It's time to take the quiz. Five questions, five minutes a day, five days a week. Take the quiz every weekday at the quiz dot fox, and then listen to the quiz podcast to find out how you did. Clay, Cher, and of course, listen to the quiz at the quiz dot fox. Hello everyone and welcome to a special edition of Cutlow. I'm David Asman in for Larry Cutlow. Well, the Supreme Court has issued their most high profile and historic decision of the year. The majority ruling that presidents have substantial immunity from prosecution for official acts, not necessarily so for unofficial acts. The high court has punted the matter back down to a lower court, further delaying Jack Smith's case against the former president. We're going to be talking about it with Greg Jarrett and Will Sharf in just a moment. But first, Lydia, who is standing by with details on the court's landmark ruling, Lydia. Yeah, hey, David, we got that ruling this morning from a divided Supreme Court saying that former president Donald Trump has limited immunity and special counsel Jack Smith's criminal prosecution of alleged election interference. The opinion coming down six to three along ideological lines, ruling that former presidents can be prosecuted for unofficial acts, immune from prosecution over official acts. Chief Justice John Roberts writing for the majority this, the president therefore may not be prosecuted for exercising his core constitutional powers and going on to say that the immunity applies equally to all occupants of the Oval Office regardless of politics, policy, or party. Liberal justices dissented, Justice Sonia Sotomayor writing this, for example, today's decision to grant former president's criminal immunity to reshape the institution of the presidency, it makes a mockery of the principle foundational to our constitution and system of government that no man is above the law. Now, the case is remanded to the lower federal trial court to determine whether Trump's four felony counts in the election interference case meet the criteria for an official act, immune for prosecution. This process expected to be time consuming, requiring evidentiary hearings and briefings that David, they've not happened yet. Now, though the high court did not offer Trump the protection of full and absolute immunity that he wanted, today's decision still considered a victory for Trump in the short term. It seems like any trial in this DC case likely delayed until well past election day. - Yeah, well Trump certainly considered a victory for himself, so did a lot of his lawyers. Lydia, thank you very much for more on all this. Let's bring in Greg Jarrett, Fox News legal analyst and Will Sharf, Trump attorney and former federal prosecutor, gentlemen, great to see you. Thank you for being here, Greg. Big question, everybody's mind, will this decision because it sends it back to a lower court, so you got the more back and forth going on, will it delay Jack Smith's trial until after the election? - I think it's quite possible that it will because it goes back to the trial court and Tanya Chutkin, who is the Trump court judge, has to hold evidentiary hearings. That may involve witnesses perhaps. Andy, if Trump doesn't get what he wants, he will file on quite sure an immediate appeal, and if that's granted, then you're talking about litigation that could stretch into weeks, maybe even months. But there are a couple of things that I think a lot of people are overlooking. First of all, this is a presumptive protection for the president for official acts, which shifts the burden of proof to a guy like Jack Smith, and that's a high burden. And second of all, they said the trial court cannot look into the motives of the president. That's forbidden by the separation of powers. And so, all of this, you put it together and it makes it look much harder for Jack Smith to pursue his case against Donald Trump. - Well, as usual, I think Greg hit the heart of the issue, which is the motives issue that Jack Smith didn't, he knew he was gonna have trouble if he had to get into it. As the Supreme Court says now, you can't get into it, let me just read what they said about the motive issue. In dividing official from unofficial conduct, courts may not inquire into the president's motives. Such a highly intrusive inquiry would risk exposing even the most obvious instances of official conduct through judicial examination on the mere allegation of improper purpose. That really takes a quiver out of Jack Smith's collection of arrows, doesn't it? - It does, and the court's general ruling that the prosecution can't use immune acts or evidence of immune acts, even to prove intent with respect to non-immune acts, taken all together, all of these aspects of this opinion, strike a fatal blow at the heart of Jack Smith's DC prosecution. I mean, what we're looking at here is a very broad immunity doctrine that when applied to the facts in this case, I believe make this case essentially untriable. We have many months of litigation ahead of us on the immune versus non-immune distinction. That could easily, as Greg said, result in further appeals, including potentially all the way up to the Supreme Court. But I think the immediate takeaway is that this DC prosecution is on life support, it may even be in hospice care. But Greg is saying, just sticking with you for a second, well Greg is saying that there is still a chance, you gotta be careful with regard to Jack Smith's determination to get it done before the election is obvious, because it's such a political case anyway. You say it's close to zero chance of a trial before the election? - Yes, and in fact, when you look at the majority opinion authored by Chief Justice Roberts, he has some very strong statements about how the courts have rushed this case at every stage, and he clearly disapproves of the fact that this case is preceded on a political timeline and not a normal legal timeline. So again, I think taking every aspect of this opinion together, looking at the immunity doctrine that the Supreme Court has created, it will be essentially impossible for this case to move to trial before the election day if it ever gets to trial at all. I think this has dealt again a near fatal blow to the DC prosecution, and this case also may have ramifications in Florida and New York as well. - Well, we'll talk about that in a moment, but Greg, I wanna pull back and look at why this immunity issue is so important, because they really talked about that. I mean, you as a constitutional scholar, I'm sure we're interested in this part, and I'm gonna read it out again. An enterprising prosecutor, and I was thinking of Jack Smith when they wrote this, an enterprising prosecutor in a new administration may assert that a previous president violated a broad statute. Without immunity, such types of prosecutions of ex-presidents could quickly become routine. The enfeebling of our presidency and government that would result from such a cycle of fractional strife is exactly what the framers intended to avoid, to which you say what? - Well said, all presidents have unique responsibilities under the constitution that demand independence to function effectively, and regardless of their party, David, they must be protected from bad faith prosecutions driven by political animus, which is exactly what special counsel, Jack Smith, is done. Understand, this isn't blanket immunity, it's what I would call conditional, albeit presumptive protection for official acts, not private acts. And as I predicted, the court adopted the exact same standard, enunciated in Nixon versus Fitzgerald four decades ago, that shields presidents from civil liability, the same reasoning applies to criminal culpability as well. Otherwise, it would have a severe chilling effect on presidents. - Yeah, yeah. And again, looking at the overall issue here, and I think you wanted to get into this a little bit, Will, the idea of the politicalization or the weaponization of our legal system, law affairs, is the catchphrase for that. I mean, this, what we see here, I think, is what really scared the Supreme Court, particularly with regard to the intentions of the people who developed our constitution. They did not want law fair. They did not want the politicalization of our legal system. They wanted to leave those things separate, but that's exactly what all these cases, not just the Jack Smith cases, but all these cases really tend to do, no? - I think that's exactly right. And, you know, Justice Gorsuch perhaps said it best at oral argument when he said that this case isn't really about President Trump, it's a case for the ages. What kind of republic does our constitution set out? How is the separation of powers going to operate in the future? And today, the Supreme Court drew a very firm line under the idea that these sorts of political prosecutions, the endless cycle of recrimination and prosecution, that Jack Smith's efforts here, and Joe Biden's efforts here may have opened, the Supreme Court slammed that door shut and said that with respect to former presidents, immunity protects them from prosecution for their official conduct, that the grant of immunity is broad and deep, and that we need to shut this sort of thing down before it destroys, absolutely destroys the institution of the presidency. - And Greg, it's not just about the president. The former president is always saying, it's not just about me, first it's me, and then it's going to be you. And the Fisher case, which was decided on Friday, was so important. The case of Mr. Fisher, by the way, is a former cop who was there in January 6th, and he was charged with obstruction in kind of a bank shot legal play that the Supreme Court knocked down on Friday. I'm just wondering, that's, first of all, it's not just good for Mr. Fisher, it's good for a lot of other people that were charged with that, including the president because two of the charges that Jack Smith had could be affected by that, right? - Yes, the ruling and Fisher on Friday essentially guts half of the case that Jack Smith brought against Donald Trump. I mean, he misused, quite typically for him, an obstruction statute that has no application. But look at his remaining alleged crimes. Fraud, well, wait a minute, that fraud statute deals with money and property. That has no application. Then you're left with just one charge, violation of voting rights, but wait a minute, you're allowed to challenge the electoral account in Congress by law. Democrats did it in three previous elections. In 2017, they tried to remove Donald Trump in favor of Hillary Clinton. And somehow when Democrats do it, oh, that's perfectly okay. When Donald Trump does it, it's a crime. That's nonsense. - Well, let me move you quickly. I'm getting a wrap, but I have to talk about July 11th, the sentencing date for Donald Trump by Judge Mershan in New York. You look at what happened with the debate last week, and you look at the politicalization of the courtroom under Judge Mershan with that particular case. I'm just wondering if one affects the other. Do you think that as the judge is getting ready to sentence Donald Trump, he may take the politics we saw inside the courtroom during the trial to the sentencing as well and try to throw Donald Trump in jail before four days before the GOP convention? - Yeah, I think Judge Mershan is irretrievably conflicted here. He should have been recused off of the case. I won't hazard to predict what he's going to do at sentencing, but whatever he does at sentencing, we are going to be vigorously challenging that judgment on appeal. It's also worth noting that we've raised claims of presidential immunity in that New York case. We believe that some of the acts that were raised at trial, some of the evidence introduced there, do relate to official acts. So the jury's still out in some respects. I think we are going to be continuing to challenge that aspect of the New York prosecution, and that may very well be a ground that could get the US Supreme Court involved in overturning the jury verdict in that New York prosecution. - And Greg, very quickly to you, brother, on this whole subject of the politicalization of our legal system and whether or not that's going to affect the actual sentencing itself, particularly because of their fears that Biden did so badly in the debate. - Well, it should, but it won't. And let me just say this. What the dissenters in today's decision don't seem to realize is this ruling protects Joe Biden and future Democrat presidents from the same kind of law fair that Biden Democrats deployed against Donald Trump. They just don't get it. - All right, Greg, Will, great to see you both. Thank you so much for being here. Appreciate it coming up. A new congressional report says former CIA acting director Michael Morelle and others were actually under CIA contract when they claimed that Hunter Biden's laptop was Russian disinformation. We're going to be talking about it with Senator Eric Schmidt. That's coming next. (upbeat music) - Hey there, everybody. We are here in Westchester County, New York at the Wolf Conservation Center. We're an incredible group of people who are working hard to protect these endangered animals. (dramatic music) - To step into the Wolf Conservation Center is to get a glimpse of some of the magic that so often unfolds in this wild refuge. I'll tucked away in the mountains of Westchester County, New York. (dramatic music) What you're hearing is a conversation between two friends, Maggie Howell, executive director, and Zephyr, an 11-year-old gray wolf. They seem very comfortable with you. It seems like actually when you became bi, they saw you, they heard your voice and they all kind of perked up. - Well, I think they know I'm just their biggest fan. (laughing) No, and yeah, I've known them since they were pups. But really just, I'm just amazed with them every day just what good educators they are. Zephyr is one of three gray wolves here at the center. All born in captivity. They're ambassadors with the sole purpose of inspiring and educating on behalf of their species. - Wolf has kind of become a negative term in our language. So we're really trying to remind people that wolves are an animal, an important part of the fabric of nature. They're actually a keystone species. They have a trickle down impact on many other things in the ecosystem. - The center also participates in the recovery of critically endangered red wolves and Mexican gray wolves. They were worried that the Mexican gray wolf was going to go extinct. So they gathered the last remaining wolves, brought them into captivity with the intent to breathe them and then release them back to the wild. And when they did that, they caught seven animals. So those seven animals are the genetic founders for all Mexican gray wolves on the planet today. So genetics remains a really severe issue. The red wolf, very similar, they saw them going extinct. They wanted to collect them, put them in captivity, breathe them, restore them to the wild. So 14 animals are what they caught and brought into captivity. So right now, the Mexican gray wolf is 196. In the US, all in Arizona and New Mexico. And the red wolf, there's currently 17 left in the wild. - Here at the center, there are nine red wolves and nearly two dozen Mexican gray wolves. Maggie and her team manage captive breeding and even make recommendations for some of the wolves to get back into the wild. So when they are released, is that scary? - Yes, it is definitely mixed emotions. You're scared for them, but you're excited for them. This is where they're meant to be because there's none of this. They're go fences. The first wolf we ever released was back in 2006 and she was released with her mate and two, like three month old pups. And we're just so excited for them. The US Fish and Wildlife told us they actually caught an elk a couple of weeks after they were released. So she's never seen an elk, let alone hunted an elk, then be successful. And it really just made us so proud of her. So when we got the news later that she had been shot and killed, it was devastating, but the end of the day, these wolves aren't meant to be in captivity. (eerie music) - And while some of us may never see wild wolves restored to the healthy numbers, they once were, we can rely on the work here and the hope of generations to come. (eerie music) - Foxy here is all over the world, including Peru. I'm telephonica, keep it here. (eerie music) - Nobody. - The consumer is strong, the balance sheets are strong. - Breaks you America's business news has so much going on. - And what it means for you. - We wanna get some breaking news to you right now, Fox Business Alert. - Like Fox Business, keeping you ahead of the curve. - All the insiders selling by some of the richest people on earth. - With insight into the impact of US and global markets. - That's where the recipe for inflation comes from. - The people you can trust. - That's absent from the business. - Fox Business, America's business network. (eerie music) (eerie music) (dramatic music) - A House Judiciary Report revealing that former CIA acting director Michael Morel and several others were actually under CIA contract when they claimed that Hunter Biden's laptop was Russian disinformation. That itself was disinformation. Joining us now is Ms. Neri Senator Eric Schmidt, former Missouri Attorney General. Great to see you Senator, thanks for being here. First of all, I have to ask you about the Supreme Court decision today. What are your thoughts? - I mean, it's a victory for the Constitution and the rule of law. It was, you know, I think most legal scholars agreed that this is probably where the Supreme Court would land or should land, making sure the president and a robust executive has this level of independence and immunity for official acts. But you still see, again, this very radical view in Justice Sotomayor, which may be her last sentence she writes as a justice, we'll find out, I suppose, if she steps down or not, calling, you know, this is chilling for democracy. I'll tell you what's chilling, is when you have somebody like Jack Smith, everybody knows his MO. He's the guy they call out of the bullpen when you want to go after a political opponent. That's exactly what Joe Biden did here. This is all about election interference and the Supreme Court called him on it. And I think it's a very important decision, long term. I think President Obama ought to be thrilled about this ruling, quite frankly, because if you can go after former presidents, this law fair will never end. And I think this was a big win for not just president Trump before our country today. - Well, something else that is chilling is not just what happened with these, you know, the 51 former spooks coming out with disinformation right before the election in 2020 might have affected the results of the election. And now it turns out a couple of them were actually still on contract with the CIA. That's at least what is being suspected by a number of members of Congress. Your thoughts about that, and eventually we'll talk about how we break up this political cabal inside the intel agencies. But first your thoughts on this. - Yeah, it's a chilling report. And quite frankly, another brick in the wall of a really terrifying episode of how folks at the highest levels of government tried to interfere and did interfere with the election in 2020. They were hell bent on making sure Donald Trump didn't get reelected. And you saw this group of so-called intel leaders, 51 of them, assigned onto this letter saying the Hunter Biden laptop was Russian disinformation, led by the way by Anthony Blinken, who happens to be now, guess what, the Secretary of State. So a lot of the line for him, a lot of the line for the country. But they were willing to do just about anything to bulldoze our constitution and claim everything was Russian disinformation. It's important to remember, David, in October of 2019, the FBI had that laptop. They knew it was real. The FBI went to social media companies in 2020 and said this is a Russian hack and leak operation. The CIA, we now find out, was doing the same thing, including members of the Senate and Congress being warned about this too. So they were willing to go through great links here again to dispel any notion that this laptop was real. Of course, we know it's now real. And it influenced the election. To what degree, we'll never know. But the point is, this is really scary that folks like this with this kind of power were willing to lie to affect the election. It's all coming out now. And by the way, if you didn't have the Missouri versus Biden lawsuit, you didn't have the Twitter files, you didn't have these investigative hearings, all this stuff would still be in the dark. - It's incredible. But the thing is, this happened under President Trump's watch. President Trump was the president. When all this, and it leads to questions about how you depoliticize this cabal that could be working against a sitting president. John Ratcliffe, the former DNI, the former director of national intel, was on with Maria yesterday. I just want to play a clip of Ratcliffe and get your reaction. Roll take. The two biggest election interference campaigns in our country took place in 2016 and 2020 to stop Donald Trump. And it wasn't by China, it wasn't by Russia, it wasn't by Iran, it was by political actors on the left within our own institutions like the CIA, within the intelligence community, within the FBI, within the Department of Justice. And I can just tell you, that is mission number one for Donald Trump when he takes office in January of 2025. - So Senator, how does Donald Trump go about cleaning up this mess if he's elected president? - I think he has to. One of the reasons why I'm really excited, why I was one of the first endorsers for President Trump in this cycle was, I think he's gonna fundamentally dismantle the administrative state. And to your point on that clip, in 2016, they were willing to spy on an American, the major political candidate of the Republican Party. They were willing to do that to stop him. In 2020, we just talked about this 100 Biden laptop, their willingness to lie about that and say it was a Russian hack and leak. Now, look, there's nothing they won't do. They are literally trying to throw their political opponent in jail for the rest of his life to prevent him from being president again. So I think there is a reckoning coming, we got a clean house, you gotta make sure that these bureaucrats understand the role that they're supposed to play in our system. We believe we're a constitutional republic, we send people there, we can send them home or we can send them back. This sort of permanent Washington believing that they're the guardians of our democracy is ridiculous. The people are sovereign in this country. They're the ones that determine who is making decisions on their behalf. In this idea that you have this cadre, this cabal of bureaucrats that know better than everybody else, I think that's what ultimately needs to get disrupted. The tables need to be flipped over and get back to who we are again, which is that the way the people get to decide these important matters, not these folks that most people will never know their names, but they play an outsized role in people's lives. I think you saw some of that with the Chevron being overturned. That's a big part of it. I think what President Trump will do when he comes in, we're getting back to a place, hopefully, where we can turn the corner and put the people back in charge as opposed to permanent Washington, these bureaucrats. - Well, and I gotta say thanks to you and a lot of others who pulled back the curtain and showed us what was really going on, because first you have to shine a spotlight on it before you can clean it up, as the roaches are scattering. It's getting that spotlight on them to begin with. That's the important part, and you had a lot to do with it. - That's right, David, David, David, David, can I make one more quick point? Quickly, the veil has been lifted. You saw these folks now who've been lying about Joe Biden's health, they've been exposed. The same people that were lying about that, lied about the laptop, they lied about COVID, they lied about these political prosecutions, and now's the time I think that Americans have a chance to really weigh in in November. - Senator Eric Schmidt, have a wonderful July 4. Thank you for being here, appreciate it. - You too. - Coming up, the Reagan tax cuts gave the U.S. economy a booming shot in the arm, and the same thing can happen again. If we just make the Trump tax cuts permanent, we're gonna be talking about it with former Reagan economist Art Laffer, when Cudlow continues. (upbeat music) (dramatic music) - The bottom line with Dagan and Duffy on Fox Business. - We view the world the same way. - I'm sure we'll have some disagreements, but you don't wanna get her mad. - No, you don't. - The bottom line with Dagan and Duffy on Fox Business, invested in you. - Supporters of the Constitution called themselves Federalists. Their campaign for ratification was led by New York's Alexander Hamilton. - Hamilton writes about that without a strong federal government, it's just gonna turn into warfare between the states in which the big states just take over the small states, if not physically, then at least through power and economy. - But there was forceful opposition to the proposed scheme. The anti-Federalists led by Patrick Henry of Virginia warned the Constitution would impose upon the nation a monarchy in disguise. - They felt like the British system was a good one, but as our picture went, they sort of blamed the monarchical overreach on a lot of our problems. And so the fears will end up with something like that, and that's certainly one of the arguments the anti-Federalists will make is that we're gonna have some kind of tyranny or aristocracy created by this new government. That's their fear that'll take away the people's rights. - One of the greatest controversies was what powers is this new federal government gonna take away from the people? We just saw what happened with the British Parliament, with the Crown, it became a tyranny, it took away our rights and our liberties, that's why we declared independence. And so we need a bill of rights to protect our individual liberty. - The Federalist signaled they were open to such amendments once the Constitution was adopted. Many states, when they agreed to ratify, they asked that the first Congress would look at some amendments to the Constitution. And so, in some ways, it was a political maneuver to satisfy the doubters. - By December, you're gonna start seeing states approving that Constitution. By the middle of the year of 1788, New Hampshire becomes the ninth, and officially the Constitution is now ratified and can go into effect. (upbeat music) - I think here in Arizona, the most important thing is to find the perfect sunlight, and ours just happened to be our front yard. Nicole Hood is very proud of her front yard garden. Once she says, wouldn't be as lush and bountiful without farm yard. So for about three seasons, I tried to plant on my own with no success, and then a friend told me about farm yard, and Rebecca and Troy came over, and just kind of gave me some of the fundamentals on how to plant, how to water. And suddenly, everyone in my neighborhood thought I had a green thumb, and I'm going to completely take credit for it. - We are a design, build, and maintain edible garden company. So we build custom raised beds for our clients. We make our own compost. We do irrigation systems. - Rebecca Kidwell, co-owner of Farmyard LLC. As she and her husband, who runs a company with her, give their clients as little or as much assistance as they want or need. Their main interest is to show people how to grow their own food. - So many people come from back east or in the Midwest, where they're used to dropping a seed into the soil, and it immediately taking. And so out here, so many people are frustrated with growing because they think that they can do the same in our desert soils. That's not the case. - You can grow fruits and vegetables 12 months out of the year in Arizona, according to Kidwell. She's preparing for spring and summer by planting melons and pumpkins and corn that she says thrive in triple digit weather. - There's something to getting your hands in the soil, grounding, getting dirty, you know, that's kind of fun to do at the end of the day, and getting to share. I mean, having a garden in the front yard, we have met so many neighbors. We've kind of become a little stop on people's walks. I would tell anyone that the opportunity to grow your own food and allow your children to be part of the process is so wonderful. Talk about getting your kids to eat their vegetables. - Hood says her children are just as excited as she is, to harvest the garden and sit down together as a family for a healthy meal they helped grow. Anita Roman, Fox 10 News. (upbeat music) Listen to the Fox Business Run Down podcast every Monday and Friday. - The world of business moves fast. Whether you're on Main Street or Wall Street, Fox Business is invested in you. - Go to foxbusinesspodcast.com or wherever you download your favorite podcast, America is listening. (upbeat music) - Well, the Biden administration keeps touting the economy of a poll after poll after poll show that binomics is failing Americans. Our own Edward Lawrence is standing by with more in this. Hey Edward. - Hey David, yeah. The president desperate to move on from the debate and he wants to highlight the good aspects of the economy. His administration, his cabinet members have been out talking about that good aspect of it like the unemployment rate at 4%. But they've brushed over the fact that prices are up under president Biden significantly up. In fact, up 19% for overall prices, grocery prices up about 21%. Now this matters because the treasury secretary tells a booming economy, she's been accused though of being out of touch because of this. - Secretary Yellen, have you been to the grocery store lately? - I sure have like the wiffery week. - It's sticker shock, isn't it? - No. - I just, when you look at shipping costs. - A treasury secretary says no to sticker shock democratic supporters defending Biden's policies and clarify the secretary's comments. Listen. - So let me, let me finish Janet Yellen's comments that I wish she finished. I would have said if I was Janet Yellen, that wages are up 16 and a half percent. Yes, prices are up 19% do I. - So Republicans and supporters of former president, Trump say you have to look at the middle class and how they're struggling to pay for the lifestyle right now. They say from top to bottom, President Biden has made poor economic decisions. - I can't tell you about what happened in the 19th century and so on. But I can tell you in the last 50 years, there's no one who even comes close to Joe Biden in terms of ruining the finances of this country. - Now the CBO does estimate that the debt held by the public in 10 years will be more than $50 trillion. - Edward, thank you very much for that. Joining me now is famed economist Art Laffer, key economic advisor to President Reagan and Trump, winner of the Presidential Medal of Freedom and author most recently of taxes have consequences and income tax history of the United States are wonderful to see you. Let's start with taxes, which is your forte. What President Biden said about taxes, I mean, he says he doesn't lie, but frankly he said a lot of untruths. But let's start with the tax untruth, roll tape and we'll get arts reaction. - He had the largest national debt of any president in a four year period, number one. Number two, he got two $2 million tax code benefited the very wealthy. When I'm gonna do a fix the tax system, I should say, in a 10 year period, we'd be able to right wipe out his debt, we'd be able to help make sure that all those things we need to do childcare, elder care, making sure that we continue to strengthen our healthcare system, making sure that we're able to make every single solitary person eligible for what I've been able to do with the COVID, excuse me, with dealing with everything we have to do with, look, if we finally beat Medicare. - Ouch, that hurts, all right. But I wanna stick with the main thing he was talking about on taxes. He keeps saying that the new tax plan of Donald Trump implemented in 2017 cost $2 trillion. I don't see that. You look at the tax revenue since that new tax regime was in place, we have gained 47% more tax revenue than we had before. How does that cost anything? - It doesn't, David, and let me just say if I can, I'm three years older than Joe Biden is, and I'd really like to correct him on this issue, 'cause it's really important. The tax cuts under Donald Trump paid for themselves. - That's right. - Total federal tax revenues in the two year period were up from the prior two year period. In fact, not only were they up over the prior two year period, but they were up by a larger amount than the prior two year period had been to the two year period before that. The tax cuts paid for themselves clearly. The unemployment rates, the economic growth, US and Europe were moving right together, and once that tax cut took effect in December of 2017, the two separated, so after two years, US GDP was 2 1/2% higher than it would have been had it grown at the European Union rate. So all of these things, those are the facts, and I hate to say it, but I'm not interested in their opinions, I'm interested in facts, not how they fail. I know they really wish it hadn't worked, but it did work. - And it worked? Let's just go to the next stage of it. - It worked for everybody, that's the other thing, because the other line that we keep hearing is, as he said, it was just for the very wealthy. I'm just gonna put up a 2019 New York Times headline that says, "Face it, you probably got a tax cut." And it's referring to a study done by a liberal organization that showed that 65% of taxpayers got a tax cut. That is not just the very wealthy. - No, it's not. And you know, when you look at it, David, if I can, going forward, I mean, Reagan did the tax cut, the '86 tax act. You know, we did the beginning one in '81, the growth from January 1st, 1983 to June 30th, 1984 was 12% real growth. That's at an 8% per annum compound rate. That's Chinese growth rate numbers. I mean, that's what it works. I hope Donald Trump, I really think Donald Trump should do a 18-month payroll tax cut of 50%, both employer and employee for an 18-month period, and then also 100% expensive of capital purchases for 18 months to really jumpstart this economy to get people off the sidelines, get them back on job, right, that tax cut too would pay for itself in the 10-year calculations that they do. But it would also increase output employment and production, and he needs a fast start, because frankly, you know, he doesn't have another term to go after this, and we need to jumpstart the economy and really do it. And I think Donald Trump will not only be the best first-term president from the standpoint of economics ever, but I think he could easily be the best second-term president in economics ever. Just keep on going with pro-growth, democratic capitalists, tax cuts, spending cuts, deregulation, I mean, it would sound money, and he will get it all the way home, and that is his revenge, our good economy. - Great stuff, my friend. Thank you very much. Wonderful to have you here. Have a great July 4th. Art, thank you. - Thank you, David. - Appreciate it. Well, new polls showing voters moving further and further away from president Biden. After last week's disastrous debate to perform, it's joining me now is Mark Simone, WR Radio Show host, and Alec Lays, host of the Alec Lays show. Gentlemen, we'll get to the polls in a second, but I first got to talk about the lies. And with art, we were talking about the economic lies, but he keeps saying now the difference to him and Trump is that he doesn't lie and Trump does. The worst lie for me was the one he made about no service people dying under his watch as president. I just want to roll that particular lie because it's so egregious. Roll it. - The truth is, I'm the only president this century that doesn't have any, this decade, that no any troops dying anywhere in the world like he did. - None in the world, Alec. I mean, of course, there was the Afghanistan debacle where 13 service people were blown up. There were two seals were killed in Yemen, three service people were killed in Jordan. I mean, how could he forget these things? I mean, those aren't forgettable things. Those are just lies. - Well, remember the iconic image of him staring at his watch. Maybe he was too busy checking the time to remember these service. But you know what, next month, David, I'll be swimming across the Hudson River with the Navy seals as they do their annual swim across the Hudson River. Did it with them last year? I can tell you this much. These guys have not forgotten about our law service members under President Joe Biden. And he is a disgrace to the United States, not only the way he handled that Afghan debacle, but the way he dishonored the memory of those service men. - Well, Mark, the numbers are in. A lot of people, a lot of them were actually trying to spin it. It amazed me over the weekend, but they didn't get very far because CBS came out with the overalls. 56% said Trump won. Only 16% said that Biden was the winner of the debate. So I'd like to talk to some of those 16%. There's the overall numbers. Do you break it down in various categories of character presented ideas? Clearly Biden did 21%, Trump, 47%. Trump is the winner in all of these various categories. How does Biden pull out of this? - As he would say, look, we beat Medicare. - I mean, he's the non-sequitur spokesperson of the year. My hero is Clyburn, the senator who said, "Right afterwards, I saw nothing wrong, he was great." You know, I have a list of all the lies. The big ones, the little ones, Trump said Hitler did good things. Trump never said this, this never happened. Kids in cages, the pictures were proven to be from the Biden Obama administration. There's a million of these. - But now you have people like Charlie Rangel. The statesman was a congressman here in New York for many decades. He's 94, he's the elder statesman of the party. Coming out and saying he did a terrible job, something's got to change. Jen Psaki just came out, I think we can put her ex post up, essentially saying because a lot of Democrats are trying to blame the preppers, saying it was all the preppers problems. She's saying, "No, no, no, no, no, no, this was Biden's problem." I can't see how he can get out of this. - No, there's no way out of this. And you know, we're all dancing around this. The guy clearly is not fit to be president. And even when they spin it, they say he's only good from 10 to four. You know, if there's an attack at 4.30, what are we supposed to do? We've all seen a relative or somebody in the family has this. It never gets better. It gets progressively worse. Imagine him in two years. - And you know, Mark was mentioning, Alec, a piece from Axios, which said that he is dependably engaged only from 10 a.m. to 4 p.m. This is supposed to be the toughest job in the world. It's not a six hour day job. - Yeah, let's not forget that. Not only political pundits saw that debate, but our enemies. The enemies of this country watched that debate as well. So did our allies. And everyone's looking and saying, "This is the guy. I want a guy, even if he's a convicted felon, who can operate more than six hours a day." Biden can only do this six hours a day. He's like some kind of exotic animal at the Bronx Zoo. You've got to get there in time to see them active. Like, this is ridiculous. Shame on Jill Biden and the Biden family for allowing this to continue. This is horrible what we're seeing here from our. - Mark, I mentioned Charlie Reger. There's another New Yorker, very moderate Democrat. There are a few left. His name is Don Peebles. He's a businessman, but he's heavily involved in politics. Some people wanted him to run for a mayor of New York. He might have won. He was on our network in Saturday. I want to play a sound bite from that. Roll that tape. - My phone was ringing after the debate the other night. Many black entrepreneurs are saying, "Hey, they're done." That this is embarrassing, that it's unwinnable. His job was to make a case for a second term. - And he couldn't do it. - No, he couldn't do it. Right. - Democratic base, he's totally lost the Democratic base. - Yeah, the thing with people, he also represents the big donor class. When you lose them, that's the final straw. You've lost everything. You know, even at the end, Biden talked about tax cuts at the end. That was in his closing statement. Tax increases, raised taxes. Mondale did that. You end with a positive note. - That's right. - Everything with Biden is the past. You've got to talk about the future. There were no goals, no future, no anything. - Yeah, so what happens? How do Democrats deal with all this? What is their plan? - Well, they can't use the cheap fake theory anymore. That went out the window on the phone. - That's gone. - Yeah, they're going to have to pull him out. They can't run him. He's not electable. - But who runs? - Who are they going to put in? - I don't know. If Vegas odds are saying, Gavin Newsom or Michelle Obama are the two top picks, I don't know what they do. I don't think they want to go on that short a notice and go up against Donald Trump. I think the Democratic Party has lost as Donald Trump all the way in November. - Mark, the editor of the Wall Street Journal where I used to work used to say, "David, you've got to think low." If you're thinking about it, this was during the Clinton administration, you would say that. A lot of people are saying about what's going on right now. How low do you think Democrats will go in order to try to pull this off? - Yeah, I don't hit the state of the union. It was screaming and yelling the next day in the rally filled with energy. What happened that night? Whatever they usually give them. Did they not give them that? That's one conspiracy theory floating around. Maybe they just didn't give them the normal stuff. - So he wasn't jacked up enough? - He was half asleep. - So somebody behind the scenes wants him out? Is that what you're saying? - Yes, you said you got to think low to understand this. - Maybe they hit him with a placebo on debate night instead of giving him the juice. - Yeah, well, we'll see what happens now. Gentlemen, good to see you. Thank you very much. You got the July 4th tie on. I love it. Thank you, Alec. Appreciate that. Coming up, France's right wing party gained momentum in the first round of elections over the weekend. We're going to be talking about it with Steve Hilton. He's next. [MUSIC PLAYING] We viewed the world the same way. I'm sure we'll have some disagreements, but you don't want to get her mad. No, you don't. The bottom line with Jagan and Duffy on Fox Business. [MUSIC PLAYING] Making electricity for the American masses is only possible when every facet of the operation is working properly. And while our nation's generators are no doubt a major part of that, repairmen like Hoover's Steve Simorero spend their days dealing with, well, everything else. Going down to one. While his colleagues work to revive the downed generators above, today Steve's headed to the dams underbelly to perform some other essential maintenance. Right now, we are on the first floor. It's actually under the dam. It's below the first foot, so to speak, of the 726 foot dam. And we're going to go down below that to clean out the last filtration system before it goes into the river. That last filtration system is designed to catch debris that might otherwise wind up in the Colorado River, which supplies water to more than 40 million people in the Southwest. But most of all, it's here to trap an invasive species of mollusk known as the Quagga muscle. So as you can see here, we've got a lot of Quagga muscles. Quagas are becoming a very big problem in lakes, especially here in Lake Mead. It's a big, damn problem. What he said, Quagga muscles not only destroy lake and river ecosystems, they can also clog the many pipes used to irrigate five million acres of farmland. The lake that feeds the Hoover Dam is already infested with them. So the goal here is to not let them spread any further downriver. If we didn't have this, which we clean every month, all these Quagas right here would be going downriver, which would be a huge problem for Arizona, because these things just multiply like wildfire. [MUSIC PLAYING] Now, here's some food for thought in the meantime. Are potatoes a vegetable or a grain? The question is apparently causing a lot of fuss on Capitol Hill, and the answer could affect dietary guidelines for the entire country. Senior National correspondent Kevin Korg has the story from Washington. So is a potato a vegetable or a grain? It's not a grain. It does help TV boil it or steam it. Tatoes are potatoes. The US Department of Agriculture currently classifies spuds as veggies. But there have been reports that the USDA is considering labeling potatoes as grains in a new set of dietary guidelines. A USDA spokesperson has said, however, that the advisory committee is not considering reclassifying potatoes. Still, the reported change outraged a bipartisan group of 14 senators. Those lawmakers arguing in a joint letter, quote, "Unlike grains, white potatoes are strong contributors of potassium, calcium, vitamin C, vitamin B6, and fiber, and worries have taken root in the industry." Last year, the CEO of the National Potato Council testified before the Dietary Guidelines Committee, saying that a change could cause chaos and may discourage Americans, especially students, from consuming the essential nutrients and vegetables. It's one of the lowest cost vegetable items for things like the school lunch and school breakfast programs, which it can be tremendously expensive for school districts across the country to assemble meals for students that are nutritious. The USDA is working on developing its new round of dietary guidelines for 2025 through 2030. They're expected sometime next year. In Washington, I'm Kevin Cork, Fox News. [MUSIC PLAYING] If you're in Canada, thank you for watching Fox on Rogers. For the very latest headlines, check out foxnews.com and keep it right here. France's National Rally Party surged to a lead in the first round of legislative elections over the weekend, bringing that party that much closer to a position of power in the French government. Fox News's Greg Paulcott is live in London with the details, Greg. That's right, David. That's a right-wing party in France scoring a big win over the weekend. The populist National Rally, that's led by the outspoken Marine Le Pen, coming in first with 33% of the vote in a high turnout. Their national is lined, hitting strong then immigration, crime, the cost of living, globalism, resonating with the French electorate. In second and 28% of the vote are left-wing grouping with a tax and spend approach that also rang true with a lot of people there. The party of centrist French President Manuel Macron coming in third with only 20% of the vote. He called to snap election after the National Rally did well in an EU vote last month. While he has another three years in office, this political gamble might cost him control of the parliament. Demonstrators took to the streets of Paris overnight, protesting the possibility of the National Rally coming to power for the first time ever. Concerned about what they call is the party's divisive and polarizing appeal. Run-off elections are set for next Sunday. As many in France seem to be willing to take a risk on something new to deal with long-held problems. David. Greg Paulcott in Europe. Thank you very much for that. For more on this, let's bring it Steve Hilton. He's a Fox News contributor and he knows the region very well and is willing to talk about it with us. I have to quote something that was in the New York Post. I was kind of shocked to see it in our brother publication, The New York Post, but here's the first line of their reporting on what happened in France. Quote, "A right-wing party could seize power in France "for the first time since the Nazis "occupied the defeated country in World War II." Now, the implication, Steve, of course, is that Marine La Pen is a Nazi, which is not the truth, is it? It's an outrageous way to frame it. I mean, we can object even to a milder version of it, which you hear right across the media today, which is the description of this party is far right. I mean, look, that may have been true in the past when her father founded the party, but she's gone to some considerable lengths to change that. The label populist that Greg Paulcott just used, perfectly reasonable, that is the essence of her appeal and her party's appeal. In fact, in some ways, you could look at the platform, the policy platform of her party and say, "It's pretty much to the left." Certainly on some economic questions, and I don't agree with the way that Marine La Pen sees a much greater role, for example, for the state, in the French economy. For that sense, you could even say it's a populist party of the left in many ways, but to compare her to the Nazis is really outrageous. Well, the bottom line is that people are fed up with policies that aren't working. I mean, it's very similar to what's happening right here. And it's happening not just in France, but it's happening all over Europe, where the policies on immigration, for example, I mean, the same problems that we're having, the massive increase in crime, because a lot of people that come in totally unvetted with certain exceptions, like Hungary and Poland, which have put up barriers, but those countries that haven't spawned by politicians with left-wing agendas are having terrible trouble, and the people don't like it, the economies are not working well. You mention economic policies. I hope Le Pen doesn't govern from the left if she becomes a leader there, because it's the leftist policies that are causing problems with the economy. But they are having the same problems we're having, and the voters are revolting about it, aren't they? Yes, and a particular category of voter, if you like, because what you're seeing across Europe, and you're seeing it here in America, particularly in California, where I am, you can see that the imposition of what you might describe is the luxury beliefs that the elite are perfectly happy to push, and that the rich can live with, for example, not just on open borders immigration, in particular, on the climate extremism that you see here. You see it in Europe, particularly in Germany. That's been a big factor in the rise of populist parties there, also in the UK, and working-class people. They are being hammered the most by these policies, and they're the ones that, in particular, are rising up against them. Right. Now, the UK got away. They have their own set of problems. We'll talk about it if we have time. But the rest of Europe is still stuck with all of these unelected bureaucrats that think that they're in control of things from Strasbourg and from Brussels, where the European Parliament hangs out. Yes. And again, yes, the Parliament itself is elected, but it's all these bureaucrats who are running lives. It's what we call the deep state here in America. They have it over there in the European Parliament, and the people are fed up with it, aren't they? 100%. And just to remind our viewers, you know, I work back in the day in 10 Downing Street for the elected government of Prime Minister David Cameron. That's when Britain was in the EU. And, yes, you have these three branches of the European government. If you like, you have the European Parliament that's directly elected. You have the European Council, which is all the representatives of the elected governments of all the member states. But crucially, you have the European Commission. That is the bureaucracy. And guess who has the power in that set up to initiate policy? Yes, it's the bureaucrats. It's the Commission. And that's why you're seeing the imposition of all this bureaucracy across the European Union. The tragedy is that it's leaving the EU. And they're all corrupt as well, Steve. I went over there. They're all terribly corrupt. They're corrupt. They're socialist. And they're making a mess of the situation. And unfortunately... 100%. We've run out of time. Steve, build it. It's fascinating to cover. I've got to say that. It's good for journalism. I appreciate your being here. More cudlow right after this. Boeing is looking to take more control over manufacturing as it faces scrutiny over its planes. The aerospace giant is buying supplier spirit era systems. That's the company that makes the fuselage in the Alaska Airlines plane that have the door blown off in mid-air. Boeing says the move will improve plane quality and safety. Work from home could be finally winding down in New York City. Office occupancy levels in May were 74% of those pre-pandemic. That's up from 70% a year ago, showing a slow but steady return to in-person work. Meanwhile, outdoor retailer Patagonia warning some employees to relocate or lose their jobs. The company told 90 remote workers to move closer to one of its seven main offices by September 30th or find another gig. All of this remote work, all it's going to do is slow economic growth over time. People need to come together. I saw on TikTok. My daughter said it's the best Sammy you'll ever have. And Picklemania is taking over New York. The Picklebund Sandwich is going super viral on social media. And selling like hotcakes at places like Seven Brothers Gourmet on Long Island. It's crunchy, it's salty, it's refreshing. That's Business, I'm C.J. Poppa. (upbeat music) We're selling off the coast of St. Petersburg as Noah and Sal Johnson's off their last vessel for the hurricane season. This one, going into the Gulf of Mexico for the first time, it will rest in the northeastern section. A second launched from Texas, that one will remain in the northwestern area of the Gulf of Mexico. It's really exciting day. So spent many months getting to this point, working with cell drones. Now it's the second year cell drones are being sent into hurricanes, allowing over 10 sensors to remotely gather information that hasn't been accessible before, capturing the interaction of the sea surface and air. This year, they up the number of cell drones sent out from five to seven, two in the Gulf of Mexico, one off the coast of Puerto Rico and four into the western Atlantic. I'm told this will help with one of Noah's main goals. - One of the biggest gaps is the exchange of energy between the ocean and the hurricane. And the warm ocean provides heat energy to the hurricane. It's what allows it to potentially intensify. So it's very important to understand that. There are big gaps in our knowledge of how that works exactly. - I got a chance to learn how cell drones will fit into a bigger picture, working along with other uncrewed systems that are being evaluated. I'm told getting them all aligned during a storm is a goal. - So the ocean gliders will be going below the ocean surface, down to several hundred meters, making profiles up and down. The cell drone will be at the surface and it will get ocean parameters plus atmospherics as well. And then the UAS uncrewed aircraft system or drone, we launched from the NOAA P3 and we can direct it anywhere in the storm we like. - So you can say that for three hours. - Can you talk about the importance of sinking them up in the same location? - Yeah, it would be very, very cool if we were able to get all three on the same storm at the same time. So we were hoping to see that this year. And certainly with the cell drone and the ocean gliders, that's a very important goal as well. And then if we can get the UAS in the same location, we'll just have that complete data set for that storm. - Now, I guess Greg, when could they start to use this data in real time and forecasting models? And he said, hopefully next year, that comes after working out technical difficulties this year and continuing to test the data from these seven cell drones. I'm Brandy Campbell, reporting off the coast of St. Petersburg for Fox Weather. ♪♪ - When news breaks. - And we begin with this Fox News alert. - America turns to Fox News Channel. - We are feeling the impact all across the country. - Stream it now on the Fox News International app. It's the place for top political coverage. - It's a very big day here at the White House. - With must-see-inside-end analysis, you won't get anywhere else. - We will never be the media mob. - And stay on top of the U.S. markets with Fox Business. Watch your favorite shows live or get them on demand. - Download the Fox News International app now from the Apple or Google Play Stores. Also available on Amazon Fire. ♪♪ - Well, thank you all for watching this special edition of Cudlow. Larry is going to be back tomorrow. But first up, Liz McDonald is up next. Liz have a wonderful July 4th, I guess. - The Fox News rundown, the contrast of perspectives you won't hear anywhere else. 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