decoration day honoring fallen civil war soldiers. in 1971 it was the act of congress which established the last monday in may as memorial day. and that's what it is. may 31st, memorial day. my time is up, but susan and i had a real good time this week next to each other in the studio. time's up, susan. neil, it's yours. neil: all right. thank you very much, and susan as well. all right, it's been an up day, of course, it's looking like an up week and looking like it will be an up month. but you're looking at the great reopening acrosses the country. all of these regions are almost fully open. so they are expecting full-sized crowds. no distancing measures, no restrictions in effect, the kinds of things you saw at the height of covid. some places taking a chance,

others saying this is way too late, dumb hu, and a lot of people glad to see it. we're anticipating the 37 million people will travel this holiday weekend. i don't know how they come to that number. they don't say 36, they don't say 38, they say 37 million. who am i to argue? it sounds like a good number and a crowded number. grady trimble at o'hare international airport in chicago and how they're bracing for full crowds that we've really not seen in the better part of 15 months. >> reporter: yeah. for what it's worth, aaa predicts 2.5 million of those 37 million will be flying this memorial weekend. the people i've talked to here and just by my observation, they say it almost feels like normal except, of course, you've still got to wear the masks. another thing people have noticed is that airfare and hotel prices have gone up. the travel booking app hopper says for may a round trip

domestic flight will cost you on average $280, that's way up from last year and up about 12% from last month. they're expecting ticket prices to peak heading into the fourth of july holiday, and the people i talk to, they tell me, you know, the higher prices don't deter them from traveling because they have been stuck here in chicago or wherever they lived for so long are, but it has changed where they're traveling to. listen. >> so we were looking in california, we were looking in arizona, we were looking in florida for this weekend, the naples area, and actual the hotels are less expensive in cancun than they are anywhere in the united states. >> i didn't want realize it'd be -- i didn't realize it'd be quite this busy. >> reporter: and if you are flying this memorial day weekend, you might want to get to the airport early because tsa could be -- tsaing lines, i should say, talk about a little bit longer than they normally are. the tsa is trying to hire in order to meet this protect-up

demand. they want to add 1,000 new agents by july 4th in addition to the 3,000 they've already hired since january. and if you're interested, maybe you want to go somewhere where everyone else is going or want to avoid the places, the top destinations according to aaa this memorial day are orlando, las vegas and honolulu, hawaii. neil? neil: all seem like good places to go. thank you very much, grady trimble on all of that. ahead of the holiday weekend, who is going to want to pore over the budget of the united states of america, right? it does lead me to think that maybe the administration going into the details of this today before the long weekend, the unofficial kickoff of summer, maybe that mitigates the eye-popping numbers we're looking at. i do know blake burman does know a lot about that and what could be, obviously, one of the biggest budgets we have seen in american history. that we know. a lot of people do not know the

details inside that that make it so big. blake? >> reporter: it always seems to happen on a holiday weekend. if you want to bury a story -- not saying the white house wants to do it -- but if you want to do it, you release it on the friday around of a holiday -- afternoon of a holiday weekend. that's what we're anticipating the with president biden's first-ever budget proposal, a proposal at this point for fiscal year 2022 means it would start on october 1st. keep in mind at the end of the day it is congress who has the power of the purse to decide how much gets spent and where it gets spent. but there are reports "the new york times," for example, citing a $6 trillion figure. neil, you and i, i always hear you talk about it, what does that mean for debt and deficits, according to the times it would be a $1.8 trillion deficit for fiscal year 2022. the white house has been very tight-lipped in the leadup to this, here was jen psaki saying what she could yesterday, saying

it will reflect what the president believes in. >> what the budget will reflect is he's going to continue to deliver on his purities, doing more work to get the pandemic under control, putting people back to work. and those proposals, the more than jobs plan, the more than rescue plan, the more than families plan -- american families plan will put us on better footing over time. >> reporter: president biden wants to reform the tax code, specifically raising taxes on the wealthy and raising corporate tax rates. as a part of the 2017 tax code, the individual tax rates that were lowered, at the time the way it was set up would expire in 2025. there's a report out there that the current budget does not deal with the 2025 expiration if on the individual side though clearly, neil, we are also a ways away from 2025 and what we will be getting shortly from the white house is the president's 2022 purity. neil -- priority. neil? neil: wow. eye-popping. blake burman, thank you very much.

want to go to liz peek, gary kaltbaum joining us on all of this. liz, these are big numbers. that isn't new. you know, i know both parties point fickers and say -- fingers and say, all right, your spending too much. the fact of the matter is we are well on our way to exceeding the worth of our country against the debt of our country. in other words, we owe more than we have. that has never happened since world war ii, and that kind of scares me. does it scare you? >> i think it is kind of scary, neil. i don't think it's going to happen. i think this budget is a direction thal indicator, if you will, not something that anyone's taking very seriously. look at the markets today. if people really thought that we were going to spend this amount of money and also on the heels of a pretty big inflation number that was just reported and, by the way, the fact that we have a hugen increase in the capital gains tax included in this budget retroactively which

everyone agrees would be a disaster for the markets, i don't think this is something we have to look at very seriously. but as i say directionally, it's very worrisome. biden is completely unfettered in terms of the amount of money he wants to spend. thankfully, there are cooler heads in the senate, and i don't think we're going to see this kind of number. neil: what if we are though? so, gary, what if the markets say, all right, this might come a to pass, and we don't care? what if this was a trial balloon, the fact that the capital gains tax hike is still tucked in there retroactive to april, and maybe that was a trial balloon to see how the markets reacted, and they shrugged, maybe the markets are okay in the hope that it's just going to keep spurring the economy? what do you think? >> message to the administration, the markets will definitely care. markets are about profits and markets are about an expansion of economic growth. if that gets stunted, markets

are going to come down. and a market that's already got heavy valuation and a lot of froth and speculation, that is troublesome. you know, neil, i've been watching you since nightly business reports, and one of the most important things you have ever said on television was to gary b. smith and myself when they came out with the $800 billion stimulus a bunch of years ago. you had stated that trillion are now be the new norm, and you were a thousand percent right. we have trillion dollar yearly deficits, multiple traffic lights in spend -- trillions in spending and now this, a $6 trillion spending bill knowing -- and joe biden knows they will not take in $4 trillion in the year meaning they'll run $2 trillion deficits, and that's just going to to grow every year going forward. that is going to be a weight on the economy, weight on employment, weight with on small business, and they think they're going to get more money from

people in no, they're going to get less. it is a vicious cycle that would be started, and i am just hoping that a joe manchin or somebody else will stop this. neil: two things on that, gary. one with, thank you for reminding me how old i am -- [laughter] and secondly, i went back to the lincoln administration. [laughter] but you are quite right about something, the numbing effect of this is lost on people. and, liz, i found the reaction yesterday to the republican infrastructure plan maybe a metaphor for all of that, that it was too cheap at just around a trillion dollars. you can't be serious, republicans. that's where we are. that kind of freaks me out right there. what do you think? >> well, look, the markets eventually will teach us a lesson, and the fact that we cannot run these kinds of deficits without some pain down the road, my view, neil, is that this inflation scare is not

transitory. i think we are going to see inflation numbers beating expectations, worse than expected, in other words, into the fall. i think the fed's going to have to respond to that by stopping their $120 billion a month bond purchasing program. i actually don't even understand why they're till doing that, because it's distorting markets in a pretty significant way. but i think there's going to be some penalty for all this. you know, there's an old adage sell in may and go away. it may be that this is one of those years that over the summer people are going to start looking at all this and say, yeah, earnings are great, but the market is up 40% over the last year, so that's been taken into account. unless there's some further stimulus to earnings, not just to overall growth and inflation, you know, i think the market could have a pause here at best. neil: you know, we talk about inflation. i know perspective is everything, and one of the things, gary, i'm reminded of,

inflation doesn't stuck unless, you know, average americans want it to. in other words, whether average americans will go ahead and pay those higher places because the demand is there, supply is limited, and it sticks when they keep paying them, right? and i'm just wondering is there an inflection point at which americans say, all right, that doubling in my air airbnb rental from what it was going for last year at this time, that's extreme. or gas doubling, we're not anywhere near that, but that's extreme. in other words, what is the trigger, gary, that you look for where people say, all right, prices return after covid, 10% is one thing, 15% is another, 20% you can go stick it somewhere, you know what i'm saying? what is the level at which people say no mas? >> i don't know if it's about a level, it's about how long it lasts. receiver 10 cents -- every 10

cents in gas prices, lumber prices skyrocketing. so if you're buying houses, you are paying a lot more, and the builders are paying a lot more. the lower income and middle class are getting crushed just by the average things you buy on a percentage basis. whether it's at the food store, whether it's just the clothing or anything out there, anything you're with buying right now there are paying up. so is that is a, that's not even a hidden tax. when they get the bill, it's not a good thing, and it's just a matter of when. the longer it lasts, the worse it gets. neil: you know, we've been -- >> and, neil, if i could -- neil: liz, go ahead. go ahead, liz. >> no, no, i'm sorry. i was going to say so many economists are saying not only is it just, you know, basically number that we're looking at a base that makes it look bigger, but it's also goods-related. follow the supply chain. but you just heard someone talk about how airline fares are up so much, hotels are up so much.

when the consumer goes to services, i think they're going the find services prices are soaring as well. i just think there's too much money in the system, and it's driving prices higher, and that's one reason i think this spending program from biden is just so misguided. neil: all right. we'll examine this in a little more detail. in the meantime, we are following some news on the economy, so i don't want to pooh that or dismiss it, but a lot of it is penalty-up anxiety. we want -- pent-up anxiety. a lot of us are getting out, but here's the thing, to incentivize people and pay them off to get a vaccine or to tease tuition-free education or you name it, is that going too far? after this. >> either vaccinated or die from covid. that should be a good incentive

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neil: all right, so you're probably oe of those fools who got your vaccinations early, doing the right thing, thought it would be good for you, your family, those around you. what a maroon. if you waited, you could have qualified to maybe get your kid's tuition cut down or have it paid for altogether, tickets to baseball games, all that. it's the rage right now to particularly push those who haven't gotten vaccinated yet to do so. steve harrigan following all the temptations in atlanta. >> reporter: that's right, neil. the incentives are simply multiplying across states and businesses as well. before this holiday weekend, the numbers on covid-19 across the u.s. very strong. the number of new cases right now at about a one-year low, as far as deaths from covid across the u.s., many states reporting

at least a 40% drop in deaths. more than 60% of americans 18 and over have gotten at least one shot of the vaccine, well on the way to the biden administration's goal the of 70% sack city nateed by julyth. -- vaccinated by july 4th. the vaccination rate is about half of what it was in early april, about 1.7 million people each day getting a vaccination. and you talked about those incentives, companies are trying hard. cvs offering cruise line vacations, kroger offering cash prices, states trying to do what they can as well using federal money as well as college scholarships. california the biggest of all, $116.5 million, ten people will one $3.5 million, as many as 2 million people will get $50 gift cards. and keep in mind, the winners will be even those who have been vaccinated early under the california program. back to you with.

neil: all right, steve, thank you very much. steve harrigan on all that. to dr. singh, the former health and human services chief medical officer, stanford university medical center association professor. doctor, good to have you. coming as you are from the medical front and trying to save people's lives and make everyone healthy, whatever it takes, right, to get people to take those vaccines. i'm just wondering though, i guess whatever the reason, we're still having quite severe resistance among young people in particular about taking the vaccine. how would you persuade them to do so? >> good morning, neil, from california. yes, this is a really interesting question because it definitely of brings more meaning to throwing money at the problem. ultimately, look, there are people out there who have misgivings about getting the vaccine. maybe with the young folks it's they don't need it, they get

mild forms of disease despite much effort at letting them know that they're very much a part of this issue of transmission. and those folks who have misgivings, that's a really important part that i'm not certain a9 lottery will solve. they have misgivings about the pseudoeffects or the potential neck -- side effects or the potential negative effects. public information campaigns still have to pay a role. we have to have people feel like they can safely gain information that they trust, and i think the politicization of science that we have seen really plays a role in that. you would also like to say that it's -- i would also like to they that it's important to share with people that notably a report just calm out in "nature" that the antibodies from the vaccines are actually lasting long. this study showed seven or longer months. folks who have had the vaccine definitely have the antibodies. i think that's really important information that might make more headway with the other focus. but for some, money will go a

long way. neil: yeah. you almost feel like a fool if you were vaccinated before any of this stuff came to pass, because you'd be richly rewarded if you'd just waited. going into the future, god forbid we had something else like this, if people might remember this and say, you know what? if i hold off on getting the vaccine, i might get some free stuff at target. >> you know, i've got to say even in this morning i'm like, what? we could have all qualified for this and potentially gotten $3.5 million. [laughter] 1.5 million. we don't want that to be the case. we want our people to come out of the woodwork and really target what is their hesitation. i think we cannot move away from public education campaigns and outreach to get those folks to get vaccinated. now that we also are getting good news about how long these antibodies will last. neil: you know, doctor, you mentioned the possibility if it ever happened again, and i'm wondering, do you think it could?

especially now i'm -- this investigation as to origins of the covid virus, but the fact that they could lay the groundwork for manager like this happening again -- something like this happening begun. do you think it could? >> you know, i believe that from an objective scientific view, we have to consider all possibilities, and the truth is they have an institute of virology right where the virus was found. that's where the origins were that a lab accident might have been there, i think, is very much in any reasonable person's consideration. we don't have precise evidence. a lot of that is because we weren't allowed to go in and investigate early which would have been preventative and perhaps preprevented the pandemic at together and, number two, to really understand the origins. i think this part is going to mean a lot to people toen gain the trust of people again that our government, our leaders are on it. so i think this is going to be a

very important part and next step that we see in the next 90 days. they can actually showcase there's no politics behind this, but rather holding china accountable. neil: all right. dr. sungh thank you very, very much, foreman health and human services chief medical officer. i do want to turn your attention to washington, senator chuck schumer is speaking in the well of the senate, very angry that that bill to create a commission to look into the capitol insurrection has failed. again, republicans blocking that commission to probe that uprising. they block it to create something that they said was one-party slanted, only a handful of gop senators in backing this. in the end, though, it failed and there will be no investigation and no commission, and that's that. we'll have more after this. ♪ ♪

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♪ neil: all right, even though the vote was 54-35 in favor of united states senator who is want9 a commission to -- who wanted a commission to look into the january 6th ins rex, they needed 60 votes. they didn't get that. they needed more, so this commission effort has failed in the united states senate. predictably, both sides are saying that the other was playing politics with it, but it failed and it's done and they move on. all right, in the meantime, they are paying anticipation to the origins, meantime, of the great covid, what they're calling virus fake from the

chinese and how much they knew and how much they were sharing way back late late -- actually in 2019 when they got the first indication something was amaze. the investigation continues right now. the administration has 90 days to find out a little bit more about the origins, not that things will substantially change especially without the chinese even offering to help along with this what they call a political sham. but there are a number of efforts on capitol hill to hold the chinese responsible nevertheless. jacqui heinrich has more from capitol hill. >> reporter: hey there, neil. yeah, president biden said yesterday if he knew the origins of covid-19, he would not be asking for a 90-day probe and review to investigate that and get that classified information out. but the former lead investigator on the origins probe tells fox that there is no evidence of the virus evolving naturally, and that jibes with what

intelligence sources tell fox, that with sars-1 there was a host species identified within a matter of weeks, but with coronavirus there is still no host identified. >> and we said, you know, okay, let's look at this, both sources of evidence, natural as they call it, you know, did it come out of nature or did it come out of a lab. and the data disproportionately stacked up as we investigated that it was coming out of a lab or some supernatural source. >> reporter: now pressure is growing in congress to get to the bottom of this. two bipartisan bills were introduced this morning. the first would establish a best partisan commission modeled after the 9/11 commission focused on covid origins and covid response. leading that effort is the cochairs of the bipart san problem solvers' caucus, congressman brian fitzpatrick and josh gottheimer. the second bill would strip china of sovereign immunity

allowing victims to sue the chinese government for damages. it would also review the actions of the world health organization, and that bill is modeled after the justice against sponsors of terrorist a act. they don't know where, when or how covid came about, and china said it did not plan to cooperate with any more investigations, so that means that declassified information, when we get it, might be all that we ever see, of course, barring any new access or information from china. neil? neil: all right. thank you very much. at the white house, i think i misspoke. she's at the white house, as you can clearly see. anyway, i want to go to congressman roh canning that to get his view on the origins of the virus. it doesn't look either way, congressman, like the chinese are going to cooperate. so is all this a moot point?

>> neil, it's very concerning. we need transparency, and there are a lot of unanswered questions of where it originated and if it did originate in the lab, why did that happen? was it an accident, or was there any intentionality to developing a biological weapon. so there are a lot of unanswered questions. i absolutely support a full investigation. neil: you know, up until this week, congressman, the president had sort of put his faith in the world health organization to continue to try to investigate this, but he has skewed that, instead going to a -- to explore. is it a sign that he lacks faith in the w.h.o.? do you? i have have the most trust in our intelligence. they're the best in the world, and i think the president is right to ask them to do an investigation. but we need to continue to work with the world health organization to put pressure if on china to be transparent. they're not being transparent.

this pandemic has taken. over 500,000 americans' lives, it's wreaked havoc in places around the world, india, brazil. we as a nation, a community of nations need to demand that china be transparent about the origin, and they're not being. neil: i'd have to switch gears on the president announcing his budget today for this next fiscal year and years on out. without going into too many details which will be outlined in the next hour or so, the fact of the matter is it's going to mean deficits and big ones at that over quite a few years. i'm just wondering if that worries you, that we can't seem to get this under control? and, by the way, i've mentioned this to republicans as well. they're fine ones to talk about fiscal austerity when it grew under them as well. it seems like this is out of control now. does that worry you? >> of course i care about

deficits. but we're coming out of a pandemic, and we're going to have extraordinary growth, some people are projecting almost 10%, and i think right now is the time to make sure we're getting people back to work, and that's an investment in childcare, that we're getting people hooked up to the internet, that's an investment in broadband, and i think that growth will eventually pay down the dividend. and we have to looked at raising taxes on the ultra-rich and on corporations. i would be concerned if you were having sustainable deficits for ten years. that's not what's going to happen. i think we're going to have extraordinary growth which will start to lower the deficit. neil: well, it's not in this budget, sir. the fact is they are envisioning trillion dollar plus deficits for at least next six years, likely the next ten. and you're right, we might see some growth that will ease that, but you would think that would be reflected in growth assumptions in this budget. and i guess the fact that they're not doing that leads me

to believe that the growth that you talked about -- and you're quite right, the second quarter estimates of gdp growth are 10%, but that's over what was virtually nothing going on a year ago in the same quarter with. so is that really doable? >> well, we have to see. obviously, the president's being conservative in his growth estimates, and you're right that he's projecting the deficits with the growth factored in. but i think the two things to look at, neil, are inflation and the interest rates. and if those start to increase dramatically, then the i think there is a concern and an adjustment. but as chairman powell has said, it's trance -- transitory. people are starting to shop, they're getting on airplanes. when i was flying back to california, the planes were full. that suggests that you're going to have transitory inflation. the question is will we get back to normal in the fall. i hope we will. neil: all right. we shall see.

congressman ro khanna, always good catching up with you. have a wonderful weekend. >> thank you. happy memorial day. neil: all right. in the meantime here, i hope you're going to have fun this weekend, but you mic running into some troublesome weather. along the east coast, it's going to be a washout for a lot of folks. now the question is how bad a washout? after this. ♪ -- down the highway. ♪ let it roll down the highway ♪♪ zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity.

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infuriating, but you can't eat gasoline. you have to put it in your car if you're going to travel and, apparently, 37 million of us are going to be traveling. not all, certainly, by car, but we're finding that they're very, very high. i don't want to rain on your parade, but you're going to find out for yourself, because we're looking at season-year highs. taking a look at what is keeping gas prices as high as they are, andrew, what's going on here? >> well, you can look at this as a piece of good news because the economy around the united states is reopening. that is raising the demand for oil. crude oil prices have risen to about $67 a barrel which, of course, translates into higher gasoline prices as the united states gets vaccinated and the drivers are taking to the road. neil: so where do you see things going? i mean, is this just something you have to get ready for, prepare yourself for the whole summer or what?

>> well, i think so. gasoline demand over the last couple of weeks has neared pre-pandemic levels of 2019. i expect as we go through the summer that gasoline prices can tick on up another 5-10 cents a gallon, and, in fact, if you think about the alternatives left to the consumers left for their vacation, they can fly somewhere domestically, but they have to rent a car at the other end, and that's gotten quite expensive. there's a limited number of international destinations, that leaves them going in their car and driving around the country. neil: you know, we've seen the surge in electric vehicles and that they always like to say ha-ha, you know, we're not having to deal with this. but the reality is that we're still, you know, a traditional gas-powered, you know, vehicle country. i'm wondering how you see that playing out as more electric vehicles, you know, make their presence known.

>> well, there's no doubt that there's more evs coming on the road. we saw ford announce an f-150 ev, so gasoline demand in the united states is probably peaked and it's going to decline over the next decade as more evs hit the road. however, when we look at the rest of the world especially in the emerging economies in southeast asia or latin america or africa, that's where the industry expects that demand is going to pick up and offset the loss of gasoline and diesel demand here in the u.s. neil: all right, andrew, thank you very much on that, i think. andrew lipow. we're getting some details courtesy of "the new york times" of what's in the president's budget, the $6 trillion budget, but this is one that goes out a number of years. right now the white house is looking at strong gdp growth in 2021 and 2022.

now remember, the year-ago comparisons are such that that's why you're going to get strong growth. for example, in the second quarter they're looking at something in the vicinity9 of a 10% uptick gdp growth year-over-year. obviously, it slows as you get to comparisons kind of like we have now. but they are looking at it falling to about2% in 2023, around 1.8% a year through the mid 2020s. so they're not really forecasting any great -- going forward. what's interesting as well, they are looking at this from numbers that have been well telegraphed, deficits as far as the eye can see at least for the next decade averaging at least $1.3 trillion each year every year for at least the next 6-7 years, likely 10 years. and here's the number that stuck out in my head, that the overall debt level will eclipse 117% of gdp by the year 2030 as things

stand now. now, that might sound like some gobbledygook. let me explain it to you though. it would sort of be like you looking at your financial, your assets and your liabilities, you own a home, but you owe more on your home than it's worth, that your debt, your obligations are greater than all your assets, that you in the red. we as a country are in the red. we are deep in the red. everything we have and produce as a country dwarfed by what we owe in this country. we we owe a fortune to ourselves. and we are global deadbeats as a result. the fear that builds on this, if it ever registerses at the corner of wall and broad, is eventually people might think twice about about investing in you if they think that you are getting to be more of a deadbeat. after this. ♪♪

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♪ neil: all right, what is the deal with amc?

right now dipping a little bit, but it's had an unusual surge here, unusual volume. whether it's another story on the so-called meme stocks, what have you, but manager's going on here, and i -- something's going on here. liz peek back with us, gary kaltbaum back with us. gary, what do you make of the whole amc thing? what's going on here? >> it's part of the mania we've seen this 80 million share short, they've come back to go after it. but i have a message, what i say every day to my radio listener with these manias, just don't be the last one in, because you're going to be crushed. and just today -- and i know it's had a big run, but just today from the open it is down almost 30%, and it's not even 1:00. let me repeat that, 30% from the open. when everybody was yelling and screaming at the open that this is the next gamestop, and it's going to 200, just be careful

and know what you're getting into. it's still a money-losing company though we're opening up again and the movies will be back, but there's something called valuation, and you don't want to hand over a $20 bill and only get $5 back. [laughter] neil: let me write that down, because i think i've done it the other way. [laughter] he raises a good point, liz. i wonder how you advise clients maybe it started with the amazon runup and lauter on, everyone wants the next amazon or tesla. that was part of the early allure to some of these meme stocks. before that bitcoin and the upto currencies. how -- cryptocurrencies. how do you advise folks, i need a quick hit, liz, i need, you knowings or i've got to do better than these relatively conservative returns i'm getting in my mutual fund or, you know, index fund. how do you advise them? >> well, i mean, clearly you only play these games -- and i

think it is a game -- with funny money, money you can absolutely afford to lose. as gary said, this company is losing money. it doesn't project to earn money nut soon. this is all about the most recent game finding the company that's heavily shorted and piling in knowing that just doing that is going to strive the price up. but -- drive the price up. it doesn't mean that the company has any better value, and generally speaking, there's a reason why there's a big short position, i.e., the company isn't going to do well. i don't like this whole meme stock thing. i think it's stupid. as gary said, if you're the last guy in, you're in trouble, you know? that just doesn't work for me. bitcoin's a different thing. that actually has some value, and, you know, i really think the blockchain mechanism has a great deal to recommend it. ooh i'm not sure bitcoin is the right place to be in that whole specter of coins. i think 'here to yum might have

some -- ethereum might have some better ideas. anyway, i tell you, on these meme stocks, i don't think it's a credible investment at all. neil: you know, depending on the day, of course, one thing that i've seen with all of these cryptocurrency plays is that their extreme volatilities has returned. there was a period not too long ago where they were only swinging about 2-3%, i say only because for them that was relatively tame. now we're back to the huge 10% up or down, sometimes within a matter of hours. that normally tells you something, gary, that certainly it's not for the faint of heart. but, but if you've got money you could risk losing or not pay attention to and you wanted to play it longer term -- i'm not dismissing the whole arena if, i'm just saying be prepared for some whip saying, what do you think? >> it just telling you there's a lot of hot money in there, there's a lot of leveraged money, and there's a lot of people on these chat boards telling each other what's the

next best thing, and they don't care what it is as long as it starts moving when they get onboard. this is always an end game to this. at some of the bubbles that popped in february, there were stocks down 80, 90%, spacs with no sale, biotechs with no sale, and now there's a good the chance that most of the coins the bubble popped just a few weeks ago, the day -- it was april 14th. coinbase came out at ridiculous valuations, and that bad boy has been almost cut in half. buyer bewar, know what the heck you're getting into, and in the end valuation, earnings and sales will always matter. think warren buffett. neil: you know, liz, coming out of the pandemic markets go up. it happened a century ago. is it happening now? in other words, what we experienced then happens now, that led, you know, the roaring '20s. we know how that ended, but are

we looking at something similar now? >> well, i think there are some similarities in that people are incredibly excited to get out and live their lives. in this economy, i mean, the economy is come back faster than anyone expected. that is great news. americans have more than $2 trillion of savings that they literally could not go out and spend last year. this is excess savings over the normal savings rate. so there's tons of money out there, neil x. this projects, you know, a really good looking economy, i'd say, for the next 2-3 years. i just hope the joe biden spend-a-thon doesn't muck it up. i'm very positive on the economy. i think people are going to go back to work, i think unemployment's going to look good, all that stuff's going to look great, so we don't need $6 trillion. [laughter] neil: all right. i'm just glad you said muck. getting a little concerned. we have a lot more coming up, stay with us. you are watching fox business.

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neil: the big surge is on, across the country to take advantage of the first official holiday we can kind of celebrate because very little in terms of limitations, certainly covid fears, any of that that has hit holidays we've had in this country, we're at 15 months now and we're also looking at

developments at dallas fort worth airport where we'll be taking to lydia hu in asbury park, new jersey and the great reopening continuing, depending on where you are, whether it's going to be a very big factor along much of the east coast, wind and in fact a lot of severe weather but for now things are looking pretty promising for folks who say we don't care, just as long as we get out of our homes and away from our homes. all right let's go to casey siegel in dallas fort worth on what's already shaping up to be a buggy travel day. >> neil, i've got to say that's the common theme, when you talk to people that are out here at the airport, so many are excited , this is for them, a lot of the first time that they've traveled by air, or certainly traveled since this whole pandemic began, we have a little bit of a bunch time lull at terminal d, and i couldn't believe when we got here this

morning absolutely mobbed with people. tsa says expect long lines if you are traveling this weekend they are in the process currently of hiring thousands of additional officers and they are going to continue to do that for all summer top placed through all of the nations airports, but heading into last summer, tsa says that it was screening about 344,000 passengers a day, at the nation 's airports, 344,000. now it is a little more than 2 million a day. still under pre-pandemic levels by just a bit; however, experts say travel is back, but beware, options are limited. lines are long, and flights are expensive. listen. >> for domestic travel, it's going to get tighter and tighter and titer, so if you want to travel within the united states, book yesterday, or book now at

least, because attractions are selling out. hotels are selling out. airfares are rising. reporter: all of this , as the faa says is also seeing a disturbing jump in the number of incidents in the air, altercations, if you will. 1,300 since february, and just this past saturday, this is something that's gone viral, southwest airlines flight attendant had two teeth knocked out, after the airline says an unruly passenger became upset when asked to put up her tray table for landing on that sacramento to san diego flight. the passenger has been criminally charged. secretary mayorkas this morning on the morning television rounds saying that conduct like that of course will not be tolerated and that anyone disobeying the rules will be prosecuted to the fullest extent of the law. neil, an american airlines ticket counter woman came up

here earlier before we were live and said please, tell people in the public, be nice. be nice, i don't know what it is you'd think people be excited about getting out and being able to travel, but certainly, there are some tensions in the air, and more people are definitely getting back out there as we head into this holiday weekend. back to you, neil. neil: yeah, patience, everyone, patience. put the tray table up when they say tray table up, all right, casey siegel thank you very very much meanwhile, a lot of towns along beaches have certainly been very much in demand and they're hoping that weather forecasts notwithstanding that demand will return. lydia hu along the jersey shore in as bury park, new jersey. hey, lydia. reporter: hey, neil. it is starting to sprinkle just a little bit. we just kind of stepped away from the boardwalk. you can still see it behind me because we wanted to take cover in case it starts to rain harder like it's expected to later today but the rain is not taking away from the excitement of

people. they are so delighted that the indoor mask mandate for fully vaccinated people going away starting today in the state of new jersey just in time for memorial day weekend. watch this. >> i'm really excited. i've been looking forward to it. i was at the gym already today and did not wear a mask. >> it feels great. you're liberated. >> hugging people that you haven't hugged in over a year like when you see them. your old friends. maybe even going to a bar. now we can sit at a bar. reporter: now, with this , what they're calling a significant step in the return to normal, businesses along the boardwalk are telling us that they are relieved, they are expecting to have a very busy holiday weekend , and busy summer ahead of them, but along with that, comes the staffing issues. they say they just don't have 100% staffing yet. they are trying to get hired so they can adequately respond to all of the requests for services from the beachgoers here they

are asking for patience this weekend. watch this. >> we have one kukin our mexican restaurant when we normally have five. a lot of people left the industry. a lot of people are still on unemployment, and we have money to be made. >> everybody is having staffing issues right now, and we're not immune to that at all, as server s have been great but they're a little bit run down right now. we need about i would say eight to 12 more people if they showed up we could hire them on the spot. reporter: and the other change that's taking effect today, neil dancing can return to the bars and restaurants and nightclubs in new jersey also, just in time for the memorial day weekend, neil. back to you. neil: all right, that's something i would not take advantage of myself, but it's good to know. lydia hu thank you very much, in asbury, new jersey so the great reopening is on and we told you about some of the jarring things you're going to find out like things are expensive, a lot more

expensive particularly what's going on with meat in this country, with chicken, double-digit increases across-the-board, could last a while. it's a concern for texas republican congressman jodie arrington who joins us right now. what's going on here, thinking of your state and what's happening here, you're wondering whether the government should be doing more to help our ranchers, right, to ease this because it's a pretty noticeable up-tick we're seeing. >> well, i think what our ranch ers would say is we're not looking for government to help us. we're looking for the government to get out of our way and off our backs and quit the climate fear mongering that is a direct assault on fuel production and ag production to critical supply chains for our country, not only our economy, but our national security, and it's distorting markets. it's completely disingenuinous, intellectually dishonest to think that our cattle industry is contributing to global

warming or some climate disaster in the near future. they actually admit less than 4% of our total greenhouse gasses, they brought them down significantly, about 40% over the last few decades, and they're producing about 60% more cattle, and oh, by the way, the demand for consumption of food is going to double by 2050 so we need the u.s. beef industry to supply the world food because we do it safer, we do it more sustainably than any country in the world, by about 10-50 times better and more environmentally friendly, so it doesn't make any sense -- neil: but how do they know climate change is at the root of this. a lot of people say supply and demand and people coming out of this economy and then the slow economy at that, the demand is hey, you know, i'm going back to the grocery store and i'm buying bacon and pork and all of this stuff, and we seen it across-the-board, so is it much more than just what you're

saying here, but maybe something as basic as hey, the economy is beginning to boom, and these things are going up in price because it is. >> well, there will be some supply and demand dynamic for sure. i think you saw supply chains disrupted because of covid and so there is that. there's also, there's too much money in the system. we've put, i think, need less amounts of government spending that is causing inflationary effects on all goods and services, so that should be a concern. i mean, we've seen the 4% up-tick year-over-year in inflation, and, i mean, fuel costs specifically talking about the green new deal and the unilateral actions taken by biden have gone, you know, gas prices have gone up over 150 %, so i think it is partly supply and demand, cyclical dynamics but a big part of it is government intervention in my opinion.

neil: so should government do anything about this? i think you're kind of saying or just get your hands off the pedal here and things will be fine. there are others who argue that is not the issue in this environment, that this is something bigger, because this is actually part of a global phenomenon, so what would you advocate president biden do? >> well, i don't even know where to start, because of this budget that i think is bankrupt america budget, but i think i would say quit fear mongering and quit placating the left with this climate alarm ism and the extreme policies that follow that will hurt our economy by causing food and fuel costs to go up unncesssarily. i would say don't double the death tax where family farmers and ranchers have to sell their family operation just to pay the taxes.

i'd say don't tax our businesses to the highest rate in the free world, higher than communist china, because we can't, it's hard to compete with china, because they have state-owned farming and ranching. they subsidize their farmers, and it's hard enough to compete with them, so it's hard to find a place to start and stop on what i would tell biden, but it would center around the green new disaster assault on ag and energy, and the tax hikes they are going to set us way back and make it almost impossible to recover and add so much debt that we could have a debt crisis that we couldn't bail out of, and it would hurt every industry not just ag and energy. neil: congressman arrington thank you very much, we'll see how this all pans out. in the meantime, we are hearing that, to you as well, just want to let you know here, we are getting indications that the biden administration is

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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. >> they have been lying about this for a long time i think the most plausible scenario for the origins of the virus was always a lab leak, and a year ago, when we were saying this everybody was a tin foil hat wearer, the media try to completely debunk that and they said it couldn't be true. fauci said it couldn't be true. this was always nonsense. neil: all right, he is optimistic that at least we're going to try to get to the origins of this but good luck on that. 90 days, president biden says, for u.s. intelligence agencies to come back to him and find out once and for all did this start in a lab or was it more natural than that or will we have any direct answer on all of that.

there's a good chance we'll get no closure on this , because the chinese have already indicated they will not be participating in this , and what they call a political sham. so where is all this going? china expert the best one i know , gordon chang, the great u.s. china tech war among others , the coming collapse of china, years and years ahead of the curve on understanding china how it thinks. so i'm going to be talking to him on that, but first i do want to go to mark meredith on this 90-daytime frame for this. could you help us with this? what likely will we see , mark? reporter: neil i'm with you i don't think we'll get much of an answer in 90 days but you're right, good afternoon. both the white house and growing number of lawmakers they are trying to figure out exactly where did covid-19 first begin, and although the lawmakers are starting to ask these questions getting those answers is going to take some time. today we are seeing a buy group of house members start to ask that question, trying to setup a commission similar to what we saw after 9/11, to investigate

not only how the virus first spread but also what can be done to make sure something lake this doesn't happen again. what's interesting is we heard from the intelligence community on thursday, which is fairly rare, in which they said that they don't know exactly where, when, or how the covid-19 virus was transmitted initially, but has coalesced around two likely scenarios. either it emerged naturally from human contacts with infected animals or it was a laboratory accident. now the white house says back in march the president was getting a briefing asking about what was going on back in 2019, those findings are still ongoing , and expected as you said, neil, to take three months the president, though, says once he has this information, he'll share it. >> [overlapping speakers] >> 90 day review on where the origins of the coronavirus is. >> if i knew that i wouldn't ask for a 90 day review i don't know. >> would you release the report in full after 90 days? >> yes, unless there's something i'm unaware of.

reporter: but china is already pushing back against all of this saying that this is a blame game and it has more to do with politics than anything else, but we'll see if that pressure not only here at the white house, but also from lawmakers on the hill stands, neil, not only in the next 90 days but also whatever that report may find afterwards. neil? neil: mark meredith thank you very much, my friend, mark at the white house, to gordon chang right now and what he makes of all of this. gordon, i take it as a given the chinese are going to keep their word and not help out on this. in fact they think it's all political theatre on the part of the white house, so where do you suspect this goes? >> well, there's going to be a little bit of delay, the 90 days , and then there's going to be a big argument over the intelligence. i think that president biden should declassify what there is now, because he has it, and he can actually share it with the american public, and the world, because we can figure it out on our own. we do not need politicized assessments from the intelligence community which

normally gets it wrong and on china it gets it always wrong so let us do it. don't worry about them, they can give us their assessments later. neil: when you talk to your sources in china, and all of these markets that have been criticized for decades now, that this could happen again. >> it certainly can happen again, because the chinese military, in open sources, talks about their biological warfare doctrine, and they are developing pathogens that would lead the chinese immune and attack everybody else. they talk about "specific ethnic genetic attacks" so that means that the next disease from china could basically leave china as the world's only sigh viable society and this is a civilization killer so we need to have some sense of urgency. everyday for the last couple of days, a thousand americans or more have been killed by this

disease, which means if we wait 90 days, that's 90,000 more american deaths. i believe that the president should show much more urgency than he is exhibiting right now. neil: gordon, help me out with what the chinese know. i was reading top 10 list of countries that have been hit the hardest by covid. china's not on that list. you'd almost think this was like a bad cold there. do they really not know how bad this got? >> well first of all, china was very good at suppressing information about the effect on chinese society and the number of chinese infections and deaths , but also, you know, there are a couple things. this is a flu-like disease, and my wife can tell you in hong kong that flu season only attacked the foreigners. it didn't attack the chinese. now, we're not virologists, but that struck me always as very curious so maybe this is the

type of disease that goes after foreigners more than it does people from asia, but there's a lot that we need to know about this. we don't know the origin 100%, neil, but there is one thing that we do know and we should act on it now, and that is that we know that in december 2019, january 2020 maybe even februars to deliberately spread this disease beyond its borders. they lied about contagiousness, they forced countries to accept arrivals from china while they are locking down their own country. that shows malicious intent. we would like to know about the origin, but we don't need to know about the origin. we know what they've already done. neil: gordon chang, thank you very much. all right, the budget is out for next year, the years to come this is, of course fiscal 2022 budget, october 1 of this year, we know as well, that it will raise discretionary

spending but 8.4% to $118 billion, that will all be freeze defense spending by an increase of 1.7%, non-defense spending will go up about 16% with an emphasis on education, safety net programs, health and the environment, but as far as the big military buildup we have been seeing over the last few years, that has stopped. more after this. >> ♪ ♪ ♪ ♪ (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager —

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neil: all right, the budget will be out momentarily here, we do know the administration has been

sort of preparing us for the figures but we're also getting rid of the white house on this higher gas price situation we've been telling you about that that is why and this is from jen psaki, president biden has opposed any proposals to raise the gas tax, and we will continue to monitor prices and we're glad the americans could get on the road again, welcoming this post-pandemic rush, to sort of break free, have some fun and pay a lot higher gas prices while you're at it so on that with a host of folks here, jack mcintyre, erin gibbs, gibbs wealth management ceo. erin, we'll begin with you on the gas thing here, the administration more or less saying it's not on us if it's a sign of a booming economy, it is what it is but we're not going to add to that by calling for a hike in gas taxes, to pay for infrastructure, that sort of thing. that's just my summation there, i might be overgeneralizing there but your thoughts? >> no i think they are just

trying to reassure that those gas prices that or the spikes that we've seen, it's really going to be based off just the usual market volatility on energy prices, and we're not going to see it come through on any type of gas tax, excise taxes, so just reassuring where we're going to see the expenditures and ensure those consumers. neil: you know, when you look at all these developments, i know, you know, jack, there's a rule of thumb that don't seattle on the here and now, your long term investor, budgets come and go, how many have we seen that that has never materialized and been so often, i don't know how they do 10 year plans when they can't even get it straight for the year we're in. leaving that aside, does all of this debt concern you, as an investor, that i know we've been living with this for so long, but it's exponentially grows to the point that, you know, we got to deal with it, and we don't. what do you think?

>> yeah, neil, i'm glad you said exponentially, because you're right. we've been on a glides path and its gone parabolic so when you take on death you bring forward consumption spending investment, so you know, a year from now, what kind of conversation are we going to be having? are we going to have, that's why i actually wonder when we look at treasury markets, yields have been flattish for three months now and yet we all know we're going to have a strong economy, we're going to get inflation. i just wonder if the bond market is kind of already sort of looking into next year, saying hey, don't look for a repeat on the type of fiscal spending that we're getting today. neil: you know, it is weird, right, erin? if the markets, you would think, be panicked by some of the tax hikes that are coming their way, the hike in capital gains, which by the way in this budget, is already baked into the cake as of last month. that doesn't mean it will come to fruition, i'm not saying that , but it has a funny way of

responding, not only to a pickup in economic activity which i can understand helping stock, but all this other stuff, which is also helping bonds. it's weird. what do you think? >> i think what's weird is also we're seeing a much bigger inflation fears come through the equity markets versus the bond markets. the bond markets have actually been pretty stable, and so i think it's more of the equity investors particularly when we start like with taxes that's what really gets the markets going and worrying about inflation, and you just don't see that bond markets seem to be much calmer around that, so perhaps it's something that we don't. neil: yeah, maybe they do, or blake burman might know because he's had a chance to sort of pour through this whole thing and they joins us in the white house. blake what have you discovered? reporter: let me go through the top line figures neil, we've been talking about it that $6 trillion budget that

president biden is now official ly proposing for fiscal year 2022, which means starting in october 1. the white house says that will include the annual spending plus the american families plan that the president is calling for , along with the american jobs plan that the president is calling for as well. let me show you some of the numbers on the screen if we can real quick because that 6 trillion top line figure plus there's about $4.1 trillion in revenue, you can do some back of the envelope math there, neil. that calls for a more than $1.8 trillion deficit, should the plans and proposals go through, for 2022. that is 7.8%, the deficit, in terms of gdp. now, the projected deficits do not end there though because when you look further down the line the budget that the office of management and budget is projecting, roughly $7.4 trillion in the next five years, roughly $14.5 trillion over the course of a decade. here is what the argument that the white house is making.

neil, they believe that the president's economic vision is working, they believe this plan and policies are working, so they believe his additional plans should be passed, especially since we are in a low interest rate environment. the acting omb head saying on a call with reporters earlier this morning the following saying, "the decades-long global trend of the declining interest rates even as publicly held debt has increased gives us the fiscal space to make necessary upfront investments." now to give you an idea, neil, of how this white house is viewing spending they believe it should happen, they believe it should happen now, they believe it is long overdue and should continue into the future but when you look at the top line figures they put forth, in 2031, so a decade from now, the white house is calling for government outlays of $8.2 trillion. neil? neil: just staggering. yet, they also are looking at relatively tame growth after the initial pop we get from

year-over-year comparisons like the second quarter to the third quarter all of that, 2%, 2.5% tops. reporter: right in there. whenever a budget is released the white house has to put forth some sort of assumptions. what is growth going to be, what are interest rates going to be because that obviously affects the top line figures. they are in that range, the reality is, as we've seen over the last year, neil. no one knows, no one can predict that especially 10 years out what it's going to look like, but those are the assumptions that they are working under. neil: all right, thank you blake burman, at the white house with that. the bottom line is that blake sort of gave you that big picture look. we are going to have a lot of debt going forward and a lot of years. this is not just a democratic problem or a republican problem it's actually all of our problem because we have to deal with this , and we will be to the tune of, well, at the rate we're going, 40 to $45 trillion of added debt over this period. now put another way, everything we are worth as a country will

be eclipsed by what we owe in this country, and that our debt will be about 117%, this is the white house saying this , about 117% of our gdp, our overall gross domestic product, in that time period, so put another way, your worth as an individual, based on what you have in a home or other assets when your liabilities eclipse them you're under water. we, as a nation, are going to be under water to the highest degree we have ever been since world war ii. 117% debt-to-gdp. department to equity, debt to making money versus having no money. that has not happened, in almost a century. we'll have more after this.

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neil: all right the budget is out right now and we kind of knew the headline numbers, while telegraphing the biggest budget ever, biggest series of tax increases but the markets just went past it saying none of this is going to come to pass or very little of it is going to come to pass or even if it does we'll more than survive it who no, jack mcintyre back with us, erin gibbs with us, jack if it looks like this might just pass if it looks like the capital gains tax hike might indeed go into effect, and earlier than thought in this thing, it's already in effect in april, how will the markets react to that?

>> so, neil, it's more of the same. as you were going through and describing it, it's just we're taking on more and more debt. i mean, normally, this kind of budget be dead on arrival but we're in such a unique environment right now, so yeah, you know, it's interesting. so yeah, we're going to actually see actual taxes increase, but going back to your prior comments on gasoline prices, well, when gasoline prices increased, it's a tax. you know, we only get inflation sustainable inflation when wages increases. wages don't increase with what you're paying for gasoline and commodities, food, it's all a tax, so the consumer is going to face some head wins here. neil: you know, inflationary numbers are looking worrisome if you're looking at core cpi right now, erin gibbs you're looking at numbers we have not seen going back a couple of decades here, and i'm just wondering that, along with higher gas

prices, food prices still in effect going still higher, just how bad is this inflationary spiral, if you even want to call it that. some people say it will stabilize, where are you on this >> well, when i go through the spending just in april, i was actually a little reassured because these increases at least is slowing down, and a lot of the increases that we're seeing in spending are actually coming from services instead of goods, with the exception of cars, and we actually saw consumers actually spending lesson food in april as opposed to march so you're still very high when you're looking at april from last year, but it does look like some of those prices are coming down, so i think that's somewhat reassuring and we were expecting an increase. it came through but it does look like perhaps this is exactly what all of the requirements have been telling us that it's temporary and that as supply

chain issues come through, we will see a more stable pricing environment. neil: you know, jack, if you think about it the consumers in best shape she has been in, you know, like coming out of something, this is unusual, we're coming out of the pandemic , like ever, and i mean, a lot of people did sure up their balance sheet, a lot of them paid off debt, i'm not saying everybody but generally, the american consumer is remarkably poised to take advantage of this great coming out party of the country, and i'm wondering whether we don't appreciate just how much, what do you think? >> so, you're right, neil. their balance sheets are actually in great shape, which is a good thing, so one of the things i think about, if you look at the pandemic through the eyes of this is a global natural disaster yet the policy is being put in place are more about hey this is an economic crisis that's still ongoing and it's really not, so you've given

money directly to consumers. they are in great shape and meanwhile, you've got a fed that is still punishing savers, so there's motivation for that consumer to spend and actually, we know that we're seeing investments in the equity markets increase because of consumers have more cash to invest. neil: you know, erin, you mentioned the fed, and i'm wondering. at what point do the markets then lose faith in the fed. it's one thing to be, you know, err on the side of jobs and all of that and it's another thing to keep ignoring the signals and you're right to say i think you just did a little while ago that the rate of increase is slowing, but it's still an increase, so at what point do the markets say all right, you're not only falling behind the curve, you're just falling off a cliff. what do you think? >> i think we would really have to see at least a full quarter of sustained inflation and right

now, when you're looking month-to-month, you just aren't seeing like these really high sustained prices. like consumer spending actually was a decrease on food in april, compared to march, so and then most of the spending and the increases actually came from recreation and healthcare so that's actually what you want to see as economies open up, so i think we really need to see maybe three months of very high inflation, futures not coming down, and that's where the markets will really start questioning the fed's wait and hold policy. neil: all right guys thank you again, on all of that. and maybe to echo both of your points we're learning right now from the movie industry that the memorial day weekend box office could break the $100 million mark, again, this weekend. remember, in the prior weekend

ticket sales were averaging about $57 million, but they're citing some hope for blockbuster s including cruel la that's 101 dalmations, the evil character there, although hysterical if i point out and a quiet place part ii, those two blockbuster releases alone could have us breaking the $100 million mark which be for the first time since before the pandemic, so hope springs eternal and one of the reasons why, i guess, people are very optimistic, because they are going out to movies where the popcorn could cost more than the movie, after this. >> ♪ ♪ ♪ it's not some magical number. and it's not something we just achieve at the end.

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neil: well, some might say this is just a matter of time of the divorces being right now bill and melinda gates is having an effect and changing things around for the gates foundation, the world's richest charitable foundation. the implications could be enormous here, jackie deangelis with more in new york. jackie? reporter: good afternoon, to you , neil. well according to the wall street journal, changes are

coming, infarcts to the bill and melinda gates foundation after the couple announced their divorce. that divorce coming after 27 years of marriage. now, the kinds of changes that we're talking about be governance changes, like adding a board, and bringing in outside directors. insiders telling the journal that the point of it be to ensure the future and stability of the foundation. remember, this is one of the largest charitable organizations in the world, as of 2020 the endowment was at 49.9 billion. of course, the future of the foundations endowment rests heavily on bill and melinda gates and their contributions between 1994 and 2020 they, themselves, gave 36.8 # billion dollars, and don't forget warren buffett he has said he will leave most of his fortune to the foundation. as for bill and melinda gates even with these possible changes they said through gates foundation spokeswoman after the divorce announcement that the couple would remain co-chair s and trustees of the

foundation and work jointly to shape and improve its strategies and overall direction when contacted today, the ceo of the gates foundation told us, " as i told foundation employees last week, i'm actively discussing with bill and melinda steps that they, and warren, might take to strengthen the long term sustainability and stability of the foundation given the co-chair's divorce. no decisions have been made." so that's where they stand on this right now, neil. we'll have to see where it goes from here. neil: all right, jackie thank you very very much. in the meantime, you into cruising? well you finally get your chance right now, because in fort lauderdale, well that ship is about to sail. the mayor of fort lauderdale joins us right now, good to see you, mayor. tell us a little bit about what's happening today, and the weekend, as more cruise lines begin to set sail. >> well, first of all thank you for having me on the show this afternoon, and yes, once again, we're going to be able to

resume the cruise industry here, and it's going to start right here in fort lauderdale. it's a wonderful opportunity for a business to get back to business, and i know a lot of travelers have been chomping at the bit wanting to, once again, return to taking their vacations that they postponed on our cruise ships here. now, we know that, you know, the environment in which a cruise ship travels is really needs to be protected. the history has been difficult for cruise ships. anywhere from legion airs disease to norovirus and now coronavirus, so, i fully understand why the cruise ships want to make sure that everyone is vaccinated before they get on the ship, but apparently, they're going toe to toe with our governor who seems to think that that requirement should not be there, so right now we're trying to work things out but i think by the time first ship sets sail, we'll get things going. neil: all right, to be fair, a lot of the cruise line,

norwegian was among them, who said they're ready and willing to do this sort of thing, and that there are different requirements for different ports i really don't know what the skinny is there, but is it your understanding then, mayor, that it's just a matter of time before all the cruise lines, they all seem to have the same standard, right? that you must be vaccinated before getting on, and that applies to those getting on the ship and those tending to those who are getting on the ship, in other words the workers. >> the workers, exactly. so it makes plenty of sense to require everyone to get vaccinated. i understand the governor is trying to not create a situation where those who can't get vaccinated or those who refuse to get vaccinated should not be denied the right to go on to a cruise ship, but you know, this is a private matter. this is private industry. this is one situation where i don't think government should get involved in private industry we're all here trying to protect people. you know, the governor is great

during covid-19 in terms of allowing for multiple testing sites, getting vaccination sites right here in our city, and so we know that going forward, if we really want the cruise industry to succeed, we really need to allow this step forward and that is to require everyone to be vaccinated and to be covid tested before they enter the ship. neil: all right, keep us posted, mayor, thank you for taking the time. have a wonderful weekend yourself. again, yet another sign what's happening in fort lauderdale as the great reopening continues in the country, a lot of states and municipalities removing mask requirements altogether, outdoors or indoors. i don't know quite what the story is in florida right now, but a lot of states are leaving it up to you if you feel better with a mask, wear it. if you don't, don't bother and on we go. >> ♪ ♪ ♪ ♪

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neil: all right, i'm sure you're excited to travel and have some fun and a good man it americans are going to do just that but you are going to run into problematic weather a on much of the east east coast, i don't

know if that will extend into south carolina but we do know from janice dean much of the east coast will be dealing with rain, a lot of rain and she put this out in a statement e-mail that she really didn't have the guts to just tell me to my face, that my weekend is destroyed but that's janice. she's a top, you know, meet rolfe gist, but man, does she duck when the news is bad, right have a great weekend. my buddy charles, charles payne, hey, bud. charles: hey, neil thank you so much, my friend. good afternoon, everyone. i'm charles payne, this is " making money." breaking right now inflation signs are flashing red hot, but the markets taking it in stride in fact stocks are falling in the cool hand of bonds and strong earnings, still wall street is warning of the dreaded taper tantrum, well i'm going to take you on a walk down memory lane to show why individual investors should not get caught up in that panic trap. just moments ago, president biden proving critics right, releasing his out of this world $6 trillion budget, the economic and social costs could