hello, everyone, welcome to "on the money," i'm becky quick. planes, trains, and automobiles, america hits the road this holiday weekend. how to stay safe and save money when you travel. next time you fly, you might not have to take out your laptop or your liquids new technology coming to an airport near you maxing out the minimum city they raise wages a lot, but it's not all good news your credit score may be going up this weekend and you don't have to do anything. why and what it means. and my favorite time of the year we'll be tasting summer wines and looking for bargains "on the money" starts right now. >> this is "on the money," your

money, your life, your future. now, becky quick >> we begin with a great get away a record breaking number of people are expected to travel this july 4th holiday weekend, so whether by car, airplane, or boat, get ready for some company on your travels. that is our cover story this week >> i'm actually heading to philadelphia >> my best friend and i are traveling to florida for a girls trip >> we're on our way upstate, so we still have a ways to go >> and she's not alone aaa says 44.2 million people will travel at least 50 miles from home this independence day holiday. that's a million and a quarter more than last year. the total number of travelers is up 2.9% from 2016. drivers make up 85% of those traveling this weekend 37.5 million people. falling gas prices and cheaper rental cars are some of the incentives to put the pedal to the metal. 3.4 million are expected to take to the skies that's up 4.6% from last year. in fact, airlines have added 123,000 seats a day this summer just to keep up with demand. aaa says airfares are down 10% from last year, and this weekend a little more than 3 million

people will be traveling by rail, bus, or cruise ship. so what are you missing out on if you stay home joining us from aaa is robert sinclair robert, thank you so much for being here >> thank you for having me >> a record number of americans hitting the roadways besides low gas, what's the reason behind it >> the economy is good, people have more money in their pockets, household net worth is up, disposable income is up, airfare is down, car rentals are down, and hotels are also a bit lower, so that encourages people to hit the roads, skies, whatever form of transportation. >> overall, it's a lot more affordable to travel >> a lot more affordable to travel gasoline prices right now the lowest they've ever been for the year and this is in july, usually when we see prices peak some time in june, july, august, but they are exceptionally low it's unusual and people are

taking advantage >> people are hitting the roadways and in turn people are going to get stranded. 330,000? >> 330,000 people this holiday weekend, flat tires, dead batteries and lockouts and really need to check these things beforehand, because it's dangerous being by the side of the road more than inconvenient, and about a tow truck driver every six days is killed helping somebody by the side of the road in the united states, so all 50 states have slow down, move over laws, so encouraging people to know about that. >> not just if you are one of the ones who gets stopped, one of the ones on the roads, give a wide berth >> exactly >> car accidents and fatalities are up do you think it's directly tied to things like texting while people are driving >> without a doubt and the fact we're driving a lot more last year we set a record of 3.3 trillion miles driven in the country, and we've set records the past five years in a row we're all driving more thanks to

cheap gas, and that gives more opportunities for what traffic engineers call conflict points, more opportunities to run into each other, unfortunately. >> i was going to ask that seems to me the roads are getting worse. i was late getting here today, trying to get through traffic myself is it just me, am i being cranky, or are the roads worse >> roads are worse in fact, the american society of civil engineers gives our overall infrastructure a grade of a "d. bridges are "cs," roads are "ds. there's an organization called the improvement program and 34% of our roads are in fair or poor condition. we came out with a study earlier in the year that found if you spent $146 billion on six key improvements to the roads, you can improve safety currently the united states is number 33 out of the top 35 economies in the world as far as safety is concerned. we can do a lot better and it wouldn't cost that much. >> what should we be doing, why hasn't the money been freed up democrats and republicans say they are in favor of infrastructure spending. >> the current administration

spent a trillion dollars, $146 billion would be 14.6% of that, not a whole lot. the proof is in the pudding. where is the money, how are we going to pay for this, apparently $200 billion of money to help public/private partnerships and perhaps tolling would be a part of the future. we've been in favor of a slight increase in the gasoline tax >> that makes a lot of sense, particularly when prices are so low. >> nobody would even notice if you had an extra three, four, five cents per gallon. thank you for having me. >> encouraging news. the tsa is testing new technology that could take a 3d look into your carry-on bag. more on the planning device that could improve and speed up your trip through airport security. >> reporter: imagine going through airport screening without unpacking your bags or being stopped by tsa agents, double checking what's in your carry-on just outside of boston, this machine built could make

carry-on screening go faster by giving tsa agents a clearer 3d view of your bag >> it's designed to allow passengers to leave liquids in their bag and laptops, all electronics stay in the bag and drop and go. >> reporter: essentially, they do a cat scan of every bag that they see, producing a three-dimensional image that would detect weapons, but also potentially explosives that could be hidden in electronics, something the current two-dimensional x-ray machines may not always catch it's one reason the u.s. and great britain currently ban passengers on certain flights from the middle east from carrying laptop computers onboard, but electronic scans could fade away thanks to screening machines designed to pick up what tsa agents might miss >> automatic targeting is taking a lot of the human factor out of the equation in other words, it's doing the targeting and identifying the threat immediately for the

screeners, so the onus is not as much on the screener >> reporter: with the number of people flying in the u.s. every year steadily climbing to an all-time high of just under 800 million passengers, the tsa is in a tough spot. forced to handle a growing number of travelers while keeping the lines moving as quick as possible. >> no more room for an airport to put security screening equipment. we need faster, more efficient equipment. that's what this does. >> reporter: a view inside our bag that could make traveling safer and with far fewer security line headaches. phil lebeau "on the money," peabody, massachusetts >> amen to that. the department of homeland security is already testing one 3d bag scanner in phoenix, and american airlines purchased eight of the machines to eventually deploy at some of its busiest hubs up next, we are "on the money. seattle has the highest minimum wage in the country, but a new study finds a $13 an hour wage might not be the best thing for

workers in that city and later, keeping score the changes coming july 1st that could impact your credit score right now let's look at how the stock market ended the week. ♪

the second reading of the gdp showed an increase at 1.4% at an annual rate, slightly ahead of the initial rating of 1.2% gdp is the broadest measure of the size and scope of the u.s. economy. the dow had its worst day of the month on thursday, falling more than 140 points. the nasdaq tumbled almost 1.5%, while the s&p 500 fell, as well, mostly on weak technology

stocks the choppy week ended with stocks higher. there was a big sale at staples. the company agreed to be bought out for $6.9 billion staples' sales had been shrinking in recent years with competition from online retailers. the company is likely to continue closing stores. and sony music is doing something it hasn't done in three decades, producing vinyl records. this move is a response to a renaissance in vinyl, as millennials actually embrace the media. listeners say it has a warmer, fuller sound and they like the experience of actually touching a record i guess they don't remember the scratches and skips. is a higher minimum wage always good for workers? what about for employers seattle has the highest in the country minimum wage at $13 an hour, but a new university of washington study found that wage might actually be too high economics professor mark long is

the co-author of the study mark, thanks so much for being here today >> thank you for having me >> so what did you find in your study? >> we looked at low-wage employment in the city of seattle from 2014 to 2016 during which the minimum wage of seattle increased from $9.47 an hour to $13 an hour, and what we found is that employers increased wages as you would expect given the mandated law, but they also cut hours and they cut jobs, and as a product of those two, the net amount paid to low-wage workers declined instead of increased >> how much of this can we attribute directly to minimum wage try to figure out what the employer said and what the employees said did they say this was because of higher minimum wage, or were there other things happening in the economy locally that might have impacted that >> seattle's got a booming economy like the rest of the country and the state, so we used a control group to see what was happening in the rest of the state. when we ask employers what we

find is, indeed, they did say because of the higher minimum wage that they were anticipating that they would cut hours and that's what we see in the raw data >> it's kind of fascinating, because this is what you're taught in an economics 101, but this is a real world experiment, a real place you can play that out. did you find that there's a point, a tipping point, where suddenly it no longer becomes beneficial to the employees? is there a point where it's going to hurt their bottom line because they won't get the same hours? >> we didn't find that when the city raised the minimum wage from large employers from $9.47 to $11, we see an increase in wages but don't see a statistically significant decline in hours worked billow-wage workers. however, when the minimum wage was increased from $11 an hour to $13 an hour, we saw a sudden decrease in total low-wage hours, about 9% of reduction in hours, 5% reduction of total number of jobs >> maybe part is not necessarily

the number it got to, but how quickly it moved some people say you can always absorb a gradual increase, but when you try and push too far, too fast, did you learn anything from this study based on that? >> that could be the case. so the minimum wage when it was raised to $11, it was only nine more months until it was raised to $13 could be that was a period too fast for the businesses to adjust >> what does this tell us about federal workers, the federal law being considered that would move minimum wage to $15 for people in fast food areas and other things >> one thing you need to be careful about in terms of evaluating the study is looking at local minimum wage. just for the city of seattle itself, which is a small share of the total metro area. a federal minimum wage would have very different dynamics, because it's easier to relocate employment outside the city boundary than it is out of a national boundary or state boundary >> that's an interesting point what about the workers affected?

do you have any demographic data on who they are? >> that's the next part of the study. so we're going to be combining data that we have already with data from the state to get the demographics, and so you might see the city might be willing to have a tradeoff, for example, if what we find is the teenagers were negatively affected, so that's going to be the next part of the study going forward >> mark, thank you so much for your time, we really appreciate it >> thank you up next, we are "on the money," credit checks. changes in place this weekend that could help boost your score. and later, looking for a cool wine to celebrate the fourth of july we'll have a red and a white that won't cost a lot of green still looking for the blue, but stay tuned the future isn't silver suits and houses on mars,

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it's a new kind of network. xfinity mobile. what you don't know about your credit score can hurt you, and changes are coming to the way one common score is being calculated the results could mean a difference between a yes or no for your application of a mortgage, credit card. joining us right now, liz weston, nerd wallet columnist and financial planner. liz, this is interesting, but you wanted to explain exactly what these changes are >> yes, what's happening is the credit bureaus are stripping out information that's problematic, civil judgments, most are going away, and tax liens, a lot are going away so they had decided that these pieces of information are just causing them too many problems they are attracting too many lawsuits and too many complaints, so they decided together as a group that they were going to start stripping these out.

>> largely because a lot are inaccurate information that gets tagged on to the wrong person's account, right >> that can happen the problem is they don't have enough identifying information, and that's what the credit bureaus did, set a higher bar for you have to make sure this piece of information belongs to the person and whose file it's been dropped, and virtually all civil judgments could not rise to that level and a lot of tax liens couldn't, as well. that's why they are coming out >> that leads you to start thinking they are withholding negative information, maybe that's bad news for lenders and means the lenders aren't going to be able to identify who the risky borrowers are. is that the case or no >> doesn't look like it. both did independent studies and found it didn't move the needle and the reason is because most people who have these on their credit reports have other problems, as well. you know, if a debt goes bad, you're going to have a charge off, lots of lates, then the debt collection, and only after the debt collection is taken to court and they get a civil judgment will that show up, so you still have all those other problems, which is why the typical credit score that's affected by this is going up about ten points >> what's the difference between vantage score and fico people know fico, of course. >> yeah, fico is the brand name,

about 90% of lending decisions use some version of the fico vantage score is the rival that the free credit bureau created to get some of that market share and it's the only score so far that's really gained traction against fico, so if you go out and get a free credit score like we do on nerd wallet, that tends to be a vantage score. if you're going to get a loan, it's probably some version of the fico >> could mean a moderate improvement in your credit score. is this going to happen july 1st? >> well, it's going to start july 1st it takes a while for the credit bureaus to sift through the data they are going to properly

identify the person, but taking out the information they already have in their databases, that's going to take a while. >> liz, thank you for the explainer. >> my pleasure, becky. up next "on the money," a look at the news for the week ahead. and for many, summer is the time to relax with a glass of wine. wine expert picked some bottles that won't break your summer budget stick around

here are the stories coming up that may impact your money this week. on monday, we'll be getting auto sales for june and hello mcfly. back to the future turns 32 years old. on tuesday the markets are closed for independence day. wednesday, the minutes from june's federal reserve meeting are released and the president heads to poland for meetings with the polish president the labor department's job report is out on friday, measuring how many jobs were gained or lost for the month of june and president trump heads to the g20 summit in hamburg, where he is expected to be meeting with russian president putin, among others if you are looking for some wine for the fourth of july weekend, we have a red, a white, and something new. food and wine's executive wine editor has traveled around the world and found some summer wines at a great price tough job, but somebody's got to do it. >> i do what i can asked me to do it, fine, why not? >> when it comes to fourth of july, people think fireworks, celebration, sparkling wine. what do you have for us? >> i brought something

interesting, i brought a spanish sparkling wine from sort of the area south of barcelona. >> never had it before >> the nice thing, it's very dry, very crisp. kind of the closest thing you can get to champagne that's not champagne that's affordable. so it's about $15 a bottle standard champagne is $35. >> $15 >> made exactly the same way, just with spanish grapes >> in the summertime, white wines, chilled wines, i would think that's what everybody's drinking >> white wine sales spike in the summer everybody wants something cold and refreshing i did a story from our june issue about whites from the mediterranean islands. coastal whites from sicily and sardenia unusual grape, winery, you take a sip. >> wow, that is smooth >> that is smooth, perfect summer white reminds you of citrus and sea breezes. i think these are incredibly

refreshing wines again, $14, $15 a bottle, just a steal. >> that's amazing. a wine that cheap that tastes that smooth. >> and it's very widely available. >> still like a big fat red sometimes. >> if you have a grill and hamburgers and sausages and, i don't know, giant, you know, whole roast boor or whatever you're doing for summer, you do need a red one thing people forget about reds is you can cool them down a bit, too doesn't have to be ambient temperature if you're outside. you don't want a 90-degree red >> this has a special connection >> it does this is the alexander brown uncaged cabernet >> zach brown. >> i love him. >> i met him, he's a huge wine fanatic, started working with the family vineyards and said basically he brought them a bunch of his favorite wines, said i want to do a wine and be kind of like these wines >> knockoff. >> it's a knockoff, but really expensive, like, he likes really high end napa cabernet >> how much is this? >> $15, give or take >> holy cow, that's good

i don't even like red wines. that's good. >> he told me, i wouldn't have put it out if i didn't like it myself >> again, that's smooth. i think that's what you need in the summer >> you need the sort of softness and a lot of fruit and richness. >> last one is not even a wine >> yeah. i thought it would be fun to bring, you know, kind of a something off the wall, and sake is having a moment sake sales have been up over the last couple years. people kind of gotten into it. one thing good sake, i usually serve it cold, most people do. it actually works well with summer and it's not just a sushi kind of companion. >> i never ever drink sake >> it's a real surprise when you try a really good sake this is fukucho moon on the water, this is clean and crisp almost like a little light if you think of that, it's great -- >> holy cow, 16.5% alcohol >> i should have mentioned that to you

you can have wine again, why not bring something with some power? >> wow >> but it's beautiful, it's about $40 a bottle, so it's a splurge, but it's a fascinating sake brewery, owned by a woman who's also the master brewer there, which is the only one in japan. >> ray, thank you. i've missed you, my friend thank you for coming here. >> i am happy to be back >> we have more segments in our future very soon thanks for being here, appreciate it. that is the show for today, i'm becky quick. thank you so much for being here next week, why it may be time to refinance your mortgage. each week keep it right here, we're "on the money. have a great fourth of july holiday weekend, everybody, and we will see you next weekend

the guys get ready the to kick off the fourth of july weekend, but before you fire up the grill, here's what we've got on the show. >> put that coffee down. >> that's what investors have been b doing with shares of starbucks and dunkin'. but there's something in the chart that suggests now is the time to buy. we'll break it down. plus, a number of left for dead stocks are staging a stealth rally. we'll tell you the names and how to cash in and later. did you lose money in any of the faang stocks well, relax. because we have a way to get your money back for less than three bucks.