tv Varney Company FOX Business May 30, 2023 10:00am-11:00am EDT
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lauren: beautiful shot of manhattan. good morning, it is 10:00 eastern. let's get straight to your money. look at the markets. there is a breath of fresh air that there's a deal at least on paper, the downtown motley, 70 points, the nasdaq higher by 77. it is off the highs of the session. the stock of the day, 40875, if it closes above 40486, $1 trillion, the 10 year treasury a theme we've seen the rise in yields although we are not seeing it today, 3. 7% were down 6 basis points, the rise in yields is not threatened enthusiasm for tech. finally, oil prices trading at 7015 down 3.5%. gas prices down two. we got the latest read on
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consumer confidence. susan: a read of just 99, it also means three accelerated, in april, and, and they are feeling a little better. about spending. president biden weighed in, his competition, watch. >> what do you make of the way the republican field is shaking out? >> i'm not being facetious, i'm focused on it, seems like a lot of competent candidates trying to get the nomination. we will see. lauren: i haven't been able to keep up with it. charlie hurt joins us, your
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reaction to that. >> interesting the white house is scrambling to exude confidence about the field but they are stuck with the idea they are facing the same campaign they faced in 2020, talking about how the deal with biden's age are not going to be concerns but i think the campaign they face is a different campaign than the one they faced in 2020. that blythe confidence is misplaced. lauren: let the president be the president, meet the voter on social media or surrogates, not the true big campaign. is that a misstep? >> i do think it's a misstep.
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the biggest thing going into 2024 will be the economy. when you look at the state of the economy the level of confidence today's lower than it was in 2020 and i am always skeptical of polling especially this early but if you look at the polling, if you wonder why president biden is so far underwater with voters it has everything to do with the economy and so many things people feel personally, whether it's gas prices or inflation can be tied directly to the policies of this administration. that's a recipe for disaster. lauren: president biden his campaign believe they will once again faced off against trump in 2024 so a rematch. they say they are not leaving anything to chance as the gop field continues to grow and expand. the you think we will see a
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trump/biden rematch or is a possibility two other candidates besides trump and biden? >> what we have seen in the past 6 or 8 years anything is possible so making predictions about where we are going to be in two years is crazy but that said it does look like we are headed in that direction and that doesn't mean we will have the same campaign we had in 2020. all the dynamics are different, all the arguments president biden and his surrogates made to get him elected have evaporated. the argument the central argument of the biden campaign was electing president biden would calm everything down, make the hysteria in washington stop. that didn't happen. he's in the white house and it is crazier than it was two years ago. likewise i think the arguments
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democrats made against donald trump many of them have proven to be false and back to the economy which i think will be the most important thing most people remember the economy was pretty good, they felt a lot better. that was a horrifying pandemic that shut the world down, people felt better about their wallet under donald trump, people are suffering under joe biden and that is terrible. lauren: it might not be biden and it might not be trump. 2024 is a long time away. biden's campaign is competent in a rematch against donald trump. wall street is dreading it. how much are they dreading it? susan: it is pretty split. a lot of people on wall street, they like biden's steady hand and his cabinet picks. but his aggressive stance on antitrust has turned out
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potential backers on wall street, it could deliver the less regulation but financiers are worried trump is unpredictable and that could wreak havoc on global markets. one senior dealmaker telling the journal that everybody is hoping for a miracle, nobody wants biden nw want to trump. you have a coalition of billionaires backing this no labels group that wants west virginia, red state democrat joe manchin and others are backing more moderate candidates like tim scott which was announced last week. if you billionaires have paused their funding on desantis's campaign. ken griffin of citadel, also you have to deal sitting on the sidelines of 2024 because he doesn't feel candidates are talking about the real issues.
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lauren: a lot of it is backed by the grassroots. jason katz joins us now. charlie hurt said biden is underwater when it comes to the economy. we might not be in a recession but it feels like we are and people go to the polls. what your prediction on this recession that might've come, might be coming. where do you stand? >> a year and 1/2, we thought this recession would come upon us. the debt ceiling situation, keeps recession on the table. think about dangers that are clear and present, notably the fact that we are half $1 trillion, the placement of treasury securities coming down the pike that will boost up
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yields, make the cost of doing things for consumers, auto loans go up not to mention drains liquidity from the stock market. the alternative would have been worse but this doesn't remove the recession from the calculus. lauren: are you assigning a probability to defaulting on our debt? >> 0.0. 0.0. that i assign and export nearly high probability that we will be in a recession by q2 of next year. i know that sounds ominous but we lead off of this segment this is the most anticipated recession ever. we are talking about it, the market is cognizant of it. i'm not sure the market will get that rattled by it. lauren: it would be exciting to see what people have to say. everyone, almost everyone has come on this program and told stuart varney, ai the place to be, we've seen is amazing
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rally, but you are saying don't buy tech. >> don't necessarily sell your tech but i wouldn't buy it here. hate to date myself. this is my 31st year in the business. i have seen this movie before. whether is the tech wreck or flood into canada's stock or crypto craze we see this gold rush and anything related to ai is not the hype we saw in previous bubbles because it's going to be extraordinarily additive when it comes to margins. businesses are going to utilize it, it's definitively going to make us more productive. that being said the outperformance of tech is breathtaking. the growth index is outperforming value by 20%. the s&p is up 10, the equal way s&p is flat. don't sell tech.
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lauren: let's talk about individual movers. nvidia, what's the latest? susan: the ninth companies across the trillion dollars, before the magic level cdiv 862 officially be the fifth, $1 trillion stock, apple, microsoft, meta-in the top 5 but speaking of hard-core, we were show you elon musk working in china, nvidia getting a rockstar reception in taiwan, warning new graduates the we are only in the early innings of artificial intelligence and if you want a job you better have something to do with ai. lauren: every kid debating
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their major is thinking about the decision, to see if it will still exist in the form they think it will. susan: streamers, content providers, if you' re in a creative field, maybe you get to -- it they just announced the fifth installation, netflix is soaring on the back of global capital raised last week but also cracking down on password sharing, and in the same household, the same account. coin base getting an upgrade from atlantic equities, lifting stock, this might be some value here. lauren: thank you.
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still had, governor ron desantis says woke initiatives in the military are the reason we are having problems recruiting soldiers. >> the military that i see is different from the military i served in. i see a lot of emphasis on political ideology, things like gender pronouns, things like gei, that caused recruiting to public. lauren: there will be big changes if he is elected president of the united states, china rejects a meeting with our defense secretary in singapore this weekend but elon musk just met with china's foreign minister, that happen today, moments ago. why will china meet with elon musk and not our government? russia reporting several drone strikes on buildings in moscow. the first attack on civilian areas in the capital since the start of the war, is this the beginning of ukraine's spring offensive? kt mcfarland takes that on next.
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stuart: ron dissenters kicks office 200024 in des moines iowa, donald trump will head there later this week. richardson in des moines to have the big event. what do we expect? >> reporter: governor ron desantis's first official campaign event in des moines, through much of tomorrow, he had to the new hampshire, south carolina, all these early voting states.
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and it could give him of the momentum to actually win the nomination. >> there may be some differences between me and donald trump and those will be in my benefit in a place like iowa. he has taken the side of disney in our fight in florida. >> reporter: trump shot back that disney had become a woke and disgusting shadow of its -- the florida governor should have stopped a long ago. unclear what else the former president thinks dissenters should have done to disney. and the end of birthright citizenship, were born illegally. and he will tell his record in
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florida, stressed the country, and with sean hannity, the un ambassador, nikki haley, she will be in des moines saturday for joni ernst's fundraiser. we have confirmed governor ron desantis will be there. this is a fund raiser, vivek ramaswami will be there, senator tim scott, the first time in this entire process, we have all these declared candidates gathering at one point, and january's caucusing. >> the military now is different from the military he served in. look at this.
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>> we need to look at what is going on in the military, it is different from the military i served in. i see a lot of emphasis, political ideology, gender pronouns, a lot about things like gei, that caused recruiting to plummet, has driven off a lot of warriors, morale is low. we need to rejuvenate the more our in the military. you will see big changes in the services. lauren: he has 36 military too woke. k t mcfarland, your thoughts? >> the problem, desantis is talking where the military is talking about, the focus on woke ideology and gender issues, diversity issues and all those other things coming
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at the expense of something. it is coming at the extent of war fighting capabilities. 24 hours a day, so many hours a day military personnel can train, study, prepare. if they are spending more and more time on woke gender cultural issues, they are spending less time on other things. what does that do? not only does it take away readiness and capabilities but a real issue of morale, recruitment at an all-time low. i think desantis is right, it can be turned around quickly but not under the current administration. neil: if we go to europe, the war has had russian soil, 8, because he drones in resident will buildings inside moscow overnight, the first attack within civilian areas in russia since their invasion of ukraine began and all this as russia
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launched predawn attacks on here for the third night in a row, we are watching video of it, residents scrambling for shelter. is what we are seeing the start of the spring offensive we have been talking about? >> absolutely is. what is it going to mean? if you are vladimir putin, you have been fighting this war for a year, you have an advance, didn't do what you said you were going to do but it is a war of attrition. now, with attack direct attacks on moscow and not on moscow military sites, not on government sites but suburban sites, putin has to be facing a lot of criticism within russia. he has a war in ukraine, he also has to have pushback. one thing the russian people for hundreds of years will never put up with is a leader who is considered week abroad
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and week at home, can't protect his own people and i think putin will be trouble not from the peaceniks who say get the war in ukraine over with, let's go home and give up, it will come from the other direction, the war hawks who are going to say we are not being tough, we have to be much tougher on ukraine. we have to ramp up the carpet bombing, attacks against ukrainian civilian sites, potentially escalate into weapons of mass destruction. lauren: china has rejected a request by the us to meet with their defense chief, elon musk has touched down in china for the first time in three years and is meeting with chinese officials. he's visiting tesla's plant in shanghai.
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china won't meet with our government but they will meet with elon musk. >> the chinese are doing a end runaround the whole thing, the chinese refused to meet with our secretary of defense, secretary of state, national security advisor. you are they meeting with? the chinese meet with economic officials, trade, commerce et cetera and now they are meeting with elon musk which is all about trade, elon musk has big tesla factory in the united states. let's just do business but punish you, america, for your support of taiwan. i think the chinese are playing at the way they want because they know that the way to affect the united states isn't militarily but economically. that is our trade relationship. lauren: looks like they have the upper hand, thank you for the perspective, we appreciate it. and now this, china is stepping
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up their game in the space race. what are they doing? susan: china wants to put astronauts on the moon before 2030, the end of this decade and they are willing to bring in some foreign partners but if you know the actual spending, the dollars being invested, american spending and capabilities give the us a significant edge still over china at least for now. the us plans to put astronauts back on the lunar surface by 2025 with the help of elon musk's space x and jeff baeza's's blue origin, that was regionally signed. the recent battle for influence in the skies pretty similar to the space race between the us and the former soviet union in the 60s and 70s. elon musk is in china and before he took off on his private jet, landed in shanghai, he was praising china's space program saying the china space program was far more advanced than most people
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realize do. lauren: it would be cool if he could take a special rocket to china. and do more than that. experts warned that artificial intelligence will make it easier to get stocked. we will tell you what you shouldn't be sharing online and why. get ready for summer in the dark. our power grid is facing a high risk of shortages this summer thanks to democrats's green agenda. kelly o'grady breaks it down for us coming up. ♪ ♪ i can't, you know, thank my parents enough for making sure that this connection is here.
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lauren: the dow is selling off. it is down by 110 points cover the s&p's hanging on, the nasdaq losing most of its momentum but still in the green up 57 points. susan, we bring it back in. you are looking at more movers for us. susan: technically not a selloff yet. you have to get past the 1% mark to be an official selloff for the dow but it is a down day.
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i want to check in on the electric car companies. elon musk is working pretty hard as he did fly on memorial day to check out his shanghai china plant, meeting with the foreign minister. we know shanghai is important as it makes up 60% of their global production, also for export elsewhere. there are some pretty good results. if you look at the stock up 12%, expanding as well, the hydrogen green climate battery provider and energy fuel provider having a good day. and investing in green space. the rest of the lenders getting a good bounce today after student debt relief included in this debt ceiling, like those
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that go to college and if we want to check out the rest of the chip space with nvidia closing in on $1 trillion at the end of this day up 100%, broad, is expanding the apple supplier deal getting a good jump as well. neil: republicans secured a 300 mile natural gas pipeline project in the package. details on that. susan: the gop want to provide energy, and republicans have secured a massive natural gas pipeline to virginia and this is a surprise. and expected deal that got the green light. this is 94% finished in the pipeline is expected to create 2500 construction jobs in the
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state of west virginia. up to $250 million in royalties for the state in orlando. the plan cheered by west virginia lawmakers and west virginians and touted as a project the promises economic benefits for years to come. >> a high risk of shortages due to the democrats ongoing green energy push. good to see you. the weather is heating up but are the blackouts going to heat up with it? >> reporter: that may be the case. the summer, potential heat waves, more people using air-conditioning and a new report saying we cannot have enough supply to meet the demand, but if you are on the east coast, except for my friend in new england you are going to be okay but the new
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report is predicting 2 thirds of the country, nearly every state west of the mississippi, you could see an elevated risk to conserve power or experience blackouts. you've got increased demand and a rapidly shifting powerplant. on the first point we have a push for electrification. ahead in states where like in california we've seen extreme deadlines in the quest to transition to green energy putting more strain than the power grid could handle. the second one is liberal policy seeking to make the grid less reliant on fossil fuels and more on renewable resources like wind and solar but you need certain weather conditions, needs to be windy, sunny, you combine that with early retirement and that's driving the energy crunch prediction, traditional energy experts not saying the push for green is bad but we need a transition plan to have
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capacity to meet that demand. in rural areas, manufacturing and agriculture is key. >> in rural areas, may not represent the population of the united states but we are tied to the rest of the united states in terms of the electric and we are raising the alarm the public policies not driving the direction where reliability is a compromise. >> reporter: california residents like myself were told don't turn on your icy or charger electric vehicle, doesn't inspire confidence as we make the transition. lauren: the ambitious pace has people unsettled. biden's trident green energy push is energy destruction that hurts americans.
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stephen perkins is vice president of the american conservative coalition. make your case. >> we have this movement going on across the country to divest from fossil fuels. the issue, at the university level and state level, the senate passed a divestment bill, first of all it violates a fiduciary responsibility, investments tied to people's retirement. it's not realistic, we need a thoughtful transition and we need this movement to rip the carpet from underneath us has happened with cattle. nothing to and they haven't thought about how we do this in a way that maintains american jobs and supports communities across the country. lauren: the forecast is the economy can lose 11 million jobs if we greenlight biden's
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green dreams, realizing that our energy, 60% comes from fossil fuels, can't take that away overnight. >> when you think of the comparison, the implications of a default on the national debt, that would have been estimated to cost 7 million jobs. we are talking 11 million jobs across the country, not just jobs directly related to oil and gas but places like houston where you either are in the industry or you know someone who is. all these jobs are connected together. we need an approach that's good for the planet and also good for people. lauren: you brought up houston, texas koch thinking shale revolution. national security and superiority when it came to energy. do we have that? when it comes to green, the same superiority?
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>> we have an opportunity but what i can tell you, we were talking 60% of our energy to protect not only american national security but energy independence, we need a plan. lauren: target lost $10 billion in market valuation as back last for selling pride children for clothing, now there are calls to boycott calls for the very same thing. and the bud light news, we have that story coming up. president biden and speaker mccarthy are trying to rally support on the debt ceiling package, not everyone is thrilled about it. maybe the markets aren't. are there enough votes to get this through committee? chad haagrom has more. ♪ ♪
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lauren: president biden and house speaker mccarthy rallying support on the debt ceiling package as the house prepares to vote on the deal. the 72 hour review period expires than. we had chad pogrom on capitol hill. do they have the votes? >> reporter: that is anybody's guess. it requires a delicate democratic and gop as. when asked how the vote was looking one gop source replied not that great right now. republicans are weighing their support. >> the first day of our office being open, fielding constituent call since the beginning of the text being
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dropped over the weekend. a lot of members listening to their constituents continuing to evaluate the pros and cons of this deal, so we will see. >> reporter: they need a chunk of democrats to vote yes but one senior democratic source told fox the vote count was unclear and there were a lot of disappointed democrats. kevin mccarthy is trying to sell the package. >> no new taxes, no new government programs. i wanted to cut more but i was only able to get 15% of the budget. i'm not quite sure what else, under nondefense without veterans is lower than we spent in 2022. we got to look at where the victories are. >> reporter: the house rules committee meets today determining how the house handles it on the floor but if the committee can't pass the rule the house cannot the debate the bill. chuck roy of texas on the rules
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committee has opposed it. >> they should have thought of that before one hundred for days went by when president biden didn't do anything at before deal was cut memorial day weekend without all of us deciding if this was in the best interest of the united states because the swamp is flawed doesn't mean the average american should taken on the chin. >> reporter: watch two other members of the cody, ralph norman who is at only opposed, thomas massey of kentucky. lauren: thank you for keeping us up to speed. as far as investors are concerned, by the rumor until the news. diane feinstein reportedly confused after she saw the vice president kamala harris presiding over the senate for a tie-breaking vote. why was she confused? susan: from the new york times, the new york times reporting she was unaware during a vote last year why kamala harris was taking up her role as president
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of the senate even though she had previously spoken numerous times, broken numerous ties and votes there. feinstein asked colleagues what is she doing here? the senate was locked in a 50/50 split so you needed harris's vote to break the tie and approve the bills and nominations. you have congressional leaders questioning the 89-year-old senator at feinstein's ability to fulfill her duties including important votes. feinstein, from february to may, dealt with complications from shingles. lauren: she will be 90 years old next month. susan: a wonderful age to get to. lauren: president biden marked reporters asking him questions about the debt deal. roll tape. >> president biden: will they help me get it passed? not in the real world.
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lauren: president biden marked reporters after they questioned him on the debt ceiling deal. >> mister president, what would you tell them? >> president biden: you think they are going to help me get it passed? you are not in the real world. >> where are you on presidents -- >> president biden: next question. lauren: i know the perfect person for this, joe concha. is that personality? what is your response? >> reporter: here we are seven months removed since last time president biden had a solo press conference. when he does speak to the press he couldn't be any more
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condescending or dismissive if he tried. most journalists endorse his behavior because they stay quiet about it after losing their collective minds when donald trump didn't play nice but say this about trump, no president was more accessible to reporters than he was. in his final year in office he had 35 solo press conferences. president biden, 0. 0. lauren: they don't think he needs to. the wall street journal is suggesting ron desantis needs to show more humor to win over his rivals. they say the other lap against mr. desantis is he's a cultural brawler more than a likable unifier. there's truth to this. is no back slapper and benefits from even a little of ronald reagan's self-deprecating humor. would you agree with that? >> i agree with this.
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the thing with ron santos, he is swimming in cash, twice as much as donald trump did in his war chest. he should add to the speechwriting team somebody who's a comedy writer. don't get me wrong. i'm not saying the governor of florida -- it would come across as contrived and phony but authenticity is a big thing. singers and well-timed 1-liners can resonate in debate situations, ronald reagan said to walter mondale i want you to know i will not make age an issue of this campaign. i won't exploit my opponent's youth and inexperience was that was funny and basically the only thing you remember from that debate. once in a while, a line here and there that doesn't seem too forced would be a good thing. lauren: you can't force someone to have a personality they don't, you need some authenticity but when you vote for president of the united
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states you are voting for a person, their ability to engage with other lawmakers to have the clout to get a deal done. do you think he has it? >> i don't know, we will see. he won florida by 20 points by not having this comedy jean. people don't want to be entertained anymore. they want -- we need serious people, maybe that is the brand that works after trump, big personality, obama, personality, bush, the osha guy, bill clinton saxophone playing, maybe we are done with that and want george hw bush at this point. lauren: big personality, thank you very much. disney live-action remake of the little mermaid may about big splash at the box office. how much money are we talking? >> reporter: i like the pun made a big splash. the movie top and memorial day weekend looking at $118 million in four days, the fifth highest
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memorial day weekend ever in 35 years since the first animated version. >> you can 't live in that world unless you become a human yourself. >> is that even possible? >> it is what i live for. >> $118 million in line with expectations and if you add it to the global box office we are on track from $29-$30 billion a year which is up 23% from last year so theater owners are happy, movie fans on the big screen but if you look at 30 billion that is 1/3 less in pre-covid levels. >> less than other live action remake like the lion king and beauty and the beast. >> didn't impress the seminary family.
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>> if disney doesn't on family entertainment, raised the question. thank you. still ahead, giano caldwell on the violent holiday we can, the debt deal comes up short, does not rain and the irs enough. doctor marc siegel on china's warning of the new covid wave, the 11 hour coming up next. ♪ it's a little pill with a big story to tell. ♪ ♪ i take once-daily jardiance, ♪ ♪ at each day's staaart. ♪ ♪ as time went on it was easy to seee ♪ ♪ i'm lowering my a1c. ♪ jardiance works 24/7 in your body to flush out some sugar! and for adults with type 2 diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. jardiance may cause serious side effects including ketoacidosis that may be fatal, dehydration, that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur.
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that's the plan! well, you've come to the right place. now's the time to plan ahead. learn about an aarp medicare supplement insurance plan from unitedhealthcare... and how a plan like this helps you take charge of your health care with lower out-of-pocket costs. here's why... medicare alone doesn't pay for everything. your deductibles and copays could add up to hundreds, even thousands of dollars a year. everyone's a little surprised to learn that one. adding a medicare supplement plan helps pay some of what medicare doesn't. and that could mean fewer surprises and more predictable out-of-pocket costs. call unitedhealthcare and ask for your free decision guide. or talk with a licensed insurance agent or producer to learn more about plan benefits, options and rates. medicare supplement plans let you choose any doctor, any specialist, anywhere in the us who accepts medicare patients. you don't have to deal with any networks or referrals.
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this kind of plan also goes with you anywhere you travel in the country. if you're turning 65 soon or over 65 and planning to retire... find out more about the only medicare supplement plans endorsed by aarp. thumbs up to that! remember, the time to prepare is before you go on medicare! don't wait. get started today. take charge of your health care. call unitedhealthcare for your free decision guide and learn more about lowering your out-of-pocket medicare costs and seeing any doctor who accepts medicare patients. oh, and happy birthday... or retirement... in advance. >> we start seeing meaningful movement in the unemployment rate and that'll bring
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