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that. by the way, think about -- think about just how difficult it is it is to begin with to say i need help. you break your arm, you have no trouble going to the emergency room, i need help. you're having a mental crisis. it's hard to say i need help, i need help, my child needs help. this is happening to millions of people. people with insurance are twice as likely to have to go out of network for mental health care compared to physical health care. that gap has only gotten wider. as a result, folks with depression, anxiety, post-traumatic stress, bipolar disorders, eating disorders, addiction and other illnesses often go without care, period. you know how that ends many times. they try to power through and hope they can manage on their own, or they pay whatever it takes, spending down their savings, racking up credit card
out of it, the cycle of crisis every few years that jeopardizes the entire global economy? >> well, let me just clarify what the stakes were. lots of people say that the debt ceiling is helpful because we need to prevent the government from spending too much money. except that's not what this debate did. that's not what defaulting on the debt would do. basically, the threat was that we would not repay our creditors. edges like a family being in trouble and citing the first thing they should do is stop paying their credit card bills. the truth is that does not worked, it just leads the companies to jack up the interest rates, and then you're in more trouble than you were before. if you're concerned about our fiscal situation, and not everyone is, but if you are then it is the usual annual spending bills, you want to cut back on spending, and you want us to tax a little more as well. so there is a time and a place to have these debates, but holding up a creditors is not
>> don't look at the credit card bills, spend the card and hope for the best. have a fun weekend, life is too short to worry about that stuff. >> excite today spend it on the beach and have a great weekend and week. >> spend time with family and friends, take a break from the hectic work week and enjoy time with them. >> triple-a says the worst time to drive is from right now until 6 p.m., neil. so, i don't know about you, but i think that your viewers, they should stick around and no use getting on the road at this point. it's too late. wait it out, watch the show, enjoy time at home and then hit the road and hopefully avoid some traffic, neil. neil: i can't think of anything better to do. brilliant. in the middle of all of that, the fact is planes are packed and resorts are packed, if you can book them at all. theaters are packed and broadway shows are packed. what does that say about us? after this. ♪
understand where the debt ceiling is. the debt ceiling is the debt that america racked up on its credit cards. so, we are on the hook, we have to pay these bills. that's why you're seeing some of the issues around the stock market that are occurring. because we are the financial institution that helps set the global economy. so, if we're not doing well, that could have global impact. more importantly, to the people here at home, it could cost us millions of jobs. it could cost peoples mortgages to go up. it would be economically catastrophic, so, it is dangerous for speaker mccarthy, who is the only one right now in the house that wants to keep playing this dangerous game of using the debt ceiling as a negotiation tool. there's a time for dealing with the budget, and that's not now. these are debts that we already incurred, these are credit card bills that we must pay. we are not going to walk away from our fiscal and financial responsibilities.
john smiling because he's heard me say this before. it's really dangerous to be sitting on borrowed money that you're not paying off every month. so be real careful about those credit card bills. read the book i've read, you know, smartest in your read your instructions here, and this is the exact time you need to pay attention to that credit card really matter. credit cards really matters. and you and i have talked about the i bonds. they're still there places you can park your money right now, if you have excess money for safety. but really, this is a time for consumers to be defensive, the highest federal funds target since 7 2009 interest rates in a row. mortgage rates, ironically, could drift lower this year from where they are now, if the inflation expectations start to get better, because mortgage rates have been tracking kind of inflation expectations, but i saw a really strong jobless claims number again this morning. and all the data since the fed last met is still strong. the underlying u. s economy is strong. that's the problem, right? and that's what they're juggling. and that's also the problem. i think for consumers and trying to wrap your head around it is why is
>> some store credit cards have processed had 30% threshold whereas the national average for all cards is more like 20%. it really just calls to mind that it is so important to pay these credit card bills in full if you can. about half of cardholders do. if you have debt, get a 0% balance transfer card. don't worry about rewards for now because you don't want to pay 20% in interest just to get 2% cash back or airline miles. if you have debt, put that interest rate first. >> yeah, interest rates are probably going to keep rising. so that means that it will cost more money to borrow. be careful everybody about those credit cards. ted, thank you. nice to see you. all right. eli lilly lowering the price of the most commonly used insulin by 70%, this will cap out of pocket for $35 for people with private insurance. insulin is relatively inexpensive to make but the cost has been a problem. the cdc says more than 16% of
folks who are trying to figure out how do i protect myself, how can i be proactive on certain things with my family, finances in the meantime. what would those things be? >> so great question. i am so glad you asked. for starters, get rid of debt. if you can, if you have any wiggle room in your budget, pay down debt. this is a good time, even if we didn't have the debt ceiling standoff, frankly, because rates are higher than in the past, it's a good time to get rid of debt. i would also, and i have done this myself, build up a cash cushion, build up, you know, certainly, you know, the gold standard is one year of living expenses in cash. now, very few people can swing that. get whatever you can as a safety net in case you do have credit card bills that go up or you have a mortgage payment that starts to go up. other than that, think about your retirement savings and when you need that money. if like me you are not going to
strategic reserves, that's taxpayer money. taxpayers have to pay for the build-up back up again. so, not an energy policy. like trying to follow a gnat in a hurricane. >> sandra: we'll enjoy it at the pump but pay for it other ways, credit card bills are going up, interest rates are up, mortgage rates are going up, costing more to own a home in this country. >> plus food and other goods, cynical politics, when things get better they want the credit, i think most people are smarter than that. >> sandra: appreciate both of you on. ♪ hallelujiah ♪