1946 when the when the united nations. it didn't do anything. it doesn't stop mussolini's invasion of what is now ethiopia t was a disaster and fell to pieces. market in the grind, up 130 for the dow. my time is up, regrettably. who has got it right now, neil. neil: that was your first big story covering the league of nations. >> i knew you would say that. i knew it, neil. i knew it. neil: you handed me that on a silver platter. thank you he have much, stuart quick peek at the corner of wall and broad. the dow industrials racing ahead. we'll look at the president's budget when he talks about spending for the american people in cleveland, ohio, today. one of the things we learned from this, this is and really interesting element, the

assumption is based in this 6 trillion-dollar budget, the priciest in american history by far, the tax rate will start in april. it is dated to start in april. that assuming congress passes this and that is a big leap of course that it will go through, you can't hide from this thing, you can't start selling right now because the selling right now would occur in a universe of higher capital-gains tax rate. "wall street journal" was putting it here it, would already be too late for high income investors to realize gains at lower tax rates if congress goes ahead with this. so what that effectively means here is that this will might be sort of baked into the cake here and we're going to be pouring through. this it is obviously the biggest budget ever in american history. republican, democratic presidents far bigger on a percentage basis than the money we allocated during world war ii. after world war ii, some

staggering figures. the president will outline that a little bit in cleveland, ohio. edward lawrence looking at the ramifications for inflation. the argument goes the more the government spends the more it heats up the economy, the more prices go up in that economy. you're seeing it first-hand, edward edward. reporter: it has real effects. i went to the grocery store last night. this is what i bought, two steaks, ground beef, single cheese here, this cost me $70. supply shortage, packaging it is in in short supply. gas prices. costs more to get it to market. 4.1% year-over-year in inflation is seeing, it goes to bred, talking specifically about memorial day weekend, the buns 7.1%, costing more than last year year-over-year.

look at this, 8.6%. steaks will cost you more. hotdogs are up 8.2% year-over-year. american cheese, the processed cheese up 3%. very important for some people but not on the screen there, wine is up 10.9%. so i went to the expert, stan hays is a barbecue grand champion and cofounder of operation barbecue which helps provide meals after natural disasters for the best way to grill on a budget. listen. >> there is alternative meats. during this time a lot of restaurants went from serving brisket to serving you know chuck roll and finding different cuts of meat as the price continues to escalate. people will find even lesser known cuts of meat. reporter: you may have to find some alternatives and shop around. now i did ask him now that i had him, what is the best advice for grillers on this weekend? listen to this.

>> i think it starts with fuel and heat. you have to have the right heat source, you have to have the right temperature. you overcook things not generally because the fire is too hoot. you overcook things because the fire is not hot enough and you leave it on there too long. the burger gets overdone because it is not getting done fast enough. reporter: for me, what of my secret ingredients, mesquite chips. i put that the at the bottom. charcoal costs more. propane up 17% year-over-year this year. you will be paying more if you're grilling. back to you, neil. neil: let me understand this, edward, you said over 70 bucks for some. steaks, you're not thinking of expensive to us. reporter: that is going here. my burger and photographer bruno here. neil: understood.

we will follow the expense reports closely young man. thank you very much, edward lawrence. the backdrop, inflation is alive and will. whether something like we had back in the '70s, that is a big, big leap. nevertheless all the spending has a lot of republicans joe biden will be another jimmy carter. that might be a leap too soon. itch red son is in cleveland, ohio where he says that the economy is helping them in the battle ground state. reporter: good afternoon, neil that is the message according to the white house from the president. he is on his way here. he will speak here at cuyahoga community college here in cleveland, ohio. the white house message will tout what they say is economic progress in the first few months of this administration. that the president will also talk where he wants to take the economy from here. >> he is clearly talked about and remain committed to his campaign pledge of pushing for a public option of prescription

drugs, something he talked about in his joint session address and other items, not just that one. but every, every entity may not be reflected in this budget. reporter: "the new york times" is reporting that the white house tomorrow will unveil a budget that will spend six trillion dollars the federal government will next fiscal year, which includes 1.8 trillion of that going to deficit spending. the president was asked about this on his way to marine one on his way here to cleveland. he wouldn't comment on this. check out this memo, according to mike done lan a white house senior advisor, he writes, on thursday president biden will make his case about the economic path forward and do it in cleveland, the proud, blue-collar union city that built our country into the world's industrial powerhouse. he will talk about historic investments in roads, bridges, r&d, manufacturing, education we must make to create good-paying jobs and insure all americans

are lifted by the rising tide of prosperity. take a look at this pole right here. neil, you get on tv around some people like to be on lynch tv with their cars, with their voices. not the worst we've had. it is not the best. take a look at the quick poll, by the way, "fox news poll," right now joe biden on issues according to a "fox news poll" came out, the president too liberal, 46%. about right 40%. too conservative, 10%. that in the same poll about 51% ever americans feel like they're optimistic in the u.s. economy compared to 47%. approval ratings where were they last month 54% approve. 42% disapprove. we end this neil now with no more more horns. back to you. neil: rich edson with nerves of steel. president in cleveland, ohio,

outing the job growth and what we're seeing in the economy. issue i want to take up with my next guest, stacy cunningham, the president of the new york stock exchange. first woman president of the new york stock exchange three years ago this week, right, stacy? >> i guess that's right, yes. it has been three years. neil: all right. congratulations on that. i do want to get your thoughts on, i don't normally like to kick off with talking about boring old big trillion dollar budgets but this is a 6 trillion-dollar one. tucked in it, stacy the notion that the capital gains tax increase starts in april. big assumption this goes through, investors would not benefit selling now to take advantage of the lower rates still in effect. those rates would be in effect already. what do you make of that? >> this is challenge when investors don't have full information at the time of their decisions. so to apply that retroactively i do think frankly is a concern

for investors who may have thought about the impact of their trading decisions. it was fun to hear, seeing the barbecuing, see being traffic picking up in cleveland, ohio, things are feeling like they're coming back to normal. i'm choosing to focus on the optimistic part of where we are in the economy right now. neil: i think you got that right. a lot of this is reflective of a improving economy. you can talk about shortages and all the rest but there is great demand as people come out in this country. where do you draw the line between that and something akin to what we experienced, you know, decades ago? >> yeah, certainly think if we learned anything from this past year we were surprised by a lot of the things as they have unfolded. so i don't think we put too much focus on these short-term trend. we saw in the spring that the market was completely shut down. it turned out that the capital markets had its busy evident year ever. as we're looking at the economy, a lot of money coming into the economy.

a lot of small businesses most impacted are starting to recover recover and a beneficiary of a lot of those dollars. i wouldn't predict what happens in the short term. the fed will monitor the situation and make the policy decisions they deem appropriate. neil: you know, does it matter from your purview heading up one of the biggest exchanges in the world whether jerome powell stays on at the federal reserve as chairman? there has been a back and forth on this. that he might be ironically default choice to stay in the job, which is a big turn around from his fortunes under donald trump when it looked like he was going to go. is it important to you that he stay on the job? >> we celebrated two weeks ago our 229th anniversary at new york stock exchange. we lived through all sorts of administrations, all sorts of leaders. we have good working relationships with our government regardless who is in the seats we work together on making sure our markets continue

to be the world standard. we'll do that no matter what comes our way. we know how to navigate all sorts of environments. neil: all right. because the former federal reserve chairman janet yellen and treasury secretary talking about global minimum tax. talking about the need for more spending that it would be justified and help the economy. do you agree with that? >> i'm focusing on what we're celebrating with the economy. it is opening up. we have literally 200 people here today celebrating the ipo of figures. they have health care workers outside. those are the signs i'm looking at people are excited looking at what is happening. they're literally dancing in the streets. it is a great moment to celebrate our health care community because they're the ones that got us to the point we're talking about whether or not inflation is a risk. we wouldn't be in a position of such strength if we didn't have those supporting us over the past year. so i'm confident that we will navigate what comes our way over the next year just as we have up

to this point. neil: all right. will the dancing continue if we do face higher taxes? you have been concerned some of the charges elizabeth warren have made of financial institutions saying it is like a casino atmosphere. you quickly countered there are rules and regulations in place, actions in place that do not make it a casino environment, talking particularly about the exchange, that is prevailing view among many on capitol hill especially given how the big money investment banker types were sort of harpooned yesterday in the senate and today in the house. are you worried about that message that is coming from washington that they're being targeted? maybe by extension so is wall street? >> our markets are important for all investors so it is not a casino. if you think about an investor who makes small, short term investments in the market over time, they're going to win. and that is very different from how it works in a casino if

you're making small, you know, small bets in a casino over time. you're most likely to lose. the markets are very different. we want the investors to be well-educated. it is important we act, all of us in leadership positions across our financial markets, that we act responsibly and make sure we're putting in appropriate regulations to protect investors. i focus every single day on balance between investor opportunity and investor protections. that is my job. that is what we always have to be focused on. when we consider policy decisions we need to recognize unintended consequences that come with them. some of the policies you referenced that i have been against are things like a tax on transactions. we need to understand who ultimately pays that at the end of the day. it is those investors we're trying to protect, those end investors. consequences are, you know, they're a fact of decisions that we make, whether tax policy or others we need to make sure we're not losing site of who are

our markets are for. the capital markets led the growth in the country over the past two centuries. we don't want to give that away. even if we have food intentions we need to understand the risk, if we take actions that drive a lot of other investment into those locations. neil: you were mentioning that financial transaction tax new york was kicking around, new jersey, as well, you would move if it came to that. do you mean that, if it came to pass you would bolt? >> we would do what our customers asking us to do. it is not a tax the new york stock exchange would end up paying. it is a tax for the end investors. if the tax our customers say we should move in order to give our customers a better experience we absolutely would consider doing that. not because we want to but because there are consequently to policy decisions. we are constantly looking at states that might have tax friendlier locations for back up facilities and others. we would love to stay in

new york. i want to keep the new york stock exchange in new york city. that is our goal. neil: all right. but if this became a federal issues, some on capitol hill talked about such transaction taxes, elizabeth warren among them, bernie sanders, then, you would have to move from the country? >> well investment certainly runs the risk of moving. we've seen it. if you look at the top 10 ipos over the past three years, only two of them happened in the united states. we should not take our position as the primarily financial market for the world for granted. there is a risk that investors will find access to opportunities. those are opportunities are outside of the united states. those dollars will find their way there. we have seen time and time again that financial transaction taxes don't work. that investors find their ways around them by moving into less transparent, exchanged products, moving geographically into other locations. those are the type of consequences we need to acknowledge are real if we make

decisions around policies like that. neil: while i still have you, stacy, last minute, bitcoin alternative investment, tradition bashing rogue investment. carl icon among the latest to say that the cryptocurrencies interest him in a big way. commit ad billion dollars to it, you know, only days after ray dalio said he would rather own bitcoin than a bond, is this a threat to the new york stock exchange? is this a threat to traditional stock investing? >> certainly an emerging, it is an emerging product that many individuals are investing in. many of the brightest mind in finance r looking at more closely. we do know as products like this continue to grow, regulators in the government will look at what are the appropriate guardrails we have to protect investors. the way about it coin works today, blockchain technology

under it. it couldn't process 230 million message west process on a busy day here at the new york stock exchange. i don't expect it to be displacing us in that way. i certainly think it is something that will continue to grow. it is not over but i also expect the regulators and the government to take a look at it and view whether or not there are appropriate guardrails on it. neil: because investors seem to think that coinbase which is a market of all things crypto, for a while had a value well north of intercon menial stock exchanges, the new york stock exchange parent. that doesn't make sense but it is what it is. are you worried about that? >> i'm not worried. investors have goals for the lodge term and i'm not worried about the value we continue to provide to issuers, to their investors, the new products we continue to design and launch so that we're giving investors access to more opportunity than they ever had. i'm excited about that i'm excited about where we are

today, the fact we're celebrating the one-year anniversary of reopening after being closed in the midst of a pandemic. i'm optimistic about where we are, both at new york stock exchange, for new york city, for our country more broadly. i'm focusing on the good stuff. neil: all right. as you should. that is a good view of things. stacy cunningham, president of the new york stock exchange. have a wonderful weekend. meantime here, the dow up about 140 points. we'll be talking a little bit about this bitcoin phenomenon right now. some of the investments that have been poo-pooed last week at this time that are now coming back in vogue because hotsy-totsy credible figures in the world are saying about it coin is not dead to us. after this. ♪.

in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything.

like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it.

♪. neil: all right, all anyone is talking about right in washington. that is the administration about-face looking into the origins of the covid virus, particularly what might or might not have happened at the wuhan lab. the very latest from gillian turner, where this goes from

here. hey, gillian. reporter: neil in very bankrupt about face the president biden is giving the intelligence community 90 days to investigate and determine whether covid-19 originated in a lab ininside of wuhan, china. his public health officials are for the first time saying this is a real possibility a year-and-a-half into the pandemic. take a listen. >> you gave them money, say don't do gain of function research? >> correct. >> you have no way of knowing whether they did or not except you trust them, is that right? >> well we generally always trust the grantee to do what they say. >> have you ever had a grantee lie to you? >> i cannot guarranty a grantee has never lied to us because we don't know. reporter: until tuesday the white house insisted the wuhan lab leak theory is likely --

unlikely. they said they would let the w.h.o. organization to have a look. now the tide is turning. >> we participate in a full, transparent, evidence-based international investigation with the needed access to get to the bottom of a virus that is taken more than three million lives. reporter: the president says that right now the intelligence community is dive vieded into those who believe the virus occurred naturally and those who believe it leaked from this lab. lawmakers though and intel analysts say they don't have a lot of confidence in either theory because china has blocked any serious investigation. listen to senator blackburn. >> the wuhan lab would not let the americans, the w.h.o., anybody in that lab for months. they didn't want anyone to know what was going on there. reporter: amidst all this neil, the world health organization is now revising its own tally of

global deaths due to the covid outbreak. originally up until now they have been saying 3 1/2 million. they're now estimating that number is somewhere closer to between seven and 11 million deaths worldwide. so the big obvious question is, how do you hold them accountable if that's the case? neil. neil: very good point. thank you very much, gillian turner. we want to go to rebecca heinrichs on all of this, the hudson institute. rebecca, the world health organization doesn't come out smelling like a rose in all of this. if you think about it, up until now, just days ago the administration had been relying on the world health organization to explore and investigate the origins of covid t seems to be bypassing them in favor of u.s. entities, not the world health organization. what do you make of that? >> right. the world health organization, neil, has demonstrated itself to be not trustworthy, to be run-of-the-mill corrupt but also

favorable towards the chinese narrative throughout this pandemic and so it is concerning that the w.h.o. would ever come out with anything even smelling definitive when the scientists working for the w.h.o. know that they did not have full access to the lab work that they needed, the documentation that they needed from the chinese government. and the chinese government has been blocking clear access that is needed in order to know anything with any certainty. neil: so 90 days from now they have to have this report out on its origins, right? let's say the report concludes much as you hinted, the chinese are hiding something. this did potentially, not necessarily deliberately you know, break out from a lab. the chinese ignore it. say there is no truth to it. it is about the u.s. trying to politicize this as they already said, where does this go?

>> well, i can predict now, i'm not one to predict but i can predict the chinese government will 100% reject any kind of american conclusion, even that we believe it is likely that was not organic origin coming from bats happening in nature that jumped to a person. in fact there is plenty of missing evidence that, if that is what happened, we would have found it happening in nature. we have not found bat populations that have the virus. the chinese government has not provided researchers, international researchers with lab work that would indicate that is where it came from. so the chinese government is going to disagree with anything that implicates them and, another point, at this point the chinese communist party behavior, onus is than them to show us what they have. to prove it might not be a leak from the lab. they're increasing looking not just negligent but there is

something nefarious going on here. if i were them, this is not what it seems to be, they should be going out of their way to prove it to us. neil: rebecca heinrichs, thank you very, very much. all right in the meantime here i wanted to draw your attention to these higher prices going up as you get ready for the big holiday weekend. i hope you already arranged to rent a car flying somewhere, because good luck finding one now. we're all over that after this. i became a sofi member because i needed to consolidate my credit card debt. i needed just one simple way to pay it all off. it was an easy decision to apply with sofi loans, just based on the interest rate and how much i would be saving.

there was only one that stood out and one that actually made sense and that was sofi personal loans. it felt so freeing. i felt like i was finally out of this neverending trap of interest and payments and debt. ♪♪ - hello, friends. michael youssef here. you know, the right says that christ was conservative. the left says christ was radical, but christ is the creator, god in human flesh, and he's the only one who can give you peace, and he wants to give you that peace, eternal peace. will you come to him? - [woman] are you looking for peace that can withstand any hardship that life can bring? visit findingtruepeace.com to find answers.

that's findingtruepeace.com. trelegy for copd. ♪ birds flyin' high, you know how i feel. ♪ ♪ breeze drifting on by you know how i feel. ♪ ♪ it's a new dawn... ♪ if you've been taking copd sitting down, it's time to make a stand. start a new day with trelegy. no once-daily copd medicine has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. take a stand and start a new day with trelegy.

ask your doctor about once-daily trelegy. and save at trelegy.com. (vo) ideas exist inside you, electrify you. ask your doctor about once-daily trelegy. they grow from our imagination, but they can't be held back. they want to be set free. to make the world more responsible, and even more incredible. ideas start the future, just like that. ♪♪ (vo) the rule in business used to be, "location, location, location." now it's, "network, network, network." so you need a network that's built right. verizon business unlimited starts with america's most reliable network. then we add the speed of verizon 5g. we provide security that's made for business and offer plans as low as $30 per line. more businesses choose verizon than any other network.

we are open and ready for you. (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. neil: all right. if everyone is leaving california why are home prices

rocketing in california? it is a riddle within a conundrum i guess. we have connell mcshane in eagle rock, california, with the latest what is going on there. what is going on there, connell? reporter: neil, hey there. i specialize in conundrums. that is weird, all you hear about people leaving the state, the exodus. we talk to realtors say we never have seen a market like this even with that all going on apparently. not everybody is leaving town. take a listen. >> for every family decides to leave california, they put their house on the market, there are probably a dozen or so people that want their property. reporter: yeah, it is like a supply and demand situation. snow you this house. this is gorgeous in the hills outside of eagle rock outside of los angeles. it is a nice small house i would describe it. everything is new appliance wise. dining room over here. fireplace over here. it is pretty small. he only a little over 1100

square feet. when they listed it they put it up for $899,000 and here's what happened. >> we had over 30 offers. more than half of our offers were, i would say, hundreds of thousands of over asking. i couldn't even counter everybody because it was just too many people that wanted this property. reporter: crazy. hundred of thousands over asking. it is going to sell fair to say for well over one million dollars. that is kind of the norm, not only in this neighborhood but other areas of california. southern california home prices went up last year on average over 20%. you know, it shows no sign of slowing down. we're at a record high with the real estate market out here despite the fact that some people are choosing to leave the state. so i guess both things can be true. it is crazy. neil: that is wild. connell, thank you very much. connell mcshane in california. that is one for the go figure

department. ray wong here to help figure it out. scott martin here to help figure it out as well. good to have you here. ray, first to you what is happening in california. demand is demand. even in a state with high taxes all these other issues, it is not hurting real estate. inin fact, may be helping it, i don't know. but what do you think of that? >> what's going on is the millennial migration from our ban cores. they are having family. they're getting married. they neat a lot more space. the second is the there is a supply issue. there is a war on the american dream which is a single family home. there is everything being done to get rid of single-family homes. people want a house and a yard. the last piece is the unions are tacking on tons of legislation on bills to actually require union labor. we've got a labor shortage for construction. so that is driving up the cost, those three factors.

neil: you know you hear anecdotal evidence too, scott of some, you know, hopeful homebuyers offering anything and parties for the seller to incentives and tickets to baseball games just to give them an edge here. it sounds a little frothy to me. it is more anecdotal than it is nationwide. hardly rule of thumb. but does that worry you, that nature of this? >> well if that stuff is out there, neil, i will sell my house later today because i love parties and i love ball games. look, it shows you how crazy it is out there, to ray's point, as far as how much this battle, i think was the word he used is going on between buyers and sellers. now in the case of california, i think, as was pointed out, this could be kind of a concentration issue too of certain areas being hotter than others. somewhat real estate is lagging in some of the price corrections likely to happen in california going forward when things

happen. let's say the governorship doesn't turn over as some of us expect it to in politics don't change, you're right, there are a lot of tactics going on now in the sellers market or buyers market really get any edge possible. how many times you are hearing from friends and colleagues buying homes before they come on the market on the mls, they pick off a pocket listing before they even list it publicly. neil: that is not counting for close to 6% of all sales, they never even got to listing. ray, let me ask you about something else going on in washington in this environment. not only all the spending but all the taxing with it. part of it was janet yellen, treasury secretary talking about beefing up the irs so they can get more tax dough out of folks. listen to this. >> irs is in need of additional resources too. over the next 10 years the american people could see

roughly seven trillion dollars fall through the cracks in our tax system. why? because many of the country's wealthiest taxpayers do not pay their full tax bill. the irs is not nearly staffed up enough to insure compliance. neil: all right, my immediate reaction to that, ray, let's say even triple the budget for the irs to 30 plus billion dollars, you're justifying that it could get you $7 trillion, sign me up for that, if you can make that happen here. but, it does have a bit after stretch feel to it but what did you make of that? >> it is definitely a stretch. i mean we need a fair tax system. if we get rid of all the important incentives and all special rules, deduction favors, go to a flat tax, wouldn't have the problem. people would pay it. the challenge we've seen the abuse of the tax system over the past 20 years by the government using that for going after political issues. that is a big issue.

but the challenge really is, can we get to a tax system that is efficient, that actually represents what it means, you're getting the right amount of spend and right amount of benefits. we're spending beyond our control. so good luck f you're going after the crypto traders might catch some things there might catch things in other weird deductions. it's a big stretch. we should get to a much more efficient flat tax system so everybody pays what they need or not complicated made a mistake, i made this deduction because this other deduction because i didn't understand it. neil: you know, scott, i would be remiss if i didn't mention this other development on the president's budget. he will sort of outline officially tomorrow what we're getting hints of it today, $6 trillion, the biggest budget we've ever seen in united states history but there is a interesting wrinkle to this. reports that are built into that budget is higher capital gains rate, taking effect in april. in other words, if you wanted to sell your big winners and this goes through, it's too late,

you're going to be taxed at that higher rate, at least richer investors which would be you so how do you feel about that. >> hopefully me if things continue to go well. look, to me through the tax system right now is the capital gains rate because the stock market perform hands has been really good thanks to large and small businesses out there, no thanks to the government and all their help they're providing but the administration sees it as low-hanging fruit. no shocker there that capital gains will being taken up. with respect to these wrinkles in these numbers, the numbers are shocking neil. more than world war ii costs. inflation adjusted by the way, that's frightening. i don't believe that number being as low as it is for a second. we've seen these numbers from d.c., the new administration inflate rapidly over the course of the last 100, 120 days. reality we would be lucky if the number is that low going forward what they will spend going forward. it has to be a lot higher and we

have to be ready for it. neil: you're right about that. it usually starts out lows eye-popping as first numbers are but they end up getting much higher. thank you gentleman, we'll watch it. we'll watch the fallout. fit is unnerving traders at the corner of wall and broad. a lot already might have left for vacation. i just hope they have arranged a car rental to when they get wherever they're going because they're hard to find. let me adjust that. they're impossible to find. ♪.

[typing sounds] [music fades in] [voice of female] my husband ben and i opened ben's chili bowl the very same year that we were married. that's 1958. [voice of male] the chili bowl really has never closed in our history. when the pandemic hit, we had to pivot. and it's been really helpful to keep people updated on google. we wouldn't be here without our wonderful customers. we're really thankful for all of them. [female voices soulfully singing “come on in”] in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

everyone remembers the moment they heard... “you have cancer.” how their world stopped and when they found a way to face it. for some, this is where their keytruda story begins. keytruda - a breakthrough immunotherapy that may treat certain cancers. one of those cancers is advanced nonsquamous, non-small cell lung cancer where keytruda is approved to be used with certain chemotherapies as your first treatment if you do not have an abnormal “egfr” or “alk” gene. keytruda helps your immune system fight cancer but can also cause your immune system to attack healthy parts of your body. this can happen during or after treatment and may be severe and lead to death. see your doctor right away if you have cough, shortness of breath, chest pain, diarrhea, severe stomach pain or tenderness, severe nausea or vomiting, headache, light sensitivity, eye problems, irregular heartbeat, extreme tiredness, constipation, dizziness or fainting, changes in appetite, thirst, or urine, confusion or memory problems, muscle pain or weakness, fever, rash, itching, or flushing.

these are not all the possible side effects. tell your doctor about all your medical conditions, including immune system problems, or if you've had an organ transplant, had or plan to have a stem cell transplant, or have had radiation to your chest area or a nervous system condition. today, keytruda is fda-approved to treat 16 types of advanced cancer. and is being studied in hundreds of clinical trials exploring ways to treat even more types of cancer. it's tru. keytruda from merck. see the different types of cancer keytruda is approved to treat at keytruda.com, and ask your doctor if keytruda can be part of your story.

♪. neil: all right. you one of these, you already got your tickets, you got everything you need, hotel

booking, wherever you stay on a vacation you will rent a car when you get there, well good luck on that front because they're almost impossible to come by. lydia hu with more from paramus, new jersey why that is. reporter: hey, neil, as travel is picking up we're seeing demand for rental cars. aaa predicts that 37 million americans will get out of town this weekend for the holiday. most of them are going to do that by driving. more than nine in 10 will hit the road. we're seeing that rental car companies are starting to run out of in some really popular destination areas like florida, montana, hawaii. even alaska. also if you already booked a car, probable that you probably paid more than you would for a tim cap year. the national average of a daily rate is $134 a day. this is partly driven because inventory is short right now. a lot of rental car companies

sold off fleets last year, slow to replace them with new cars because of the ongoing chip shortage. watch this. >> we're looking at a cascading problem where the entire country may be completely sold out of rental cars. i think it will be especially challenging as we get into june and july and august. reporter: now time prove your chances of getting a rental car maybe not this weekend because you might be a little bit late, moving throughout the summer we don't expect the problem to go away anytime soon, experts say stay flexible on your travel date, if at all possible. enjoy the travel programs because they can offer discounts. check out rental car facilities away from the airports because those facilities might have pricing, more selection or availability. i will tell you, neil, we're in paramus, new jersey which is 30 minutes away from newark international airport and i checked the availability for cars for this facility for this weekend, they're sold out.

probably the best tip is to book early if you know you will need one. neil. neil: or walk when you get there. there is that. lydia, thank you very much. lydia hu on all of that. we've been telling you a lot about infrastructure spending all that is being planned. republicans have a plan. it is already being criticized because they say that as democrats that is too cheap. trillion dollars. that's too cheap. i remember when a trillion dollars was serious money. after this. ♪.

♪. neil: all right. back and forth on that infrastructure measure, kind of like when you're negotiating you know, buying a house or something, of course these days it's a very different environment there. the biden administration, roughly 2 1/2 trillion. republicans countered no more than $600 million. administration knocks it down with 1.7 trillion. the republicans counter with a 1 trillion-dollar measure or close to it. that is where we stand right

now. cynthia lummis, republican from wyoming weighing in on where this stands now. senator, are you betting the two sides will come closer together or will we be still far apart? >> now that the republican negotiators met with president biden's staff, coming to somewhere around a trillion, we're waiting to hear will president biden accept that? we haven't heard from president biden on this. we only heard from his staff. so when republicans are negotiating with staff members, and we haven't heard from the president, it is hard to know whether we're closer or not. neil: all right. now, your package doesn't include any tax increases. the administration said that is unrealistic i know. part of it relies on user fees and existing funds out there, the white house said it is unrealistic, what do you think about it? >> neil, so realistic to use monies that were appropriated

for covid will not be used until the out years. so raising taxes for no good reason other than to suggest that, gee, we were not wrong when we overspent in the last covid bill, is going to be a sticking point between republicans and democrats. republicans are not going to reopen the 2017 tax bill. neil: you know, i know republicans have been keen to criticize all this spending but, i'm not criticizing you per se, senator, but hardly an alien concept in the prior administration where deficits and debt was building year in and year out as it was the administration before that. so you're hardly in the choir seat here. so how do you answer critics who say republicans are fine ones to talk about going crazy on deficits? >> yeah. i would say guilty as charged. republicans in the last four

years were also overspending, even before covid hit. and so when you had republicans spending massive amounts of money, then had to spend massive amounts of money during a global pandemic and a terrible crisis for our country, we didn't have any runaway left to take off on. so now here we are, trillions of dollars out of whack. we're looking at 30 trillion in debt. the thing i worry about, neil, is now the congress has gotten so used to the "t" word, trillion, that they don't even think it is that much money. the concept of a trillion dollars is unfathomable. now we're kicking it around to where if you add up what the biden administration is proposing it is $7.1 trillion. that's more than it cost the united states to win world war ii. these numbers are astronomical. they're unrealistic, they're

unsustainable and republicans have to say, mea culpa. we messed up. we spent too much money too. let's get our wits back about it and go work on the debt. >> all right. we'll watch it closely, senator loomis thank you very much for take the time. we don't know exactly where this goes. the biden administration is sort of detailing a lot of this year, but comes in the backdrop of a six trillion dollar budget that will be officially debuted tomorrow. a lot of taxes built into that, including capital gains at a higher rate there already would take effect as of now, that higher capital gains rate, that is targeted at the rich would be effective in april. which means that if this gets passed, it is a done deal. you can't sell your stocks now if you're trying to take advantage of the lower tax rate right now anyway. ♪ plans for the long term,

and plans for a long weekend. assets you allocate, and ones you hold tight. ... or visit thrivent.com. ♪♪ (vo) the rule in business used to be, "location, location, location." now it's, "network, network, network." so you need a network that's built right.

verizon business unlimited starts with america's most reliable network. then we add the speed of verizon 5g. we provide security that's made for business and offer plans as low as $30 per line. more businesses choose verizon than any other network. we are open and ready for you. i knew about the tremors. but when i started seeing things, i didn't know what was happening. so i kept it in. he started believing things that weren't true. i knew something was wrong, but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia related psychosis. and is not for treating symptoms

unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your healthcare provider about nuplazid. do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. our friends sold their policy to help pay for their medical bills and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned that we can sell all of our policy or keep part of it with no future payments, who knew? we sold our policy. now we can relax and enjoy our retirement

as we had planned. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance. neil: all right, i do not know what your plans are for this memorial weekend but it will be as close to or almost business as usual, as anytime during the better than 14-month long pandemic. a lot of cities and states are opening up at almost full capacity and a lot of that will take effect as soon as next we're. we're already getting word that disneyland plans to open itself to out-of-state guests on june 15 and beef up the number

of people that can enter the park park in disney world and sea world and universal on both ends of the united states coast so what to make of that as a lot of doctors still say to play it safe, honor distancing rules, be careful out there. steve harrigan in atlanta with more on that. hey, steve. reporter: neil, the director of the cdc is giving the green light to people who have been fully vaccinated for this memorial day holiday saying they can gather safely without masks, with friends and family, for those who are not fully vaccinated, she said that the rules still are in place, about wearing masks and social distancing. >> tens of millions of americans are able to get back to something closer to normal, visiting friends and family. these are the events we lost over the last year and we are now ready. reporter: seven states with

republican governors that is restricting the use of vaccine passports, governor kemp in georgia says that he encourages people to get the vaccination but in ohio has begun to handout awards from its vaccimillion program trying to encourage people to get vaccinations they awarded one woman in the lottery $1 million and one young boy a full four-year school edge scholarship and the program is already paying dividends. >> to get more people vaccinated and also to get people who might eventually get vaccinated, get vaccinated a lot quicker. we're getting a lot more people vaccinated because of this lottery, and we've seen the number of people get vaccinated go up about 45%. we were going down, down, and now we're moving up. >> i'm pretty surprised about it and happy and thankful. reporter: states are already following suit. new york is raffling off 50 full

college scholarships over the next several weeks to try and encourage teenagers to get the vaccine. neil, back to you. neil: you know what i always wonder, steve, all these people who did that got their vaccinations earlier and they're hearing of these people winning these lottery prizes, getting tuition breaks and they probably thought i should have waited, right? reporter: that's right, neil. neil: yeah, it's a very kind response. steve, thank you. you're the best. steve harrigan in atlanta. he wasn't going to take the bait i wanted to trap him but he's too good for that. these guys are pretty good, mike murphy, founder and managing partner, carol markowitz, new york post columnist. guys welcome to both of you. all these incentives are to steve's point doing the trick and getting people to get the shots they need, but i'm sure while it's boosting vaccination rates it's also ticking a lot of people off who didn't take advantage of that, but carol, i guess it's working, what do you make of it?

>> i mean, i think people who already got the shot and didn't get their lottery ticket or whatever should just get over it. obviously, and you know, the point is is that we can all move on, but i do think it sort of sets a bad precedent to give people things, to do things that we think they should do, especially for younger people, i think that for every shot they are going to have to take in their lives a booster or whatever like where's my lottery ticket or scholarship money, so i'm not sure that it's the best idea going forward, but if it's working, i'm happy to hear that. neil: well i know mike murphy has some wonderful children, he is telling them let's just wait this out, guys and see if we can milk this for what it's worth. mike, what do you think of this effort to incentivize people to get this? i mean, it is having the desired effect, i'm just wondering are we close to that herd immunity now? does that even matter? i mean, obviously what's going on in this country is better than what's going on in a lot of other countries so somethings

going well. >> yes, great to be here, neil. i think the incentives are working, so my six children, three of them had covid. none of them have been vaccinated yet. i think my oldest is going to college in the fall and i think they may require the vaccine for the college, but we haven't heard that yet, but i think this is a very unprecedented move with all these incentives for people, but we're coming out of a very unprecedented time. this was really tough on our country, and i'll support the incentives if it gets people to stop having to wear masks, to stop having to stay in their homes, if we can get back to life as it was, then we can get back to the economy booming on all cylinders as it was and people going to work and people buying homes and people spending money, then i'm all for the incentives if it gets us there quicker. neil: you know, the irony is now as everything gets back to

normal guy, and i'll raise this with you first, carol, japan summarier olympics which were delayed from last year, because of covid, might be delay ed, if not outright canceled this year, because of growing opposition to having them in japan this year. what do you make of that if the games are off at this stage? >> well, i think america is moving along really fast in the vaccine process and a lot of other countries aren't. i think when we look at the world and what's happening in other country, we really haven't heard that much throughout the whole pandemic about what other countries are doing, how it was going. you occasionally heard about a country doing amazing but then you'd never hear when they had an inevitable spike and i think that while america might get back to normal sooner rather than later, i think a lot of countries around the world are going to take a little longer and it's just unfortunate, but i think that's the case and i think that's probably what's going to happen with the games.

neil: i'm just curious, a dad of six kids, do you change your plans or alter them, depending on how you're going to do vacations with or without the family? how do you just as a dad make those arrangements? >> yeah, i think, neil, well just for us, i was at maddie madison square garden last night, it was packed, it was as loud as i can remember. we're going on a big family vacation. my wife and i, 20-year wedding anniversary that was supposed to be last year, so the whole family is traveling to europe next month to celebrate that, so we're kind of, my wife is vaccine vaccinated, i'm vaccinated, it's back to life as it was in the murphy household. neil: i like that because i'm going to be very different with it, mike. the kids are going to get up one morning and go where are mom and dad? >> [laughter] neil: mike, carol, thank you both very very much on this. i want to keep you with stuff going on in washington d.c. as

well. janet yellen, the treasury secretary, was talking about the economy, talking about inflation, she's not worried about it, talking about right now bitcoin, not too concerned that it's going to run amuck but it's what she had to say about the irs ands some other things that raised some eyebrows because she's in that small group of people possibly being considered to once again return to the federal reserve and head it, remember with donald trump passover reassure pointing her in favor of jerome powell, anyway, hillary vaughn on capitol hill with much more on what she had to say. reporter: hey, neil well the bigger government gets the more it costs taxpayers but you also need more money to give away more money and that's needr next year, because she needs more cash to implement new programs that congress has tapped them with, like paying out the child tax credit, like a monthly allowance for families. today, yellen also did not ignore the fact that inflation

is here, but she told lawmakers she doesn't think it's here to stay. >> the recent inflation that we have seen will be temporary. it's not something that's index ic. i expect it to last; however, for several more months and to see haiyan you'll rates of inflation through the end of this year. reporter: yellen says they need to put in place a global minimum tax as well, so that essentially countries are all locked in to the same rate and corporations don't have incentives to look overseas for tax breaks. >> what we want to avoid is companies moving their operation s or moving their accounting and profits to take advantage of shelters. reporter: yellen was also asked a it lot about how beefing up the irs with a super-sized team of auditors would actually work. she promised they wouldn't go

after any individual making under $400,000 a year, but would target, instead, rich people and corporations. she says they want to try to go after what she says is $7 trillion left on the table that she thinks is what the irs is owed but that the wealthy are weaseling out of paying, and neil, she said today, she even wants to use artificial intelligence to help beat this new team of auditors go after the rich, and corporations neil? neil: i had a feeling it wouldn't end with the rich. all right, thank you very much for that, hillary vaughn. good thing i didn't say actually goodbye to mike murphy and carol markowitz, because they are still with us and i apologize for the confusion before. mike, you heard what hillary was outlining here and all of the stemming involved and beef ing up the irs. one of the things that janet yellen said was that a few billion dollars more for the irs can really go a long ways for getting trillions back from

tax cheats. do you buy that? >> you know, i don't, neil. i think we saw under under the obama administration where the irs was used as kind of a police force, and kind of it appears as though it was used by one side, against another side, so i think the irs should continue to do their job, obviously, but it shouldn't be weaponized, and i think that's the road that we're going down. it's trying to use it as some sort of secret service police force, and i just don't agree with that because once we start going down that road, neil, i don't know where it ends. neil: well, you know, history bears you out, carol i'll raise this with you. i remember when they pushed the alternative minimum tax to zero in on those greedy rich, we're not paying all their taxes it snared a lot more than just the greedy rich to fully a third of all tax paying households and i'm just wondering, the metrics or whatever you're using in that higher and more budget-

minded attempt to expand going after tax cheat, that's a metric that you're going to use on everyone. in other words, the numbers that you think should justify how much you're giving to charity et cetera that would extend to someone earning $1 million to someone earning $10,000, so i'm not sure people are aware of where this goes. >> yeah, absolutely. i think oftentimes when you start with targeting the rich it does end up expanding to everybody else, and i think the irs is sort of, you know, an agency that a lot of people don't trust for good reason, and it's a really merky agency where we don't really know what the rules are behind it or like how it works, and i could absolutely see this being extended to other people. i think the funny thing now is the amount we're spending is why are we paying taxes at all? why don't we just trim more money the way we've been doing it? apparently that seems to be the process that our government wants to take.

what's the point of taxes at all neil: that's a very valid point especially when i look at it'll be detailed tomorrow, mike, but the president's $6 trillion budget, we've never seen anything that big in american history, but there are a lot of features to this which will be detailed tomorrow but i want to get young protesters r thoughts, mike, on a feature that includes the capital gains tax going into effect in april. in other words, built moo into these budget assumptions is revenue you'll get from the higher capital gains tax already so if that were to go through, then for those looking to sell high-flying stocks right now, before the tax kicks in, its kicked in. >> yeah, it's amazing how that works, so i think the market has kind of digested this already, neil. we had a sell-off kind of that i think was spurred partially by the idea of a higher capital gains tax a couple of months ago , but i think now, we've come to grips with it and i think

what it's going to do is for some people to look to sell before it goes into effect but to stop that, it goes into effect retroactively, so i guess there will be less selling coming into the market and maybe it just simply means that people hold more and there's less trading going on. i'm not really sure, but again, it comes down to just raising taxes or disincentivizing people to be active participants in the market. i just would take the other side of that. i don't think that's the way to spur the economy and to get economic growth at all, and i think history kind of proves that out, so hopefully, there's a pushback on this and this isn't the final wave that the bill goes through. neil: yeah, wall street might bear him out, carol, for the time being because if it were worried about this already taking effect or having an effect, it's not showing, and now that could change, but what do you make, is wall street

right? by extension essentially is michael right? >> i think that they political ly understand that it's going to be a tough sell, and so i think wall street is just counting on it not going through , but the biden administration has a really tough spot where they have a very small majority and what they do want to push through will be really tough to accomplish, and i think wall street recognizes that. i don't know that they are afraid of what happens here, because it might not happen. neil: all right well put. guys i want to thank you both, we're following some other developments including some interesting trading in amc, of course the big movie company here. its shares up north of 20%, maybe a short squeeze, i don't know exactly what's going on here, but remember, these are part of those stocks where those who are bullish, or going against those shorting a stock were diving into sort of wipe them out and then appears to be happening here. of course it could be a

justifiable reaction to people returning to movie theaters and this is maybe a disproportion at response but having said all of that, amc is up close to 25%. more after this. lately, it's been hard to think about the future. but thinking about the future, is human nature. ♪♪ at edward jones, our 19,000 financial advisors listen and work with you to create personalized investment strategies to help you get back to drafting dreams

and building your future. edward jones. it is time for investing to feel individual. that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum!

in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. new projects means new project managers. you need to hire. i need indeed.

indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it.

i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. neil: i think they just made a big old about-face, it concerns this whole ban on those who are arguing that covid started with humans triggering it, particularly in china. now, it's a little different. jackie deangelis has a lot more on all of that. reporter: hey, good afternoon to you, neil. well let me start by reading you a statement that facebook issued last night to fox news. a spokesperson said this , "in light of ongoing investigations into the origin of covid-19, and in consultation with public health experts, we will, no longer, remove the claim that covid-19 is man-made from our apps, and while that was what facebook was accused of doing, its fact checkers were banning posts that suggested that

covid-19 might have come from a laboratory, even as new evidence suggests that it could actually be a plausible argument. neil we talked about this yesterday, facebook never responded me with a comment for air, and then it released this statement last night but it brings us back to this question. should companies, like facebook, be able to have influence on messaging in this way? let me give you another example. youtube, there was a mom in georgia who in a video told her kid's school board that she felt that the mask mandate for children was inappropriate. youtube blocked the video stating that it violated the site's community guidelines, as well as its medical information policy. on this specific case, youtube said this. youtube has a clear community guidelines in place to prevent covid-19 medical misinformation. in accordance with our policies we removed this video for including the claim that children are not affected by covid-19. well, i couldn't actually watch the video but it's my understanding that that's not what she was saying. she was just saying they weren't at risk in the same way that

adults were. but moving on we also asked youtube about the claims that the virus was manmade and youtube said well we're not blocking those right out, out right. we're not doing that, but if they do violate our harassment policies or other policies then we can take them down, so back in my law school day, neil, they would call that a circular argument. neil: hmmm i like that jackie thank you very very much for that. we've been talking a lot about in population. we always like to remind people that inflation only happens when you agree to pay the higher prices, and don't stop. well that's where we stand right now, but for how long? after this.

(vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. trelegy for copd. ♪ birds flyin' high you know how i feel ♪ ♪ breeze drifting on by you know how i feel ♪ [man: coughing]

♪ it's a new dawn, it's a new day... ♪ no matter how you got copd it's time to make a stand. ♪ ...and i'm feelin' good ♪ start a new day with trelegy. no once-daily copd medicine has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. it's time to start a new day. ask your doctor about once-daily trelegy. and save at trelegy.com.

neil: all right, republicans have been criticizing his spending, but the president says polls are really the wind at his proverbial back on this and that the american people like what's coming of this and feel good about the economy and surveys do say they like what is happening although there are a number of fox polls out that show some are concerned the spending is getting excessive, nevertheless the president will be in ohio today, touting some initiatives including maybe hints of a big budget that he'll announce formally tomorrow, of more than $6 trillion. blake burman following it all at the white house. reporter: hi there, neil, good afternoon, there's no doubt about it over here at the white house today they are trying to highlight and we will hear this from president biden himself, later this hour and into next hour, in ohio, that they believe that the president 's economic plans and his economic vision are working, and they are going to make the case today that that's why we should continue on down

the path with his vision by having congress pass the american jobs plan and the american families plan. for example, one of the president's senior advisors sent a memo to white house staff today and he wrote the following in that memo in part saying, " when republicans criticize the president's plan to rebuild our economy through long overdue investments in our countries infrastructure, they are criticizing what their own constituents have been urging for decades. when they attack the president's plan to make the wealthy pay their fair share of taxes they are attacking the american peoples basic sense of fairness. " that from an internal memo at the white house, however as you know, neil, republicans are concerned, worried about inflation. they say it is here, right now, and they believe that more of the president's spending will only lead to higher costs all across the country. >> we just got the most dramatic monthly inflation report in over a decade. ask any working family about gas

prices, food price, home price, lumber prices, used car prices. reporter: so neil, we will hear from president biden shortly. you mentioned the budget we will see if the president gives any sort of preview as to what might come about tomorrow. the white house is in pretty tight-lipped about it but today we are anticipating the president's budget tomorrow. the new york times at this point , neil, is reporting that the budget will be in the area and this is for fiscal year 2022 in the area of $6 trillion running a projected deficit of $1.8 trillion. neil? neil: remember they used to say a billion here, a billion there, pretty soon you're talking a trillion. i had no idea. reporter: yeah. neil: all right, i don't know. you're too young to remember this , blake but i do. thank you, my friend. great job as always at the white house. alex clark is with us, at turning point usa, we got luke lloyd back with us strategic wealth partners investment

strategist. guys, i know these numbers get to be numbing after a while, and republicans ironically are criticized, alex, on trillion dollar plan, 980 billion to be exact about infrastructure because it's not enough. that tells you pretty much all the need to know about spending right now and the idea to push it still further. what do you think? >> yeah, you know, i will say this. i went on a road trip recently out of state with a few of my girlfriends and usually, just when it comes to gas money, everybody is kind of like oh, don't worry about it. you know, no worries, you don't need to venmo me any money but not this time everyone was a huge stickler for pitching in on gas money and uber, we're split ting the cost so i have noticed my single non-married ge n z millennial friends definitely seem to be spending money just not as much that we be spending if it weren't for inflation.

neil: interesting, well luke lloyd is the kind of guy who treats everybody so he wouldn't have to worry about that, but luke, i am wondering though, i mean, when you read polls about all of the spending going on a lot are okay with it as long as they don't have to pay for it that's a very big distinction isn't it? >> oh, absolutely. this spending is ridiculous and crazy. neil, when does it stop? inflation is real right now and it's hot. this is what happens when you get irresponsible spending and policies in washington. just go to the grocery store gas pump or your favorite restaurant and compare those prices to a year ago but neil what i'm really worried about is if wage inflation is going up too quickly for small businesses. you should think wage inflation is actually a good thing but if wages go up too quickly it can crush those small businesses that are the backbone of the economy. the economy is finally opening backup but because of the irrational unemployment benefits that have been around for so long you're seeing a ton of businesses that can't afford to stay open or hire people because they need to beat a great unemployment salary. thankfully there are 24 smart

and mainly red states that are ending the unemployment benefits but there are still 26 states that have them. then factor in tax increases? it's like democrats want to put small businesses out of business and crush the middle class. neil: you know, looking at the environment here, though, it hasn't hurt the economy yet, alex? we're still firing on all proverbial cylinders here and this up-tick in inflation is due to demand. people are coming out of their homes a better part of 14 months they want to enjoy themselves and go on a good trip and it's all evidence in tickets and bookings on cruises, on airlines , hotels, you name it. i'm just wondering how long that lasts, because if these prices keep going up, there's a limit to how far you can push that. what do you think? >> well i saw yesterday, president trump did say that. he was saying how this is only going to get worse, this is just the beginning, so if that's the case, then i feel like this surge that we are seeing in cruise ship tickets and right

now, i can't go into a mall without it being body to body packed. everybody is so excited states are opening up and they want to spend money, get new out titan outfit, go out with friend, but that may not last very long. i know that a lot of people also during the pandemic different apps like klarna were created where you could layaway big bulk purchase items so people are doing that instead of getting credit cards so they can afford clothes to go out but i don't know how long this could last. neil: so you've actually enjoyed going to a mall and being packed in with people i want to make sure i've got that right. >> neil i don't enjoy going to the mall packed with people but i do enjoy getting cute new out fits let me just be clear. neil: understood nothing wrong with that. if hell is something i think it's a mall, i don't to for sure , but that's what i worry about, but luke, all kidding aside, i'm wondering you

make of this environment though, because it is sort of markets are worried about it they aren't showing it. if businesses are worried about it they aren't hinting of it and all of their follow-up comments after their earnings their guidance was very robust thinking this was going to go on a while and even janet yellen today talking about these inflationary pressures, though real right now, are relatively small and not to worry about. what did you make of that? >> yeah, i think a lot of these concerns right now, it's too early to tell what's really going on. i think another year or two out we're really going to see the impact of all of the inflation and taxes. taxes are going to be a big headquarter to the stock market, with the proposed new tax laws, there's a lot of concerning pieces. corporate taxes rising from 21% to 28% is about a 6% drag on the stock market and it's going to slow job growth. research development and ultimately slow the economy. capital gains rising could cause influx of selling in the stock market to realize gains before the taxes increase and another big piece that hasn't been talked about much is the removal

and step up in basis when somebody passes away. this means the in hairy tan tax could be close to 60% when somebody passes away. this is the worst possible time to hike taxes, slow the economy, really increasing taxes is just putting america behind. america used to be the number one innovator in the world. now we aren't even considered in the top 10. these unemployment benefits, higher taxes, stimulus, and regulations are all causing america to fall behind. essentially the government should be doing the opposite of what they are doing right now. there's been so much government intervention as restricted the free markets and capitalism from working properly. getting people back to work, halting the stimulus and keeping taxes low are all ways to drive competition, drive innovation, drive healthy wage growth, and drive the economy and innovation of america back to number one. neil: as long as you don't pass away. >> right. neil: thank you, alex, thank you , great job, guys much appreciated. all right, you know, does anyone remember the time jerome powell was like dead man walking with president trump and forget about whether he would finish out his

term, he might be kicked out before he did. that was then, to the wall street journal on how different things are now. >> ♪ ♪ ♪ ♪

in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity

to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. “cracked windshield” take 1. ♪ you say ♪ ♪ i got a crack in my windshield... ♪ uh - uh, lisa, maybe less heartbroken? geico lets you file a claim online, over the phone or with their app. ♪ that makes me wanna say... ♪ ♪ stay... ♪ (sniffles) are...are you crying? uhh, there's pollen... geico. great service without all the drama. (vo) nobody builds 5g like verizon builds 5g. thousands of engineers taking peak performance to a new level. that's why in parts of many major cities where people can use massive capacity we added verizon 5g ultra wideband, the fastest 5g in the world. nice. it isn't just a step forward,

it's a leap forward. because the more you do with 5g, the more your network matters. it's us pushing us. it's verizon vs. verizon. and who wins? you.

neil: does it matter from your perview heading up one of the biggest exchanges in the world whether jerome powell stays on at the federal reserve as chairman? >> we've lived through all sorts of administrations, all sorts of leaders, we have great working relationships with our government, whether regardless of whose in those seats we work together on making sure our markets continue to be the world standard, and we'll do that, no matter what comes our way. we know how to navigate all

sorts of environments. neil: all right, this is why the chairman of the new york stock exchange, she knows how to definitely answer a question without committing herself to whether it's a good idea or a bad idea, for jerome powell to continue running the federal reserve, but greg ipp, whose a crackerjack writer, great thinker saying that might happen regardless, whether you like jerome powell or not. he joins us right now. greg, always good to have you and thank you for coming. i was thinking as i was reading your piece that a year or so ago, it really looked like the end for jerome powell, that the president was always angry at him and, you know, forget about whether he finished his term, i had a feeling the president was going to find a way to disrupt it. >> yeah, and honestly if trump had been re-elected i don't think many people would expect him to reassure point powell because powell had showed a lot of independence and raised rates

in 2018 at a time when trump was saying please don't raise rates and was going after him in public so you have this weird situation now, neil, where a democrat is now in the white house, and honestly, the chances of reassure appointment look very good, and one of the reasons why, probably the most important reason why, is that before we knew who the president be now, powell and his colleagues adopted this new framework that basically said we're going to keep interest rates so low that we're going to drive down unemployment to level s never seen before until we get inflation actually higher than our 2% target for a while. that's a very pro-jobs, very employment-friendly approach which aligns perfectly with what joe biden is trying to achieve with all of his fiscal plans. neil: you know, obviously, he's been very generous on that portion of this , in other words i want to see jobs, we're seeing jobs grow, but eventually, whether it's jerome powell or anyone else, they are going to have to address this , these price increases and this general

trend gains traction, then what? >> exactly, so if you think about the two big things the fed has to worry about there getting unemployment down and keeping inflation under control, so we've just talked about why he's probably biden's best friend on the unemployment question, but what if you thought inflation was the bigger risk in the next few years and a few people do happen to think that, so here is the situation. if you were to actually get rid of powell who would you replace him with? most of the main street economists actually look at the world the same way he does. if you look at the market pricing of inflation, if you look at private sector surveys like the one we at the wall street journal do, they more or less see inflation going up to a little bit above 2% but not much higher than that. exactly what the fed sees. nobody considers that kind of a panic situation, so would you therefore instead try and pick somebody whose much tougher on inflation, somebody like a john taylor, the names that trump reportedly thought about. let's face it, neil, president

biden is not going to select one of those people from the fed so if you want a tougher name on inflation, you have to ask whose biden going to replace powell with? more than likely he would try and select somebody much more committed, for example, to narrow in racial disparities, and that's probably not who the inflation hawks want to see at this moment, so in some sense, whichever way you're looking is that powell is probably the least that of your alternative. neil: i like what you also said about the possibility let's say he does appoint someone deemed more doveish or however they use that term these days that person might just approve their independence and raise rates any way just to disa vow people of that notion, right? >> right, right so that's the curse, right neil so let's go back to 1987, right? alan greenspan, this political hack, whose appointed to replace the paul voelker, the first thing he does literally a month within taking office he hikes

the discount rate half a point, and a month later the stock market cracker archdiocese crashes. ben bernanke takes over and jay powell what does he do, he inherits a rate-rising program from janet yellen and he presses right ahead with it right into all of these people including trump saying don't do it. is it a coincidence that all these newly-installed fed chairman chose to raise rates? maybe it is, but there might be something to be said that the fed values its independence so much that there's a temptation on the part of the new chairman to prove themselves to their colleagues and to the markets by leaning to the hawkish side. neil: interesting. i love the piece, greg always love your writing and incites and you're right. the trend has been for a new president to essentially go with the fed chief appointed by a prior president, of course donald trump broke that mode but we'll see. always good seeing you have a great weekend. >> thank you, neil.

take care. neil: all right, greg ip. in the meantime here you know what's getting to be really big right now? we talk about people going away, but kids returning to camp, and in fact campground activity in general booming, and doesn't our grady trimble know it? grady? reporter: hey, neil, camping vacations are on the up swing, coming up we'll tell you why 2021 could be a record year for campgrounds and where the top spots are, all across the country. that's next. [typing sounds] [music fades in] [voice of female] my husband ben and i opened ben's chili bowl the very same year that we were married. that's 1958. [voice of male] the chili bowl really has never closed in our history.

when the pandemic hit, we had to pivot. and it's been really helpful to keep people updated on google. we wouldn't be here without our wonderful customers. we're really thankful for all of them. [female voices soulfully singing “come on in”] - hello, i'm michael youssef. you know, the covid-19 virus has infected millions around the world, but the virus that has infected every human being on the face of the earth is called sin, and the only vaccine against that virus is the blood of jesus christ shed on the cross. will you come to him for healing? - [announcer] find out more today. visit us online at findingtruepeace.com. that's findingtruepeace.com.

limu emu... and doug. so then i said to him, you oughta customize your car insurance with liberty mutual, so you only pay for what you need. oh um, doug can we talk about something other than work, it's the weekend. yeah, yeah.

[ squawk ] hot dog or... chicken? [ squawk ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ neil: all right, you know, my buddy and colleague, as i like to call him here you're a big outdoors, man, right? you're not alone, 18 million families are expected to go camp ing this weekend, and god bless you, but you love it, and you're into it, and obviously, campgrounds are packed this weekend because of it, and you. grady trimble seeing it firsthand in union, illinois. hey, grady. reporter: hey, neil, and this campground will be fully- booked come friday afternoon, and they've got options for everybody. maybe you're a tent camper, i know you said you're not too

into the camping thing maybe an rv is for you or they have these glamping options for folks that might be a little newer to the experience. sylvia weber is the owner of this campground, so you're expecting 2021 to potentially be a record year. >> yes, we are expecting that. we're very grateful for this , and thank you for pointing it out. so many people are wanting to go outdoors right now and koa's across the country and canada, we're seeing that more and more people and new campers, people that have never camped before, and that they're the ones that might want to tryout one of those deluxe cabins. reporter: exactly and jeff can show you inside there, excuse me , 4 million new campers expected to camp somewhere across the country this summer. you also told me with all of the rv sales that we've seen over the past year, people are working from the campground. that must be a new trend. >> this is surprising how many

people work out of their rv and but if you think about it, you have your own vehicle, your own home, you're in a nice place, and you work-from-home, so it's not that far-fetched. reporter: you can work from anywhere these days and we do want to show you the top destinations people go to this summer. popular spots include california , florida, a lot of places in the midwest like missouri and ohio, so those are some of the top destinations, and just back here where we are, just want to give you a little tour, neil. the amenities are unbelievable. there's two bunk beds back there , a queen size bed in here, and a bathroom all to yourself, so camping is definitely a lot more upgraded than it used to be the glamping lifestyle is probably more suitable to a lot of those newer campers. neil: i see. you don't strike me as a glamping guy though, you strike me as a roughing it out daniel boonee in the wilderness.

you love that stuff, start a fire from scratch, but all right , thank you my friend, great job. holy cow. i wonder if they have room service grady trimble on that, we got mark murphy the travel expert extraordinaire. i do know he knows what he's talking about where people are gravitating now they are breaking out of their homes after being couped up in their homes and that's very real, that part of it, ha, mark? >> big time. there's a massive surge in travel right now. i think people are just ready to get out, and we know that according to the cdc and pretty much every expert out there that being outdoors and being outside , not staying in place, sheltering is the best place to avoid getting covid as we emerge from this , and it's interesting that you're focused on the camp ing side because i spent seven and a half months during covid traveling a 38-foot rv all around the country, and it was fantastic, and it was a great

experience, because i hit i think 23 states and that industry is booming and if you look at the stocks of camping world, they have gone through the roof i think camping world is up about a 10x close to a 10x , from when i initially bought it but i sold too early, way too early. neil: you know, what is hot though? we talked about locales that are in favor right now, a lot of people are into domestic travel, florida is a drop, california is a drop but how do you see it playing out this summer? >> so i think domestic travel is where it's at. i think there are a lot of people that haven't gotten the vaccine that don't want to be forced to get a vaccine to travel so i also think people feel more comfortable traveling their own vehicle, triple a is protecting projecting 37 million people will hit the road, a 60% increase over last year, but it's still below by about 6 million people so you've got a situation where yes, the roads

are going to get crowded, state parks, national park, campground s are sold out and key thing people realize for this summer travel is plan stuff out. you've got to book these campgrounds way out if you're going to do that. hotels are getting filled up. some have occupation limitations so that's hurting in terms of the capacity they can do but at the same time, places like mexico are booming. i know lots of people are going there, the protocols in place are safer than going to your local whole foods or target here in the u.s. , you feel completely safe and the caribbean as a whole, jamaica is one of my favorite spots, they're booming as well and the advantage you can take there is you can get an all-inclusive vacation for less than the cost of renting a house at the jersey shore for instance so you're getting more and more choices but prices are going up, you got to book these things, don't wait and my best tip always is try to find a travel professional to help you navigate all the rules and covid rules, everything that's out there today, because they are constantly changing and you want an expert to back stop

you and that be a travel agent. neil: well said. mark i want to give kudos to you because in the middle of all of this you said when we do come wack we're coming booming back, mark murphy following this very closely in fort lauderdale, one of the hot places people are going to. wonder what charles payne does. is he a camper to you or a glam per? strikes me as a four seasons room service type of guy. ♪ ♪ ♪ ♪ ♪

it's not some magical number. and it's not something we just achieve at the end. it's a feeling... of freedom to live our lives the way we intended. though the ups... ...the downs ...all of it. . . nancial. [ footsteps] nancial. [ suspenseful music ] ♪♪ hey, you wanna get out of here? ah ha. we've got you. during expedia travel week, save 20% or more on thousands of hotels.

just book between june 8th and 12th to plan your escape with expedia. expedia. it matters who you travel with. trelegy for copd. ♪ birds flyin' high, you know how i feel. ♪ ♪ breeze drifting on by you know how i feel. ♪ ♪ it's a new dawn... ♪ if you've been taking copd sitting down, it's time to make a stand. start a new day with trelegy. no once-daily copd medicine has the power to treat copd

in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy. and save at trelegy.com. bigg digital assets, a cryptocurrency sector leader, ask your doctor about has established two exciting companies. netcoins, the most

trusted way to trade cryptocurrency in canada, and the blockchain intelligence group, with products to stamp out crypto crime. bigg digital assets. neil: if you look at amc right now, it is up 50%. up almost double this past week here. might call it a gamestop phenomenon. that and the fact that people are heading back to theaters. it is all bullish. now to my friend charles payne. charles: neil, great to see you again. the reddit crowd does it again. we'll discuss that and a whole lot more. good afternoon, i'm charles payne, this is make an "money." breaking right now, for 150 years progressives looked for socialist nirvana. president biden is making the way for that to come through. big government, big taxes, social safety net so big work would be optional and success would be p