FIRST ON FOX: One branch of the U.S. military is boasting booming recruitment numbers and huge operational success in the infancy of President Donald Trump's second term in office, according to a Department of Homeland Security memo.According to the DHS memo obtained by Fox News Digital, the U.S. Coast Guard's recruitment numbers are thriving, allowing the military branch to maximize the use of assets that were underused or completely abandoned under the Biden administration.DHS says the Biden administration failed to meet Coast Guard recruiting goals for three years straight. During that period, 10 cutters were taken out of service and almost 30 Coast Guard stations were temporarily abandoned.VIRAL COAST GUARD VIDEO SHOWS DRAMATIC ARREST OF SUSPECTED SMUGGLERS IN OPEN OCEAN"Under the Biden administration, the U.S. Coast Guard had its hands tied behind its back," the memo says. "Recruitment goals were not met, and our Coast Guardsmen were hamstrung and overwhelmed while cartels smuggled humans and illicit drugs through our maritime borders."However, recruitment is now surging, allowing the Coast Guard to execute its mission at its full potential. In FY 2025, the Coast Guard has recruited more than 4,700 new members, which is 1,200 more than it had at this time last year.It is on pace to exceed its recruitment goal for this year.Now, the Coast Guard has "deployed a surge of cutters, aircraft, boats, and specialized forces to key areas surrounding the U.S. maritime border," adding that the assets are "now being used to their full effect."COAST GUARD CATCHES 15 ALLEGED ILLEGAL IMMIGRANTS OFF THE COAST OF SAN DIEGO"President Trump and [DHS] Secretary [Kristi] Noem issued orders to the U.S. Coast Guard to surge assets to key areas, and the results speak for themselves," the memo says. "Billions worth of illicit drugs have been seized, human smuggling has ground to a halt, and recruitment is skyrocketing."The memo says the Coast Guard has already seized 11% more cocaine in FY 2025 than it did in FY 2024, and that since Trump's inauguration, the military branch has interdicted 148,000 pounds of cocaine and marijuana, worth more than $1.5 billion in street value.Not only have drugs been seized, but 870 illegal aliens allegedly responsible for trafficking the drugs have been taken into custody since Jan. 20.COAST GUARD COMMANDANT TERMINATED OVER BORDER LAPSES, RECRUITMENT, DEI FOCUS: OFFICIALRetired Lt. Col. Daniel Davis had four combat deployments during his 21 years in the Army, and is a two-time Bronze Star recipient. Now, he is a senior fellow at Defense Priorities, a foreign policy think tank.He said people stopped joining the military during the Biden administration because it was viewed as "woke" and because the top military brass in Washington were more interested in playing politics than defending the country."They're like, 'We just don't feel like we can trust these guys,' and so they're proving it by not joining up," Davis told Fox News Digital. "And one of the bigger things was, the guys who have been in, guys like me, for example if someone asked us, Do you think we should join up? I would have said No. I didn't trust the military leaders and I didn't trust the administration."But with Trump in office, Davis thinks the pendulum is swinging in the other direction."Trump said he brought [Secretary of Defense Pete] Hegseth in to bring back the warrior culture, to bring back accountability and merit promotions, etc., as opposed to any quotas or criteria, and that really appealed to all those folks that were not signing up," David said, adding that Trump is viewed as more "pro-America" and more "pro-service member" than his predecessor.CLICK HERE TO GET THE FOX NEWS APPHe also said Trump appeals to potential military members because of his promise not to enter the United States into what he calls "stupid wars."READ THE FULL MEMO:"And he says he doesn't want to get into stupid wars. He wants to get the one in Russia over with," said Davis, cautioning that it is still too early in Trump's second term to know exactly how his foreign policy positions will play out."But as long as Trump stays on this path of bringing peace and not sending people out to fight dumb wars, then I think you'll see the numbers keep rising."

Former President Joe Biden's aides privately discussed the possibility of the president needing to use a wheelchair if he were re-elected in the 2024 race, as his physical deterioration spiraled in 2023 and 2024, a new book claims."Biden's physical deterioration most apparent in his halting walk had become so severe that there were internal discussions about putting the president in a wheelchair, but they couldn't do so until after the election," an upcoming book called "Original Sin: President Biden's Decline, Its Cover-Up, and His Disastrous Choice to Run Again" states.CNN's Jake Tapper and Axios reporter Alex Thompson authored the upcoming book, which is set to be released Tuesday and is just the latest in a series of recent political books detailing the unprecedented 2024 presidential election, where calls mounted for Biden's exit due to concerns over his mental acuity and age."Given Biden's age, (his physician Kevin O'Connor) also privately said that if he had another bad fall, a wheelchair might be necessary for what could be a difficult recovery," the authors wrote.BIDEN'S TEAM HID THE TRUTH ABOUT HIS HEALTH ALL ALONG: WH PRESS SECConcerns over Biden's physical agility worsened in June 2023, when the president tripped over a sandbag at the Air Force Academy's graduation ceremony, Axios reported.BIDEN'S FALL AT AIR FORCE COMMENCEMENT DRAWS CONCERN, MOCKERY: 'THIS ISN'T FAIR TO ANYONE'"Hes fine. There was a sandbag on stage while he was shaking hands," a White House official posted to X at the time, while critics of the president denounced the fall as "sad" and an example of "elder abuse" of the president.Biden's aides worked to create shorter walking paths for the president and insisted that he use handrails while walking on staircases and wear sneakers and took more care in guiding him while in public as the 2024 campaign cycle heated up, Axios reported of the book.Biden's mental acuity had been under conservatives' microscope since before the 2020 election, with concerns heightening in February 2024 when special counsel Robert Hur, who was investigating Bidens alleged mishandling of classified documents as vice president, announced he would not recommend criminal charges against Biden for possessing classified materials after his vice presidency, calling Biden "a sympathetic, well-meaning, elderly man with a poor memory."BIDEN AIDES SCRIPTED EVERYTHING, ALLOWED HIS FACULTIES TO ATROPHY, NEW BOOK CLAIMSConcern over his mental acuity hit a fever pitch in June 2024, when Biden took the debate stage to face off against then-Republican presidential candidate Donald Trump. Biden's debate performance was seen as a failure, with traditional allies soon joining conservatives in their concern over the president's health in the context of encouraging Biden to pass the mantle to a younger generation of U.S. leaders.Biden dropped out at the end of July 2024, giving his successor for the nomination, former Vice President Kamala Harris, just over 100 days to rally support. Trump and Vice President JD Vance secured the election win after locking down support in the top seven battleground states.EX-BIDEN AIDE SAYS FORMER PRESIDENT WAS 'FATIGUED, BEFUDDLED, AND DISENGAGED' PRIOR TO JUNE DEBATE: BOOKA Biden spokesperson told Axios when asked about the claims in the upcoming book that, "Yes, there were physical changes as he got older, but evidence of aging is not evidence of mental incapacity."The spokesperson defended that Biden's "stiffened gait" seen while he was in office was due "in part, by wear and tear to his spine but that no special treatment was necessary and that it had not worsened.""We are still waiting for someone, anyone, to point out where Joe Biden had to make a presidential decision or make a presidential address where he was unable to do his job because of mental decline. In fact, the evidence points to the opposite he was a very effective president," the unidentified spokesperson told Fox Digital.Fox News Digital reached out to Biden's office Tuesday morning for additional comment on the matter but did not immediately receive a reply.

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Sen. Ted Cruz, R-Tx., has introduced a proposal for the federal government to provide $1,000 in an account for every American child.The "Invest America Act" would create "a private tax-advantaged account with a $1,000 seed investment from the federal government for every American child at birth," according to a press release.People would also be able to add funds to the account.CHINA WINNING AI RACE WOULD BE CATASTROPHIC, SAYS TED CRUZ AFTER SAM ALTMAN HEARING"Each Invest America account will be open to contributions from individuals, family members, friends, and businesses up to $5,000 annually," the release states. "The account investments can be placed in a broad, low-cost fund that tracks the S&P 500, growing tax-deferred until the individual reaches age 18. Distributions after age 18 would be taxed at the capital gains rate."Cruz's proposal comes as the U.S. national debt is more than $36.2 trillion, and is likely to keep climbing.TED CRUZ MOCKS CRAZY TOWN DEMS, AS MARYLAND SENATOR GETS DEFENSIVE ABOUT ADVOCACY FOR ALLEGED MS-13 MEMBER"Every child in America will have private investment accounts that will compound over their lives, enhancing the prosperity and economic participation of the vast majority of Americans. When people years from now talk about the changes created by Republican efforts this Congress, this is one of the landmark achievements they willtalkabout," Cruz said, according to the press release.The House Ways and Means Committee is slated to markup "The One, Big, Beautiful Bill" on Tuesday. The legislation under consideration includes a pilot program for providing $1,000 in "MAGA accounts" for children born during a certain period of time.NO MILLIONAIRE TAX HIKE IN TRUMP'S BIG, BEAUTIFUL BILL"What is powerful is enabling every child in America to have an investment account and a stake in the American free enterprise system," Cruz noted, according to Semafor.

FIRST ON FOX: The first election cycle of President Donald Trump's second term poses an opportunity for the GOP to make electoral inroads in two Democrat-leaning states, a Republican campaign group said in a memo being released Tuesday.The Republican State Leadership Committee (RSLC) announced Tuesday that Republicans will take an offensive posture in the lead-up to the November elections in the Democrat-leaning states of Virginia and New Jersey. The group hopes to take the lessons learned from Democrat gains seen following Trump's first electoral victory in 2016 to create a more winning strategy for the first election cycle of Trump's second term."Whilethe 2025 races in Virginia and New Jersey will be challenging,we have the opportunity and strategy to avoid a2017relapse," RSLC President Edith Jorge-Tun wrote in a memo released Tuesday outlining the group's strategy for the states. "We have learned from our past experiences and are ready to fight smarter. With the right resources, we can break through Democrat strongholds, make strides in key districts, and disrupt the Left's plan to gain unchecked momentum heading into 2026."THESE ARE THE 2025 ELECTIONS TO WATCH AS TRUMP RETURNS TO WHITE HOUSENew Jersey and Virginia will be seeing several important statewide elections later this year, including elections for governor and several races for various key House seats that could prove pivotal for the balance of power in these states.Both states will also see local races this year for major school districts, such as Virginia's Loudoun County, as well as some races for municipal government employees, such as Jersey City mayor and Richmond City commonwealth attorney.GOP LAWMAKERS DEMAND LOUDOUN COUNTY SCHOOLS INVESTIGATE ALLEGED ATTACKS AGAINST PARENTSThe RSLC strategy says that in both Virginia and New Jersey, Republicans plan to focus on Democrats' legislative shortcomings on issues such as taxes, crime and education through digital ad campaigns, as opposed to focusing on defending the Trump administration's actions."Riding the momentum of the 2016 presidential win, Republicans in 2017 were caught off guard as Democrats successfully nationalized local races, linking GOP candidates to federal dysfunction," the group's strategy memo stated. "With President Trump returning to the White House, Democrats are licking their chops and not being shy about it. They are confident that his comeback will bolster their efforts to change the power dynamics, positioning 2025 as a pivotal moment for a significant political realignment. Its up to us to prove them wrong."The RSLC said it also intends to continue to push robust absentee ballot and early voting initiatives in Virginia and New Jersey as part of its strategy for 2025 in these states.The RSLC said it plans on reaching out to "low-propensity Republican voters," noting this strategy helped Republicans in Virginia prevent Democrats from increasing their legislative majorities in 2023.LIBERAL WINS FIRST MAJOR 2025 STATEWIDE BATTLEGROUND ELECTION IN RACE TURNED INTO TRUMP-MUSK REFERENDUMA nearly $1 million absentee and mail-in ballot initiative was launched by the RSLC in New Jersey last year, which the group said helped boost GOP engagement in a state that political experts have said is inching its way toward becoming a swing state.This effort, along with other initiatives in New Jersey, like targeted digital advertising, has helped Republicans establish "a strong foundation for competitive performance" in key battleground areas in the state, the RSLC said. The group said it is hoping to build on this in 2025, particularly in New Jersey House Districts 3, 8, 11 and 30."The RSLC enters the 2025 election cycle with a clear understanding of the challenges ahead. Gaining ground in Virginia and New Jersey will be difficult, but Republicans arefar better positioned than we werein 2017," the RSLC strategy memo said in its concluding remarks."Republican State Leadership Committee and its affiliated PACs aremaking substantial investments in both statesnot just to maintain our positions but to prevent Democrats from gaining the momentum they will need to pose a serious challenge in 2026. Every seat we contest and every message we communicate this year is significant. The effort to avoid a repeat of 2017-2018 has already begunwith a smarter, more prepared Republican Party ready to succeed in 2025 and beyond."

FIRST ON FOX: One branch of the U.S. military is boasting booming recruitment numbers and huge operational success in the infancy of President Donald Trump's second term in office, according to a Department of Homeland Security memo.According to the DHS memo obtained by Fox News Digital, the U.S. Coast Guard's recruitment numbers are thriving, allowing the military branch to maximize the use of assets that were underused or completely abandoned under the Biden administration.DHS says the Biden administration failed to meet Coast Guard recruiting goals for three years straight. During that period, 10 cutters were taken out of service and almost 30 Coast Guard stations were temporarily abandoned.VIRAL COAST GUARD VIDEO SHOWS DRAMATIC ARREST OF SUSPECTED SMUGGLERS IN OPEN OCEAN"Under the Biden administration, the U.S. Coast Guard had its hands tied behind its back," the memo says. "Recruitment goals were not met, and our Coast Guardsmen were hamstrung and overwhelmed while cartels smuggled humans and illicit drugs through our maritime borders."However, recruitment is now surging, allowing the Coast Guard to execute its mission at its full potential. In FY 2025, the Coast Guard has recruited more than 4,700 new members, which is 1,200 more than it had at this time last year.It is on pace to exceed its recruitment goal for this year.Now, the Coast Guard has "deployed a surge of cutters, aircraft, boats, and specialized forces to key areas surrounding the U.S. maritime border," adding that the assets are "now being used to their full effect."COAST GUARD CATCHES 15 ALLEGED ILLEGAL IMMIGRANTS OFF THE COAST OF SAN DIEGO"President Trump and [DHS] Secretary [Kristi] Noem issued orders to the U.S. Coast Guard to surge assets to key areas, and the results speak for themselves," the memo says. "Billions worth of illicit drugs have been seized, human smuggling has ground to a halt, and recruitment is skyrocketing."The memo says the Coast Guard has already seized 11% more cocaine in FY 2025 than it did in FY 2024, and that since Trump's inauguration, the military branch has interdicted 148,000 pounds of cocaine and marijuana, worth more than $1.5 billion in street value.Not only have drugs been seized, but 870 illegal aliens allegedly responsible for trafficking the drugs have been taken into custody since Jan. 20.COAST GUARD COMMANDANT TERMINATED OVER BORDER LAPSES, RECRUITMENT, DEI FOCUS: OFFICIALRetired Lt. Col. Daniel Davis had four combat deployments during his 21 years in the Army, and is a two-time Bronze Star recipient. Now, he is a senior fellow at Defense Priorities, a foreign policy think tank.He said people stopped joining the military during the Biden administration because it was viewed as "woke" and because the top military brass in Washington were more interested in playing politics than defending the country."They're like, 'We just don't feel like we can trust these guys,' and so they're proving it by not joining up," Davis told Fox News Digital. "And one of the bigger things was, the guys who have been in, guys like me, for example if someone asked us, Do you think we should join up? I would have said No. I didn't trust the military leaders and I didn't trust the administration."But with Trump in office, Davis thinks the pendulum is swinging in the other direction."Trump said he brought [Secretary of Defense Pete] Hegseth in to bring back the warrior culture, to bring back accountability and merit promotions, etc., as opposed to any quotas or criteria, and that really appealed to all those folks that were not signing up," David said, adding that Trump is viewed as more "pro-America" and more "pro-service member" than his predecessor.CLICK HERE TO GET THE FOX NEWS APPHe also said Trump appeals to potential military members because of his promise not to enter the United States into what he calls "stupid wars."READ THE FULL MEMO:"And he says he doesn't want to get into stupid wars. He wants to get the one in Russia over with," said Davis, cautioning that it is still too early in Trump's second term to know exactly how his foreign policy positions will play out."But as long as Trump stays on this path of bringing peace and not sending people out to fight dumb wars, then I think you'll see the numbers keep rising."

Former President Joe Biden's aides privately discussed the possibility of the president needing to use a wheelchair if he were re-elected in the 2024 race, as his physical deterioration spiraled in 2023 and 2024, a new book claims."Biden's physical deterioration most apparent in his halting walk had become so severe that there were internal discussions about putting the president in a wheelchair, but they couldn't do so until after the election," an upcoming book called "Original Sin: President Biden's Decline, Its Cover-Up, and His Disastrous Choice to Run Again" states.CNN's Jake Tapper and Axios reporter Alex Thompson authored the upcoming book, which is set to be released Tuesday and is just the latest in a series of recent political books detailing the unprecedented 2024 presidential election, where calls mounted for Biden's exit due to concerns over his mental acuity and age."Given Biden's age, (his physician Kevin O'Connor) also privately said that if he had another bad fall, a wheelchair might be necessary for what could be a difficult recovery," the authors wrote.BIDEN'S TEAM HID THE TRUTH ABOUT HIS HEALTH ALL ALONG: WH PRESS SECConcerns over Biden's physical agility worsened in June 2023, when the president tripped over a sandbag at the Air Force Academy's graduation ceremony, Axios reported.BIDEN'S FALL AT AIR FORCE COMMENCEMENT DRAWS CONCERN, MOCKERY: 'THIS ISN'T FAIR TO ANYONE'"Hes fine. There was a sandbag on stage while he was shaking hands," a White House official posted to X at the time, while critics of the president denounced the fall as "sad" and an example of "elder abuse" of the president.Biden's aides worked to create shorter walking paths for the president and insisted that he use handrails while walking on staircases and wear sneakers and took more care in guiding him while in public as the 2024 campaign cycle heated up, Axios reported of the book.Biden's mental acuity had been under conservatives' microscope since before the 2020 election, with concerns heightening in February 2024 when special counsel Robert Hur, who was investigating Bidens alleged mishandling of classified documents as vice president, announced he would not recommend criminal charges against Biden for possessing classified materials after his vice presidency, calling Biden "a sympathetic, well-meaning, elderly man with a poor memory."BIDEN AIDES SCRIPTED EVERYTHING, ALLOWED HIS FACULTIES TO ATROPHY, NEW BOOK CLAIMSConcern over his mental acuity hit a fever pitch in June 2024, when Biden took the debate stage to face off against then-Republican presidential candidate Donald Trump. Biden's debate performance was seen as a failure, with traditional allies soon joining conservatives in their concern over the president's health in the context of encouraging Biden to pass the mantle to a younger generation of U.S. leaders.Biden dropped out at the end of July 2024, giving his successor for the nomination, former Vice President Kamala Harris, just over 100 days to rally support. Trump and Vice President JD Vance secured the election win after locking down support in the top seven battleground states.EX-BIDEN AIDE SAYS FORMER PRESIDENT WAS 'FATIGUED, BEFUDDLED, AND DISENGAGED' PRIOR TO JUNE DEBATE: BOOKA Biden spokesperson told Axios when asked about the claims in the upcoming book that, "Yes, there were physical changes as he got older, but evidence of aging is not evidence of mental incapacity."The spokesperson defended that Biden's "stiffened gait" seen while he was in office was due "in part, by wear and tear to his spine but that no special treatment was necessary and that it had not worsened.""We are still waiting for someone, anyone, to point out where Joe Biden had to make a presidential decision or make a presidential address where he was unable to do his job because of mental decline. In fact, the evidence points to the opposite he was a very effective president," the unidentified spokesperson told Fox Digital.Fox News Digital reached out to Biden's office Tuesday morning for additional comment on the matter but did not immediately receive a reply.

A Pennsylvania company's yogurt parfait products have been recalled due to an undeclared allergen.The granola component in some of Knockro Inc.'s Bonya-branded low-fat yogurt parfaits "contains almonds, which were not listed on the label."That's according to the U.S. Food and Drug Administration (FDA).UNDECLARED EGGS, SOY, MILK PROMPTS RECALL OF GLUTEN-FREE BAKED GOODS"People who have an allergy or severe sensitivity to almonds risk serious or life-threatening allergic reactions if they consume these products," the FDA said in its recall announcement.The breakfast snacks were distributed to stores nationwide.They come in a 12-ounce, clear plastic cup with an expiration date of May 5, 2025, according to the FDA.For more Lifestyle articles, visit www.foxnews.com/lifestyleYogurt parfait flavors impacted by the recall include vanilla, strawberry, raspberry, peach, mango and blueberry.A recall was initiated "after it was discovered that the almond-containing product was distributed in packaging that did not reveal the presence of almonds," the FDA said.CLICK HERE TO SIGN UP FOR OUR LIFESTYLE NEWSLETTER"Subsequent investigation indicates the problem was caused by a temporary breakdown in the company's production and packaging processes," according to the announcement.No illnesses have been reported in connection with the recall.But anyone who purchased Bonya yogurt parfaits is asked to return them to the place of purchase for a refund.

Rep. Jasmine Crockett, D-Texas, pointed to former Vice President Kamala Harris' role as a prosecutor on Monday as a reason why she didn't perform well with Black men in the 2024 election.Crockett appeared on The Chuck ToddCast with ex-NBC News host Chuck Todd, who asked the Democratic lawmaker if Black male voters were hesitant to vote for a woman.Harris served as a district attorney for San Francisco as well as California Attorney General before launching a bid for the Senate and ultimately serving as vice president. The former VP faced criticism from both sides of the political aisle over her prosecution record."I definitely think that there was misogyny in this across the board no matter what color male you're talking about. I just think that you'd be in error to not like know that there was misogyny that existed," she said. "The very first polling briefing that we had, with a pollster that I trust a lot, he briefed the Black caucus, and he said that one of the issues that he was running into with Black and Brown communities was that she had been a prosecutor."BLACK GROUP FIRES BACK AT OBAMA FOR INSULTING HARRIS PITCH: 'WORST KIND OF IDENTITY POLITICS'"There was definitely some resume stuff that disallowed her from being able to build the type of rapport of trust within these marginalized communities that historically have been targeted," she said.Crockett told Todd that she was given guidance to lean into Harris' background as a prosecutor, which she believed was not going to be helpful."When I did it, I did a bit of a swing on it, right, as a criminal defense attorney, and I explained like this is the kind of prosecutor we all would have wanted, right? So, I built it that way," she added.Crockett said a prominent rapper told her he was uncomfortable openly endorsing Harris, citing her prosecution record.CLICK HERE FOR MORE COVERAGE OF MEDIA AND CULTURE"So he told me that one of the issues was just kind of like the prosecutor thing. And I said, and I made sure to talk about the things that we had been told move the needle with these groups, right? Like knowing that she had like second-chance programs and things like that, like letting them know that she was one of the good ones," she said.The lawmaker argued that the fact that Harris was a prosecutor was "baked in" and people didn't know much beyond that."When you're talking about 107 days of a campaign, it's kind of hard to get that across," she added.Crockett recently suggested Democrats were looking to run the "safest White boy" in 2028."It is this fear that the people within the party, within the primary system, will have about voting for a woman because every time we voted for a woman, weve lost, so far," she said in a clip posted to Instagram. "And I think that thats a natural fear because we just want to win."The Democratic congresswoman added, "I had a donor on the phone with me telling me that all the donors are lining up behind that candidate. So I can tell, and I tell you, its not a Black person, nor a woman, OK?"

The nation's wealthiest residents saw their billions grow even larger in the years following the COVID-19 pandemic due to policies from the Federal Reserve that have deepened the chasm of income inequality, economic experts report."If you look at the amount of federal regulation, the amount of federal taxes, if anything the economy has gotten less friendly toward big business, and toward rich people," economist Peter St. Onge told Fox News Digital in a May phone interview. "What's actually been happening is that the Fed has been driving income inequality. And, I think for a long time, Republicans were sort of in denial not just Republicans, but sort of free market types were in denial and they didn't want to talk about income equality.""I think they should absolutely talk about it, because what's causing it is not free markets," he said. "It's something that I think everybody should oppose, which is government manipulation of the monetary system."St. Onge was reacting to data showing that billionaires' share of the GDP increased from 14.1% in 2020 to 21.1% in 2025, as reported by Johns Hopkins University economic professor Steve Hanke.JPMorgan Chases private bank estimated that the number of billionaires in the U.S. increased from 1,400 in 2021 to nearly 2,000 as of 2024, the Wall Street Journal reported in April.DOGE SHOULD 'DEFINITELY' LOOK AT FEDERAL RESERVE COSTS, ELON MUSK SAYSThe Federal Reserve is America's central bank, which sets monetary policies and oversees banks. It acts independently, meaning it does not require approval from the president or Congress when enacting policies.St. Onge explained to Fox News Digital that "debt is a rich man's game" and that billionaires have benefited financially since the pandemic as the Fed worked to "manipulate interest rates" down below market value, which subsidized loans."During COVID, you could get a mortgage for, you know, three, three and a half percent, when inflation was running higher than that," he explained. "You were literally being paid to borrow money, which is not a free market outcome. So it makes loans cheap and the rich overwhelmingly borrow money."ELON MUSK WARNS FEDERAL RESERVE MAY FACE DOGE AUDITThe average debt for the top 5% of Americans sits at about $600,000, he said, while the average debt for the vast majority of Americans is roughly $74,000."That's about a nine times difference," he said of the data. "So if you make loans too cheap, you are giving nine times more money to rich people. If you make loans cheap, you're functionally giving $9 to rich people for every $1 to give everybody else."Assets are even more skewed, he explained, with the top 5% of Americans holding $7.8 million in assets compared to the average American's $62,000 notching 130 times the difference between the two demographics, he said."The value of a stock or even a house are based on the future stream of income, and those are all discounted by the interest rate," he said. "And so pretty close to mechanically, if you cut interest rates in half long-term interest rates you are doubling the value of stocks."St. Onge pointed to the American economy in the 1970s and the early 2000s, outlining that growth "took a big step down" in the 2000s while asset values, such as housing prices and the stock market, skyrocketed."The reason is because, since the 1970s, the Fed has very aggressively held rates low, and so this has caused all those assets to go up. So stocks have gone up, housing has gone up. And again, those are rich men's games. Overwhelmingly, people who own stocks are rich. Housing is even more skewed.""So if you've got a nine times difference on loans between the bottom 50% and the top 5%, and then you've got 130 times on assets, then the Fed manipulating rates down they're not doing it to make rich people rich, hopefully but that's sort of the consequence of doing that," he said. "Holding long-term interest rates low is to shower money on rich people and to shower it in proportion to which they're rich, right? So the most extreme version of that is going to be billionaires."FEDERAL RESERVE HOLDS KEY INTEREST RATE STEADY AMID ECONOMIC UNCERTAINTYEconomist Steve Hanke discussed how the Federal Reserve has fanned the flame of income inequality through its policies at a conference earlier in 2025 at the Mises Institute, an economics-focused think tank based out of Alabama. "In 2020, billionaires' share of GDP was 14.1%. Now, it's 21.1%. The Fed increased the money supply, asset prices went up, & guess who owns the assets? Billionaires. By ignoring the money supply, the Fed is an ENGINE OF INCOME INEQUALITY," he posted to X in April of his findings."Take the Federal Reserves excessive money printing during the pandemic," Hanke said in an interview published by the think tank in April. "The transmission mechanism of monetary policy roughly dictates that changes in the money supply are followed by changes in asset prices in 19 months time, changes in real economic activity in 618 months time, and finally changes in the price level in 1224 months time.""Thanks to the Feds helicopter money drops beginning with COVID, the annual growth rate of the US broad money supply peaked at 18.1% per year in May 2021," he added. "Lo and behold, the transmission mechanism followed the S&P 500 reached a local maximum in December 2021 (6 months later), and inflation peaked at 9.1% per year in July 2022 (14 months later)." US JOB GROWTH COOLED IN APRIL AMID ECONOMIC UNCERTAINTYThe result, he said, was skyrocketing wealth inequality to the tune of billionaires increasing their share of the GDP by 7.6 percentage points in just four years.St. Onge said the Fed's policies have been political in nature, while remarking he would welcome "naive" Democrats who bang the proverbial campaign drum of income inequality to jump onto the "end the Fed bandwagon.""They have a naive argument where they look at rich people and they say, Hey, this is so terrible. We live in this dog-eat-dog jungle of an economy,'" St. Onge said of Democrats who campaign on income inequality. "And that is inaccurate," he added, citing Federal Reserve policies that have amplified income inequality.On the opposite side of the political coin, Vice President JD Vance has railed against the Biden administration and "Wall Street barons" for policies he said have hurt the working class. During his acceptance speech after officially becoming the vice presidential nominee in July, Vance said an affordability crisis is strangling the working class, while touting that the Trump administration would end economic "catering to Wall Street."CLICK HERE TO GET THE FOX NEWS APP"Wall Street barons crashed the economy and American builders went out of business," Vance said from Milwaukee in summer 2024. "As tradesmen scrambled for jobs, houses stopped being built. The lack of good jobs, of course, led to stagnant wages. And then the Democrats flooded this country with millions of illegal aliens. So citizens had to compete with people who shouldn't even be here for precious housing. Joe Biden's inflation crisis, my friends, is really an affordability crisis."The Federal Reserve Board declined comment when approached by Fox Digital regarding St. Onge's and Hanke's remarks.