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Speaker 1: Jeff Weaver is a senior advisor to Bernie Sanders presidential campaign.

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Speaker 1: He's here with me in studio. We were talking about

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Speaker 1: this a little bit earlier on Bloomberg Television. But how

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Speaker 1: would President Bernie Sanders negotiate with China? Well, look like Kevin,

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Speaker 1: you know, as we were discussing, you know, Bernie Sanders

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Speaker 1: has been very critical of all of these pro corporate

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Speaker 1: job killing trade deals NAFTA, p NTR with China, uh

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Speaker 1: and the rest. But the difference is Bernie Sanders, unlike

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Speaker 1: Donald Trump, would not go in there with a hand gradade.

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Speaker 1: And that's what the president has really done. I mean

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Speaker 1: at a very base level. You know what your listeners

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Speaker 1: should think. The Chinese really take Donald Trump seriously, I mean,

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Speaker 1: come on, uh, and we're very different into Bernie Sanders

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Speaker 1: a White House. I mean, the goal number one is

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Speaker 1: to make sure that we negotiate deals which do not

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Speaker 1: bleed American jobs. Uh. And they did not negatively, in

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Speaker 1: fact impact working people and the environment. Uh. You know,

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Speaker 1: that's job number one. But in terms of the deals

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Speaker 1: we already have, look, I do think we have to

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Speaker 1: renegotiate a bunch of those deals. Bernie Sanders and we

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Speaker 1: need to renegotiate a bunch of those deals, but you

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Speaker 1: do it, uh, in a in a way that does

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Speaker 1: not sort of blow everything up. In the meantime, Jeff,

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Speaker 1: when I was preparing for this show, I was really

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Speaker 1: kept coming back to one of these questions that we

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Speaker 1: hear so much in the chattering class here in Washington,

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Speaker 1: d C. There's a lot of that chattering chattering class.

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Speaker 1: And it's at this point that President Donald Trump sort

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Speaker 1: of upended the issue of trade policy in the Republican

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Speaker 1: Party and went against, so to speak, the Chamber of

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Speaker 1: Commerce and whatnot. He's using tariffs. The business community, the

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Speaker 1: big business community is against tariffs. Many Republicans have argued

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Speaker 1: that the president needs to back off. What do you

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Speaker 1: say to folks who would would argue that, well, Senator

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Speaker 1: Sanders might use tariffs, Senator Warren might use tariffs. And

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Speaker 1: how does that factor into sort of this this shift

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Speaker 1: that we've seen on trade policy amongst the two parties. Well, look,

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Speaker 1: you know, American trade policy, you know, let's going back

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Speaker 1: to at least the nine nineties, has you know, has

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Speaker 1: been driven by the big money interests in this country.

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Speaker 1: You know, Bill Clinton and the DLC, you know, Democratic

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Speaker 1: Leadership Council as know as the Democrats for the leisure

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Speaker 1: class and some circles you know, drove this sort of

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Speaker 1: corporate friendly trade policy which had a couple of bad impacts,

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Speaker 1: one of which was a decimated UH industrial capacity in

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Speaker 1: this country and the otherwise. It really shattered the Democratic

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Speaker 1: Party and the traditional alliance between the Party and labor.

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Speaker 1: And I think a lot of working people, you know,

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Speaker 1: who had looked to the Democratic Party historically to protect

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Speaker 1: their interests suddenly realized that you had an administration and

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Speaker 1: you had a new set of priorities uh that were

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Speaker 1: not in line with them, and that actually created the

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Speaker 1: space for somebody, a demagogue like Trump to come in,

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Speaker 1: uh and take a lot of votes away from the

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Speaker 1: Democratic Party. Do you think, Jeff Weaver, senior advisor to

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Speaker 1: Bernie Sanders presidential campaign, do you think the US is

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Speaker 1: headed towards another economic recession? Well, look, you know, it

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Speaker 1: seems to me that we're probably getting to the end.

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Speaker 1: And I think a lot of folks in the financial

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Speaker 1: sector saying this as well. We're probably getting close to

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Speaker 1: the end of the Obama recovery. Now been about to

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Speaker 1: enter the Trump recession potentially. And you know, one of

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Speaker 1: the problems we've had in this country is that because

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Speaker 1: so much of the income, new income and wealth is

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Speaker 1: going to the top, you know, the working people of

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Speaker 1: this country and people living in marginalized communities are economically

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Speaker 1: very very fragile. And so if we could create an economy,

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Speaker 1: in fact, where more of the money went to the

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Speaker 1: people at the bottom, who, as we all know, spend

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Speaker 1: it almost immediately because they have so many needs, you know,

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Speaker 1: I think we would create a much more stable economy

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Speaker 1: in the long run. Right now, again, we end up

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Speaker 1: in these booms and boomed and bust cycles. You have

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Speaker 1: some few people to top with so much money, uh,

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Speaker 1: and they all chase the latest h balloon, economic balloon

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Speaker 1: or economic bubble. Uh, and that bubble always bursts. What's

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Speaker 1: the difference to stick with trade? What? What? What's the

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Speaker 1: difference between how President Joe Biden would negotiate with China

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Speaker 1: and how President Sanders would negotiate with China. Well, I

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Speaker 1: don't want to like, I don't want to speak for

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Speaker 1: Vice President Biden. You know, he has a record on trade.

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Speaker 1: You know, he has said he's not has no apologies

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Speaker 1: for his vote on a NAFTA quite shockingly. Uh. But look,

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Speaker 1: the goal of negotiating with another country is to create

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Speaker 1: an agreement which is mutually beneficial, but not just in

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Speaker 1: the aggregate, to make sure that it is mutually beneficial

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Speaker 1: to a broad range of people in the country, and

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Speaker 1: that includes working people, farmers. You know, one of the

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Speaker 1: problems with the Trump approach dealing with China, uh is

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Speaker 1: you know, he looks at it from a very xenophobic

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Speaker 1: or nationalistic point as opposed to looking about about how

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Speaker 1: it impacts various sectors of the American population. So you know,

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Speaker 1: he has said this attack on China, but you know,

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Speaker 1: the farmers in Iowa and other places are really ones

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Speaker 1: are getting caught in the crossfire because his eye is

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Speaker 1: not on the ball of helping working people and small

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Speaker 1: business people. You know, it's about advancing this sort of

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Speaker 1: xenophobic agenda. Jeff Weavers here coming up. We're gonna talk

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Speaker 1: Medicare for all, We're gonna talk about the crowded field.

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Speaker 1: He's a senior advisor to Senator Bernie Sanders presidential campaign.

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Speaker 1: But before all of that is this. We were talking

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Speaker 1: a little bit about this, and I wanted to get

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Speaker 1: another longer time. Is this Joe Biden's Democratic Party Jeff Weaver, Now,

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Speaker 1: look absolutely not. You know, the party has trained changed

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Speaker 1: dramatically in the last twenty years. Of the rank and file,

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Speaker 1: the Democratic Party and democratically aligned Independence are moving in

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Speaker 1: a much more progressive direction. I think we saw that

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Speaker 1: in sixteen. I think you're seeing it now. Uh. And

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Speaker 1: you know there are there is a sort of you know,

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Speaker 1: I call the Democratic donor class which still clings to

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Speaker 1: the sort of nineteen nineties uh, you know, pro corporates viewpoint.

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Speaker 1: But the vast majority of the party has moved on, frankly. Uh.

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Speaker 1: And that is what we have got to do if

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Speaker 1: we're going to beat Trump and move the country in

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Speaker 1: a very different direction. A right, Jeff stick here, we're

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Speaker 1: gonna talk about Medicare for all and and a host

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Speaker 1: of other issues coming up. Jeff Weavers here, he's senior

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Speaker 1: advisor to Bernie Standers presidential campaign. Download the Bloomberg Sound

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Speaker 1: On podcast on Apple iTunes, Bloomberg dot com, or by

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Speaker 1: downloading the Bloomberg Business app. You can also find me

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Speaker 1: on Radio dot com, I Heart Radio and spot of

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Speaker 1: by along with CARDIV, who got an interview everybody with

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Speaker 1: Senator Bernie Sanders. I'm Kevin Serelli, not Cardi B. You're

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Speaker 1: listening to Bloomberg. This is Bloomberg Sound On with Kevin

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Speaker 1: Surreley on Bloomberg one and one oh five point seven

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Speaker 1: f M h D two, Baltimore. Every day is a

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Speaker 1: beautiful day in Washington, even if it's raining. I'm Kevin Cerelli,

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Speaker 1: Chief Washington correspondent from Bloomberg Television, Bloomberg Radio. We're talking

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Speaker 1: all things with someone caught in the middle of it all.

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Speaker 1: He's here in studio, Jeff Weaver. We are thrilled to

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Speaker 1: have him. He's a senior advisor to Bernie Sanders presidential campaign.

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Speaker 1: Was with the Bernie Sanders campaign last cycle as well.

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Speaker 1: All right, let's talk Medicare for all. Let's just let's

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Speaker 1: do it. Is Senator Kamala Harris's Medicare plan Medicare for All? No,

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Speaker 1: absolutely not. Uh. You know it is a system that

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Speaker 1: essentially relies on private companies. Look, Medicare for all. Uh

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Speaker 1: is a concept which exists, of course, and can in

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Speaker 1: other places where you have a single pool of patients,

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Speaker 1: which is everybody. Uh, you take out the private insurance companies,

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Speaker 1: which creates a tremendous amount of free money in the system,

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Speaker 1: which allows you to extend coverage uh to everybody. In fact,

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Speaker 1: there's been a number of studies which show that you

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Speaker 1: can extend coverage to everybody and the country as a

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Speaker 1: whole will pay less than it pays now with no copayments,

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Speaker 1: no deductibles, and complete freedom of choice of provider, which

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Speaker 1: is something that most people in this country do not have.

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Speaker 1: So on the issue of Medicare for all, just sticking

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Speaker 1: with this because this is a fascinating issue. That your

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Speaker 1: boss really carried the party with him and made it

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Speaker 1: an issue, created the box that candidates are trying to check.

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Speaker 1: On the issue of Medicare for all, the Biden campaign says, okay, well,

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Speaker 1: if we have Medicare for all, what do you tell

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Speaker 1: the union worker who's negotiating their health care? Are they

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Speaker 1: gonna lose their health care? Look, and let me say

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Speaker 1: generally before we talk about unions, you know anybody who

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Speaker 1: has somewhat better healthcare than their neighbor and is afraid

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Speaker 1: about quote unquote losing it. It's a little bit like

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Speaker 1: the person who's in economy plus you paid an extra

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Speaker 1: nineteen bucks, and you come back and say I'm putting

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Speaker 1: you in first class and you're like, hey, I paid

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Speaker 1: nineteen dollars for economy plus. You're like, you're gonna go

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Speaker 1: to first class. But on the union point specifically, you know,

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Speaker 1: that's a very easy thing to address. You know. What

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Speaker 1: you do is, you know, unions and the companies negotiate,

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Speaker 1: both of them do very exhaustive calculations of the overall

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Speaker 1: value of the compensation package, which includes wages, healthcare, and

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Speaker 1: other benefits. And all you have to do is require

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Speaker 1: that if and when Medicare for comes for all comes

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Speaker 1: into place, that you require the company to give that

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Speaker 1: the savings that they realize back to the workers in

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Speaker 1: other wages and benefits, which they can negotiate out with

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Speaker 1: the individual unions in that case. So it's you know,

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Speaker 1: there is not it's not a situation where these workers

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Speaker 1: gonna lose some part of their compensation. You just require

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Speaker 1: the companies to give it to them in other ways,

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Speaker 1: and then at the end of the day, workers will

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Speaker 1: have better healthcare and they'll have higher wages. So let's

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Speaker 1: say the company, the company doesn't increase the wages. What

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Speaker 1: happens then well, look, I think, you know, I think

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Speaker 1: that the approach that Senator has been working on is

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Speaker 1: one where you would create let's call it a tax

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Speaker 1: uh advantage or a disadvantage for not doing it that's

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Speaker 1: sufficiently heavy that the companies would would in fact do it.

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Speaker 1: I saw this on the Boomberg terminal that Senator Elizabeth

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Speaker 1: Warren has embraced Sanders Medicare for All. Uh do you

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Speaker 1: think that he's getting enough credit for for his Medicare

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Speaker 1: for All plans? Look, you know, actually been a number

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Speaker 1: of polls recently among Democratic primary voters, and regardless of

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Speaker 1: where voters are on the horse race, and every one

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Speaker 1: of those polls, Bernie Sanders is the most trusted a

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Speaker 1: person on healthcare among Democratic primary voters. So, you know,

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Speaker 1: this is an issue that voters know Bernie Sanders has

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Speaker 1: led on for decades. Frankly, Uh, they understand, you know,

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Speaker 1: because they feel it every day, the excesses of the

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Speaker 1: insurance company who tells them they can't have this procedure,

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Speaker 1: that procedure that they have to see this doctor or

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Speaker 1: that doctor, or the pharmaceutical company h companies that are

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Speaker 1: ripping them off exorbitantly. People feel in their everyday lives.

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Speaker 1: They know Bernie Sanders stands with them and that he

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Speaker 1: has been a leader on this particular one. More crushing

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Speaker 1: on the horse race. And I wanted just a couple

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Speaker 1: on policy. Everyone wants to know. Everyone knows their friends.

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Speaker 1: Elizabeth Warren, Bernie Sanders. When is the truth break? There's

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Speaker 1: no truce unquote truce but you know true, I shouldn't

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Speaker 1: have said truth. When does the good will end? Well,

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Speaker 1: I don't think. Look, they are friends, uh. In fact, uh,

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Speaker 1: and there is a lot of good will between them.

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Speaker 1: And you know what I think is going on right

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Speaker 1: now is that there is a debate and the party

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Speaker 1: you mentioned earlier is just Joe Biden's party, uh. And

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Speaker 1: I think that what we are seeing is a reckoning

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Speaker 1: of the fact that it is not Joe Biden's party.

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Speaker 1: It's not the corporatist wing of the Democratic Party's party.

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Speaker 1: It's the progressive wing. And as we get closer to

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Speaker 1: the actual data voting, I think people will start to

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Speaker 1: look at the individual candidates. But right now there's really

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Speaker 1: a victory of the progressive wing over this sort of

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Speaker 1: withering uh, corporate failed, corporate swing at the party. And

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Speaker 1: that's what you're seeing what you saw on the second

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Speaker 1: debate with Bernie Sanders UH with Elizabeth Warren support defending

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Speaker 1: the progressive agenda. You bringing it back absolutely? Why is

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Speaker 1: that important? Why is it important? Look, people who do

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Speaker 1: banking should do banking. People should other things to do

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Speaker 1: other things, Like I think we saw in the last

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Speaker 1: procession that the intertwined nature of the financial services market

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Speaker 1: UH really cost this country a tremendous amount of money.

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Speaker 1: Like it creates structural it creates the ability for companies

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Speaker 1: to create UH systemic UH collapse in this country, and

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Speaker 1: we've got to stop that, alright, Jeff Weaver, so much

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Speaker 1: to talk about. What about this? The last policy thing

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Speaker 1: I want to ask you? For folks who say, how

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Speaker 1: are you gonna pay for free college for all? What

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Speaker 1: was the answer? Well, the free college for all one

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Speaker 1: as actually is a quite easy to answer. Bernie Sanders

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Speaker 1: has talked about imposing a financial transactions tax and anti

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Speaker 1: speculation tax, which is you know other countries have, many

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Speaker 1: other countries have, and that this would in fact provide

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Speaker 1: enough money to do two things. One is to UH

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Speaker 1: create tuition free public colleges and universities and vocational schools.

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Speaker 1: UH and it would also allow Bernie Stands administration to

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Speaker 1: cancel all currently existing student debt. Final question, we're doing

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Speaker 1: the lightning round everybody with Jeff Weaver, the senior advisor

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Speaker 1: to Bernie Sanders presidential campaign. He has been so generous

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Speaker 1: with his time. Is if he's not in Iowa or

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Speaker 1: New Hampshire. He's been so generous with his time. But

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Speaker 1: the final question that I have for you is on

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Speaker 1: the issue pertaining specifically to trade policy and specifically to

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Speaker 1: the Green New Deal. And what do you say to

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Speaker 1: a worker in a refinery or a worker in a

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Speaker 1: coal mine, who here's the Green New Deal. And maybe

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Speaker 1: they're and maybe they're in a union, maybe they're progressive,

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Speaker 1: or they decided between Donald Trump and Bernie Sanders in

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Speaker 1: the last cycle, those voters exist. What do you say

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Speaker 1: to someone one of those workers? He says, Wait, this

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Speaker 1: Green New Deal is gonna shut down this refinery. The

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Speaker 1: Screen New Deal is gonna cost me and my family

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Speaker 1: my job. This s Green New Deal could could cost

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Speaker 1: coal miners and and and really dramatically upend the way

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Speaker 1: that that the town that I'm a part of, UH,

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Speaker 1: that is a part of me UH operates. Oh yeah, well,

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Speaker 1: that's a great question. And let me let me say this.

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Speaker 1: You know, I hope everybody understands that Bernie Sanders does

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Speaker 1: not believe that coal miners and refindery workers are some

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Speaker 1: kind of enemy here. Uh, but there is a global

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Speaker 1: crisis and in fact affects uh, the children and grandchildren

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Speaker 1: of coal miners and refinery workers like everybody else. That's

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Speaker 1: why it's called a green New deal. And the new

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Speaker 1: deal part of this is that we are going to

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Speaker 1: ensure that people who work in those industries are not displaced.

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Speaker 1: This is not about just giving folks a job training.

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Speaker 1: This is about ensuring the economic security of folks who

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Speaker 1: currently work in industries. Uh. You know that will play

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Speaker 1: a much, much, much less part of our economy going forward.

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Speaker 1: Jeff Weaver, thanks so much for coming in. Thanks for

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Speaker 1: talking about all these issues. We hope to get your

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Speaker 1: boss on eventually. Jeff Weaver, everybody, he's a senior advisor

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Speaker 1: to Bernie Sanders presidential campaign, very much appreciate the time.

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Speaker 1: Coming up, we pivots a foreign policy here. Garshamali is back.

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Speaker 1: James Holman from The Washington Post is back. Download the

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Speaker 1: Boomberg sound On podcast on Apple iTunes, Bloomberg dot com,

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Speaker 1: or by downloading the Bloomberg Business app. You can also

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Speaker 1: find us on Radio dot com, I Heart Radio, and Spotify.

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Speaker 1: I'm Kevin Cirelli, Chief Washington correspondent for Bloomberg Television, Bloomberg Radio,

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Speaker 1: and you're listening to Bloomberg