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All right, we're down to economists Art Laffer joins us now and sir, it's good to have you back on. Thank you very much Rob. There's so much uncertainty right now that there's a lot of nerves over this and I look at this and I feel like I'm watching the president take a really big political risk to do I think some of the things that really need to happen in this country for the betterment of our general economy. Is that how you see it? Well that's very nice that you feel that way in a way. The way I see it really very seriously is as you probably know I'm a big fan of Donald Trump's. You know he has had all of this practical experience. He's run his own companies very successfully but wealthy man. He ran the country in the first term and as I've said in economics now that I think is single best first term president the U.S. has ever had. If you look at him from the standpoint of education he's as well educated as any president. I mean literally if you look at presidents he's really very well educated. And if you look at him as a negotiator he's a great negotiator. He's all of these skills together. I can't think of any individual that I think would be better suited to be president of the United States the policy maker in place than Donald Trump today. Now does that mean I'm not worried about the economy. Of course it doesn't mean that. But I think he is as adept and as good at negotiating all of these things as anyone I've ever seen. And frankly I feel very comfortable with him as president. I wish the market were up 20 points not down. I do. But you know I don't know what to say about that. Yeah. Well let's just let's just talk about that because there's a lot of people especially in this city that I live in that believe that this market has been overcooked for a very long time and everything's been very inflated and the market's been inflated. Our prices have been inflated. And I think a lot of people out there thought that this needed to cool down that everything kind of needed to cool down. I spoke to a guy today who's a brilliant guy he's a Trump voter and he kind of believes that the White House right now is just kind of forcing us to take the medicine that we've needed to take. They want to kind of cool everything down get the 10 year down get mortgage rates down and kind of calm everything down early on before it becomes a political liability near the midterms and then get inflation down and then set them set the economy off the right way. Do you think that's a possibility. Well it's a possibility but I don't think you're right at all in that Rob if I say cooling down the economy lowering it down getting at this down does not help anyone anywhere at any time. The faster the economy grows the lower inflation is if you have more goods and services available. The price of those goods and services are going to fall down. If you have a bumper crop and apples the price of apples will fall not rise. So the faster we grow the better off we are. I don't think there's anything to taping the economy down that makes any sense whatsoever. But what I do think is that Donald Trump is putting it through a very sensible good supply side economic policies. Government spending is a problem especially wasted fraudulent. I don't know what all the work additives they use to it. You know there's a lot of importance for government government is important but not this big of government isn't it. We need to trim it down a lot cut it down and we're going through the pain of that process. I don't think it's a pain. I don't think it's a pain getting rid of dud workers and people who are unproductive and people who squander the resources. I think those resources belong to me the taxpayer and I would much rather see me the pain giving it to people who wasted the pain I guess would be what we're seeing right now. You know the Dow's down what maybe 10 percent. I don't think this is what's caused the Dow to be down. My view I don't see why any of these policies that Trump is putting through right now would cause the Dow to drop. Maybe people are afraid of the tariffs. That may be true and that that could well be true but that's not cutting out waste abuse and fraud. It really is not and that I just don't see any downside to whatsoever. Tariffs people are scared and I understand why they're scared. You know the Great Depression was caused by the Smoot-Holly tariff which caused the crash in the market which caused the Great Depression which caused World War Two. Those are serious events but Donald Trump is very very well versed in the do's and don'ts and trade. He's a very smart guy. He's been dealing with this forever. He was head of a very large international company Trump International and you know he knows how bad these barriers could be. I believe and this is me if you want to know what he believes give him a call. But I believe he is trying to bring reciprocity so these guys reduce the barriers to trade against us. We maybe lower ours a little bit more and that creates a freer trade environment and world that will cause huge expansion. We'll see. We'll see. I can't think of anyone I have more trust in than Donald Trump. OK. All right. So this unease right now you think will be over soon is your estimation? I hope so. I'm really good at forecasting the past Rob. I really am good at that. I'm a little less through. But I think that's true and by the way don't be such a stranger ask me on your show more often. I love your show. Well I love having you on and we appreciate you coming on sir. You're one of my favorites. Thank you. Very good.

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In just over one month, illegal voter crossings have plummeted by numbers that nobody's actually ever seen before -- much more than 100 percent. And we've unleashed American energy at levels that will soon be reported, but we think we're going to get it going very quickly. We have incredible people on the energy front. I think we have really great people on every front. I'll let you know if they're not good, but I think they really are. And we're fighting every day to get the prices down. The inflation is stopping slowly, but part of the reason it's stopping is because of high interest rates and other problems that we inherited. But we have to get the prices down, not the inflation down, the prices of eggs and various other things. Eggs are a disaster. The Secretary of Agriculture is going to be showing you a chart that's actually mind-boggling what's happened, how low they were with us and how high they are now. But I think we can do something about it, Madam Secretary, and I think you're going to do a fantastic job in that position.

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Joe Biden and I are about to get rid of that tax bill. And on day one, I will repeal that tax bill. Joe Biden and I are about to work to get rid of that tax cut. Joe and I are about to get rid of that tax bill. Joe Biden and I are about to get rid of that tax cut. Everything from a 70 to 80% tax rate. I think that's fantastic. We've got to increase the corporate tax rate. Part of that is gonna be about repealing that tax bill that they just passed. And also looking at estate taxes are gonna have to go up. We will tax capital gains. But we're gonna have to raise corporate taxes. It's just a new way of looking at things to say, we're gonna tax what you don't have. That's a sore point and it's a big deal. Is that something you think she firmly believes in? I think it's part of the proposals of the campaign. Taxing unrealized gains just doesn't seem fair in any sense of the word. I think that this reaction to unrealized gains is a little funny given that I bet that the majority of people watching right now are already paying a tax on unrealized gains. It's called a property tax. When the value of your home goes up. That's an old, that's an old. When the value of your home goes up, you pay higher taxes even if you don't sell your home. Your value of your home never moves the way the stock moves, the way something else moves. That's always the go-to answer. Under my plan, there will also be a carbon fee. There has to be some connection between the fee and bad behaviors. And there has to be, in that we have to monitor whether it's gonna be passed on to consumers. But I'm gonna tell you that should never be the reason not to actually put a fee, in particular, a carbon fee. (dramatic music)

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Two thirds of Americans who consider themselves middle class are now facing financial hardship. Many remain deeply uneasy about the economy and the prospect of a looming recession. Everybody's suffering. Everybody doesn't make any sense. Everything's gone up an absurd amount. Americans are paying an 18% inflation tax. All states have hit gas price highs. All 50 of them. The IRS is building an army of new auditors, and some of them could be armed. A New Democratic spending bill had nearly 87,000 new IRS agents. Going after low-income earners are easy targets for an audit. The poorest families were audited at a rate five times higher than for everyone else. That's Bidenomics in action. When I get to office, we are going to not charge taxes on tips. People making tips. Voters in key swing states overwhelmingly favored the economy under Trump. If it's about the economy, Trump is going to win a landslide, I guarantee it. Voters say it is Trump who would better handle the economy. Her saying the economy and everything is better, it was far better under President Trump. We have the greatest economy in the history of our country, and we're going to have it again, but in spades, it's going to be bigger and better than ever before.

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- Are you better off now than you were in January of 2021? - No, I'm not. I mean, that's me being honest. I'm working five times harder. When I calculate everything, hours worked, the amount of money bringing in is nowhere near as high as it was. - Just 31% of Americans approve of how Biden is handling this economy, 56% disapproving. This is interesting. Just 13% of Americans say they've gotten better financially since the president took office. - Our latest ABC News poll shows four in 10 Americans say they're worse off than when you're elected. Only 16% said they were better off. - More than half of the country disapproves of Biden's job performance, weighed down by significant discontent over the economy. 40% say they are worse off financially than they were two years ago. The most negative response to that question in nearly 40 years of our polling. What do you say to the 44% of Americans who say they are worse off now than they were before Biden took office? - An exclusive News Nation decision desk headquarters poll out this morning reveals almost every American a staggering 97% is somewhat or very concerned about soaring prices. - The one thing I can't believe is that on my previous job, I got paid $5 less an hour than I do on this one. And I was better off at that time than I am right now.

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