higher and basically 100% addition to the bottom line of profit of park hotels and other companies in the business. lauren: 45 seconds and end of the week and dow jones is 39,996. we can get to 40,000 and you and i old boring, sir, can be on the air when it happens. 40,000. 30 seconds to the closing well. >> whole lot higher than when i started and probably going higher, lauren. lauren: 20 seconds and anything can happen, folks. we have to wait for numbers to settle but this could be the first ever record close above 40,000, 10 seconds till the end of a wonderful trading week. record high for the dow jones industrial average. kudlow is next.

larry: hello, folks. welcome to kudlow, i'm larry kudlow. let's get right to peter doocy. >> officials have been trying to shore up support with black voters and key constituency they need if they're hoping to win a second term, which we know they are. a lot of folks in town wondering if it's even possible to make up the ground they've lost. >> he should be worried about black voters but it's his own fault for starting a radical vote in the country. reporter: showing president biden at 72% support with black voters and that's a huge majority but it sounds -- it's down 7 points from october of 2020 and election that could be decided by a few thousand votes, that's probably too much. this morning president biden laid out massive hundreds of millions of dollars worth of

investments that his administration has made to support diversity. >> my department of education provided $450 million to ensure teacher ntsb school reflect the diversity of the country. reporter: president biden working all week on this weekend's commencement address at morehouse where the commencement called off in the middle of the program including while the president is speaking if student protesters interrupt. white house officials won't tell us what they'll do if that happens. larry. larry: did the bidens think throwing money oturu different

groups what's out there. larry: inflation economy is what causes biggest issue and massive government overspending and biden giving away student loans left and right and biden wants to give away mortgage payments left and right. that's kamala harris' latest thing and now talking about diversity money. reporter: they're really, really troubled by these numbers and not only is president biden spending the entire week trying to shore up support and basically just with black voter bees just out of nowhere said

he'll debate and didn't seem like it didn't happen at all till early this morning. time for the riff, a little more than a week to go before the trump and biden debate and virtually all the polls show the most important issues are the economy and immigration. in a recent bloomburg morning consult poll and he was up 15 points at joe biden trump is up six points, 49-43. that's the morning consul pole. they're voter snapshots and very

interesting because mr. trump has a sizable lead on the issues that really count. it makes you wonder what is going to change between now and june 27th, which is the first debate. absolute vital presidential year indianapolis kay torment on a cumulative basis, mr. trump's performance was + 12% and joe biden only 2.9% in his term. biden's one of the worst does poseable income of any post-world war ii presidency. a key reason for the bad income growth is cumulatively and inflation under mr. trump was up only 8%. while it's up 21%.

so mr. biden keeps telling a hugeer of untruth that he inherited a 9% inflation rate from mr. trump. this will probably become the greatest pinocchio lie meter in political history no matter how many times biden repeat it is and has been almost daily, the facts from the u.s. biden

fellation registered 9% and he'll never live that down. lots of other statistics and mrg into play during the debate and affordability crisis under bide within real wages fell steadily and cannot afford to live in the biden economy. the million of illegal immigrants and related crime problem throughout the country is a huge plus for mr. trump during the debate. that too will not change between now and june 27 . this first debate will be about the economy, stupid and he'll have plenty of ammo. lord knows he knows how to use it. that's the riff.

chief economist at afpi. kevin, we have friend jared bernstein having a rough time of it in recent weeks and goes on neil cavuto's somehow, a colleague and -- show, a colleague and friend, and said mr. biden me inherited the underlying conditions for the inflation. that's an equal climate i want you to chew on that and i have a thought myself.

>> going that high and why wasn't the biden administration telling us there's a scientific breakthrough and model saying ownership, back in january, everyone should know it's 9% and that's true, i'd suggest my friends at cea show ustion what that model is. my guess is we're not going to see anything. larry: mike faulkender, on the private economy, government income negotiated by the trump administration and we're all part of it and passed by income

and the private income starts to recover and the point is all the covid spending was supposed to come down. here's the point, in the save america relief act or whatever it was called in 2021, which was the original sin and hence too much money chasing too few goods. >> that's right, larry. when the government comes in and essentially replaces the loss and private sector activity that occurred due to the shut downs during the pandemic and you'll remember, that second quarter of 2020 throwing $2 million in that economy versus the 4 or 5% growth on the first quarter of

2021 that joe biden inherited and let me add onto kevin hassett's list he gave you of what the biden administration would have been doing had they actually believed that the seeds of 9% inflation were there. wouldn't secretary buttigieg be addressing that of leave and secretary yellen talking in the weekly meeting with fed chair powell about changes to monetary policy rather than telling him to keep rates where they were rather than a second term. had they believed 9% inflays was in office and fair enough. lauren: they added to the inflation. larry: you know, kevin hassett, they added to the real disposable income and years ago,

professor rayfare of yale had an interesting presidential election year model it was based in large part of real does poseable income and -- disposable income and it wa was +12.4% and a healthy number and 2.49% under biden. a very poor number. it has to have something to do with real falling wages and don't you think that'll be -- not only a key issue in the debate, which is up in five weeks or so. , but a key issue as voters actually vote come november. the model is a very important model.

>> it's a model that they were forgetting about what's going on in the bragg trial and what's going on with biden seeming like he's a little out of it and real income says that trump's going to win and interesting thing is if you go back and look it's the second quarter and people making minds up how they vote in the fall in the economy. right now that can't be good for president biden. larry: that's a good point. the other thing is, mike faulkender, the fox poll, biggest problems for your family: 89% say prices and 48% gasoline prices, 81% utility, 80% healthcare cost, 74% housing cost and all seem to have in common is what? i say inflation and trump given

those bullets and am in addition and maybe he will keep saying he inherited a 9% inflation rate and even cnn moderators will call him on that. how will this play out? >> it's a claim that the president repeatedder and over and might forget joe biden for forgetting it once and karine jean-pierre and bernstein and then it was trans-tear and price and then they're grasping at

straws and can't find something to sell and household income went up $6,000 under president trump and down $2,000 under president biden that they'll lose voters unless they can convince people not to believe their own experience larry: kevin hassett, there's a lot of numbers out in the last ten days on the economy and inflation cpi and retail sales and we went and took a look at it, sort of eyeballing the chart and they're a federal index reserve. basically, overall production hasn't moved in two years, kevin.

even worse, business equipment production, which you find in the production report and it's a very important component of overall business investment and capital spending. that steps flat line for two years and why is that? >> president biden is promising tax hikes in the future and lift corporate rate to 28% and allowing the expensing of new promises thorn and promised future tax hikes and they're looking ahead saying i'm not going to invest and if that happens, i'm getting stuck

having invested too much. the very, very obvious predictable effect is happening and it's instruction or inflation growth. it's still running high. larry: first four months of the year and last four readings about 4.5% at annual rate, mike faulkender, i have 25 seconds. these numbers are showing a flat line of business supply and if you keep pumping up demand, government stimulus or whatever, that's got to be a recipe for continuing inflation. >> yeah, larry, the problem is there's two different economies out there. the private sector and the government-driven and look at construction and manufacturing and look at mining and business

services, i t services, they're flat and the government incentives out there are for growth of government and regulatory compliance and not for private sector innovation and growth. larry: all right. thank you, gentlemen. we'll let the debate games begin in a few weeks. kevin hassett and michael faulkender, appreciate it. coming up here on kudlow, dow made it over 40,000 for a couple of minutes yesterday but we're going to talk to kevin o'leary, the great mr. wonderful who's going to tell us his views on inflation and interest rates and maybe a few stock market tidbits as well. remember, folks, catch kudlow monday through friday at 4:00 p.m. and if you can't make it at 4:00, text your favorite 9-year-old and she'll show you how to dvr the show. you'll never miss a single 9% inflation rate. i'm kudlow, be right back. ♪

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their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. larry: we're joined by kevin o'leary now. starting out, do we have inflation problem or not in your view? >> i think we do, larry. it's very simple. we did a lot of work during the pandemic exist stimulating the work in the economy from going into depression and $1.5 trillion and piled on with policy notably the inflation reduction act and then the chips and science act for about another $2 trillion and there's a lot of free money sloshing around and they're not going down and reminding people and

declining rates and cutting seven times and the chance they can increase and wanting next year is 50/50 and the fact we have so much free cash to go and gas prices ouch and you fill up every couple of days and i don't know how you fix it in five months. any incumbent facing inflation, it's never good in the polls. larry: it cuts into another key variable and that's income. we had earlier and going for

inflation and that's did i have ren and shall mainly inflation spispiking and that's election income and that's not going to be good and what do you tell me? not going to be interest rate for mort mortgages and credit cs and car sales and going for the rate cuts. >> you're talking with four and a half months and can't turn it around in four or five months and impossible and i think the free helicopter money and chips and science money in inflation reduction and i love that name, inflation reduction act with a printing press behind it. that just -- i love the way they

name these bills and that thing was the inflation act and manifesting itself and it's the energy and he's energy and pro energy and sector going to get a big boo deregulated -- big deregulation and going for 50/50 chance for pro environment and taxes aren't adjusted and long equity and and four and a half months and not that long i'm in the same boat you'll wait and see. larry: depoliticizing it and i think strong corporate profits have been driving this market. i was going to ask you about that because the market rally,

which has been quite substantial this year going back to last autumn, last october i guess, you know, kevin it's not just the magnificent seven techy related names and not just meme stocks and it's commoditities and industrials and telecoms and so forth. the profit haves been holding them on the stock market and the entire economy. it's the real estate and commercial real estate and every other sector is going for two thinthinthinthing digitize the d it's manifesting everywhere in higher margins and ai starting to show itself to be something that as a productivity tool and

it's having the market betting on that tool and becoming much more efficient and particularly in financial services where it can reduce all kinds of cross compliance cost, customer apposition cost and all that's coming and market sees it. it like what is it sees and going for them and raising taxes and big mistake at that point and avoided a hard landing and never get soft landings after what we went through in a pandemic and congratulations to the fed on that one. i anticipate volatility but, larry, we don't make money on politics. we make money on policy and tired of the porn star wars and tax fraud wars and hunter biden lap wars. give us business.

that's what we need. larry: get out of the courtroom and into the debate room. i thought about that and made that up, kevin. i just made thaw. >> it's a great slogan. we really need to debate the issues and i think we're getting there. larry: yeah, get out of the courtroom and go into the debate room. coming up, folks, democrats are panicked over joe biden's six month out from the election. what about june 27th? how is he going to do in the debate? how much b12 can a man take one hour before a debate. we have several people when kudlow returns. remember, folks, that was available as a podcast and episodes are available every weekday right after our show on spotify, on apple and fox

business podcast and i'm your aforementioned kudlow. be right back.

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lyric okay, let's get out of the courtroom and into the debate room. we have byron york and chief political correspondent and fox news contributor and katie pavlich and fox news contributor. welcome, everybody. app alex, kick us off and going to live out there on the left coast and i want your take and

100,000 people rally and second largest in american political history ever. wildwood, new jersey, shock and that led directly they freaked out over wildwood and got biden up there as a debater and that happens in five we weeks and may freak out again after biden goes into the debate. >> yeah, they're sticking with biden, larry. i've said that and kind enough to give me the opportunity to say it repeatedly. people say joe biden did better against donald trump in the debate than hillary clinton did. she did terrible in the debates and joe did okay. he tends to rale and she get

propped up a couple time as year. larry: byron, do you agree with that? there's something to it. going for them and it was on the unable to debate and just going for things not happening and he'd be an 11 democratic de-brate!s prior and that's a no win idea and on the other hand i think biden felt the need to shake up this race and do it soon. going for him losing for the votes and he loses and needs to do something to get this race moving in his direction.

whether i recollects always my view and i was with him that morning and he was sick. putting that aside, he's got all kinds of economic ammunition and we went through it in the opening segment of the show and going for him with chaos in the world and up in flames and heavyweights going to have to be really ready for biden is he's not going to underestimate him. is that possible? >> learning from the mistakes he made in the last go round against joe biden is he has good

facts on his side and joe biden has bad facts and you're seeing joe biden going out there and lying about inflation and up at 9% when he entered office when it was at 1.4% and donald trump can pick at the details and remind everyone that the country was better off when he was president and the category up by 20% and going for them and every single thing americans have to buy is more expensive and compounded itself to make things unlivable for the majority of americans and you're see ago lot of demographics pulling away from joe biden whether it's black voters, hispanic voters and not seeing the high class elite withs the multiple degrees pulling away from him and can afford his policies and most americans did not.

larry: the first debate is ahead of the democratic national convention and that leads to my question, if biden flunks debate, no matter how much b12 they try to pump into him and lord knows what else to get him going that night. if he flunks the debate, will they pull him? the democrats have convention rules and they can get him to retire or verne sign and that's my point, there's room to remove biden if he flunks that first debate. >> he does so terribly bad they can't just come up with a new

cycle to make him look better than he did and going to win the election and that's where we're at right now and my mind won't change unless something crazy happens. larry: that's a tough one. can i get a nibble out of that. the convention is august 19th, three months from now and biden completely rules the democratic national committee rules committee. that controls everything in the debate.

primary season and biden beat out the opponents and not other people that voters and democratic voters voted for that the convention only, only, only choice is vice president kamala harris and doesn't excite a lot of democrats and the chances of this happening ab september some major health crisis on biden's part, the chances of that happening are zero. larry: katie, there's no imagination on this panel. i'm trying to make a movie and they're giving me clinical depression. the democrats honest to goodness, you know, rallying for

president trump on a saturday in may. >> 100,000. we haven't seen anything like this in 90 years since fdr did something similar and fdr did that and it's going to be freaked out and the democrats freaked out and couple days later, here's biden trying to be mr. tough guy and going for hollywood. >> if they decided to replace him, there'd be a massive fight and there's a fight between gretchen whitmer and governor and gavin newsom for that position and it would be very

undemocratic for joe biden is incumbents going for the presidency and they're all saying the june debate isn't necessarily just about joe biden to get ahead of the polling with it's bad in response for new jersey and democrats bank millions of votes going into the election and going for swing states and it's very difficult and going to catch and you happen they're moving in calendar earlier. larry: the needle hasn't moved and mr. trump may be convicted and get a hung jury and going into next week and quickly biden, what's your political assessment of this trial in new york city.

>> the evidence of the prosecution is guaranteed and it's a guarantee for more likely and i think republican, republicans haven't gotten their head completely around for the so-called other crime involved the judge is going to do this and make it easier for the jury to convict trump. larry: close me out. who is going to be the next president in your opinion? it's a political panel. >> donald trump will be the next president. i think so. i think people will see through

all manipulation and he'll get it in the end. larry: we should believe the numbers and the numbers all saying the same thing and polls aren't votes but they're very important. you're buying into the polling story, alex? >> no, i don't buy the polls and never trust the polls and one cnbc headline and not going to change what every american family is changing at the grocery store and it's going to be the case. larry: take care. nebraska senator jeff fisher and leagued the charge against joe biden's ev tax credits and you heard kevin o'leary saying it's not inflation reduction act and it was the inflation act and we should repeal the entire act on kudlow. be right back.

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it's correct and zeroing out the whole act and we see the president now and and really hurt american industries and that's why you're going to have new regulations and he couldn't enforce have the tax credit and that's ridiculous. that's ridiculous and this is the clinical purposes and having

the optics that he is on the far left base and this is going to the appeal and he's going to win in michigan and don't think the auto workers are real happy with him right now. larry: think you can beat it year end with mansion and i read at some place and knock out china source stuff. batteries, graphics and all that stuff and it's a nice piece of work. and they're going to allow some of the democrats to be able to override the veto and we've got to do these things in order to point it out to the public and we're going down with the safe

pass to the pace. larry: it's ballooned for the course of the act and the gop should be opposed to the entire thing and if donald trump wins and you pick up the senate and i think both are likely and the whole app should be repealed. repealed. not a nickel down because it's so inflationary and give you the last word on that one. it's supported and it's caused more and more inflation. >> it continues to hurt our working families across this country and i hope michigan auto workers wake up to what the president's doing here. giving them a tax credit while test hurting american

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lyric let's get out of the courtroom and get into the debate room, which has a lot more to do with ordinary americans lives. donald trump will have plenty of ammunition and jackie deangeles in for liz macdonald going to produce the entire thing