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>> from the fox studios in new york city, this is maria bartiromo if's "wall street.

'. maria: and happy weekend to bidg he's rescuing the middle class with his new budget and tax plan. i see a future ahead. maria: 64% of taxes are too high, up 9% from 2019. and biden's new tax plan could actually cost the economy nearly

$ -- 800,000 jobs and shave more than 2% off of economic output. $5.5 trillion in new taxes propose. can the u.s. afford another 4 years of bidenomics? if joining me now is the bahnsen group manging director david bahnsen and former council of economic advisers chairman kevin hassett. gentlemen, thank you so much tae before

maria: there's also a possibility that there will be no rate cuts at all. your reaction. >> yeah. neil likes to get that attention. i will say this, you started off the year with the market believing there were going to be six rate cuts this year, it's down to three. we started the year believing it would start in march, the market now believes it'll start in june and july, and yet markets are is still up anywhere from 6-10 president on the year. the fed -- 6-10%. the fed is not the key driver in the market case

revisions come right after the numbers a month later and we realize, oh, it wasn't as strong as it looked. kevin can, you've been working on this jobs picture in terms of who's really getting hired. tell us what you've learned. >> if you get the breakdown of whether one with was u.s.-born or foreign of born who's in the jobs report, and over the last year that table reports that there were 615,000 jobs created only, and of those 615,000, 1.3 million were people who almost surely are illegal aliens.

they're aliens, fear sure. and, in fact -- for sure. and, in fact, people who were u.s. resident, about 650,000 of them have lost their jobs this year. there's an employment boom that's coming from these people who are streaming across the border. and you wonder why in the surveys people are saying, wait, this joe biden economy is not working for me. it's because probably the people being surveyed are the people who didn't rush across the border last year, and they see what's happening to their towns and to their friends who are losing their jobs to illegals. maria: that's incredible. so you're saying that all this job creation that we're talking about is largely going to illegals? >> it's right there in the data, and it's been happening really over the last year. you can keep looking at it. it's tricky to look at the numbers because they're not seasonally adjusted, but if you look at year-over-year number, you don't have to worry about that. right now the year-over-year number is about 650,000 american citizens lost their jobs while 1.3 million probably illegal aliens gained jobs. maria: that's incredible. david, no matter how you look at it, the headline looks good, 303,000 jobs created in the

month of march. your thoughts on what you saw in this jobs report this month. >> yeah, i think the jobs report was fantastic. i think the data point that a continues to not lie is weekly jobless claims. there's all these different theories about how healthy the jobs number is, but if we really had a problem of people not finding jobs, people would be filing for unemployment and they're not. whether they're citizens or not, i think the issue with our economy, for me, is not the jobs side is, it's that biden wants the tax more, wants to spend more, that we've added so much to deficits. it's four presidents in a row now that we've seen this national debt explode. that a takes away from future economic growth, and we can't treat it by taxing people more. so i as a supply-sider just simply believe we need to let

the economy work on its own. and everything they're doing to take away future economic growth is unforgivable. maria: all right. we will leave it there. gentlemen, great conversation. so appreciate your time this weekend. >> thanks, maria. maria: david bahnsen and kevin hassett. a wild week on wall street with first quarter earnings and key inflation if data on deck. dan niles is here with the number one thing he's watching right now. that's next. ♪ ♪ if you have wet amd, you never want to lose sight of the things you love. some things should stand the test of time. long lasting eylea hd could significantly improve your vision and can help you go up to 4 months between treatments.

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maria: welcome back. well, a volatile week for stocks this week that included the worst day for the dow industrials in more than a year. this after a hotter than expected jobs report and a slew of federal reserve officials signaling they would not be rushing into rate cuts so soon as we mentioned earlier. neel kashkari saying there may be no rate cuts this year at all. joining me right now to discuss it is nice' portfolio manager -- niles' portfolio manager dan niles. it's great to see you, thank you so much for being here. what is your take on the federal reserve? we saw some good numbers on jobs, and a lot of people are questioning whether or not the fed has so much room to cut rates, and the market is expecting three rate cuts this year. >> yeah. i mean, i think it's a coin flip on whether we get one or two rate cuts this year, especially after this jobs report and where energy's sitting. for miss -- us, we're taking this day by day because so much things on where oil prices are because oil prices feed into with everything from the milk that's shipped to your grocery store to plastics and everything else. watching oil, which is up 20% roughly year to date, that's the

biggest linchpin of what the fed decides to do. as you know, a lot of that's geomid call -- geopolitical, so i think you have to take this day by day. maria: a great point. in fact, when we were teasing you were coming up, i said this is the one thing that dan niles thinks is most important, and that is oil. so what do you want to do with oil close to $90 a barrel here? that's going to undermine the fed's efforts to get inflation down, and it could be a place to invest, right? >> well, i mean, i think that there's this old saying the cure for high oil prices is high oil prices because it just destroys demand. and so i think you need to be careful with this because oil

being this high is a real problem for the fed, and then the other part that's tied to that is the fact that the 10-year treasury started the year at 3.9%. they're now about a, from china, especially from what huawei coming back. tesla's got competition from china as well as slowing electric vehicle growth, don't like that. and then google has got over 90% search market share, and what have we been talking about for the last 15 months? it's been a.i. and chatgpt. so that 90% plus market share's

probably going to drop. so those are the three names we don't like. the ones we do like are benefiting from a.i., so nvidia, amazon web services, facebook which is obviously doing a great job with recommending videos as well as monetizing their ads. microsoft, they have the big with investment in chatgpt. that's where we're sort of focused, in those four names. maria: well, i've got to say hearing dan niles say i don't like apple, to me, is a big deal. [laughter] >> well,

maria: we're going to get earnings in about a week behalf for the first quarter, dan. what kind of an earnings season are you expecting? >> i think it's going to be a great one if you're a stock picker, it's going to to be an awful one if you're just investing based on theories of where you think the world is a year from now. was last year -- because last year every stock in tech maybe ,

i think earnings are going to really come to the forefront of this. and so you've got to get the right names trying to find where with impinge you've got a company that's in the rfid space, it's involved in tagging all the

items that get shipped to supply trillions with city. new york's mayor taunting texas governor greg ab bork meanwhile, over his handling of illegal

$750,000 to use the verrazano move to basically suspend that payment, but it was quite revealing, frankly, that the mta

is so thirsty for money that they would do anything. and the marathon of money year. it's a mismanaged situation, and the people who are going to get nailed are the hard working people who have no choice but to drive to work. and if that's why we're keeping the pressure if up, and if that's one of the main reasons we actually sued the mta to top their congestion pricing proposal. maria: can you assess the situation on the ground in staten island with this influx of, as the administration calls newcomers? >> you know, the migrant crisis is one of the worst things i've seen in my lifetime. first of all, it's a fraud on the american people and the people of staten island. almost two years ago when this thing started we said the policy was going to be unsustainable.

there were those who welcomed the migrants in midtown with champagne grasses, and we said this was going to basically be unfair to taxpayers not to mention law-abiding citizens and those who want to come to this country legally. and sure enough in less than two years, look, we're up to $12 billion price tag, the city of new york. and the migrants -- the migrants, about $150,000 per migrant, per year. that's twice the median household income if of the united states. and meanwhile, we still have folks in washington that say there's no problem at the border. well, we are paying the price. we're paying the pice heavily are. it continues to be unsustainable. and until there are policy differences that are made at the border, unfortunately law abiding, tax-paying citizens will have to absorb this. and it's just not fair or right to them. maria: yeah. well, you're not really hearing all of that from mayor adams. new york city mayor with eric adams a has been touting how well he has managed this migrant crisis. he even a went as far as to

offer texas governor greg abbott a free stay at a migrant shelter this week. i spoke with governor abbott on "mornings with maria" and got reaction. watch. >> really is outrageous when you consider the backdrop of the city that the mayor is presiding over. anytime the mayor opens his mouth, he needs to be talking about ways to make his community safer for his fellow new yorkers as opposed to these other gimmicks. maria: so what's the cost of all of this, vito? give us the true sense of impact on the people of statening island and brooklyn and the other boroughs now that you've got so many new people who need money, health care, places to live. >> well, the cost is significant. and if it's not going away. and i don't, i think what the governor of texas did was absolutely fair and right for the people of his state. walk through midtown on any given day. migrants using mopeds, stealing. gang members on randalls island.

you hear terrible stories. and meanwhile, taxpayers can't get their services that they have paid for, and it's going to get worse before it gets better. and it's just not right. so the cost is unsustainable, it's unfair and it's up just. unjust. maria: yeah. there's an economic part of this, and there's also a national security part of this. of people are worried for their own personal safety, and the last time i checked, citizens had the right to live in a safe place. vito, we're going to continue to watch your work. thank you, sir. >> thank you, maria. thank you so much. maria: okay. vito joining us today in staten island. i've got one important thing you i've got one important thing you need to know about ahead of next week. ♪ ♪ ♪ or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios.

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being in the best place to view it. millions in the u.s. are expected to travel this weekend to the, quote, path of totality, a stretch the in the country where the moon will block 100% of the sun during the event. states on or near the path could rake in $1.5 billion from eclipse tourism with texas topping the list at $423 million. we'll be following it all monday on "mornings with maria," 6-9 a.m. weekdays on fox business, and i'll see you on sunday on fox news channel at 10 a.m. eastern live for "sunday morning futures." i've got exclusive interviews with governor ron desantis, senator j.d. vance, rnc co-chair lara trump and rnc chairman michael watley. that'll do it for us here on fox business. have a great rest of the weekend. thanks so much for being here, and i'll see you again next time. ♪ ♪