(dramatic music) - [soldier] santa anna advances north. we're gonna need a hell of a lot of reinforcements. - you may all go to hell! i'm going to texas! - y'all halt right there and state your business! - we're volunteers here to fight for the republic of texas. (tense music) (cannon blasts) (dramatic music) - the enemy has demanded our surrender. (rifle fires) my garrison faces the sword if the fort is taken. (guns firing) (intense music) larry: hello, folks. welcome to kudlow, i'm l arry kudlow. so biden inflation coming in hot for a third straight month, a blow to mr. biden's reelection hope, and douse

dousing any chance of federate rate cuts for the remainder of the year, we have edward lawrence in washington, d.c. gerri willis here in new york, walking through the stock market story, breitbart's john carney and diseesteve forbes waiting in the wings with details. and we have i think at the beginning we will welcome back texas senator ted cruz. but we don't have him quite yet, we have an all points bulletin out for him. we'll see if we can get edward lawrence, it not i'll do the thing. hold on. turns out now. all right mr. cruz. we're up 19%. up 19% for the three years and a quarter under joe biden. and something like 6 1/2% at annual rate, that is highest

inflation rate since 1983. that means, 41 years ago. and real wages and real earnings are falling again according to newest calculations. so, did we get senator cruz? almost locked in, his comment on that. because, he is a smart fellow, he went to princeton and harvard law school, me must have learned economics, where are you mr. cruz? there you are, i want to see him, is he good, there senatorred to cruz. ted cruz. >> larry how are you. larry: in all seriousness, i found my cpi sheet. this is the third month in a row as you problem know -- probably know where inflation of hotter than wall street expected, numbers have jumped 4. 5% annual rate for last 3 months, and the other

number, since january of 2021, during the biden tenure, the consumer price index level is up 19.4%. that is a very big number. and if i annualize this over 38 months 6.1%. that would be highest since early 1980s, only difference is that in early 1980s, ronald reagan was bringing inflation down from 15%. right now, inflation which had come down a bit on year-to-year change is go back up. and meanwhile, working folks are suffering declining real wages both hourly earnings and weakly earnings are down -- weekly earnings are down, what do you make, there is a political take as well. >> well these are terrible numbers for joe biden, they are terrible for the senate democrats and house democrats. it speaks volumes that white house is no longer uses phrase bidenomics, they try

to roll that out there they thought it was a good thing, american people said, wait bidenomics is a train wreck, you look at inflation this happens when you spend trillions of dollars you don't have and you print it, and you borough trillions that you don't have. anonymouses in and by the way -- inflation and we have said many times, you are going to get anonymouses in, drive costs up. and they insive insisted, nope, they had talking points. i tell you every family at home, you go to the grocery store, buying food for the family is extra 150, if you fill up your gas tank you notice it. at the gas pump. if you pay your bills, whether it is electricity, healthcare or crashe credit card, the cost of everything is up, two groups in

particular feeling the pain of bidenomics, one is seniors, those to fixed income, their every damonl day -- monthly costs are going up and up, and incontinentals are not keeping pace -- their incomes are not keeping pace, and second group young people, they are coming out of school, they have never known inflation suddenly cost of rent they cannot afford, a young married couple to buy a first home, they discover they can buy half of the house they thought they could. because at 2 1/2% interest rate on a mortgage is different from a 7% rate, this bidenomics. larry: i knew you could go right through it. just saying grocery prices up over 20%, energy prices up close to 40%, gasoline now back toward 4 dollars nationwide. a lot of those states out west are well over 5 dollars

thank you for that run down, stock market got whacked also. let me go back to big news from yesterday and today arizona supreme court made a ruling up to hold near total ban on abortion. let me play you to donald trump had a come on this -- comment on that, he said it is up to the state. >> thank you, sir. >> mr. president, did arizona go too far. >> >> yeah, they did, and that will get straightened out, you continue is about state's rights it will be straight ended out, i am sure that governor and everyone else will bring it back it reasons that will be taken care of i think quickly. larry: senator cruz. two questions, do you agree with mr. trump. that arizona went too far and do you agree with mr. trump's new generic position, that essentially

arizona is a state's rights abortion is a state's rights issue? >> well on first question, i think that is a question for voters of arizona to decide, i said for a long time that issues like abortion, this is what supreme court said in dobbs decision, those are issues on which people of good faith disagree, and disagree strongly, passionately it a personal and emotional issue, i am pro life. many people are pro life and pro choice, on issues like this constitution live its to voters to decide. it should not be the judges issuing an edict. that means right now, is in bright fl blue states in new york and california you have essentially unlimited aboard in the reade red states you bet more

meaningfulr restrictions, and the decision from arizona is not the last word on the topic, the voters in arizona will decide, govnary haier governor has called for legislation. and that is when our framers wrote the constitution, that is what they envisioned on issues where we have sharp disagreements like this, it out t -- ought to be democracy making a decision. larry: you think that republicans, i'm thinking about republicans now, will fall in behind mr. trump's view. that the states should decide has per the dobbs decision by the supreme court? >> listen, i have been saying a long time there is a question for the voters, it will be decided primarily at the state level, there is a place on the federal level

for outer extremes, for example, we have voted in favor of banning partial-birth abortion, overwhelming majority of americans don't support, that and at the extremes congress may act but in senate it takes 60 votes to move any legislation, only legislation that will gotte ge get. >> di -- it will day stay at state level, other than banning most horrific practices that are beyond the pail and the conscience for overwhelming majority of americans. larry: moving on. i talk about immigration and crime i for a moment, a story in "new york post," new york city sanctuary city. you have five venezuelan as robbing a target store on

70th and third. a very find neighborhood. they robbed that store. they -- cops came in they started banging up the cops, point one. then they got busted, but 4 were let out with no bail and first let out with a very small bail, these are criminals they are repeaters, and recidivists, this is is amazing they get let out. no problem, turned back on the streets -- you know donald trump who did nothing with no victims charged 500 million to get out of his bail. they will probably get venezuelans get $10,000 refundable debit card, and healthcare, that food care. sincer senator cruz it pays to have a vaccinationia -- venezuelan mask to, has time come for u.s. policy to deport

criminals, pure and simple. >> of course. larry: you make a crime, you get deported. >> larry, of course, and what is happening what happened in new york and every day in new york, it an outrage, i feel for the citizens of new york who are victims of violent crime, because of democrat policies, number one joe biden and every congressional democrat that supports open border policies releases violent criminals into america day after day, and sanctuary city policies from democrat politicians, i new york and elsewhere that realize violent criminals usually without bail after they committed a crime, a couple of weeks ago, we forced a vote on senate floor. on whether we should deport illegal alien aliens who violently assault police officers, in any sane world it is a no-brainer, you ask people on the street every

would say, if you are criminal illegal alien and you physically assault a police officer, we should deport you. every single senate democrat voted now, a straight party line vote, this is where today's democrat party is. given's choice, between protecting you the citizen or standing with the violent criminals, they side with the criminals, it is making our streets more dangerous. larry: last one. i don't understand what part of the supreme court decision which was made in english, as you know, supreme court put their decision out in english language, what part does president biden not understand as he now attempts to cancel student loan, a ticket that could come to 500 billion dollars. a half a trillion dollar cost. if he gets his way. can you eplain it to me, a

constitution, a supreme court, they write in english, they could not be clearer, he does not have the authority. and yet there he goes. senator cruz, you are a scholar, you are a supreme court clerk, and et cetera. what don't they understand? >> he understands perfectly what the court said, he does not care this administration does not care this decision is doing 3 things, blue collar workers, is the republican party has become a blue collar party, we're the party of truck drivers and steal workers and cops and firefighters and wait ires awaitresses and wait ire waiters, and this decisions is doing is robbing blue collar workers, if you are a truck driver or a rata waitress biden saying we'll take money from

you either in form of higher taxes or borrow and make you payoff that debt, either way, they take it from toupee o, payoff debt of bunch of woke studies majors, they are screwing blue collar workers, this decision as you noted it lawless, supreme court struck it down biden white house knows this is lawless, you can't give away 500 billion or a trillion without congress passing ledg legislation, they don't care, they know it law less, they did it anyway. they are selling young people a bill of goods, joe biden doing it for same reasons he did it two years ago to try to buy votes look i'm giving you free stuff, they know it will struck down in court, they are lying to young people, they are trying to dupe young people in making a promise they know will never be

delivered, but biden administration thinks that young people are not bright. larry: that is the beauty. judging from the polls that are coming out, the younger folks, are not buying it. and they are walking away from biden, i don't think if they are ready to go for trump, but they are not -- they are walking away from biden. lif-- left any right, did you can know, you may recall. during open years, they opponent yea.. in order to make loans so interests would finance the interest revenues would finance obamacare, that is the greatest irony. >> that is right. larry: now they are stopping interest expenses they will bankrupt obamacare. go figure, i don't know. senator cruz, good to see you, sir, well done on the

economic questions, very well done. >> thank you. larry: talk soon, coming on cud loy bidenflation is back. john carney of breitbart, steve forbes will be here with john carney we'll talk on set about the cpi story, stocks are down. over 400. and real wages are down. prices are up. mr. biden's kind of in cold soup today, is that right, cold soup, not good, i'm kudlow, always good, thank you to mr. cruz, we appreciate it.

larry: inflation came in hotter than expected third straight month, a big blow to president biden's reelection, to our edward lawrence live at white house. what do you got there? reporter: food and energy prices driving some of this increase of overall inflation. now this could push off possibility. for a rate hike until possibly settlement, federal reserve is looking at this data month over month, and looking at the numbers, inflation on a trend up for about last 5 months, up .1%

last october and continuing through march .4% this is hardship. >> average american out there, does not give a crap, if i could say that about what cpi print is, they are living real inflation story that is different. reporter: living price increasing like this. food and home up 2. p wh 2%, president wants to look at how rate of price increases has come down from 9.1% a year after he got in office but he said this. >> we have dramatically reduced anonymouses in from 9% down to close to 3%. we're in a situation where we're better situate the than we were whether we took office. -- when we took office and anonymouses in inflation

was skyrocketing. >> inflation was 1.4% when president biden came in office. president biden said that this in front of japanese prime minister, they announce a stronger agreement on defense and security cooperation, they agreed to send a japanese astronaut to moon and world leaders agreeing to research partnership in a.i., and semiconductors and clean energy. president trying to counter moves by china, they are doining in the indopacific. back to you. larry: all right edward lawrence thank you. >> now bring in our market expert gerri willis on today's sell-off, stocks down, bond rates up. >> ugly today. on ne news inflation news, all major averaging falling about 1%, dow down 442. s&p off by 49, and nazdaq

falling 1 36 that is all about 1%, real estate stocks with the worst hit down 4%. but other rate sinc sensitive sectors hammered like utility and financial, some folks this afternoon were buying on the dip. after stocks fell so hard earlier in the day, nvidia shares higher, markets pricing in 19% chance of a rate cut in june, compared to 57% before the cpi report was issued, outlook is cloudy, traders say every day we get closer do november the more the fed will be forced to sit on their hands, 10 year bond, 10 . 5%, and two year, closed in on 5. very big day for i investors, and we'll have to wait and see about tomorrow, larry. larry: gerri willis, thank you, joining us now john

carney, breitbart economics and finance editor. and steve forbes, forbes media chair. he knows something about it. john carney, i would say first rate cut is in middle of 2025. >> never coming. >> we have been good on this, we -- me, i don't get them right often, but we have been saying no, no. no. and hold on. we have president biden on interest rates? lovely you will enjoy it. >> i do stand my predication before the year is out there will be a rate cut, it may delay it a month or so, i'm not sure of that. larry: john carny. >> there is no way they cut in june, they are not cutting in july, that would push them to cement, no way they could -- settlement

settlement, -- september, no way, earliest may be march next year that move may not be a cut, but a hike. >> that is it, how -- a nonzero probability that next move will be a rate hike. steve forbes. commodity price rule person, commodities rising significantly last three mornings, gold, rising, and that is bleeding to index but shows a weakness in dollar, i learned from steve forbes that is ultimate inflation cause, right. >> yes, rising prices are a symptom of inflation not the cause, weakening the currency is a cause, that is something that fed can control without trashing the economy. so they give us unnecessary austerity, they have gummed up the credit markets, you

will see mortgage rates go up again, they should back off and let economy recovery by itself and announce their goal is a stable value for the dollar, they will look at side side prices -- commodity prices, gold soaring again, that is another red pligh flight flashing of trouble ahead. they announce they want a stable dollar and get rid of phillips curb stuff and idea they could control the pace of the economy, i believe you would see a rally in bonds. larry: we have seen a sell-off in bonds year-to-date. >> because the fed doesn't know what it is doing. larry: market rates, have been drifting higher, 10 year is higher. the two year break even inflation forecasting tipping higher. last i looked it was up 80 basis point the. so john carney, this lives -- leaves, i don' putting

politics aside for a minute. this leaves fede federal economic geniuses at short end of the stick. >> they made a mistake, when they invented number core services ex-housing that was to persuade us there was no inflation, you cut them out, core services x-housing is up annualize 8. 5% in march, it is through the roof. >> 3 month change that measure. >> 7.8. larry: 8.2. >> yes. larry: annual rate, but the 12 month change is 4 pa 4.8. >> they made a mistake, they thought inflation was going away they started promising a rate cut, that is a form of moptar monetary easing,

we telemark tell mark the market we're cutting rates they price that in, it will couit will be look add fed's second biggest mistake, the first when they said inflation was strong transetranser transtorey to begin with. larry: consumer price index level is up 19. 4% under joe biden, a very big number. for all -- that is 38 month, 3 years plus. for all of donald trump's term, i call it first term, prices up 7% in 4 years, that is 1.3. >> biden annual rate is 6.1, steve forbes highest since 1983, in 1983, they were -- reagan and volcker bringing inflation down. this is just wobbles back up. >> larry summers, a democrat

points out if you put in cost of interest, you do have to pay -- mortgages, it was 18%. 3 % on, 4% they bandied around today is like 8 %, and given now, with mortgage rates up, car payments up, credit card payments interest rates up. guess what, people have to pay; that that is a cover the of living, that the -- cost of living that government ignores. >> thank you, you know, summers, that was a national bureau of economy research piece of work. you are right, thank you for that john carney spot on. i am listening to forever expeffer, iand ever. coming up on kudlow president trump is unifying g.o.p., but also the country. and his best claim is success is the best revenge. we'll talk about that with senator tim scott, he is a hot pick for vice president.

and then bad day for bidenomics and biden reelection, a great day for charlie hurt and gianno wal caldwell, they will weigh in here, when we return o morikawa on 18. he is really boxed in here. -not a good spot. off the comcast business van. into the vending area. oh, not the fries! where's the ball? -anybody see it? oh wait, there it is! -back into play and... aw no, it's in the water. wait a minute... -alligator. are you kidding me? you got to be kidding me. rolling towards the cup, and it's in the hole! what an impossible shot brought to you by comcast business.

larry: all right, at big trump fundraiser last saturday night in florida, john pal son, paulson's house, a good man, john paulson, a record event, one person that was there south carolina senator tim scott our friend, welcome back, sir. >> thank you, larry. larry: i heard this president talked about success. and it was essentially i looked at it, i wasn't there, i don't have a billion i'm working on it with your opportunities zone, no telling what broadcaster the might make a buck.

but, he wants to unify the g.o.p., and the whole country, and to unify around success, and economic growth, around the new coalition, of helping working folks get their real wages up again, tell me, did he talk about that stuff saturday night, you were there? >> well, you are brilliant, you know what you are talking about. the president trump said that you agree with. success breeds success. one of most fantastic parts of first term, that you will see again in misseco his second term a focus on making sure our economy creates tunings for every single demographic in the country, we saw businesses see their taxes go down, and so they were global competitive, we saw single mothers taxes go down, by 70%, larry, president trump promised 4,000 dollars on average to each household,

he only delivered 4500 dollars, on a average. that kind of success does not unify the g.o.p. but the usa, every single american was better offer working class american was better off under donald trump. let's have 4 more years of success. 4 more years of low inflation, 4 more years of low unemployment and 4 more years of high-endthusiasm. larry: senator scott, we appreciate you. today, we have a lousy inflation reported, it is rising. during for biden's whole term, inflation almost 7% at an annual rate, 19% almost 20%. the working class coalition, y whites, blacks, latins, hispanics, kids and women, day which are losing real

wages, they are losing real wages senator scott. that is not nothing that is the soft under bell of something called bidenomics, and i think that is the strong suit of mr. trump's policies. >> well, larry, you know as well as anyone, we went 52 consecutive paychecks where inflation outpaced wages, you get a pay cut under joe biden, a pay cut. i was raised by a single mom, a 40% increase in gas prices, 30% increase in food, and 25 percent increase in energy costs that means she is broke, doing all she can in this economy, 60% of americans do not have a thousand dollars in their savings account because bidenomics destroys america's economy. larry: yes. >> it is that simple. larry: a minute to go senator crot scott, ted

cruz said this biden wants to cancel all of the student loans, this is working folks, right, nonrich, nonalnonelite working folks, 70% of population, paying for 30% of population that got into graduate school with loans or good public or private colleges with loanings this is working folks, getting penalized by the upper crust. seems that is one more reasons to oppose the student debt cancelation. >> -- 1000%, my mother who never made mores that are $20 an hour will pay the student loins of someon the -- student loans of someone who get paid 6 figures, you are kidding me,

you sign the contract you pay the bill, not us. under joe biden, he lies to us, you sign that contract, and the poorest americans pay for our student loans. that is called ridiculous. larry: called bad economics and bad politics, and i like that called ridiculous, senator tim scott thank you, sir, great to see you again. >> good to see you, god bless. >> take care, bring in political panel with great charlie hurt, washington typetimes opinion editor and gianno caldwell. welcome back to you. charlie. inflation up abide bidenomics down, i don't know maybe i'm making too much of this had is headline story of the day, stocks are crashing, but all web sites even "new york times" running it at top of web site, saying doing damage to

biden's reelection campaign. >> i think did i it is terrible, idea he can turn this around in a quick few months, seems impossible to me, you know about that. you know we talk about all of these other issues a lot about illegal immigration, open border, we talk about some of the stuff overseas, and a lots of that stuff cuts against joe biden. but. knocknock -- nothing trumps the economy in an election, but security trumps it if the economy is doing okay, if people feel that economy is bad and people are hurting that is what happening right now people paying inflation has taken a giants chunk of cash out of people's pockets it is a massive tax on everyone. hurting the poorest people the most. because that is the way that

tax like that workings. it is devastating, then joe biden talk about today, that he is speculating on a rate cut. before the election. which you know, i am not a you know not a constitutional scholar but that seems crazy. to have a president predicting something like that in middle of an election. larry: yeah here, is having a moderately terrible day. gianno, sound from obama campaign manager david act of el axelrod about bidenomics. >> it drives me crazy when he does, that he needs to put himself on the side of working people in their economic fight here. >> gianno, you know those -- obama guys are smart, i

think what he is saying is better of more like bill clinton i feel your pain, joe biden saying the best economy in the world he gets 3 straight gla bad inflation numbers, what do you make of this? >> i do agree that the flipping a switch for this campaign, this will be difficult considering the set of se circumstances we had economically, talk about the israel, hamas conflict. you think about immigration, you think about the fact that 15% of electorate those who can qualify for votings are latino and president trump is beating joe biden by 6% in that group. swing states he could win. joe biden is between a rock and a very, very hard place, there is no way for him to get out of this, no flipping a switch that i think any of

us could predict from this particular during this particular time. i think that joe biden right now, should be honest with the american people. about what this status of the economy is. beam people are feeling the pain wherever it is the pump grocery store or buying the food, only way you can breakthrough is being honest, i feel your pain. but i don't think that he is willing to do that, he is not showing that honesty, or that heart that passion that people said he had when he ran in 2020. >> i agree, i think axelrod is a smart guy, i would like to palm more i am out of time, charlie hurt, gianno caldwell. larry: coming up, student loan cancelations, hurting

working folks. we will talk about all that with congressman byron donalds, what the future of speaker mike johnson. will he be kept as speaker mike johnson, i am kudlow, byron donalds up next. awkward question... is there going to be anything... -left over? -yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry. empower. what's next.

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larry: welcome back to show great congressman byron donalds, i have to play some tape, donald trump in hotlanta, n georgia in a chick-fil-a. >> 30 milkshakes, give them to the people, and take some for ourselves, okay? >> yeah, they do very well, they are closed on sunday. >> the lord's chicken. >> the lord's chicken, you are right, it good chicken too. larry: you have to love it the lord's chicken. number he bought chicken we have more tape, he bought chicken for everyone around. and one of ladies there, through he -- threw her arms around him, said i don't care what media said and said i want a hug, she hugged him, you either have it or you don't. reporter: >> i agree, donald trump has it. i was in the president in my

district at fort myers. a year ago to downtown house of pizza. and great pizza there. go get a slice, when he hit the pizza shop the place goes abou bananas, he bought a punch of pizzas -- bunch of pizzas handing on tut, he makes sure he is keyed in all of the time with the real world and american people not just politics and no washington, d.c. he has that connection that will continue. larry: you are right, nobody does it better than he. come back home, big vote coming up on ukraine and issu/or the border, speaker johnson to include seizing russian assets, not a lot, making should of the aid alone which is a trump idea,

and reversing biden's lng export ban, that is always a good idea. but byron what is your feeling about a ukraine bill, about the border bill. and i guess all wrapped up, will speaker johnson remain speaker johnson? >> well, first, let me tell you with ukraine specifically, will be major issues for the speaker of the house. majority of house republicans that do not want to support any more ukraine funding, if the border is not secure. and there has been no move am from the white house on this. and no movement with the senate on this, that is a real problem. number two, if you want to take repoe assets that is one thing giving alone to country that -- a loan to a country without an economy will not work long-term, and i would say that, i don't think this is -- senator brought that idea to president trump. there are senators who want

to do that to give more money to ukraine, if there is anything we should do we should talk about some rare earth deposits in ukraine, if we help you maintain your suffer rensovereignty, at a minimum we should have access to mineral rights to repay our debt, i till you, without the border being secured, there is a planningty of house republicans that will not vote for another dollar to ukraine. larry: i assume because he is a bright guy and nice guy, speaker mike johnson knows that. stakes are high, i hate to put you on a limb, wheel have you back. we always do. you had to you see it playing out. >> i think will happen is tip cap will this town, will go to the 11 hour. and some point, a deal will get cut, and unfortunately probably a bad deal, but

fact of the matter remains that joe biden has left our border unsecured. you can't secure another nation if you are not secures your home first, we need to take care of that, here in america, if we do that it would clear pathway for a funding bil bill for ukraine. larry: hr2, a bill, i thought, senate will not deal with it. >> no, because they want open borders, the democrat have wanted there policy they have it, they are not stopping it unless they are forced to stop if and ta it and take care of american people have to hold line in the house to make sure house chan-- >> byron, great to see you, look forward to you, i'll be 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.

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larry: that's it for kudlow, thanks for watching, folks. ♪ ♪. maria: good thursday morning everyone. thank you for joining us