1 00:00:00,480 --> 00:00:05,199 Speaker 1: Live from our nations. How do we reopen this economy? 2 00:00:05,280 --> 00:00:08,399 Speaker 1: The latest on how this pandemic is impacting farmers. What 3 00:00:08,520 --> 00:00:11,520 Speaker 1: does this do from the United States relationship with China. 4 00:00:11,680 --> 00:00:16,599 Speaker 1: Bloomberg Sound On, the insiders, the influencers, the inside. We're 5 00:00:16,640 --> 00:00:19,840 Speaker 1: responding to this crisis and manufacturers are stepping up like 6 00:00:19,960 --> 00:00:23,480 Speaker 1: never before. You're looking at seventy Kennedys for different vectis. 7 00:00:23,560 --> 00:00:26,200 Speaker 1: How do we make sure a pandemic of this scale 8 00:00:26,280 --> 00:00:30,360 Speaker 1: never happens again. This is Bloomberg Sound On with Kevin 9 00:00:30,440 --> 00:00:34,720 Speaker 1: Surrelate on Bloomberg and one oh five point seven f 10 00:00:34,840 --> 00:00:39,360 Speaker 1: m h D two exclusive interview with Labor Secretary Scalia. 11 00:00:39,800 --> 00:00:42,839 Speaker 1: We will bring you the latest on why he's optimistic. 12 00:00:43,440 --> 00:00:46,479 Speaker 1: He says the jobs are set to come back. And 13 00:00:46,720 --> 00:00:50,080 Speaker 1: we go to Pennsylvania where the President was earlier this 14 00:00:50,159 --> 00:00:55,360 Speaker 1: week in Allentown Congressman Fred Keller Republican ways in plus 15 00:00:55,400 --> 00:00:58,760 Speaker 1: all of the late is on the election race on 16 00:00:58,800 --> 00:01:02,920 Speaker 1: this hot, hot Friday. It's a hot one, but I 17 00:01:02,960 --> 00:01:06,360 Speaker 1: like it. I'd rather it be hot. My name is 18 00:01:06,440 --> 00:01:09,520 Speaker 1: Kevin CURRELLI on the chief Washington correspondent for Bloomberg Television 19 00:01:09,560 --> 00:01:14,480 Speaker 1: and for Bloomberg Radio. Jobless claims filed this week dipping 20 00:01:14,560 --> 00:01:17,200 Speaker 1: under three million, which in this day and age, is 21 00:01:17,200 --> 00:01:21,319 Speaker 1: a good thing. I spoke with the Labor Secretary, Eugene 22 00:01:21,360 --> 00:01:24,920 Speaker 1: Scalia earlier today at the Labor Department. He was telling 23 00:01:24,920 --> 00:01:27,280 Speaker 1: me he's optimistic because he thinks one of the data 24 00:01:27,319 --> 00:01:29,760 Speaker 1: that they're tracking is this sense of optimism. And back 25 00:01:29,760 --> 00:01:32,400 Speaker 1: in two thousand and eight, folks people thought if they 26 00:01:32,400 --> 00:01:35,120 Speaker 1: were furloughed or lost their job, that their job wasn't 27 00:01:35,160 --> 00:01:40,160 Speaker 1: going to come back. But today, according to the Labor Statistic, 28 00:01:40,240 --> 00:01:42,959 Speaker 1: the Bureau of Labor Statistics of people who have been 29 00:01:42,959 --> 00:01:46,040 Speaker 1: furloughed or temporarily laid off, it's like through the roof. 30 00:01:46,080 --> 00:01:51,000 Speaker 1: It's astronomical, astronomical the confidence that is built in to 31 00:01:51,120 --> 00:01:53,320 Speaker 1: those folks. So they're, you know, they're they're looking at 32 00:01:53,360 --> 00:01:56,760 Speaker 1: some optimistic numbers. I want to take it to Pennsylvania, 33 00:01:57,160 --> 00:02:00,560 Speaker 1: where Congressman Fred Keller joins US. Congressman, you're a Republican 34 00:02:00,560 --> 00:02:03,680 Speaker 1: from Pennsylvania's Wealth District. I was grew up in Delco, 35 00:02:03,800 --> 00:02:05,760 Speaker 1: so I know the state very well. The President was 36 00:02:05,800 --> 00:02:08,679 Speaker 1: in Allantown. What do you say, Well, the President came 37 00:02:08,680 --> 00:02:12,240 Speaker 1: down to uh Owens and myner to see the great 38 00:02:12,240 --> 00:02:15,720 Speaker 1: work that's happening, uh from Pennsylvanians that are that are 39 00:02:15,760 --> 00:02:19,440 Speaker 1: helping supply PP not just around the Commonwealth but around 40 00:02:19,440 --> 00:02:23,240 Speaker 1: the nation. And that optimism is alive and well in 41 00:02:23,280 --> 00:02:26,080 Speaker 1: the Commonwealth many people. And the reason the optimism is 42 00:02:26,120 --> 00:02:28,120 Speaker 1: because people want to get back to work. They want 43 00:02:28,160 --> 00:02:29,480 Speaker 1: to do it safely, but they want to get back 44 00:02:29,520 --> 00:02:31,120 Speaker 1: to work. And I think that's why so many people 45 00:02:31,320 --> 00:02:35,800 Speaker 1: are optimistic. So you're on the committee on Oversight Reform. 46 00:02:35,840 --> 00:02:39,920 Speaker 1: You're also on the Education and Labor UH committee. The Democrats, 47 00:02:39,960 --> 00:02:43,600 Speaker 1: Speaker Pelosi, they put out a bill like three trillion dollars. 48 00:02:44,080 --> 00:02:46,720 Speaker 1: I take it you oppose it. But is there and 49 00:02:46,800 --> 00:02:49,120 Speaker 1: do you think that there will eventually be some type 50 00:02:49,120 --> 00:02:52,920 Speaker 1: of compromise economic stimulus bill? Uh? And if so, when 51 00:02:53,760 --> 00:02:59,280 Speaker 1: and if not, what relief should folks get? Well? The 52 00:02:59,320 --> 00:03:02,000 Speaker 1: best STIMMU. This is a job, okay, And that's what 53 00:03:02,120 --> 00:03:04,600 Speaker 1: people you know, just by the optimism you talked about 54 00:03:04,639 --> 00:03:08,000 Speaker 1: the Secretary and your labor statistics, that's what people want. 55 00:03:08,400 --> 00:03:10,440 Speaker 1: They want they want to be able to to provide 56 00:03:10,440 --> 00:03:13,000 Speaker 1: for themselves and their families and their communities, and the 57 00:03:13,040 --> 00:03:15,160 Speaker 1: best way to do that. It's a job and the 58 00:03:15,200 --> 00:03:17,720 Speaker 1: bill that the speakers putting forward doesn't even don't even 59 00:03:17,760 --> 00:03:20,600 Speaker 1: talk about that stuff. It talks about more dependence and 60 00:03:20,639 --> 00:03:23,560 Speaker 1: more government control. And that's not what the people want. 61 00:03:23,639 --> 00:03:26,359 Speaker 1: So uh, you know, what we need to focus on 62 00:03:26,480 --> 00:03:29,600 Speaker 1: in in Washington and what the states need to focus 63 00:03:29,600 --> 00:03:32,520 Speaker 1: on is how we open our economy safely and people 64 00:03:32,560 --> 00:03:34,200 Speaker 1: get back to work, because that's what they want to do. 65 00:03:34,360 --> 00:03:36,000 Speaker 1: You know, take me back to the days when you 66 00:03:36,040 --> 00:03:39,280 Speaker 1: were in Conestoga Wood Specialties and a factory, working at 67 00:03:39,280 --> 00:03:45,240 Speaker 1: the plant and Beavertown, Pennsylvania cabinets would products. You know, 68 00:03:45,360 --> 00:03:48,400 Speaker 1: this is ground zero and you know it probably better 69 00:03:48,480 --> 00:03:51,520 Speaker 1: than most of your colleagues in the House about this 70 00:03:51,600 --> 00:03:54,360 Speaker 1: is ground zero for the trade the trade war, you know, 71 00:03:54,400 --> 00:03:56,560 Speaker 1: whether it's U. S. M. C A or whether it's 72 00:03:56,600 --> 00:03:59,640 Speaker 1: trade with China. I mean, these are jobs and and 73 00:03:59,640 --> 00:04:02,680 Speaker 1: and I guess you know there's optimism, but you know this, 74 00:04:02,760 --> 00:04:05,080 Speaker 1: when you talk to your constituents, I'm sure there's also 75 00:04:05,880 --> 00:04:09,480 Speaker 1: a very real sense of economic anxiety because we don't 76 00:04:09,520 --> 00:04:11,240 Speaker 1: know when this thing is gonna end. And now they're 77 00:04:11,240 --> 00:04:15,000 Speaker 1: talking about the potential for making a horrific comeback, the 78 00:04:15,120 --> 00:04:18,600 Speaker 1: covid A comeback in the fall. So how do we 79 00:04:18,640 --> 00:04:20,640 Speaker 1: balance that, I hear you on the economy, how do 80 00:04:20,680 --> 00:04:23,720 Speaker 1: we balance the very real health concerns of folks who 81 00:04:23,839 --> 00:04:26,080 Speaker 1: quite frankly, or having a file for unemployment and they 82 00:04:26,120 --> 00:04:28,240 Speaker 1: never even in a million years, would have wanted to 83 00:04:28,279 --> 00:04:30,520 Speaker 1: do that. Well, yeah, yeah, And that's the one thing, 84 00:04:31,040 --> 00:04:34,280 Speaker 1: you know, the constituents that that I represent, and you know, 85 00:04:34,320 --> 00:04:36,520 Speaker 1: you mentioned the fact that I worked in a factory, 86 00:04:36,640 --> 00:04:38,480 Speaker 1: and you know I look forward again up every day 87 00:04:38,520 --> 00:04:40,960 Speaker 1: and being able to go to work. But one thing 88 00:04:41,040 --> 00:04:43,920 Speaker 1: having worked in that factory that I know, and and 89 00:04:44,120 --> 00:04:46,360 Speaker 1: having many stuff actor you later on having my own 90 00:04:46,360 --> 00:04:50,240 Speaker 1: small business, is the fact that people are very very resourceful, 91 00:04:50,320 --> 00:04:53,320 Speaker 1: very intelligent, very thoughtful, whether they own the business, whether 92 00:04:53,360 --> 00:04:55,080 Speaker 1: they're part of the success of the business because they 93 00:04:55,080 --> 00:04:58,400 Speaker 1: work there. Uh, they know that, and I know that 94 00:04:58,440 --> 00:05:00,680 Speaker 1: they there's that they can think your this out and 95 00:05:00,760 --> 00:05:03,760 Speaker 1: be safe. They just want government to trust them to 96 00:05:03,760 --> 00:05:05,800 Speaker 1: be able to do that. And quite frankly, in the 97 00:05:05,800 --> 00:05:08,760 Speaker 1: Commonwealth of Pennsylvania, our governor doesn't have that trust in 98 00:05:08,800 --> 00:05:11,280 Speaker 1: the people. He has to trust in the mega retailers, 99 00:05:11,480 --> 00:05:13,640 Speaker 1: but he doesn't have a trust in the people that 100 00:05:13,680 --> 00:05:17,400 Speaker 1: are are owning these businesses. In the Commonwealth of Pennsylvania 101 00:05:17,440 --> 00:05:19,800 Speaker 1: that they can do it, and that quite frankly, I 102 00:05:19,839 --> 00:05:22,440 Speaker 1: think that's what we're seeing. We're seeing people that want 103 00:05:22,440 --> 00:05:24,240 Speaker 1: to get back to work, that know how to do it, 104 00:05:24,560 --> 00:05:26,680 Speaker 1: and really just want to get back to, I'll say, 105 00:05:26,720 --> 00:05:29,680 Speaker 1: the old normal, which is the booming economy that we 106 00:05:29,800 --> 00:05:34,640 Speaker 1: had prior to this invisible enemy attacking us, that actually 107 00:05:34,720 --> 00:05:41,000 Speaker 1: was unleashed through the policies and the rollback of regulation 108 00:05:41,040 --> 00:05:46,000 Speaker 1: that was realized on January. Congressman Fred Keller is on 109 00:05:46,040 --> 00:05:49,440 Speaker 1: the line. He's a Republican from Pennsylvania's Wealth Congressional district, 110 00:05:49,640 --> 00:05:53,719 Speaker 1: represents some rural communities in the state as well. You 111 00:05:53,720 --> 00:05:56,160 Speaker 1: you alluded to Governor Tom Wolf a Democrat, and and 112 00:05:56,360 --> 00:05:59,480 Speaker 1: you know, I really think there isn't a better illustration 113 00:05:59,560 --> 00:06:01,960 Speaker 1: of the time chast and where Republicans and Democrats are 114 00:06:02,040 --> 00:06:05,880 Speaker 1: right now. Then in the Commonwealth of Pennsylvania. What give 115 00:06:06,000 --> 00:06:10,520 Speaker 1: us an update in terms of the of where Republicans 116 00:06:10,560 --> 00:06:13,960 Speaker 1: are against the Democratic governor because he's facing a ton 117 00:06:14,000 --> 00:06:17,039 Speaker 1: of pressure from the right, whether it's President Trump and 118 00:06:17,080 --> 00:06:20,239 Speaker 1: Allen Town or yourself in terms of a very slow 119 00:06:20,279 --> 00:06:24,400 Speaker 1: reopening and not really uh, Pennsylvania's not ranking too high 120 00:06:24,440 --> 00:06:27,520 Speaker 1: in terms of all the other states, in terms of 121 00:06:27,520 --> 00:06:30,599 Speaker 1: of how that's been impacted. Well, I'll say this is 122 00:06:30,640 --> 00:06:33,680 Speaker 1: it's not a matter of Republicans against Governor Wolf. It's 123 00:06:33,680 --> 00:06:37,800 Speaker 1: a matter of Pennsylvanians against Governor Wolf. I mean, when 124 00:06:37,800 --> 00:06:39,440 Speaker 1: when I talk to people, I don't go out and 125 00:06:39,480 --> 00:06:43,159 Speaker 1: ask him party affiliation. And in any of this stuff, 126 00:06:43,200 --> 00:06:47,039 Speaker 1: it is Pennsylvanians that are upset with the way that 127 00:06:47,160 --> 00:06:52,360 Speaker 1: Governor Wolf has mismanaged the commonwealth during this this whole thing. Uh. 128 00:06:52,400 --> 00:06:55,280 Speaker 1: You know when when he started his shutdown order, Uh, 129 00:06:55,320 --> 00:06:57,520 Speaker 1: And here here's how how it was not thought of. 130 00:06:57,640 --> 00:07:00,719 Speaker 1: He did not communicate with the other elected individuals in 131 00:07:00,720 --> 00:07:03,880 Speaker 1: the commonwealth, meaning the General Assembly and county commissioners. He 132 00:07:04,000 --> 00:07:06,560 Speaker 1: just did it on his own on a Thursday night. 133 00:07:06,680 --> 00:07:09,120 Speaker 1: And and and here's how much sense it didn't make. 134 00:07:09,160 --> 00:07:11,480 Speaker 1: He he let paper mills open, but didn't let loggers 135 00:07:11,480 --> 00:07:14,960 Speaker 1: go out and cut down trees. Now the governor the 136 00:07:15,000 --> 00:07:18,400 Speaker 1: plants would. It takes wood pulp to make paper, So 137 00:07:18,760 --> 00:07:20,480 Speaker 1: that's part of it. And then you look at the 138 00:07:20,520 --> 00:07:24,320 Speaker 1: rest of what happens is he has his color coded reopening, 139 00:07:24,760 --> 00:07:27,160 Speaker 1: but he can't tell anybody what it means now that 140 00:07:27,200 --> 00:07:28,680 Speaker 1: you're in yellow, what you need to do to get 141 00:07:28,680 --> 00:07:31,920 Speaker 1: the green uh so and be able to do more 142 00:07:31,920 --> 00:07:35,280 Speaker 1: business and have more things open. So here again, it's 143 00:07:35,320 --> 00:07:39,040 Speaker 1: not Republican Democrats. We have a governor that has poorly 144 00:07:39,120 --> 00:07:42,679 Speaker 1: managed this crisis, and we have Pennsylvanians to say, hey, look, 145 00:07:43,160 --> 00:07:45,200 Speaker 1: we want you to start working with the other people 146 00:07:45,560 --> 00:07:49,280 Speaker 1: in Pennsylvania that we're elected to represent the best interest 147 00:07:49,360 --> 00:07:52,280 Speaker 1: of Pennsylvanians and not the governor of New York. Pennsylvania 148 00:07:52,360 --> 00:07:54,320 Speaker 1: sounds like a mess to be candid with you, in 149 00:07:54,440 --> 00:07:56,240 Speaker 1: terms of what I'm hearing, and then you look at 150 00:07:56,280 --> 00:07:58,600 Speaker 1: Wisconsin that looks like a mess because of what's going on. 151 00:07:58,760 --> 00:08:00,440 Speaker 1: I think, can I jump intor penntrol? Thing is not 152 00:08:00,520 --> 00:08:03,560 Speaker 1: a mess? No, not not Pennsylvania. The situation looks I mean, 153 00:08:04,160 --> 00:08:06,560 Speaker 1: I'm from Pennsylvania. Hey, it takes one to know one, 154 00:08:06,600 --> 00:08:12,280 Speaker 1: but I got family there. I'm saying that. But what 155 00:08:12,320 --> 00:08:14,280 Speaker 1: I'm saying is, let me ask you. Let me ask 156 00:08:14,320 --> 00:08:17,000 Speaker 1: you one final question regardless though, do you think there 157 00:08:17,040 --> 00:08:20,720 Speaker 1: will be another round of stimulus? Uh? You know that's Uh. 158 00:08:20,880 --> 00:08:22,960 Speaker 1: I hear a lot of talk going on about that. 159 00:08:23,360 --> 00:08:25,440 Speaker 1: Uh you know, I'm not going to predict what what 160 00:08:25,800 --> 00:08:27,800 Speaker 1: may or may not get passed through the House and 161 00:08:27,880 --> 00:08:30,240 Speaker 1: the Senate and signed in the law. What I'm gonna 162 00:08:30,240 --> 00:08:32,880 Speaker 1: say is, we need to focus on making sure that 163 00:08:33,040 --> 00:08:36,679 Speaker 1: people have jobs, because the best stimulus is a job, 164 00:08:36,720 --> 00:08:39,800 Speaker 1: and that's what people want, and that's what our greatest 165 00:08:39,840 --> 00:08:42,400 Speaker 1: economy in the world has ever seen, has been built upon, 166 00:08:42,440 --> 00:08:43,800 Speaker 1: and we need to get back to that. Am I 167 00:08:43,800 --> 00:08:45,240 Speaker 1: going to get to go to an Eagles game at 168 00:08:45,240 --> 00:08:48,840 Speaker 1: the length of this fall? Uh? I would certainly hope. 169 00:08:48,880 --> 00:08:51,760 Speaker 1: So I hope, so. I hope, so, I would hope, 170 00:08:51,800 --> 00:08:54,280 Speaker 1: so I hope, I would hope we would be able 171 00:08:54,280 --> 00:08:55,800 Speaker 1: to get back that. That's the one thing I miss 172 00:08:55,840 --> 00:08:58,840 Speaker 1: is is all the the activity and the interaction, and 173 00:08:58,880 --> 00:09:01,920 Speaker 1: I hope that we'll get back to that very much, 174 00:09:02,080 --> 00:09:05,560 Speaker 1: very rapidly, sooner rather than later. Congressman Fred Keller, Republican 175 00:09:05,600 --> 00:09:07,920 Speaker 1: from Pennsylvania, I wasn't not in the state. Okay, it's 176 00:09:07,920 --> 00:09:11,439 Speaker 1: a Keystone state. I appreciate you coming on and talking 177 00:09:11,480 --> 00:09:14,360 Speaker 1: with me. I used to be America starts here, and 178 00:09:14,400 --> 00:09:15,640 Speaker 1: what our model is going to be is the great 179 00:09:15,679 --> 00:09:18,199 Speaker 1: American comeback starts here. All right? You already here? First 180 00:09:18,240 --> 00:09:20,920 Speaker 1: from Congressman Fred Keller right here on a Friday earlier today, 181 00:09:20,960 --> 00:09:23,200 Speaker 1: sticking with the economy, I was at the I was 182 00:09:23,240 --> 00:09:26,240 Speaker 1: at the Labor Department, and I spoke with Labor Secretary 183 00:09:26,280 --> 00:09:30,120 Speaker 1: Eugene Scalia. Take a listen to our interview. The numbers 184 00:09:30,679 --> 00:09:33,920 Speaker 1: for last week, we're a little bit under three million, 185 00:09:34,080 --> 00:09:36,080 Speaker 1: is what was reported. It's it's a high number, and 186 00:09:36,960 --> 00:09:39,240 Speaker 1: UM we're looking at thirty six million Americans have fought 187 00:09:39,280 --> 00:09:42,360 Speaker 1: front employment over the last couple of months, and that's 188 00:09:42,400 --> 00:09:45,680 Speaker 1: just a lot of hardship. UM. So it's it's difficult 189 00:09:45,720 --> 00:09:49,080 Speaker 1: to see. We are reminded daily of the sacrifice that 190 00:09:49,800 --> 00:09:52,000 Speaker 1: workers and their families are making as we try to 191 00:09:52,720 --> 00:09:56,679 Speaker 1: beat the virus. UM. There are some positive signs there. 192 00:09:56,720 --> 00:10:00,160 Speaker 1: The number of people filing is declining. I think that 193 00:10:01,400 --> 00:10:03,720 Speaker 1: a number of the people reported as filing last week 194 00:10:03,760 --> 00:10:08,280 Speaker 1: we're probably filers earlier. But there's a backlog that's being 195 00:10:08,280 --> 00:10:11,440 Speaker 1: worked through, and we know the situation is so fluid. 196 00:10:11,480 --> 00:10:13,959 Speaker 1: We know that now actually people are going back to work, 197 00:10:14,559 --> 00:10:20,360 Speaker 1: and that's very good news too. UM. Ordinarily, we talked 198 00:10:20,360 --> 00:10:23,280 Speaker 1: about how jobs were lost. So the report we put 199 00:10:23,280 --> 00:10:26,560 Speaker 1: out UH a week ago said that twenty point five 200 00:10:26,640 --> 00:10:29,000 Speaker 1: million jobs were lost, But I look at it as 201 00:10:29,679 --> 00:10:32,280 Speaker 1: many of those jobs are still there. Those jobs are 202 00:10:32,320 --> 00:10:36,880 Speaker 1: there that workers know they're there, companies know they're there, UM, 203 00:10:36,880 --> 00:10:39,640 Speaker 1: and we're preparing for people to go back into those jobs. 204 00:10:39,720 --> 00:10:42,440 Speaker 1: Is the data reflect that optimism? Do you see that 205 00:10:42,480 --> 00:10:44,040 Speaker 1: in the in the and some of the data that's 206 00:10:44,040 --> 00:10:45,960 Speaker 1: come out that a lot of workers actually feel that 207 00:10:46,000 --> 00:10:47,600 Speaker 1: their jobs are still going to be there for them 208 00:10:47,640 --> 00:10:50,600 Speaker 1: when they return. Yeah, some of the most interesting data, Kevin, 209 00:10:50,720 --> 00:10:52,800 Speaker 1: is exactly to that point. I have a chart and 210 00:10:52,840 --> 00:10:54,880 Speaker 1: if I can show it to you. This comes from 211 00:10:54,960 --> 00:10:58,120 Speaker 1: the report that we put out UM last week. It's 212 00:10:58,120 --> 00:11:02,920 Speaker 1: a really big monthly jobs report. UM. This UH red 213 00:11:02,960 --> 00:11:06,480 Speaker 1: line is UM Americans who said that they were on 214 00:11:06,679 --> 00:11:10,000 Speaker 1: temporary unemployment. The blue line is permanent. So if you 215 00:11:10,080 --> 00:11:13,640 Speaker 1: go back to when we had a real big slowdown 216 00:11:13,679 --> 00:11:16,720 Speaker 1: back in two nine, the blue line went way up. 217 00:11:17,000 --> 00:11:19,920 Speaker 1: People said I'm permanently unemployed. But now it's the red line. 218 00:11:20,840 --> 00:11:24,840 Speaker 1: Nearly people we surveyed said they were temporarily unemployed. The 219 00:11:24,920 --> 00:11:29,560 Speaker 1: FED came out with a report yesterday very similar survey 220 00:11:29,559 --> 00:11:33,320 Speaker 1: results of people on unemployment set up is temporary. Well, 221 00:11:33,360 --> 00:11:35,520 Speaker 1: speaking of that, shy J. Pale's report, one of the 222 00:11:35,520 --> 00:11:37,720 Speaker 1: other points in that report was that for folks who 223 00:11:37,720 --> 00:11:41,720 Speaker 1: are making less than annually, that they are going to 224 00:11:41,760 --> 00:11:47,120 Speaker 1: be significantly, significantly, negatively impacted by the economic effects of this. 225 00:11:47,520 --> 00:11:51,000 Speaker 1: On Capitol Hill, Democrats are pushing for another round economic stimulus. 226 00:11:51,000 --> 00:11:54,040 Speaker 1: Do you think, Mr Secretary, that the best way to 227 00:11:54,080 --> 00:11:57,080 Speaker 1: get out of this is more stimulus or to reopen? 228 00:11:57,880 --> 00:12:01,480 Speaker 1: I think reopening is only our focus right now. Part 229 00:12:01,480 --> 00:12:04,880 Speaker 1: of that is we want to help businesses reopen safely, 230 00:12:05,360 --> 00:12:08,959 Speaker 1: have the right protections for workers there. But it's it's 231 00:12:09,000 --> 00:12:12,640 Speaker 1: critical that we reopen um against safely. But it's the 232 00:12:12,640 --> 00:12:16,040 Speaker 1: private sector, not the government, that drives this nation's economy, 233 00:12:16,080 --> 00:12:18,280 Speaker 1: and that and that provides jobs. And I do think 234 00:12:18,840 --> 00:12:22,240 Speaker 1: that although we've had to have some really extraordinary government 235 00:12:22,280 --> 00:12:26,079 Speaker 1: intervention recently, we have to remember how strong the economy 236 00:12:26,240 --> 00:12:28,640 Speaker 1: was just a couple of months ago and why. And 237 00:12:28,760 --> 00:12:32,400 Speaker 1: a major part of that was President Trump's focus on 238 00:12:32,720 --> 00:12:37,280 Speaker 1: reducing tax burdens, reducing unneeded regulatory burdens. Those are keys 239 00:12:37,280 --> 00:12:39,520 Speaker 1: to a strong economy that we can't lose sight of. Now. 240 00:12:39,640 --> 00:12:42,359 Speaker 1: There's been some economists who have been crunching the numbers 241 00:12:42,440 --> 00:12:47,160 Speaker 1: on the unemployment checks and by some estimates some individuals 242 00:12:47,200 --> 00:12:53,680 Speaker 1: who are receiving unemployment benefits are actually receiving more than 243 00:12:54,040 --> 00:12:56,680 Speaker 1: they were when they were working. Does that concern you, 244 00:12:57,280 --> 00:13:00,719 Speaker 1: and does that concern you about the ventual for them 245 00:13:00,720 --> 00:13:02,360 Speaker 1: to get back to work that there might not be 246 00:13:02,440 --> 00:13:04,880 Speaker 1: that incentive that's there. What you're referring to, Kevin, is 247 00:13:04,920 --> 00:13:09,560 Speaker 1: the extra six dollars a week that President Trump signing 248 00:13:09,600 --> 00:13:12,640 Speaker 1: the Cares Act, because we thought it was just really 249 00:13:12,679 --> 00:13:17,040 Speaker 1: important to keep these people who are sacrificing their jobs 250 00:13:17,040 --> 00:13:20,400 Speaker 1: to the public health as as near as whole as 251 00:13:20,440 --> 00:13:23,320 Speaker 1: we could to where they've been and and and so 252 00:13:23,400 --> 00:13:27,080 Speaker 1: that was a really important benefit. But unemployment benefits are 253 00:13:27,120 --> 00:13:29,120 Speaker 1: for people who don't have a job. So you can't 254 00:13:29,200 --> 00:13:32,040 Speaker 1: quit your job because you think you might get more unemployment, 255 00:13:32,240 --> 00:13:34,400 Speaker 1: and you can't refuse to go back because you think 256 00:13:34,400 --> 00:13:37,040 Speaker 1: you might get more. We have been emphasizing to the 257 00:13:37,080 --> 00:13:41,080 Speaker 1: states that as we reopen, the states should be making 258 00:13:41,120 --> 00:13:43,760 Speaker 1: sure that people are making that transition back to the workplace. 259 00:13:44,360 --> 00:13:48,000 Speaker 1: That was Labor Secretary Eugene Scalia. Here's a fast fact 260 00:13:48,000 --> 00:13:50,520 Speaker 1: for you. After the interview, I you know, it's trying 261 00:13:50,520 --> 00:13:52,880 Speaker 1: to make small talk, and I said, what's your favorite band? 262 00:13:52,880 --> 00:13:57,520 Speaker 1: He said the clash, the clash. Secretary Scalia likes the clash. 263 00:13:57,840 --> 00:14:01,200 Speaker 1: I'm Kevin Cirelli, chief Washington correspondent for Bloomberg Television and 264 00:14:01,280 --> 00:14:06,760 Speaker 1: for Bloomberg Radio headlines crossing the Bloomberg Terminal as we speak, folks, 265 00:14:07,200 --> 00:14:10,000 Speaker 1: and President Trump telling reporters just before he heads to 266 00:14:10,040 --> 00:14:13,240 Speaker 1: Camp David, he's not interested in talking to shi Jing 267 00:14:13,360 --> 00:14:17,160 Speaker 1: Ping right now again. President Trump headlines crossing the Bloomberg Terminal. 268 00:14:17,400 --> 00:14:20,080 Speaker 1: Asked if he has plans to talk to the president 269 00:14:20,080 --> 00:14:22,480 Speaker 1: of the Communist Party of China, shi Jing Ping. He 270 00:14:22,520 --> 00:14:24,920 Speaker 1: says he has no plans and doesn't want it. Doesn't 271 00:14:24,920 --> 00:14:27,280 Speaker 1: really feel like talking to him right now, all right, 272 00:14:27,320 --> 00:14:29,520 Speaker 1: So that's where things don Joining us on the line. 273 00:14:29,560 --> 00:14:34,120 Speaker 1: Sticking with the economy, Robert Shapiro, chairman of sonicn and 274 00:14:34,240 --> 00:14:38,680 Speaker 1: former senior economic advisor for the Democratic presidential candidates, including 275 00:14:38,760 --> 00:14:42,120 Speaker 1: President Bill Clinton and Barack Obama. He's got a great 276 00:14:42,160 --> 00:14:43,880 Speaker 1: piece out. He's a friend of the program. Mind you, 277 00:14:44,200 --> 00:14:48,000 Speaker 1: He's got a great piece out called the real unemployment race. 278 00:14:48,480 --> 00:14:52,080 Speaker 1: Rates is worse than Trump will tell us in the 279 00:14:52,160 --> 00:14:56,520 Speaker 1: Washington My Monthly, he writes as depressing as it, maybe 280 00:14:56,640 --> 00:14:59,560 Speaker 1: it's not the full story. The Labor Department also reported 281 00:14:59,600 --> 00:15:03,960 Speaker 1: Friday that the number of employed Americans fell by more 282 00:15:04,000 --> 00:15:07,280 Speaker 1: than twenty two million people in April. If you reconcile 283 00:15:07,400 --> 00:15:10,440 Speaker 1: the gap between twenty two million and fifteen million, you'll 284 00:15:10,480 --> 00:15:12,800 Speaker 1: find that the real unemployment rate is much worse. The 285 00:15:12,880 --> 00:15:16,440 Speaker 1: actual unemployment rate for April was at least eighteen point six. 286 00:15:17,400 --> 00:15:21,040 Speaker 1: I kind of said it was fourteen point seven. Robert Man, 287 00:15:21,080 --> 00:15:25,360 Speaker 1: that's bad news, my friend. Yeah, well, there's uh on 288 00:15:25,480 --> 00:15:29,720 Speaker 1: the economy. There's only bad news and worst news. And 289 00:15:29,800 --> 00:15:34,080 Speaker 1: this is It's Friday, Robert. That's what could I say? 290 00:15:34,200 --> 00:15:38,360 Speaker 1: It is the digitbal science. Kevin Um. I think of 291 00:15:38,480 --> 00:15:41,880 Speaker 1: this the unemployment issue as kind of a technical version 292 00:15:42,400 --> 00:15:47,480 Speaker 1: of what Trump calls fake news. When layoff skyrockets suddenly, 293 00:15:47,760 --> 00:15:52,160 Speaker 1: as they have since the pandemic took off. The technical 294 00:15:52,240 --> 00:15:56,120 Speaker 1: categories and models that the Bureau of Labor Statistics uses 295 00:15:56,720 --> 00:16:01,240 Speaker 1: to measure unemployment, they just don't fully apply and the 296 00:16:01,600 --> 00:16:06,080 Speaker 1: kind of short circuit and it produces a big underestimate. 297 00:16:06,960 --> 00:16:10,560 Speaker 1: Let me give you a big example of this, Um, 298 00:16:10,600 --> 00:16:13,200 Speaker 1: and that is how people who were furloughed from their 299 00:16:13,280 --> 00:16:17,720 Speaker 1: jobs in April were counted by the bls Now normally. 300 00:16:18,440 --> 00:16:22,000 Speaker 1: The Labor Department says that anyone who's laid off temporarily 301 00:16:22,240 --> 00:16:26,800 Speaker 1: that is furloughed is not counted as unemployed. Now in March, 302 00:16:26,920 --> 00:16:31,600 Speaker 1: BLS acknowledge that people working for a business closed by 303 00:16:31,640 --> 00:16:35,720 Speaker 1: the pandemic could be on furlough or they could be unemployed. 304 00:16:36,680 --> 00:16:40,000 Speaker 1: Eighteen point two million people went on furlough in April, 305 00:16:40,640 --> 00:16:43,960 Speaker 1: and the BLS decided that about four million of them 306 00:16:44,040 --> 00:16:48,040 Speaker 1: were actually unemployed. But a study from the University of 307 00:16:48,160 --> 00:16:54,240 Speaker 1: Chicago estimates that of recent furloughs will turn out to 308 00:16:54,280 --> 00:16:57,080 Speaker 1: be permanent. See that's the pressing and bears repeating though 309 00:16:58,800 --> 00:17:03,160 Speaker 1: of recent furlough uh could uh could be permanent? And 310 00:17:03,560 --> 00:17:05,119 Speaker 1: let me let me follow up on this, because when 311 00:17:05,160 --> 00:17:09,639 Speaker 1: I was at the Labor Department today I heard Secretary 312 00:17:09,680 --> 00:17:15,880 Speaker 1: Scalia say that essentially that he believes that people are optimistic. 313 00:17:16,280 --> 00:17:18,320 Speaker 1: But it's one thing to have optimism, but is that 314 00:17:18,359 --> 00:17:24,560 Speaker 1: optimistic of false hope? Well, whether people are optimistic or not, UM, 315 00:17:24,680 --> 00:17:30,920 Speaker 1: we're dealing with, you know, an unprecedented reality. Um, Americans 316 00:17:30,920 --> 00:17:35,520 Speaker 1: are always optimistic and they will be and these the 317 00:17:35,680 --> 00:17:39,120 Speaker 1: eighteen million people who went on furlough in April, will 318 00:17:39,160 --> 00:17:44,920 Speaker 1: be optimistic until they see the economy beginning to recover 319 00:17:45,560 --> 00:17:50,520 Speaker 1: and they're not part of it. Um another, Now, there's 320 00:17:50,520 --> 00:17:54,080 Speaker 1: another issue, and that's how the Labor Department decides who's 321 00:17:54,160 --> 00:17:57,199 Speaker 1: left the labor force, because if you're not in the 322 00:17:57,280 --> 00:18:00,800 Speaker 1: labor force, you're also not counted as on it exactly. 323 00:18:00,880 --> 00:18:02,919 Speaker 1: I mean, And this goes back to like economics one 324 00:18:02,920 --> 00:18:05,560 Speaker 1: oh one. Robert Shapiro of Sonic con and UH, an 325 00:18:05,560 --> 00:18:08,959 Speaker 1: economic advisor to presidential candidates Barack Obama and Bill Clinton. 326 00:18:09,240 --> 00:18:11,359 Speaker 1: I mean, Robert, I mean, and this is the debate 327 00:18:11,400 --> 00:18:14,200 Speaker 1: how they crunch the numbers, and this predates the Trump administration, 328 00:18:14,560 --> 00:18:17,600 Speaker 1: as you know, but how how economy has crunched the numbers. 329 00:18:17,640 --> 00:18:19,480 Speaker 1: First of all, they don't take a look at they 330 00:18:19,480 --> 00:18:22,120 Speaker 1: haven't really kept up with technology of of the web 331 00:18:22,119 --> 00:18:24,520 Speaker 1: economy and the gig economy. So there's that whole issue. 332 00:18:24,840 --> 00:18:27,600 Speaker 1: And then, as you rightfully point out, if you're unemployed, 333 00:18:27,600 --> 00:18:30,920 Speaker 1: you're not even counted. So it's it's incredibly difficult to 334 00:18:30,960 --> 00:18:33,240 Speaker 1: weigh this. But I want to come back to this 335 00:18:33,320 --> 00:18:35,639 Speaker 1: other issue that you point out in your Peace Washington Monthly, 336 00:18:35,680 --> 00:18:38,439 Speaker 1: and folks please go check it out. It's really really 337 00:18:38,600 --> 00:18:41,920 Speaker 1: well done. And he always writes these really thorough pieces, 338 00:18:42,480 --> 00:18:45,880 Speaker 1: and you write, quote, another big problem with the April 339 00:18:45,960 --> 00:18:48,639 Speaker 1: Unemployment report involves how b LS decides who has left 340 00:18:48,680 --> 00:18:50,320 Speaker 1: the labor forces. That's what you were just alluding to. 341 00:18:50,800 --> 00:18:54,119 Speaker 1: But you go on to suggest that most months, the 342 00:18:54,160 --> 00:18:56,960 Speaker 1: size of the labor force changes little because new people 343 00:18:57,119 --> 00:19:01,000 Speaker 1: entering it largely offset new retirees with new disabilities and 344 00:19:01,040 --> 00:19:04,320 Speaker 1: those who simply stopped working. But that's not really the 345 00:19:04,400 --> 00:19:09,359 Speaker 1: dynamic right now, No. You know, in February, before the 346 00:19:09,480 --> 00:19:15,359 Speaker 1: virus hit the economy, the labor force shrank by sixty people. 347 00:19:15,960 --> 00:19:21,399 Speaker 1: In April, BLS said the labor force shrank by six 348 00:19:21,480 --> 00:19:26,320 Speaker 1: point four million people, more than one hundred times as 349 00:19:26,359 --> 00:19:32,760 Speaker 1: many as in February, and that it included at least 350 00:19:32,760 --> 00:19:36,679 Speaker 1: four point three million who wanted to work. None of 351 00:19:36,720 --> 00:19:45,280 Speaker 1: them were counted as unemployed. Um at a minimum of 352 00:19:45,359 --> 00:19:50,040 Speaker 1: them should have been counted as unemployed, because you know, 353 00:19:50,119 --> 00:19:54,439 Speaker 1: the definition of what pushes you out of the labor 354 00:19:54,560 --> 00:19:58,639 Speaker 1: force is very close to the situation that tens of 355 00:19:58,680 --> 00:20:03,720 Speaker 1: millions of Americans find themselves in today. Millions. If you're 356 00:20:03,760 --> 00:20:08,119 Speaker 1: not available for work, or if you didn't search for 357 00:20:08,240 --> 00:20:12,160 Speaker 1: work in the last month, you're not in the labor force. Well, 358 00:20:12,200 --> 00:20:14,960 Speaker 1: there were millions of people who weren't available for work 359 00:20:14,960 --> 00:20:18,000 Speaker 1: in April because they had to stay home caring for 360 00:20:18,119 --> 00:20:21,960 Speaker 1: children whose schools were closed. And millions more didn't look 361 00:20:22,000 --> 00:20:25,960 Speaker 1: for new jobs because when there have been thirty three 362 00:20:26,080 --> 00:20:31,639 Speaker 1: million new unemployment claims, a job search is pretty pointless. 363 00:20:31,880 --> 00:20:35,480 Speaker 1: Real talk, real talk from Robert Shapiro, President and CEO 364 00:20:35,480 --> 00:20:37,600 Speaker 1: of Sonicon, and he's got that great new piece out 365 00:20:37,800 --> 00:20:40,480 Speaker 1: in Washington Monthly. Hey, Robert, my friend, thanks so much 366 00:20:40,520 --> 00:20:45,400 Speaker 1: for giving us some unfortunate real talk on this Friday afternoon. Bee. Well, 367 00:20:45,440 --> 00:20:47,720 Speaker 1: my friend, and I'll talk to you soon. Coming up 368 00:20:47,800 --> 00:20:50,359 Speaker 1: much more on the program. We talked to Mattie Tuppler 369 00:20:50,400 --> 00:20:53,120 Speaker 1: on the job today. I'm Kevin Cirelli, Chief Washington correspondent 370 00:20:53,160 --> 00:20:55,560 Speaker 1: for Boomberg TV and for Boomberg Radio. And you're listening 371 00:20:55,600 --> 00:21:07,880 Speaker 1: to Boomberg nine one. You're listening to Bloomberg Sound On 372 00:21:07,960 --> 00:21:11,960 Speaker 1: with Kevin Surly on Bloomberg and one oh five point 373 00:21:12,040 --> 00:21:16,359 Speaker 1: seven f m h D two. Kevin sire It's Friday, 374 00:21:16,440 --> 00:21:19,159 Speaker 1: finally Friday, and it's a beautiful day here in the 375 00:21:19,240 --> 00:21:23,119 Speaker 1: nation's capital. The sun is shining, it's kind of warm outside. 376 00:21:23,160 --> 00:21:26,120 Speaker 1: I broke a sweat, you know, It's it's nice. It's 377 00:21:26,160 --> 00:21:29,800 Speaker 1: a far far cry from the days of winter of 378 00:21:29,920 --> 00:21:34,040 Speaker 1: last week when it was raising gold. Former Republican Ohio 379 00:21:34,119 --> 00:21:37,359 Speaker 1: Congressman Jim Ron aces on the line. He represented Ohio 380 00:21:37,560 --> 00:21:41,440 Speaker 1: sixteenth Congressional District from two thousand and eleven to two 381 00:21:41,440 --> 00:21:44,280 Speaker 1: thousand and nineteen. Congressman, I remember chasing around the halls 382 00:21:44,280 --> 00:21:47,960 Speaker 1: of Congress. What are you up to these days? Well, Kevin, 383 00:21:48,040 --> 00:21:51,160 Speaker 1: since I left Washington, I came back, and of course, 384 00:21:51,160 --> 00:21:53,760 Speaker 1: you know, I ran for governor and then was asked 385 00:21:53,760 --> 00:21:56,679 Speaker 1: to run for Senate. So I spent uh sometime in 386 00:21:56,680 --> 00:22:01,960 Speaker 1: the state, started a st basically on state issues, Ohio 387 00:22:02,000 --> 00:22:05,360 Speaker 1: State Issues called Ohio Future Foundation, really trying to make 388 00:22:05,359 --> 00:22:08,040 Speaker 1: sure Ohio can compete in the future, and then got 389 00:22:08,080 --> 00:22:11,359 Speaker 1: back into the business world. I'm doing a number of 390 00:22:11,800 --> 00:22:16,680 Speaker 1: consulting jobs with about oh I'm saying gonna say about 391 00:22:16,680 --> 00:22:20,919 Speaker 1: twenty five businesses and about fourteen thousand people throughout the states, 392 00:22:20,960 --> 00:22:23,440 Speaker 1: and on a couple of boards. So I'm busy. I'm 393 00:22:23,480 --> 00:22:26,080 Speaker 1: definitely busy back in the business world, but also staying 394 00:22:26,640 --> 00:22:29,480 Speaker 1: in the political world. When it comes to Ohio Okay, 395 00:22:29,520 --> 00:22:31,919 Speaker 1: so take us to the political world. What's going on 396 00:22:31,960 --> 00:22:35,040 Speaker 1: with Ohio in terms of reopening. It's obviously a crucial 397 00:22:35,040 --> 00:22:38,920 Speaker 1: battleground state in the presidential election. Where are you guys? 398 00:22:38,920 --> 00:22:40,520 Speaker 1: We heard about Pa at the top of the show, 399 00:22:40,520 --> 00:22:46,280 Speaker 1: where's Ohio? Well, look Ohio in Governor Dwine shut the 400 00:22:46,320 --> 00:22:50,400 Speaker 1: state down very quickly and very early. Um and uh. 401 00:22:50,440 --> 00:22:54,480 Speaker 1: And now with the pressure was the state legislature and 402 00:22:54,600 --> 00:22:58,760 Speaker 1: many Republicans in the state. Um, he started to open 403 00:22:58,800 --> 00:23:01,320 Speaker 1: it back up. There was some believed he would have 404 00:23:01,359 --> 00:23:03,600 Speaker 1: liked to kept to have kept it closed throughout the 405 00:23:03,640 --> 00:23:06,680 Speaker 1: month of May, but he's starting to open back up. 406 00:23:07,200 --> 00:23:12,760 Speaker 1: Restaurants today are opening only outside patios next week. Inside 407 00:23:12,800 --> 00:23:15,560 Speaker 1: he had barbershops open today. A lot of this was 408 00:23:15,680 --> 00:23:19,240 Speaker 1: pressure that was put on the governor by business groups 409 00:23:19,760 --> 00:23:22,800 Speaker 1: and by the Republican state legislature that said we need 410 00:23:22,840 --> 00:23:27,720 Speaker 1: to open things up. Ohio was not prepared going in economically, 411 00:23:27,840 --> 00:23:30,760 Speaker 1: and clearly, UM, they're not going to be as prepared 412 00:23:30,800 --> 00:23:33,679 Speaker 1: coming out of this either, because you know, financially, they 413 00:23:33,680 --> 00:23:36,639 Speaker 1: weren't prepared for a recession, and now we have much greater, 414 00:23:37,200 --> 00:23:39,800 Speaker 1: much greater problems in a recession. So that's what I 415 00:23:39,840 --> 00:23:42,560 Speaker 1: want to understand here is because you know, we heard 416 00:23:42,560 --> 00:23:48,520 Speaker 1: from uh an economic advisor to Democratic president presidents earlier 417 00:23:48,520 --> 00:23:51,280 Speaker 1: in the program, and we heard from Secretary Scalia, and 418 00:23:51,359 --> 00:23:54,639 Speaker 1: so I think the balancing act of the tension of 419 00:23:54,680 --> 00:23:59,120 Speaker 1: reopening the economy and getting people back to work versus 420 00:23:59,160 --> 00:24:02,320 Speaker 1: this issue of the health concerns is a very real one. 421 00:24:02,680 --> 00:24:06,760 Speaker 1: And and for workers, especially those who are on the 422 00:24:06,800 --> 00:24:09,040 Speaker 1: front lines of this, whether they're working in factories or 423 00:24:09,040 --> 00:24:14,080 Speaker 1: plants or refineries, it's it really transcends political ideology. This 424 00:24:14,080 --> 00:24:17,000 Speaker 1: this real sense of Okay, you want the economy to reopen, 425 00:24:17,040 --> 00:24:18,800 Speaker 1: but you're kind of nervous to get back to work 426 00:24:19,200 --> 00:24:21,879 Speaker 1: because of all the health concerns. It's it's a psychological 427 00:24:21,960 --> 00:24:26,880 Speaker 1: almost issue as well well, absolutely having I remember it's 428 00:24:26,920 --> 00:24:29,160 Speaker 1: the fear factor that I talked about all the time. 429 00:24:29,240 --> 00:24:34,240 Speaker 1: We have governors and and and politicians who continue to 430 00:24:34,280 --> 00:24:36,800 Speaker 1: talk about the health risk to health risk of health 431 00:24:36,800 --> 00:24:39,280 Speaker 1: for us, and what they have forgot about is there 432 00:24:39,320 --> 00:24:42,520 Speaker 1: is a health risk also that comes into play when 433 00:24:42,560 --> 00:24:46,320 Speaker 1: you have businesses shutting down, when you have an economy collapsing. 434 00:24:46,359 --> 00:24:48,840 Speaker 1: I mean, I just posted a story that I read 435 00:24:48,880 --> 00:24:53,399 Speaker 1: today about you know, abuse in the homes. But we 436 00:24:53,480 --> 00:24:57,280 Speaker 1: also have suicides up. We also have um, you know, 437 00:24:57,680 --> 00:25:01,320 Speaker 1: drug addiction, drug overdoses up. Those are the fallouts from 438 00:25:01,359 --> 00:25:05,480 Speaker 1: an economic downturn. Um. But at the same time, I'm 439 00:25:05,520 --> 00:25:08,800 Speaker 1: not too sure. You know, if you look at the statistics, 440 00:25:09,160 --> 00:25:11,440 Speaker 1: always say this every time, eight out of ten people. 441 00:25:11,520 --> 00:25:14,480 Speaker 1: This is on web MD. It's a quick place to 442 00:25:14,480 --> 00:25:16,640 Speaker 1: get some facts. Web MP says eight out of ten 443 00:25:16,680 --> 00:25:20,840 Speaker 1: people who get coronavirus, we'll only have mound illness and 444 00:25:21,480 --> 00:25:26,400 Speaker 1: seven to will recover completely. And if you talk about 445 00:25:26,440 --> 00:25:30,200 Speaker 1: the positive side versus the negative side, we keep talking 446 00:25:30,240 --> 00:25:33,840 Speaker 1: about the two and the and the problems that you 447 00:25:33,880 --> 00:25:35,760 Speaker 1: can get. And yes, it is a deadly disease, and 448 00:25:36,640 --> 00:25:39,080 Speaker 1: we also don't have the vaccine, and so I mean 449 00:25:39,119 --> 00:25:43,679 Speaker 1: it's a very real, real, uh real concern. But I 450 00:25:43,720 --> 00:25:45,640 Speaker 1: hear you. It's the balancing act. And what you're you're 451 00:25:46,320 --> 00:25:49,639 Speaker 1: you're arguing, we gotta I hear what you're saying, go ahead, 452 00:25:50,080 --> 00:25:52,200 Speaker 1: go ahead, you got a balance, That's all I'm saying. 453 00:25:52,200 --> 00:25:54,880 Speaker 1: You've gotta balance. You've got an economic curve. And I've 454 00:25:54,880 --> 00:25:57,600 Speaker 1: written a number of articles on this too. We have 455 00:25:57,640 --> 00:26:00,000 Speaker 1: a health curb and economic curve. You've got a bound 456 00:26:00,040 --> 00:26:02,400 Speaker 1: on some both. Okay, I gotta you know, I want 457 00:26:02,440 --> 00:26:03,679 Speaker 1: to ask one more question on this, and then I 458 00:26:03,680 --> 00:26:06,760 Speaker 1: have a question on on sports because you were in 459 00:26:06,800 --> 00:26:09,800 Speaker 1: the Arena Football League. You were a driving force behind that. 460 00:26:09,840 --> 00:26:11,359 Speaker 1: So I have a question on whether sports are going 461 00:26:11,400 --> 00:26:13,359 Speaker 1: to return in the fall and how you would manage that. 462 00:26:13,840 --> 00:26:16,400 Speaker 1: But before we get to that, um, you know this 463 00:26:16,520 --> 00:26:21,880 Speaker 1: issue of of UH, the presidential election in Ohio being 464 00:26:21,880 --> 00:26:25,960 Speaker 1: such a crucial battleground state Trump versus Biden, how is 465 00:26:26,400 --> 00:26:29,119 Speaker 1: how do you think in a battleground state forgetting nationally 466 00:26:29,200 --> 00:26:32,199 Speaker 1: in the battleground state of Ohio, how is the COVID 467 00:26:32,280 --> 00:26:36,320 Speaker 1: pandemic going to impact the way the the way the 468 00:26:36,359 --> 00:26:43,040 Speaker 1: campaign's UH campaign in in in in Ohio. Well, look, 469 00:26:43,119 --> 00:26:47,399 Speaker 1: people are going to vote with their economics and their pocketbook. 470 00:26:47,440 --> 00:26:49,760 Speaker 1: And I know the President understands this very well and 471 00:26:49,800 --> 00:26:53,280 Speaker 1: he was a driving fact in in the economy just 472 00:26:53,320 --> 00:26:56,919 Speaker 1: booming until COVID nineteen came around. But the problem is 473 00:26:57,240 --> 00:26:59,359 Speaker 1: politics is always thirty days. I mean, I was in 474 00:26:59,400 --> 00:27:02,439 Speaker 1: business for almost three decades, I was in politics for 475 00:27:02,520 --> 00:27:05,800 Speaker 1: almost a decade, UH in the House, But I also 476 00:27:06,080 --> 00:27:10,000 Speaker 1: understand the politics are always the last thirty days. And 477 00:27:10,080 --> 00:27:14,840 Speaker 1: you go back to George Bush Sr. Approval rating in February, 478 00:27:15,000 --> 00:27:18,600 Speaker 1: loses the election in November. It's always about what's going 479 00:27:18,680 --> 00:27:22,000 Speaker 1: on in that last thirty days. And that's why um 480 00:27:22,040 --> 00:27:25,119 Speaker 1: in Ohio, in the battleground states, many of these people 481 00:27:25,119 --> 00:27:27,960 Speaker 1: who have crossed over, they were Democrats who said, I'm 482 00:27:28,000 --> 00:27:30,760 Speaker 1: tired of what's been going on. I didn't, you know, 483 00:27:30,880 --> 00:27:35,280 Speaker 1: make any progress under a Democrat. Um uh In. Hillary Clinton, 484 00:27:35,280 --> 00:27:37,800 Speaker 1: of course was part of the political scene for so long. 485 00:27:38,320 --> 00:27:41,120 Speaker 1: I want somebody different. The question is how they're going 486 00:27:41,160 --> 00:27:44,359 Speaker 1: to think about that in November when they say, well, 487 00:27:44,400 --> 00:27:47,159 Speaker 1: I got somebody different, and am I better off today 488 00:27:47,160 --> 00:27:49,120 Speaker 1: than I was four years ago? And you know, that's 489 00:27:49,160 --> 00:27:52,240 Speaker 1: always the line that's going to be used, and that's 490 00:27:52,240 --> 00:27:53,920 Speaker 1: probably the line buying is going to use. Are you 491 00:27:54,040 --> 00:27:56,159 Speaker 1: better off than you were four years ago? And people 492 00:27:56,480 --> 00:27:59,919 Speaker 1: will make that decision inside that voting cook Jim Nations 493 00:28:00,000 --> 00:28:01,560 Speaker 1: in the line as a former congressman. Of course, he's 494 00:28:01,560 --> 00:28:04,600 Speaker 1: a businessman. He was on financial services, he ran for 495 00:28:04,680 --> 00:28:07,280 Speaker 1: Senate as well. Okay, uh, it's Friday. I'm gonna have 496 00:28:07,320 --> 00:28:09,840 Speaker 1: a little fun. Okay uh. You were on the uh 497 00:28:10,200 --> 00:28:13,639 Speaker 1: you were a managing board member of the former Arena 498 00:28:13,680 --> 00:28:17,199 Speaker 1: Football League and on the Columbus Destroyers. Okay, so you 499 00:28:17,280 --> 00:28:20,080 Speaker 1: know the business side and like you know all of 500 00:28:20,080 --> 00:28:24,240 Speaker 1: the management side of professional sports. People want to go 501 00:28:24,320 --> 00:28:26,800 Speaker 1: back to see a game in the fall. Tell us 502 00:28:26,800 --> 00:28:29,800 Speaker 1: about what you would do if you were advising a 503 00:28:29,840 --> 00:28:32,600 Speaker 1: pro sports team, um, and and some of the concerns 504 00:28:32,600 --> 00:28:34,520 Speaker 1: and the risks that they're going to have to weigh 505 00:28:34,760 --> 00:28:39,280 Speaker 1: uh to come this fall. Well, first off, you're right, 506 00:28:39,320 --> 00:28:42,200 Speaker 1: I the economics of sports teams are pretty interesting, and 507 00:28:42,200 --> 00:28:45,640 Speaker 1: it depends on what sports franchises you're looking at. I 508 00:28:45,680 --> 00:28:48,400 Speaker 1: also was a bidder for the Pittsburgh Penguin, so I 509 00:28:48,480 --> 00:28:52,280 Speaker 1: understand back in early two thousand's, I do understand you 510 00:28:52,320 --> 00:28:56,080 Speaker 1: know major sports as well, and got involved in baseball. 511 00:28:56,120 --> 00:28:58,880 Speaker 1: And it's going to come down to three sources of revenue. 512 00:28:59,200 --> 00:29:02,719 Speaker 1: You have sponsors ships, Uh, you have TV, and then 513 00:29:02,760 --> 00:29:05,480 Speaker 1: you have people in the seats. And those people on 514 00:29:05,520 --> 00:29:09,760 Speaker 1: the seats also buy concessions. So remember you're losing a 515 00:29:09,880 --> 00:29:13,360 Speaker 1: significant but not a percent of the revenue if you 516 00:29:13,400 --> 00:29:15,640 Speaker 1: don't have people in the seats. So are you gonna 517 00:29:15,680 --> 00:29:18,880 Speaker 1: be in sponsorships? I always chuckle because most of those 518 00:29:18,880 --> 00:29:21,240 Speaker 1: sponsorships are for the people in the seats so they 519 00:29:21,240 --> 00:29:23,600 Speaker 1: can see them. So that's the other source of revenue. 520 00:29:24,040 --> 00:29:26,440 Speaker 1: And then TV. So I think what's gonna have to 521 00:29:26,440 --> 00:29:28,360 Speaker 1: happen is we're gonna have to get people back into 522 00:29:28,400 --> 00:29:30,720 Speaker 1: the seats. We're gonna have to get them comfortable. We 523 00:29:30,760 --> 00:29:34,160 Speaker 1: could start first. I believe by having just TV. I 524 00:29:34,240 --> 00:29:37,560 Speaker 1: guarantee you the NASCAR race that's gonna be run this weekend, 525 00:29:37,800 --> 00:29:41,520 Speaker 1: there will be people that never watch NASCAR watching it. 526 00:29:41,800 --> 00:29:44,400 Speaker 1: I watched the US Fight two nights ago, and I'm 527 00:29:44,520 --> 00:29:46,440 Speaker 1: I don't even know how they keep score. I don't know, 528 00:29:46,480 --> 00:29:48,320 Speaker 1: but I thought, you know what mine as well watched. 529 00:29:48,320 --> 00:29:49,960 Speaker 1: There's nothing else. Go ahead, and I mean to cut 530 00:29:50,000 --> 00:29:52,560 Speaker 1: you off right, and no, I think about it. It's 531 00:29:52,600 --> 00:29:55,840 Speaker 1: the first live sports event a long time. There's also 532 00:29:56,080 --> 00:29:59,800 Speaker 1: it's going to be and and think about a professional 533 00:29:59,800 --> 00:30:01,520 Speaker 1: call is going to carry their own clubs for the 534 00:30:01,560 --> 00:30:04,520 Speaker 1: first time probably since they were fifteen years old. That's 535 00:30:04,520 --> 00:30:07,560 Speaker 1: gonna be happening. So people will watch those things, but 536 00:30:07,680 --> 00:30:10,959 Speaker 1: that's not enough money to pay the bills. So I 537 00:30:11,000 --> 00:30:12,840 Speaker 1: think you're gonna see a lot of you see the 538 00:30:12,880 --> 00:30:16,120 Speaker 1: Major League Baseball they're trying to get some concessions out 539 00:30:16,120 --> 00:30:18,920 Speaker 1: of the players because there's just not gonna be all 540 00:30:18,960 --> 00:30:21,960 Speaker 1: those revenue sources. But you gotta get back. You gotta 541 00:30:22,000 --> 00:30:24,920 Speaker 1: get the TV money. Then you've got to get the sponsors. 542 00:30:24,960 --> 00:30:26,880 Speaker 1: But the sponsors are gonna want people in the seats, 543 00:30:27,200 --> 00:30:28,720 Speaker 1: and then you've got to get those people back in 544 00:30:28,800 --> 00:30:31,160 Speaker 1: the seats. Jim Nay, I mean, did you think you 545 00:30:31,200 --> 00:30:33,200 Speaker 1: were going to talk about the business to sports on 546 00:30:33,200 --> 00:30:36,640 Speaker 1: a Friday with Bloomberg Radio? Did you? Well, you know 547 00:30:36,680 --> 00:30:38,640 Speaker 1: what I get on the radio, I get on radio station. 548 00:30:38,680 --> 00:30:42,800 Speaker 1: I never know what I'm going to get. Don't welcome 549 00:30:42,840 --> 00:30:46,040 Speaker 1: back any time, Former Congressman Nay. It's great to catch 550 00:30:46,120 --> 00:30:47,680 Speaker 1: up with you with my friend, and we'll talk later. 551 00:30:47,720 --> 00:30:50,520 Speaker 1: All right, Thank you very much. I'm Kevin Sereley Moore. Next, 552 00:30:50,520 --> 00:31:11,040 Speaker 1: you're listening to Bloomberg. You're listening to Bloomberg Sound On 553 00:31:11,120 --> 00:31:15,160 Speaker 1: with Kevin Shirley on Bloomberg and one A five point 554 00:31:15,200 --> 00:31:18,160 Speaker 1: seven m h D two. My name is Kevin CURRELLI 555 00:31:18,240 --> 00:31:22,920 Speaker 1: I'm the chief Washington correspondent for Bloomberg Television and Bloomberg Radio. 556 00:31:22,960 --> 00:31:27,000 Speaker 1: It's Friday, folks, beautiful day in the neighborhood. As um 557 00:31:27,400 --> 00:31:30,160 Speaker 1: Mr Rodgers used to say, joining us. On the line 558 00:31:30,440 --> 00:31:33,040 Speaker 1: is Maddie Duppler. Maddie is a friend of the program. 559 00:31:33,040 --> 00:31:35,360 Speaker 1: I always mess up her title, so I want to 560 00:31:35,400 --> 00:31:38,000 Speaker 1: get it right. Maddie is the founder of four Word Strategy, 561 00:31:38,160 --> 00:31:41,440 Speaker 1: senior fellow at the National Taxpayers Union, and former Coalitions 562 00:31:41,440 --> 00:31:45,040 Speaker 1: director for the House Republican Conference. Maddie, how are you 563 00:31:45,120 --> 00:31:48,560 Speaker 1: happy Friday? Happy? Fight? That was perfect, Kevin. I know 564 00:31:48,560 --> 00:31:51,760 Speaker 1: why you're aways so worried about the title. I'm worried 565 00:31:51,800 --> 00:31:56,400 Speaker 1: about the pronunciation of names and people's titles because I 566 00:31:56,480 --> 00:31:59,000 Speaker 1: never want to mess them up. And and and where 567 00:31:59,000 --> 00:32:01,280 Speaker 1: I trip or the people that I talked with a lot. 568 00:32:01,640 --> 00:32:04,920 Speaker 1: Uh and so you're always on for these jobless numbers lately, 569 00:32:05,040 --> 00:32:07,000 Speaker 1: especially and I and I'm like, oh, Maddy's on. And 570 00:32:07,040 --> 00:32:09,800 Speaker 1: then I just you know, you know, Forward Strategies, Forward 571 00:32:09,800 --> 00:32:12,600 Speaker 1: Strategies and senior fellow with the National tax Peritude Maddie. 572 00:32:12,640 --> 00:32:16,000 Speaker 1: I was at the Labor Department and they're very optimistic, 573 00:32:16,080 --> 00:32:19,080 Speaker 1: but you know, and then I talked to Robert's Shapiro 574 00:32:19,400 --> 00:32:22,800 Speaker 1: earlier today on the show, and and he's less optimistic. 575 00:32:24,080 --> 00:32:25,719 Speaker 1: I don't know what you are you opt I mean, 576 00:32:25,760 --> 00:32:30,280 Speaker 1: we're always optimist here, but we need some real talk well, 577 00:32:30,360 --> 00:32:32,560 Speaker 1: and love Robert. He and I sometimes don't see eye 578 00:32:32,600 --> 00:32:34,479 Speaker 1: to eye on this stuff, but I met him on 579 00:32:34,520 --> 00:32:37,040 Speaker 1: your show and you're great on this issue. So listen, 580 00:32:37,120 --> 00:32:40,240 Speaker 1: here's the deal. You know. I think that we now 581 00:32:40,280 --> 00:32:42,880 Speaker 1: over the past week, have had three really important data 582 00:32:42,960 --> 00:32:45,800 Speaker 1: points to assess the employment situation. One was the April 583 00:32:45,880 --> 00:32:48,600 Speaker 1: job numbers and the unemployment rate, which we got last Friday, 584 00:32:48,640 --> 00:32:51,800 Speaker 1: which was terrible, historically bad. We talked about that. The 585 00:32:51,880 --> 00:32:54,400 Speaker 1: other was the Thursday unemployment claims. We get those weekly. 586 00:32:54,480 --> 00:32:56,720 Speaker 1: Those are starting to decrease, so that's like a little 587 00:32:56,760 --> 00:33:00,000 Speaker 1: silver lining of optimism. Under three million was was they 588 00:33:00,520 --> 00:33:03,480 Speaker 1: optimistic number to see that? The down from the high 589 00:33:03,520 --> 00:33:05,360 Speaker 1: at the end of March where it was almost seven 590 00:33:05,400 --> 00:33:08,320 Speaker 1: million people planning unemployment in a week. But certainly we 591 00:33:08,400 --> 00:33:11,160 Speaker 1: got the Jolts numbers to day thus jobs um and 592 00:33:11,320 --> 00:33:13,800 Speaker 1: labor turnover and what that is that tells us the 593 00:33:13,880 --> 00:33:16,880 Speaker 1: hiring situation. And what I take away from the Joel's 594 00:33:16,920 --> 00:33:21,480 Speaker 1: numbers that we saw today is that this economic disruption 595 00:33:21,480 --> 00:33:23,920 Speaker 1: that we're seeing is unlike anything we've ever seen before, 596 00:33:24,000 --> 00:33:26,280 Speaker 1: and it really kind of pulled the rugs out from 597 00:33:26,360 --> 00:33:28,800 Speaker 1: underneath businesses. And why do I say that, well, because 598 00:33:28,920 --> 00:33:31,080 Speaker 1: hiring actually didn't slow down, and the interests of think 599 00:33:31,080 --> 00:33:33,400 Speaker 1: about Joels, and it looks at the last month, the 600 00:33:33,480 --> 00:33:35,520 Speaker 1: last day of the months, of the day that they're 601 00:33:35,520 --> 00:33:37,080 Speaker 1: looking out to the last day of March is what 602 00:33:37,120 --> 00:33:39,120 Speaker 1: we were looking at for the for the employment picture, 603 00:33:39,560 --> 00:33:41,560 Speaker 1: and people were still pretty much hiring on the same 604 00:33:41,600 --> 00:33:43,880 Speaker 1: page they were in February. And now that probably changed 605 00:33:43,920 --> 00:33:48,000 Speaker 1: a lot in April, but it seems to me that 606 00:33:48,080 --> 00:33:51,280 Speaker 1: businesses really were on track to continue to churn in 607 00:33:51,320 --> 00:33:54,360 Speaker 1: the employment picture, which was extremely robust headed into their 608 00:33:54,440 --> 00:33:57,360 Speaker 1: coronavirus was very, very strong. And I think that there's 609 00:33:57,360 --> 00:33:59,960 Speaker 1: reasons for optimism only in the sense that that means 610 00:34:00,080 --> 00:34:03,800 Speaker 1: we had a good foundation that we answered the pandemic 611 00:34:03,960 --> 00:34:06,880 Speaker 1: from um in the public policy that kind of keeps 612 00:34:06,920 --> 00:34:08,960 Speaker 1: us upload until then is what's going to make the difference. 613 00:34:09,960 --> 00:34:13,040 Speaker 1: So I hear you on that regard. But I also 614 00:34:13,280 --> 00:34:15,120 Speaker 1: you know, in the Wall Street Journal, I thought we 615 00:34:15,120 --> 00:34:16,920 Speaker 1: were talking about it, some of my colleagues and I 616 00:34:17,040 --> 00:34:19,920 Speaker 1: we were, Uh, they did a pretty good job of 617 00:34:20,000 --> 00:34:23,800 Speaker 1: laying out the different shapes of a recovery and whether 618 00:34:23,840 --> 00:34:27,920 Speaker 1: it's a Z curve, a Nike swoosh, curve or a 619 00:34:28,160 --> 00:34:31,000 Speaker 1: W or a U shape I mean, and and all 620 00:34:31,040 --> 00:34:33,839 Speaker 1: of that is is pertaining to the pace of an 621 00:34:33,840 --> 00:34:38,120 Speaker 1: economic recovery. And it would appear that the consensus is that, unfortunately, 622 00:34:38,239 --> 00:34:42,399 Speaker 1: the economic recovery might be a bit slower than than 623 00:34:42,960 --> 00:34:46,719 Speaker 1: people And of all political stripes are are predicting. Mattie, 624 00:34:46,400 --> 00:34:49,960 Speaker 1: where do you where do you r? Yeah? I think 625 00:34:49,960 --> 00:34:52,360 Speaker 1: that's possible. And like we said, like we've talked about before, 626 00:34:52,560 --> 00:34:54,960 Speaker 1: this is a public health crisis. Um I tweeted this 627 00:34:55,000 --> 00:34:58,280 Speaker 1: earlier today that our economy is powered by consumer spending. 628 00:34:58,280 --> 00:35:00,720 Speaker 1: Seventy percent GP is due to BEAU and we're spending 629 00:35:00,840 --> 00:35:05,440 Speaker 1: so consumers the confidence to enter back into the economy 630 00:35:05,760 --> 00:35:08,640 Speaker 1: before we start to see something that looks like a recovery. 631 00:35:08,640 --> 00:35:11,440 Speaker 1: Where do they get confidence from, Well, they get confidence 632 00:35:11,560 --> 00:35:15,080 Speaker 1: from stain local leadership giving them clarity on what the 633 00:35:15,160 --> 00:35:16,840 Speaker 1: rules are going to be as we go back to 634 00:35:16,960 --> 00:35:19,920 Speaker 1: trying to interact commercially like we did before. How they 635 00:35:19,920 --> 00:35:22,120 Speaker 1: can do so safely, How we can bring workers back 636 00:35:22,160 --> 00:35:25,480 Speaker 1: safely if we have clear rules on that that allow 637 00:35:25,560 --> 00:35:27,640 Speaker 1: people to feel like they're safe when they go back 638 00:35:27,640 --> 00:35:29,720 Speaker 1: out in public and they start going back to restaurants, 639 00:35:29,760 --> 00:35:32,080 Speaker 1: and start going back to their jobs. Then that will 640 00:35:32,080 --> 00:35:34,200 Speaker 1: show up in consumer spending, that will show up in 641 00:35:34,200 --> 00:35:37,960 Speaker 1: in habits that people have developed, and that will also 642 00:35:38,000 --> 00:35:41,080 Speaker 1: show up in employment numbers. That businesses don't feel like 643 00:35:41,160 --> 00:35:43,840 Speaker 1: they're going to get support to get back online and 644 00:35:44,000 --> 00:35:47,799 Speaker 1: operating in a new kind of normal, their workers won't 645 00:35:47,800 --> 00:35:50,000 Speaker 1: have the confidence that they can, you know, have a 646 00:35:50,040 --> 00:35:52,719 Speaker 1: paycheck in front of them, and consumers won't feel like 647 00:35:52,800 --> 00:35:54,919 Speaker 1: they can start spending again that they were before because 648 00:35:54,920 --> 00:35:57,279 Speaker 1: they'll feel uncertain about the future. So at the root 649 00:35:57,320 --> 00:36:01,239 Speaker 1: of this question of when the economic werecovery happens, we 650 00:36:01,320 --> 00:36:03,200 Speaker 1: really need to get our hands around how we're going 651 00:36:03,239 --> 00:36:05,399 Speaker 1: to be dealing with the public health question going into 652 00:36:05,440 --> 00:36:07,399 Speaker 1: these next couple of months. Well then then it's it's 653 00:36:07,480 --> 00:36:11,120 Speaker 1: it's beyond this. I mean, and again, I really appreciate 654 00:36:11,200 --> 00:36:15,239 Speaker 1: this conversation because we're able to divorce the issue of 655 00:36:15,360 --> 00:36:18,480 Speaker 1: partisanship with the Republicans and Democrats here inside of the Beltway. 656 00:36:18,480 --> 00:36:21,160 Speaker 1: I mean, there's so much spin flying around on both sides. 657 00:36:21,200 --> 00:36:24,319 Speaker 1: I get busy, literally, and you know what I think, 658 00:36:24,760 --> 00:36:26,920 Speaker 1: I'm trying to interrupt you, you know what I think actually, 659 00:36:26,960 --> 00:36:30,759 Speaker 1: like today it kind of put it into clarity for 660 00:36:30,800 --> 00:36:32,000 Speaker 1: me was I don't know if you saw in the 661 00:36:32,000 --> 00:36:35,440 Speaker 1: Wall Street journals, Stacy Cunningham Um, the president of the 662 00:36:35,480 --> 00:36:38,960 Speaker 1: New York Stock Exchange, wrote it off, we're going to 663 00:36:39,040 --> 00:36:41,640 Speaker 1: reopen the so she thoked about how we're going to 664 00:36:41,719 --> 00:36:43,800 Speaker 1: reopen the floor and we're going to bring people back. 665 00:36:44,320 --> 00:36:47,960 Speaker 1: To me, this crystallized what I think the real problem is, 666 00:36:48,040 --> 00:36:51,800 Speaker 1: which is the reopening cannot be a privilege just for 667 00:36:52,120 --> 00:36:54,680 Speaker 1: the elites in this country. The New York Stock Exchange 668 00:36:54,719 --> 00:36:58,480 Speaker 1: is going to reopen, right, we need leadership at the state, local, 669 00:36:58,560 --> 00:37:01,560 Speaker 1: and every level that is justice committed to getting their 670 00:37:01,600 --> 00:37:04,080 Speaker 1: workers back to work safely as the New York Stock 671 00:37:04,160 --> 00:37:06,560 Speaker 1: Exchanges to getting traitors back on the floor. That's what 672 00:37:06,680 --> 00:37:08,560 Speaker 1: I want to see, and that I think is going 673 00:37:08,600 --> 00:37:10,799 Speaker 1: to indicate that what kind of leadership we get in 674 00:37:10,800 --> 00:37:13,799 Speaker 1: that respect is going to indicate how forceful and how 675 00:37:13,920 --> 00:37:17,200 Speaker 1: robusts this recovery is. Yes, and I think even the 676 00:37:17,239 --> 00:37:21,399 Speaker 1: bigger question is you know this conversation that that that 677 00:37:21,480 --> 00:37:24,520 Speaker 1: they're having, you know and appeared in testimony on Capitol 678 00:37:24,560 --> 00:37:27,040 Speaker 1: Hill this week about the resurgence of the virus in 679 00:37:27,120 --> 00:37:29,600 Speaker 1: the fall. I mean, and and you know like it 680 00:37:29,680 --> 00:37:32,080 Speaker 1: or Lumpet. We've talked about it on this program. The 681 00:37:32,160 --> 00:37:36,040 Speaker 1: reality is the economic effects of this are are being 682 00:37:36,120 --> 00:37:40,600 Speaker 1: felt much much more by folks who are in underserved 683 00:37:40,600 --> 00:37:44,840 Speaker 1: communities and in lower level socioeconomic backgrounds. You heard that 684 00:37:44,880 --> 00:37:47,319 Speaker 1: from fed Share J Powell this week. You've heard it 685 00:37:47,400 --> 00:37:50,400 Speaker 1: from reports at McKinsey, You've heard it from economists, I 686 00:37:50,400 --> 00:37:53,200 Speaker 1: mean across the board. And so how that how folks 687 00:37:53,200 --> 00:37:57,120 Speaker 1: grapple with that reality is? You know, really, I think 688 00:37:57,200 --> 00:37:59,640 Speaker 1: ultimately going to come down to how fast the recovery is. 689 00:37:59,680 --> 00:38:01,680 Speaker 1: I do want to get your take before. In the 690 00:38:01,719 --> 00:38:04,439 Speaker 1: last few minutes we have on this, we talked domestically, 691 00:38:04,480 --> 00:38:07,719 Speaker 1: but let's talk globally just for a second. Uh. The 692 00:38:07,760 --> 00:38:10,759 Speaker 1: President just within the last hour telling reporters UH and 693 00:38:10,880 --> 00:38:13,279 Speaker 1: our very own Jennifer Jacobs and justin think before he's 694 00:38:13,320 --> 00:38:16,840 Speaker 1: heading off to Camp David, uh that uh, he doesn't 695 00:38:16,840 --> 00:38:20,080 Speaker 1: want to talk to Shijing ping right now. This tension 696 00:38:20,160 --> 00:38:24,040 Speaker 1: with the US and China is you know, fascinating, but 697 00:38:24,239 --> 00:38:25,520 Speaker 1: is do you think the US is going to be 698 00:38:25,560 --> 00:38:29,680 Speaker 1: able to get Europe to be more responsive to distancing 699 00:38:29,920 --> 00:38:33,799 Speaker 1: Europe from China over the long term? You know what, 700 00:38:33,920 --> 00:38:37,080 Speaker 1: I think that these comments from the President indicate more 701 00:38:37,160 --> 00:38:39,480 Speaker 1: than ever how important it is for us to have 702 00:38:39,640 --> 00:38:44,040 Speaker 1: a global reaction to China. And this is independent of coronavirus. 703 00:38:44,160 --> 00:38:47,480 Speaker 1: This is before coronavirus we started to pull back a 704 00:38:47,480 --> 00:38:50,239 Speaker 1: little bit more diplomatic ties with other countries. When the 705 00:38:50,280 --> 00:38:53,080 Speaker 1: best way to keep China or any other kind of 706 00:38:53,120 --> 00:38:57,640 Speaker 1: aggressive country accountable and transparent, it's having a coalition that 707 00:38:57,719 --> 00:39:00,120 Speaker 1: can do that. America can't do that alone. So I 708 00:39:00,120 --> 00:39:04,280 Speaker 1: I hope that what this does is encourages and fosters 709 00:39:04,440 --> 00:39:07,800 Speaker 1: more of what we had been doing in the past, 710 00:39:07,880 --> 00:39:10,960 Speaker 1: which is really fostering those relationships with our allies to 711 00:39:11,200 --> 00:39:14,560 Speaker 1: use a coalition, a global coalition, to make sure that 712 00:39:14,600 --> 00:39:17,320 Speaker 1: bad actors are held to account. And by all accounts, 713 00:39:17,560 --> 00:39:19,800 Speaker 1: China has been a bad actor. They are at fault 714 00:39:20,080 --> 00:39:22,239 Speaker 1: for what has happened globally with this pandemic, and they 715 00:39:22,239 --> 00:39:25,359 Speaker 1: need to answer some questions. And every country who cares 716 00:39:25,360 --> 00:39:28,400 Speaker 1: about the health of their citizens should be asking those questions, 717 00:39:28,440 --> 00:39:29,920 Speaker 1: and we should be standing up together to do it. 718 00:39:30,400 --> 00:39:32,640 Speaker 1: And that's what I'm fascinated by is that there doesn't 719 00:39:32,680 --> 00:39:37,960 Speaker 1: appear to be a broader conversation of hearings. Yet I 720 00:39:37,960 --> 00:39:40,800 Speaker 1: would imagine that could start because what the TPP was 721 00:39:40,840 --> 00:39:43,080 Speaker 1: supposed to do. This is what it was supposed to do. 722 00:39:43,200 --> 00:39:45,240 Speaker 1: Trump pulled us out like the first day in office, 723 00:39:45,239 --> 00:39:47,640 Speaker 1: and I think that we are going to see whether 724 00:39:47,800 --> 00:39:53,520 Speaker 1: or not we can hopefully re re bring those relationships 725 00:39:53,560 --> 00:39:56,799 Speaker 1: back to the table. Uh so we can use that 726 00:39:56,920 --> 00:40:00,640 Speaker 1: kind of strength in numbers to hold China to aus. Maddie, 727 00:40:00,640 --> 00:40:03,799 Speaker 1: did you hear Katie Perry's Daisies No is This new 728 00:40:04,040 --> 00:40:06,200 Speaker 1: just came out today. Maddie Dupler is always on top 729 00:40:06,239 --> 00:40:08,840 Speaker 1: of the music. Go check it out. Happy Friday, Maddie 730 00:40:08,840 --> 00:40:12,200 Speaker 1: to you in the VAM, Happy Friday, appreciate it. Founder 731 00:40:12,200 --> 00:40:15,439 Speaker 1: of Forward Strategy, senior fellow at the National Taxpayers Union, 732 00:40:15,480 --> 00:40:19,080 Speaker 1: former colligience director for the House Republican Conference, and always 733 00:40:19,080 --> 00:40:21,799 Speaker 1: on top of pop music. I'm Kevin Cirelli. Cheap watching 734 00:40:21,840 --> 00:40:24,520 Speaker 1: the correspondent for Bloomberg Television of a Bloomberg video. Enjoy 735 00:40:24,640 --> 00:40:27,839 Speaker 1: this weekend. We finally made it to Spring Spring and DC. 736 00:40:28,320 --> 00:40:29,600 Speaker 1: Thanks for listening to Bloomberg.