with the archie correspond sites after we have a pack show today. so let's dive right in and we began as the u. s. senate has passed a bill that attempts to crack down on china threat to western technology. the u. s . senate voted 682321 tuesday to approve a sweeping package of legislation intended to boost the country's ability to compete with china. senate majority leader, chuck schumer says that the bill will help lay the foundation for another century of american leadership. as a percentage of g d. p, we spend less than half as much as the chinese communist party on basic research. we rely on foreign nations to surprise credit supply critical technologies that we invented like semiconductors, that sony american optimism has flickered as well. the world is more competitive now than in any time since the end of the 2nd world war. if we do nothing our days, if the dominant super power may be ending for their part,

china says it is jack's to being cast as an imaginary us enemy neighbors. you know, related content. and the bill passed by the us, restored in years, trying to develop on both domestic and foreign policy. and i don't want rates the china threat to advocate competition with china. i seriously sure yours are joining stairs on issues really don't want to, hong kong, changing to get into bed. it's got all of cold war 0 on thinking and runs counter or issue of all the jobs, like all those countries to strengthen actually large and cooperation. china firm and your opposed to it and joining us out to break all this new bill down is, or boom bus, co hosts bend swan and christy and christy. i want to start with this chinese response. we've been hearing about china as an economic threat to the us for years . what does this bill going to do to protect against that?

assuming there is actually something to protect against exactly what is there to protect against exactly what exactly has china even done to the us? what harm has been inflicted? and i mean, aside from selling it some cheap plastic goods of dubious quality, what actual damages have been done, and let's figure out a way to quantify that because there's no takers on trying to quantify that. meanwhile, this bill, this 2400 page bill of the u. s. innovation and competition. came some very broad strokes of why china is the common enemy in order to get a very deeply polarized view of congress to unite and actually agree on something. so nothing you nice people more than a common goal or common enemy, and that seems to be the role that china is playing in order for any politician these days to fuel their agenda. and my ad it takes the average reader about 2.8 hours to read $100.00 pages. do you think these guys actually read the 2400 page

bill? now the point of this is to grant and expand the government power and government funding to the tune of another 250000000000 dollars. and in order to get it path. and for everybody to pat themselves on the back as package as a turning point in american leadership, using this increasing competition with china as justification for a range of domestic and foreign policies to get passed. so let's talk about this increase dition. those are washington's words that music viewing it. a competition and china has just been investing in technology for the past decade. i mean, what do you expect them to do? not innovate. it's not their fault, but innovation. tech growth has been growing at a faster clip than the u. s. and the us now feels threatened. it's just the natural order of being these days to invest in technology and growing factors. if you look at the wording of all the statements and the language use, it sounds like that apparently person intends miss trust, expensive attitudes, hidden motors, china and growth space and the u. s. has slowed down. that's the simple truth of it

. so the u. s. is pitying itself against an imaginary competition china in order to unlock more funding and sending. and now ben to christie's point. could this actually have been done without including china's name at all? i mean, what specifically is in the bill and what will it pay for? well, it really could not have been done without invoking china's name. and the reason for that is because exactly what chrissy joe said, which is that the u. s. congress is so deeply divided. it can't agree on anything. republicans in them or crowds have virtually nothing they can agree on. but one of the few things they can agree on are certain buzzwords, like we've got to be tough with china. so for instance, in this bill, what it really is about, it's not about stopping china from doing anything. it doesn't sanction china in any way, doesn't punish china in any way. what it does, it takes us taxpayer dollars at enormous amounts and a lot of them to pet projects in the name of competition, which of course, isn't truly competition. so for instance, just a couple of things here. $54000000000.00 and this bill is going to go to increase

us production and supply of semiconductors. now we've talked about this quite a bit on the show. so there is a obvious semi conductor shortage going on around the world. there certainly is a huge semi conductor shortage here in the u. s. $2000000000.00 of those $54000000000.00 will go specifically to creating semiconductors on behalf of automakers in this country. now here's the question for you. if we believe in free market principles, doesn't the market take care of this? if you say there's a massive shortage of semiconductor chips around the world, there's a massive shortage in the u. s. and there's a massive shortage among automakers. there is an opportunity for businesses to start creating those semi conductor chips and selling them the market handles. that doesn't need u. s. government intervention. so instead, what happens is the u. s. government gets involved and all these companies come with their hands out st. oh, will be the ones to build the jobs and you guys are essentially paying for the production, paying for the warehousing paying for the, the facilities in order to create these ships and then will still turn around and

sell them. so taxpayers are essentially creating a product for a private company who and sell that product. it's pet projects. it doesn't do anything to stop china. it's about getting a bunch of pork pushed through in the name of us independence and christy. i want to hit on one more thing because we're almost out of time here, president vive non, when's actually revoked a trump era executive order that sought to ban tick tock and we chat and replaced it with one that calls for a broader review of a number of foreign controlled applications that could pose a security risk to americans and their data. is this a better solution to dealing with those companies? no, and i really don't see any better way of dealing with a situation like this because it be intent as the ultimate intent is to actually ban or restrict access to all these for an app that you want to do. something like that too. tick tock, a we chat in effect, it'll be doing exactly what it's always been criticizing china of doing by banding, google and facebook. and given that tech talk and we chat are all technically social media messaging posting platform that would effectively be censorship. and

that would paint the u. s. as a giant hypocrite in the end by co host, ben swan and christy, i thank you so much for cover both of these stories for us today. you would you be shocked to hear that some of the wealthiest people in america had years where they paid very little or even nothing in federal income tax? no, i really didn't think so. a new report from pro public outlines more than 15 years of data from the i r s, which includes tax returns from 1000 of the richest american. so who are these people and what did they pay when you might heard of this $1.00? amazon founder jeff bezos, who's currently the countries wealthiest person paid no federal income tax between 20072011. now, much of that was due to the fact that his income was offset by losses in investment . and in the 5 years from 2014 to 2018 basis as wealth grew by nearly $100000000000.00. but he only reported $4200000000.00 in total income and paid just

under $1000000000.00 in federal income tax. now the country, 2nd riches man, catholic, the musk, when he saw his wealth grow by nearly $14000000000.00 over that same period of time, reporting just over $1500000.00 in income, and paying only 4 $150000000.00 in taxes, while berkshire hathaway is warren buffet seems to be the biggest offender paying just $23700000.00 in taxes on $125000000.00 and reported income as his wealth grew by $24300000000.00. now i want to know something that's very important here. the growth in wealth is due to assets including equities, which of course continue to climb over that time period. but if they don't take the cash out, they would course not be subject to income tax on that. there's a lot to discuss here and to do so, let's bring in professor richard wolf is the host of economic update and author of the sickness is the system when capitalism fails to save us from pandemic or itself,

professor wolf. i usually start these segments with a y or a how, but the truth is we already know the answer. these billionaires are able to work the tax system by moving money here. they're having teams, a lot tax lawyers are accountants to work the system. and those who actually respond to the pro public, there were 3 of them, they maintain, they paid what they owed. what do you make of all this? well, i would, i would choral if you brand only your language, they don't just work this system. they run the system, they are the ones who pay in the end. they're subsidiaries for the very politicians who write the tax laws this way. when they say we apply by the law, they neglect to tell us they're the folks who shape the law. you're all reporter a few minutes ago correctly point that out of pages of the latest know and nobody really knows. lobby is right in the law. busy one of their employers

need, they follow the law with their teams account and then on pay the tax. you know, i will pack system as the people looked at top control again. so they don't pay the vast majority at the bottom, don't. they don't have anything. and that leaves their so called middle paying the bulk of it, which is why our middle class disappearing. because up there's crazy pack system, which has nothing to do with any notion of equity or decency, or capacity to pay. it's literally upside down. and professor wolf excellent analysis there, warren buffet, hugh peers to be one of the biggest defenders. here of course, lobbied for a change in the tax cody railed about how his secretary paid a higher percentage in taxes that he does spawning the idea of the so called buffet

rule, which nothing has come up yet. he's still take advantage of this system. does that make him a hypocrite? well, you go, yes and no. i've always been appreciative warren buffett, at least, was somebody who was honest enough to say what he was doing. that he was absurd amount. what i would like to have said, is he there or is really making sure that something changes? well, he didn't, you're quite right. he continues to use the system knowing well what the results are. and if i might brand, let me add something that people don't understand were coming out of a terrible crash, a terrible pandemic. the government under trump like buying has been spending wild amounts of money because it has to get us or it thinks it does. out of this mess. if you don't tax people to pay for it,

and the only ones that we could be that style or the rich who got away with all of this, well, you know what you're going to do, you're going to borrow the money. because the masses can pay. and if you don't tax the wrench you borrow, but here's the joke. you're borrow from the same rich, they're the only ones who can one do you anyway. so for them instead of paying taxes, they get a chance to loan that money to the government, getting it all back plus interest. and that's worse than we in the equality that permits them the control of all taxes. and so we see this process as you produce its over time professor will i before we go, the treasury department actually said all after this story was relief that they've asked authorities to investigate the leak of the tax documents because of the legal to release the type of government, that is what they said, but 1st part pro public says they obtain the data from an anonymous source and do not actually know the identity of that source. but it kind of feels like to me,

the american public needs to see this data, does it not? yes, it should be public data. that's something we all depend on. if our government isn't taxing it or what government can do for us, we are immediately affected. and even a minimum notion of democracy, what we have access to this information, i find the shameful that the treasury department, all the i r s instead of saying, well, let's talk about what all this means is busy on the detail of whom they can on ish so that the real truth of what our situation is, keeps being kept from us. i really find that extraordinary failure to cope with what these numbers teach us. professor rich was that the straight talk host of economic update. thank you so much for joining us today. thank you, brent,

and time now for a quick break, but when we come back, as the travel sector heaped up is the world of business travel ready for a come back? garden corresponded diatanni. we'll go over the details. that's going to break the numbers up to close. the book. we're here in saint petersburg at the international economic form. and the topic of our program is the global economy. how is it changed since coven for the winter, for the losers? what are the challenges? and what are the opportunities as a korea professionals bought is much tougher on some than others year old

myer by everybody. so why would somebody believe me, i was just a little girl. the price paid to, to, to achieve really was, was to read in the paper this morning, usa swimming coach, arrested, allegedly had sex with a 12 year old girl. this happens almost every week. we get calls at the office. i get informed about one of my greatest fears is someone's going to start linking all this together. there's going to be a 60 minute documentary about youth coaches in sports like gymnastics swimming. is that documentary? see it, phone r t i do it again, which does actually got an

uncovered face, men's clothing and shoulder stuck. it's a kind of a gun, feminism, its name is how camino above put a human level, some of the whole model that of us, it was a lot of up up on the job. but you know, the ones that gave me she lives in one of the most dangerous and patriarchal provinces of afghanistan cost gala lacey, which time i'm not sure what i shall do, the average for that updated to run. but yes, i got to know that she does her best to fight for women's rights. i am awesome. how does that look good? when you get that done, as you know what i do, i know that i'm going to she's known him by her nickname,

king and the other, the other got it much older than was really a good one day. i use news in the welcome back. fresh signs are showing that business travelers won't be crowded much longer and while some companies have learned to do without travel, others are ready to get back on the road. just not right away. our correspondence

side passenger has the full story. sir, brand, business travel is slowly resuming, but like many aspects of professional life, post panoramic one look anything like the way it did back in 2019. and while most companies learn to do without travel during the pandemic, remember all the zoom calls, others are trying to determine which business trips are essential right now. and now of course, there's no doubt that the pen demik has been devastating for business travel now. before 2020 business travels had grown for 10 consecutive years with an average growth of one of 5 point one percent per year. but if you take a look at right here in 2020 all business travel drop drastically anywhere from 50 to 80 percent and how much business travel returns. and when are all urgent questions? not just for airlines, but also airport employees, hotels, restaurants, car rental, travel agencies and convention centers. now just take

a look at the change in employment for really travel related sectors from february 2020. until now, as you can see right now, they're down anywhere from 20 to 50 percent and the job losses have been so severe about $1000000.00 travel related jobs have been lost since february, including more than 600000 hotel positions and 820000 airline and, and staff related jobs and also caught were thousands of positions in fields ranging from restaurants to aerospace manufacturing, into convention center staff. and now there's a lot of businesses that aren't even included here that we often don't think of them in single business travel. but when a large convention or a business event is happening, the entire city is involved. we're talking about the floor that provides the flowers, the dry cleaners that prepare the linens for the hotels,

the coffee shop that serves travelers, you know, whole downtown area, how areas have been revitalized due to meetings and event businesses. and right now they're all struggling and travel industry executives remain split on when, if ever, pre pandemic levels or business will ever return. now take a look at the direct business travel spending in the us from 2018 to 20 to 2024 forecast and prepared to make 2019 domestic and international business travelers in the us directly spend 334000000000 and 2019 supporting 2500000 jobs now. in 2020, only about $130000000000.00 were spent. and corporate trips remain 70 percent below pre pen demik levels where big us airlines typically rate at half. half of

their profit from the higher affairs paid by business travelers who actually account for one 5th of their seats before the pandemic. plus, there are some out there predicting that corporate travel will never recover to 2019 levels. and that a high percentage of meetings and events will remain virtual. bill gates is a great example the found or microsoft. and he's probably the most high profile proponent of this with a down b forecast that 50 percent of business travel will never return sprint. art correspondence i a tab at your thank you so much for following that story. and as we look at the travel sector, picking back up after being decimated by the cobra, 1900 pandemic. the hope on wall street is that some of the biggest names in travel and leisure was the stock prices return to where they were before travel was halted in early 2020. joining us now disgusted, joseph qsi. he's a founder and ceo of strategy marketplace. joseph, i want to start with the airline industry as you just heard what i had to say about

all of this. as travel rules have actually loosened in recent month, we have seen some of the big names like delta american and united trend upward, but still well off where they were prepared. demik the only outlier there is southwest, which is actually returned to prepare medic level. what do we need to know about the current state of airline stocks? hey, brent. great to be back. but you know, i've actually just got back from a little business trip down in orlando. and i have to tell you, you know, it doesn't feel like we are, you know, panoramic levels or that we're still like everything back to normal. i mean, dizzy world seemed like it was pretty busy. we were in the hotel that was pretty packed. you know, we went to restaurants and although there about 80 percent capacity, there were long lines and weights there. and i am traveling today when i was taking some connections. it looked worse than ever because everything was completely, you know, tied up and people or wherever you are. but although look that way,

you know, there are as many seats, or there's not as many planes a year, which is why some of the traveling hasn't come all the way back to pre kind of demick level. now. so even though it's stock is that 27 percent year today, and they just order more $737.00. boeing just you know, they're still not hitting the revenue in the profits. they were expected to hit their about 20 percent of their expectations. they were expected to head about 20 to 25 percent down, so they're doing pretty good there. but the airline industry, in general, they're seeing that people are wanting to travel and people are paying for the premium sees, or they're paying for upgrades. and that's going to help them in the margins for why these airline stocks. so when things open up all the way and when we do get some travel back, i do still expect to see some that the airline stop to grow and cruise lines. actually, they're in the same boat here, and i apologize about that pon, actually facing a tougher road as they were entirely shut down at the height of the pandemic.

although now carnival has announced that it was gonna start wages out of the us ports starting in july. what's the outlook for cruise stocks in the near future? you know, it's really funny about carnival as they announce they're going to start, like you said in july, but one of their child to that is that they want everybody on that comes to their cruise to provide proof of a vaccine. and if you heard it in a news in texas, governor greg abbott, he actually signed a law prohibiting businesses from requiring paperwork or mandating that they show vaccine. so it will be really interesting that if the cruise lines can continue to do this, that could hurt their numbers a little bit because there might be people who are just not willing to show the information or on the right. the people who are fascinated and they simply won't go on a cruise, but a couple other lines are adding extra crew ships to help for a demand. so even on the, the cruise industry may not take off and that's a bad time from the airline industry. but they will still continue to see some

growth coming in the summer time and hotel. they've actually been pretty resilient, more so than cruises and airlines with a lot of those big names like mary windham, and health and actually trading it pre pandemic level. quickly got a 32nd. what's, why has this been the quickest sector to rebound? well, there's been the whole state cation or people that were able to drive to health. and windham, mary, at hyatt, and hilton. they have the largest change in the us with a lot of the largest point system. so people are using the reward. they're going to places that are really local. and that's why the hotel changed a bit really been able to weather some of the storm. joseph gives, he's the founder and ceo and strategy marketplace. thank you so much for your insight today. hey, brace. thank you. and finally, the next big f t is part of doze history. auction site zora is selling the mean behind crypto currency. don't coin. zora says it is the original image of the she but you knew named caboose, so which was taken back in february of 2010. now,

after the owner posted pictures on her blog years ago, the dog became a mean icon, as it has been shared countless times. now, according to nbc procedure, going to go towards a number of charities as of the time of broadcast, right? this moment, the reserve price for the n f t is about 20 a theory, but we will have to wait to see the final price. and if you are able to bid for this image, this is just one of many featuring the original dose. and that's it for this time you can catch boom bus on demand on portable tv available on smartphones and tablets, through the google play and apple app store by searching portable tv. portable tv can also be downloaded on newer model, samsung, smart tv, as well as roku devices. or you can simply check it out at portable dot tv. what's the next time i boom bust me.

ah, the the one of the persian gulf, the wealthiest country as has spend billions of dollars on state of the art stadiums. well look at this, the stadium is really taking shape. you can see the bowl and most of the stands now, when we were here a little bit over a year ago, at the same construction site, it was just a foundation and a few metal structures. so it seems that time why this idea to use shipping containers as building blocks has definitely paid off. i mean, they're easy to assemble and easy to dismantle, just like playing with lego the, for the 1st time in world history,

the stadium will be billed from shipping containers and what's more, it will be completely dismantled after the tournament. with the i

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it said he development with our help headline thing investigation reveals that a host of america's witnesses, billy and as are avoiding tax in the us revenue service seems much more concerned with finding out who actually leave the information but tracks on its previous full approval of ukraine's controversial 2020 kit, saying the slogan to glory to the heroes must now be removed from the players. oxford university students remove an image of queen elizabeth the 2nd from their colleges. common room citing is linked to the colonial part. it's a move that's been condemned by the countries education minister. so we put the issue up for debate. the queen is the figure head of our country. so i think it's a great, really, really great sharing has come to this they haven't.