won't be dramatic policy changes bus that will penalize the consumer at the pump. [closing bell rings] the flipside you will have supply decline as you go into the later years. 2021 -- liz: okay. toby, thank you. when we hear the bell we have to hand it to connell mcshane. connell: thank you, liz. big tech climbing higher today. that was the real story in the market the bounce-back in big tech. the dow between gains and losses, looks like it will settle lower, certainly off the lows of the session however. you look at some names, the big financial and industrial stocks winners in earlier the week were a drag. it is settling down some. s&p 500 had a solid day, percentage wise 3/4 of one percent but its with the nasdaq that was the story. that is today's real winner.

up on the day by 2% after two days of heavy losses in the tech world. as a matter of fact, let's take a moment here at the start, look at apple, look at amazon, look at microsoft, all those stocks had big days. amazon the better of the bunch up 3.4%. there you go that is the close on wall street, a bit of a mixed picture. a big reunder for tech. i'm connell mcshane. i am is time for news after the bell. hillary vaughn in wilmington, delaware. covering president-elect's transition team, gerri willis has another report today on what a biden administration for your money. so all of that coming up. we'll start there on the north lawn, blake, with you, what is the latest from 1600 pennsylvania today? reporter: eight days since election day, connell, the trump campaign is up and running, continuing to file lawsuits. the latest lawsuit filed by the president campaign in michigan. the campaign touting somewhat, at least potentially a little

bit of good news for them in the state of georgia as the secretary of state in the peach state announcing today that the recount there will be done by hand. georgia, a state right now that president-elect biden leads president trump by more than 14,000 votes. here was one of the president's top legal advisors, his top legal advisor actually in that state, congressman doug collins speaking to reporters earlier today. listen. >> what we have to understand is though this is about really the first step this is making sure every legal vote is counted and every illegal vote not counted. it allows us to see integrity of process, allows people on both sides, whether president trump, joe biden anyone else to say that the election process has been carried out in a thorough way. reporter: another state the trump campaign has not conceded is arizona but that state's attorney general, a republican telling neil cavuto earlier this afternoon on fox business any sort of legal maneuvering in the grand canyon state will not

likely move the needle. >> they also did a random audit of 2% of the precincts and it came back 100%, that there wasn't any statistical anomalies or errors. as to the lawsuit that was filed we are literally talking about less than 200 votes that are in question or doubt. so the reality is, even if it was possible that those votes flip, those 200 votes, i do not think it will make a difference in arizona just because of the numbers. reporter: when you talk about that state as well, arizona, connell, president-elect biden more than 13,000 votes than president trump in that state, similar numbers to georgia. connell? connell: that is the key when we talk about the margins, whether or not the states could be flipped. it has been interesting this last week, blake, since the election we've grown so used to seeing this president multiple times a day on camera. that has not been happening. we did see him today, right? reporter: we did. it has been nearly a week. last thursday is the last time we saw president trump on

camera. today we saw him for the first time since then. the commander-in-chief making the annual visit over to arlington national some terri across the river taking part in ceremonies. that was the first image of the president six days time. fox has been told that the president is working the phones on the campaign, trying to go through all of, or at least many of the legal challenges that are out there. connell? connell: all right. fair enough blake, thank you as always. blake burman. speaking of veterans day which president-elect joe biden commemorating veterans day in korean memorial in philadelphia. he had meetings with husband transition advisors. hillary vaughn has the latest on all of that. hillary. reporter: hi, connell. veterans day is personal for president-elect joe biden because his late son beau biden served in the national guard over in iraq.

so he went, he left wilmington to stop by the philadelphia korean war memorial at penns landing to lay a wreath there but biden over the past few days called for everyone to stay calm while president trump contemplates whether or not he will concede. some veteran house democratic lawmakers are taking issue with the message coming from some in the trump administration when secretary of state mike pompeo, seemingly joked at that there would be a smooth transition to a second trump administration. >> well you know i think that this is striking because this is the nation's most senior person in the state department. his job is diplomacy. his job is to know that words matter and you cannot joke about things like this in our global standing and in our nation, particularly when it is clear, it is clear, what the will of the people has been. reporter: president-elect biden says he is looking forward to

speaking with top republicans. he thinks silence on their side because they are quote, mildly intimidated by trump but some republican lawmakers say it is only appropriate to wait. >> there are court cases that are going on. there are undecided races, undecided counts in a number of different places and i think it is fair to say, let's see all of this before we go out there to make a declaration. reporter: connell, the biden transition team has insisted that they are not slowing down even though they are still waiting for the gsa to officially recognize biden as the incoming president. he says that he will have picks for his cabinet, some of those to announce before thanksgiving. connell? connell: yeah that would all help in terms of getting funds, access to classified material around all those things that you've been reporting on throughout the week. so that is the president-elect. we're trying to keep tabs on everyone, hillary, as you know. what about the vice president-elect, kamala harris, did she pop up anywhere

today? >> reporter: she did. it was actually a surprise, connell, the traveling press pool assigned to her said she wasn't doing anything today. they call ad lid and went home. she was spotted out and about. she visited dog tag bakery georgetown, d.c., to recognize the work they do to support veterans and their families. it was interesting during the campaign biden and harris have received criticism for calling a lot of lids, keeping the press in the dark while today, we had to find out what next person in line to the presidency was doing on twitter. connell? connell: all so funny we all know. we knew already but the general public now is very familiar what it means to call a lid. meaning you're not supposed to see that person on camera for the rest of the day. thank you. hillary vaughn staying out of the rain in wilmington, delaware. move on to the virus. texas hitting a grim milestone,

surpassing one million of cases of covid-19 since the start of the pandemic as the total number of cases in the u.s. hits 10 million. we heard from a number of different states putting certain restrictions back in place on business. fox's casey stegall in dallas with the breakdown. reporter: yeah, connell, in fact when you talk about texas here reaching that one million mark with cases that is after yesterday in a 24 hour period of time the lone star state logged more than 10,800 new covid cases in a day. numbers we haven't seen in a while. also the state reported 94 additional deaths in a single day. that brings the total number of texans who have died from this disease or a covid-related disease to more than 18,900 people. wow. the situation down in el paso, texas, so dire. 10 mobile refrigerated morgue trucks have been brought in.

four going directly to area funeral homes because they too run out of space. across the country at least 12 states reporting all-time record high numbers of hospitalizations. nearly 62,000 americans now in our nation's hospitals. >> i think it has been a little bit more rough for me here than in new york. i have seen more death in the last three weeks than i've seen in a year. i have done compressions on more people in the last three weeks than i have in a year. reporter: meantime the call for mask usage grows. hard-hit laces like iowa and minnesota, among others like governors are issuing mandatory orders or looking altering rules a little bit. we have some pretty bleak numbers coming out of places like north dakota, missouri and wisconsin. so as opposed to the sunbelt surge we were talking about with you over the summer now we're talking about much more

widespread. connell. connell: much more widespread. to go back for a moment to that dire situation you brought up in el paso, texas, boy, that is tough. what is the latest there? they have a stay at home order? what is going on in el paso? reporter: that's right. the county judge down there issued a stay at home order, effectively requiring people to stay at home unless you're non-essential business to try to curb the spread. the numbers have not ticked in the right direction. that is set to expire today. the county judge is considering extending that with the numbers still coming out of there. by the way the governor of this state and the attorney general have fought that and right before a court at the moment saying that you know, local level they don't have the ability to issue those order ordinances. the county judge says he will do otherwise until the court tell

him different. connell. connell: casey stegall live in dallas. globally the number of covid-19 cases have topped 50 million. bring in greg palkot live from london with a look at the big picture for us. greg. reporter: there is a massive spike in cases here in europe but some rays of light, some possible hope. let's go to the hope first. russia says its vaccine has 92% effective rate though that has not been widely proven. the eu today saying it is ordering 300 million doses of the fuser vaccine. that has more definitive 90% effectivity. another front-runner from astrazeneca could be ready soon. not a moment to soon, connell. europe facing an explosion of cases, 13 million infections, more than 300,000 deaths. here in the uk it was just announced some 600 died in the last 24 hours, giving britain the worst death toll in europe

of over 50,000. that as you can imagine is leading to a big surge in hospitalizations and overflowing intensive care units. in france it has gotten so bad they're flying patients to hospitals in neighboring countries like germany. and there are lockdowns all across the continent, including in italy, if you remember saw the worst of this disease back in march and april. while not as strict as those measures in the spring, shops, restaurants and bars remain closed in a lot of countries. connell, this of course is raising fears there is going to be another wave, an economic impact, this continent is already feeling a lot of pain from much of this year. connell: you know, the thing is, greg, i was thinking while you're talking about this as well, we have somebody coming up from texas and the restaurant association in a few minutes, you talk to business leaders here, that's the fear, exactly we're talking about, we go back to a lock down. that hurts the economy.

as you said, europe is kind of ahead of us on that game for better or worse. do we have any america sure whether the new lockdowns are having impact or working? what do we know about that? reporter: there are some signs, connell, it is beginning to work. officials from france saying covid case numbers are still increasing but as a slower pace. these lockdowns are supposed to go away the beginning of december in many countries. we'll wait to see about that. back to you. connell: thank you, greg palkot live in london. again on that fear of shutting the doors down again or shutting the doors again, we will continue with cases you know, rising across the u.s. casey stegall outlining what we're seeing in texas. the texas restaurant association president is ahead on what businesses are bracing for in the months ahead. there is a new study out and reveals the locations of the highest risk of spreading covid including restaurants, gyms,

hotels, houses of worship. they are among 10% of the locations that appear to account for 80% of the infections. the research published in the journal nature. there is in research potentially good news for business, buried in the numbers. we'll speak to the author of the study about later this hour. it is about finding balance. new guidance for americans as they plan to hit the road for the holiday season. what travelers are choring as a safe alternative here. much more to come. stick around. oh yeah. i think i might get a quote. not again! aah, come on rice. do your thing. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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♪. connell: back with this economic worry about another round of shutdowns. with the recent uptick we've been reporting on in the lone star state many business owners are bracing for what lies ahead. here is emily williams knight, texas restaurant association president and ceo. thank you, emily, for coming on. simply stated up front how tough are things in the restaurant industry in texas right now? >> i think things are incredibly tough. if we look across the board we still have about 200,000 employees on the sidelines from the start of the crisis. at one point we had about 800,000. our restaurants across the stout have received eight weeks of federal support. we're in eight months of this crisis. we're bracing for what we're

seeing happening in el paso and other parts of the state. we're trying to encourage consumers to come back in a regulated environment around enjoy a experience in a restaurant we're certainly bracing for more impact. i can tell you having lived through the spring in texas, with restaurant dining rooms closed, most of our restaurants will not make it through a winter with closed dining rooms. connell: they won't. have you started to run numbers? some is speculative if we start to shut things down a little bit and congress doesn't come through with stimulus which no signs they are anytime soon, what the next few months will look like in texas? >> yeah. you know, we have 50,000 restaurants in the state, second in the nation before the crisis hit. life was very good. we have lost about 15% of those already through september. with the lack of federal action and without a decisional ppp. we're expecting another 15 to 20% and with any type of closure of dining rooms, we expect that number would crest 40% of our restaurants will not make it through this crisis.

connell: wow. so the total would add up to given what we've already seen what we have now, to 40%. that is almost half the restaurants in a huge state like texas. it is really, it is beyond devastating. what do you think should be done? what are you trying to get accomplished? there is a debate, virus numbers are going up, no debate about that but there is debate how to handle it? on local level we were handling a report from casey stegall is in texas, about el paso, where local officials are trying to shut things down. you know the statewide officials, governor and the like are not so sure they want to go in that direction. i read some restaurants are staying open even though the county is saying shut down. how should this all be handled, do you think? >> i think el paso is a great example. with that order, it haas been two weeks, and that order included dining rooms be closed but we have not seen numbers move in any direction but upward. the cdc this week are starting to be concerned about small

gatherings in people's home, where you're more amount to take off the mask. no social distancing or sanitization. we need leaders with cornrage to regulate environments where the doctor recommended protocols can be put into place. we do our part. everyone has to remember, restaurants are 5% of the food dollar. we are -- 51% of the food dollar. we are critical supply chain, feeding texas and across the nation. when you close the dining rooms, you're putting people, not only employees out on the street, you're encouraging citizens to go back into larger environments to search for food. for us we think it is to continue practicing all guidelines we put in place. we have a texas restaurant promise people follow. it is really important to understand there is no correlation between restaurants and the spread of covid-19. why do we continue to use restaurants as the lever to control the spread when we don't see evidence it actually does the job? connell: there was a study, i bring it up, we actually happen

to have the author on, one of the authors on later in the show from stanford university talked about the places where virus is spreading, mentioned restaurants, cafes, other places as well, houses of worship and the like, it doesn't actually recommend shutting everything down. we'll talk about it a little later in the show but what it says is, if you do cap off the capacity at places like restaurants and say 20%, you can really have an impact on the spread. you can really help control the spread but i saw your organization actually put out a statement that seemed rather critical of that study the one i brought up. so what is the issue there? >> yeah. we have a number of issues with the study. what really the study included our minority population is actually being impacted more severe due to covid-19 and policymakers need to take that into account. we support that 100% but to use a computer model to dictate restaurant dining rooms should be closed. there are two flaws. the study was march 1st through may. we were closed march 19th

through the 1st of may, and opened at 25%. there is not relative data set to apply to texas. more importantly, there is no definition. there are cloud between driving through a fast-food restaurant or dine in. if you dined in there was less than 20 days you did that. we have to be careful drawing conclusions based on computer modeling, not on epidemiology, who continue to say restaurants are not the cause of the spread. the impact of this decision is catastrophic. remember these are small business owners. seven out of 10 are single proprietors. nine out of 10 are single restaurant units, less than 50 employees. connell: we definitely understand that part. you know, we've been talking to some of these restaurant owners, not only in texas, but all around the country. we definitely understand the pain. we will speak again to the author of that particular study later in the show. bring up some questions you had. emily, we wish all the best,

everybody that owns all these restaurants down in texas. >> thanks, looks like a few more tough months ahead. all the best to you. florida is bracing for a second hit a few hours from now from this storm aid -- eta. seems like we've been covering it forever. previously regained hurricane strength. it will gusty winds and tornadoes to the west coast of florida. (dog barking) ♪ (music fades) (exhales) experience the power of sanctuary at the lincoln wish list sales event. sign and drive off in a new lincoln with zero down, zero due at signing, and a complimentary first month's payment.

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♪. connell: so they're planning to recount the presidential election by hand in the state of georgia where the secretary of state made the announcement today, amid highly anticipated senate runoff races we're also covering there. fox's jonathan serrie in atlanta. start, jonathan with the senate races still if the democrats win both could decide the control of the senate, right? reporter: the only way they get control of the senate at this point is to tie with republicans in terms of voting power in the senate. you would have an incoming

democratic vice president to break the tie. the only way they're going to do that if they win both georgia senate seats. florida senator marco rubio, a republican, is obviously trying to prevent that from happening. he campaigned in suburban atlanta today, rallying support for georgia's two republican senators, kelly loeffler and david perdue. >> this is georgia's decision to make but it is america that will live with the consequences of the decision that they make here. reporter: democratic challengers rafael warnock and jon ossoff are campaigning on liberal issues, protecting abortion rights and the affordable care act. you won't see either party pivoting to the center. this is about energizing the base to go out to vote on january ath. in the race for the white house president trump and joe biden are separated by over 14,000 votes in georgia. because of the thin margin the state's top election official announced there will be a full by hand recount of the presidential race in every georgia county.

>> well, because we now have that verifiable paper ballot for the first time in 18 years, we'll have something to count instead of pressing a button getting the same answer. so we'll be counting every single piece of paper. every single ballot. reporter: connell, raffensperger says his office will investigate every complaint of election fraud but so far he says there is no credible evidence of any widespread problems. connell: right. as you said, jonathan, have to do it by hand. thank you, jonathan serrie live from atlanta. interesting story out of georgia. another step towards a self driving future, walmart teaming up with general motors autonomous deliveries in the state of arizona. battery powered chevrolet bolt vehicles will have a driverless test pilot in scottsdale. they will start that early next year. new covid-19 cases on the rise now in at least 48 states, prompting the cdc to release new

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♪. connell: so "fox business alert" from moderna. we've been waiting for that company to give us an update on its coronavirus vaccine trial just as pfizer did and moderna has said it has enough cases, 53, for its first interim analysis to be done very soon. so what is happening now according to the statement the company just put out that the cases are being prepared for submission to an independent data safety monitoring board for recommendation. in this announcement came out after the bell, there is nothing in there like pfizer said how effective the vaccine is. nothing like that. they have enough cases to do the analysis. we'll wait for more information from moderna after the encouraging news from pfizer. that is the vaccine. we know we won't have a vaccine

widely distributed certainly in time for the holidays but americans are trying to plan some celebrations during the pandemic. we heard from a number of health authorities advising us to choose wisely to be careful. with that in mind kristina partsinevelos reporting live what is supposed to be a covid-proof airbnb in new jersey. there she is, lying down on the job. reporter: i'm working really hard. like a lot of people it has been eight months since the first official lockdown. you're probably itching to travel. the big question, what is safe? hotels versus airbnbs? hotels have been stepping up protocols with cleaning. they have been putting stickers. according to a new study by the cdc hotels are riskier than vacation rentals like airbnb. why? you're passing strangers outside of the social bubble. sometimes hotels don't let you open the window for ventilation. that does not stop people from

vacation trips. 56% of americans are still travel traveling on that holiday weekend. what about the cleanliness of airbnbs like the one in new jersey? i talked to the host what she is doing differently to help with the cleaning protocol. let's listen in? >> we make sure we have new paper towel rolls every time a guest comes in. new tissue boxes. we have alcohol sanitizers and hand wipes. we recently added an exhaust vent in the kitchen to make sure we get out any stifled air. the windows are constantly open. we're cleaning screens. reporter: these are just examples. airbnb is set to possibly ipo next week, not this week. roughly 60% of americans are actually booking locations that are close to home. it is all about domestic travel. what is not popular on that list, new york city. according to trip advisor again

the five least popular cities new york, l.a., new orleans, they're just not what everybody wants right now because of the metropolitanness. you see over here i'm chilling, enjoying life at the airbnb. back to you. connell: trying to make it work like everybody else. thank you, kristina partsinevelos. as we target the covid hot spots meantime this new studies we mentioned earlier was published in journal nature. it says gyms, restaurants, can be virus hotbeds and provides strategies to limit the spread and perhaps a reason for businesses not to shut down entirely. one of the coauthors joins us from sanford university computer science professor. we thank you for coming on. i mentioned up top, i will ask you about that in a moment, some business groups saying you dent have the right data set, questioning the methodology. my reading on this study as i kind of alluded to is that there is some balance here. this isn't saying hey, shut down

across the board. it's saying you can operate in a new way but tell us if you can what you did find in your study? >> yeah. thank you for having me, thank you for the excellent question. you are exactly right. one of the important positive take-outs from the studies it is not all or nothing type scenario. essentially what our study shows we can reopen businesses to some capacity which would bring back the customers while keeping the number of infections low levels. for example, our model, our simulation shows that if we were to open businesses to about 20% of the maximum capacity businesses would lose about 40% of foot traffic. they would still have 60% of the business but would be able to prevent 80% of full infections. really what our, what this means is, there is a very hard

tradeoff to make between livelihood of people opening businesses, public health as well as well-being of the society. connell: now, i can tell you that in covering this pandemic throughout, talking to a lot of small business, in particular restaurants, that was the industry that brought up the questions when we talked to an official earlier this hour they have a tough time operating anything below maybe 60, 70% capacity. in terms of their margins and making things work and their argument was with your data set. said it wasn't necessarily relevant. i guess they're saying people spread the virus more at home. you're looking just what happens in businesses a opposed to what is happening in home. what do you say? >> the important thing is that we covered the first area of pandemic, march to may this year. we are modeling both different places of interest like restaurants, fitness centers, so

on as well as homes, the neighborhoods people live. basically the, we find that that is also spread in, what are big inequality, what are non-uniformity in terms of how risky plays are. not the same. we're finding out actually a small sample, the superspreader sites, about 10% that account for 80% of all infectionss right? so what i tried to say there is also a big diversity in terms of let's say restaurants and how risky they are. connell: okay. again as i said up top, my read on this, you will never please anybody especially with the interests that certain businesses have but the read is, you're trying to find some sort of a balance. if you get data right we can keep living our lives around not shut down completely but snake smart decisions. thank you for explaining that. we hope you're right we can say hope in some capacity.

honoring our nation's heroes, today, starting to today the national parks service saying veterans and gold star families will have free lifetime entry to the national parks, wildlife refuges and other public federal lands. this new program waves standard entry fees to about 2000 public locations around the country, many which have historical ties to the u.s. military. there you have it. of course to all our veterans on this veterans day, we say thank you for your service. we'll be right back. ♪ ♪ ♪ ♪ ♪

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and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. ♪. connell: bracing forum pack. president-elect joe biden expected to raise taxes or try to on the nation's top earners. what could that mean for people already living in states that pay the most in taxes? grady trimble live for us in chicago. illinois certainly one of those states. grady? reporter: it is, sadly, connell. joe biden's proposing to increase capital gains, income, and payroll taxes on the highest of earners. for those who already live in high-taxed states like california, new york, hawaii, all told under a biden plan their top tax rate could increase to more than 60%. oregon, illinois wouldn't be too far behind under the biden plan. because of that, some financial

planners tell us that the big city exodus we've been seeing could act is rate even more. the pandemic already sped up that trend. people getting out of bigger cities and trying to get more space in the suburbs. a recent survey found up to 23 million americans plan to move because now they can work from home. they are not tied down to a certain area. a fifth of those people are in big cities. more than half of them are moving pretty far, more than two hours from where they live right now. businesses might be following suit as well. you know the nasdaq and other exchanges they're considering moves to texas. that would follow companies like tesla who already have decided to put a new gigafactory there. might be a little farfetched though, connell, to start packing your bags, getting ready to move just yet. any tax code changes under a biden administration would need congressional approval. so all of this could come down to those two runoffs in georgia. i will say one more thing about

some of those other tax-friendly states like florida, and georgia, i don't think they're wearing scarf and gloves right now, connell. connell: right. you can't escape those cold places whether it is pennsylvania. although we should say it warmed up at the end of the week for the election, or chicago. thank you, grady. we have new reports that say senator bernie sanders may be eyeing up a position in president-elect joe biden's cabinet. the word is bernie seeking support from top union leaders because, he would love to be the next labor secretary. with that let's bring in robert wolf, former economic advisor to president obama. former ubs chairman. fox news contributor. robert, right up front, speculative stories are written all the time in the presidential transitions. many turn out to be complete nonsense. if there is any truth to this president bide anne's supporters in the wall street world would be none too pleased. what do you think of it?

>> i think the wall street people are more focused on treasury secretary and nec than something on the labor side. that being said, doesn't seem to me bernie will be the labor secretary. tim ryan or cries chris liu, linda sanchez. california congresswoman. tim is ohio congressman. former secretary of labor, that would be more reasonable names to come to the forefront. tim is well-liked with unions in ohio. with respect to bernie, it is very similar to a lot of people are talking about aoc twitter feed where they have a bunch of progress serves being cheered upon. listen, if the democrats have a big tent, i think what your person said before, connell, to get some of these confirmations done or to get structural tax reform done, then you're making an assessment that the dems take

the senate. and right now it is 49-48. it is an uphill lift for us to win both seats. i think some of these things talked about may not actually come to fruition at the end of the day. connell: treasury, you're right would be big one on that front, who would you be passed as treasury secretary. nobody is talking about elizabeth warren that could change. seems more of a moderate voice would come in there as treasury secretary. i brought this up yesterday, i know the president-elect will never say as much he can't, he is a democrat, he was democrat candidate for president, wouldn't say i don't want democrats to take control win those two seats. how about you as someone looking at the outside as democrat, i would believe to say relatively moderate on economic issues especially? do you want democrats control of the senate or better off for president-elect biden if they don't? >> no, i absolutely want the democrats to take control of the senate because i think there is some things that we need to get done and i think that we're going to struggle get some

things done. like the cares act 4.0. that needs to be done quickly. a large infrastructure bill needs to be done quickly. i actually think we need structural tax reform. you know, to me i look at more as a patriotic tax. after every war there is taxes. literally since the american refer solution, 1776, after the gulf war, whatever it may be war is followed by taxes. we're in a war right now. this pandemic is a war. if people like me and other wealthy individuals need to pay a little more, to make sure america is back going again, small businesses are thriving again, listen, i raise my hand for that and, i would say when everyone is talking about these tax rates, you know, you have to make seven plus figures to really really have it impact you. 400 to 800,000, it goes from 20 to 25 1/2%. my gut tells me --

connell: roll back of trump tax cuts would be a little different. that effective would be a tax hike right away, if those are rolled back. that is one thing. i do not want to ask you one other question, work in your response. you know president obama very well. you worked with him, advised him on economic issues. will there be a difference between president obama's approach on the economy and president-elect biden, and if so what is it? how are they different? >> well there will have to be a difference. when obama took office it was a financial recession. this is a pandemic recession. so first the most important thing right now is reopening the economy by getting our hands around the pandemic. back with obama when i was advising him there was leverage in the system, leverage in the household. leverage with the homeowners. leverage with consumers. leverage with the banks. there was a whole de-leveraging had to take place. we had to get that right before we grew again. it's a very different recession. this one is hard and deep. that one i would actually say

was a little more broad-based. connell: interesting. say, listen, robert wolf, always good to talk to you. you disagree or agree with robert, he is one of the best in terms of setting up that backdrop, his house, jfk, the globe, everything. put a lot of time into it. >> i have -- handing baseball to each other in 1948. connell: there you go. much better in this newsroom, nobody in it which is odd every day. chipotle going all in on take-out, they are opening up the first digital only restaurant in the u.s. this weekend for chipotle. the design does not include a dining room. employees will not take orders. customers do orders on app. they are going up in urban areas that will not support a full

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♪ ♪ connell: campaigning on the big issues. president-elect biden pushed social security, talked a lot about retirement on the trail. but what will his plans mean for your future? gerri willis continues her reporting on what might be coming next. >> reporter: hi there, connell. that's right, a joe biden administration would take the reins at a critical time for seniors, that's for sure. next year, 2021, social security begins drawing down its trust fund to cover benefits instead of tapping only interest. medicare is even worse shape. in just four years, 2024, trust fund bankrolling medicare goes bankrupt. that's the part that pays for hospitalization and in-patient care. now, what does biden propose? first, his increased payroll tax for those earning $400,000 or more targets shoring up social security, but it's a short-term solution according to the experts. they say it would just kick the can down the road for another five years without solving any

of the long-term funding constraints. further, he plans to increase benefits, paying cost of loving adjustments to a cpi specifically calculated for the elderly, cpie, which will boost cost of living adjustments 0.2 percentage points, giving a bonus to beneficiaries collecting for many years. and when it comes to medicare, seniors are facing a tough squeeze. deductibles are riding quickly, up -- rising quickly, up 7% this year alone. it would also limit drug research, big change with medicare, obviously, here. he wants to expand coverage to include dental, vision and hearing and allow people who are 60 to take advantage of medicare, adding that in would cost another $250 billion a year. obviously, the republicans and democrats would have to agree on all those changes, and we don't know if that's really going to

happen. connell. connell: all right. no, we don't. but good reporting, as has been the case all week, gerri, with this look ahead to what might be ahead of us financially. gerri willis. and if that is the news "after the bell." i'm connell connell mcshane in new york. see you tomorrow. ♪ lou: good evening, everybody. the battle for the white house is intensifying. and president trump today picking up more victories along the way. president trump declared the winner of alaska, winning its 3 electoral college votes some ought days after the election. eight days after the election. frump and his campaign staff -- president trump and his campaign staff held a meeting in the white house in which one of the add visors tells us president trump looks great, is raring to go and is driving all the action. parking lot of the action he's leading includes a new vote or fraud lawsuit that's been filed in michigan.