♪ DAVID: OUR TOP STORY, PRESIDENT BIDEN SIGNING AN EXECUTIVE ORDER TODAY NOT ONLY GOING AFTER BIG TECH, BUT ATTACKING FREE MARKETS AS WELL. CONNELL McSHANE IS AT THE WHITE HOUSE WITH THE DETAILS. HI, CONNELL. >> Reporter: YOU'RE RIGHT, IT WASN'T JUST BIG TECH, IT WAS THE PRESIDENT TAKING ON BIG BUSINESS IN WHAT HE HOPES VERNALLINGLY WILL BE A BIG -- EVENTUALLY WILL BE A BIG WINCH -- WIN. IT WAS AIMED, HE SAYS, AT PROMOTING MORE COMPETITION IN THE MARKETPLACE, SOME MORE COMPETITION ACROSS MANY DIFFERENT INDUSTRIES EVENTUALLY WITH THE GOAL OF HELPING CONSUMERS BY LOWERING PRICES AND RAISING WAGES. >> FAIR COMPANIES IS WHY CAPITALISM HAS BEEN THE WORLD'S GREATEST FORCE FOR PROSPERITY AND GROWTH. BY THE SAME TOKEN, COMPETITIVE ECONOMY MEANS COMPANIES MUST DO ALL THEY DO -- EVERYTHING THEY DO TO COMPETE FOR WORKERS. OFFERING HIGHER WAGES, MORE FLEXIBLE HOURS, BETTER BENEFITS. >> Reporter: NOW, TO BE CLEAR ABOUT THIS, THE PRESIDENT'S PLAN TODAY DOES NOT ACTUALLY PUT IN NEW RULES OR REGULATIONS IN PLACE RIGHT AWAY. INSTEAD, IT PROVIDES SOMETHING OF A ROAD MAP FOR THE COMMERCE DEPARTMENT OR ANOTHER FEDERAL AGENCY TO WRITE THESE NEW REGULATIONS EVENTUALLY WHICH COULD HAVE QUITE AN IMPACT DOWN THE ROAD. BUT THE PRESIDENT INSISTS THIS IS NOT AN ANTI-BUSINESS MOVE. >> I'M A PROUD CAPITALIST. I SPENT MOST OF MY CAREER REPRESENTING THE CORPORATE STATE OF DELAWARE. I KNOW AMERICA CAN'T SUCCEED UNLESS AMERICAN BUSINESS SUCCEEDS IS. LET ME BE VERY CLEAR, CAPITALISM WITHOUT COMPETITION ISN'T CAPITALISM. IT'S EXPLOITATION. >> Reporter: THE OTHER BIG EVENT HERE AT THE WHITE HOUSE TODAY WAS PRESIDENT BIDEN'S PHONE CONVERSATION WITH THE RUSSIAN PRESIDENT, VLADIMIR PUTIN. WE'RE TOLD THAT LASTED FOR ABOUT AN HOUR EARLIER IN THE DAY TODAY ON THE RECENT RANSOMWARE ATTACK. BIDEN'S SAID TO HAVE WARNED PUTIN THAT THE U.S. WILL TAKE ANY NECESSARY ACTION TO DEFEND U.S. INFRASTRUCTURE, BUSINESS, AND A SENIOR ADMINISTRATION OFFICIAL ADDED TO THAT THIS EVENING SAYING THAT THE U.S. RESPONSE WILL BECOME CLEAR IN THE DAYS AND WEEKS AHEAD. DAVID. DAVID: I'D LOVE TO SEE A TAKE FROM THAT PARTICULAR PHONE CALL IN DETAILS. IT'D BE NICE TO SEE THAT. CONNELL, THANK YOU VERY MUCH. JOINING ME NOW TO DISCUSS IS STEVE FORBES, "FORBES" MEDIA CHAIRMAN, AND LIZ PEEK, FOXNEWS.COM COLUMNIST AND FOX BUSINESS CONTRIBUTOR. WONDERFUL TO SEE YOU BOTH HERE. SO, STEVE, THE PRESIDENT CLAIMS HE'S A CAPITALIST, AS YOU DO AS WELL, OF COURSE. HE SAYS SOMETHING SOUNDS VERY REASONABLE, FAIR COMPETITION IS WHY CAPITALISM HAS BEEN THE WORLD'S GREATEST FORCE OF PROSPERITY AND GROWTH. SO FAR SO GOOD. BUT THEN YOU GET INTO THE DETAILS, AND WHAT DO YOU FIND, STEVE? >> WHAT YOU FIND IS SOCIALISM BY REGULATION, SOCIALISMLY INVESTIGATION, AND -- BY INVESTIGATION X THIS IS A WAY OF CONTROLLING THE ECONOMY WITHOUT FORMALLY TAKING IT OVER. BUSINESSES ARE GOING TO HAVE TO PASS MUSTER ON NUMEROUS THINGS THROUGH NUMEROUS BUREAUCRACIES, AND IF THEY'RE TRULY INTERESTED IN COMPETITION, THEY'D BE REMOVING ROADBLOCKS ESPECIALLY FROM SMALL BUSINESSES ON THE TAX AND REGULATORY SIDE. AND IF THEY'RE REALLY INTERESTED IN COMPETITION, DAVID, THEY'D BE PROMOTING EDUCATION SAVINGS ACCOUNTS TO BREAK UP THE GOVERNMENT MONOPOLY IN EDUCATION K-12. I DIDN'T WANT HEAR ANYTHING ON THAT. DAVID BINGO. LIZ, HE CLAIMS TO WANT TO HELP SMALL BUSINESSES. AGAIN, THAT'S FINE. WE ALL WANT TO HELP SMALL BUSINESSES. THEY ARE THE ENGINES OF GROWTH, PARTICULARLY JOB GROWTH IN THIS COUNTRY. BUT THEY ARE GETTING KILLED BY HIS POLICIES THAT KEEP PEOPLE AT HOME. THERE ARE 9.3 MILLION UNFILLED POSITIONS, MOST OF THEM BY SMALL BUSINESSES BECAUSE OF HIS POLICIES. THERE'S A HUGE DEMAND FOR WORKERS, AND HE'S WORKING AGAINST THAT. >> YEAH. DAVID, ANY NUMBER OF SURVEYS HAVE SHOWN THAT THE NUMBER ONE CONCERN AMONG SMALL BUSINESS OWNERS AND MANAGERS RIGHT NOW IS FINDING GOOD PEOPLE. DAVID: RIGHT. >> AND YOU'RE COMPLETELY RIGHT, IT HAS BEEN GOVERNMENT POLICIES IN PARTICULAR THE EXTRA $300 A WEEK INCREMENTAL UNEMPLOYMENT COMPENSATION THAT HAS REALLY PREVENTED PEOPLE FROM GOING BACK TO WORK. THE GOOD NEWS IS I THINK 26 STATEMENTS NOW HAVE -- STATES HAVE STOPPED THOSE PAYMENTS, AND YOU HAVE SEEN AN INCREASE IN PEOPLE APPLYING FOR JOBS IN THOSE STATES. BUT YOU'RE COMPLETELY RIGHT. IF THERE'S ONE THING THAT ALARMS SMALL BUSINESS RIGHT NOW, IT'S RISING COSTS. IT'S NOT JUST LABOR, BY THE WAY, IT'S COSTS ACROSS THE BOARD. GENERAL MILLS SAID THEY WERE LOOKING AT INFLATION OF 7%. ALL THOSE COSTS ARE LANDING ON SMALL BUSINESSES IN PARTICULAR, AND IT'S VERY TOUGH. DAVID: AND YOU LOOK AT ENERGY COSTS, AGAIN, SUPPLY AND DEMAND, STEVE. THIS PRESIDENT AND HIS ADVISERS DON'T SEEM TO GET IT. JUST AS THE DEMAND IF IS GOING WAY UP FOR OIL AND GAS, THE SUPPLY'S GOING WAY DOWN BECAUSE THIS ADMINISTRATION'S TRYING TO KILL FOSSIL FUELS. HE'S GOING DIRECTLY AGAINST THE LAWS OF SUPPLY AND DEMAND, AND HE CAN'T DO THAT FOR LONG AND GET AWAY WITH IT. >> NO, AND THAT'S WHERE HE'S VULNERABLE, IS AT THE GAS PUMP. WHEN YOU HOBBLE EXPLORATION, MAKE IT IMPOSSIBLE TO DO ANYTHING ON FEDERAL LANDS AND THEN YOU HAVE THE SPECTACLE OF THIS ADMINISTRATION BEGGING OPEC, INCREASE YOUR OUTPUT. WE DON'T WANT TO GET HIT WITH MORE RISING GAS PRICES AT THE PUMP. WELL, IT'S CONTRADICTORY. YOU'RE CRUSHING IT AT HOME, THEN YOU'RE ENCOURAGING PEOPLE WHO DON'T LIKE US LIKE IRAN AND RUSSIA TO SUPPLY MORE OF OUR ENERGY NEEDS. BIZARRE. DAVID: AND THEN YOU HAVE JEN PSAKI BLAMING AMERICAN CONSUMERS FOR NOT UNDERSTANDING WHAT'S HAPPENING WITH THE PRICES AT THE PUMP. THEY UNDERSTAND PERFECTLY WELL. FIRST, THEY UNDERSTAND WHEN THEY GO TO FILL UP. SECOND, THEY UNDERSTAND THE FACT THAT THEY ARE TRYING TO KILL THE SUPPLY, THE AMERICAN SUPPLY WHILE GOING HAT IN HAND TO GET MORE EXPENSIVE, DIRTIER FUEL FROM OPEC. >> IF YOU'RE ASKING ME THAT, DAVID -- DAVID: YES. >> -- YOU'RE ABSOLUTELY RIGHT. THE ENERGY POLICIES OF THIS ADMINISTRATION ARE COMPLETELY BACKWARDS. WE ARE HELPING RUSSIA INCREASE THEIR EXPORTS, WE'RE HELPING IRAN INCREASE THEIR EXPORTS, AND WE'RE NOT SO KEEN ON AMERICAN COMPANIES DOING THAT. IT IS REALLY BIZARRE AND SOMETHING THAT REALLY BENEFITS THE COUNTRY THAT DOESN'T HAVE OIL MORE THAN ANYONE ELSE BUT IS INCREDIBLY DISADVANTAGED IN COMPETING WITH THE UNITED STATES, AND THAT'S CHINA. IF YOU REALLY WANTED TO DISADVANTAGE AMERICAN PRODUCERS -- NOT JUST OIL PRODUCERS, BUT ACROSS THE BOARD, MANUFACTURERS AND EVERYBODY ELSE -- RAMP UP OUR COSTS OF ELECTRICITY AND POWER VIA MANDATING RENEWABLES. THAT'S WHAT WE'RE DOING. THAT'S WHY CALIFORNIA HAS 50% HIGHER ELECTRICITY COSTS THAN THE REST OF THE COUNTRY. SOON THE REST OF THE COUNTRY WILL BE THERE TOO. DAVID: SO COSTS ARE GOING UP BECAUSE OF INFLATION, COSTS ARE GOING UP BECAUSE OF ENERGY PRICES AND, STEVE, PRETTY SOON COSTS ARE GOING UP BECAUSE OF TAXES AS WELL. WHAT ARE YOU EXPECTING WHEN THE TIRES HIT THE ROAD TO FIND FROM THIS ADMINISTRATION ON TAX HIKES? >> ONE CAN HOPE THAT THE WHOLE DIFFICULTY OF GETTING TAX INCREASES THROUGH CONGRESS WILL GET RID OF THE WORST OF THEM. I THINK THERE'S A REALIZATION THAT RAISING TAXES IS GOING TO HURT THE ECONOMY, AND THIS IS WHERE THE RISING GAS PRICES IS GOING TO HELP. PEOPLE DON'T WANT PRICES GOING UP, AND THE KEY THING FOR REPUBLICANS, DAVID, IS TO MAKE THE CONNECTION BETWEEN THOSE TAX INCREASES AND FEWER JOB OPPORTUNITIES, FEWER WAGE INCREASES, A LOWER STANDARD OF LIVING. WHEN PEOPLE HEAR THAT THIS IS GOING TO HURT FUTURE PROSPERITY, THEY SUDDENLY SAY MAYBE THAT ISN'T SUCH A GOOD IDEA, RAISING ALL THOSE TAXES, ESPECIALLY ON CAPITAL GOINGS. EVERYONE HAS A 401(K) THESE DAYS. DAVID: WELL, THAT'S -- JUST ABOUT EVERYBODY DOES. AND, LIZ, THIS PARTICULAR SERIES OF EXECUTIVE ORDERS CLAIMS THAT THEY WILL PROMOTE INNOVATION AND CREATE EVEN FASTER ECONOMIC GROWTH. CAN YOU NAME A TIME IN AMERICAN HISTORY WHEN MORE WILLING REGULATIONS AND HIGHER TAXES -- MORE REGULATION AND HIGHER TAXES HAVE LED TO A PROMOTION OF INNOVATION AND A CREATION OF FASTER ECONOMIC GROWTH? >> YOU KNOW, I REALLY GO BACK, IT'S REALLY OBAMA 2.0. AND I'M JUST SO SHOCKED THAT BIDEN DOESN'T GET THAT THE AVALANCHE OF REGULATIONS DURING OBAMA'S EIGHT YEARS PROVIDED US -- PRODUCED THE SLOWEST RECOVERY FROM A RECESSION SINCE WORLD WAR II, DAVID. DAVID: RIGHT. >> I DON'T UNDERSTAND HOW THEY DON'T CONNECT THOSE DOTS AND UNDERSTAND THAT WHAT THEY'RE DOINGED TODAY, 12 FEDERAL AGENCIES NOW LOOKING INTO EVERY FACET OF AMERICAN INDUSTRY TO LOOK FOR COMPETITIVE PROBLEMS AFTER ALL, ALREADY TAKING ON RACISM, TAKING ON CLIMATE CHANGE. I MEAN, AMERICAN BUSINESSES ARE GOING TO BE JUST HIT WITH SO MANY INVESTIGATIONS AND RULES AND REGULATIONS, IT'S EXACTLY LIKE WHAT WE SAW UNDER OBAMA. AND IT WILL NOT SPUR GROWTH. DAVID: WE'LL SEE WHAT HAPPENS -- >> AND, BY THE WAY -- DAVID: VERY QUICKLY, STEVE, GO AHEAD. >> BIDEN CALLING HIMSELF IS A CAPITALIST IS LIKE ELIZABETH WARREN
