correspondent michelle caruso-cabrera. we'll hear from her in a special report at 8:30 eastern. "on the money" starts right now. >> this is "on the money," your money, your life. your future. now, becky quick. >> july 4th is always a big

weekend to hit the road. the rails or travel by air. and if you're doing any of that, you very likely will be running into a pothole or two along the way. there's no question america's transportation needs repairs and lots of them, but the price tag is huge. $3.6 trillion by 2020. that's according to the american society of civil engineers. there is no easy fix in sight. that's our "cover story" this week. >> if i blindfolded someone and took them at 2:00 in the morning into the airport in hong kong and said, where do you think you are? this must be america. it's a modern airport. if i took him blindfolded to the laguardia airport in new york, you must think i must be in some third-world country. >> that was vice president biden last year. his strong words calling attention to america's aging and failing infrastructure. whether you travel by plane, train or automobile, the u.s. transportation system needs an infusion of cash and a big one.

america's 3300 airports are increasingly congested. that's an expensive problem. the faa says that delays cost the economy almost $22 billion in 2012. if airport funding is not increased, that is expected to grow to $63 billion by the year 2040. it's no better on america's more than 4 million miles of highway. 32% of the roads are considered to be in poor or mediocre condition. but the federal highway trust fund which provides one-quarter of the cash spent on public roads is expected to be insolvent by september. part of the reason, the federal gas tax. that funds up to 90% of the trust fund, and it hasn't been raised since 1993. america's rails also face uncertain funding. the american society of civil engineers estimates that it would cost $10 billion to increase capacity and keep the system in good repair. so the costs are enormous, but the cost of doing nothing may be even greater. joining us right now with more is former pennsylvania governor ed rendell.

and governor, thank you for being here this morning. >> my pleasure. >> let's start with the rails since that's what we were just talking about. we know that the high-speed rails have been fantastic for places like japan and germany. what's happened with america? do you think it's something that could work ear, and why hasn't it to this point? >> well, it hasn't because we've stopped investing in ourselves. we stopped doing big and bold things. japan and europe have high-speed rail that goes over 220 miles an hour. our fastest rail system, the acela, from boston to washington, averages 80 miles an hour. 60 years ago there was a train that averaged 70 miles an hour. we've made virtually no progress. we need, in the northeast corridor, we need a dedicated rail line. right now the acela runs on the same rail lines as rail freight and as commuter trains. that won't work. we need a straight, dedicated rail line. we can build it. we can do it. it will pay for itself over the long run. but we've got to invest in our own future.

and washington is paralyzed. they can't raise their hand and invest revenue in anything, even things that are important to our quality of life, our public safety, our economic competitiveness, and job creation. nothing will create middle-class high-paying jobs than investing in our infrastructure. >> this is something you've been working on for some time. you've tried to get bipartisan support. you've had governors and mayors who have come together on this. why do you think you keep hitting a really significant roadblock every time you come to washington? >> well, it's frustrating because there is bipartisan support. as you know, becky, senator inhofe and senator boxer just combined and sent a bill out of the environment and public works committee that would be a six-year transportation bill that's substantial funding. not enough but a step in the right direction because it's long term, and the states can plan. but states are not waiting. 14 states have raised their own gas tax out of frustration, waiting for the federal government.

it's an easy tax to raise. there's a bill in the congress that says raise it 10 cents and adjust it for inflation. that's what we need. we need a long-term structural fix. for you, that's not the only thing we feed. we need to get the private sector involved. we need state and local government to step up as they're doing. but if the federal government would get away from the reluctance to raise revenue for anything, i think grover norquist has paralyzed the congress in the united states. >> grover norquist who has the pledge for no new taxes that he asks all politicians to sign. that's what you're talking about. sloo absolute >> absolutely. there's a difference in investing in something that will have long-term value than just raising taxes to meet short-term needs. infrastructure made this country great. and becky, 12 years ago, the world economic forum ranked us number one in the quality and competitiveness of our infrastructure. today we've slipped to 15th in the world. the chamber of commerce and the

afl-cio have all endorsed raising the gas tax. those are two organizations who couldn't agree on what day of the week it is. and yet they've both come out strongly for this. why do our congressmen, our senators, our leadership, even the white house is not willing to say yeah, we need to do a lot of other things, but first we've got to repair the highway trust fund by raising the gas tax. >> if not now, it raises the question when. when you are looking at gas price taz have dropped substantially from where we were a year ago. and you're just considering what larry summers, the former treasury secretary, has been talking about for years. just theyed that we have zero interest rates right thousand. if you're going to be borrowing money. now is the time to do it. >> one of the suggestions is revenue neutral, is to bring back building america's bopds. those bonds were very successful in getting state local government to invest because the federal government paid 35% of the debt service. these are taxable bonds. so the federal government gets

taxes from the bonds that are sold. that would free up tens of billions of dollars for the private sector to get in and invest in economic opportunities to rebuild our transportation infrastructure and even other parts of our infrastructure as well. and that's a revenue-neutral idea. so you don't need to be a rocket scientist to solve this problem. you need to have a type of courage that made this country great. >> ed, what i will point out, though, is i did a little digging around just trying to find out why high-speed rail works in places like japan and germany. one of the things that the economist points out is that japan, for its high-speed rails, has seven for-profit companies. this is the private sector that is doing it there. how do we get more input from the private sector? >> by creating an infrastructure package. europe gets a lot of investment because they loan out funds to private and public sector infrastructure projects. we can do it. we can lift the cap on private activity bonds. yes, we need the private sector. it's part of the answer.

but it's not the only answer. and we've got to get some structural changes in the way we fund transportation infrastructure. period. exclamation point. >> governor rendell, thank you so much for your time today. >> ply pleasure. here's a look at what's making news as we head into a new week "on the money." a slightly disappointing unemployment report for june. the economy created 222,000 jobs last month, slightly below forecasts. and the unemployment rate fell to 5.3%. that was the lowest level since april of 2008. but that was in part because there were fewer people in the workplace looking for jobs. and numbers for previous months were actually revised lower. it was a volatile holiday shortened week for stocks. the market with their worst day of the year on monday. the dow falling more than 340 points. then rebounding later in the week. moving once again with fears of a greek default and hopes of a deal. stocks were lower on thursday. america's auto sales continued

in high gear. gm sales fell 3%, but ford was up 2%. fiat chrysler was up by 8%, and toyota climbed 4%. also for the first time ever, fiat chrysler sold more cars at dealerships than ford did. and some jetblue passengers may be seeing red. the airline's policy of allowing one free checked bag ends on tuesday. that leaves southwest as the only airline to allow free bags. the move will add $200 million to jetblue's bottom line by 2017. up next, we're "on the money." the idiot box may actually be smarter than you think. digital media was supposed to kill the television industry, but one journalist says it's actually been the other way around. and later, there's a new way to get last-minute tickets for broadway shows at a discount. also, you won't have to wait in line with the crowd in times square.

industries like print and music have been dying a slow death thanks to the digital revolution. but there is one medium that so far has escaped its wrath for the most part, and that is television. media expert michael wolff says don't expect it to happen any time soon. in his new book it's called "television is the new television." he joins us now to explain why tv is still king. and michael, thanks for being here this morning. >> becky, thank you for having me. and in fact, it is that -- it's not that we're just waiting for television to die at some further point, but i think television is the disrupter of digital media. >> which is so unusual. it's what the opposite of what every other pundit is thinking right thousannow. tell us how you got to that conclusion. i love your theory. >> it's literally just looking at television and our behavior around it and realizing this is what we do. we watch television. we watch more television now than ever before. >> are you talking about even when we watch it on our computer screens? >> absolutely. i'm drawing a distinction

between television as a distribution channel and television as a business model. so this is television as a business model. literally it's the programming made by the television industry wherever we see it. >> why is television different from print? why is it different from music businesses where we've kind of seen them fall and seen their content almost given out for free? >> well -- >> on digital. >> -- that's the key. it's better management. it's literally the television industry which we have looked at as the kind of dinosaurs. people not getting it. when the digital world came along and said everything's going to be free, television said no, and we thought, oh, those are -- those are relics from the past. and i think, in fact, that turns out to be the critical moment of saying no, we're not going for free. we're not giving it away. >> because of industries. >> totally. well, even, i think, it wasn't

even seen other industries. it was just being so good at their own business model. you want our programming, you pay us a licensing fee. and they couldn't actually even understand, to their credit, that there could be another way. >> and because they were so stubborn and because maybe in some cases they were a little meaner, a little more brutal? >> if you think about the television business, it has been since it started in the midcentury, a fight for control and a fight for territory. and when it came to the digital wars, they just treated it like any other -- anybody else who wanted to benefit from television's content. and i think now -- now we're at the point where you can begin to see that streaming just adds another channel to television. so broadcast cable streaming and television is interesting because new outlets haven't

vulcanized. rather they've expanded the business. >> although we have seen netflix come in as a new player. that's not to say that you can't have new, for lack of a better word, broadcasters who are coming into this business as well. >> and it's very important to remember, this year netflix will pay the television industry $3 billion in licensing and production fees. so netflix becomes another buyer. >> who do you think is the executive who understands this better than all others? is there somebody? >> i mean, les moonves is probably right out there. if you were -- if you were in a content business at this point, i think the person you would want most of all on your side is les moonves. >> because? >> who runs cbs. because i think he knows he's been very clear on the value of his product. and then absolutely stubborn in

making people pay for it. >> michael, thank you so much for joining us today. we appreciate it. >> becky, thanks a lot. >> the book, again, is called "television is the new television." michael wolff. up next, we're "on the money." if you want to see a broadway show at a discount but skip the long lines, what do you do? guess what. there's an app for that. we will show you how. and searching for summer bargains. big deals you with find this time of year both big and small. why leave the site? don't you know the tripadvisor you've always trusted for reviews, book! now checks over 200 websites to find the best price? book...book...book! over 200 sites checked to find the best price. so don't just visit tripadvisor... book at tripadvisor.

if you are if you are visiting new york city this summer, want to take

in a show at a discount, get this. it used to be that you had to wait in line and try your luck at the times square tkts booth, but now there's a new app. it's a great option, and it's called "today tix." >> we just downloaded an app and pressed a few buttons and that was it. >> it's super easy. it's so much better than standing in line. like you can just order it online even a week beforehand, and you just pick them up at the theater. >> i like doing this. it's easier so then i don't have to get in line. i can just get it from these nice people, and they're always so friendly. >> we asked the customer's name, they'll give it to us. we find them here. click on their name. and then we just have them sign for the tickets that they've ordered. >> i got $20 off which is always bonus. >> two tickets? >> yep. just sign for me there. >> picked the show that i wanted and actually found a ticket for it. >> thank you very much. and you're all set. enjoy. that was it. no tickets left. >> every night 20% of tickets to broadway shows go unsold. i recently spoke to the co-founders of today tix.

merritt baer and brian fenty. >> merritt and i were broadway producers. we were also theater fans. we've waited in in

the spring. now's the time to decorate. and they can get some really great sales on indoor furniture. also when talking about patio furniture, we are halfway through. as we get closer to labor day you'll see prices drop even further. >> what about some of the smaller-ticket items? are there bargains out there, too? >> think about how many people will start back-to-school shopping. there are a lot of folks that start back to school in august,

and now is a good time to start. $26 billion was spent on back too school items last year. that's going to be a big item a lot of people will be buying, and that's something you can take advantage of now and get those deals. 15 states also have tax-free holidays. in july and august. you want to look for those days and days that you can buy clothes and other types of supplies for going back to school. >> sharon, are there any items that maybe we should stay away from or maybe bait a little while? >> well, definitely electric electronics. think about lawn mowers. you'll see deep discounts later in the fall for those big-ticket items and then cars. the best prices you'll get on the models for this year probably at the end of the year, not right now. there may be some discounts out there, just bigger discounts later in the year. >> we always wait for the bigger discounts. sharon, thank you so much. >> my pleasure. up next, a look at the news for the week ahead. and as we head to break, here's how the stock market ended the week. why do i take metamucil everyday?

because it helps me skip the bad stuff. i'm good. that's what i like to call, the meta effect. 4-in-1 multi-health metamucil is clinically proven to help you feel less hungry between meals. experience the meta effect with our multi-health wellness line.

our show andon for more on our show and guests, you can go to our websi website, and follow us on twitter @onthemonday. on monday, the nonmanufacturing index for june is due tracking the service sector of the economy. on tuesday, the media and technology moguls will be

meeting up for the annual sun valley conference that's hosted by allen & company. also on tuesday, walmart is hosting its made in the usa open call where vendors can pitch their products to the gigantic retailer. tuesday kicks off comic-con in san diego. and wednesday, we get the minutes from june's federal open market committee. that's when those numbers and minutes will be released. that's the show for today. i'm becky quick. thank you so much for joining me. next week find out how to get the best interest rates for your hard-earned cash. savings account that actually pays something. that's a novelty. each week keep it right here. we're "on the money." have a great one and we'll see you next weekend. xçó0