry, i think to 40-year low. larry: yeah. >> to your point the strategy they're dealing with now is a campaign strategy because they want to i about the price of fuel down domestically to do it. larry: it is cheap politics, that's all but it is jeopardizing our national security as well as our energy security. the other point, senator, that heritage makes here, like it or not, the u.s. military is powered by fossil fuels and so there's a certain insanity to trying to put an end to fossil fuels or cut back fossil fuels or curtail future drilling and production and transportation of fossil fuels because that's what our military uses. so in effect all this green new deal is doing, running against the military. we heard it earlier in the show, they're defunding the military in the first place. at the end of the 10-year cbo

window as you may know, senator cramer, defense spending will be 2.% of gdp that is the lowest, basically the lowest we've had in the whole postwar period. so no fossil fuels and no money for defense, how about that? >> well, for sure, i'm on the armed services committee. we just marked up our national defense authorization act last week out of committee. fortunately republicans with a couple of democrats were able to raise that top line number by $25 billion. otherwise we're looking at reduction, larry, actual reduction in military spending going forward at a time when the world is on fire in case people hadn't noticed. china being the big problem, iran, north korea, russia, all significant problems for us and we're reducing as a percentage of our gdp the amount we're spending on preparing for the big fight in the pacific which we hope will never happen but the best way to insure it doesn't happen is to produce

more energy, more fossil fuels, be the provider of choice to the world while at the same time having a strategic petroleum reserve that's readily available, that's adequate to the task and having the infrastructure to move all of that to war it needs to go. doing that, larry will bring down the price, bring down inflation for everybody. larry: yes. >> we don't have to put solar panels on bombers and hope they fly. larry: right. which is quite a sight. senator cramer, thank you, we appreciate it as always. all right, folks, we have another story, hollywood joe biden versus working class donald trump. how about that? joining me is joe concha, fox news contributor, mark simone, hall of fame wor radio host. gentlemen, welcome. so the debates are coming up and the election goes and continues. i will begin with mark simone. joe biden, i mean he has got a lot of hollywood celebrity friends to help him. >> you need people that aren't that bright to support you.

george clooney perfect with that crazy wife of his. give donald trump credit, he is totally reversed everything. he is going into the bluest places, the bronx, detroit. talking to black audiences, hispanic audiences, is a bush brand women. this is his crowd. biden is just left with a bunch of jimmy kimmels, a bunch of goofy comedians. things have really turned around. larry: joe concha biden flew clear across the world practically for g7, government lost with sever people, got on a plane. flew to hollywood fund-raiser. made a lot of money. obama had to escort him off the stage. maybe he was tired. i don't want to get into that but the point is, do you think people resent that? if you're part of working class coalition, you see your president with all of these hollywood celebrities who ain't that popular anyway, folks don't like their movies all that much anymore anyway, what does that do? >> to mark avenues point, hollywood is popular as gas station sushi at this point.

it is not 509's. getting sinatra's backing. that was a cool thing. getting clooney's backing maybe not so much. also to mark's point, you go to new york city, you're with stephen colbert, insufferable stephen colbert, go to hollywood, with intolerable jimmy kimmel, trump is in wildwood, new jersey, he is in harlem. democrats used be party of the working man and women. especially party of women. it is party having advocate biological men compete against biological women in sports like boxing, volleyball, track, swimming? democrats cater to coastal elites, here you have states like minnesota, pennsylvania, michigan, wisconsin, no coast there. not many elites there. that is where trump is. why minnesota is up for grabs. larry: a great point. i want to move on to another thing. we'll play a most regrettable, cringe-worthy statement by new york city mayor eric adams. take a listen, fellows.

>> you look at our administration and you will see for yourself we got all of this chocolate running this city. larry: all of this chocolate running this city. that is cringe-worthy. also racist. it is most unfortunate that i would say that. mark simone, what's your reaction to that? >> i wish he knew his history. the last mayor to do that, very similar guy. a charming guy, personality, but ray nation again, the mayor of new orleans screwed up during the hurricane. he kept saying that we're a chocolate city. comedians went after him. he should study ray nagin. that guy went down in flames. the mayor went down in scandal, corruption. i don't know why you would copy ray nagin right now. larry: what is your reaction? i was stunned, i hadn't heard it, producers showed it to me. what is the reaction to that? >> complete unforced error. why would you say that? that almost felt rehearsed that

didn't come out naturally, right? eric adams has been a profound disappointment, when the bar is so low you are the successor to bill de blasio, the worst mayor in the history of any mayor in any city in this country you could make the argument consider where the city was under michael bloomberg, rudy giuliani and went with de blasio such hope for him. larry: slap at white people? what is he getting at here? >> i guess he is pandering to audience. larry: could have said a socialist city, a red city, hammer and sickle red city but a chocolate city? i mean i'm, insulted by that. >> you should be. by the way the correct characterization should be, larry, sanctuary city. that is what it continues to be. larry: no, no that's a great point. that is an important point. that is the thing really killing him. >> we used to be a mosaic, melting pot. larry: exactly. he is playing to all the wrong fears. mark simone i know you want to talk about the joe biden

replacement theory. do you have an update for us? >> i do. larry: i knew that. don't ask me. >> whoever really runs this whole democratic world they are looking at couple people. vetting couple people, josh shapiro, governor the pennsylvania, west moore, governor of maryland. sending them out. they're on every msnbc, cnn show. young guys without much of a record which is important. they can't be tagged with anything. >> like obama. didn't have much of a record. you can't really hit him with anything. not horrible. think of this bench. shapiro, wes moore? gretchen whit mir. gavin newsom. this ain't the 98 yankees, swept the padres. larry: not willie mays either. >> it is the' 62 mets. >> won 51 games am i right about that. larry: can anyone here play this game? that is book was written with casey stengle. you've become a student of the

biden replacement theory. >> i don't think how he gets through this debate even physically, resting. larry: is resting for seven days. >> when they get him ready, screaming yelling joe biden in a room of 1000 people one thing. at a table in small room, you can't yell and scream like that. he has got a problem. >> trump should be apprentice trump. when we get around to immigration, he is talk about, three things have to happen. border wall construction needs to be resumedded. joe biden can steak remainedder of my time. he can explain what remain in mexico is and why he opposes is and border wall construction and you will see someone self-destruct. larry: when you said "the apprentice." i thought you were saying you're fired. >> could happen too. larry: coming up own "kudlow," turns out joe biden's irs is

busy chasing down gig economy workers and waitresses, self-employed people, not the rich. which is why trump is right, we should make tips tax-free. north carolina senator ted budd will be here to make the case. maybe they vote on it in congress. biden replacement syndrome. we'll wait and see. i'm kudlow. did i read this? did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain. visit morethannormalaging.com

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>> i will eliminate taxes on tips for restaurant workers and hospitality workers and anyone else relying on tips. no more taxes on tips. [cheering] larry: all right, there you have it, president trump's proposal for tax-free tips. joining us to talk about it north carolina senator ted budd. welcome, sir, we appreciate it very much. i want to start with this point, before we get back to the tips, tax-free tips, there is a story running up on fox business digital, irs penalties on american taxpayers surged nearly 300% last year. okay, and guess who? guess who? freelancers, gig workers, and other self-employed individuals, not rich people, not rich people. people in the gig economy. you know, uber drivers, waitresses, probably golf caddies as mr. trump has said in

other venues. i mean i thought it was going to be all this irs money just to go after rich people. turns out that is not the case, senator budd. >> he is going after some of the hardest working folks out there. this just doesn't start recently. this didn't just start when donald trump announced he would not tax tips. we are working legislation, ted cruz is starting legislation on that. it is ready to go as soon as trump is in office. we have election in front of us, we have to handle that on november fifth. you look at it now, 85,000 irs employ these joe biden hired. these are the folks he hired to go after these hard-working people. if you look, people use venmo all the time, people with more than $600 of transactions in ven venmo. this is under joe biden. you can tell the people he is going after. everything joe biden has done made it harder on hard-working

people. everything he has donald trump will do, he done it before make it easier on hard-working folks. larry: president biden, $80 billion, 58,000, irs workers whatever, they will go after the rich people. articles like this completely say no they're not. they never do, you're exactly right. when they get down to it, they're chasing waitresses, chasing waiters, chasing golf caddies, self-employed people, uber drivers, gig economy. is there any way, senator, you can get a vote, you will probably lose it, you could get a vote on the floor of the senate before the election, kind of embarass those people, shall we say the other side of the aisle that want to tax everybody in the gig economy? >> i sure think we should try. chuck schumer doesn't want us in washington. he doesn't have much time on the calendar unfortunately. he is in charge. we're going to make it the

republicans in charge come november. very excited about this. we need to make them both. because you see the folks they're after. they're after them with 85,000 irs agents. they're after them going after your venmo. they're going after your tips. they're going after you with inflation. a rich person may not know, if you put how much it cost to put gas in your tank or diesel in your truck, somebody going to work ever day, filling up their truck, going to the construction site, they know how much it costs. here in north carolina, larry, costs $1100 more per month for average family. folks i talk to say they can't afford that. i believe them. larry: kitchen table issues, we're all assuming mr. trump will lean on those kitchen table issues in the upcoming debate. give you last word, senator budd. >> look everything joe biden has done made it harder for us. everything trump has done makes it easier for us. he has already proven himself. we need him in ovals to take

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