1 00:00:01,960 --> 00:00:06,200 Speaker 1: Live from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,360 --> 00:00:10,239 Speaker 1: This is historic progress go in our economy out of 3 00:00:10,320 --> 00:00:12,760 Speaker 1: the worst crisis in a hundred years. The key to 4 00:00:12,800 --> 00:00:15,640 Speaker 1: the new innovation technology is actually coming from the oil 5 00:00:15,640 --> 00:00:18,000 Speaker 1: and gas industry. How much funny do we need for 6 00:00:18,040 --> 00:00:20,759 Speaker 1: a rural broadman? How much money to redeep for bridges? 7 00:00:20,920 --> 00:00:25,720 Speaker 1: Floomberg Sound On, Politics, Policy and perspective from DC's top 8 00:00:25,840 --> 00:00:29,560 Speaker 1: name Waiters will continue rising and fill those supply constraints ease. 9 00:00:29,680 --> 00:00:33,159 Speaker 1: US economic plan is certainly working. The investments in the 10 00:00:33,159 --> 00:00:37,440 Speaker 1: American recue plant at being impactful. Floomberg Sound On with 11 00:00:37,560 --> 00:00:42,919 Speaker 1: Joe Matthew on Floomberg Radio Live from Washington, where we 12 00:00:42,960 --> 00:00:48,200 Speaker 1: have a deal once again on infrastructure fifty billion dollars 13 00:00:48,240 --> 00:00:49,919 Speaker 1: in new money coming up. Will take a look at 14 00:00:49,960 --> 00:00:52,640 Speaker 1: what is inside and talk about it with Labor Secretary 15 00:00:52,720 --> 00:00:56,680 Speaker 1: Marty Walsh, who sees new jobs in this bill and 16 00:00:56,720 --> 00:00:59,200 Speaker 1: of course will be a central figure in selling it 17 00:00:59,280 --> 00:01:02,680 Speaker 1: to the country. Get analysis ahead from Bloomberg Politics contributors 18 00:01:02,720 --> 00:01:05,720 Speaker 1: Genie she and Sano and Rick Davis, and thank you 19 00:01:05,760 --> 00:01:08,080 Speaker 1: for meeting us on this Wednesday. It may seem like 20 00:01:08,240 --> 00:01:12,680 Speaker 1: deja vu, but we finally have news on infrastructure. May 21 00:01:12,720 --> 00:01:14,839 Speaker 1: have heard that I'm washing now just in the phone. 22 00:01:15,959 --> 00:01:19,440 Speaker 1: Looks like you Resa, Bipartisan agreement on infrastructure. Fancy word 23 00:01:19,520 --> 00:01:23,800 Speaker 1: for bridges roads. President Biden today, speaking at a factory 24 00:01:23,800 --> 00:01:27,160 Speaker 1: tour in Pennsylvania. Sen A majority leader Chuck Schumer says 25 00:01:27,200 --> 00:01:30,440 Speaker 1: they're ready to move now. Tonight. I'm intending to call 26 00:01:30,560 --> 00:01:33,760 Speaker 1: a vote to move to proceed to the bipartis an 27 00:01:33,920 --> 00:01:37,039 Speaker 1: infrastructure bill. I believe we have the votes for that, 28 00:01:37,400 --> 00:01:40,120 Speaker 1: setting up an important procedural vote to begin debate on 29 00:01:40,160 --> 00:01:44,520 Speaker 1: this measure. So what's inside and what will happen next 30 00:01:45,680 --> 00:01:50,360 Speaker 1: in this process. We're joined by US Labor Secretary Marty Walsh, Secretary. 31 00:01:50,440 --> 00:01:54,280 Speaker 1: Thank you for coming back to see us on Bloomberg Radio. Oh, 32 00:01:54,280 --> 00:01:56,480 Speaker 1: thanks for having me today. It's a good day for 33 00:01:56,520 --> 00:01:59,640 Speaker 1: America today and hopefully after the vote tonight, there'll be 34 00:01:59,680 --> 00:02:03,360 Speaker 1: a great day from Erica to show that bipartisanships alive 35 00:02:03,360 --> 00:02:05,960 Speaker 1: and while and President Biden is fulfilling on his promise 36 00:02:06,080 --> 00:02:09,480 Speaker 1: of bipartisan bill. Well, we're looking at what the White 37 00:02:09,480 --> 00:02:12,919 Speaker 1: House calls the largest federal investment in public transit ever, 38 00:02:13,040 --> 00:02:16,520 Speaker 1: the largest federal investment in passenger rails, since the creation 39 00:02:16,600 --> 00:02:20,480 Speaker 1: of Amtrak and the biggest dedicated bridge investment since the 40 00:02:20,520 --> 00:02:24,240 Speaker 1: construction of the Interstate Highway System. Secretary, do you have 41 00:02:24,280 --> 00:02:26,760 Speaker 1: a sense of how many of these projects are shovel 42 00:02:26,840 --> 00:02:29,200 Speaker 1: ready as we used to say projects people could start 43 00:02:29,200 --> 00:02:31,959 Speaker 1: working on now, you know, I think a lot of 44 00:02:32,040 --> 00:02:34,440 Speaker 1: a lot of states and cities around this country have 45 00:02:34,600 --> 00:02:37,120 Speaker 1: a lot of projects ready to go. I certainly know 46 00:02:37,200 --> 00:02:39,000 Speaker 1: in Boston when I was the mayor, we had a 47 00:02:39,000 --> 00:02:40,480 Speaker 1: lot of projects rade to go if we had the 48 00:02:40,520 --> 00:02:43,519 Speaker 1: revenue for it. Uh. You know the beauty about this 49 00:02:43,520 --> 00:02:47,160 Speaker 1: this is an investment over multi years, so it will 50 00:02:47,200 --> 00:02:50,400 Speaker 1: allow the opportunity to ramp up some of these projects. So, uh, 51 00:02:50,600 --> 00:02:53,639 Speaker 1: there's there's a lot of great investment that otherwise might 52 00:02:53,639 --> 00:02:56,440 Speaker 1: not have happened all across this country in different areas. 53 00:02:56,520 --> 00:02:58,680 Speaker 1: So I would say that once it's built, once we 54 00:02:58,720 --> 00:03:01,320 Speaker 1: get the build hopefully through the Senate, into the House, 55 00:03:01,360 --> 00:03:04,040 Speaker 1: and onto the President's that's resigning, we're going to start 56 00:03:04,080 --> 00:03:06,000 Speaker 1: to see this money go out the door pretty quickly. 57 00:03:06,200 --> 00:03:08,760 Speaker 1: This has been quite a process, Secretary, And you don't 58 00:03:08,800 --> 00:03:10,560 Speaker 1: need me to tell you that you and I were 59 00:03:10,600 --> 00:03:14,360 Speaker 1: talking about a previous deal. My gosh, four or five 60 00:03:14,400 --> 00:03:17,680 Speaker 1: weeks ago. Are you confident that this is actually the 61 00:03:17,680 --> 00:03:20,200 Speaker 1: framework that we're going to be debating on Capitol Hill 62 00:03:20,240 --> 00:03:23,560 Speaker 1: next No. I definitely feel really good about this. You know, 63 00:03:23,600 --> 00:03:26,800 Speaker 1: the President has spent many, many hours in a room. 64 00:03:26,840 --> 00:03:30,000 Speaker 1: I want to commend the Republican, the Democratic senators, and 65 00:03:30,560 --> 00:03:33,160 Speaker 1: everyone who has been been at the table. This has 66 00:03:33,200 --> 00:03:35,400 Speaker 1: been a lot of work put into this bill. Uh. 67 00:03:35,640 --> 00:03:37,320 Speaker 1: And I think there's been a lot of skeptics and 68 00:03:37,400 --> 00:03:40,000 Speaker 1: skepticism around was it was a bill, was it was 69 00:03:40,040 --> 00:03:42,360 Speaker 1: an agreement going to be reached? But we did reach 70 00:03:42,400 --> 00:03:45,120 Speaker 1: an agreement. In the agreement, quite honest, who was reached 71 00:03:45,120 --> 00:03:47,760 Speaker 1: for on behalf of the American people. And I think 72 00:03:47,800 --> 00:03:50,960 Speaker 1: that the American people are looking for their government to 73 00:03:51,240 --> 00:03:54,880 Speaker 1: work collaboratively together, UH in infrastructure bills in a long 74 00:03:54,920 --> 00:03:58,360 Speaker 1: time coming. I was down in Washington myself a few 75 00:03:58,440 --> 00:04:01,480 Speaker 1: years ago with Governor Baker from Massachusetts. We went down 76 00:04:01,520 --> 00:04:03,800 Speaker 1: as a Democrat and Republican trying to see if we 77 00:04:03,840 --> 00:04:07,000 Speaker 1: could get some infrastructure through at that time, and I 78 00:04:07,040 --> 00:04:09,120 Speaker 1: think they were close, but they can never get it done. 79 00:04:09,360 --> 00:04:11,280 Speaker 1: And now we're on the verge of getting it done. 80 00:04:11,320 --> 00:04:12,720 Speaker 1: It still works to be done. Don't get me wrong. 81 00:04:13,040 --> 00:04:15,320 Speaker 1: I'm not going to be overly optimistic until this bill 82 00:04:15,400 --> 00:04:18,400 Speaker 1: is on the government and the presidents should say. But 83 00:04:18,440 --> 00:04:20,560 Speaker 1: when it's on his desk, you know it's going to 84 00:04:20,600 --> 00:04:23,040 Speaker 1: be a cause for celebration in a lot of places 85 00:04:23,040 --> 00:04:27,360 Speaker 1: in America. The famous road trip, I remember it very well, 86 00:04:27,480 --> 00:04:31,720 Speaker 1: and maybe that's what we can credit this whole process to. Secretary. 87 00:04:31,800 --> 00:04:34,560 Speaker 1: The President issued a statement today. Joe Biden says the 88 00:04:34,600 --> 00:04:37,520 Speaker 1: agreement will put Americans to work in what he calls 89 00:04:37,640 --> 00:04:40,800 Speaker 1: good paying union jobs, and he went further in his 90 00:04:40,839 --> 00:04:43,960 Speaker 1: speech today in Pennsylvania where he talked about dealing with 91 00:04:44,080 --> 00:04:49,240 Speaker 1: so called orphan wells. What while those a banned and 92 00:04:49,320 --> 00:04:53,880 Speaker 1: wells are Lincoln methane And guess what, the same union 93 00:04:53,880 --> 00:04:55,640 Speaker 1: guys that dog go as well as they can make 94 00:04:55,640 --> 00:04:59,000 Speaker 1: the same union ways capping those wells. I play that 95 00:04:59,080 --> 00:05:02,640 Speaker 1: because you've talked a lot about job training, Secretary Walsh, 96 00:05:02,680 --> 00:05:05,479 Speaker 1: there are other more specialized jobs that would come from 97 00:05:05,480 --> 00:05:09,440 Speaker 1: this legislation, right think telecom, I'm thinking high tech broadband. 98 00:05:10,040 --> 00:05:13,279 Speaker 1: How would you help people get those skills? Well? First 99 00:05:13,320 --> 00:05:16,440 Speaker 1: and foremost, I think it's really important that, uh, these 100 00:05:16,480 --> 00:05:21,560 Speaker 1: investments are going to help our economy grow by creating jobs, 101 00:05:21,720 --> 00:05:26,359 Speaker 1: enhancing our competitiveness, UH, and making our economy more sustainable. 102 00:05:26,360 --> 00:05:28,440 Speaker 1: So interesting, and I think that's just the first thing 103 00:05:28,520 --> 00:05:30,599 Speaker 1: we have to talk about, because when you have an 104 00:05:30,640 --> 00:05:33,120 Speaker 1: infrastructure bill, that there's spin off from that, and there's 105 00:05:33,160 --> 00:05:35,880 Speaker 1: spent off in cities and towns all across in America. 106 00:05:36,440 --> 00:05:39,760 Speaker 1: The President also has been very clear that he wants 107 00:05:39,760 --> 00:05:42,760 Speaker 1: to make sure that these jobs are good paying jobs, 108 00:05:43,120 --> 00:05:45,000 Speaker 1: and there's a lot of a lot of protections in 109 00:05:45,040 --> 00:05:48,200 Speaker 1: these jobs as well, to make sure these jobs pay 110 00:05:48,279 --> 00:05:50,760 Speaker 1: good wages so that people can can earn a living 111 00:05:50,760 --> 00:05:53,240 Speaker 1: and get into the middle class. That's something the President 112 00:05:53,279 --> 00:05:55,360 Speaker 1: has been very very clear on. Clearly I've been clear 113 00:05:55,440 --> 00:05:58,160 Speaker 1: on as well. UM, And so we're excited about I'm 114 00:05:58,200 --> 00:06:01,280 Speaker 1: excited about that. UH. Job training is going to be key. 115 00:06:01,640 --> 00:06:04,480 Speaker 1: UH in economic development in all of this economty is 116 00:06:04,520 --> 00:06:06,760 Speaker 1: gonna be key. And you know, I've been working now 117 00:06:06,839 --> 00:06:09,919 Speaker 1: as sectary labor for over four months. We've already begun 118 00:06:09,960 --> 00:06:12,919 Speaker 1: to start giving out just through the regular traditional ways 119 00:06:13,000 --> 00:06:15,440 Speaker 1: job training money. UM. There's been a lot to talk 120 00:06:15,480 --> 00:06:18,359 Speaker 1: about eight million Americans out of work and looking some 121 00:06:18,400 --> 00:06:20,760 Speaker 1: of them looking to be retrained. So we have such 122 00:06:20,800 --> 00:06:23,760 Speaker 1: a tremendous opportunity here to reskill workers. Part of it 123 00:06:23,800 --> 00:06:26,680 Speaker 1: is in the environmental aspect of the economy. Um. You 124 00:06:26,680 --> 00:06:28,719 Speaker 1: know people that might have been working in in in 125 00:06:28,839 --> 00:06:33,000 Speaker 1: oil oil oil refineries, or working in coal mills, coal mines, 126 00:06:33,040 --> 00:06:36,080 Speaker 1: I should say, excuse me, um, retraining those workers to 127 00:06:36,120 --> 00:06:39,200 Speaker 1: allow the opportunity to get jobs into the into the 128 00:06:39,279 --> 00:06:41,440 Speaker 1: environmental space. These are gonna be good paying jobs as 129 00:06:41,480 --> 00:06:44,039 Speaker 1: well in some cases. Some cases is how do we 130 00:06:44,080 --> 00:06:46,720 Speaker 1: train people to get into the tech industry? Not part 131 00:06:46,720 --> 00:06:48,440 Speaker 1: of the infrastructure bill, but how do we train to 132 00:06:48,520 --> 00:06:51,279 Speaker 1: get into the tech industry because tech now with investments 133 00:06:51,279 --> 00:06:54,359 Speaker 1: and rail investments in rows and bridges, better connectivity for 134 00:06:54,400 --> 00:06:57,320 Speaker 1: people to get to jobs. There's so many opportunities here 135 00:06:57,360 --> 00:06:59,400 Speaker 1: for us to really take the American work for us 136 00:06:59,440 --> 00:07:01,520 Speaker 1: into the twenty first century, that the second half of 137 00:07:01,520 --> 00:07:04,080 Speaker 1: the twenty one century, well the second quarter, I should say, 138 00:07:04,120 --> 00:07:07,480 Speaker 1: in the the twenty first century, uh, into really really creating something, 139 00:07:07,560 --> 00:07:10,680 Speaker 1: especially here in America. We're talking with US Labor Secretary 140 00:07:10,720 --> 00:07:13,920 Speaker 1: Marty Walsh to kick off this edition of Bloomberg Sound 141 00:07:13,960 --> 00:07:17,200 Speaker 1: On with a deal on infrastructure. We've talked a lot 142 00:07:17,240 --> 00:07:19,960 Speaker 1: about a worker shortage. Secretary, we talked about this last 143 00:07:19,960 --> 00:07:22,320 Speaker 1: time you were here. People will continue debating why it 144 00:07:22,440 --> 00:07:24,520 Speaker 1: is happening or why some people have been reluctant to 145 00:07:24,520 --> 00:07:27,080 Speaker 1: come back to work. But what gives you the confidence 146 00:07:27,120 --> 00:07:30,000 Speaker 1: to believe America will come back and that we will 147 00:07:30,040 --> 00:07:33,520 Speaker 1: have the workforce to do all these projects because we 148 00:07:33,760 --> 00:07:36,000 Speaker 1: have an opportunity here to do something special in America 149 00:07:36,040 --> 00:07:38,320 Speaker 1: that we really, quite honestly haven't done in a million 150 00:07:38,360 --> 00:07:42,680 Speaker 1: hundred years, creating a stronger economy and more opportunities for 151 00:07:42,680 --> 00:07:45,560 Speaker 1: people to get into better paying jobs. You know, drug 152 00:07:45,600 --> 00:07:47,200 Speaker 1: training is going to be part of it as well. 153 00:07:47,400 --> 00:07:50,000 Speaker 1: But I think the reality of the current situation we're in, 154 00:07:50,000 --> 00:07:52,280 Speaker 1: and you guys have been reporting on it today, is 155 00:07:52,320 --> 00:07:55,800 Speaker 1: that we're still living living with the coronavirus, and you know, 156 00:07:55,880 --> 00:07:57,920 Speaker 1: we need to make sure that we get people healthy. 157 00:07:58,040 --> 00:07:59,560 Speaker 1: We need to make sure that we get people to 158 00:07:59,600 --> 00:08:02,160 Speaker 1: be able to back to work safely. We need to 159 00:08:02,480 --> 00:08:04,160 Speaker 1: you know, in vaccines are gonna be part of that. 160 00:08:04,240 --> 00:08:06,440 Speaker 1: I know it's not part of this interview, but I 161 00:08:06,480 --> 00:08:09,080 Speaker 1: want to make a picture vaccines. You know, as a mayor, 162 00:08:09,200 --> 00:08:12,080 Speaker 1: former mayor, I saw the impact that COVID had on 163 00:08:12,120 --> 00:08:15,440 Speaker 1: our economy, head on our industry that our restaurants, our businesses, 164 00:08:15,960 --> 00:08:18,400 Speaker 1: and it's still going to have that impact. So I 165 00:08:18,440 --> 00:08:20,840 Speaker 1: do feel that we will get America's Americans back to 166 00:08:20,880 --> 00:08:23,000 Speaker 1: work and all Americans that want to go to work 167 00:08:23,160 --> 00:08:26,080 Speaker 1: will have an opportunity. This infrastructure bill will we'll put 168 00:08:26,120 --> 00:08:28,720 Speaker 1: us on a pathway to making sure any American that 169 00:08:28,840 --> 00:08:30,720 Speaker 1: is looking for work, we'll be able to obtain the 170 00:08:30,800 --> 00:08:33,240 Speaker 1: job as we move forward. Hin Well, it is actually 171 00:08:33,240 --> 00:08:35,800 Speaker 1: part of this interview. Obviously you've just brought it up, 172 00:08:35,800 --> 00:08:38,920 Speaker 1: but it ties directly into what we're talking about here, 173 00:08:39,000 --> 00:08:41,920 Speaker 1: is we try to get an economic recovery underway. And 174 00:08:42,000 --> 00:08:45,319 Speaker 1: I remember talking with you as mayor UH when this 175 00:08:45,440 --> 00:08:48,280 Speaker 1: was a very scary moments and we were going around 176 00:08:48,320 --> 00:08:50,000 Speaker 1: the dark side of the moon on COVID. A lot 177 00:08:50,040 --> 00:08:52,120 Speaker 1: of people are worried we may be all over again. 178 00:08:52,600 --> 00:08:54,320 Speaker 1: But I'd like to ask you about the new COVID 179 00:08:54,400 --> 00:08:58,760 Speaker 1: mass guidance from the CDC and the White House, some 180 00:08:58,880 --> 00:09:01,760 Speaker 1: of the new vaccine man dates that we're seeing from employers. 181 00:09:02,800 --> 00:09:05,559 Speaker 1: Are you concerned that that will scare people from coming 182 00:09:05,559 --> 00:09:07,679 Speaker 1: back to work or does that make them more comfortable 183 00:09:07,720 --> 00:09:10,320 Speaker 1: to return to work knowing their colleagues will have masks 184 00:09:10,360 --> 00:09:13,560 Speaker 1: and potentially be vaccinated. I think a lot of people 185 00:09:13,559 --> 00:09:15,320 Speaker 1: will come back to work. My fare is that people 186 00:09:15,320 --> 00:09:18,000 Speaker 1: that are vaccinated are currently working. Uh. You know, every 187 00:09:18,080 --> 00:09:19,840 Speaker 1: night on the news, you turn on the station and 188 00:09:19,880 --> 00:09:22,960 Speaker 1: you're finding somebody that refused to get a vaccine and 189 00:09:23,000 --> 00:09:25,720 Speaker 1: they're regretting it now. And you know, what we don't 190 00:09:25,720 --> 00:09:27,480 Speaker 1: want to see is people lose their life due to 191 00:09:27,520 --> 00:09:29,640 Speaker 1: the variant. We don't want to see any more loss 192 00:09:29,679 --> 00:09:32,000 Speaker 1: of life due to covid UM. This has been a 193 00:09:32,040 --> 00:09:34,839 Speaker 1: long year and a half now, and it appears that 194 00:09:34,960 --> 00:09:36,800 Speaker 1: for the next couple of months here, maybe even longer 195 00:09:36,840 --> 00:09:39,240 Speaker 1: than that, we're gonna be living with the variant now 196 00:09:39,280 --> 00:09:42,440 Speaker 1: coming out stronger and more and more people getting COVID 197 00:09:42,480 --> 00:09:44,920 Speaker 1: every day in America. So, uh, you know, I want 198 00:09:44,920 --> 00:09:47,400 Speaker 1: to encourage people when we see a light at the 199 00:09:47,480 --> 00:09:49,439 Speaker 1: end of the tunnel. We've seen it now two or 200 00:09:49,480 --> 00:09:51,440 Speaker 1: three different times here, and we've seen a spike in 201 00:09:51,480 --> 00:09:54,520 Speaker 1: COVID nineteen um or a spike in the variant. So 202 00:09:55,120 --> 00:09:57,600 Speaker 1: I'm just trying to encourage people. You know, those stories 203 00:09:57,600 --> 00:10:00,360 Speaker 1: that you're seeing on TV from people that that refused 204 00:10:00,360 --> 00:10:03,160 Speaker 1: to get vaccinated and in which they had those are real. Uh, 205 00:10:03,240 --> 00:10:05,920 Speaker 1: those are real people. Uh, And those are real concerns 206 00:10:05,920 --> 00:10:09,360 Speaker 1: that people have. Um our economy. Our businesses in America 207 00:10:09,679 --> 00:10:11,720 Speaker 1: need a break. They need us to get back to work. 208 00:10:11,760 --> 00:10:13,760 Speaker 1: They need us to to get our economy up and running. 209 00:10:14,040 --> 00:10:16,000 Speaker 1: And we can only do that if we if we 210 00:10:16,080 --> 00:10:19,360 Speaker 1: combat and be back the virus. And right now the 211 00:10:19,440 --> 00:10:21,199 Speaker 1: numbers are heading in the wrong direction. I don't want 212 00:10:21,200 --> 00:10:24,839 Speaker 1: to just say doom and gloom here, but the numbers 213 00:10:24,840 --> 00:10:26,360 Speaker 1: are definitely heading the long direction. I was in St. 214 00:10:26,400 --> 00:10:29,080 Speaker 1: Louis a couple weeks ago. Uh, and you know, people 215 00:10:29,120 --> 00:10:30,560 Speaker 1: out of work, people want to get back to work. 216 00:10:30,559 --> 00:10:33,520 Speaker 1: And we're seeing the numbers in in in Missouri jumping. 217 00:10:33,520 --> 00:10:35,440 Speaker 1: We're seeing the numbers all over this country jumping in 218 00:10:35,440 --> 00:10:38,720 Speaker 1: different places. So really, I can't stress the importance of 219 00:10:38,800 --> 00:10:41,520 Speaker 1: people taking care of themselves when you're out. If you 220 00:10:41,559 --> 00:10:43,560 Speaker 1: can wear a mask, if there's a mandate, you know, 221 00:10:43,600 --> 00:10:46,440 Speaker 1: wear the mask. Let's not fight this. We've seen over 222 00:10:46,480 --> 00:10:50,280 Speaker 1: six hundred thousand Americans lose their life through the COVID nineteen. Uh. 223 00:10:50,320 --> 00:10:52,960 Speaker 1: This this, this is still with us, so we have 224 00:10:53,000 --> 00:10:55,440 Speaker 1: an opportunity to push this thing back. So get vaccinated 225 00:10:55,679 --> 00:10:59,840 Speaker 1: and be safe with regard to vaccine mandates. Richard Trump, 226 00:11:00,120 --> 00:11:01,920 Speaker 1: the a f l C I OH says he will 227 00:11:01,960 --> 00:11:05,120 Speaker 1: support a vaccine mandate. Political there was reporting secretary that 228 00:11:05,160 --> 00:11:08,880 Speaker 1: many member unions, including the American Federation of Teachers, say 229 00:11:08,920 --> 00:11:12,480 Speaker 1: slow down. That should be decided in individual workplaces. Do 230 00:11:12,559 --> 00:11:14,880 Speaker 1: you have a stand on that? No, I don't know. 231 00:11:14,920 --> 00:11:16,319 Speaker 1: I don't person I have a stand on it, but 232 00:11:16,440 --> 00:11:19,240 Speaker 1: but I do think that you know, um, in my 233 00:11:19,320 --> 00:11:22,280 Speaker 1: former role, I would have I would be encouraging people 234 00:11:22,320 --> 00:11:26,880 Speaker 1: to get vaccinated, especially your former role as a union leader. 235 00:11:26,920 --> 00:11:29,920 Speaker 1: You're saying as a mayor, as mayor of Boston, got 236 00:11:29,960 --> 00:11:32,240 Speaker 1: it as mayor be because you know some of these 237 00:11:32,320 --> 00:11:35,360 Speaker 1: jobs you're working, whether it's a food processing line, or 238 00:11:35,400 --> 00:11:38,679 Speaker 1: it's working in the school and teaching kids or any 239 00:11:38,760 --> 00:11:41,960 Speaker 1: any any job. Most jobs today are outward facing, meaning 240 00:11:42,280 --> 00:11:45,240 Speaker 1: you're interacting with the public. Again, it's about keeping you 241 00:11:45,360 --> 00:11:48,360 Speaker 1: safe and your family safe. And and if if, if 242 00:11:48,360 --> 00:11:50,400 Speaker 1: that's not a concern of you, they keep people around 243 00:11:50,400 --> 00:11:53,040 Speaker 1: you safe. And I would encourage you know, before we 244 00:11:53,080 --> 00:11:54,760 Speaker 1: have to go to mandate, we shouldn't have to be 245 00:11:54,840 --> 00:11:57,959 Speaker 1: even talking about mandate. People should be is they're comfortable enough, 246 00:11:57,960 --> 00:12:01,360 Speaker 1: should be willing to get the vaccine. This this somehows 247 00:12:01,360 --> 00:12:03,760 Speaker 1: turned into a political issue. It's not a political issue. 248 00:12:04,120 --> 00:12:07,880 Speaker 1: It's about health, the health and safety of individuals, and 249 00:12:07,960 --> 00:12:10,120 Speaker 1: a workplace issue, which is why we talk about it 250 00:12:10,480 --> 00:12:13,280 Speaker 1: with the U. S Secretary of Labor, Marty Walsh. Thank 251 00:12:13,320 --> 00:12:16,040 Speaker 1: you for being back with us, Secretary. I'm sure you'll 252 00:12:16,080 --> 00:12:18,760 Speaker 1: be on the road selling the deal at some point. Here. 253 00:12:18,760 --> 00:12:21,640 Speaker 1: We'd love to stay in touch with you. You're listening 254 00:12:21,679 --> 00:12:26,400 Speaker 1: to Bloomberg. You sound on with Joe Matthew on Bloomberg Radio. 255 00:12:28,440 --> 00:12:32,319 Speaker 1: The headline on the terminal Senators strike infrastructure deal, Schumer 256 00:12:32,320 --> 00:12:36,400 Speaker 1: PRES's initial votes, and the President is welcoming the news 257 00:12:36,480 --> 00:12:39,640 Speaker 1: much like he did the last agreement. I'm working with Democrats. 258 00:12:39,720 --> 00:12:41,760 Speaker 1: We publicly did you get this done? Because while there's 259 00:12:41,800 --> 00:12:45,640 Speaker 1: a lot we don't agree on, I believe we should 260 00:12:45,640 --> 00:12:48,280 Speaker 1: be able to work together and the few things we 261 00:12:48,360 --> 00:12:51,200 Speaker 1: do agree on joining us to discuss the next steps here. 262 00:12:51,200 --> 00:12:54,760 Speaker 1: Bloomberg Politics contributors Genie she and Zano and Rick Davis. 263 00:12:54,800 --> 00:12:57,240 Speaker 1: Let me start by congratulating both of you, since you've 264 00:12:57,240 --> 00:13:00,200 Speaker 1: spent so many hours of your lives walking up to 265 00:13:00,240 --> 00:13:04,200 Speaker 1: this moment with us, Jennie, Senator Chuck Schumer says he 266 00:13:04,240 --> 00:13:06,240 Speaker 1: has the votes. We heard him mentioned that a short 267 00:13:06,280 --> 00:13:08,840 Speaker 1: time ago. What's different though, from the last time he 268 00:13:08,920 --> 00:13:12,800 Speaker 1: tried this when it failed, Well, this time the Republicans 269 00:13:12,840 --> 00:13:16,520 Speaker 1: who balked because they had no legislation, no bill to 270 00:13:16,600 --> 00:13:19,480 Speaker 1: look at, you know, nothing in writing, They didn't have 271 00:13:19,520 --> 00:13:21,640 Speaker 1: an agreement on pay for us and all of those things. 272 00:13:22,040 --> 00:13:25,480 Speaker 1: They have that now, presumably, and so they will be 273 00:13:25,559 --> 00:13:27,760 Speaker 1: able to make a judgment. And I do believe he 274 00:13:27,800 --> 00:13:31,559 Speaker 1: will get this procedural vote done to move to discussing 275 00:13:31,600 --> 00:13:34,640 Speaker 1: this bill. So that is a huge difference and a 276 00:13:34,679 --> 00:13:38,920 Speaker 1: step forward. And remember several Republicans said to Chuck Schumer 277 00:13:38,960 --> 00:13:41,360 Speaker 1: and the President, you give us, you know, a bill, 278 00:13:41,679 --> 00:13:43,600 Speaker 1: we will be able to make a decision on this. 279 00:13:44,040 --> 00:13:46,960 Speaker 1: So I do think they will get the procedural vote passed. 280 00:13:47,280 --> 00:13:49,960 Speaker 1: Whether in fact, did they get the bill passed into 281 00:13:50,040 --> 00:13:52,439 Speaker 1: the President's desk as you look at the House, and 282 00:13:52,559 --> 00:13:55,400 Speaker 1: you've mentioned this is a whole another story. But setting 283 00:13:55,440 --> 00:13:58,160 Speaker 1: that aside, it is a big day, in a big moment, 284 00:13:58,200 --> 00:14:02,640 Speaker 1: that we finally have this bipartisan agreement to move forward 285 00:14:02,679 --> 00:14:06,360 Speaker 1: on Rick the complaint in that first procedural vote, which 286 00:14:06,400 --> 00:14:08,560 Speaker 1: everyone knew would fail, is that, well, there was no bill. 287 00:14:08,600 --> 00:14:10,840 Speaker 1: How could we possibly vote on something that doesn't exist. 288 00:14:11,240 --> 00:14:13,720 Speaker 1: I'm looking at a fact sheet here came from the 289 00:14:13,720 --> 00:14:17,199 Speaker 1: White House a short time ago. Paragraphs on everything from 290 00:14:17,200 --> 00:14:20,400 Speaker 1: e v's clean drinking water, public transit, they all have 291 00:14:20,400 --> 00:14:25,160 Speaker 1: a dollar figure. Is that enough to at least create 292 00:14:25,240 --> 00:14:28,680 Speaker 1: the confidence for a yes vote in the Senate? Sure 293 00:14:28,680 --> 00:14:31,720 Speaker 1: it is. I think that this is this is more 294 00:14:31,800 --> 00:14:35,680 Speaker 1: detailed than many bills that start the process of debate. 295 00:14:35,800 --> 00:14:38,440 Speaker 1: So I think the fact that they've actually ironed out 296 00:14:38,480 --> 00:14:42,080 Speaker 1: most of the big issues between the Democrats and the 297 00:14:42,120 --> 00:14:45,440 Speaker 1: Republicans by creating this structure around the bill with the 298 00:14:45,480 --> 00:14:48,120 Speaker 1: funding but also the pay force, which were critical in 299 00:14:48,120 --> 00:14:51,920 Speaker 1: this debate, I think gives this thing actually a real 300 00:14:51,960 --> 00:14:54,800 Speaker 1: wind at it's back in order to be able to 301 00:14:54,800 --> 00:14:58,320 Speaker 1: to get through the Senate in some reasonable way, or 302 00:14:58,640 --> 00:15:02,040 Speaker 1: if they get through tonight's vote and they start to 303 00:15:02,080 --> 00:15:05,120 Speaker 1: debate the bill, um, they're going to go into all 304 00:15:05,200 --> 00:15:07,640 Speaker 1: kinds of discussions about how much time they're gonna a lot, 305 00:15:07,800 --> 00:15:10,720 Speaker 1: how many amendments they're gonna a lot, um the real 306 00:15:10,760 --> 00:15:15,400 Speaker 1: fund begins. But this is a really terrific start, one 307 00:15:15,440 --> 00:15:19,160 Speaker 1: that's been very well calculated by the group of twenty 308 00:15:19,160 --> 00:15:22,200 Speaker 1: two that have been working hard since you know, remember, 309 00:15:22,320 --> 00:15:25,680 Speaker 1: I mean this all got started once the Biden Shelley 310 00:15:25,680 --> 00:15:30,240 Speaker 1: Moore Capitau deal fell apart, and so this is really 311 00:15:30,320 --> 00:15:33,720 Speaker 1: great progress. Glad you mentioned the pay for us. We 312 00:15:33,760 --> 00:15:35,680 Speaker 1: actually haven't gotten to this yet. A statement from the 313 00:15:35,680 --> 00:15:38,520 Speaker 1: White House says the deal is yes, paid for through 314 00:15:38,560 --> 00:15:42,040 Speaker 1: a combination. This is from the White House statement, a 315 00:15:42,080 --> 00:15:48,440 Speaker 1: combination of redirecting unspent emergency relief funds, targeted corporate user fees, 316 00:15:49,600 --> 00:15:54,960 Speaker 1: this popped out tax enforcement of cryptocurrencies, and what they 317 00:15:55,000 --> 00:16:00,280 Speaker 1: call other bipartisan measures. Is that enough, Genie, It's a start. 318 00:16:00,360 --> 00:16:02,160 Speaker 1: I don't know if that's what it will look like 319 00:16:02,280 --> 00:16:04,840 Speaker 1: in the end, if this thing does get through, but 320 00:16:04,960 --> 00:16:07,600 Speaker 1: it's certainly a start, and it addresses some of the 321 00:16:07,680 --> 00:16:11,920 Speaker 1: issues that both Republicans and Democrats had, I think, obviously, 322 00:16:12,000 --> 00:16:14,800 Speaker 1: and most importantly for the White House and the President, 323 00:16:14,840 --> 00:16:17,520 Speaker 1: as he has been saying over and over again, and 324 00:16:17,600 --> 00:16:20,000 Speaker 1: he says it towards the end of their statement they 325 00:16:20,040 --> 00:16:22,920 Speaker 1: released today, They're going to be doing this and they're 326 00:16:22,920 --> 00:16:26,600 Speaker 1: going to be paying for it without raising taxes on 327 00:16:26,680 --> 00:16:29,520 Speaker 1: anybody who makes less than four hundred thousand a year, 328 00:16:29,920 --> 00:16:33,320 Speaker 1: no gas tax increase and no fee on e vs. 329 00:16:33,400 --> 00:16:36,360 Speaker 1: Those were huge for the President and so for him, 330 00:16:36,400 --> 00:16:39,160 Speaker 1: I think those were bottom lines. I'm not I'm not 331 00:16:39,240 --> 00:16:42,120 Speaker 1: convinced that what we're hearing today is is what we'll 332 00:16:42,160 --> 00:16:44,520 Speaker 1: see at the end. But it shouldn't be. There's gonna 333 00:16:44,560 --> 00:16:46,960 Speaker 1: be a lot of compromise and debates, but I think 334 00:16:47,040 --> 00:16:50,320 Speaker 1: it's definitely a start here and the President, and we 335 00:16:50,400 --> 00:16:53,160 Speaker 1: heard it in your interview with the Secretary Walsh, they 336 00:16:53,160 --> 00:16:56,760 Speaker 1: are very upbeat about this, very excited, but just the 337 00:16:56,800 --> 00:17:00,400 Speaker 1: pragmatist in me says, you know, it is interesting that 338 00:17:00,440 --> 00:17:02,240 Speaker 1: we are at a time in this country when we 339 00:17:02,280 --> 00:17:06,399 Speaker 1: are celebrating moving a bill towards discussion. I mean, we 340 00:17:06,400 --> 00:17:08,400 Speaker 1: we have to reflect on that for a minute. And 341 00:17:08,480 --> 00:17:11,399 Speaker 1: nothing against the Secretary or the President or anybody else, 342 00:17:11,720 --> 00:17:14,880 Speaker 1: but that's where we are. We are. So there's one 343 00:17:14,920 --> 00:17:18,000 Speaker 1: more on here, one more offset. I didn't mention, Rick Davis. 344 00:17:18,520 --> 00:17:21,800 Speaker 1: It says an addition everything I just said, in addition 345 00:17:21,880 --> 00:17:25,159 Speaker 1: to the revenue generated from higher economic growth as a 346 00:17:25,240 --> 00:17:29,760 Speaker 1: result of the investments. This always comes with the infrastructure conversation, 347 00:17:29,760 --> 00:17:33,840 Speaker 1: along with any kind of economic stimulus legislation that says Essentially, 348 00:17:33,840 --> 00:17:35,800 Speaker 1: it will pay for itself by growing the economy. Right, 349 00:17:35,800 --> 00:17:38,320 Speaker 1: It's going to create more tax revenue because we're growing 350 00:17:38,320 --> 00:17:40,840 Speaker 1: the economy. If you're on the other side of the aisle, though, 351 00:17:40,880 --> 00:17:43,280 Speaker 1: you're asking, well, what if that doesn't happen, What if 352 00:17:43,320 --> 00:17:46,400 Speaker 1: COVID takes hold, What if the economy doesn't rebound rick 353 00:17:46,440 --> 00:17:48,880 Speaker 1: as much as we think it will. Yeah, that looks 354 00:17:49,400 --> 00:17:51,560 Speaker 1: as you described, Joe. I mean, this is in almost 355 00:17:51,560 --> 00:17:54,240 Speaker 1: every single bill, right. They have to take a shot 356 00:17:54,840 --> 00:17:57,320 Speaker 1: at what we think the real GDP growth is going 357 00:17:57,359 --> 00:17:59,560 Speaker 1: to be. Uh. And and of course they're doing this 358 00:17:59,640 --> 00:18:03,560 Speaker 1: at a time when GDP second quarter numbers just came 359 00:18:03,560 --> 00:18:05,400 Speaker 1: out and it's eight point three per cent. I mean, 360 00:18:05,480 --> 00:18:09,880 Speaker 1: nobody expects GDP growth the last uh, you know, for 361 00:18:10,040 --> 00:18:13,480 Speaker 1: five years at that level. But but what will it be? 362 00:18:13,640 --> 00:18:19,120 Speaker 1: And so these are the ways of creative budgeteering, right, 363 00:18:19,160 --> 00:18:21,639 Speaker 1: I mean, there everyone has to sort of with a 364 00:18:21,680 --> 00:18:23,920 Speaker 1: straight face, say we all agree that this is kind 365 00:18:23,920 --> 00:18:28,080 Speaker 1: of the growth we want see. The Congressional Budget Office 366 00:18:28,359 --> 00:18:31,320 Speaker 1: CBO and its economists will have a hack on this. 367 00:18:31,320 --> 00:18:34,720 Speaker 1: This will all get scored. Uh and uh. And yet look, 368 00:18:34,760 --> 00:18:36,920 Speaker 1: I mean, you know, when you start the pay for 369 00:18:37,000 --> 00:18:39,720 Speaker 1: it is with two fifty billion from COVID relief funds 370 00:18:39,760 --> 00:18:43,120 Speaker 1: that have already been allocated in fifty billion and unemployment benefits. 371 00:18:43,119 --> 00:18:46,920 Speaker 1: You're really doing well without having to rast taxes. And 372 00:18:46,960 --> 00:18:50,919 Speaker 1: welcome to the Wednesday edition of Bloomberg Sound on the 373 00:18:51,000 --> 00:18:56,760 Speaker 1: President tweeting today, President Biden, Infrastructure Week. We made it 374 00:18:58,119 --> 00:19:00,960 Speaker 1: and Democrats are wasting no time in the center It night. 375 00:19:01,160 --> 00:19:04,800 Speaker 1: I'm intending to call a vote to move to proceed 376 00:19:04,880 --> 00:19:08,600 Speaker 1: to the bipartisan Infrastructure Bill. I believe we have the 377 00:19:08,680 --> 00:19:12,280 Speaker 1: votes for that, and we will then proceed to do 378 00:19:12,520 --> 00:19:15,919 Speaker 1: amendments and go forward on that bill. We are also 379 00:19:16,000 --> 00:19:18,880 Speaker 1: in very good shape to move forward on the budget 380 00:19:19,720 --> 00:19:24,800 Speaker 1: resolution with reconcilientation instructions. So both tracks are moving forward 381 00:19:24,920 --> 00:19:27,359 Speaker 1: in a very good way. Both tracks. In case you 382 00:19:27,359 --> 00:19:29,880 Speaker 1: were wondering, we've only been talking so far this hour 383 00:19:30,000 --> 00:19:35,240 Speaker 1: about the bipartisan framework, the hard infrastructure, the stuff seemingly 384 00:19:35,320 --> 00:19:38,359 Speaker 1: most can get their heads around. Roads, bridges, tunnels, ports, 385 00:19:38,480 --> 00:19:42,119 Speaker 1: broadband and water. There's more where that came from, of course, 386 00:19:42,160 --> 00:19:45,600 Speaker 1: and helping us understand what's inside as we also prepare 387 00:19:45,640 --> 00:19:51,200 Speaker 1: for the reconciliation track is Bloomberg Government's Jack Fitzpatrick welcome back, Jack, 388 00:19:51,320 --> 00:19:55,080 Speaker 1: It's good to have you. You finally have a deal here. Yeah, yeah, 389 00:19:55,119 --> 00:19:57,840 Speaker 1: we actually do appear to have a deal. As you 390 00:19:57,960 --> 00:20:01,240 Speaker 1: heard from that Schumer clip. We could have a vote 391 00:20:01,280 --> 00:20:05,679 Speaker 1: as soon as tonight. Uh. That's not necessarily in stone, 392 00:20:05,760 --> 00:20:09,520 Speaker 1: but we could get that procedural vote as soon as tonight. 393 00:20:09,800 --> 00:20:13,240 Speaker 1: Keep in mind, though, for this infrastructure bill, even the 394 00:20:13,359 --> 00:20:17,280 Speaker 1: bipartisan infrastructure bill, that there is a deal on now 395 00:20:17,359 --> 00:20:21,560 Speaker 1: and they're turning this into legislative language, and fairly soon 396 00:20:21,640 --> 00:20:24,320 Speaker 1: we should have an actual bill. Uh. That isn't going 397 00:20:24,400 --> 00:20:28,200 Speaker 1: to get through the House until there's also this next 398 00:20:28,200 --> 00:20:32,240 Speaker 1: big reconciliation bill because Speaker Pelosi has said those are 399 00:20:32,240 --> 00:20:36,320 Speaker 1: tied together. So this is a significant step forward, one 400 00:20:36,560 --> 00:20:39,280 Speaker 1: because it allows the Senate to get moving on this 401 00:20:39,440 --> 00:20:43,720 Speaker 1: infrastructure bill, but to uh, it then allows them to 402 00:20:43,840 --> 00:20:47,720 Speaker 1: get started in the early procedural votes on this on 403 00:20:47,760 --> 00:20:50,399 Speaker 1: the three and a half trillion dollar measure. But really 404 00:20:50,440 --> 00:20:52,439 Speaker 1: we're not going to see either of them get to 405 00:20:52,520 --> 00:20:55,679 Speaker 1: the finish line without the other. So it's we we 406 00:20:55,760 --> 00:20:59,160 Speaker 1: have a ways to go before anything becomes law. Despite 407 00:20:59,160 --> 00:21:01,200 Speaker 1: the progress that has made the last couple of days. 408 00:21:01,480 --> 00:21:03,639 Speaker 1: Last time we spoke Jack, it was about sticking points, 409 00:21:03,640 --> 00:21:05,960 Speaker 1: it was about money for water, right, it was about 410 00:21:05,960 --> 00:21:08,840 Speaker 1: money for transit. How do those both come out? Uh, 411 00:21:08,880 --> 00:21:12,840 Speaker 1: you know, we're we're looking for the exact details. The 412 00:21:12,920 --> 00:21:17,160 Speaker 1: latest we'd heard is that on the eight twenty divide. 413 00:21:17,200 --> 00:21:21,360 Speaker 1: We're we're gonna have to wait for the exact ratio. 414 00:21:21,520 --> 00:21:26,120 Speaker 1: But we had heard that Democrats had accepted Republicans proposal, 415 00:21:26,240 --> 00:21:32,400 Speaker 1: gave a little ground on the highway versus public transit debate. Uh, 416 00:21:32,600 --> 00:21:34,960 Speaker 1: some of the details we still don't have it. We 417 00:21:34,960 --> 00:21:38,960 Speaker 1: we don't have quite as much detail on the pay fors, 418 00:21:39,280 --> 00:21:42,320 Speaker 1: although it is you know, this is not the the 419 00:21:42,480 --> 00:21:46,919 Speaker 1: tax increases that we're discussed. There's no gas tax. Uh, 420 00:21:46,960 --> 00:21:50,440 Speaker 1: there's not an electric vehicle tax or anything like that. Really, 421 00:21:50,720 --> 00:21:52,760 Speaker 1: to be honest, at this point, we are sorting through 422 00:21:53,119 --> 00:21:55,879 Speaker 1: a bunch of information coming out on what they have 423 00:21:55,920 --> 00:22:01,480 Speaker 1: agreed to spend money on. Uh, totally the you may 424 00:22:01,520 --> 00:22:04,480 Speaker 1: have noticed though from the President put a statement out 425 00:22:04,840 --> 00:22:09,000 Speaker 1: very much emphasizing those little victories and not getting so 426 00:22:09,119 --> 00:22:10,800 Speaker 1: much into the pay for is it's something where there's 427 00:22:10,800 --> 00:22:13,720 Speaker 1: an agreement, but we're still sort of waiting for information 428 00:22:13,760 --> 00:22:16,879 Speaker 1: to come out on the exact details for pay for 429 00:22:17,359 --> 00:22:20,439 Speaker 1: Bloomberg Government's Jack Fitzpatrick. Great work as ever, Jack, and 430 00:22:20,440 --> 00:22:22,720 Speaker 1: thank you for being with us, as he's been following 431 00:22:22,760 --> 00:22:25,679 Speaker 1: every beat of this thing for the last five weeks. 432 00:22:25,720 --> 00:22:27,920 Speaker 1: The offsets the pay for is that we were talking 433 00:22:27,920 --> 00:22:32,360 Speaker 1: about with Genie and Rick a short time ago include 434 00:22:32,359 --> 00:22:36,000 Speaker 1: a couple of familiar and some unfamiliar ideas. It says 435 00:22:36,000 --> 00:22:39,840 Speaker 1: it's financed through a combination of redirecting unspent emergency relief 436 00:22:39,840 --> 00:22:41,800 Speaker 1: funds we knew that would be the case his old money, 437 00:22:42,359 --> 00:22:45,240 Speaker 1: but also targeted corporate user fees. Yes, how about this 438 00:22:45,400 --> 00:22:50,679 Speaker 1: strengthening tax enforcement when it comes to cryptocurrencies, other bipartisan measures. 439 00:22:50,680 --> 00:22:53,720 Speaker 1: And then it says revenue generated from the higher economic growth, assuming, 440 00:22:53,720 --> 00:22:57,880 Speaker 1: of course that happens, and there are question marks about that. 441 00:22:57,960 --> 00:23:01,439 Speaker 1: As for Nancy Pelosi, Jack mentioned the House. What's the 442 00:23:01,440 --> 00:23:04,280 Speaker 1: speaker got to say today? I can't commit to passing 443 00:23:04,320 --> 00:23:06,200 Speaker 1: something that I don't even know what it is yet, 444 00:23:06,760 --> 00:23:09,640 Speaker 1: but I'm hoping for the best. All right, We'll see 445 00:23:09,640 --> 00:23:13,040 Speaker 1: how that plays. And of course she is adamant about 446 00:23:13,560 --> 00:23:16,240 Speaker 1: taking both tracks at once. The Senate will have to 447 00:23:16,280 --> 00:23:20,760 Speaker 1: get the reconciliation process going before the Speaker deals with 448 00:23:20,880 --> 00:23:23,600 Speaker 1: the first part of this inflation has been a big 449 00:23:23,640 --> 00:23:27,200 Speaker 1: part of this whole conversation. We heard from the Fed 450 00:23:27,240 --> 00:23:29,639 Speaker 1: today not terribly worried about it. What happens when you 451 00:23:29,640 --> 00:23:33,960 Speaker 1: add another several trillion dollars. Thomas Hogan joins US senior 452 00:23:34,000 --> 00:23:37,320 Speaker 1: Research Fellow at the American Institute for Economic Research. Was 453 00:23:37,359 --> 00:23:41,479 Speaker 1: former Chief economist on the Senate Banking Committee. Thomas, welcome, 454 00:23:41,520 --> 00:23:43,280 Speaker 1: Thanks for being with us. And after what you heard 455 00:23:43,320 --> 00:23:45,879 Speaker 1: from the Federal Reserve today, still sticking with this idea 456 00:23:45,880 --> 00:23:49,440 Speaker 1: of temporary or transitory inflation when you add this much 457 00:23:49,480 --> 00:23:54,399 Speaker 1: more spending, what does that mean for our economy? Well, 458 00:23:55,080 --> 00:23:57,400 Speaker 1: I mean, it's hard to tell right now because the 459 00:23:57,440 --> 00:24:01,280 Speaker 1: recent inflation numbers are so high that they probably don't 460 00:24:01,280 --> 00:24:03,959 Speaker 1: really reflect what's going to happen in the long term, 461 00:24:03,960 --> 00:24:07,199 Speaker 1: you know, uh, Fed share Powell has emphasized that he 462 00:24:07,240 --> 00:24:11,160 Speaker 1: believes that we're gonna have a short term high inflation 463 00:24:11,200 --> 00:24:13,400 Speaker 1: and that that's going to calm down over the medium term, 464 00:24:13,480 --> 00:24:16,240 Speaker 1: and looking at the numbers, it seems like that's probably correct. 465 00:24:16,320 --> 00:24:19,639 Speaker 1: I mean, the recent high numbers that we had in 466 00:24:19,720 --> 00:24:22,000 Speaker 1: June of a five point four percent c p I 467 00:24:22,480 --> 00:24:26,400 Speaker 1: and four point four core are almost totally driven by 468 00:24:26,440 --> 00:24:29,280 Speaker 1: increases in auto prices, and everyone knows about the shortage 469 00:24:29,280 --> 00:24:32,800 Speaker 1: of semiconductors that are driving that UM. Other than that, 470 00:24:32,840 --> 00:24:34,919 Speaker 1: it doesn't seem like these are long term problems that 471 00:24:34,960 --> 00:24:40,360 Speaker 1: are caused by anything related to FED policy. The idea 472 00:24:40,560 --> 00:24:44,440 Speaker 1: of this infrastructure plan helping to pay for itself by 473 00:24:44,440 --> 00:24:47,480 Speaker 1: generating higher economic growth says, what to you, is that 474 00:24:47,600 --> 00:24:51,600 Speaker 1: something you can bet on? I find that highly unrealistic. 475 00:24:52,320 --> 00:24:55,320 Speaker 1: So all the evidence that we have on fiscal spending 476 00:24:55,359 --> 00:24:58,359 Speaker 1: says that when we when we increase fiscal spending and 477 00:24:58,400 --> 00:25:01,880 Speaker 1: we're not in recession, that it almost never has good 478 00:25:01,920 --> 00:25:04,280 Speaker 1: benefits for the economy. Most of the estimates say that 479 00:25:04,359 --> 00:25:07,719 Speaker 1: one dollar of increase in fiscal spending leads to about 480 00:25:07,840 --> 00:25:12,520 Speaker 1: six cents increase in total spending in the economy UM, 481 00:25:12,600 --> 00:25:15,000 Speaker 1: and so it's almost always just a waste of money 482 00:25:15,040 --> 00:25:17,639 Speaker 1: if we If we increase fiscal spending when we're in 483 00:25:17,680 --> 00:25:19,840 Speaker 1: a recession in order to try to get the economy 484 00:25:19,960 --> 00:25:22,919 Speaker 1: going again, that's the time when it makes sense and 485 00:25:23,000 --> 00:25:26,480 Speaker 1: fiscal policy can really pay off. But when we're already 486 00:25:26,560 --> 00:25:30,359 Speaker 1: in an economy that's out of the recession, increasing spending 487 00:25:30,400 --> 00:25:32,480 Speaker 1: just doesn't make sense. All of the evidence that we 488 00:25:32,560 --> 00:25:35,440 Speaker 1: have says that is almost surely a waste of money 489 00:25:35,520 --> 00:25:38,280 Speaker 1: rather than something that's going to benefit the economy. Insights 490 00:25:38,280 --> 00:25:41,200 Speaker 1: from Thomas Hogan, senior research fellow at the American Institute 491 00:25:41,200 --> 00:25:44,440 Speaker 1: for Economic Research, was former Chief Economists on the Senate 492 00:25:44,440 --> 00:25:47,760 Speaker 1: Banking Committee, so he's been there. Thomas, thank you. This 493 00:25:48,320 --> 00:25:53,159 Speaker 1: is Bloomberg Son on with Joe Matthew on Bloomberg Radio. 494 00:25:55,200 --> 00:25:58,960 Speaker 1: Now the hard part the deal on infrastructure. The Senate 495 00:25:59,000 --> 00:26:02,560 Speaker 1: gets the ball rolling, but there could be major obstacles 496 00:26:02,640 --> 00:26:05,919 Speaker 1: in the House. And we bring back Bloomberg Politics contributors 497 00:26:05,960 --> 00:26:08,360 Speaker 1: Genie she and Zano and Rick Davis to talk more 498 00:26:08,359 --> 00:26:12,320 Speaker 1: about this. Genie I mentioned President Biden's tweet not too 499 00:26:12,320 --> 00:26:16,960 Speaker 1: long ago, says simply, it's Infrastructure Week, causing smirks and 500 00:26:17,000 --> 00:26:19,159 Speaker 1: smiles around town because it pokes a little fun at 501 00:26:19,160 --> 00:26:21,840 Speaker 1: the Trump administration, which of course declared just about every 502 00:26:21,880 --> 00:26:25,080 Speaker 1: week as such. There's another tweet, though, just a couple 503 00:26:25,080 --> 00:26:28,200 Speaker 1: of hours ago, from Representative Peter de Fazio. Of course 504 00:26:28,240 --> 00:26:30,920 Speaker 1: this is the House, the chair of the Transportation Committee. 505 00:26:31,480 --> 00:26:34,040 Speaker 1: He writes, we need investments that rebuild our country while 506 00:26:34,080 --> 00:26:38,400 Speaker 1: creating good paying jobs. My invest Act charts our path forward. 507 00:26:39,040 --> 00:26:41,840 Speaker 1: I'm fighting to make sure he writes, we enacted transformative 508 00:26:41,880 --> 00:26:45,560 Speaker 1: bill that supports our recovery and combats the existential threat 509 00:26:45,600 --> 00:26:49,280 Speaker 1: of climate change. He has made clear Genie this of course, 510 00:26:49,440 --> 00:26:51,760 Speaker 1: again a Democrat on the House, that he is not 511 00:26:51,960 --> 00:26:55,600 Speaker 1: a fan of the form this Senate legislation has taken, 512 00:26:56,680 --> 00:26:59,399 Speaker 1: and he wants to see his own language inserted in 513 00:26:59,480 --> 00:27:04,840 Speaker 1: this bill when it arrives at the House. Meanwhile, the Speaker, 514 00:27:04,960 --> 00:27:08,120 Speaker 1: Nancy Pelosi says she won't even touch this until there's 515 00:27:08,160 --> 00:27:11,600 Speaker 1: a reconciliation bill that is sent over from the Senate. 516 00:27:11,640 --> 00:27:14,320 Speaker 1: Could this die in the House. It could die in 517 00:27:14,359 --> 00:27:17,400 Speaker 1: the House, and it could die in the Senate as well. Um, 518 00:27:17,440 --> 00:27:20,640 Speaker 1: you know, we heard even from Elizabeth Warren she would 519 00:27:20,760 --> 00:27:23,840 Speaker 1: vote to move the bill forward to discussion, but she's 520 00:27:23,880 --> 00:27:26,040 Speaker 1: not sure where she stands on the bill. That's something 521 00:27:26,080 --> 00:27:31,080 Speaker 1: we've heard from many progressives, obviously many Republicans opposed to it, 522 00:27:31,560 --> 00:27:33,880 Speaker 1: and so it could still die in the Senate. Long 523 00:27:33,920 --> 00:27:36,200 Speaker 1: way to go there, and then more importantly the House. 524 00:27:36,280 --> 00:27:38,560 Speaker 1: And I'm so glad you raised the chair of the 525 00:27:38,600 --> 00:27:42,880 Speaker 1: House Transportation and Infrastructure Committee, because Peter de Fazio has 526 00:27:42,880 --> 00:27:46,119 Speaker 1: been very vocal about his displeasure. He said at one 527 00:27:46,160 --> 00:27:48,960 Speaker 1: point that he was cut out of the deal. He's 528 00:27:49,000 --> 00:27:52,159 Speaker 1: described as frustrated. I think at one point he was 529 00:27:52,280 --> 00:27:55,160 Speaker 1: quoted as saying the agreement is crap that he had 530 00:27:55,200 --> 00:27:58,480 Speaker 1: nothing to do with. And so once this thing gets 531 00:27:58,520 --> 00:28:00,879 Speaker 1: to the House, which as you were just talking with 532 00:28:01,000 --> 00:28:04,280 Speaker 1: Jack about, it's not going to get there until we 533 00:28:04,359 --> 00:28:08,119 Speaker 1: get a reconciliation bill. According to Nancy Pelosi, then it 534 00:28:08,240 --> 00:28:11,159 Speaker 1: is in for a whole host of changes and it 535 00:28:11,200 --> 00:28:14,320 Speaker 1: will have to go through reconciliation at that point. And 536 00:28:14,320 --> 00:28:17,520 Speaker 1: and just back to your discussion with Hogan previously with 537 00:28:17,520 --> 00:28:21,359 Speaker 1: with Thomas Hogan, it's interesting you're talking about inflation because 538 00:28:21,359 --> 00:28:24,680 Speaker 1: we also heard Romney say he loves this bill, which 539 00:28:24,680 --> 00:28:27,520 Speaker 1: he was a part of crafting, but he hates the 540 00:28:27,560 --> 00:28:32,199 Speaker 1: other bill, the reconciliation because of the fear of inflation, 541 00:28:32,520 --> 00:28:34,719 Speaker 1: and he's not going to sign off on that at 542 00:28:34,800 --> 00:28:37,600 Speaker 1: least at this point. So you know, obviously Democrats don't 543 00:28:37,600 --> 00:28:39,680 Speaker 1: need a Republican to sign off on that if they 544 00:28:39,720 --> 00:28:43,000 Speaker 1: can hold their claucus together, So long way to go 545 00:28:43,160 --> 00:28:45,600 Speaker 1: on all of this, and a lot of people have 546 00:28:45,720 --> 00:28:48,280 Speaker 1: a lot to say, and that's the system that we 547 00:28:48,360 --> 00:28:52,120 Speaker 1: have one person two people, and something so narrowly divided 548 00:28:52,440 --> 00:28:56,400 Speaker 1: can destroy the entire effort. Politicos calling the Fasio the 549 00:28:56,400 --> 00:28:59,320 Speaker 1: tiger of the House today. Rick, So I'll ask you again, 550 00:28:59,760 --> 00:29:04,240 Speaker 1: Rick Davis, should Joe Biden be more worried about Democrats 551 00:29:04,360 --> 00:29:08,080 Speaker 1: or Republicans in this process? I think Joe Biden's entire 552 00:29:08,160 --> 00:29:11,840 Speaker 1: problem are the Democrats in this process. I mean Jennie's right. 553 00:29:11,920 --> 00:29:13,880 Speaker 1: I mean, this is not a done deal in the Senate. 554 00:29:14,360 --> 00:29:17,480 Speaker 1: But you have a lot of Republicans now saying, oh, 555 00:29:17,600 --> 00:29:20,920 Speaker 1: I'm going to support moving forward once they cast said 556 00:29:20,920 --> 00:29:23,880 Speaker 1: bill on clach or that vote on culture, it's highly 557 00:29:23,920 --> 00:29:25,600 Speaker 1: likely they're going to be bought into a lot of 558 00:29:25,600 --> 00:29:27,720 Speaker 1: this this plan as long as there are a lot 559 00:29:27,720 --> 00:29:30,560 Speaker 1: of big changes that occur in the amendment process. But 560 00:29:30,600 --> 00:29:34,480 Speaker 1: the problem is that the Democrats may not support parts 561 00:29:34,520 --> 00:29:37,760 Speaker 1: of this is as Jennie pointed out, there are Democrats 562 00:29:37,760 --> 00:29:39,840 Speaker 1: who may not like the end product in the Senate 563 00:29:39,920 --> 00:29:42,880 Speaker 1: and in the House. And so let's say we get 564 00:29:42,920 --> 00:29:45,080 Speaker 1: this bill through that Senate, which I think is actually 565 00:29:45,160 --> 00:29:49,640 Speaker 1: a logical conclusion of all the effort we've seen, and 566 00:29:50,080 --> 00:29:53,480 Speaker 1: the speaker holds it up. Who she Who's she? Upsetting's 567 00:29:53,480 --> 00:29:56,840 Speaker 1: not upsetting Republicans there, She's upsetting the President United States, 568 00:29:57,680 --> 00:30:00,840 Speaker 1: the leader of her party right heard this gushion about 569 00:30:00,920 --> 00:30:03,560 Speaker 1: moving this through the House and into conference is going 570 00:30:03,600 --> 00:30:05,760 Speaker 1: to be with the President and her own caucus. It's 571 00:30:05,800 --> 00:30:09,080 Speaker 1: not gonna include Republicans. So you know, the Democrats can 572 00:30:09,120 --> 00:30:11,800 Speaker 1: be their own worst enemy. This is already being set 573 00:30:11,880 --> 00:30:14,880 Speaker 1: up to be a big fight within the Democratic Party. 574 00:30:15,000 --> 00:30:18,400 Speaker 1: And I certainly wouldn't speculate, but I would say the 575 00:30:18,440 --> 00:30:21,120 Speaker 1: one person who's gonna want to sign that bill in 576 00:30:21,200 --> 00:30:24,160 Speaker 1: the Oval Office, um, you know before the end of 577 00:30:24,200 --> 00:30:26,560 Speaker 1: this year is Joe Biden, and he is not going 578 00:30:26,600 --> 00:30:29,240 Speaker 1: to let Nancy Pelosi stand in his way. Well, it 579 00:30:29,280 --> 00:30:33,200 Speaker 1: could be a fun meeting, Jennie. What is it that 580 00:30:33,320 --> 00:30:35,640 Speaker 1: Nancy Pelosi is looking for and what is it that 581 00:30:35,680 --> 00:30:39,800 Speaker 1: the progressive members of her caucus are looking for that 582 00:30:39,840 --> 00:30:43,800 Speaker 1: have not already been promised, either in this framework or 583 00:30:43,840 --> 00:30:48,280 Speaker 1: in a reconciliation bill. Well, I think what Nancy Pelosi 584 00:30:48,440 --> 00:30:51,200 Speaker 1: is trying to do is quite frankly, what many speakers 585 00:30:51,240 --> 00:30:53,920 Speaker 1: in the modern era have struggled with, and and some 586 00:30:54,080 --> 00:30:56,840 Speaker 1: of them just left because it was too much to handle, 587 00:30:57,160 --> 00:31:01,240 Speaker 1: to hold a very diverse caucus together other um, you know, 588 00:31:01,400 --> 00:31:03,880 Speaker 1: she is thinking about how do I keep these this 589 00:31:04,080 --> 00:31:07,520 Speaker 1: big group of progressives and these moderates who helped us 590 00:31:07,560 --> 00:31:10,959 Speaker 1: win and helped me become speaker together, and we just 591 00:31:11,080 --> 00:31:12,920 Speaker 1: have about a year ago, a little more than a 592 00:31:13,000 --> 00:31:15,400 Speaker 1: year ago before all these people are up for reelection. 593 00:31:15,760 --> 00:31:20,360 Speaker 1: She's focused on that. Obviously, the Progressives are very concerned 594 00:31:20,640 --> 00:31:24,280 Speaker 1: that they sign off on this you know, hard infrastructure, 595 00:31:24,280 --> 00:31:26,800 Speaker 1: if you will, and they don't get all the things 596 00:31:26,840 --> 00:31:31,560 Speaker 1: they promised to their base. They promised free education, free 597 00:31:31,560 --> 00:31:35,959 Speaker 1: college education, they promised pre k, They've promised all sorts 598 00:31:35,960 --> 00:31:39,760 Speaker 1: of things in terms of elderly care. Um, you know, certainly, 599 00:31:40,400 --> 00:31:42,480 Speaker 1: you know, all of these sort of soft, if you will, 600 00:31:42,600 --> 00:31:46,239 Speaker 1: human infrastructure components they wanted this bill, and let's not 601 00:31:46,280 --> 00:31:48,760 Speaker 1: forget the green components. It was striking to me. The 602 00:31:48,800 --> 00:31:52,680 Speaker 1: President today highlighted that in his statement. And one thing 603 00:31:52,720 --> 00:31:55,360 Speaker 1: I would say, which I said about Biden's statement today, 604 00:31:55,400 --> 00:31:57,600 Speaker 1: which I said last time, I think he's got to 605 00:31:57,640 --> 00:32:00,560 Speaker 1: be very careful about getting ahead of himself. He is 606 00:32:00,600 --> 00:32:03,400 Speaker 1: saying things like this deal signals to the world are 607 00:32:03,480 --> 00:32:07,479 Speaker 1: democracy can function, deliver and do big things. We're a 608 00:32:07,520 --> 00:32:10,240 Speaker 1: bit off on that right. So you know, I think 609 00:32:10,280 --> 00:32:13,320 Speaker 1: he's got to, you know, celebrate the achievement and be 610 00:32:13,440 --> 00:32:17,600 Speaker 1: positive and move forward using the bully pulpit. But he's 611 00:32:17,640 --> 00:32:20,880 Speaker 1: got to be very careful about celebrating before he gets 612 00:32:20,920 --> 00:32:23,000 Speaker 1: these things. You know, he's able to sign this thing. 613 00:32:23,120 --> 00:32:25,120 Speaker 1: Just to go back a minute, though, to what you 614 00:32:25,160 --> 00:32:27,360 Speaker 1: were saying, Jennie, all of the things that those progressive 615 00:32:27,440 --> 00:32:31,400 Speaker 1: lawmakers promised, we're supposed to end up in reconciliation, right, 616 00:32:31,440 --> 00:32:34,520 Speaker 1: So do they not trust their speaker to get that done. 617 00:32:35,440 --> 00:32:37,840 Speaker 1: I think they've got to be very cautious. That's why 618 00:32:37,880 --> 00:32:40,840 Speaker 1: she's saying these are linked together, because the worst case 619 00:32:40,880 --> 00:32:44,840 Speaker 1: scenario for for progressives is Democrats go along with this 620 00:32:44,920 --> 00:32:49,680 Speaker 1: bipartisan deal and no reconciliation bill is forthcoming, because somebody 621 00:32:49,760 --> 00:32:52,080 Speaker 1: like Kristen Cinema or Joe Manson or some of the 622 00:32:52,160 --> 00:32:55,000 Speaker 1: more moderate Democrats say we're not going to go to 623 00:32:55,040 --> 00:32:59,240 Speaker 1: three point five trillion, and that is a very realistic possibility. 624 00:32:59,480 --> 00:33:03,520 Speaker 1: Let's just remember Mit Romney. Part of this bipartisan coalition 625 00:33:03,600 --> 00:33:07,360 Speaker 1: is talking about concerns about inflation. You've got Joe Manchin 626 00:33:07,600 --> 00:33:12,280 Speaker 1: and Kristen Cinema, Kristin Cinema today said she wasn't convinced 627 00:33:12,320 --> 00:33:15,760 Speaker 1: about the reconciliation, so they do not want to couple 628 00:33:15,840 --> 00:33:19,320 Speaker 1: these things. Nancy Pelosi is supporting the progressives and saying 629 00:33:19,320 --> 00:33:21,480 Speaker 1: they're going to be coupled, and that is what is 630 00:33:21,520 --> 00:33:23,560 Speaker 1: going to have to be negotiated in the days and 631 00:33:23,600 --> 00:33:26,520 Speaker 1: the weeks going forward. If I could just switch gears 632 00:33:27,000 --> 00:33:30,000 Speaker 1: into something looking ahead to tomorrow, that and they all 633 00:33:30,080 --> 00:33:32,960 Speaker 1: play in together here, we can't have an economic rebound 634 00:33:34,000 --> 00:33:37,480 Speaker 1: or frankly, an infrastructure bill that works putting everyone back 635 00:33:37,520 --> 00:33:41,320 Speaker 1: to work without beating COVID. And President Biden is going 636 00:33:41,360 --> 00:33:45,160 Speaker 1: to announce this vaccination requirement apparently tomorrow across the federal government. 637 00:33:45,680 --> 00:33:48,320 Speaker 1: There are many today and yesterday that have been coming 638 00:33:48,360 --> 00:33:52,040 Speaker 1: from private employers. We heard from Google, we heard from Facebooks, 639 00:33:52,080 --> 00:33:54,880 Speaker 1: as US employees. As I read on the terminal need 640 00:33:54,960 --> 00:33:59,880 Speaker 1: vaccinations for office return, we also see new vaccinations rebounding 641 00:34:00,120 --> 00:34:04,840 Speaker 1: in some COVID hotspots. But rick, as President Biden rolls 642 00:34:04,880 --> 00:34:08,600 Speaker 1: this out tomorrow, it's not coming without controversy, even in 643 00:34:08,760 --> 00:34:12,960 Speaker 1: organized labor. This is something that I asked Secretary Marty 644 00:34:13,000 --> 00:34:16,680 Speaker 1: Walsh about a little bit earlier. Report today that Richard 645 00:34:16,719 --> 00:34:19,359 Speaker 1: Trumpka says he'll support this a f l C I oh, 646 00:34:19,360 --> 00:34:22,759 Speaker 1: but maybe many of his member unions will not. What 647 00:34:22,840 --> 00:34:25,640 Speaker 1: kind of head wins will Joe Biden run into getting 648 00:34:25,640 --> 00:34:29,200 Speaker 1: America's workforce vaccinated? Absolutely, Joe, I think this is this 649 00:34:29,280 --> 00:34:32,920 Speaker 1: is the great challenge left in combating this, this public 650 00:34:32,920 --> 00:34:36,400 Speaker 1: health crisis, is getting people vaccinated. And there are many 651 00:34:36,480 --> 00:34:40,680 Speaker 1: different reasons why people are resisting this, as as large 652 00:34:40,719 --> 00:34:43,879 Speaker 1: organizations like unions and corporations and even the government. I mean, 653 00:34:43,960 --> 00:34:48,400 Speaker 1: Joe Biden could have instituted a civilian requirement for vaccines 654 00:34:48,520 --> 00:34:50,520 Speaker 1: when they rolled him out in the first quarter of 655 00:34:50,560 --> 00:34:54,600 Speaker 1: this year. Um, but he didn't retrospect. Maybe he should have. 656 00:34:54,719 --> 00:34:58,040 Speaker 1: That would have shown a stronger commitment. But the bottom 657 00:34:58,120 --> 00:35:00,960 Speaker 1: line is we're entering a period a time where you 658 00:35:01,040 --> 00:35:05,960 Speaker 1: have COVID, especially driven by the delta variant UH, really 659 00:35:06,480 --> 00:35:10,640 Speaker 1: metastasizing in these states Texas is numbers today are horrific 660 00:35:11,360 --> 00:35:13,600 Speaker 1: UH and and so something has to be done about it. 661 00:35:13,640 --> 00:35:16,400 Speaker 1: If you want to stay in the recovery phase of 662 00:35:16,440 --> 00:35:20,360 Speaker 1: this economic activity we're doing and not fall back into 663 00:35:20,360 --> 00:35:23,040 Speaker 1: a recession, you have to be able to conquer COVID. 664 00:35:23,480 --> 00:35:25,759 Speaker 1: Everybody has agreed with that and the only thing that 665 00:35:25,800 --> 00:35:30,920 Speaker 1: has been at odds is what level of UM control 666 00:35:31,080 --> 00:35:33,800 Speaker 1: is the government and corporations and community is going to 667 00:35:33,880 --> 00:35:37,879 Speaker 1: have to instill that people will get vaccinated, and so 668 00:35:38,000 --> 00:35:41,680 Speaker 1: maybe the pendulum is moving back towards vaccines. It flattened 669 00:35:41,680 --> 00:35:45,080 Speaker 1: out over the summer. UH there didn't seem to be able. 670 00:35:45,719 --> 00:35:48,440 Speaker 1: The government wasn't able to make their seventy of the 671 00:35:48,480 --> 00:35:53,719 Speaker 1: country vaccinated by July four target UM. But UH, we 672 00:35:53,760 --> 00:35:57,879 Speaker 1: all have to have hope that these these current situations, 673 00:35:57,920 --> 00:36:01,320 Speaker 1: with the spread of the delta variant will will encourage 674 00:36:01,360 --> 00:36:04,839 Speaker 1: people to go get a vaccine. And obviously the more 675 00:36:04,840 --> 00:36:08,680 Speaker 1: pressure they have from companies and organizations like labor UH 676 00:36:08,719 --> 00:36:10,760 Speaker 1: to say if you want to work in an office, 677 00:36:10,760 --> 00:36:15,240 Speaker 1: you gotta be vaccinated or get you know, daily, weekly, 678 00:36:15,760 --> 00:36:19,080 Speaker 1: UH tasks, then maybe that's enough to get get everybody 679 00:36:19,120 --> 00:36:22,320 Speaker 1: else back in line. Rick Davis and Jennie she and 680 00:36:22,400 --> 00:36:26,400 Speaker 1: Zano Bloomberg Politics contributors. Thanks to both of you, as always, 681 00:36:26,440 --> 00:36:29,080 Speaker 1: can't believe we actually got a deal. To Rick's point, 682 00:36:29,120 --> 00:36:33,400 Speaker 1: Texas logging more than ten thousand in daily new virus 683 00:36:33,440 --> 00:36:36,360 Speaker 1: cases for the first time in almost six months. You 684 00:36:36,400 --> 00:36:39,080 Speaker 1: probably saw that alert across the screen as the latest 685 00:36:39,120 --> 00:36:42,880 Speaker 1: wave of the pandemic intensifies across the second most populous 686 00:36:43,120 --> 00:36:46,440 Speaker 1: US state. We'll have more on this tomorrow, as the 687 00:36:46,440 --> 00:36:49,839 Speaker 1: President is expected to roll out that mandate. You'll hear 688 00:36:49,880 --> 00:36:52,400 Speaker 1: about it on sound on I'll Meet you even earlier 689 00:36:52,920 --> 00:36:56,560 Speaker 1: on Balance of Power. We got a lot to look 690 00:36:56,600 --> 00:37:01,800 Speaker 1: forward to tomorrow, and we'll meet you there on Bloomberg Radio. 691 00:37:01,840 --> 00:37:03,799 Speaker 1: I'm Joe Matthew, and this is Bloomberg