1 00:00:02,680 --> 00:00:06,920 Speaker 1: Live from our nation's capital. This is Bloomberg's Sound On. 2 00:00:08,039 --> 00:00:10,479 Speaker 1: We're gonna talk all about the policy prescriptions of the 3 00:00:10,520 --> 00:00:13,240 Speaker 1: Biden administration. We're not going to hear anymore about Operation 4 00:00:13,320 --> 00:00:15,880 Speaker 1: warp Speeds. They're gonna be calling it the COVID response. 5 00:00:16,040 --> 00:00:20,799 Speaker 1: We're talking right now about jockeying amongst Republicans. Bloomberg Sound On, 6 00:00:21,120 --> 00:00:25,800 Speaker 1: the insiders, the influencers, the insiders. Biden has promised again 7 00:00:25,880 --> 00:00:28,680 Speaker 1: and again he will unite the country. Who would you 8 00:00:28,800 --> 00:00:32,640 Speaker 1: think Biden has to watch in terms of moderate defectors? 9 00:00:32,800 --> 00:00:38,400 Speaker 1: Incertstructure has always been bipartist. Schoomberg Sound On with Kevin 10 00:00:38,479 --> 00:00:42,560 Speaker 1: Surley on Bloomberg Radio. We add to the White House 11 00:00:42,600 --> 00:00:45,000 Speaker 1: where Jared Bernstein, member of the White House Council of 12 00:00:45,040 --> 00:00:48,640 Speaker 1: Economic Advisors, joins US plus all Star Policy panels with 13 00:00:48,720 --> 00:00:52,879 Speaker 1: me Jenie shan Zeno uh for the hour. So we've 14 00:00:52,880 --> 00:00:55,280 Speaker 1: got a lot to get through to be talking infrastructure 15 00:00:55,360 --> 00:00:58,040 Speaker 1: and former New York Congressman Joe Crowley's with me. My 16 00:00:58,120 --> 00:01:00,520 Speaker 1: name is Kevin Cereli. I'm the chief Washington responding for 17 00:01:00,520 --> 00:01:05,520 Speaker 1: Bloomberg Television and for Bloomberg Radio. Excuse me. We begin 18 00:01:05,560 --> 00:01:08,880 Speaker 1: tonight with the big story Republicans maybe ready to support 19 00:01:09,000 --> 00:01:13,320 Speaker 1: limited infrastructure spending and President Joe biden spending proposal, which 20 00:01:13,360 --> 00:01:16,560 Speaker 1: would require scaling back the two and a quarter trillion 21 00:01:16,600 --> 00:01:19,559 Speaker 1: dollar plan by more than two thirds. Take a listen 22 00:01:19,560 --> 00:01:23,640 Speaker 1: to what Senator Roger Wicker, Republican from Mississippi, had to say. 23 00:01:23,840 --> 00:01:25,640 Speaker 1: I'll meet the press over the weekend. Here he is. 24 00:01:25,680 --> 00:01:29,480 Speaker 1: Here's the sound on that. It's a huge tax increase 25 00:01:29,840 --> 00:01:33,600 Speaker 1: for one thing, and it's a tax increase on small businesses, 26 00:01:33,920 --> 00:01:37,840 Speaker 1: on job creators in the United States of America. Then 27 00:01:37,880 --> 00:01:41,600 Speaker 1: you've got Senator Roy Blunt, a Republican, he says, of Missouri, 28 00:01:41,680 --> 00:01:44,679 Speaker 1: and he said on ABC's This Week that the President's 29 00:01:44,720 --> 00:01:48,880 Speaker 1: package doesn't have enough funding for what's really needed, and 30 00:01:48,880 --> 00:01:52,320 Speaker 1: that it focuses entirely too much on building things like 31 00:01:52,400 --> 00:01:56,200 Speaker 1: charging stations for electric vehicles. Take a listen to the 32 00:01:56,200 --> 00:01:59,720 Speaker 1: sound on this. When people think about infrastructure, they're thinking 33 00:01:59,760 --> 00:02:03,680 Speaker 1: about Rhodes bridges, ports and airports. That's a very small 34 00:02:03,760 --> 00:02:07,000 Speaker 1: part of what they're calling an infrastructure package. I've reached 35 00:02:07,040 --> 00:02:09,640 Speaker 1: out to the White House a couple of times now, 36 00:02:10,040 --> 00:02:13,800 Speaker 1: uh and said, you've got an easy bipartisan win here 37 00:02:14,240 --> 00:02:19,560 Speaker 1: if you'll keep this package narrowly focused on infrastructure. Let's 38 00:02:19,560 --> 00:02:22,840 Speaker 1: bring in the Bloomberg All Star Policy team, Bloomberg Politics 39 00:02:22,880 --> 00:02:26,399 Speaker 1: contributor Jennie Schanzano and Joe Crowley, former New York Congressman 40 00:02:26,400 --> 00:02:29,880 Speaker 1: and Democratic Caucus chair. I mean, Jennie, you just hear 41 00:02:29,919 --> 00:02:34,080 Speaker 1: it right there that they want to Actually, Jennie hold 42 00:02:34,160 --> 00:02:36,240 Speaker 1: that thought, because I just got word from our All 43 00:02:36,240 --> 00:02:39,919 Speaker 1: Star producers executive produced by Christine Rada, that Jared Bernstein 44 00:02:40,040 --> 00:02:42,040 Speaker 1: is ready. So let's go live to the White House 45 00:02:42,080 --> 00:02:46,840 Speaker 1: because Jared, of course um is a member of the 46 00:02:46,840 --> 00:02:50,880 Speaker 1: White House Council of Economic Advisors. Jared's thrilled to have 47 00:02:50,919 --> 00:02:53,600 Speaker 1: you back on the show. Thanks for joining us. Republicans 48 00:02:53,639 --> 00:02:56,520 Speaker 1: are saying that this infrastructure bill is just too large 49 00:02:56,680 --> 00:02:59,480 Speaker 1: and that they want a more targeted approach. Uh. We 50 00:02:59,800 --> 00:03:02,120 Speaker 1: we're playing some of the sound of what Republicans said 51 00:03:02,120 --> 00:03:04,400 Speaker 1: on the Sunday shows. But what do you say to 52 00:03:04,440 --> 00:03:09,120 Speaker 1: those Republicans who think this is just too big? Well, 53 00:03:09,200 --> 00:03:12,120 Speaker 1: I very much disagree, and I think the probably the 54 00:03:12,160 --> 00:03:17,639 Speaker 1: important place to look is America's ranking in infrastructure, particularly 55 00:03:17,639 --> 00:03:21,040 Speaker 1: in the public goods. To make us internationally competitive, I 56 00:03:21,080 --> 00:03:24,200 Speaker 1: think we should be first, but we're somewhere between thirteen 57 00:03:24,200 --> 00:03:27,520 Speaker 1: and seventeen on the global scale. China's well above us, 58 00:03:27,880 --> 00:03:30,600 Speaker 1: and so if we want to compete globally, we simply 59 00:03:30,600 --> 00:03:34,800 Speaker 1: have to stop disinvesting in our public goods. We also 60 00:03:34,880 --> 00:03:39,480 Speaker 1: have to craft a tax code that stops incentivizing outsourcing 61 00:03:39,760 --> 00:03:42,680 Speaker 1: and creates a race to the bottom. UH. The American 62 00:03:42,760 --> 00:03:46,640 Speaker 1: Jobs Plan does both of those while creating millions of 63 00:03:46,720 --> 00:03:49,720 Speaker 1: jobs in the process in areas that are essential for 64 00:03:49,720 --> 00:03:55,440 Speaker 1: our competitiveness, including clean energy, manufacturing, infrastructure, and more. So, 65 00:03:55,520 --> 00:03:59,080 Speaker 1: that is a fundamental disagreement I'd say, is I want 66 00:03:59,120 --> 00:04:01,320 Speaker 1: to talk about taxes in just a second, but sticking 67 00:04:01,320 --> 00:04:04,600 Speaker 1: with the targeted infrastructure approach. Is the team going to 68 00:04:04,720 --> 00:04:08,760 Speaker 1: try to do a piecemeal approach or are you still 69 00:04:08,760 --> 00:04:13,880 Speaker 1: working on a singular legislative vehicle. I think if you've 70 00:04:13,960 --> 00:04:18,120 Speaker 1: listened to President Biden talked about this ever since the campaign, 71 00:04:18,120 --> 00:04:20,679 Speaker 1: when we talked about building back better, we talked about 72 00:04:20,960 --> 00:04:23,279 Speaker 1: the importance of not just getting to the other side 73 00:04:23,279 --> 00:04:26,400 Speaker 1: of the crisis through a rescue plan that finally gets 74 00:04:26,600 --> 00:04:29,240 Speaker 1: shots and arms and puts the virus behind us, but 75 00:04:29,400 --> 00:04:33,840 Speaker 1: builds a resilient economy. That's that's that's ready to launch 76 00:04:34,560 --> 00:04:38,360 Speaker 1: a recovery that has some staining power. Going small is 77 00:04:38,400 --> 00:04:42,840 Speaker 1: not part of the part of the plan here. Uh. Now, 78 00:04:43,000 --> 00:04:45,400 Speaker 1: to be clear, there are there are some particularly from 79 00:04:45,440 --> 00:04:48,520 Speaker 1: progressive side, who have said it's it's not big enough. 80 00:04:48,560 --> 00:04:50,800 Speaker 1: So I understand people are going to come at it 81 00:04:50,800 --> 00:04:54,159 Speaker 1: from all sides. But we think it's calibrated to make 82 00:04:54,200 --> 00:04:57,719 Speaker 1: the investments that that are so important in all of 83 00:04:57,760 --> 00:05:02,680 Speaker 1: these areas, to replace types with with leading them on replacement, 84 00:05:03,080 --> 00:05:06,440 Speaker 1: half a million charging stations, standing up an accessible and 85 00:05:06,480 --> 00:05:10,560 Speaker 1: affordable childcare sector, electric vehicles. I mean, this is there's 86 00:05:10,600 --> 00:05:13,839 Speaker 1: really nothing a piecemeal about this. But what I'm what 87 00:05:13,880 --> 00:05:16,160 Speaker 1: I mean by piecemeal is are you gonna pass this? 88 00:05:16,320 --> 00:05:18,760 Speaker 1: Are you going to try to have one singular legislative 89 00:05:18,800 --> 00:05:22,320 Speaker 1: vehicle or a series of legislative bills Because aspects of 90 00:05:22,360 --> 00:05:25,719 Speaker 1: the proposal Republicans are on board with, well, you know, 91 00:05:25,760 --> 00:05:27,919 Speaker 1: we have a legislative team who thinks about this. I 92 00:05:28,000 --> 00:05:30,120 Speaker 1: come more from the economic for stab that, so I 93 00:05:30,120 --> 00:05:32,680 Speaker 1: think I think they're the ones to talk to about that. 94 00:05:33,360 --> 00:05:36,680 Speaker 1: From my perspective, what what matters is whether whether it 95 00:05:36,720 --> 00:05:38,880 Speaker 1: happens and you know, one to three or four parts, 96 00:05:38,880 --> 00:05:41,760 Speaker 1: what matters is that we have uh, these kinds of 97 00:05:41,800 --> 00:05:45,279 Speaker 1: investments in place again to make sure that the next 98 00:05:45,279 --> 00:05:47,960 Speaker 1: recovery when we're hit with you know, a hundred year 99 00:05:48,000 --> 00:05:50,000 Speaker 1: storms have come every two years, or when we're hit 100 00:05:50,040 --> 00:05:53,400 Speaker 1: with the pandemic, or when we're hit with UH racial 101 00:05:53,480 --> 00:05:57,640 Speaker 1: and economic inequality, that we have the infrastructure and the 102 00:05:57,680 --> 00:06:00,720 Speaker 1: policy architecture in place to deal saim in a way 103 00:06:00,760 --> 00:06:04,320 Speaker 1: that's just here before hasn't occurred. Jared Byurn scenes with us. 104 00:06:04,360 --> 00:06:06,120 Speaker 1: He's a member of the White House Council of Economic 105 00:06:06,120 --> 00:06:09,120 Speaker 1: Advisors here, of course, is a longtime aid and an 106 00:06:09,200 --> 00:06:12,760 Speaker 1: advisor to now President Joe Biden. Let's talk about taxes, 107 00:06:12,800 --> 00:06:16,640 Speaker 1: because earlier today, Treasury Secretary Janet Yelling outlined the case 108 00:06:16,760 --> 00:06:21,560 Speaker 1: for a harmonized corporate tax rate across the world's major economies, 109 00:06:21,880 --> 00:06:24,800 Speaker 1: part of an effort to restore global leadership and credibility 110 00:06:24,800 --> 00:06:29,560 Speaker 1: with US allies following the more unilateralist approach for the 111 00:06:29,600 --> 00:06:32,039 Speaker 1: Trump era. Are you confident that this can get done. 112 00:06:32,080 --> 00:06:35,360 Speaker 1: Let's go global for a second. Jared, Yeah, I'm confident 113 00:06:35,400 --> 00:06:37,279 Speaker 1: that this can get and we have a team that's 114 00:06:37,400 --> 00:06:40,360 Speaker 1: very invested in working with our partners to get there, 115 00:06:40,600 --> 00:06:43,240 Speaker 1: and I really like uh the things. If it wouldn't 116 00:06:43,240 --> 00:06:47,840 Speaker 1: surprise you that that Secretary Yelling was saying today, particularly 117 00:06:47,880 --> 00:06:50,200 Speaker 1: in this perspective of race to the bottom. You know, 118 00:06:50,279 --> 00:06:54,400 Speaker 1: our trading partners, whether we're talking about Europe or other places, 119 00:06:55,120 --> 00:06:57,000 Speaker 1: they don't want a race to the bottom either. And 120 00:06:57,040 --> 00:06:59,280 Speaker 1: one of the things that we're competing on these days 121 00:06:59,320 --> 00:07:02,080 Speaker 1: globally is who can have the lowest tax rate with 122 00:07:02,120 --> 00:07:05,880 Speaker 1: the most incentives to offshore abroad and to you know, 123 00:07:05,920 --> 00:07:08,640 Speaker 1: put your put your resources in tax savings to book 124 00:07:08,680 --> 00:07:12,200 Speaker 1: your your income in low tax country and your deductible 125 00:07:12,200 --> 00:07:15,480 Speaker 1: expenses in high tax country. That wastes all kinds of 126 00:07:15,560 --> 00:07:18,720 Speaker 1: time and energy and your productivity, not to mention it 127 00:07:18,880 --> 00:07:22,920 Speaker 1: diminishes significantly the corporate tax base. And that's what's happened 128 00:07:22,920 --> 00:07:25,200 Speaker 1: both in this country and many other countries. So we 129 00:07:25,400 --> 00:07:28,640 Speaker 1: think holding hands on a global minimum tax is a winner, 130 00:07:29,000 --> 00:07:33,280 Speaker 1: both getting away from from this investing, getting away from 131 00:07:33,280 --> 00:07:35,920 Speaker 1: putting all this energy into into who can have the 132 00:07:35,920 --> 00:07:38,720 Speaker 1: lowest tax rate, instead having who who can have the 133 00:07:38,720 --> 00:07:43,560 Speaker 1: most competitive economy. So Secretary Yallin's predecessor, now former Secretary 134 00:07:44,200 --> 00:07:47,360 Speaker 1: of Treasury, Stephen Munition he walked away from the talks 135 00:07:47,400 --> 00:07:50,120 Speaker 1: with the O e c D the Organization for Economic 136 00:07:50,160 --> 00:07:54,800 Speaker 1: Cooperation and Development. But now she's restarting those talks. Meanwhile, 137 00:07:55,120 --> 00:07:57,600 Speaker 1: did you see this? Laura Davison reports on the Bloomberg 138 00:07:57,680 --> 00:08:01,600 Speaker 1: Terminal three top seted Democrats for East proposal to overhaul 139 00:08:02,040 --> 00:08:05,560 Speaker 1: the US international tax system that could shape the outcome 140 00:08:05,680 --> 00:08:08,280 Speaker 1: of the global tax remamp that your team at the 141 00:08:08,280 --> 00:08:11,800 Speaker 1: White House is pursuing to fund infrastructure spending. The new 142 00:08:11,840 --> 00:08:15,559 Speaker 1: outline by Mark Warner, Ron Wyden, and Shary Brown calls 143 00:08:15,600 --> 00:08:19,600 Speaker 1: for higher levies on offshore profits and stronger penalties for 144 00:08:19,680 --> 00:08:23,480 Speaker 1: companies that move income outside the country to avoid paying 145 00:08:23,520 --> 00:08:26,240 Speaker 1: taxes to the I R s Uh. You know, I 146 00:08:26,280 --> 00:08:28,560 Speaker 1: know you're you're working through various proposals, but do you 147 00:08:28,640 --> 00:08:31,280 Speaker 1: like the general gist of what your colleagues in the 148 00:08:31,320 --> 00:08:34,920 Speaker 1: Senator are arguing for on on the Democratic side, I 149 00:08:35,000 --> 00:08:38,600 Speaker 1: think the general gist there is very much like our own. 150 00:08:38,720 --> 00:08:41,800 Speaker 1: I think we're heading for the same place. They're trying 151 00:08:41,840 --> 00:08:44,240 Speaker 1: to stave off the global rates to the bottom, trying 152 00:08:44,280 --> 00:08:49,959 Speaker 1: to disincentivize officer investment and shipping jobs abroad. UM. One 153 00:08:49,960 --> 00:08:52,920 Speaker 1: of the problems with the Trump tax cutch is, uh, 154 00:08:52,960 --> 00:08:58,520 Speaker 1: they either intentionally or unintentionally created quite strong incentives to 155 00:08:58,920 --> 00:09:02,319 Speaker 1: invest abroad. You really want to earn your income pretty 156 00:09:02,400 --> 00:09:05,280 Speaker 1: much anywhere except the United States under those rules. So 157 00:09:05,520 --> 00:09:08,360 Speaker 1: rolling those kinds of UH what I would think of 158 00:09:08,400 --> 00:09:11,040 Speaker 1: as pretty perverse in centers from the from the perspective 159 00:09:11,160 --> 00:09:14,600 Speaker 1: not just American workers, but American companies. UH is certainly 160 00:09:14,640 --> 00:09:17,080 Speaker 1: a jointly held goal between US and the and the 161 00:09:17,120 --> 00:09:20,400 Speaker 1: centers who just mentioned. You know, Jared Burns steeds with us, 162 00:09:20,920 --> 00:09:23,400 Speaker 1: a long time advisors the President Biden Membory of the 163 00:09:23,440 --> 00:09:27,800 Speaker 1: Council of the of Economic Advisors at the White House. Jared, 164 00:09:28,240 --> 00:09:31,000 Speaker 1: I know that I'm a Washington guy, and and and 165 00:09:31,040 --> 00:09:33,720 Speaker 1: you're talking to to the Wall Street Washington crowd. But 166 00:09:33,760 --> 00:09:35,480 Speaker 1: now I want you to put on your your in 167 00:09:35,520 --> 00:09:37,600 Speaker 1: your car and your way home from work, and you're 168 00:09:37,640 --> 00:09:40,720 Speaker 1: talking to the swing voter and they're going home, and 169 00:09:40,760 --> 00:09:43,400 Speaker 1: they're hearing about taxes going up at the corporate level 170 00:09:43,679 --> 00:09:47,360 Speaker 1: as well as for wealthy individuals, and they're curious. They 171 00:09:47,360 --> 00:09:49,959 Speaker 1: don't have a necessarily political opinion on it, but they 172 00:09:50,000 --> 00:09:53,200 Speaker 1: want to know if raising taxes on their employer means 173 00:09:53,400 --> 00:09:54,880 Speaker 1: that their job is going to be on the line. 174 00:09:54,880 --> 00:09:56,320 Speaker 1: In a couple of months. What would you say to 175 00:09:56,360 --> 00:09:59,280 Speaker 1: that person. Yeah, I think it's a great question, a 176 00:09:59,360 --> 00:10:02,240 Speaker 1: very important question. Well, first of all, i'd say these 177 00:10:02,280 --> 00:10:07,240 Speaker 1: tax increases don't hit anyone below four hundred thousands, so 178 00:10:07,800 --> 00:10:10,520 Speaker 1: they're very targeted at the top of the scale. And 179 00:10:10,520 --> 00:10:12,480 Speaker 1: I would say to this person on their way home 180 00:10:12,760 --> 00:10:18,000 Speaker 1: that not only are we trying to tax wealth, not work, 181 00:10:18,400 --> 00:10:23,640 Speaker 1: we're trying to collect revenues in a way that this 182 00:10:23,760 --> 00:10:27,440 Speaker 1: country has just neglected for years. So if they're on 183 00:10:27,480 --> 00:10:30,480 Speaker 1: their way home, they're very possibly stuck in a traffic 184 00:10:30,559 --> 00:10:34,200 Speaker 1: jam because of some of these communites. Some of some 185 00:10:34,280 --> 00:10:38,040 Speaker 1: of our commutes are untenable because we had literally disinvested 186 00:10:38,360 --> 00:10:41,640 Speaker 1: in our transportation systems, whether we're talking about man mass 187 00:10:41,679 --> 00:10:44,360 Speaker 1: transit or highways. Let me just give you one number 188 00:10:44,480 --> 00:10:47,760 Speaker 1: for for our friend driving home. Uh, you know, in 189 00:10:47,800 --> 00:10:51,920 Speaker 1: twent and the economy was really closing in on full capacity, 190 00:10:52,280 --> 00:10:57,600 Speaker 1: we collected sixteen g et. Historically when unemployment was that low, 191 00:10:57,840 --> 00:11:01,760 Speaker 1: we've collected three percentage points more than that over six 192 00:11:02,280 --> 00:11:05,680 Speaker 1: billion and today's dollars. So I would tell that person, look, 193 00:11:05,800 --> 00:11:07,839 Speaker 1: not only is this not going to hurt hurt you, 194 00:11:07,880 --> 00:11:10,520 Speaker 1: what's going to help you? It's going to create millions 195 00:11:10,520 --> 00:11:14,720 Speaker 1: of jobs because we're investing in private sector infrastructure, in 196 00:11:15,080 --> 00:11:18,160 Speaker 1: mass transit and the things I mentioned before. But we're 197 00:11:18,200 --> 00:11:21,800 Speaker 1: also doing so in a way that's highly progressive, designed 198 00:11:21,800 --> 00:11:24,960 Speaker 1: to make corporations more competitive and the global race to 199 00:11:25,000 --> 00:11:27,320 Speaker 1: the bottom, and invest in America in a way that 200 00:11:27,320 --> 00:11:30,640 Speaker 1: hasn't occurred for far too long. Jared Bernstein will leave 201 00:11:30,679 --> 00:11:32,920 Speaker 1: it there. When Secretary Booted Judge was on, he told 202 00:11:32,920 --> 00:11:35,439 Speaker 1: me that he he avoided the traffic chance by riding 203 00:11:35,480 --> 00:11:38,000 Speaker 1: the bicycle. I saw him. I get on the scooter, 204 00:11:38,360 --> 00:11:40,880 Speaker 1: Jared Bernstein, Maybe maybe that's the way to get rid 205 00:11:40,880 --> 00:11:43,280 Speaker 1: of some of the traffic. What do I know? Jared Bernstein, 206 00:11:43,400 --> 00:11:46,400 Speaker 1: longtime advisors to President Biden. Thank you so much Jerry 207 00:11:46,440 --> 00:11:48,240 Speaker 1: for coming on. He of course, is now a member 208 00:11:48,240 --> 00:11:50,920 Speaker 1: of the Council of Economic Advisors. Coming up the All 209 00:11:50,960 --> 00:11:55,679 Speaker 1: Star Policy Panel reacts Joe Crowley, Jennie shanzan No. I'm 210 00:11:55,800 --> 00:11:58,720 Speaker 1: Kevin Cirelli, Chief Washington correspondent for Bloomberg Television and for 211 00:11:58,760 --> 00:12:24,320 Speaker 1: Bloomberg Radio. And this is Bloomberg. This is Bloomberg Sound 212 00:12:24,360 --> 00:12:30,360 Speaker 1: On with Kevin Sill on Bloomberg Radio. I'm Kevin Cirelli. 213 00:12:31,200 --> 00:12:34,439 Speaker 1: She Fashington, correspondent for Bloomberg TV and Blomberg Radio, accompanied 214 00:12:34,480 --> 00:12:39,319 Speaker 1: by Bloomberg contributor Jennie Shanzano and Joe Crowley, the former 215 00:12:40,280 --> 00:12:44,319 Speaker 1: New York congressman. Of course Democratic Caucus chairman as well. Jennie, 216 00:12:44,360 --> 00:12:46,360 Speaker 1: I'm sorry I had to cut you off earlier. First 217 00:12:46,400 --> 00:12:48,720 Speaker 1: of all, I saw I would like to formally apologize, 218 00:12:48,920 --> 00:12:52,640 Speaker 1: but Jared Bernstein just got on the line, and I thought, 219 00:12:52,679 --> 00:12:54,640 Speaker 1: all right, I guess I should I should do this. 220 00:12:54,720 --> 00:12:56,599 Speaker 1: And then he's talking about infrastructure in the roads. I 221 00:12:56,640 --> 00:13:00,520 Speaker 1: almost had to get a collegi involved. That's right, of course, 222 00:13:00,640 --> 00:13:02,720 Speaker 1: you know. I I see you chose the White House 223 00:13:02,760 --> 00:13:06,280 Speaker 1: over me. I'm very hurt, Kevin, very no. I thought 224 00:13:06,280 --> 00:13:12,280 Speaker 1: it was I'm kidding. I thought it was really interesting 225 00:13:12,320 --> 00:13:15,960 Speaker 1: to hear him talk, particularly about the global minimum tax um, 226 00:13:16,040 --> 00:13:18,400 Speaker 1: this concept, you know that they're pushing against this race 227 00:13:18,480 --> 00:13:21,760 Speaker 1: to the bottom. I am, you know, really curious to 228 00:13:21,840 --> 00:13:23,640 Speaker 1: see as we think about how they're going to pay 229 00:13:23,679 --> 00:13:27,000 Speaker 1: for this bill, what the corporate minimum tax will look 230 00:13:27,040 --> 00:13:29,160 Speaker 1: like in practice. I don't feel like I have a 231 00:13:29,200 --> 00:13:31,720 Speaker 1: good sense of that yet. So I thought there was 232 00:13:31,760 --> 00:13:33,880 Speaker 1: a lot there, and it was. It was fascinating to 233 00:13:33,920 --> 00:13:36,160 Speaker 1: hear him talk in supportive what Yelling had to say 234 00:13:36,200 --> 00:13:39,960 Speaker 1: today as well. But Genie, I don't mean to throw 235 00:13:40,040 --> 00:13:44,199 Speaker 1: cold water on some of the optimism, but republic and 236 00:13:44,320 --> 00:13:49,199 Speaker 1: I'm telling you, folks, it's a non starter for Republicans, 237 00:13:48,840 --> 00:13:52,720 Speaker 1: it is. I mean, it's fascinating because we keep hearing 238 00:13:52,920 --> 00:13:55,439 Speaker 1: that you know, they are willing to go to a 239 00:13:55,480 --> 00:13:58,680 Speaker 1: certain place on this, you know, maybe one one and 240 00:13:58,679 --> 00:14:02,120 Speaker 1: a half trillion dollars over ten years, but they won't 241 00:14:02,120 --> 00:14:04,600 Speaker 1: do it if you have to raise taxes to do it, 242 00:14:04,920 --> 00:14:07,880 Speaker 1: and hence that's the rub. And on the left side 243 00:14:08,040 --> 00:14:11,120 Speaker 1: you hear, I hear rumblings about why not a carbon tax, 244 00:14:11,160 --> 00:14:13,679 Speaker 1: why not a gas text? Why is he holding this 245 00:14:13,800 --> 00:14:16,800 Speaker 1: to four hundred thousand and above? So there's a lot 246 00:14:16,840 --> 00:14:19,880 Speaker 1: to tease out there. It's it's it's really fascinating. But 247 00:14:19,920 --> 00:14:21,920 Speaker 1: I think taxes is, without question, one of the most 248 00:14:21,920 --> 00:14:25,400 Speaker 1: polarizing and divisive issues on this debate. Joe probably come 249 00:14:25,400 --> 00:14:28,920 Speaker 1: in here because you know, we earlier we were talking 250 00:14:28,920 --> 00:14:32,120 Speaker 1: to Jared Bernstein at the White House, and you know, 251 00:14:32,200 --> 00:14:35,560 Speaker 1: he seems really determined that this, uh, this corporate tax 252 00:14:35,680 --> 00:14:39,560 Speaker 1: rate h increase really could get some steam here. Do 253 00:14:39,640 --> 00:14:41,320 Speaker 1: you think that it does. I mean, you know, the 254 00:14:41,320 --> 00:14:44,800 Speaker 1: Democratic calck is better than anyone's. Well. I think that 255 00:14:44,880 --> 00:14:48,080 Speaker 1: this issue is annoying at Democrats for quite some time, 256 00:14:48,960 --> 00:14:52,360 Speaker 1: especially going back to the way in which the text 257 00:14:52,400 --> 00:14:54,640 Speaker 1: the Republican tax that was passed in the first place, 258 00:14:55,000 --> 00:14:59,160 Speaker 1: no input whatsoever. I do think that Democrats saw a 259 00:14:59,200 --> 00:15:02,760 Speaker 1: path to twenty eight percent roughly there about from the marketway, 260 00:15:04,320 --> 00:15:07,720 Speaker 1: but never anticipated going down to I think I think 261 00:15:07,720 --> 00:15:10,800 Speaker 1: even Republicans were shocked by that. Um, you know, so, 262 00:15:10,840 --> 00:15:13,000 Speaker 1: I think twenty eight percent was always you know, in 263 00:15:13,080 --> 00:15:14,760 Speaker 1: terms of the I'm talking about. I let's talk about 264 00:15:14,760 --> 00:15:17,840 Speaker 1: the the tax, the global tax. I'm talking specifically about 265 00:15:18,080 --> 00:15:21,200 Speaker 1: corporate taxes here in the States. When it comes to 266 00:15:21,200 --> 00:15:24,120 Speaker 1: the global issue, you know, the off shoring of jobs. 267 00:15:24,360 --> 00:15:26,320 Speaker 1: The President spoke about that in this campaign. No one 268 00:15:26,360 --> 00:15:29,160 Speaker 1: should be shocked, um that he was to reward companies 269 00:15:29,160 --> 00:15:32,240 Speaker 1: that great jobs the United States and really punished some 270 00:15:32,400 --> 00:15:36,440 Speaker 1: to some degree. Uh, companies that are ruefully off showing 271 00:15:36,440 --> 00:15:40,080 Speaker 1: those jobs are investing overseas to the detriment of American workers. 272 00:15:40,120 --> 00:15:41,560 Speaker 1: So I don't think he really should be that shocking 273 00:15:41,600 --> 00:15:43,960 Speaker 1: to anyone, quite frankly, but Joe, let me let me 274 00:15:44,200 --> 00:15:46,760 Speaker 1: ask a more targeted question, and I think it's a 275 00:15:47,160 --> 00:15:49,600 Speaker 1: it's a nuanced one, but it's important. The organization is 276 00:15:49,640 --> 00:15:52,960 Speaker 1: called the o e c D. Folks come up for 277 00:15:53,000 --> 00:15:56,520 Speaker 1: air out of the alphabet soup Organization for Economic Cooperation 278 00:15:56,560 --> 00:16:02,320 Speaker 1: and Development o e c D. So monution Yellin's predecessor 279 00:16:02,400 --> 00:16:05,760 Speaker 1: walked away from these talks. Why should the U. S. 280 00:16:05,840 --> 00:16:09,280 Speaker 1: Allies think that the next time a Republican administration comes in, 281 00:16:09,320 --> 00:16:12,040 Speaker 1: whether it's in three and a half years or six 282 00:16:12,080 --> 00:16:16,560 Speaker 1: and a half year or whatever after a second Democratic administration, 283 00:16:16,920 --> 00:16:19,720 Speaker 1: or even it's twenty years, why should they assume that 284 00:16:19,760 --> 00:16:23,640 Speaker 1: the that the Americans won't walk away, especially when both 285 00:16:23,640 --> 00:16:27,520 Speaker 1: sides are so entrenched in a low tax and a 286 00:16:27,560 --> 00:16:31,040 Speaker 1: polar opposite approach to taxes. Joe, I think I think 287 00:16:31,080 --> 00:16:34,240 Speaker 1: it is problematic for US. I do think that you know, 288 00:16:34,400 --> 00:16:37,800 Speaker 1: it's it's just it's all or nothing. Unfortunately, I think 289 00:16:37,800 --> 00:16:40,840 Speaker 1: that that has been part of what has developed over 290 00:16:40,840 --> 00:16:44,280 Speaker 1: the last few decades. UM. But we also know how 291 00:16:44,360 --> 00:16:47,280 Speaker 1: difficult it is to undo some things once they're done. 292 00:16:47,480 --> 00:16:50,000 Speaker 1: We still the attempt our Republicans to undo the Affordable 293 00:16:50,080 --> 00:16:52,760 Speaker 1: Care Act that failed. UM. I do think you know 294 00:16:52,800 --> 00:16:55,360 Speaker 1: it's easiest said than done in terms of being addressing 295 00:16:55,480 --> 00:16:58,520 Speaker 1: some of the tax inequities that will pass in tween. 296 00:16:59,400 --> 00:17:02,600 Speaker 1: I'll be an. I do think that the American people. 297 00:17:02,600 --> 00:17:04,120 Speaker 1: I think that's what the President is talking about, going 298 00:17:04,119 --> 00:17:08,520 Speaker 1: to the American people, appealing to Republicans, not necessarily Washington, 299 00:17:08,520 --> 00:17:11,639 Speaker 1: but around the country on some of though some of 300 00:17:11,640 --> 00:17:13,640 Speaker 1: the positions she's talking about. I think that's where which 301 00:17:13,640 --> 00:17:16,400 Speaker 1: she's looking for that bipartisanship as it attains to what's 302 00:17:16,400 --> 00:17:18,680 Speaker 1: going to happen in d C. You know, he still 303 00:17:18,760 --> 00:17:21,080 Speaker 1: has the opportunity to use reconciliation if he doesn't have 304 00:17:21,119 --> 00:17:24,800 Speaker 1: a hint of any bipolitisanship in terms of regular order. 305 00:17:25,240 --> 00:17:27,800 Speaker 1: But I would certainly couldtel limit some of the social 306 00:17:27,880 --> 00:17:30,919 Speaker 1: changes you'd like to see given some of the rules, uh, 307 00:17:31,119 --> 00:17:34,159 Speaker 1: in terms in terms of reconciliation. Genie, I gotta be candidate. 308 00:17:34,200 --> 00:17:37,000 Speaker 1: If there's one fight Republicans love to have, its over taxes, 309 00:17:37,280 --> 00:17:41,959 Speaker 1: and whether it's over corporate tax rate or taxes for 310 00:17:42,359 --> 00:17:45,880 Speaker 1: anyone that isn't a millionaire. They love having this fight. 311 00:17:46,280 --> 00:17:48,920 Speaker 1: Is this a trap for the Democrats? Well, they've got 312 00:17:48,920 --> 00:17:52,440 Speaker 1: to be very concerned about it. As we approached two. 313 00:17:52,480 --> 00:17:54,280 Speaker 1: I mean, I know it seems like a long ways 314 00:17:54,280 --> 00:17:57,240 Speaker 1: a way, it is not, and this is something that 315 00:17:57,320 --> 00:18:00,359 Speaker 1: Republicans are going to try to use end up course, 316 00:18:00,520 --> 00:18:02,920 Speaker 1: the party that is not in the White House has 317 00:18:03,000 --> 00:18:06,840 Speaker 1: in the last several election cycles suffered when they come 318 00:18:06,880 --> 00:18:10,119 Speaker 1: to these mid term elections. So Democrats have to be 319 00:18:10,240 --> 00:18:13,399 Speaker 1: very very careful about this. And of course they are 320 00:18:13,480 --> 00:18:16,080 Speaker 1: fighting on two fronts with this. They're fighting on the 321 00:18:16,119 --> 00:18:20,280 Speaker 1: Republican front, but they're also fighting progressives and liberals in 322 00:18:20,400 --> 00:18:24,080 Speaker 1: Congress and elsewhere who say this thing isn't big enough, 323 00:18:24,240 --> 00:18:26,760 Speaker 1: and so they have to try to please both of 324 00:18:26,800 --> 00:18:29,520 Speaker 1: those are gonna be very very tough. And you know, 325 00:18:29,560 --> 00:18:31,640 Speaker 1: I agree with Joe, they're even these I think they're 326 00:18:31,640 --> 00:18:34,200 Speaker 1: going to have to use reconciliation. If they can't, they're 327 00:18:34,200 --> 00:18:35,800 Speaker 1: going to have to try to get some change to 328 00:18:35,840 --> 00:18:39,440 Speaker 1: the filibuster. Otherwise almost impossible to see how they get 329 00:18:39,440 --> 00:18:42,440 Speaker 1: this thing through. I mean, it's it is remarkable, Joe 330 00:18:42,840 --> 00:18:46,040 Speaker 1: Genie that either way you slice dice and cut it up, 331 00:18:46,520 --> 00:18:50,400 Speaker 1: we're still talking about like a trillion bucks that could 332 00:18:50,400 --> 00:18:53,359 Speaker 1: be spent. It's a lot of money. I mean, I 333 00:18:53,840 --> 00:18:59,679 Speaker 1: mean the era of DC not spending when Republicans can 334 00:18:59,680 --> 00:19:03,680 Speaker 1: get on board for a trillion bucks, a trillion dollars. 335 00:19:03,720 --> 00:19:07,800 Speaker 1: We're talking about massive chunk of change. As my father 336 00:19:07,800 --> 00:19:10,120 Speaker 1: would say, it's a hefty chunk of change. keV, I'm 337 00:19:10,200 --> 00:19:26,320 Speaker 1: Kevin Surreally. This is Bloomberg Broadcasting line from our nation's capital, 338 00:19:26,400 --> 00:19:31,800 Speaker 1: Bloomberg to New York, Bloomberg eleven Frio to San Francisco, 339 00:19:31,920 --> 00:19:36,480 Speaker 1: Bloomberg nine to the country Sirius XM Channel one nine 340 00:19:37,160 --> 00:19:40,399 Speaker 1: and around the globe, the Bloomberg Business app and Bloomberg 341 00:19:40,480 --> 00:19:45,560 Speaker 1: Radio dot Com. This is Bloomberg Sound On with Kevin Serelli. 342 00:19:47,960 --> 00:19:51,119 Speaker 1: We talk more about infrastructure. We also talked US China relations. 343 00:19:51,640 --> 00:19:54,119 Speaker 1: My name is Kevin Curreli. I'm the chief Washington correspondent 344 00:19:54,160 --> 00:19:57,480 Speaker 1: for Bloomberg TV and Radio. Chee shn Zano was with me, 345 00:19:57,680 --> 00:20:01,880 Speaker 1: Bloomberg Politics contributor and Joe Crowley, former New York Congressman 346 00:20:01,880 --> 00:20:04,840 Speaker 1: and Democratic Caucus chair. Uh. I want to have a 347 00:20:04,840 --> 00:20:07,680 Speaker 1: little fun just for a minute. Christine or ep don't 348 00:20:07,680 --> 00:20:10,639 Speaker 1: get too worried. But uh, Jinny, you and you know 349 00:20:10,720 --> 00:20:14,160 Speaker 1: this about me. I'm a huge space nerd and there's 350 00:20:14,200 --> 00:20:16,359 Speaker 1: a story in the journal today. I don't know if 351 00:20:16,359 --> 00:20:19,359 Speaker 1: you saw it, it says US News. Tiny helicopter except 352 00:20:19,359 --> 00:20:22,600 Speaker 1: for giant leap and the exploration of Mars and a 353 00:20:22,600 --> 00:20:25,480 Speaker 1: hard scrabble crater on Mars, A tiny helicopter with a 354 00:20:25,560 --> 00:20:29,560 Speaker 1: smartphone brain is now days away from attempting the first 355 00:20:29,600 --> 00:20:33,399 Speaker 1: powered flight on another world. NASA hopes that it's spy, 356 00:20:33,600 --> 00:20:34,879 Speaker 1: I don't even know how to say that word, that 357 00:20:34,920 --> 00:20:39,520 Speaker 1: it's robot copter named Ingenuity, will prove that powered flight 358 00:20:39,680 --> 00:20:43,400 Speaker 1: is possible in the perilously thin Martian air and help 359 00:20:43,480 --> 00:20:46,200 Speaker 1: usher in a new era of planetary exploration in which 360 00:20:46,280 --> 00:20:49,760 Speaker 1: drones play a vital role. I bring it up because 361 00:20:49,800 --> 00:20:53,480 Speaker 1: in the context of infrastructure domestically in the United States, 362 00:20:53,760 --> 00:20:56,600 Speaker 1: there's a lot of infrastructure going on an outer space 363 00:20:57,359 --> 00:20:59,480 Speaker 1: there is, And I thought you were going to talk 364 00:20:59,520 --> 00:21:02,560 Speaker 1: about that good Zaga shot at the the end of 365 00:21:02,600 --> 00:21:06,600 Speaker 1: the game, Kevin, and here you go with Ingenuity. That 366 00:21:06,720 --> 00:21:10,960 Speaker 1: was amazing. But it's it's so well named, and it's 367 00:21:11,000 --> 00:21:13,040 Speaker 1: it's fascinating because you know, as you I know, we're 368 00:21:13,040 --> 00:21:14,960 Speaker 1: going to talk about China later, but you know, a 369 00:21:15,000 --> 00:21:17,920 Speaker 1: lot of work going on in in the space arena 370 00:21:18,000 --> 00:21:21,440 Speaker 1: in China as as they really are competing with the 371 00:21:21,520 --> 00:21:24,760 Speaker 1: United States and other nations around the world to own 372 00:21:24,840 --> 00:21:27,880 Speaker 1: that space for lack of a better term. So it's 373 00:21:27,920 --> 00:21:30,800 Speaker 1: it's fascinating to see that the United States, you know, 374 00:21:31,000 --> 00:21:34,880 Speaker 1: is obviously in this competition, but it's going to take 375 00:21:34,960 --> 00:21:39,439 Speaker 1: again a host of resources to keep us competitive with this, 376 00:21:39,640 --> 00:21:43,080 Speaker 1: and so it's a really important story. Anybody up on 377 00:21:43,160 --> 00:21:47,920 Speaker 1: Wall Street, Joe talking about Mars, you know, I wish 378 00:21:47,960 --> 00:21:51,080 Speaker 1: they did more. They probably can accomplish more focused on 379 00:21:51,119 --> 00:21:54,840 Speaker 1: the future and not to throw but I will say, um, 380 00:21:55,359 --> 00:21:58,640 Speaker 1: you're trying to go to Mars, am I am I sensing. 381 00:21:58,880 --> 00:22:00,960 Speaker 1: I will tell you my wife Case he would love 382 00:22:01,880 --> 00:22:06,879 Speaker 1: the first civilion to go, but I think she preferred 383 00:22:07,680 --> 00:22:11,160 Speaker 1: the first civilion to go. But I will tell you, Kevin, 384 00:22:11,720 --> 00:22:13,840 Speaker 1: one of my most disappointed days on the House floor, 385 00:22:14,240 --> 00:22:17,920 Speaker 1: on the House flows when then President Bush scratched out 386 00:22:17,920 --> 00:22:19,600 Speaker 1: of one of the state of the Union the notion 387 00:22:19,680 --> 00:22:22,919 Speaker 1: of going to Mars. And I really looked at as 388 00:22:22,960 --> 00:22:26,400 Speaker 1: disappointed as an American because it's not about going to Mars, 389 00:22:26,480 --> 00:22:28,959 Speaker 1: you know, I think we probably probably can figure out 390 00:22:28,960 --> 00:22:31,280 Speaker 1: how to safely get there. It's how do you get back. 391 00:22:31,720 --> 00:22:33,920 Speaker 1: How do you get human kind back from Mars to 392 00:22:34,280 --> 00:22:37,080 Speaker 1: the the world. That's where the science is going to 393 00:22:37,160 --> 00:22:40,800 Speaker 1: be incredibly important. But this is really neat to see, uh, 394 00:22:40,960 --> 00:22:44,160 Speaker 1: the first non man flight in the outer world. It's 395 00:22:44,200 --> 00:22:48,440 Speaker 1: just it's just marvelous moment. I'm gonna move on from 396 00:22:48,480 --> 00:22:50,480 Speaker 1: this because I know we've got other pressing issues. But 397 00:22:50,520 --> 00:22:53,560 Speaker 1: I'm a huge history nerd. And you know, when the 398 00:22:53,600 --> 00:22:57,159 Speaker 1: colonists came over, they did it with a one way ticket. 399 00:22:57,280 --> 00:22:59,480 Speaker 1: They didn't do it to go back. And so there, 400 00:22:59,520 --> 00:23:02,879 Speaker 1: I mean, humanity does have this streak in US where 401 00:23:02,880 --> 00:23:06,600 Speaker 1: we often, um, you know, get a one way ticket. 402 00:23:06,640 --> 00:23:09,080 Speaker 1: You gotta take that leap of faith, is nick sa Really? 403 00:23:09,119 --> 00:23:12,240 Speaker 1: My dad always tells me jump in the net shall appear. 404 00:23:13,160 --> 00:23:15,399 Speaker 1: That's why finding water on moss is so important, y 405 00:23:16,200 --> 00:23:19,320 Speaker 1: as a possible fuel to get many kind back to 406 00:23:19,320 --> 00:23:22,080 Speaker 1: to to to the world. You know, I don't think 407 00:23:22,119 --> 00:23:25,000 Speaker 1: we look at these suicide missions quite frankly, even the 408 00:23:25,119 --> 00:23:27,199 Speaker 1: even the moon. There has to be some degree of 409 00:23:27,280 --> 00:23:29,680 Speaker 1: success and the ability to get back. I think, alright, 410 00:23:30,520 --> 00:23:32,520 Speaker 1: I agree with Joe. I'm not going unless I can 411 00:23:32,560 --> 00:23:36,159 Speaker 1: get back that putting my foot down. Well, to be 412 00:23:36,240 --> 00:23:42,560 Speaker 1: the first human i'd go out there, I go, Okay, 413 00:23:42,640 --> 00:23:45,520 Speaker 1: let's talk, let's talk about about COVID for a second. 414 00:23:45,560 --> 00:23:48,400 Speaker 1: Because the US is leading the world. I think this 415 00:23:48,480 --> 00:23:52,119 Speaker 1: is one of the most underreported stories. Are producer Matthew 416 00:23:52,119 --> 00:23:53,720 Speaker 1: Shirley and I were talking about it in the prep 417 00:23:53,760 --> 00:23:56,920 Speaker 1: work for the show. The US is leading the world 418 00:23:57,160 --> 00:23:59,919 Speaker 1: with a record pace of vaccination. I mean, that's a 419 00:24:00,040 --> 00:24:03,159 Speaker 1: testament to America and help is on the way to 420 00:24:03,280 --> 00:24:06,280 Speaker 1: other countries in the global race to vaccinate thanks to 421 00:24:06,359 --> 00:24:08,679 Speaker 1: billions of dollars that have been provided by Congress and 422 00:24:08,720 --> 00:24:11,480 Speaker 1: of course the advances of the scientific research. It's a 423 00:24:11,520 --> 00:24:16,600 Speaker 1: it's a victory story for both administrations. Well. Uh A 424 00:24:16,680 --> 00:24:19,479 Speaker 1: Secretary of State Tony B. Lincoln was asked about this 425 00:24:19,560 --> 00:24:22,359 Speaker 1: earlier today. Take a listen to the sound on this 426 00:24:22,520 --> 00:24:32,679 Speaker 1: vaccine diplomacy. Serious looks like we don't have it. But 427 00:24:33,040 --> 00:24:36,480 Speaker 1: he goes to say, Genie that, uh that really the 428 00:24:36,600 --> 00:24:40,280 Speaker 1: US is leading the way on this. We it is 429 00:24:40,320 --> 00:24:42,359 Speaker 1: one of this. You know, I agree with you under 430 00:24:42,400 --> 00:24:45,280 Speaker 1: reported stories. Um, you know, we are so often and 431 00:24:45,320 --> 00:24:48,000 Speaker 1: I am guilty of this, are criticizing our government. But 432 00:24:48,400 --> 00:24:51,600 Speaker 1: this has been, as you mentioned, a bi partisan effort 433 00:24:51,600 --> 00:24:54,520 Speaker 1: from the Trump administration to the Biden administration, but also 434 00:24:54,560 --> 00:24:58,400 Speaker 1: a public, private relationship that was established to get us 435 00:24:58,400 --> 00:25:01,560 Speaker 1: to this point, and what Tony Blinkett is talking about 436 00:25:01,600 --> 00:25:03,520 Speaker 1: I was very much in keeping with what the Biden 437 00:25:03,560 --> 00:25:07,640 Speaker 1: administration hopes to do, which is they are all about relationships. 438 00:25:07,680 --> 00:25:11,000 Speaker 1: They are all about working with our allies and re establishing, 439 00:25:11,080 --> 00:25:14,720 Speaker 1: quite frankly, relationships that they say, in many cases were 440 00:25:14,800 --> 00:25:18,280 Speaker 1: hurt under the previous administration. They want to reassert those 441 00:25:18,600 --> 00:25:21,840 Speaker 1: and this vaccine diplomacy, as as you and that we're 442 00:25:21,840 --> 00:25:24,960 Speaker 1: talking about, is one way to do that, and it 443 00:25:25,160 --> 00:25:28,560 Speaker 1: is something very important to do, particularly for parts of 444 00:25:28,600 --> 00:25:30,880 Speaker 1: the globe that don't have the resources to get there 445 00:25:30,880 --> 00:25:34,359 Speaker 1: on their own. Joe, just compare and contrast is quickly 446 00:25:34,440 --> 00:25:38,600 Speaker 1: the US rolled out versus the China vaccine diplomacy, which 447 00:25:38,640 --> 00:25:42,879 Speaker 1: comes with strings attached. Well, I think, first of Polos, 448 00:25:43,240 --> 00:25:45,879 Speaker 1: I don't think anyone should be shocked at the United States, 449 00:25:45,920 --> 00:25:48,359 Speaker 1: and that's a wondering of itself that we're not first 450 00:25:48,400 --> 00:25:50,000 Speaker 1: in this in this field. I mean, that would be 451 00:25:50,160 --> 00:25:52,760 Speaker 1: it would be shocking, if be worrying, quite frankly. But 452 00:25:52,880 --> 00:25:54,960 Speaker 1: I do think, well, I do think there has been 453 00:25:55,119 --> 00:25:58,359 Speaker 1: more of a tendency by the Chinese UM to to 454 00:25:58,520 --> 00:26:01,399 Speaker 1: take advantage of this from a diploma extandpoints soft power 455 00:26:01,880 --> 00:26:04,399 Speaker 1: even to the disadvantage of their own people. Quite frankly, 456 00:26:04,720 --> 00:26:07,040 Speaker 1: I don't think Joe By nor Donald Trump We're going 457 00:26:07,080 --> 00:26:09,040 Speaker 1: to do that in terms of the United States. But 458 00:26:09,080 --> 00:26:11,879 Speaker 1: I do think, as Yellen has said, that we have 459 00:26:11,960 --> 00:26:15,560 Speaker 1: to address the the the poor of this world, and 460 00:26:15,640 --> 00:26:18,040 Speaker 1: it's in our own interest to see that happen in 461 00:26:18,160 --> 00:26:21,200 Speaker 1: terms of solving this pandemic and future pandemics as well. 462 00:26:21,520 --> 00:26:24,080 Speaker 1: We can't be selfish about this because it's gonna hurt 463 00:26:24,200 --> 00:26:26,960 Speaker 1: us if we're not helping those poor countries. All Right, 464 00:26:27,000 --> 00:26:28,760 Speaker 1: coming up, we're gonna talk much more about this with 465 00:26:28,800 --> 00:26:32,680 Speaker 1: the All Star Policy Panel. I'm Kevin's really cheap Washington correspondent, 466 00:26:32,720 --> 00:27:02,560 Speaker 1: remember TV and radio. This is I This is Bloomberg's 467 00:27:02,640 --> 00:27:09,200 Speaker 1: Sound on with Kevin Surreley on Bloomberg Radio. I'm Kevin Sireley, 468 00:27:09,320 --> 00:27:14,760 Speaker 1: Chief Washington correspondent for Bloomberg Television for Bloomberg Radio, joined 469 00:27:14,760 --> 00:27:18,040 Speaker 1: by Joe Crowley, whom we're Democratic Congressman and Democratic Caucus 470 00:27:18,040 --> 00:27:21,240 Speaker 1: share as well as Jennie shown Zeno, Bloomberg Politics contributor. 471 00:27:21,320 --> 00:27:24,359 Speaker 1: We've got that Tony blinken Stot and the Secretary of State. 472 00:27:24,400 --> 00:27:27,320 Speaker 1: Take a listen to what Secretary of State Tony Blincoln 473 00:27:27,400 --> 00:27:30,320 Speaker 1: had to say about the COVID vaccine rollout in the 474 00:27:30,440 --> 00:27:34,639 Speaker 1: global global landscape periods. President Biden set a goal of 475 00:27:34,640 --> 00:27:37,719 Speaker 1: a hundred million shots in a hundred days. We hit 476 00:27:37,760 --> 00:27:41,680 Speaker 1: that goal by day. Now we're racing toward our new 477 00:27:41,720 --> 00:27:44,760 Speaker 1: goal of two hundred million shots in a hundred days. 478 00:27:44,920 --> 00:27:49,560 Speaker 1: We cannot fully recover, much less build a better future. 479 00:27:49,560 --> 00:27:53,359 Speaker 1: The American people deserve until the pandemic is over all, right, 480 00:27:53,359 --> 00:27:57,200 Speaker 1: So that's what's happening on the Meanwhile, Treasury Secretary Janet 481 00:27:57,240 --> 00:28:00,280 Speaker 1: Yellen outlined the case for harmonized corporate tack s right 482 00:28:00,320 --> 00:28:03,239 Speaker 1: across the world's major economies. This is part of an 483 00:28:03,280 --> 00:28:07,200 Speaker 1: effort to restore global leadership, she says, incredibility with US 484 00:28:07,280 --> 00:28:11,360 Speaker 1: allies following the more unilateralist approach of the Trump bearra 485 00:28:11,520 --> 00:28:13,720 Speaker 1: Take a listen to her sound on the on the 486 00:28:13,760 --> 00:28:17,440 Speaker 1: global harmonization of tax rates when she spoke to the 487 00:28:18,000 --> 00:28:21,240 Speaker 1: to the Chicago Council on Global Affairs. Here she is. 488 00:28:22,160 --> 00:28:28,240 Speaker 1: President Biden's proposals announced last week called for bold domestic action, 489 00:28:28,600 --> 00:28:32,840 Speaker 1: including to raise the US minimum tax rate and renewed 490 00:28:32,920 --> 00:28:38,880 Speaker 1: international engagement. We're working with G twenty nations to agree 491 00:28:39,000 --> 00:28:42,880 Speaker 1: to a global minimum corporate tax rate that can stop 492 00:28:42,960 --> 00:28:46,840 Speaker 1: the race to the bottom. So they're talking about a 493 00:28:46,920 --> 00:28:49,400 Speaker 1: race to the bottom in the midst of recovering from 494 00:28:49,800 --> 00:28:54,200 Speaker 1: the global pandemic genie. But I still I still go 495 00:28:54,280 --> 00:28:57,400 Speaker 1: back to the swing voter and the suburbs. Who is 496 00:28:57,440 --> 00:28:59,880 Speaker 1: going to look at that and and really have to 497 00:29:00,040 --> 00:29:03,560 Speaker 1: reconcile whether or not raising taxes is the best way 498 00:29:03,560 --> 00:29:07,560 Speaker 1: to get the economy back on on on a fair footing. 499 00:29:07,640 --> 00:29:11,920 Speaker 1: I mean, is is is the messaging botched on this rollout? 500 00:29:12,880 --> 00:29:15,800 Speaker 1: I think it's it's it's not an easy sell. But 501 00:29:16,480 --> 00:29:19,960 Speaker 1: the Biden administration, this is one reason why, for instance, 502 00:29:19,960 --> 00:29:23,200 Speaker 1: they're not taxing anybody who makes under four hundred thousand 503 00:29:23,280 --> 00:29:26,240 Speaker 1: dollars for that very reason. Again, I would just say 504 00:29:26,360 --> 00:29:28,400 Speaker 1: there are a lot of questions about that because that 505 00:29:28,440 --> 00:29:31,720 Speaker 1: means no carbon tax, no gas tax. So they are 506 00:29:31,840 --> 00:29:35,240 Speaker 1: trying to hold the line on that obviously, and they're 507 00:29:35,320 --> 00:29:39,240 Speaker 1: focusing obviously on corporations. So they are going to increase 508 00:29:39,320 --> 00:29:41,160 Speaker 1: or want to increase if they can, the corporate the 509 00:29:41,440 --> 00:29:44,680 Speaker 1: corporate tax. And why is that? Of course, it's not 510 00:29:44,720 --> 00:29:47,480 Speaker 1: only just to raise that money, but to avoid having 511 00:29:47,520 --> 00:29:50,720 Speaker 1: to answer that question. So Republicans are going to be arguing, 512 00:29:50,800 --> 00:29:53,080 Speaker 1: is this is going to lead to job losses on 513 00:29:53,120 --> 00:29:55,480 Speaker 1: a very on the very bill that Joe Biden is 514 00:29:55,520 --> 00:29:58,000 Speaker 1: saying is all about jobs, and that's what I think 515 00:29:58,000 --> 00:30:00,440 Speaker 1: he's going to have to answer to. I would also say, 516 00:30:00,480 --> 00:30:02,400 Speaker 1: I do think he's doing a good idea of the 517 00:30:02,800 --> 00:30:06,600 Speaker 1: good job of consistently raising China. The competition with China 518 00:30:06,720 --> 00:30:09,680 Speaker 1: means this is something we must do or we will 519 00:30:09,720 --> 00:30:12,440 Speaker 1: fall behind or further behind them we already are. That's 520 00:30:12,440 --> 00:30:14,320 Speaker 1: been his mantra, and I think that is something that 521 00:30:14,360 --> 00:30:18,160 Speaker 1: most Americans can understand. Joe. I mean, come in here, 522 00:30:18,200 --> 00:30:21,040 Speaker 1: because there's a story on the Bloomberg terminal. Richest New 523 00:30:21,120 --> 00:30:24,480 Speaker 1: Yorkers faced tax hike. Under a proposed budget deal, wealthiest 524 00:30:24,480 --> 00:30:27,560 Speaker 1: New York City residents to see the highest combined US 525 00:30:27,640 --> 00:30:30,680 Speaker 1: tax rate. My colleagues report the richest New York City 526 00:30:30,680 --> 00:30:33,680 Speaker 1: residents could soon face the highest combined state and city 527 00:30:33,680 --> 00:30:37,160 Speaker 1: tax rates in the United States. Governor Cuomo and state 528 00:30:37,200 --> 00:30:40,560 Speaker 1: lawmakers have reached a tentative agreement to raise taxes on 529 00:30:40,600 --> 00:30:43,240 Speaker 1: the wealthiest New Yorkers as part of a roughly two 530 00:30:43,320 --> 00:30:46,959 Speaker 1: hundred billion dollar budget deal expected to be announced as 531 00:30:47,000 --> 00:30:50,520 Speaker 1: early as today. I mean I mentioned that because meanwhile, 532 00:30:50,680 --> 00:30:53,440 Speaker 1: you've got New Yorkers who are getting faced with with 533 00:30:53,520 --> 00:30:57,080 Speaker 1: the new budget deal, juxtaposed with the conversation happening in Washington, 534 00:30:57,200 --> 00:31:00,680 Speaker 1: d C. What are your friends Joe gonna say, but 535 00:31:00,760 --> 00:31:02,520 Speaker 1: also with the damage that was done to New York 536 00:31:02,520 --> 00:31:05,720 Speaker 1: in terms of the sole provisions, the inability to state 537 00:31:05,800 --> 00:31:08,520 Speaker 1: local taxes. But I would just go back to the 538 00:31:08,560 --> 00:31:12,280 Speaker 1: point um about those would say that it's job loss 539 00:31:12,360 --> 00:31:16,680 Speaker 1: when you UH ask corporations to pay their fair share. 540 00:31:17,120 --> 00:31:19,760 Speaker 1: Think about all the jobs that we created by the 541 00:31:19,800 --> 00:31:23,480 Speaker 1: infusion of this infrastructure bill, and I think that really 542 00:31:23,520 --> 00:31:26,440 Speaker 1: does outweigh you know, some of the some of the 543 00:31:26,520 --> 00:31:28,479 Speaker 1: nay says. We're here from the from from the right 544 00:31:28,560 --> 00:31:31,080 Speaker 1: and from from the Republican side. I think that what 545 00:31:31,120 --> 00:31:36,200 Speaker 1: the President is proposing is transformative and we'll have an 546 00:31:36,200 --> 00:31:38,680 Speaker 1: impact on our country, not just so now, but for 547 00:31:38,720 --> 00:31:41,400 Speaker 1: the future. And these these issues need to be addressed, 548 00:31:41,720 --> 00:31:44,959 Speaker 1: especially when we're talking about being competitive with China and 549 00:31:45,040 --> 00:31:48,760 Speaker 1: other adversaries. I don't mean militarily, I'm talking about economically. 550 00:31:48,920 --> 00:31:50,840 Speaker 1: We need to invest in infrastructure. I think we have 551 00:31:50,920 --> 00:31:53,040 Speaker 1: the fintal way to do that. That that's such a 552 00:31:53,040 --> 00:31:55,320 Speaker 1: great point. We're having this IB chat right now. And 553 00:31:55,640 --> 00:31:58,120 Speaker 1: I said it sounds like restructuring. You just said it 554 00:31:58,120 --> 00:32:02,320 Speaker 1: sounds transformative. Jennie goes agree, I I hear you. But 555 00:32:02,400 --> 00:32:04,960 Speaker 1: what do you say, Genie said the person who says, 556 00:32:05,440 --> 00:32:08,760 Speaker 1: why are they Why are they transforming the global economy? 557 00:32:08,760 --> 00:32:11,440 Speaker 1: Why are they restructuring the global economy? Why aren't they 558 00:32:11,480 --> 00:32:15,760 Speaker 1: worrying about the main street restaurant or the getting kids 559 00:32:15,760 --> 00:32:19,080 Speaker 1: back into schools? And and that's I think it almost 560 00:32:19,120 --> 00:32:23,240 Speaker 1: seems to dare I say, academic, Genie, professors, you know, 561 00:32:23,960 --> 00:32:29,360 Speaker 1: and unless rooted in the problem of what the American 562 00:32:29,800 --> 00:32:33,160 Speaker 1: family is dealing with. And and maybe it's well intentioned, 563 00:32:33,280 --> 00:32:34,800 Speaker 1: but but I don't, I mean, do you do you 564 00:32:34,840 --> 00:32:36,920 Speaker 1: kind of get what I'm what I'm getting at. I do. 565 00:32:37,080 --> 00:32:39,760 Speaker 1: It's a difficult cell. But I think again, this is 566 00:32:39,800 --> 00:32:42,440 Speaker 1: why Biden is talking about this most often as a 567 00:32:42,560 --> 00:32:45,320 Speaker 1: jobs bill, not an infrastructure that's smart. I thought that 568 00:32:45,560 --> 00:32:48,120 Speaker 1: I'm going to Pittsburgh, ya. Yeah, And and you know, 569 00:32:48,160 --> 00:32:51,600 Speaker 1: nobody speaks to you know, people on you know, on 570 00:32:51,720 --> 00:32:54,560 Speaker 1: main Street better than Joe Biden. But this is, to 571 00:32:54,640 --> 00:32:56,400 Speaker 1: your point, a real test. And again I would just 572 00:32:56,480 --> 00:32:59,320 Speaker 1: go back to China. They want to make the case 573 00:32:59,680 --> 00:33:02,360 Speaker 1: that we will not have the jobs that we have. 574 00:33:02,560 --> 00:33:05,440 Speaker 1: We are not going to be able to sustain at 575 00:33:05,680 --> 00:33:08,400 Speaker 1: the way the economy we have if we don't start 576 00:33:08,480 --> 00:33:12,640 Speaker 1: investing in research and development and infrastructure broadly defined. And 577 00:33:12,720 --> 00:33:14,760 Speaker 1: that is something it's you know, I think he's going 578 00:33:14,800 --> 00:33:17,320 Speaker 1: to have to keep talking about. But I think many 579 00:33:17,440 --> 00:33:21,640 Speaker 1: people do understand that even Republicans want to invest in infrastructure. 580 00:33:21,640 --> 00:33:23,360 Speaker 1: It's a question of how much and how to pay 581 00:33:23,400 --> 00:33:25,320 Speaker 1: for it, and how do you define it. I mean, 582 00:33:25,360 --> 00:33:29,440 Speaker 1: go to Yngestown, Ohio when they got the Lordsville plant. 583 00:33:30,040 --> 00:33:32,840 Speaker 1: I believe that the GM plant that had that had 584 00:33:32,880 --> 00:33:37,440 Speaker 1: shut down. I mean and Tim Ryan's country, Congressman Tim 585 00:33:37,520 --> 00:33:41,000 Speaker 1: Ryan's country. And I bring that up because Joe, it's 586 00:33:41,000 --> 00:33:45,440 Speaker 1: a genie's point, Professor Zanos point. Do people care if 587 00:33:45,440 --> 00:33:48,480 Speaker 1: they're if they're manufacturing a car or they're manufacturing a 588 00:33:48,520 --> 00:33:52,040 Speaker 1: semiconductor chip. A job's a job, A good paying job's 589 00:33:52,040 --> 00:33:55,480 Speaker 1: a good paying job. I think a job is a job. 590 00:33:55,600 --> 00:33:59,480 Speaker 1: And if you can bring that transformation to Youngstown to 591 00:33:59,640 --> 00:34:02,840 Speaker 1: the oards will plan, you have to trans right, and 592 00:34:02,880 --> 00:34:04,440 Speaker 1: I think you can. I think that I think that 593 00:34:04,560 --> 00:34:07,880 Speaker 1: is it's more than possible, it's doable. But I think 594 00:34:07,920 --> 00:34:10,840 Speaker 1: you're right. And as I mentioned, uh, it's about the 595 00:34:10,920 --> 00:34:12,640 Speaker 1: jobs will be created a bout this investment. And by 596 00:34:12,680 --> 00:34:15,600 Speaker 1: the way, Kevin, he's not neglecting getting kids back to school. 597 00:34:15,719 --> 00:34:18,200 Speaker 1: He's not neglecting any of the other issues you talked about. 598 00:34:18,200 --> 00:34:21,200 Speaker 1: We just passed, you know, a almost two trillion dollar 599 00:34:21,280 --> 00:34:24,840 Speaker 1: package to deal with some of these most impressive pressing 600 00:34:24,840 --> 00:34:28,279 Speaker 1: issues right now. But this is about getting America backed 601 00:34:28,360 --> 00:34:30,680 Speaker 1: up on its speed, getting it, you know, to where 602 00:34:30,680 --> 00:34:33,000 Speaker 1: we were in the sixties and the seventies again the eighties, 603 00:34:33,040 --> 00:34:35,359 Speaker 1: where we could be more proud about our country. Uh. 604 00:34:35,400 --> 00:34:38,520 Speaker 1: The level of infrastructure decline is enormous. And it's just 605 00:34:38,560 --> 00:34:42,200 Speaker 1: not ten bridges. It's about being prepared for the next pandemic. 606 00:34:42,400 --> 00:34:44,920 Speaker 1: It's not ensuring that our schools are are up to 607 00:34:45,000 --> 00:34:48,040 Speaker 1: stand in the part that healthcare is delivered more equitable 608 00:34:48,040 --> 00:34:50,200 Speaker 1: a way as well. I think those are all important 609 00:34:50,200 --> 00:34:52,799 Speaker 1: that old job creators as well. No, yeah, I'm not 610 00:34:52,840 --> 00:34:55,400 Speaker 1: trying to cherry pick by by any mean. I mean, 611 00:34:55,400 --> 00:34:57,239 Speaker 1: I hear, I hear both of your points. I think 612 00:34:57,600 --> 00:35:01,800 Speaker 1: I think it's, you know, an interview commerce Secretary Ramundo 613 00:35:01,920 --> 00:35:05,240 Speaker 1: last week and Jared today. I thought Secretary Ramundo really 614 00:35:05,280 --> 00:35:09,239 Speaker 1: did talk about the need for retraining and reentry into 615 00:35:09,280 --> 00:35:12,880 Speaker 1: the workforce for that transformational shift. I think, Joe, I 616 00:35:12,880 --> 00:35:15,640 Speaker 1: mean I've in having interviewed you for months now. I 617 00:35:15,640 --> 00:35:18,839 Speaker 1: mean you always talk about, you know, if someone's gonna 618 00:35:18,880 --> 00:35:21,440 Speaker 1: if if the global economy is shifting, you've got to 619 00:35:21,440 --> 00:35:24,040 Speaker 1: take care of the people who are hustlers, who work hard, 620 00:35:24,040 --> 00:35:26,560 Speaker 1: who've got the grit and determination to make sure that 621 00:35:26,600 --> 00:35:29,040 Speaker 1: they can re enter into the workforce. I think when 622 00:35:29,040 --> 00:35:32,600 Speaker 1: Secretary Yelling talks about a race to the bottom, you know, 623 00:35:33,120 --> 00:35:37,279 Speaker 1: does she necessarily connect it back to Youngstown, Ohio? For 624 00:35:37,360 --> 00:35:39,200 Speaker 1: what that race to the bottom means? I don't know. 625 00:35:39,400 --> 00:35:41,560 Speaker 1: I heard it from Secretary Romundo, I haven't heard it 626 00:35:41,600 --> 00:35:43,600 Speaker 1: from Yelling. Take a listen to the sound on this 627 00:35:43,640 --> 00:35:48,200 Speaker 1: from Jensaki here she is. Some Republicans who have been 628 00:35:48,280 --> 00:35:51,759 Speaker 1: vocal think investing in water systems and replacing pipes so 629 00:35:51,800 --> 00:35:55,640 Speaker 1: Americans can have clean drinking water, UH is not infrastructure, 630 00:35:55,719 --> 00:35:58,520 Speaker 1: but the president does so. Don't think investing in high 631 00:35:58,560 --> 00:36:02,280 Speaker 1: speed rail is infrastructure. The President does Some believe building 632 00:36:02,360 --> 00:36:07,280 Speaker 1: charging stations to support America's electric vehicle future is not infrastructure. 633 00:36:07,480 --> 00:36:10,560 Speaker 1: He believes it is. Then she went on to talk 634 00:36:10,560 --> 00:36:13,560 Speaker 1: about the need to raise taxes against corporations. Here she 635 00:36:13,680 --> 00:36:18,879 Speaker 1: is on that he knows that some will come forward 636 00:36:18,880 --> 00:36:21,160 Speaker 1: with different ways to pay for this package, and some 637 00:36:21,280 --> 00:36:23,279 Speaker 1: may have views that it shouldn't be paid for it all. 638 00:36:23,480 --> 00:36:26,080 Speaker 1: So we fully expect that from Senator Mansion other members, 639 00:36:26,080 --> 00:36:28,440 Speaker 1: and we expect the question of how to pay for 640 00:36:28,480 --> 00:36:30,719 Speaker 1: the package, if we should pay for the package, to 641 00:36:30,719 --> 00:36:33,560 Speaker 1: be part of the discussion moving forward, and we actually 642 00:36:33,560 --> 00:36:35,480 Speaker 1: she she went on to talk about the view for 643 00:36:35,560 --> 00:36:40,000 Speaker 1: corporations and how she believes that corporations can play more. UM, 644 00:36:40,040 --> 00:36:42,040 Speaker 1: I believe we have that sound, but take a listen 645 00:36:42,080 --> 00:36:45,520 Speaker 1: here she is we don't have that one, but she 646 00:36:45,680 --> 00:36:47,360 Speaker 1: but she says it in plain terms. Sheney that she 647 00:36:47,360 --> 00:36:50,680 Speaker 1: believes corporations should play more. And there, you know, there's 648 00:36:50,719 --> 00:36:52,480 Speaker 1: two days and I think Joe mentioned this or you 649 00:36:52,520 --> 00:36:56,720 Speaker 1: mentioned this earlier in the show, UM when in most 650 00:36:56,719 --> 00:36:59,520 Speaker 1: corporations were not even expecting to get it down to 651 00:36:59,680 --> 00:37:04,120 Speaker 1: the down to UM. Some even express some surprise at that, 652 00:37:04,280 --> 00:37:07,239 Speaker 1: so they've you know, sort of split it at eight 653 00:37:07,320 --> 00:37:10,160 Speaker 1: percent UM, So, you know, I do think that that's 654 00:37:10,239 --> 00:37:14,000 Speaker 1: not um, you know, doesn't even bring us back near 655 00:37:14,040 --> 00:37:16,680 Speaker 1: the thirty percent that it was. So not that the 656 00:37:16,719 --> 00:37:20,319 Speaker 1: Republicans are going to to support that, but I do 657 00:37:20,440 --> 00:37:23,439 Speaker 1: think the big question here has to do with how 658 00:37:23,680 --> 00:37:27,319 Speaker 1: they sell this, not just to Republicans but to Democrats. 659 00:37:27,360 --> 00:37:29,960 Speaker 1: So Joe, as a Democrat, I would love to ask 660 00:37:30,000 --> 00:37:34,440 Speaker 1: you we here obviously Mansion and Warner balking at, you know, 661 00:37:34,560 --> 00:37:36,600 Speaker 1: some of what is being proposed here in terms of 662 00:37:36,640 --> 00:37:40,400 Speaker 1: these taxes, how do you think that the administration gets 663 00:37:40,440 --> 00:37:43,719 Speaker 1: them on their side and keeps them there quickly? Well, 664 00:37:43,760 --> 00:37:46,239 Speaker 1: I think eventually they will have to get to that 665 00:37:46,280 --> 00:37:49,680 Speaker 1: point to be supportive of this package. As I said before, 666 00:37:49,680 --> 00:37:52,759 Speaker 1: it's transformative. But let's also keep in mind that it's 667 00:37:52,800 --> 00:37:54,680 Speaker 1: not just the American people who will benefit by this. 668 00:37:55,000 --> 00:38:00,480 Speaker 1: American corporations will benefit by it decreased invested in our structure, 669 00:38:00,680 --> 00:38:03,880 Speaker 1: and I think I think that's a fully mid Yeah. Alright, 670 00:38:03,920 --> 00:38:06,440 Speaker 1: my thanks to Joe, My thanks to Genie. I'm Kevin Surreally, 671 00:38:06,719 --> 00:38:07,600 Speaker 1: this is Bloomberg