♪ ♪ everybody is working for the weekend ♪ everybody wants a new romance ♪ ♪ >> is everybody still working for the weekend? i'm michael smerconish in philadelphia. here is the sign of aging. you tell stories about the menial jobs you held when you were a teenager. for me those tales isworking as ice cream parlor dishwasher and

delivering newspapers. it is about today's youth or the country's work ethic. only now this perennial griping that gained newspaper residence. fierce debate whether america's work ethic is dying. daniel henninger asked such a question in his thursday column for "the wall street journal." his inquiry on the heels of a recent report a gain of only 266,000 jobs last month and uptick in the unemployment rate to 6.1%. here is another sign of the times. wawa advertising 800 dollar signing bonus for new hires who are vaccinated. many small business owners claim they can't find employees and point to competition they face from the government's offer of enhanced unemployment benefits. which had been $600 per week. now $300 per week on top of state unemployment benz the labor department say average $318.

henninger wrote, quote. several state governors agree. so far, 16 gop-led states have announced plans to cut benefits. they include alabama, arizona, arkansas, georgia, idaho, iowa, montana, mississippi, missouri, north dooakota, south dakota an others. georgia joined that list to end its participation in the federal government's covid-19 insurance program effective june 26th. that means according to analysis done by "the washington post," 557,000 unemployed in these states will see their weekly benefits diminish by $300.

a second group of 863,000 who just obtained aid for the first time under a second stimulus program will lose all of their benefits. a final group of about 513,000 workers who collect traditional unemployment benefits each week similarly may have their assistance reduced to zero. not everybody thinks the unemployment rate is a attributable to employers who are struggling to hire because the government is paying people to stay home. the president said the enhanced benz made no impact on the workers shortage. he said those offered a suitable job are october to take it and called on the labor department to reinstate laws. 35 states have either already reinstated requirements or have announced a date to do so that requires anybody receiving

unemployment benefits provide proof they are searching for work. some see the recent jobs picture as an overdue reckoning for low wages, a real world response to the failure of congress to pass a $15 federal minimum wage. this response from twitter was one of many that i've received that made this point. quote. still others point to pandemic -related factors such as a lack of child care, exacerbated by closed schools and concerns over safety in the workplace. so is the american work ethic dying? or are the wages of work being reimagined? joining me now, to discuss is scott galloway, a professor at new york university stern school of business. he is a entrepreneur who founded

nine companies and author of multiple books, the latest being "post corona from crisis to opportunity." professor galloway, what is your answer? is the american work ethic dying? >> i don't believe so, michael. i think mr. henninger thesis that extending and expanding unemployment benefits would logically dampen the desire to go back to work. the issue is there is no evidence that supports that. the study from the chicago fed reflected the people who are receiving unemployment benefits that the intensity of their job search was greater than when their benefits ran out. i mean, the real -- the interesting thing in the data here, michael, is if you look 225,000 jobs added, all of those added were for men and net job loss for women. i think what that tells us is that w50% of our schools are closed down that remote learning

is mom is responsible now f teaching the kids. on the other side of this trade, imagine being a worker in one of these jobs the last 12 months. you not only have to deal with your own mask but other people refusing to deal with a mask and your own workplace. since 2009, it has gone from workers earnings to 300 and minimum wage exploded from 725 to 725. it's not that people are not seeking work but work no longer works for a lot of people, especially women. >> so he also said something i wanted to run past you and put up on the screen, professor galloway because i consider you to be a tech savvy guy. quote.

more of this idea that the youth today are different. you teach them. they listen to your podcast. how do you respond? >> i think there is a danger, especially young men, if they are spending too much time day trading, 80% to 95% of day traders lose money. but, again, i don't think -- i think that at the end of the day, if you want more workers into the work force, you got to pay them more. and when you talk about technology, if you make over $ $100,000 a year a good chance you work from home. technology has been a great liberator but it's not the excuse here. you mentioned these governors cancelling unemployment insurance. that isn't going to result in more people returning to work and result in more people living in their cars. but to his point, i do think

there is a danger with young people spending way too much on their phones and not attaching to work and not attaching to relationships and i think is a huge issue for us. >> final question for you. the wawa sign, the 800 dollar signing bonus. when the enhanced unemployment benefits end, will those jobs necessarily be filled? >> the interesting data when kids are back in school and there is less pressure at home. i think that will be the real litmus test for whether or not we are -- in fact, seeing a dampening or a changing in the american work ethic. again, at the end of the day, you know, if you want more people to come to work, you got to raise wages and you got to make the trade better. you got to make work better for people. we have corporate profits are at an all-time high and wages have been totally stagnant. the tension between capital and labor, capital has been kicking the crap out of labor the last 30 years. if you want people to work, we

need to restore more dignity to work. >> professor galloway, thanks, as always. >> thank you, michael. now i want to bring in former treasury secretary under president bill clinton and director of the national economic council for the obama administration, lawrence summers. is the american work ethic dying? >> i don't think the american work ethic is dying. i think the american people are prepared to compete anybody else. i think we are making a mistake in the generosity of the benefits that we are providing over this period that is creating needless labor shortages and contributing to inflation pressure. over time, we should be raising the minimum wage, we should be strengthen unions, we should be providing workers with stronger benefits. but, no, i think unemployment

insurance is designed so you get more being out of work than you did when you were in work, i think that is a pretty obvious unforced error. i think we are better off correcting it sooner, rather than later. i think the administration should not be discouraging states that want to make that correction earlier. this isn't some broad philosophical issue. this is a straightforward matter of doing things in sensible ways and paying people more after they get laid off than they were getting paid is just not a good idea. buyer insurance is a terrific idea but you shouldn't pay people more if their house burns down than they could have sold their house for. this is the equivalent of that. so no major philosophy, just a matter of being practical and

sensible and congress didn't quite do it this time. >> professor summers, you said this week that overheating, not excess slack poses risk to the economy. does that mean that the 1.9 trillion dollar covid relief was too much? >> yeah. in retrospect, it surely was too much, michael. we are looking at shortages, we are looking at price increases all over the place. people's incomes were down by about $20 billion a month. perhaps $30 billion a month. and we are giving them over $100 billion a month. so with all of that spending it kind of figures that the bathtub would overflow and that we would get excessive price pressure. people home it will prove to be temporary.

they might be right. it wouldn't be my best guess. i think we have got to potentially building inflation problem. look, for example, what is happening in housing where house prices are up 15% from where they were a year ago. but nothing much is figuring into the price index. that will come. people talk about special factors but nobody remarks on the fact that medical care inflation was scored at zero last month. and that is not something that is going to persist. so i think we have got a coming inflation problem and if policymakers were aware of it, rather than focused on the last war, which was the kind of economic slack we had last year, i think we get to a better place over time. >> final question then. if the 1.9 trillion was too much

through the rearview mirror, what does that say about the $4 trillion contemplated for so-called infrastructure, recognizing, by the way, the critics say it's a lot more than infrastructure. >> i think it says that we have got to invest in our country. you look at the quality of our roads, in many cases. you look at the need for green investment, but it can't all be money that is spent in the next year or two. i think the administration recognizes that this is a long run vision for growing the country. i think the administration recognizes that this is necessary investment and they propose to pay for it with tax increases. i'm actually more worried that the opposition will stop all of the tax increases that are necessary to pay for this and will either underinvest or overheat. that is probably the thing that

i'm most worried about. i mean, to take the most obvious of the things, we have cut the irs in ways that have caused the richest people in our country to be audited at less than half the rate they were audited at a decade ago. that has led to much more tax avoidance, evasion, an even tax cheating. yeah, i would change the bill in this wales but i think the broad impulse to invest in america and to have the people who pay for it be the people -- people benefit most from it be the people who pay the most for it, and do that by enforcing the tax law we have. those are valid impulses that i support. so i hope we are going to get to a good place at the end of this legislation. i wish we could move beyond all

of the ideology who say how much you give people it doesn't affect their incentive to work. the ideology of the right that tries to protect every wealthy person from having to give up a share of their income. and be in the best american tradition which is pragmatic and practical. >> stuck in the middle with you. thank you, professor. i really appreciate it. >> thank you. what are your thoughts? tweet me at smerconish or go to my facebook page. i'll read some responses throughout the program. here is one. mr. roscoe, some believe that the flip side is to say, hey, got to pay people more money. and that if all of these retail establishments have signs in the window.

we will find out when the enhanced benefits near labor day. jury is out whether that takes place. the cdc says it's okay for fully vaccinated people to roof ma remove their masks in certain situations. great news, right? i'll discuss that next, why this is so tricky for businesses and consumers. plus, america said it doesn't negotiate with terrorists, but in some cases, american businesses do pay ransom to hackers. it's behind the gas shortage that is gripping the eastern seaboard right now. do these ransom payments just encourage more hacks? who exactly deserves the credit for the success of covid-19 vaccines? one former president raising his hand. maybe we should hear him out. i want to know what you think. here is this week's survey

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rely on the experts at 1800petmeds for the same medications as the vet, but for less with fast free shipping. visit petmeds.com today. cdc surprise announcement that fully vaccinated people could ditch the mask in on most situation was met with relief but confusion. the cdc recommendation is just that, a recommendation, meaning that locality, states, businesses can do whatever they want. 19 states lifted mask mandates for vaccinated people after the new cdc guidelines. others including new york said they will study the guidance before deciding whether to adopt it. it also puts business in a tricky spot.

as "the new york times" columnist sorkin outed. trader joe's and others customers don't have to wear a mask while shopping. but home depot and walgreens and gap and cvs will continue to require a mask in store as they review the guidance. unions representing grocery stores say they should continue customers to wear masks because it might affect the workers who continue to use a mask. this is interesting. if you want to be in the general administration pit for the upcoming dead & krp tour you have to show a proof of covid-19 vaccination. they know better than anyone what a long strange trip it's

been. joining me is the andrew ross sorkin. you may recall that this book was adapted is an hbo film he co-produced. if that is not enough he is the cocreator of that fabulous drama series "billions" on showtime. great to have you back. >> great to be with you. >> will more businesses go the way of the grateful dead or dead & company? >> i think it's complicated. i think what has taken place the last 72 hours is both great news in so many ways but also complicated news for businesses that now are being asked effectively to police their own employees and their own customers, all of whom are listening to this guidance and wanting to make their own decisions and then the question is what is the right decision? it's one thing to have fully

vaccinated people in one place. it's another when you start to mix. it's quite another. i think there is a possibility of this where there are going to be people who have been unwilling to get vaccinated and unwilling to mask that may start going into some of these stores, being patrons of some of these establishments without the vaccination or the mask. the question is what does that do? of course, we still have the issue of children which is yet to be resolved. i think that this, unfortunately, makes it harder, not easier, for business and, in many ways, i think they would like to take their cues from the government but now state governments on one side and municipalities on one side, the cdc perhaps on another, and there is also the issue not -- i would make this one point. there is a behavioral science issue in here beyond just the science, itself, which is one of the reasons, i think, that the cdc is moving the way they are is they are trying to create incentives and motivations for mere people to get vaccinated which makes a lot of sense, but the transition can be

complicated. >> okay. but there was a different way to go to provide that incentive. this is what -- i'll put it on the screen. that is what dr. leana wen wrote for "the washington post." quote. that means stores and theaters and restaurants can be at full capacity without masks if they check vaccination status. in other words, the dead & company model. i don't think any business wants to be in the business of policing their customers. >> i think there is two issues. one is no business wants to be in the policing business. and the second issue is that we never really created a national

effort to create vaccination cards, if you will, that are verifiable. certain states have different electronic systems and others and how those integrate or not. now we are getting into issues around national identification and the like when you think about those things. so there is some people who would argue the civil liberties on one end and another group will argue the health issues on the other. we are sort of in this very, very sticky place. i absolutely agree with you. the thing that i'd like to see and that i've been talking a lot about is why businesses -- you know, if they want to get out of the middle, the easiest thing they can do is actually mandate the vaccine themselves for the purpose of their implies. all of these businesses talk about how they trying to make society better and their role in society and heard that over and over again the past couple of years. i can't get over why they haven't taken the next step to say, you know what? for our employees, big companies, walmart and amazon. think about the benefit to

society if all of those people were vaccinated. state goverts counments could d. i know legal questions about this but not necessarily. my kids can't go to school without being vaccinated. universities are choosing this path. >> right. yeah. i think the answer is you would know better because your finger is on the pulse of business large and small. i think they are afraid if they did what you just described they would have people in the parking lot protesting with flags. >> i think they are worried about two things. i think they are worried about the protests on one side and i think they are worried that there still will be liability, legal liability if something goes wrong, if somebody takes the vaccine because they have been mandated, is the company going to be held liable if there is any type of health problem? of course, on the whole, you know, the vaccine has been quite extraordinary. but, of course, there have been instances, tragic instances, it appears, but in a very tiny

slice and so how does a business think about that? because even if they don't have liability, they will be sued. >> andrew, thanks for coming back. i really appreciate it. >> it's great to see you. thank you for having me. >> thank you. let's see what you're saying on my twitter and facebook page. look. i like dr. wen. i like her solution to this. it could have been an added incentive but sounds so damn funny. if more businesses had taken a page from the dead! you want to come into the pit? great! where is your card? you want me to set people's hair on fire with another suggestion that i thought of while i was speaking to andrew ross sorkin? you know about the voter identification?

i got an idea. show up with your vax card and then you can vote. that is your voter i.d. answer my survey question for this week. vote at smerconish.com. up ahead, just a mention please. former president trump's response when president biden announced the vaccinated can take off their masks in many situations. is he wrong to ask? might doing so save lives? plus, those along the east coast are suffering from gas shortages thanks so the cyberhack that shut down the colonial pipeline and only fixed because of a ransom was paid. even small businesses, as described by this caller to my sirius xm radio program. >> you have no idea, michael. small law firm, six partners,

general practice, no pr, most nothing, just doing our normal real estate contract work. three years ago, one of our lawyers clicked a link and $25,000 later, we will got all of our stuff back. you click on a link, you're dead! it's just that easy. this is our block. our place. our people. watch the curb. not having a ride to get the vaccine. can't be the reason you don't get it. you wanna help? donate a ride today. wanna grab pizza? bad move, guys! get a freshly made footlong from subway® instead! like a classic italian b.m.t.® stacked with fresh veggies. there's a subway® three blocks from here! choose better, be better. and now save when you order in the app. subway®. eat fresh. hi sabrina! hi jen! hi. so you're the scientist here. does my aveeno® daily moisturizer

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next day and two-day shipping nationwide, and returns right from the doorstep. it's a whole new world out there. from prom dresses let's not keep it waiting. to workouts it's a whole new world out there. and new adventures you hope the more you give the less they'll miss. but even if your teen was vaccinated against meningitis in the past they may be missing vaccination for meningitis b. although uncommon, up to 1 in 5 survivors of meningitis will have long term consequences. now as you're thinking about all the vaccines your teen might need make sure you ask your doctor if your teen is missing meningitis b vaccination.

we now know how the 5500 mile colonial gas pipeline ended the cyber hack that shut it down six days by paying a ransom to the mhackers who demanded 55 million. by the time the pipeline went back into service, there were gas lines and shortages all over the eastern seaboard. among the hardest hit at noon on friday according to gas buddy,

88% of stations in washington, d.c. had no gas along with 65% in north carolina. 48% in south carolina. and 47% in georgia and 45% in virginia. energy secretary jennifer granholm told "new day" such disruptions are not going away. >> this is not the end of these ransom ware attacks. nobody is immune from it. my 86-year-old mother got a cyberattack two weeks ago. it is happening to everybody, whether it's government, whether it's infrastructure, whether it's the private sector. >> so why do the payouts continue? joining me now, to discuss is richard clark, former national coordinator for security and counterterrorism under presidents bush and clinton. they also co-authored the book the fifth domain defending our country, our companies, and

ourselves in the age of cyber threats." i bet you feel conflicted you don't want to see this happen but i've been reading your books fiction and non for years and exactly what you said would happen. >> i hate to be right when something like this occurs, but a lot of us have been warning that this would happen. and worst would happen. if we continued to pay the ransoms. we pay the ransoms for two reasons. one is faster and it's quicker to get your network back up. and, two, our insurance companies tell us to. for the insurance companies say it's cheaper to pay the ransom than restructure the network. >> but somebody has to really take a hit until we sort of buck up, right, and leapt the bad guys know you'll no longer be paid.

>> well, i think the biden administration could take three steps right now. one, by executive order, they can make it illegal to pay the ransom. there is a way to do that under the international economic powers act. two, create a task force to go in so that when a hospital is hit, something that has to come back up quickly, there is a public/private task force that moves in and helps them get back up quickly. and, number three, sell u.s. cyber command to find these guys and fry them, fry their computers and their networks and easy to do and takes one decision by the president. >> okay. i'm surprised there is not a fourth step which is to get putin on the phone and read him the riot act. could he stop this if he wanted to? >> of course, he could. and i think something like that may have actually happened. the group that did this has disappeared from the web.

other groups are beginning to disappear. i think behind the scenes, the biden administration really let the russians know that either you take care of this or we will. now we will find out if that -- if i'm right, but i think i am. i think there was diplomatic activity and intelligence and law enforcement activity saying to the russians, you got to clean this up. this is an overreach, knocking out a pipeline like this is a step too far. >> one final issue. i think it's important for people to know. i deliberately played the secretary granholm audio video because of the reference to her 86-year-old mother. on my radio program when discussing this subject with rob konoky, i was overwhelmed with phone calls from people of all strata of life saying, me too, my business or me individually. in other words, it's not just the stuff of a 5500 mile

pipeline. >> no. michael, it's anybody who has an internet connection. and all you have to do is click on a link in an email or click on an attachment to an email. if you don't know who sent it to you, don't click on it! because within a minute, your entire computer could be frozen. if you're worried about your small business or your own personal computer, back up everything. offline. back it up to a hard drive not connected to anything. and do that on a regular basis. and you'll be safe. individuals really don't have a lot to fear from this. but our infrastructure and our major companies do have a lot to fear. >> richard clarke, thank you, as always. >> thank you, michael. still to come, former president trump is asking for more credit when it comes to covid-19 vaccines, saying he he wants, quote, just a mention.

is it a typical political complaint or a fair request? would this help get more republicans who are on the fence vaccinated? i will give you my take and many of you won't like it! answer this week's survey question at smerconish.com. relax your body and mind. shower with new dove men. my plaque psoriasis... ...the itching ...the burning. the stinging. my skin was no longer mine. my psoriatic arthritis, made my joints stiff, swollen... painful. emerge tremfyant™. with tremfya®, adults with moderate to severe plaque psoriasis... ...can uncover clearer skin and improve symptoms at 16 weeks. tremfya® is the only medication of its kind also approved for adults with active psoriatic arthritis. serious allergic reactions may occur. tremfya® may increase your risk of infections and lower your ability to fight them.

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in a bombshell announcement that nobody really saw coming, the cdc, on thursday, said fully vaccinated people can say good-bye to masks and social distancing. this prompted the president and vice president to walk out into the rose garden maskless where president biden addressed the historic moment. >> you've endured all of this. when your country asked you to get vaccinated, you did. the american people stepped up. you did what i consider to be

your patriotic duty. that is how we have gotten to this day. >> that is how we have gotten to this day, so says president biden. but one former president thinks it's not the only thing that got us here. in a statement released on his new blog, donald trump bemoans the fact that his administration isn't given credit for the swift production of covid-19 vaccines. quote. since the end of his presidency, reports have said that trump was concerned about biden getting all of the credit for the vaccine and while he has never been shy about claiming credit, former trump aides tell politico they are frustrated by his unwillingness to pitch his own vaccine on getting the shot. regardless of his current

approach, his aggressive pursuit of vaccine development shouldn't be dismissed. it's true that president biden and his team moved with great speed to secure hundreds of millions of doses and get them into the arms of americans. with more than 36% of americans now fully vaccinated. but none of that would have been possible if the vaccines didn't already exist. while vaccine development testing and approval typically takes years, the goal of trump's operation warp speed was to break through those barriers. it funded vaccine development and manufacturing for vaccines from multiple private companies, one of them being moderna which is, of course, one of the three vaccines that gained fda emergency use aurthorization an the government struck different deals with pfizer and johnson johnson and the other two vaccines that were given

acceptance. bottom line is this. from start-to-finish, the first covid-19 vaccine was produced and market-ready in less than 12 months. a blink in vaccine years and it happened on donald trump's watch. now to be clear, none of this excuses all of trump's anti-science rhetoric. his downplaying of the virus, his policy missteps. but both of these things can be true at once. first, that donald trump bears responsibility for a long list of failures in responding to the pandemic. and, second, that donald trump deserves credit for vaccines.

since taking office, president biden has never really acknowledged the latter. maybe just a mention, as trump requested, isn't too much to ask. let us check in our tweets and facebook comments. this is from twitter. juan, what is incorrect in what i just said? many, many failures that we have talked about ad nauseam here. when it comes to the vaccine development and the pace of it, you got to give the man his just do. i wouldn't be an honest broker if i didn't acknowledge both things. still to come, more of your best and worst tweets and facebook comments, and the final results. did i make this too complicated? it's really a simple thing i'm asking! will enabling the unverifyi ♪

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responded to the survey question this week at smerconish.com. will enabling the unverifiable, unvaccinated to go maskless spread more covid? 92% come to the correct answer and say yes, of nearly 20,000 votes cast. let me give a shout out to aaron blake because i was mimicking his words from the "washington post" today and he was making the point that most prone to risky behavior are those who could have been vaccinated, still could, and are choosing not to. and they're the ones who now we have to worry about going to

trader joe's or starbucks or walmart and acting like they are vaccinated, when in fact they're not. now, you might be saying to yourself, who gives a damn, that's on them. the issue is, if you're fully vaccinated and they're not and they now continue to spread the virus, that's bad for all of us, not the least of whom are the people who can not, for medical reasons, get a vaccine. anyway, i'm glad we came to that conclusion together. catherine, what do you have? wow! that will change the gop's stance on voter i.d. do you like my suggestion? i just thought of that kind of spit balling here while i was talking to andrew ross sorkin. if you imagine if democrats were to say to republicans, you want voter i.d.? okay, we'll go with voter i.d. in fact, we've got a great idea for a voter i.d. it will be everybody's vax card. we'll just put your picture on it. i think it would completely change the dynamic.

one more if we've got time. i think we do. that would be like thanking the arsonist for turning the hose on after the house had burned down. i take it you're bummed about me for giving credit to donald trump for the vaccine. fair is fair. put it in the context of a broken clock is right twice a day, if you must. i sat here for weeks on end, months on end, criticizing the failures with regard to the pandemic, the underplaying of the data and science, et cetera. but when you look back on the fact that those of whuus who wa to be vaccinated, the fact that we were able to get those shots in arms in under a year, yeah, operation warp speed deserves a shout-out. i'm not afraid to say that. i'll see you next week. grills f. i don't like veggies... what?! ♪ whatever you have at home, knorr sides

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(judith) in this market, you'll find fisher investments is tdifferent than other money. managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different.

newsroom, anyone who is fully vaccinated can participate in indoor and outdoor activities, large or small, without wearing a mask or physical distancing. >> state governments and local businesses dropping mask mandates, following the new cdc guidance for vaccinated people. >> it's great. i love it. it's like another world right now. >> amid the excitement, there is confusion about how the new guidance will be implemented. >> every time i pulled up, the person in front of me just ran out, just ran out, just ran out. >> gas stations across the southeast still tapped out, even after that