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Speaker 1: As Democrats a power in the Republicans. President Trump was

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Speaker 1: sent here to smash conventional norms. I would rather see

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Speaker 1: a congressional solution. It's part of my DNA. This is

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Speaker 1: Bloomberg sound on on Bloomberg two. Possible plateau in New York.

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Speaker 1: Possible plateau in New York on COVID nineteen. This is

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Speaker 1: US debts topping ten thousand and Boris Johnson moved to

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Speaker 1: intensive care with COVID nineteen worsening, stocks surging to a

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Speaker 1: three week high on easing virus toll. So, how how

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Speaker 1: will America reopened? We're gonna put that question precisely to

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Speaker 1: Congressman Denver Riggleman, a Republican from Virginia. I hope everyone's

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Speaker 1: been following all of the Bloomberg terminal charts as it

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Speaker 1: relates to a potential peak, because there are some possible

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Speaker 1: signs of a plateau in New York. Work, so goes

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Speaker 1: New York, it seems, so goes the nation. More signs

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Speaker 1: emerged that the crisis maybe easing in some areas, sending

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Speaker 1: stocks soaring. Italy, France, Germany, and Spain reported lower numbers

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Speaker 1: of new coronavirus cases. Finally, finally, finally, and in New York,

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Speaker 1: Governor Andrew Cuomo says that the deaths were showing indications

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Speaker 1: of hitting a plateau that curve, that curve that we

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Speaker 1: want to flatten that curve. UK deaths also sold for

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Speaker 1: a second day, even though this horrific, horrific news development

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Speaker 1: on the COVID nineteen saga because of Prime Minister Boris

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Speaker 1: Johnson who was hospitalized yesterday guys, and then for ten days,

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Speaker 1: and after he spent ten days in isolation, and then

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Speaker 1: we just get the reports from earlier this morning that

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Speaker 1: he's in the intensive care. So it's still a very serious.

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Speaker 1: It's it's hard to report on this story, and it's

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Speaker 1: hard to talk about it because it's so incredibly serious

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Speaker 1: and you're looking for hope. But we can let our

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Speaker 1: hope have us walk back on all the progress be

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Speaker 1: made with the social distancing and whatnot. Joining us on

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Speaker 1: the line, a good friend of the program, Congressman Denver

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Speaker 1: Riggleman just in the d m VS backyard, Republican from Virginia, Congressman,

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Speaker 1: give us an update. How are you and your constituents

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Speaker 1: handling COVID night team? You know the best we can,

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Speaker 1: I was just listening to you, Kevin. And I was

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Speaker 1: just on a call today with our not in our constituents,

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Speaker 1: my colleagues from an infectious disease expert in Pennsylvania, and Uh,

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Speaker 1: I gotta tell you, UM, there are some good signs

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Speaker 1: out there, but the issue that we're having and there's

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Speaker 1: still hotspots like Louisiana. Um, there's still areas that are

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Speaker 1: not doing very well. Florida. I think that, Yeah, Florida

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Speaker 1: is not doing well at all. And what he's talking

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Speaker 1: about right now is that you know, he's thinking and

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Speaker 1: I just want to say this, Kevin, and you know

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Speaker 1: we're getting different data from other people, but he's thinking

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Speaker 1: middle of summer before we can even start an incremental

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Speaker 1: getting back you know, to normal at this point. So Congressman,

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Speaker 1: you and I'm talking, but I mean I hear that,

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Speaker 1: and people in their cars here and that are people

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Speaker 1: listening on on all of our different platforms hearing that.

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Speaker 1: That is nails on a chalkboard. And I know people

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Speaker 1: want to get back to work. So when you say

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Speaker 1: middle of summer, are you saying that for the whole country? Uh?

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Speaker 1: That's why I think we need to have a regional

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Speaker 1: mitigation plan. Kevin, So me and you had discussed this before,

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Speaker 1: and I think, yeah, I think it's some port At

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Speaker 1: some point we got to see those areas that are

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Speaker 1: starting to do a little bit better and see if

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Speaker 1: we can mitigate that to let businesses get back get

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Speaker 1: back online. Because not only did I have a call

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Speaker 1: and this is what I was gonna compare and contrast,

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Speaker 1: I had a call about that. Then I had a

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Speaker 1: call with bankers for having trouble with the portal and

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Speaker 1: liquidity and access and they're saying, hey, Denver, you know

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Speaker 1: we need this now. This money is here that we

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Speaker 1: can't access, We're not able to do what we need

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Speaker 1: to do. Let's get going here. And then I had

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Speaker 1: another call with our own infectious disease expert here in

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Speaker 1: Virginia and they're talking about end of May. So I

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Speaker 1: guess what I'm telling everybody is this, You're gonna get

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Speaker 1: a lot of differing information out there based on the

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Speaker 1: areas of the country that are fighting this, like from

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Speaker 1: Pennsylvania or Louisiana or Florida. The issue have is we've

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Speaker 1: got to flatteness curve. So we've got to somehow find

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Speaker 1: a mitigating middle ground where we're not always you know,

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Speaker 1: we got to air on the side of safety, but

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Speaker 1: we are having problem with businesses. So my question, getting

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Speaker 1: all the way back full circle, there is some hope,

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Speaker 1: but I have certainly for businesses, I'm starting to feel

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Speaker 1: a little bit of fear and despair as I'm talking

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Speaker 1: to them every day, and you and I and I

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Speaker 1: told you this last week, Congressman. I mean, I'm hearing

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Speaker 1: a lot of fear. I'm hearing a lot of despair,

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Speaker 1: and it's it's really unnerving when you say, let's let's

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Speaker 1: unpackage this a little bit. When you say we need

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Speaker 1: a regional mitigation plan, what does that mean? You have

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Speaker 1: the intelligence community background, you come from the intel world

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Speaker 1: overseas as well as drastically, So what when you say

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Speaker 1: a regional mitigation plan, what does that mean? For instance, Um,

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Speaker 1: I was at a restaurant on up here. Let's start

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Speaker 1: from the ground up. I was I love talking about this,

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Speaker 1: so Kevin. So I was up here at a restaurant

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Speaker 1: that's about that can serve six hundred and fifty people

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Speaker 1: at a time. So you can think about the size

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Speaker 1: of that outside. Inside it's huge, it's absolutely massive. There's

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Speaker 1: another little restaurant here, it's a tiny little Mexican restaurant

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Speaker 1: that can only hold about twenty people, right, Kevin, about

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Speaker 1: twenty people the ten person limit when it was actually

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Speaker 1: being instituted for being in a restaurant and things like that. Beforehand,

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Speaker 1: this little restaurant was doing okay. But the six restaurant

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Speaker 1: had to break down. And my first call to the

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Speaker 1: governor when we were in. Our first call was can

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Speaker 1: we make this a square footage mitigation where they can

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Speaker 1: actually have one area that has tend people. One area

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Speaker 1: tend people, one area tend people outside so they don't

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Speaker 1: go out of business immediately. Now that specific company called me.

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Speaker 1: They've laid off of their employees. The big company. The

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Speaker 1: small company I talked to yesterday, they're doing okay on curbside.

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Speaker 1: At some point we gotta have us say, okay, this

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Speaker 1: one size fits all for every single thing might not

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Speaker 1: be working for businesses off the country. So who would

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Speaker 1: run the regional mitigation plan? Is that the military? I

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Speaker 1: don't know. I don't think it's a military. I think

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Speaker 1: that's a that that might be a little bit of

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Speaker 1: disturbing to something. However, I will say this, I was

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Speaker 1: a mission planner in the military, and I think you

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Speaker 1: need to have specific agency, whether it's FEMA, whether it's

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Speaker 1: somebody like that that's running this mitigation plan in that area,

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Speaker 1: saying hey, hold on a minute, here's what we got.

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Speaker 1: This county doesn't have any you know, absolutely no cases

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Speaker 1: a coronavirus. There is none in this in this whole

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Speaker 1: regional area. Let's start freedom of movement. Let's let people

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Speaker 1: do what they need to do to get their businesses started.

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Speaker 1: And maybe there's some mitigation we can do with, you know,

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Speaker 1: thermometers at the front like South Korea did. I was

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Speaker 1: looking at all these certain things that businesses were doing,

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Speaker 1: but if we could give them guidelines, So you need

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Speaker 1: to do all this, but people can come in, make

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Speaker 1: sure you keep social distancing. We'll do square footage mitigation.

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Speaker 1: Let's get business started. I think that's something that people

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Speaker 1: are gonna have to look at in the next month

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Speaker 1: or so. When sentimentardy leader Chuck Schumer says that he

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Speaker 1: wants to have the military appointed, someone in the military

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Speaker 1: pointed to oversee all of this. Is that is that

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Speaker 1: a part is an issue or is that something that

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Speaker 1: you can get on board with. Congressmen, Where are you

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Speaker 1: on that. Yeah, that's not a Parson issue. I just

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Speaker 1: think that's the you know, if people are comfortable with that.

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Speaker 1: I think, um, you know, sing people military people in

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Speaker 1: the streets in the United States would be a shock.

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Speaker 1: Obviously I was. I don't think it is can I

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Speaker 1: can I can I jump in here. Wheneveryone was saying, oh,

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Speaker 1: they're sending in the National Guard, I said, They're not

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Speaker 1: sending in the National Guard against us. They're sending in

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Speaker 1: the National Guard to help us. This is why we

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Speaker 1: have the National Guard. And maybe I just never understood

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Speaker 1: the fear of it. I mean, they're on our side,

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Speaker 1: they're serving us. We should be saying we should be

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Speaker 1: saying thank you. We should be saying thank you, thank you.

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Speaker 1: With me wearing the uniform, I don't have that same

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Speaker 1: kind of sensitivity, I guess because I know that how

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Speaker 1: I am as a human being, right is that when

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Speaker 1: I was an Air Force captain, I would love to

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Speaker 1: be helping doing the mission planning. So I don't think

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Speaker 1: that's a partisan issue at all. I just think it's

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Speaker 1: you know, the sensitivities of certain people with the military

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Speaker 1: in those areas. Yeah, I don't have some of those sensitivities.

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Speaker 1: I think it'd be fantastic that military mission planners helping

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Speaker 1: with the mitigation. I was very good at that, and

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Speaker 1: I heck as a congressman, I'd love to step in

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Speaker 1: and do that. All right, So coming up, we're gonna

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Speaker 1: talk more about this, Congressman, can you hang out for

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Speaker 1: another ten minutes? All right? Cool? Congressman Denver Riggleman, Republican

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Speaker 1: from Virginia, And we're gonna check in with Susan Lunch.

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Speaker 1: She's a partner at McKenzie about the future of workforce development.

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Speaker 1: You don't want to miss that. Mackenzie just put out

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Speaker 1: a new study on workforce development. I'm Kevin Cirelli, Chief

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Speaker 1: Washington correspondent for Bloomberg Television. I'm Bloomberg Radio, and you're

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Speaker 1: listening to Bloomberg. Yeah, you're listening to Bloomberg. Sound On

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Speaker 1: with Kevin Surreley on Bloomberg and one oh five point

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Speaker 1: seven f M h D two. Did you hear about this?

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Speaker 1: Did you hear about this? Are you listening? Former Vice

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Speaker 1: President Joe Biden called President Donald Trump today this afternoon

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Speaker 1: to see how they can collaborate on combating the coronavirus.

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Speaker 1: No word yet on a read out. We'll bring it

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Speaker 1: to you as we get it. My name is Kevin Cirellian,

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Speaker 1: the chief Washington correspondent for Bloomberg Television of Bloomberg Radio,

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Speaker 1: speaking of President Trump in this hour. The daily Coronavirus

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Speaker 1: Task Force meeting schedule to begin at five thirty pm

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Speaker 1: Eastern Time. You can listen to that in its entirety

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Speaker 1: right here. So with us on the line, Congressman Denver Riggelman,

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Speaker 1: a Republican from Virginia, we were talking about the need

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Speaker 1: for how to open pockets of the economy and a

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Speaker 1: timetable for that. I just want to ask you one

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Speaker 1: more question on this before pivoting elsewhere. In terms of

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Speaker 1: a timetable, do you think it's realistic that by early

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Speaker 1: May we could have some businesses somewhere in the country

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Speaker 1: opening I think that was the objective, and um, I

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Speaker 1: think that that would be fantastic in areas that we

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Speaker 1: or you know, coronavirus free. But my goal, and I'm

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Speaker 1: trying to be moderate here, but my goal was Independence Day.

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Speaker 1: I'm hoping by July fourth we can at least start

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Speaker 1: maybe opening up some of these areas so we can

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Speaker 1: have full business participation in the economy just breaks my heart, alright.

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Speaker 1: But moving on in terms of sp A loans, you

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Speaker 1: you were Congressman ringing when people don't know this was

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Speaker 1: the first congressman in the House of Representatives to have

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Speaker 1: a a teletown hall post COVID nineteen. He was like

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Speaker 1: streaming and talking to everybody and educating his constituents on

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Speaker 1: how to get access to loan. So, now tell the

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Speaker 1: d M D. If you are a small business owner,

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Speaker 1: if you qualified for a loan, how do you go

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Speaker 1: get that? Congressman, Well, the first thing you do, I

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Speaker 1: would hope you've already went on the SBA website, uh

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Speaker 1: and went and applied for your e I D L

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Speaker 1: your Economic Injury Disaster loan. That's the first thing you

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Speaker 1: should have done. That's us A ten thousand dollars. It's

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Speaker 1: very simple. You put it in. You're supposed to get

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Speaker 1: in seventy two hours after you're approved. My thing is,

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Speaker 1: I'm getting calls right now people who don't even know

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Speaker 1: if they're approved yet. So that's been a bit of

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Speaker 1: an issue in what I've been working on today. The

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Speaker 1: other thing is this is the p P P right

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Speaker 1: the paycheck protection plan. I would hope you're already talking

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Speaker 1: to your bank about the streamline application forms at the

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Speaker 1: bank with the rules that they provided UM on that.

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Speaker 1: I hope that you're already trying to get a loan

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Speaker 1: which is two and a half times your monthly payroll

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Speaker 1: right for any type of thing that you can imagine,

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Speaker 1: as far as it's legitimate in business, whether it's mortgage,

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Speaker 1: whether it's utilities, anything with your business. I hope you're

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Speaker 1: getting your p P P loan. Also hope you're looking

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Speaker 1: at your other avenues that you could do right now,

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Speaker 1: one of those being, um, the payroll tax credit. I

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Speaker 1: hope people are looking at that. UM, there's just and

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Speaker 1: I'm hoping you're looking at forbearance on those loans. So

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Speaker 1: even if it's conventional loans, I hope everybody has called

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Speaker 1: their bank, can act about and asked about an any

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Speaker 1: day forbearance on business loans. You should be doing that

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Speaker 1: right now. So there's a lot of things you could

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Speaker 1: be doing. Law protects you and all of this, and

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Speaker 1: we're trying to streamline really the P p P portion

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Speaker 1: of this, which is the ink portion, which has been

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Speaker 1: a little bit troubling and a little bit difficult, but

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Speaker 1: from working through that today, so I hope everybody is

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Speaker 1: following those steps right now. All right, So I know

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Speaker 1: that we're in the middle of this, So I just

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Speaker 1: have two more questions for you, Congressman Denver Riggleman, so

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Speaker 1: generous with this time with us this afternoon, uh In,

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Speaker 1: as we deal with the economic elements of this. One

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Speaker 1: of the conversations that we've been having daily on this

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Speaker 1: program has been the frustration with Shijing Ping. And I

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Speaker 1: know that you come from the intel world, you're a

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Speaker 1: member of the House Financial Services Committee as well. What

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Speaker 1: how how should the world respond to the coronavirus getting

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Speaker 1: out of Wuhan. I think with a bit of anger,

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Speaker 1: you know, and and I'm understand that you should be,

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Speaker 1: you should be furious and the issue that we have.

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Speaker 1: You know, we sent a letter in um I did

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Speaker 1: before UM many did, talking about China's culpability in this,

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Speaker 1: and I think there has to of the time where

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Speaker 1: we look at what China is responsible for economically, the

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Speaker 1: lives that have been taken. And I'm just really um listen,

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Speaker 1: you know my military background, I certainly have some expertise

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Speaker 1: about China. I think we're gonna have to be incredibly

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Speaker 1: tough on China. I think we need to incentivize manufacturing

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Speaker 1: things here in the United States that China has been doing,

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Speaker 1: and I think there needs to be some sort of punishment.

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Speaker 1: And I'm not afraid to say it. It's ridiculous that

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Speaker 1: they held back data. It's unbelievable that we have to

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Speaker 1: we have to deal with this when we couldn't get

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Speaker 1: the truth out of China. We know their numbers aren't correct,

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Speaker 1: we know it was absolutely horrible over there, and I

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Speaker 1: think at some point, um, we're gonna have to look

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Speaker 1: at this in a way that's very serious, not just letters,

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Speaker 1: the legislation that's directed at China, um for their responsibility

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Speaker 1: in these actions. You know, I'll keep us posted as

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Speaker 1: that as that comes up. And then just the final question.

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Speaker 1: One of the things your your family, as you've separated

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Speaker 1: yourself from from it. But silver Back Distillery, which is

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Speaker 1: your family's whiskey operation, they've been doing like many distilleries nationwide. Uh,

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Speaker 1: they've been you've been doing. You've converted your whiskey making

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Speaker 1: into a hand sanitizer operation. Tell me just so quickly

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Speaker 1: about that, Kevin, I gotta tell you my my wife

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Speaker 1: and daughters are staff. We have about twenty by the way,

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Speaker 1: we've been able to keep all our full time employees. UM.

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Speaker 1: It's been incredible challenge, but we've been able to do it.

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Speaker 1: But we're providing hand sanitizer at eight percent a b V.

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Speaker 1: I mean, it's the real deal, UM hand sanitizer to hospitals,

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Speaker 1: UM testing labs, UM emergency medical services, law enforcement, and

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Speaker 1: we're giving it away for free. And I get a

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Speaker 1: little bit emotional about it because my wife it was

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Speaker 1: her idea. She's an incredible human being. But our whole

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Speaker 1: staff has come together to do this, and and I

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Speaker 1: tell you, the way that the community has cod come

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Speaker 1: together Kevin has been incredible. It's the American spirit. It's

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Speaker 1: it's just uh, it should warn people's hearts. And so

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Speaker 1: many people are out there helping and I want to

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Speaker 1: really just give my you know, full thanks to everybody

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Speaker 1: that's doing these type of gestures and this type of

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Speaker 1: charity to those who needed and and helping those on

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Speaker 1: the front lines right now. And really are are people

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Speaker 1: out there. The medical professionals deserve combat pay, and I'm

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Speaker 1: really for that too. It's just unbelievable. The hazards that

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Speaker 1: they're putting themselves in their famili's room. But yeah, our

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Speaker 1: distilleries doing that. We're getting wine from places like um

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Speaker 1: oh gosh, I think I just had one winery just

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Speaker 1: deliver seventeen toads. Even Trump Wineries offered to give us

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Speaker 1: wine to distill. Right, So it's been pretty incredible experience. Bros. Alright.

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Speaker 1: Congressman Denver Riggleman, I love the note of optimism. I

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Speaker 1: love the optimism and the hope because people, you know,

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Speaker 1: that microcosm of the story. People are noticing that in

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Speaker 1: the d m V all over the country there are

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Speaker 1: signs of hope and optimism coming from main Street, coming

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Speaker 1: from Main Street, coming from Main Street. Congressman Denver Riggleman,

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Speaker 1: a Republican from Virginia, thank you very much for joining us.

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Speaker 1: We're gonna switch gears now. Just to reset, my name

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Speaker 1: is Kevin SURREALI. I'm the chief Washington correspondent for Bloomberg

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Speaker 1: Television of Bloomberg Radio, and just coming up in the

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Speaker 1: next half hour, you can listen to President Donald Trump

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Speaker 1: and Vice President Mike Pence's daily Corona Virus Task Force

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Speaker 1: briefing right here on this uh on this uh on

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Speaker 1: this station, and so many people myself included, our team

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Speaker 1: included at Bloomberg Washington Bureau in New York, obviously all

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Speaker 1: around the world Europe, but also everyone in this town

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Speaker 1: having to work from home, having to having to really

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Speaker 1: uh change the way that they work. And McKenzie has

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Speaker 1: a new report out that identifies the people and places

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Speaker 1: that are most vulnerable to the first wave effects of

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Speaker 1: the virus. And they're wide sweeping and and this is

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Speaker 1: one of the things that I and we talked about

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Speaker 1: it a little bit last week about how, yes, restaurants

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Speaker 1: were pummeled by this, but there's so many other sectors

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Speaker 1: that have equally been as pummeled by this and and

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Speaker 1: and and hit by this economically. So I'm so incredibly grateful,

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Speaker 1: truthfully grateful to have such an all star joined us

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Speaker 1: for the first time on the program Bloomberg Radio Sound

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Speaker 1: On Susan Lundon. She is a partner at McKinsey and

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Speaker 1: Company and a leader at the mackenzie Global Institute in Washington,

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Speaker 1: d C. Susan, thank you so much for your time

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Speaker 1: tell us about your report. Thank you for having me.

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Speaker 1: So we've looked at which Americans are going to be

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Speaker 1: vulnerable during this lockdown phase of fighting COVID nineteen. And

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Speaker 1: we're not trying to project the unemployment rate, but we

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Speaker 1: looked at jobs where people are working in close proximity

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Speaker 1: to customers or coworkers. We looked at non essential jobs.

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Speaker 1: We also consider the impact on things like the airlines

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Speaker 1: and hotel when we see such a dramatic drop and travel.

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Speaker 1: And what we found is that anywhere from forty four

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Speaker 1: million to fifty seven million US jobs are at risk.

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Speaker 1: And this means people who they might be kept on

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Speaker 1: the payroll, like you've just heard from the congressman at

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Speaker 1: his dis larie, but these are people who might be

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Speaker 1: laid off. They might be laid off with pay without pay,

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Speaker 1: they might have reduced hours, or they might be laid off.

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Speaker 1: In the long term. At the high end, up to

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Speaker 1: a third of the US workforce is being affected by

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Speaker 1: this downturn. Well, I'm so glad you you pointed that

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Speaker 1: set out, because I was gonna that was the stat

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Speaker 1: I was gonna say, is that up to one third

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Speaker 1: of US jobs might be vulnerable in this according to

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Speaker 1: Mackenzie's new report. But this is the part that it's

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Speaker 1: really hard. I think for many of us, and I'm

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Speaker 1: going to count myself included when I hear some of

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Speaker 1: celebrities say, oh, we're all in this together, because look

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Speaker 1: at this, folks. More than eighty percent of the one

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Speaker 1: third of US jobs that are vulnerable, more than eight

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Speaker 1: of those vulnerable jobs are held by low income workers,

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Speaker 1: which means that once again the uh, once again, it's

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Speaker 1: it's it's low income earners who are being negatively impacted.

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Speaker 1: More is that? Is that? Unfortunately? The truth susan. It

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Speaker 1: is so when you look at the job that are

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Speaker 1: most vulnerable, it tends to be in food service, restaurant work,

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Speaker 1: retail work, all the small retail shops that are now closed.

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Speaker 1: It's gym's, personal trainers, yoga, you name it, it's all

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Speaker 1: of the places we go for entertainment. And sadly, those

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Speaker 1: tend to be jobs that pay below the median um

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Speaker 1: earnings for US jobs. And so it's the people who

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Speaker 1: already maybe living paycheck to paycheck, who don't necessarily have

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Speaker 1: a nest egg and who can't work remotely during the

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Speaker 1: shutdown that are most exposed um to losing their job.

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Speaker 1: So as you look forward, and we were talking about

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Speaker 1: how do how do we get out of this? And

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Speaker 1: the optimism was on Wall Street today, the optimism, the

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Speaker 1: hope coming out of the numbers in Europe that they

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Speaker 1: mightn't be nearing the peak and flattening the curve, that

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Speaker 1: New York City might be nearing the peak and beginning

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Speaker 1: to flatten the curve. If folks continue to remain socially distant.

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Speaker 1: Is there any aspect of this that has you hopeful

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Speaker 1: or any glimmers or what can we glean on this?

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Speaker 1: Because eventually we are going to reopen. We are going

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Speaker 1: to reopen, and it's a great question as to how

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Speaker 1: to go about it that I think what's clear when

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Speaker 1: you look at Europe and you look at China is

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Speaker 1: that the reopening maybe gratul So it will depend in

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Speaker 1: part on consumer behavior, like how long is it going

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Speaker 1: to be before we want to go to see a

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Speaker 1: big concert or a big sporting events, or even go

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Speaker 1: to a restaurant that's somewhat crowded. So that's Susan. I

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Speaker 1: hate to interrupt you, but let me say something. I

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Speaker 1: cannot wait to see the Philadelphia Eagles play this fall.

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Speaker 1: I want to go to a DC United game. I

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Speaker 1: want to go to a Philadelphia Eagles game. I want

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Speaker 1: to go to a movie theater. I want to I

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Speaker 1: want to do it all. I want to go back

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Speaker 1: to my gym. I miss it. So listen, you got

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Speaker 1: one person who's ready to go. Go ahead, all right,

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Speaker 1: Well you will be You'll be joined possibly by me.

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Speaker 1: But look, I think that employers can do things right.

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Speaker 1: So we may see hand sanitize our station all over

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Speaker 1: the place. Walking into a movie theater, you may sanitize

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Speaker 1: your hands. We may see more temperature checking um with

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Speaker 1: um the thermal guns that you see in China. So

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Speaker 1: there can there are things that employers can do and

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Speaker 1: businesses can do to help rebuild that public trust. After

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Speaker 1: nine eleven, a lot of Americans were afraid to fly,

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Speaker 1: and it took years for the level it was. But

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Speaker 1: one of the things we did was we created t

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Speaker 1: s A and we went through airport screening, and that

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Speaker 1: not only helped screen for terrorists, but it made everyone

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Speaker 1: flying feel better. It feels safer, And so we may

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Speaker 1: start to see shifts like that. I don't know what

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Speaker 1: they're gonna be, but that's what I'm going to be

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Speaker 1: watching in the weeks ahead. Susan Lund's on the phone

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Speaker 1: and I'll tweet out the mckensey report. If you haven't read,

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Speaker 1: you have to read it. I was, I was looking

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Speaker 1: at it last night. I mean, it's that's very, very

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Speaker 1: nuanced in terms of the economic impacts of what this

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Speaker 1: is going to be doing. Susan Lundon is a partner

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Speaker 1: at McKenzie and even this is but just before I

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Speaker 1: jumped to the final point that I wanted to raise

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Speaker 1: from the report, what you just said about airports in particular.

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Speaker 1: I was thinking about this on my one of my

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Speaker 1: many walks that I've taken in the past couple of days,

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Speaker 1: which is, you don't you wouldn't go to an airport

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Speaker 1: and allow a bad actor to smuggle a web something

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Speaker 1: harmful on the air plant. You wouldn't allow that to happen.

429
00:22:35,080 --> 00:22:39,240
Speaker 1: So why were we allowing people who could be bad

430
00:22:39,280 --> 00:22:42,200
Speaker 1: actors that are carrying you know what I'm trying to say.

431
00:22:42,200 --> 00:22:45,960
Speaker 1: I mean, we should be doing those averture checks. I

432
00:22:46,000 --> 00:22:48,359
Speaker 1: mean just when you go through through t s A

433
00:22:49,200 --> 00:22:51,880
Speaker 1: uh So, I definitely think that that for I think

434
00:22:52,080 --> 00:22:55,639
Speaker 1: the way that we travel will ultimately change, uh throughout

435
00:22:55,680 --> 00:22:58,159
Speaker 1: all of this, and there's been some reporting from the

436
00:22:58,200 --> 00:23:00,800
Speaker 1: technology sectors about different company that have popped up that

437
00:23:00,840 --> 00:23:05,160
Speaker 1: are going to be doing just that. But another aspect

438
00:23:05,240 --> 00:23:09,240
Speaker 1: of the McKinsey report that came out is tourism versus

439
00:23:09,359 --> 00:23:13,280
Speaker 1: agricultural and knowledge economy states. And I was wondering if

440
00:23:13,280 --> 00:23:17,320
Speaker 1: you would be able to explain that in the two

441
00:23:17,320 --> 00:23:19,920
Speaker 1: minutes that we have left susan lawn partner at Mackenzie

442
00:23:20,200 --> 00:23:24,480
Speaker 1: about how large tourism industries could be more negatively impacted,

443
00:23:25,000 --> 00:23:29,320
Speaker 1: uh than agricultural and knowledge economy states and explains us

444
00:23:29,440 --> 00:23:33,119
Speaker 1: what knowledge economy states means. Well, that would be the

445
00:23:33,200 --> 00:23:37,800
Speaker 1: high tech jobs, law, sales, biomedical research, so those jobs

446
00:23:37,840 --> 00:23:41,040
Speaker 1: can buy and large be done remotely or their frontline

447
00:23:41,080 --> 00:23:44,400
Speaker 1: healthcare provisions. But it's interesting when you look across the US,

448
00:23:44,560 --> 00:23:47,440
Speaker 1: the counties and the cities and the states are hardested

449
00:23:47,480 --> 00:23:51,600
Speaker 1: are those that rely on tourism. So Nevada has by

450
00:23:51,880 --> 00:23:55,120
Speaker 1: far and away larger risk at vulnerable jobs. And that's

451
00:23:55,119 --> 00:23:58,320
Speaker 1: because so much of its economy hinges on Las Vegas

452
00:23:58,359 --> 00:24:01,600
Speaker 1: and tourism and entertainment, as opposed to some of the

453
00:24:01,720 --> 00:24:04,840
Speaker 1: Western states that have a lot of agriculture, or at

454
00:24:04,840 --> 00:24:07,359
Speaker 1: Eastern states UM that have a lot of what we

455
00:24:07,440 --> 00:24:10,040
Speaker 1: call you know, the high paid, the banking law, accounting

456
00:24:10,080 --> 00:24:15,000
Speaker 1: the kind of downward economy jobs journalism exactly. Well, yeah,

457
00:24:15,080 --> 00:24:18,040
Speaker 1: and just just to to just put a period on

458
00:24:18,040 --> 00:24:20,840
Speaker 1: this conversation. The Mackenzie Report, and I'm going to read

459
00:24:20,880 --> 00:24:23,920
Speaker 1: this part from it because I highlighted it. The workers

460
00:24:24,000 --> 00:24:27,680
Speaker 1: bearing the brunts of the initial shock are the very

461
00:24:27,720 --> 00:24:32,320
Speaker 1: people least equipped to weather it. Up to eight six

462
00:24:32,359 --> 00:24:35,800
Speaker 1: percent of the initial impact affects jobs that we're paying

463
00:24:35,880 --> 00:24:39,119
Speaker 1: less than forty thousand per year. Almost all of the

464
00:24:39,160 --> 00:24:43,600
Speaker 1: affected jobs paid less than the national living wage of

465
00:24:43,720 --> 00:24:48,320
Speaker 1: sixty eight thousand for a family of four. Even before

466
00:24:48,359 --> 00:24:52,960
Speaker 1: the pandemic, of Americans reported that they could not cover

467
00:24:53,119 --> 00:24:58,879
Speaker 1: an unexpected four hundred dollar expense without borrowing or selling assets.

468
00:24:59,280 --> 00:25:02,560
Speaker 1: I mean, when you hear that, it breaks your heart,

469
00:25:02,960 --> 00:25:08,320
Speaker 1: because this notion that this pandemic is affecting everyone equally

470
00:25:09,200 --> 00:25:14,080
Speaker 1: from an economic standpoint is not true. The data doesn't

471
00:25:14,160 --> 00:25:17,240
Speaker 1: reflect it. Susan Lund, a partner at Mackenzie, thank you

472
00:25:17,400 --> 00:25:20,320
Speaker 1: so much for joining us all your first time on bloombergradiote.

473
00:25:20,400 --> 00:25:24,000
Speaker 1: Would you come back on, Susan? Absolutely, all right, Well,

474
00:25:24,000 --> 00:25:25,920
Speaker 1: I appreciate it. Stay well, my friend, and thank you

475
00:25:26,040 --> 00:25:28,600
Speaker 1: very much, Susan Lund, partner at Mackenzie. Now let's rest

476
00:25:28,680 --> 00:25:30,040
Speaker 1: and get a check out the headlines from my good

477
00:25:30,040 --> 00:25:35,000
Speaker 1: friend Nancy lions Nets. Thanks so much, Kevin. Here are

478
00:25:35,040 --> 00:25:37,359
Speaker 1: the day's top stories in and around the district and

479
00:25:37,400 --> 00:25:40,119
Speaker 1: across the globe. More than a eight thousand people in

480
00:25:40,119 --> 00:25:42,239
Speaker 1: the d C area. More than a thousand of them

481
00:25:42,240 --> 00:25:45,160
Speaker 1: in the district have been confirmed to have the coronavirus,

482
00:25:45,240 --> 00:25:48,040
Speaker 1: and this is putting a strain on district resources. We

483
00:25:48,160 --> 00:25:51,200
Speaker 1: learn more from Bloomberg's Amy Morris. DC may Or Muriel

484
00:25:51,240 --> 00:25:54,080
Speaker 1: Bowser says they have to cut six D seven million

485
00:25:54,160 --> 00:25:57,520
Speaker 1: dollars from the budget. Today, I signed a mayor's order

486
00:25:57,920 --> 00:26:02,840
Speaker 1: that freezes hiring salary re increases in travel new coronavirus

487
00:26:02,920 --> 00:26:07,120
Speaker 1: emergency relief. Before DC Council would freeze rent increases, make

488
00:26:07,160 --> 00:26:10,280
Speaker 1: it easier to release ad risk prisoners, and require DC

489
00:26:10,400 --> 00:26:13,600
Speaker 1: Board of Elections to mail applications for absentee ballots to

490
00:26:13,720 --> 00:26:17,359
Speaker 1: every registered voter. DC Council's taking up the COVID nineteen

491
00:26:17,400 --> 00:26:21,200
Speaker 1: Supplemental Act tomorrow, Amy Morris Bloomberg one and one oh

492
00:26:21,200 --> 00:26:23,760
Speaker 1: five point seven at m h D two. Virginia Governor

493
00:26:23,840 --> 00:26:27,000
Speaker 1: Ralph Northam is encouraging all Virginians to follow the latest

494
00:26:27,040 --> 00:26:30,640
Speaker 1: CDC guidelines to wear a mask. He even showed off

495
00:26:30,720 --> 00:26:35,560
Speaker 1: his own this afternoon. This particular mask was designed and

496
00:26:35,640 --> 00:26:41,240
Speaker 1: made by our Department of Corrections. UM it is comfortable.

497
00:26:41,359 --> 00:26:43,840
Speaker 1: Northam says, you can make your own handmade mask, just

498
00:26:43,960 --> 00:26:47,639
Speaker 1: make sure you clean it daily. Acting Navy Secretary Thomas

499
00:26:47,640 --> 00:26:50,560
Speaker 1: Maudley says the captain of the COVID Stricken aircraft carrier

500
00:26:50,600 --> 00:26:54,040
Speaker 1: who was fired last week had betrayed his service and

501
00:26:54,080 --> 00:26:56,280
Speaker 1: may have been too naive or too stupid to be

502
00:26:56,320 --> 00:26:59,920
Speaker 1: the commanding officer of the ship. Officials are confirming Modley

503
00:27:00,040 --> 00:27:04,240
Speaker 1: made the comments yesterday to the ship's crew in Guam.

504
00:27:04,280 --> 00:27:07,119
Speaker 1: On Wall Street, investors are encouraged that the toll from

505
00:27:07,119 --> 00:27:10,560
Speaker 1: the coronavirus maybe easing in New York, the main hotspot

506
00:27:10,680 --> 00:27:16,040
Speaker 1: right now. The Dow ended up almost eighteen The doll

507
00:27:16,280 --> 00:27:20,280
Speaker 1: ended up almost eight percent at six hundred twenty seven

508
00:27:20,280 --> 00:27:23,600
Speaker 1: points at twenty two thousand, six eighty, and Nasdaq was

509
00:27:23,680 --> 00:27:26,639
Speaker 1: up five hundred forty points to the s and P

510
00:27:26,800 --> 00:27:30,000
Speaker 1: added one hundred and seventy five. Bloomberg Sound on with

511
00:27:30,080 --> 00:27:33,960
Speaker 1: Kevin Sirelli continues, I'm Nancy lions. This is Bloomberg and

512
00:27:34,000 --> 00:27:36,240
Speaker 1: one oh five point seven f m h D two

513
00:27:38,480 --> 00:27:44,280
Speaker 1: This is Bloomberg. Sound on with Kevin on Bloomberg and

514
00:27:44,320 --> 00:27:47,600
Speaker 1: one oh five point two. Now, when I was a

515
00:27:47,680 --> 00:27:49,760
Speaker 1: kid drawing up in Dulker, my dad at the dinner table,

516
00:27:49,800 --> 00:27:52,600
Speaker 1: he would always have one stat that he heard. I

517
00:27:52,600 --> 00:27:54,120
Speaker 1: don't even know where he heard it, but he would

518
00:27:54,119 --> 00:27:56,240
Speaker 1: always tell us one stat at the dinner table. And

519
00:27:56,280 --> 00:27:58,240
Speaker 1: you know what this is the stat my dad would say.

520
00:27:58,600 --> 00:28:00,960
Speaker 1: If I was back at the Dulk dinner table when

521
00:28:00,960 --> 00:28:03,800
Speaker 1: I was a kid. Up to one third of us

522
00:28:03,920 --> 00:28:07,880
Speaker 1: jobs may be vulnerable as a result of this pandemic shutdown.

523
00:28:08,280 --> 00:28:11,760
Speaker 1: And more than eight percent of those one third jobs

524
00:28:11,800 --> 00:28:14,600
Speaker 1: are held by low income workers. That's according to a

525
00:28:14,640 --> 00:28:17,200
Speaker 1: new McKenzie report that just came out in the last

526
00:28:17,320 --> 00:28:20,520
Speaker 1: two days. And you know, I think we have to

527
00:28:20,560 --> 00:28:24,840
Speaker 1: remember that because this nonsense argument that I hear that

528
00:28:24,920 --> 00:28:27,399
Speaker 1: we're all affected by this the same is not true.

529
00:28:27,920 --> 00:28:32,080
Speaker 1: The low income workers are so much more from an

530
00:28:32,119 --> 00:28:36,199
Speaker 1: economic standpoint, are so much more negatively impacted by this

531
00:28:36,320 --> 00:28:43,240
Speaker 1: pandemic shutdown. And that has to factor in to how

532
00:28:43,600 --> 00:28:49,040
Speaker 1: lawmakers react and policymakers and long it has to joining

533
00:28:49,120 --> 00:28:51,120
Speaker 1: us on the line. Jack Fitzpatrick a good buddy of mind,

534
00:28:51,160 --> 00:28:53,840
Speaker 1: good budy of the program. He's my colleague of Bloomberg Government.

535
00:28:53,840 --> 00:28:58,120
Speaker 1: He covers all things policymakers and what they're doing to

536
00:28:58,200 --> 00:29:00,000
Speaker 1: address this. And Jack, let me just put the question

537
00:29:00,000 --> 00:29:04,120
Speaker 1: and to you. Are they taking into account the vulnerable

538
00:29:04,480 --> 00:29:10,560
Speaker 1: populations who are being whacked by this pandemic shutdown? Yeah?

539
00:29:10,600 --> 00:29:13,440
Speaker 1: You you make a good point, Uh, when you think

540
00:29:13,480 --> 00:29:16,120
Speaker 1: about the people who are losing jobs, people who work

541
00:29:16,240 --> 00:29:20,120
Speaker 1: in retail, restaurant workers. Obviously it goes through the supply

542
00:29:20,240 --> 00:29:21,720
Speaker 1: chains so that it's not just them, But that's a

543
00:29:21,760 --> 00:29:23,960
Speaker 1: lot of people who don't have a massive amount of

544
00:29:24,000 --> 00:29:26,920
Speaker 1: savings to fall back on. That's why, you know, when

545
00:29:27,120 --> 00:29:31,239
Speaker 1: Congress passed this last bill, a lot of attention went

546
00:29:31,280 --> 00:29:33,720
Speaker 1: to the checks a lot of people are going to get.

547
00:29:33,840 --> 00:29:37,000
Speaker 1: But I think probably the most substantial thing that is

548
00:29:37,360 --> 00:29:40,960
Speaker 1: going to affect the most people is the extra money

549
00:29:41,040 --> 00:29:44,720
Speaker 1: they put on top of unemployment insurance. That extra six

550
00:29:44,800 --> 00:29:48,400
Speaker 1: hundred dollars per person per week probably is going to

551
00:29:48,400 --> 00:29:50,800
Speaker 1: have the greatest effects, as well as the money for

552
00:29:50,840 --> 00:29:53,640
Speaker 1: small businesses just to try to keep people employed as

553
00:29:53,720 --> 00:29:57,240
Speaker 1: much as possible. I think the biggest challenge there though,

554
00:29:57,920 --> 00:29:59,960
Speaker 1: and you hear this if you if you ask, somebody

555
00:30:00,120 --> 00:30:03,000
Speaker 1: was filed for unemblood insurance a lot of places, so

556
00:30:03,080 --> 00:30:06,800
Speaker 1: many millions of people filed that there's kind of a

557
00:30:06,840 --> 00:30:10,200
Speaker 1: log jam and they're waiting for weeks to get some

558
00:30:10,800 --> 00:30:14,480
Speaker 1: aid from the government that they are are supposed to get.

559
00:30:14,680 --> 00:30:16,920
Speaker 1: And the question is can you can you make it

560
00:30:17,160 --> 00:30:19,280
Speaker 1: three weeks? Can you make it? I can't or more?

561
00:30:19,560 --> 00:30:23,360
Speaker 1: I know it's very Depressif Jack Fitspatrick's on the money,

562
00:30:23,440 --> 00:30:26,760
Speaker 1: is there, Jack Fitspatricks. I just want to reset because

563
00:30:26,760 --> 00:30:28,720
Speaker 1: we got the two minute warning about two minutes ago

564
00:30:28,960 --> 00:30:32,880
Speaker 1: that President Trump's Coronavirus Task Force briefing UH is going

565
00:30:33,120 --> 00:30:37,200
Speaker 1: to UH is going to start. So if if we

566
00:30:37,280 --> 00:30:40,200
Speaker 1: do cut off, it's because we are going to go there.

567
00:30:40,280 --> 00:30:43,440
Speaker 1: But quickly, can we UH? Can you give us an

568
00:30:43,480 --> 00:30:47,280
Speaker 1: update on where economic stimulus Phase four is and when

569
00:30:47,320 --> 00:30:49,120
Speaker 1: you think the timetable on that will be. And if

570
00:30:49,160 --> 00:30:51,280
Speaker 1: I cut you off, it's because of Trump. Sure, so

571
00:30:51,320 --> 00:30:53,920
Speaker 1: they're talking essentially about phase three and a half and

572
00:30:54,120 --> 00:30:58,200
Speaker 1: phase four. Our colleague Billy House just broke the Nancy

573
00:30:58,200 --> 00:31:00,920
Speaker 1: Pelosi told some colleagues she think the next bill is

574
00:31:00,960 --> 00:31:03,840
Speaker 1: going to be about a trillion dollars. That's more money

575
00:31:03,880 --> 00:31:08,560
Speaker 1: probably for small businesses. They've talked about unemployment insurance extension,

576
00:31:09,040 --> 00:31:12,400
Speaker 1: but you probably remember Donald Trump talking about a two

577
00:31:12,440 --> 00:31:16,120
Speaker 1: trillion dollar infrastructure package, and they're kind of toying with

578
00:31:16,240 --> 00:31:20,160
Speaker 1: ideas that are more long term economic recovery. The next

579
00:31:20,520 --> 00:31:23,600
Speaker 1: chance that they have is if lawmakers can come back

580
00:31:23,720 --> 00:31:26,360
Speaker 1: at about April twentie, then they'd want to do something.

581
00:31:26,400 --> 00:31:28,720
Speaker 1: Then the question is is it actually safe to bring

582
00:31:28,720 --> 00:31:30,480
Speaker 1: them back or are they gonna have to come up

583
00:31:30,520 --> 00:31:33,720
Speaker 1: with some alternative route to doing their jobs. They better,

584
00:31:33,760 --> 00:31:36,160
Speaker 1: they better do something. They better do something. And just

585
00:31:36,200 --> 00:31:39,160
Speaker 1: to tell my colleagues who are working in the control room,

586
00:31:39,280 --> 00:31:41,840
Speaker 1: you can watch the feed of the White House Brady

587
00:31:41,920 --> 00:31:45,560
Speaker 1: Room Press briefing on you on the YouTube link of

588
00:31:45,560 --> 00:31:48,160
Speaker 1: the White House, so we can track and Dr Fauci

589
00:31:48,640 --> 00:31:50,680
Speaker 1: making his way into the Brady briefing room. And you

590
00:31:50,680 --> 00:31:53,960
Speaker 1: can listen to the President's daily Coronavirus Task Force briefing

591
00:31:54,040 --> 00:31:56,280
Speaker 1: right here on Bloomberg Radio. Jack, if I cut you

592
00:31:56,320 --> 00:31:59,120
Speaker 1: off again, it's because we're on standby for that. But

593
00:31:59,360 --> 00:32:01,959
Speaker 1: you mentioned that billion dollars. I was talking to sources

594
00:32:02,040 --> 00:32:03,840
Speaker 1: last week and I'm wondering if this is messing with

595
00:32:03,880 --> 00:32:08,280
Speaker 1: your reporting as well that public sector jobs, government jobs

596
00:32:08,320 --> 00:32:13,080
Speaker 1: as well, firefighters, police officers, They and cities and states

597
00:32:13,120 --> 00:32:16,239
Speaker 1: and communities they missed out on the on the on

598
00:32:16,280 --> 00:32:20,880
Speaker 1: the last stimulus, and so Speaker Pelosi wants to make

599
00:32:20,880 --> 00:32:24,680
Speaker 1: sure that they're included. And this go around right right.

600
00:32:24,760 --> 00:32:28,960
Speaker 1: I mean, there's there's there's the chatter about hazard pay

601
00:32:29,000 --> 00:32:30,080
Speaker 1: for a lot of the people who have to go

602
00:32:30,080 --> 00:32:34,000
Speaker 1: to work. There's also she's talked repeatedly about, well, let's

603
00:32:34,040 --> 00:32:36,360
Speaker 1: unpack you out what does hazard pay mean, because that's

604
00:32:36,360 --> 00:32:37,720
Speaker 1: something that might be a new phrase for some of

605
00:32:37,720 --> 00:32:40,840
Speaker 1: our audience. Well, you you would expect to get hazard

606
00:32:40,920 --> 00:32:44,880
Speaker 1: pay if you're a first responder or someone who goes

607
00:32:44,920 --> 00:32:48,760
Speaker 1: into dangerous situations. But there's some jobs that are necessary,

608
00:32:48,880 --> 00:32:52,880
Speaker 1: like grocery workers that usually wouldn't get that, even though

609
00:32:52,960 --> 00:32:56,160
Speaker 1: in this scenario they are putting themselves in harm's way.

610
00:32:56,440 --> 00:32:58,800
Speaker 1: I can't tell you what they're going to put necessarily

611
00:32:58,840 --> 00:33:01,000
Speaker 1: in the next piece of legislation action, but that's the

612
00:33:01,040 --> 00:33:05,040
Speaker 1: basic idea when you hear people talking about hazard pay

613
00:33:05,120 --> 00:33:07,640
Speaker 1: for the people who we absolutely need to continue going

614
00:33:07,720 --> 00:33:10,600
Speaker 1: to work, is that the people who are showing up

615
00:33:10,640 --> 00:33:13,680
Speaker 1: in person are to some extent putting themselves in harm's

616
00:33:13,680 --> 00:33:17,360
Speaker 1: way and and getting extra pay for that is the

617
00:33:17,440 --> 00:33:18,160
Speaker 1: idea behind this