Meeting with nato leaders and open borders and terror, issues bigger than before. And also meeting with Angela Merkel. Theyre going to make a statement in the next hour. Also the meeting takes added importance, of course, as we learn more about the u. K. Terror bombers, three members of his family are now under arrest, including his father and two brothers and the bomber was an isis fighter in libya. Its a very busy day in the world and for your money. Varney company is go about to begin. Lets get right to politics, the montana republican running for congress body slams and punches a guardian reporter in front of a fox news crew. Sick and tired of you guys the last guys that came here did the same thing. Get the hell out of here get the hell out of here the last guy did the same thing. Are you with the guardian . Yes, you broke my glasses. The last guy did the same damn thing. You just body slammed me on broke my glasses. Ashley the reporter ben they say that the gianforte is running for the seat, that he was preparing for the fox interview and the reporter came in and put his mic down and you can hear that. And reportedly the candidate body slammed it, said broke my glasses. Mr. Gianforte is in a fight with the democrat in montana, a banjo player, country singer. Obviously, this cannot be good for him. Stuart 30 of the votes have been cast and he had a pretty good lead going into the body slamming incident. More than likely hell still win. Ashley one wonders how many in montana, hey, liberal media, way to go. May be by a larger margin than thought. Thats a different topic. Great news for your wallet. It looks like the market will open higher. Remember, five straight sessions of gains and weve been seeing positive signs all over the place, you may not hear it in the media, but your wallet is feeling it and Median Household Income 59,361 dollars in april, highest since february of 2002. Come in, art laffer, former reagan economic advisor. What do you say, art . Every time i look at the data, forget about the headlines, every time i look at the data im seeing important trends that by the way have longterm implications. Thats great. Its good to have you on the road and stuart didnt leave and invite me so he wouldnt have to see me, did he . [laughter] just joking. The market is telling us were in for a good long run and i believe thats true. I think with trump in the presidency and the house and the senate and state legislatures and the governors, i think we have a great run coming before us. I couldnt be more excited about the future than i am. You know, art, i agree with you, too. I think that too much has been made about how quickly some of the legislative wins happen because i think what people miss is the innate goal of business and thats to grow, take market share and invent the better mouse trap. No industry, no country does it better than america. Thats true. We y just do it well. Not that the government doesnt try to grow, too. They want to invent the bigger mouse trap and they want to be the bigger mouse. I was chairman when these budgets come in debt and complaining, the forecasts are way too rosie, bah, bah, bah, but sooner or later this gets through. This is where the rubber hits the road and these specific programs are where it happens. I love what Mick Mulvaney says, he says stop focusing on the people who receive the money, start focusing on the people who pay the money. And in both cases youve got to look at the balance between the cost of taxes and benefits from spending. When the costs get higher than the benefits, stop aeady i agree, fiduciaries of our hard earned money and they should respect us, not vice versa. Exactly. A lot of big retail earners, i want to bring in jack hough best buy up 11 , williams sonoma. Its a low bar, so much pessimism for retail. Theyre aware that amazon took a bite out of retail, but the perception is retail is going to roll over and die tomorrow. Thats not happening. Theyre getting a big bump. I went to a sears store and i felt like i was in an old Russia Department store, it was scarily gloomy and it might have been the scene of the horror movie. And you may see a bump by your visit there. And theyre extending financing right now and retailers are hard to kill, right . They have a lot of inventory they can sell off when times get tough, a lot of real estate and a lot of leverage, and they last longer than you thought. Many are dying this year and bankruptcy. Before i let you go, some are figuring it out. Best buy may have figured it out and williamssonoma may have figured it out. Either they have merchandise in the store or private label merchandise. Something that cant be amazoned away. And in home depot, people walk out with big carts of lumber. Thats not going to get amazond away. And williams and sonoma, how can you get an expensive espresso machine without trying it out first. And 23 million fewer americans would have insurance under the obamacare reemployment. Joining us mike kelly, who sits on the house tax writing committee. Congress, whats your initial reaction to this cbo score. First of all, we know that the cbo has been off dramatically from time to time so i dont place a lot of faith in it. I will say this, if your taxes go down and deficit goes down and premiums go down, thats a good thing, if your pensions go up and the stock market goes up, thats a great thing. So ill take that any day to what is put out there by some of our friends on the left, 23 million not insured. Charles, they choose in a lot of cases not to have it buy Health Insurance and theyre not going to be taxed anymore, all of a sudden, if you want to use that number and be accurate about the number, a lot of the people who say, i dont need it right now and im not going to buy it right now. Ill buy it when i need it, not when the government tells me i have to buy it and not when they tell me what has to be in it. I believe that most parents want their children to have Health Insurance and kind of dangerous territory and say while you and i want Health Insurance and some reason they dont. If the republicans are going to buy into the notion that somehow the federal government must be involved in health care insurance, thats a sticky point, isnt it . Thats where youre hammered by the press and the other side. No matter what we do, were going to get hammered by some of the press not all the press, be fair about this. Those who need help, weve put a tax credit. And weve done something to help those who cant help themselves. I get the most vulnerable part. What i dont want that we can spend the way we keep spending and look into the future and saw its sustainable. The worst thing to do is promise something you cant deliver and its horrible to do that to people. What weve put forward makes sense and the other thing, it hasnt gone through the senate yet. We put our piece through the house and whats in effect right now is the Affordable Care act. Were struggling. In pennsylvania, charles, our premiums went up 120 and from a guy who does provide insurance for people that would work with me every day back at the dealership, thats an unbelievable cost of operation i cant control. I want to provide it and i want them to have it, but by the same token, it has to be affordable. Without doubt. The people, the working po o the working middle class really got the short end of t stick on this and theres got to be way, i guess, since government and both parties agree theyre going to help to find a middle ground. This, i think, is a positive step overall in the right direction. Thank you very much, appreciate it. Goes down to choice, charles. You have to make your own chase. I want to go back to art laugher laffer. And congressman kelly talked about the added money to get off the relationship with the federal government and the states would make decisions for their own citizens. I dont think that the forecast by the cbo is worth a hill of beans to be honest. They have stuff that they cover and dont cover correctly. Insurance is know the health care, insurance is an Insurance Plan and adds a lot of costs to health in a lot of circumstances. While i believe that everybody should have catastrophic or the resources to take care of it, you dont want Health Insurance for everything. You really dont. You want people to cost the money and get the benefits and look at it like anything else, like housing, like food, like education and you dont want everyone covered 100 , otherwise youll have a real mixup and have it dragging the economy down. This bill would add a lot to Economic Growth. Let me just say that. And it will reduce the deficit by more than and its smart, a lot of smart stuff in it. Thank you, art. Thank you, charles. And travelers, tsa rolling out new screening procedures at the airports. Get ready to spend more time in waiting lines. Wait until we tell, but this, a story out of portland, oregon. Two women start a burrito business and they were shut down after some people complained they were appropriating the mexican culture. Cant make it up. And the congressman body slamming a reporter. And some blame donald trump. What does brent bozell have to say about that next. Before i had the shooting, burning of diabetic nerve pain these feet. Kicked off a lot of high school games. Built a life for my family. And liked to help others in need. But i couldnt bear my diabetic nerve pain any longer. So i talked to my doctor and he prescribed lyrica. Nerve damage from diabetes causes diabetic nerve pain. Lyrica is fda approved to treat this pain. Lyrica may cause serious allergic reactions or suicidal thoughts or actions. Tell your doctor right away if you have these, new or worsening depression, or unusual changes in mood or behavior. Or swelling, trouble breathing, rash, hives, blisters, muscle pain with fever, tired feeling or blurry vision. Common side effects are dizziness, sleepiness, weight gain and swelling of hands, legs, and feet. Dont drink alcohol while taking lyrica. Dont drive or use machinery until you know how lyrica affects you. Those who have had a drug or alcohol problem may be more likely to misuse lyrica. Now i have less diabetic nerve pain. And its great to help others get back on their feet. Ask your doctor about lyrica. If youre eligible, you could pay as little as 25 dollars a month. Yeah. Well, we gotta hand it thto fedex. Glasses. Theyve helped make our ecommerce so easy, and now were getting all kinds of new customers. I know. Can you believe were getting orders from canada, ireland. This ones going to new zealand. New zealand . Psst. Ah, false alarm. Hey you guys are gonna scare away the deer idiots. Providing Global Access for small business. Fedex. All right. Back to politics, a montana republican running for congress, body slams a reporter in front of a fox crew and cnn reporter blames President Trump. Roll tape. Do you feel you have to defend everything about this particular person in office. What does donald trump have anything to do with what the can candidate did. There are horrible people, the enemy of the american people. If you think that that doesnt have anything to do with it, then you are sadly, sadly mistaken, my friend. Oh, all right. Joining us now brent bozell with the Media Research center. All right, brent, what are your thoughts . Cnn now six degrees of separation. He gets blamed for everything. Its one thing if you disagree on policy and ideology. When you Start Talking about a sort of responsibility for any sort of violent scene or episode, its taking us down a path thats dangerous. And thats where journalists, i you shouldnt participate in a discussion on policy and your job to report t news and nothing, but that. And youve got cnn and msnbc look, i think that cnn is Something Like 37, 38 years old and it has become a national disgrace. It does nothing, but attack donald trump. He goes overseas, do you think, do you think, charles, for a moment that theyve been ignoring his trip overseas. If trump had made a mistake instead of doing well as hes i evidence. Could it be a onehour special . Sounds like it could be between commercial breaks. They cant do it and think about the thousands of stories that have been run on these networks and the hundreds of hours theyve spent, and yet, theres nothing, theres no evidence of this, disgraceful. Brent bozell, youre the ultimate straight shooter and i always appreciate being able to talk with you. Thank you, charles. Lets check the futures, its a great day for the markets at least at open. Looking really good. Near alltime highs across the board and your amazon story of the day, there are always several of them. Get this, theyre hoping a bricks and mortar store in manhattan. If used to be a bookstore they put out of business. Talk about adding insult to injury. More varney after this. We get the latest read on Economic Growth tomorrow and yesterday we had on a former official from reagans administration who said that we really dont need that high of growth. Roll tape. I dont think we need 4 growth to be successful, have a successful economy. Why dont we have a 4 growth rate . Whats wrong with it . Because country is so weighted down with federal spending, right, that youre sucking all of that excess capacity out of the private sector into the public sectorment thats the problem. So you sort of get on a vicious circle here. Ive got to cut taxes to feed the beast. Charles i want to go back to art laffer. Whats your reaction to that . Thats very true. Were having the strength sucked out of the economy because of government programs, higher taxes and all of that. We can have 4 growth easily, to be honest with you charles. January 1st, 1983 to june 30th, 1984, thats a 18month period, a year and a half, we had an average growth rate there of 8 annualized or 12 total growth. Those are chinese growth rates. We really can get very rapid growth if we start doing the policies correctly and i think 4 growth would be quite doable for a long period of time, not just for a short period of time, and growth is just set. And trump has a very low bar, charles, very low bar. Charles but its harder to grow, lets say a 20 trillion dollar economy than a 10 trillion dollar economy. Thats true, but weve been pushed afurther south as an economy so we have it easier bouncing back. There was no bounceback with the obama recovery, none, and what we have is this very low bar which will give you quite rapid growth to get us up to normal and then level off. 20 would be amazing. 3, 3 1 2 isnt amazing. If we get it up to 2 1 2 and then bring the employment ratio back up again, we could get very high growth rates for periods of time of a year, year and a half, too. Charles im with you, buddy, why not 5 at some point in the future. Lets go for it, charles. Charles ive got the pompons on, im with you. The future indications, yesterday the s p closed at an alltime high im sorry, the dow closed at second highest close ever, maybe a record today. Well be right back. So we need tablets installed. With the menu app ready to roll. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. The opening bell is going to ring in 15 seconds. Think about this, a week ago today, the dow was off 373 points. A lot of people were talking about the trump bumping and of course never gave credit to the trump rally in the first place. Here we are today, well probably see the dow join s p 500 and nasdaq in reaching alltime highs, at least early on in the session. The dow 30 being populated for the most part almost all green arrows, except for chevron and ge, which has a lot of issues that are not going to go away. Now, one of the surprises today, encouraging numbers from retailers, some last night and some this morning. We do, obviously, admit that the bar has been set pretty low. Nonetheless, they are among the biggest percentage gainers today. And then theres the retail killer, amazon, which is still near an alltime high and its doing phenomenal and brick and mortar. Youve got to check out facebook, because their signing deals with fox and buzz feed, among others, to make shows for the services. And the cbo came out and sai 23 million fewer americans will have Health Insurance under the house obamacare replacement man. Small movement in some of those Health Insurancers. Positive signs for the economy and positive signs for the market, near alltime highs. John, what do you have to say about it . I dont think a lot of things have changed except for the s p earnings, the best theyve been in six years, but still, the u. S. Market is the place to be. You look at the trouble around the world. You look at the fed keeping Interest Rates low. Theres not much yield look shall the innovation thats happening in the United States. I think the u. S. Market by comparison, its the place to be. Charles what do you say to the people the market is extended and the rally is long in the tooth and much of the trump agenda would be pushed off until next year . Its funny about valuations, thats about qualms for what, the last two, three, four years, hasnt it . This rally was supposed to be over quarters ago. I think john is right, i think the fuel for this fire is earnings and something that you and art laffer talked about some minutes ago. The market is not talking about today or not looking at today, not looking at yesterday. Its looking at tomorrow and looking at the pro business initiatives that we have coming out of d. C. Finally, after eight years of oppression to the business community. Thats what the market is excited about and thats whats going to take s p prices higher. Charles and accelerated growth since march 31st, is that the kind of momentum to justify the market . There are still good deals out there. I would say chips, you used to have to make an upside on personal computers, and now theyre selling more silicon into cars and and chip makers, i think the company like Analog Devices and so forth. Charles adi. Yeah. Charles some encouraging signs from the big retail names reporting profits. Scott, is it a mirage or the idea that expectations were so low or maybe some retaers are getting their act together . You know, expectations are definitely low. I mean, if you ask anybody about retail at least in wall street. Theyre going to tell you that retail is the walking dead. Th