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Speaker 1: Live from our nation's capital. This is Bloomberg sound On

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Speaker 1: talking about a huge issue here is investment in marginalized communities.

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Speaker 1: They want to deconstructive package and cherry pick what they

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Speaker 1: like what they don't like. China is surging powered with

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Speaker 1: major investments. Floomberg sound On, the insiders, the influencers, the insides.

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Speaker 1: Biden has promised again and again that he will unite

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Speaker 1: the country. Who do you think Biden has to watch

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Speaker 1: in terms of moderate defectors. Infutrastructure has always been by

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Speaker 1: part of Fender Bloomberg sound On on Bloomberg Radio. I'm

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Speaker 1: Jack Fitzpatrick coming up on the show today. We are

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Speaker 1: eagerly awaiting the start of this joint press conference between

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Speaker 1: President Biden and President South Korean President Moon jay In.

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Speaker 1: Also big news on infrastructure discussions going today, some negative

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Speaker 1: feedback from Senate Republicans on the latest proposal from the

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Speaker 1: White House, and I wonder if this press conference gets pushed, bashed,

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Speaker 1: maybe back, maybe we'll have a little time to talk

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Speaker 1: about this funny story about dating apps adding a vaccination badge.

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Speaker 1: I'm Jack Fitzpatrick here with Bloomberg Politics contributors Jeanie Shanzano

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Speaker 1: and Rick Davis. The big thing we're waiting for now

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Speaker 1: is at some point relatively soon, we're supposed to get

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Speaker 1: the beginning of a joint press conference between President Biden

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Speaker 1: and South Korean President Moon Jan UH. There's a lot

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Speaker 1: to look for there, so much, so, so many policy

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Speaker 1: priorities between these two countries. North Korea obviously comes to

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Speaker 1: mind the status of vaccines because South Korea is definitely

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Speaker 1: behind the US and in a vaccination rate, semiconductors, climate change.

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Speaker 1: With all of that in mind, Rick, I'm curious, let's

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Speaker 1: start with you. What's the number one thing you're looking

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Speaker 1: for when we actually hear from these two Biden and

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Speaker 1: President Moon. Yeah. I think you hit it right at

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Speaker 1: the top, jackets North Korea. UH. That's probably of everything

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Speaker 1: they're gonna talk about, and it certainly has the biggest,

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Speaker 1: most dramatic impact long term on the Republic of Korea.

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Speaker 1: So I would think that that that getting set with

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Speaker 1: a strategy around how you approach North Korea, UH, and

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Speaker 1: and how different that will be from where we sort

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Speaker 1: of left off in two thousand eighteen with the Singapore Agreement.

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Speaker 1: UH is going to have major ramifications domestically for President

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Speaker 1: Moon and so this is the number one thing. I

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Speaker 1: think that is going to be the highest priority for

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Speaker 1: the two ward leaders. And what's what's your expectation on

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Speaker 1: how the Biden administration focuses on that issue of North

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Speaker 1: Korea Because obviously, you know, after a few years of

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Speaker 1: waiting to see if we're going to hear from Dennis

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Speaker 1: Rodman on this, the high profile stuff, the handshake at

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Speaker 1: the border, uh, it seems that Biden is taking a

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Speaker 1: very very different approach on North Korea. Do you have

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Speaker 1: any real expectations for major news breaking on that or

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Speaker 1: is Biden just kind of trying to play that as

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Speaker 1: quietly and softly as possible. Rick, Yeah, I think it's

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Speaker 1: it's the latter. I think the President and his team

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Speaker 1: have figured out that a grand bargain actually empowers Kim

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Speaker 1: Jong un and and they don't want to do that,

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Speaker 1: and so they're looking at small ball there there. I

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Speaker 1: think their view, as they've said, is that calibrated, uh,

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Speaker 1: practical approach to dealing with North Korea. They realize that

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Speaker 1: the idea that they can get Kim jongoon to give

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Speaker 1: up his nuclear program in total, the hundreds of nuclear

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Speaker 1: weapons he's probably stockpiled by now is going to be

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Speaker 1: very difficult. So how do you make incremental progress without

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Speaker 1: actually creating a rehabilitation effort? Uh? This was one of

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Speaker 1: the things policy experts during the Trump administration we're so

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Speaker 1: worried about, is that they inflated the importance of a

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Speaker 1: dictator who runs a third rate country, And so the

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Speaker 1: fact that Biden wants to reset that and try to

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Speaker 1: make progress at the same time is probably what's in

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Speaker 1: the best interests of the United States in the world.

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Speaker 1: May or may not coincide with North Korea and present

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Speaker 1: Moon wanting it to be a highly visible priority for

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Speaker 1: his country so that they can uh make some political

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Speaker 1: points off of it at home. Right. Well, clearly stability

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Speaker 1: on the Korean Peninsula is a major issue here, as

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Speaker 1: you said, Rick, And we actually have sound from earlier

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Speaker 1: today from Vice President Kamala Harris talking about some priorities

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Speaker 1: for the Biden administration. Let's play that sound. At a

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Speaker 1: time when our world faces increasing threats to our health, security,

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Speaker 1: and climate, it is more important than ever that the

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Speaker 1: United States and the Republic of Korea work closely together. So, Genie,

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Speaker 1: I'm curious are you looking for in this joint press

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Speaker 1: conference something concrete some announcement. I know, you know, there

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Speaker 1: was the sort of economic side today, Commerce Secretary Gena

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Speaker 1: Ramondo and President Moon of South Korea releasing an agreement

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Speaker 1: to deepen cooperation in several areas of the economy, pharma companies,

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Speaker 1: electric vehicle batteries, etcetera. But I'm curious if there's is

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Speaker 1: this going to be the kind of thing where we're

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Speaker 1: going to get a handshake agreement on something relating to

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Speaker 1: North Korea? Or as Rick just alluded to, would you

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Speaker 1: expect the Biden administration to just try to keep keep

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Speaker 1: things stable and welcome the South Korean president without making

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Speaker 1: massive news. What's on your radar, Genie, I'm really watching

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Speaker 1: for two things. Number One, um, I think that the Korea,

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Speaker 1: they have indicated that out of this they would like

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Speaker 1: a big deliverable on vaccine. President Moon, who we have

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Speaker 1: to remember is in his last year, unlike Joe Biden

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Speaker 1: in his first year, has promised her immunity by November,

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Speaker 1: but he doesn't have enough vaccine by the end of

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Speaker 1: the year to get there. So somebody needs to fill

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Speaker 1: that gap, and I think they are looking to the

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Speaker 1: US to do that, and so I think a win

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Speaker 1: for South Korea out of this summit will be some

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Speaker 1: kind of agreement on vaccine diplomacy. I think that's number

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Speaker 1: one what I'm looking for. Number two, I'm looking to

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Speaker 1: see how South Korea negotiates and manages this balancing they

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Speaker 1: act they have between agreements with the US and not

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Speaker 1: offending China on all those things you were just mentioning technology,

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Speaker 1: chips e vs. Batteries, right, all of these things that

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Speaker 1: came up the Quad Summit that South Korea would like

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Speaker 1: to agree to but has to be very careful not

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Speaker 1: to offend China. So how they manage that, I think

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Speaker 1: is going to be fascinating to watch. So those are

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Speaker 1: the two things I'm watching. And then, of course I

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Speaker 1: don't think we're going to get a big agreement on

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Speaker 1: North Korea, but I do think it's to obviously be

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Speaker 1: at the top of the agenda. Disgusted, but I don't

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Speaker 1: think we see an agreement on it out of here, right.

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Speaker 1: So on your first point, Jeannie, se by November is

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Speaker 1: the South Korean goal. They had gotten off to a

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Speaker 1: very slow start in terms of their vaccination, right, how

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Speaker 1: much do you think it affects a country like South Korea?

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Speaker 1: The news that has come out recently about the US

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Speaker 1: not just sending out astra zenica vaccines internationally, but some

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Speaker 1: of the vaccines that we use here that the latest

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Speaker 1: number was twenty million in total of vaccines such as Maderna,

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Speaker 1: Fiser and Johnson and Johnson is what do we know

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Speaker 1: about how focused that's going to be on South Korea?

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Speaker 1: Does that make a big difference for them? A big

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Speaker 1: issue in South Korea, and it's really impacted Moon domestically.

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Speaker 1: He's had real challenges there in terms of their ability

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Speaker 1: to combat the virus. Hence this promise, and hence I

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Speaker 1: think a big focus underlying this meeting, which is to

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Speaker 1: see what can be done by way of in a

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Speaker 1: remant with the US. Some people are talking about a

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Speaker 1: potential swap where the US provides vaccine and then when

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Speaker 1: they get their influx later in the year, they return

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Speaker 1: some of that. I don't know what the parameters of

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Speaker 1: the agreement will look like, but I do think for

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Speaker 1: South Korea and for the US, a big deliverable out

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Speaker 1: of this will be this vaccine diplomacy and what the

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Speaker 1: US can provide and what they can agree to by

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Speaker 1: way of helping Moon fulfill that promise right now, guys,

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Speaker 1: we're gonna watch for news when this happens a little

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Speaker 1: later in the hour, the joint presser between President Biden

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Speaker 1: and South Korean President Moon Jay And but there's other

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Speaker 1: big news this afternoon. In fact, just before the show started,

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Speaker 1: on infrastructure negotiations, we got a statement from Senator Shelley

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Speaker 1: Moore Capital's staff mentioning vast differences between the two sides.

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Speaker 1: This is after earlier today the White House sent along

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Speaker 1: a one point seven trillion dollar infrastructure plan. Keep in mind,

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Speaker 1: these numbers have bounced around. The original Biden plan was

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Speaker 1: two and a quarter trillion. Republicans came back with a

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Speaker 1: five sixty eight billion counter offer. Now the latest number

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Speaker 1: from Democrats at the White House is one point seven trillion.

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Speaker 1: But the latest news on this from Senator Shelley Moore

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Speaker 1: Capital staff is, and i'll quote based on today's meeting,

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Speaker 1: the groups seemed further apart after two meetings with White

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Speaker 1: House staff than they were after one meeting with President Biden.

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Speaker 1: And this noted vast differences between the two. Now, let's

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Speaker 1: let's hear from White House Press Secretary Jen Saki, who

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Speaker 1: talked about this earlier today. Before the negative feedback, But

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Speaker 1: as the White House was sending this one point seven

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Speaker 1: trillion dollar counter proposal to Senate Republicans, we have the

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Speaker 1: sound on that. Let's play that. In our view, this

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Speaker 1: is the actu the art, I should say, of seeking

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Speaker 1: common ground. This proposal exhibits a willingness to come down

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Speaker 1: in size, giving on some areas that are important to

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Speaker 1: the President, otherwise they wouldn't have been in the proposal.

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Speaker 1: Will also staying firm in areas that are most vital

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Speaker 1: to rebuilding our infrastructure and industries of the future, making

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Speaker 1: our workforce in our country more competitive with China. Okay,

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Speaker 1: so there's still more than a trillion dollars between them,

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Speaker 1: or somewhere around there. We had gotten word, or at

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Speaker 1: least a vague mention from Senator Mitch McConnell, the minority leader,

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Speaker 1: that maybe Republicans go could go up to about eight

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Speaker 1: hundred billion. Genie, I really want to know what you

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Speaker 1: think of about this, because previously, when I've asked you,

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Speaker 1: you've been a little more pessimistic about these two sides

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Speaker 1: coming together, at least than than I have. I thought

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Speaker 1: there was a lot of bipartisan uh sort of handshaking,

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Speaker 1: or maybe not handshaking, elbow bumping. But what do you

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Speaker 1: what do you make about the of this one point

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Speaker 1: seven trillion dollar proposal from the White House and then

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Speaker 1: some very quick negative feedback from Senator Capital. I hate

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Speaker 1: to be so negative on a beautiful Friday afternoon, but

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Speaker 1: I remain as pessimistic as always. I was gonna say,

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Speaker 1: Jack and Rick, can you spell reconciliate? And even before

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Speaker 1: this news came out, we were hearing that the White

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Speaker 1: House was somewhat dismayed that Capital in her meetings and Republicans,

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Speaker 1: not just shelleymore Capital, but in their meetings in their

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Speaker 1: counter proposal really didn't change substantially from the original counter proposal.

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Speaker 1: And then we're hearing, of course that you know, they

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Speaker 1: come back and and we're at one point seven trillion

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Speaker 1: from the White House. I am not optimistic about this, Jack,

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Speaker 1: I think reconciliation is in order. Plus, the President is

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Speaker 1: getting pushed from progressives to abandon his bipartisan attempts and

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Speaker 1: stick with what he has committed to initially. So I

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Speaker 1: don't think we're going to get a deal here. That's

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Speaker 1: been my view all along, and I stand by that

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Speaker 1: even as a budget reporter, I will cut through the

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Speaker 1: the Washington talk. Reconciliation means a partisan bill, and it

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Speaker 1: does sound like maybe we're looking for that. After today's news,

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Speaker 1: I'm Jack Fitzpatrick here with Bloomberg Politics contributors Jeanie Shawn's

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Speaker 1: you Know, and Rick Davis. Some of the big news

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Speaker 1: today was on the White House's new counter proposal on infrastructure,

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Speaker 1: coming down from their original two and a quarter trillion

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Speaker 1: dollar plan to a one point seven trillion dollar plan.

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Speaker 1: As we just mentioned a couple of minutes ago, there

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Speaker 1: was immediate backlash with the staff of Senator Shelley Moore

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Speaker 1: Capital calling out the vast differences between the two sides,

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Speaker 1: and I want to spell this out. According to the

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Speaker 1: White House, they would reduce funding in some key areas

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Speaker 1: to try to meet in the middle, reducing funding for

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Speaker 1: roads and bridges and broadband. But there is still money

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Speaker 1: for some things that Republicans never really liked, the clean

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Speaker 1: energy money is there, railways, workforce training. So Rick, I'm

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Speaker 1: curious what you make of this, and really specifically, is

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Speaker 1: Biden really negotiating in a bipartisan way or is he

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Speaker 1: putting on a show? And ultimately is gonna do what

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Speaker 1: he wants to do with Democrats at his side. You know,

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Speaker 1: I would have said that he was trying to find

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Speaker 1: common ground, as Jen Jen Psaki mentioned in the in

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Speaker 1: the quote that you gave, because it did seem like

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Speaker 1: the administration was moving towards trying to find a deal.

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Speaker 1: But the method with which they're doing this, you know,

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Speaker 1: sort of this public negotiation um, really undermines that. I've

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Speaker 1: never seen a deal in Congress where the two sides

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Speaker 1: basically used press conferences to open and close various negotiating moments. Um.

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Speaker 1: You know, in the old days, we would have gangs

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Speaker 1: of members of Congress, Democrats and Republicans. They go to

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Speaker 1: the White House. They'd sit down and they start hammering

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Speaker 1: this stuff out. They wouldn't use press conferences to to

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Speaker 1: solidify their position. So I think there's still a deal

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Speaker 1: to get done. I mean, one of the things they've

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Speaker 1: left in uh in this latest round that went back

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Speaker 1: at one point seven trillion is all the elder care,

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Speaker 1: home health care stuff that that the Republicans have been

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Speaker 1: opposed to. If you lifted at out, you're almost at

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Speaker 1: the you know, eight billion dollar number. So I I

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Speaker 1: really don't see that math should be the problem. I

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Speaker 1: think it's just the method that what they're doing this

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Speaker 1: seems to be way too public and uh counterproductive. Well

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Speaker 1: is it too public? Or does that just raise the

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Speaker 1: question of who's he really doing this for? I mean,

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Speaker 1: is is President Biden negotiating very very publicly with Republicans

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Speaker 1: for Republicans and to get a bill done? Or is

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Speaker 1: he doing this for Joe Mansion, Because Joe Mansion, more

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Speaker 1: than anybody else, seems to be the one who's demanding

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Speaker 1: bipartisan talks. I mean, Rickett, is that what you're getting

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Speaker 1: at that this isn't a legitimate way to get bipartisan

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Speaker 1: deals done in Washington? And really this is a nod

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Speaker 1: to Mansion to say, hey, at least we tried. Yeah, Jack,

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Speaker 1: I think it's exactly what you reported a minute ago.

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Speaker 1: Shelley Moore Capital is already upset that you know now

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Speaker 1: she looks like she's being forced into a proposal that

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Speaker 1: that she never said she was willing to accept, and

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Speaker 1: as if like the counter proposal was somehow in the range.

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Speaker 1: And if I'm Joe Manchin, I don't want to be squeezed.

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Speaker 1: I mean, you know, I think that he would much

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Speaker 1: rather be sitting across from the President in the Roosevelt

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Speaker 1: Room of the White House. Uh, you know, making sure

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Speaker 1: that whatever comes out of there has his blessing. But like,

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Speaker 1: if he's not going to do it, the last thing

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Speaker 1: he wants is to create all kinds of noise publicly

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Speaker 1: that he opposes Joe Biden, who is still you know,

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Speaker 1: the head of his party. So I mean, I I

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Speaker 1: think that this public uh pressure campaign that's on right

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Speaker 1: now is just gonna really draw the sides further apart

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Speaker 1: rather than try to get them closer together. Jennie, what

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Speaker 1: do you think about the tax issues, especially because Jen

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Speaker 1: Psaki also mentioned today they're not really budging on taxes.

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Speaker 1: The President does not want to increase taxes on anybody

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Speaker 1: paying less than four hundred thousand dollars a year. There

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Speaker 1: hasn't been much movement there. Uh, And lately we've heard

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Speaker 1: a bit about, well, maybe you can make up for

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Speaker 1: this with I R S enforcement, which would raise more money.

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Speaker 1: But there is a quote today actually this was on

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Speaker 1: Twitter from UH Kevin McCarthy, House Minority leader speaking of

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Speaker 1: newsmaking tweets. UH Biden supports quote giving the I R

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Speaker 1: S power to spy on your bank account to track

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Speaker 1: every dime you make and every dollar you spend, according

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Speaker 1: to Kevin McCarthy. So clearly it doesn't even sound like

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Speaker 1: Republicans can rally around some something that's not a tax

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Speaker 1: increase but tax enforcement, Genie, Is there any reason for

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Speaker 1: hope on the tax front that's tied to this. I

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Speaker 1: don't see Joe Biden or the Biden administration moving on

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Speaker 1: his tax promise not to raise taxes for people under

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Speaker 1: four hundred thousand, but to raise them for corporations and

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Speaker 1: people who they define as wealthy. And I don't see

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Speaker 1: Republicans moving the other way. You know, there's been fascinating

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Speaker 1: conversations about ways to pay for this, Ways to take

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Speaker 1: money already appropriated and to move that into infrastructure, Ways

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Speaker 1: to sort of use a gas tax maybe on people

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Speaker 1: who are using electric vehicles who aren't paying for it,

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Speaker 1: you know, other sort of ways to pay for this thing.

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Speaker 1: But it doesn't seem like they're moving forward on those conversations.

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Speaker 1: And just to go back to what you were and

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Speaker 1: Rick we're talking about. I think it's such a good

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Speaker 1: point because if you look at the juxtaposition Joe Biden's

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Speaker 1: quiet diplomacy to get to a sort of resolution or

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Speaker 1: at least a cease fire with Israel and Palestine, which

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Speaker 1: was very behind the scenes and quiet, versus this which

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Speaker 1: has been very very public. And I think it looks

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Speaker 1: very clear to me that this is not really about

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Speaker 1: striking a deal, because deals don't happen this way. This

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Speaker 1: is about, to your point, showing that they are reaching

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Speaker 1: across the aisle, they're making a good faith effort to

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Speaker 1: the public and others, and not really negotiating because he

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Speaker 1: knows how to negotiate it, and he does it very

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Speaker 1: well when he wants to. So, Jennie, real quick, when

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Speaker 1: you say that you think they're going to do the

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Speaker 1: reconciliation route. Do you think they're just gonna grap all

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Speaker 1: of this and do a partisan infrastructure bill or do

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Speaker 1: they manage something by partisan and then do a partisan

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Speaker 1: one after. I think it's going to be the I

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Speaker 1: think they're going to push through a big bill. I

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Speaker 1: don't think they're going to be able to get two

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Speaker 1: huge bills through. Yeah, one big one. I am Jack Fitzpatrick,

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Speaker 1: joined today by Jeanie Schanzano and Rick Davis, Bloomberg Politics contributors.

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Speaker 1: A US proposal for a global minimum corporate tax rate

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Speaker 1: of fifteen percent at least got an enthusiastic reception. In Europe.

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Speaker 1: We heard from German finance Minister ol Off Schultz calling

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Speaker 1: it big progress. This is a pitch that is supposed

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Speaker 1: to be adopted by well over a hundred countries. But

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Speaker 1: a little dose of reality. If we're going to be

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Speaker 1: pessimistic today, as Genie was on an infrastructure deal, We've

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Speaker 1: got sound from Carly Fiorina, who spoke today to our

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Speaker 1: colleague David Weston at Bloomberg TV, who really brought us

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Speaker 1: down to reality. Let's hear from Carly Fiorina. I think

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Speaker 1: it's allows the idea will never become reality. Countries around

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Speaker 1: the world are not going to agree to give up

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Speaker 1: an important tool for economic development. And that's what tax

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Speaker 1: policy is. It is a right of a sovereign nation

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Speaker 1: to decide on its own tax policy, and countries as

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Speaker 1: diverses Ireland, India, Singapore, China, Brazil all have used tax

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Speaker 1: policy to accelerate economic development and create jobs, and indeed

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Speaker 1: the US does it as well. So I'm not quite

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Speaker 1: sure why this idea keeps coming up. First from Janet Yellen,

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Speaker 1: now from the Biden administration. I'm not quite sure what

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Speaker 1: problem they're trying to solve, but I think it has

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Speaker 1: zero chance of becoming reality. Rick, what do you think

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Speaker 1: is this as ridiculous as Carly Fiorina seems to think

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Speaker 1: it is. Well, it depends on how you look at it.

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Speaker 1: I mean, they're already is a tax to capture revenue

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Speaker 1: that that that companies shift to tax haveing countries. And

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Speaker 1: it's got the greatest name for any tax I've ever heard.

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Speaker 1: It's called guilty. And it's guilty because it's the global

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Speaker 1: and tangible low tax income tax, and and that that

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Speaker 1: was set at ten and a half percent when the

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Speaker 1: Republicans did the tax cut of two thousand seventeen. So

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Speaker 1: we took the corporate rate from thirty five to twenty one,

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Speaker 1: and we created the ten point five guilty level. So

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Speaker 1: so really it's sort of a modification of guilty where

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Speaker 1: you know, the the the the Biden administration is basically

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Speaker 1: taking a look at this and said, hey, we think

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Speaker 1: we can boost that up. It's and get buy in

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Speaker 1: from like O, E, C, D countries. Now, if you

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Speaker 1: can get a lot of these big countries to do that, uh,

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Speaker 1: you're taking some of the chess pieces off the board.

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Speaker 1: And as Carly said, that leaves countries who aren't a

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Speaker 1: part of the O E c D or not under

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Speaker 1: the influence of the US economic regimes. Uh. And you know,

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Speaker 1: it certainly gives them an advantage if that's the way

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Speaker 1: they want generate uh employment and investment. But it certainly does,

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Speaker 1: you know, take a lot of the world off the

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Speaker 1: off the game. And and you know it'll be interesting

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Speaker 1: to see if they can actually pull it off. Right. Well, Rick,

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Speaker 1: you know, so this gets an enthusiastic reception from some Europeans,

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Speaker 1: where taxes often are higher than what you'd see in

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Speaker 1: in some developing countries on corporations. Why do you think

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Speaker 1: it's getting some praise then from Europeans if they're going

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Speaker 1: to potentially agree to a higher corporate tax rate that

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Speaker 1: India or or other growing developing nations probably wouldn't adopt.

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Speaker 1: Why why why the why the handclapping for this by

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Speaker 1: the countries that might kind of get burned by it. Well,

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Speaker 1: I think first of all, it starts with like sort

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Speaker 1: of just cleaning up your own backyard, right, And so

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Speaker 1: the O E c D countries are competitive against one

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Speaker 1: another now. And the idea around adopting this would be

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Speaker 1: that at least they wouldn't have to look at those

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Speaker 1: other countries that are sort of advanced economies in Europe, uh,

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Speaker 1: you know, as competitors. If if, if, if, if Germany

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Speaker 1: has to compete against India, I think they'd see that

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Speaker 1: as a fair competition. If Germany has to compete against

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Speaker 1: Great Britain and France and so many other O e

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Speaker 1: c D countries, you know that that's a little different

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Speaker 1: kind of competition for them, and one that I think

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Speaker 1: they would rather remove. And and so this would give

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Speaker 1: them a chance to at least begin a process around

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Speaker 1: the country and believe me, around the world, to create

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Speaker 1: this minimum tax. And it will not be a nanosecond

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Speaker 1: that the o e c d is doesn't then start

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Speaker 1: using some of his financial power to force these other

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Speaker 1: countries to adopt the same thing. But if they can

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Speaker 1: do it for themselves, uh, then they have some standing

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Speaker 1: around the world to try and get other people in

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Speaker 1: the regime. Genie, I'm curious what's your take on how

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Speaker 1: does this interact with the US rate. I mean, we

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Speaker 1: have the Biden administration calling for a US corporate tax

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Speaker 1: rate of pent up from the current one percent. We've

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Speaker 1: heard percent thrown out there by the likes of Joe Manchin.

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Speaker 1: I'm trying to get a sense of how realistic the

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Speaker 1: Biden administration is even is being on the topic of

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Speaker 1: the corporate tax rate paid in the US and around

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Speaker 1: the world. How do you can can you sum this

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Speaker 1: up for me? How do what's the uh sort of

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Speaker 1: intersection between this proposal and what the Biden administration wants

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Speaker 1: to do in the US. Well, I was so glad

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Speaker 1: you use that word realistic, because that's what came to

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Speaker 1: my mind. I'm trying to move away a little bit

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Speaker 1: from my reputation as pessimistic to realistic. And you know,

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Speaker 1: listening to it's the same listening to Carly Fiorina. You know,

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Speaker 1: I think what I hear her saying and what I've

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Speaker 1: heard other people saying, is that the realistic view of

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Speaker 1: this is what is the incentive for a country like

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Speaker 1: Ireland or Switzerland who have been enacting tax policies aimed

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Speaker 1: at attracting multi national business investment by lowering their corporate

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Speaker 1: tax rates to now adopt this. So until I hear

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Speaker 1: you know, a a sort of way in which this

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Speaker 1: would benefit them humans and countries and corporations being what

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Speaker 1: they are, I'm not sure I can see how this

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Speaker 1: would be enacted. And I appreciate the optimism of Europe's

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Speaker 1: you know, sort of you know, embracing this idea as

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Speaker 1: a concept, but I think, you know, the facts on

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Speaker 1: the ground are that there's still not a way in

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Speaker 1: which this benefits those countries who have been doing this.

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Speaker 1: So that's I think, not to say that the Biden

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Speaker 1: administration shouldn't be pushing for this, but that that is

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Speaker 1: something that they have to surmount. And as you look

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Speaker 1: at the corporate tax in the United States, to your point, um,

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Speaker 1: I do think that we may see the corporate tax

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Speaker 1: rate raise to but again, realistically, it's going to be

431
00:24:58,040 --> 00:25:01,880
Speaker 1: in a fifty fifty. Senate Joe Mansion or anybody else

432
00:25:01,880 --> 00:25:04,520
Speaker 1: who wants to stand up and say no, says it's

433
00:25:04,560 --> 00:25:06,600
Speaker 1: going to be and at this point he's at about

434
00:25:07,920 --> 00:25:10,560
Speaker 1: so it probably doesn't get much higher than that. I'm

435
00:25:10,640 --> 00:25:14,640
Speaker 1: Jack Fitzpatrick here with Jeanie Schanzano and Rick Davis, both

436
00:25:14,760 --> 00:25:18,760
Speaker 1: Bloomberg Politics contributors. We are still waiting on that joint

437
00:25:18,800 --> 00:25:22,679
Speaker 1: press conference that's supposed to happen this afternoon or evening

438
00:25:23,520 --> 00:25:28,000
Speaker 1: with President Biden and South Korean President Moon j In.

439
00:25:28,600 --> 00:25:30,040
Speaker 1: And you know what, guys, let's just get this out

440
00:25:30,080 --> 00:25:33,480
Speaker 1: of the way on a Friday afternoon. Uh, the White

441
00:25:33,520 --> 00:25:38,959
Speaker 1: House is enlisting dating apps to encourage Americans, presumably mostly

442
00:25:39,320 --> 00:25:43,280
Speaker 1: younger Americans, to show that they are vaccinated. You can

443
00:25:43,280 --> 00:25:46,159
Speaker 1: get a badge on your bumble account or your Tinder

444
00:25:46,200 --> 00:25:50,119
Speaker 1: account or your Hinge account saying I'm vaccinated. And I

445
00:25:50,400 --> 00:25:52,280
Speaker 1: saw this, and it raised a couple of questions, like,

446
00:25:52,480 --> 00:25:55,919
Speaker 1: how how does anybody know, uh if it's based just

447
00:25:56,000 --> 00:25:58,840
Speaker 1: on a CDC card? But also what does this say

448
00:25:58,920 --> 00:26:02,840
Speaker 1: about where we are in the vaccination process, because it

449
00:26:02,920 --> 00:26:08,119
Speaker 1: seems like getting to people who weren't rushing to get

450
00:26:08,160 --> 00:26:11,639
Speaker 1: a vaccine initially, that's that's the next big step, and

451
00:26:11,640 --> 00:26:14,760
Speaker 1: it's probably young people, especially, a much lower percentage of

452
00:26:14,800 --> 00:26:18,639
Speaker 1: young people have been vaccinated than older people. Rick, what's

453
00:26:18,640 --> 00:26:21,320
Speaker 1: your experience with the dating apps here? And and really

454
00:26:21,320 --> 00:26:25,280
Speaker 1: what's your takeaway from this? Well, the last time I

455
00:26:25,320 --> 00:26:28,399
Speaker 1: asked a girl out, they had not invented the internet yet,

456
00:26:28,480 --> 00:26:33,119
Speaker 1: so I am probably unqualified for this conversation with dating apps,

457
00:26:33,160 --> 00:26:36,280
Speaker 1: But I would say I was curious myself when I

458
00:26:36,320 --> 00:26:39,440
Speaker 1: got this, you know, white piece of paper that looked

459
00:26:39,440 --> 00:26:42,399
Speaker 1: pretty cheap. And you know, even though I got my

460
00:26:42,440 --> 00:26:46,399
Speaker 1: little stamp and signature of the practitioner gave me the

461
00:26:46,400 --> 00:26:49,920
Speaker 1: shot on it, and I felt great about that. I wondered,

462
00:26:50,040 --> 00:26:52,680
Speaker 1: you know, is this a part of a database that

463
00:26:52,720 --> 00:26:55,800
Speaker 1: the entire country is getting and found out later? No,

464
00:26:55,960 --> 00:26:59,320
Speaker 1: it's not, um you know, is this something that differentiates

465
00:26:59,359 --> 00:27:03,040
Speaker 1: me from anybody? Also, a cursory look on the web

466
00:27:03,240 --> 00:27:05,080
Speaker 1: is you can buy one of these without ever getting

467
00:27:05,080 --> 00:27:08,640
Speaker 1: a shot. So I feel a lot less special today

468
00:27:08,840 --> 00:27:10,560
Speaker 1: than I did at the time I got my shot

469
00:27:10,600 --> 00:27:13,000
Speaker 1: and got my card. But it makes sense that this

470
00:27:13,040 --> 00:27:15,760
Speaker 1: would become a commodity. I just not sure, you know,

471
00:27:15,800 --> 00:27:17,479
Speaker 1: if it's going to be worth much in the future,

472
00:27:17,880 --> 00:27:19,720
Speaker 1: right Well, I mean, you know, if I pull out

473
00:27:19,800 --> 00:27:23,080
Speaker 1: my driver's license, it's got a little hologram on it.

474
00:27:23,760 --> 00:27:26,359
Speaker 1: And if I take out a dollar bill and I

475
00:27:26,400 --> 00:27:28,760
Speaker 1: hold it up to a light, I honestly don't really

476
00:27:28,760 --> 00:27:30,280
Speaker 1: carry cash enough to know if they still do this.

477
00:27:30,320 --> 00:27:32,320
Speaker 1: But I think it's got the face of another president

478
00:27:32,520 --> 00:27:35,120
Speaker 1: embedded within it. And then I have this very very

479
00:27:35,200 --> 00:27:38,360
Speaker 1: valuable thing to me. I think this CDC card saying

480
00:27:38,400 --> 00:27:41,520
Speaker 1: I'm double vaccinated. I'm I'm good to go, and I

481
00:27:41,560 --> 00:27:43,680
Speaker 1: feel like I could have printed this out at home,

482
00:27:44,240 --> 00:27:47,640
Speaker 1: And I'm I'm wondering if this is a sign of

483
00:27:48,200 --> 00:27:50,359
Speaker 1: the government saying, well, we're not going to do a

484
00:27:50,440 --> 00:27:55,040
Speaker 1: government vaccine passport. But it's still important to many businesses

485
00:27:55,240 --> 00:27:59,439
Speaker 1: and people who are swiping on Tinder, uh and cruise lines,

486
00:27:59,560 --> 00:28:03,600
Speaker 1: probably airlines, as Anthony Fauci has mentioned, they may rely

487
00:28:03,760 --> 00:28:06,560
Speaker 1: on this kind of thing. So I'm, Genie, What's what

488
00:28:07,000 --> 00:28:10,040
Speaker 1: am I supposed to make of this very important card

489
00:28:10,320 --> 00:28:13,879
Speaker 1: at least too many businesses and in daily life as

490
00:28:13,960 --> 00:28:16,679
Speaker 1: an American that is really just a piece of paper.

491
00:28:16,760 --> 00:28:19,120
Speaker 1: Was this an oversight by the federal government? Shouldn't they?

492
00:28:19,160 --> 00:28:22,240
Speaker 1: Should they have done something? Where again, I pull out

493
00:28:22,280 --> 00:28:24,800
Speaker 1: my DC driver's license, got a hologram on it. The

494
00:28:24,840 --> 00:28:27,160
Speaker 1: CDC things just a white piece of paper with black

495
00:28:27,200 --> 00:28:30,000
Speaker 1: text on it. Yeah, And as I've been saying that,

496
00:28:30,119 --> 00:28:33,239
Speaker 1: my five year old could have reproduced with you know,

497
00:28:33,320 --> 00:28:35,960
Speaker 1: some cardboard scissors and you know a little bit of

498
00:28:36,000 --> 00:28:39,600
Speaker 1: black ink. But I have to say my favorite quote

499
00:28:39,600 --> 00:28:42,720
Speaker 1: of the day is Andy Slavitt The White House COVID

500
00:28:42,760 --> 00:28:46,840
Speaker 1: nineteen advisor saying people who display their vaccination status are

501
00:28:46,920 --> 00:28:50,240
Speaker 1: fourteen percent more likely to get a match. We've all

502
00:28:50,280 --> 00:28:53,120
Speaker 1: finally found one thing that makes us all more attractive.

503
00:28:53,480 --> 00:28:57,240
Speaker 1: So I give it to Andy Slavitt, and I do

504
00:28:57,360 --> 00:29:01,120
Speaker 1: applaud the White House for trying to get young people

505
00:29:01,160 --> 00:29:04,440
Speaker 1: I work with them all the time vaccinated. It's always

506
00:29:04,440 --> 00:29:07,239
Speaker 1: an uphill battle. They are a transient population. As we

507
00:29:07,280 --> 00:29:09,680
Speaker 1: know with COVID, they have been less likely to get

508
00:29:10,240 --> 00:29:13,200
Speaker 1: as ill as older people. So it's made it harder

509
00:29:13,200 --> 00:29:15,560
Speaker 1: to reach this population. And if this is one way

510
00:29:15,600 --> 00:29:18,200
Speaker 1: to do it, God bless him. But I do think

511
00:29:18,320 --> 00:29:22,280
Speaker 1: the government has it to answer this question. How can

512
00:29:22,520 --> 00:29:28,120
Speaker 1: you expect businesses, for example, to make decisions on removing masks,

513
00:29:28,240 --> 00:29:32,040
Speaker 1: retaining mass, deciding who's vaccinated who's not if there is

514
00:29:32,120 --> 00:29:36,480
Speaker 1: no sort of global or national database, and as you mentioned,

515
00:29:36,520 --> 00:29:38,880
Speaker 1: we are all carrying I have mine in my wallet.

516
00:29:38,880 --> 00:29:40,600
Speaker 1: They told me to take a picture of it. I did.

517
00:29:41,000 --> 00:29:43,760
Speaker 1: It's a white piece of paper, a card that again

518
00:29:43,880 --> 00:29:46,800
Speaker 1: is just handwritten on it with some kind of stamp

519
00:29:46,840 --> 00:29:49,160
Speaker 1: on it saying I was vaccinated twice, which I was.

520
00:29:49,760 --> 00:29:54,920
Speaker 1: But again they apparently goes to no sort of national database.

521
00:29:55,040 --> 00:29:57,320
Speaker 1: I think that is something we have to contend with

522
00:29:57,360 --> 00:30:01,280
Speaker 1: in a government like ours, which value liberties as we should.

523
00:30:01,760 --> 00:30:04,960
Speaker 1: Issues of privacy are real, and so it's not an

524
00:30:04,960 --> 00:30:07,600
Speaker 1: easy and I'm not being pacediou's not an easy thing

525
00:30:07,640 --> 00:30:11,040
Speaker 1: for the government decide to do because our civil liberties

526
00:30:11,040 --> 00:30:14,280
Speaker 1: are critical and our health privacy is important, so they're

527
00:30:14,280 --> 00:30:16,720
Speaker 1: trying to balance those and I think it raises more

528
00:30:16,800 --> 00:30:20,400
Speaker 1: questions than it answers. Right. Well, you know, the database

529
00:30:20,600 --> 00:30:23,560
Speaker 1: issue is something that seems so politically touchy, but it

530
00:30:23,640 --> 00:30:26,480
Speaker 1: does seem like it was possible to do something a

531
00:30:26,520 --> 00:30:30,120
Speaker 1: little tougher to reproduce, uh than a a white piece

532
00:30:30,120 --> 00:30:32,480
Speaker 1: of paper. I'm not going to say where you can

533
00:30:32,520 --> 00:30:35,320
Speaker 1: do this, but I checked it out online today. You

534
00:30:35,320 --> 00:30:39,520
Speaker 1: can go online and buy fifty blank CDC cards for

535
00:30:40,800 --> 00:30:43,400
Speaker 1: It's not difficult to find this at all. They're very

536
00:30:43,520 --> 00:30:47,440
Speaker 1: easy to produce. Um. It's uh, it's it's a white

537
00:30:47,440 --> 00:30:50,640
Speaker 1: piece of paper. And you know, there's not a database

538
00:30:50,680 --> 00:30:54,160
Speaker 1: tracking the whereabouts of every dollar, but it's a lot

539
00:30:54,200 --> 00:30:58,080
Speaker 1: harder to counterfeit a dollar. Uh. You know one other

540
00:30:58,120 --> 00:31:00,080
Speaker 1: thing I wanted to bring up with you guys as

541
00:31:00,520 --> 00:31:03,800
Speaker 1: we look ahead on this Friday afternoon, wondering what's going

542
00:31:03,840 --> 00:31:05,719
Speaker 1: to come up next week. Here's something that's not going

543
00:31:05,760 --> 00:31:07,440
Speaker 1: to come up next week that it must be a

544
00:31:07,480 --> 00:31:11,080
Speaker 1: real disappointment to President Biden. Remember when he gave the

545
00:31:11,320 --> 00:31:15,600
Speaker 1: Joint Address to Congress recently saying get me this police

546
00:31:15,720 --> 00:31:22,160
Speaker 1: overhaul bill, especially in memory of George Floyd's death by May.

547
00:31:22,640 --> 00:31:28,440
Speaker 1: The anniversary of George Floyd's death is Tuesday, and watching Congress,

548
00:31:28,480 --> 00:31:31,200
Speaker 1: there really hasn't been that much movement on this issue.

549
00:31:31,240 --> 00:31:35,280
Speaker 1: Obviously they are going to miss that deadline. I'm curious

550
00:31:35,520 --> 00:31:39,080
Speaker 1: where this is gonna go, especially, you know, does a

551
00:31:39,080 --> 00:31:41,920
Speaker 1: president lose clout in any way when he says get

552
00:31:41,960 --> 00:31:45,400
Speaker 1: this to my desk by May and very very little happens. Jeanie,

553
00:31:45,440 --> 00:31:47,800
Speaker 1: what do you what do you make of this missed deadline?

554
00:31:48,120 --> 00:31:51,520
Speaker 1: And sort of a real disappointment and a bit of

555
00:31:51,640 --> 00:31:56,200
Speaker 1: a lame moment for in response to Biden's speech to

556
00:31:56,400 --> 00:32:00,000
Speaker 1: the Joint Session of Congress. You know, you know, Congress

557
00:32:00,200 --> 00:32:03,000
Speaker 1: missing a deadline is not a shock to me. Um

558
00:32:03,080 --> 00:32:05,640
Speaker 1: And so you know, God blessed Joe Biden, who was

559
00:32:05,680 --> 00:32:08,760
Speaker 1: in Congress longer than almost anybody should know, maybe not

560
00:32:08,840 --> 00:32:11,520
Speaker 1: to give them the deadline if they're immediately going to

561
00:32:11,560 --> 00:32:13,960
Speaker 1: miss it, right and maybe not, And you know, it

562
00:32:14,000 --> 00:32:15,800
Speaker 1: may have been a miss step on his part. I

563
00:32:15,880 --> 00:32:18,680
Speaker 1: don't think the American public will hold that against him.

564
00:32:18,880 --> 00:32:21,000
Speaker 1: I think they will think of it as wishful thinking.

565
00:32:21,360 --> 00:32:23,880
Speaker 1: And I do and I'm trying to be optimistic here,

566
00:32:23,960 --> 00:32:26,400
Speaker 1: Jack and Rick at the end of a for long

567
00:32:26,440 --> 00:32:30,960
Speaker 1: week that I thank you. I do think this is

568
00:32:30,960 --> 00:32:34,600
Speaker 1: an area where that we may see a move forward.

569
00:32:34,680 --> 00:32:37,960
Speaker 1: We seem some signs of that, but again, this takes time.

570
00:32:37,960 --> 00:32:41,840
Speaker 1: Into Rick's earlier point, it takes negotiations in committees and

571
00:32:41,920 --> 00:32:44,720
Speaker 1: behind the scenes for Republicans and Democrats in Congress to

572
00:32:44,760 --> 00:32:47,160
Speaker 1: come together. So I do think we can see a

573
00:32:47,200 --> 00:32:50,400
Speaker 1: bill here, but I don't think obviously we know now

574
00:32:50,520 --> 00:32:52,800
Speaker 1: it's not going to be made on that timeline because

575
00:32:52,800 --> 00:32:56,120
Speaker 1: that's simply not the way our system is structured. Right. Uh.

576
00:32:56,240 --> 00:32:59,520
Speaker 1: Speaking of things coming up next week, the budget proposal,

577
00:32:59,560 --> 00:33:02,760
Speaker 1: at least the full budget proposal is supposed to be

578
00:33:02,800 --> 00:33:06,720
Speaker 1: coming from the White House, UH, next Friday. They were

579
00:33:06,760 --> 00:33:11,360
Speaker 1: aiming for Thursday and then bumped it to Friday real

580
00:33:11,520 --> 00:33:15,440
Speaker 1: real quick. Rick, I saw the Washington Post reported this

581
00:33:15,520 --> 00:33:18,240
Speaker 1: is not going to include a public option, is there

582
00:33:18,280 --> 00:33:21,120
Speaker 1: anything significant to that in terms of Biden backing off

583
00:33:21,520 --> 00:33:25,840
Speaker 1: his his ambitious early agenda. Yeah, I think that this

584
00:33:25,880 --> 00:33:28,320
Speaker 1: falls into the category of, you know, biting off more

585
00:33:28,360 --> 00:33:30,920
Speaker 1: than you can chew. I mean, he's obviously got you know,

586
00:33:30,960 --> 00:33:34,440
Speaker 1: trillions of dollars of policy wrapped up in the negotiations

587
00:33:34,440 --> 00:33:37,360
Speaker 1: we've talked about earlier on the show. And you know,

588
00:33:37,440 --> 00:33:40,080
Speaker 1: this is one where he knows not only does he

589
00:33:40,120 --> 00:33:43,200
Speaker 1: have a battle in his own caucus because the progressive

590
00:33:43,280 --> 00:33:46,200
Speaker 1: left want much more than just a public option, you know,

591
00:33:46,680 --> 00:33:49,600
Speaker 1: and and and even Republicans not really wanting to add

592
00:33:49,640 --> 00:33:52,680
Speaker 1: to Obamacare. So I think this is one that you know,

593
00:33:52,720 --> 00:33:55,640
Speaker 1: they're they're gonna they're gonna let pass, let the storm

594
00:33:55,680 --> 00:33:59,000
Speaker 1: go and uh and and keep focused on the agenda

595
00:33:59,040 --> 00:34:01,520
Speaker 1: that they have. If they and get you know, fifty

596
00:34:01,760 --> 00:34:05,400
Speaker 1: six of what's already on the table in Congress. Uh,

597
00:34:05,440 --> 00:34:07,160
Speaker 1: they're not going to look back at this and say, wow,

598
00:34:07,160 --> 00:34:10,440
Speaker 1: we missed this opportunity. Yeah, well that's one thing to

599
00:34:10,440 --> 00:34:13,560
Speaker 1: to look forward to next week. Uh. Notable that it

600
00:34:13,600 --> 00:34:16,200
Speaker 1: won't include a call for a public option, but we'll

601
00:34:16,280 --> 00:34:18,680
Speaker 1: be we'll be looking for this. This budget from the

602
00:34:18,719 --> 00:34:22,200
Speaker 1: president follows what they called the skinny budget, they told

603
00:34:22,239 --> 00:34:25,680
Speaker 1: Congress basically how much money they need to spend in

604
00:34:25,719 --> 00:34:29,080
Speaker 1: the next fiscal year, but it didn't include, originally in

605
00:34:29,160 --> 00:34:33,360
Speaker 1: this March proposal, all of the tax measures and economic

606
00:34:33,960 --> 00:34:35,359
Speaker 1: projections and that kind of thing.