1 00:00:00,520 --> 00:00:05,200 Speaker 1: Now on Bloomberg government, what are the political reality The 2 00:00:05,240 --> 00:00:07,840 Speaker 1: President has been increasingly frustrated. I want to try to 3 00:00:07,840 --> 00:00:11,000 Speaker 1: cut through the noise politically. This is devastating. Sound off 4 00:00:11,200 --> 00:00:15,720 Speaker 1: with Kevin, the insiders, the influencers, the insiders. It is 5 00:00:15,720 --> 00:00:18,239 Speaker 1: no secret that I care a lot about the consumers. 6 00:00:18,440 --> 00:00:21,480 Speaker 1: There are real questions about big tech. We still have 7 00:00:21,520 --> 00:00:23,640 Speaker 1: more leverage to me, as with the tariffs. I think 8 00:00:23,640 --> 00:00:25,319 Speaker 1: we could do with a little less drama from the 9 00:00:25,320 --> 00:00:31,040 Speaker 1: White is Sound on with Kevin cyrelate on Bloomberg one 10 00:00:31,200 --> 00:00:33,159 Speaker 1: and one oh five point seven A m h D 11 00:00:33,280 --> 00:00:36,960 Speaker 1: two botomol t G I F the number of the day, 12 00:00:37,040 --> 00:00:40,239 Speaker 1: twenty thousand. That's how many jobs were added to the 13 00:00:40,320 --> 00:00:45,320 Speaker 1: U S economy. This significantly missed the mark, badly missing 14 00:00:45,440 --> 00:00:47,840 Speaker 1: estimates of a hundred and eighty thousand. We are going 15 00:00:47,880 --> 00:00:53,760 Speaker 1: to dive into the February jobs data report. Plus Ksey Mulligan, 16 00:00:53,920 --> 00:00:58,280 Speaker 1: the chief economists for the White House Council of Economic Advisors, 17 00:00:58,360 --> 00:01:01,640 Speaker 1: calls in to give us a White House angle for 18 00:01:01,760 --> 00:01:05,959 Speaker 1: how to dive into the latest ECO data. In addition 19 00:01:05,959 --> 00:01:09,199 Speaker 1: to that, we are breaking down Senator Elizabeth Warren's plan 20 00:01:09,720 --> 00:01:13,880 Speaker 1: to break up not banks, Folks, tech giants like Amazon, 21 00:01:13,959 --> 00:01:16,400 Speaker 1: and we have an all star panel today to help 22 00:01:16,480 --> 00:01:21,040 Speaker 1: us sort through the myriad of headlines policy and politics 23 00:01:21,120 --> 00:01:24,360 Speaker 1: colliding as we finish out this week with a quick 24 00:01:24,360 --> 00:01:27,760 Speaker 1: glance ahead to next week. Maddie Duppler is Senior Fellow 25 00:01:27,800 --> 00:01:32,640 Speaker 1: at the National Taxpayers Union and former Coalitions director for 26 00:01:32,720 --> 00:01:38,520 Speaker 1: the House Republican Conference. And Alexandra Rojas is the executive 27 00:01:38,680 --> 00:01:43,039 Speaker 1: director for the Justice Democrats. She was actually recruited to 28 00:01:43,160 --> 00:01:47,600 Speaker 1: help elect Alexandria Accacio Cortez and was a senior aide 29 00:01:47,840 --> 00:01:51,880 Speaker 1: in AOC's campaign. So full base is covered in terms 30 00:01:51,880 --> 00:01:55,680 Speaker 1: of the policy ideological spectrum. But before we get into it, 31 00:01:56,000 --> 00:01:58,160 Speaker 1: if you are driving home from work, be careful those 32 00:01:58,280 --> 00:02:02,160 Speaker 1: roads are slick and really, folks, the day really got 33 00:02:02,200 --> 00:02:05,320 Speaker 1: started this morning with this job's report. So get this. 34 00:02:05,400 --> 00:02:08,320 Speaker 1: I'm at the Department of Labor in a lock up, right, 35 00:02:08,320 --> 00:02:12,760 Speaker 1: because that's what they do. We, uh, financial correspondence, were 36 00:02:12,800 --> 00:02:15,519 Speaker 1: huddled in like this closet. Essentially, they locked the door 37 00:02:15,639 --> 00:02:18,919 Speaker 1: thirty minutes before eight thirty that's when the jobs number 38 00:02:19,040 --> 00:02:21,919 Speaker 1: is released and we get the report. Our phones aren't 39 00:02:21,919 --> 00:02:24,000 Speaker 1: in the room. Then they give us a code word, 40 00:02:24,320 --> 00:02:26,360 Speaker 1: a code word it's like taking the S A T. S. 41 00:02:26,560 --> 00:02:28,720 Speaker 1: They give us a code word, and then we walk out, 42 00:02:28,800 --> 00:02:31,240 Speaker 1: the three of us from the other financial networks and 43 00:02:31,280 --> 00:02:34,280 Speaker 1: of course Bloomberg TV, and then we walk out and 44 00:02:34,320 --> 00:02:37,520 Speaker 1: deliver this job's report as they count us down in 45 00:02:37,680 --> 00:02:41,760 Speaker 1: our ear and twenty that's the number, twenty thousand jobs 46 00:02:41,800 --> 00:02:45,480 Speaker 1: added in the US economy in February. That is not 47 00:02:45,639 --> 00:02:50,040 Speaker 1: a good look, not a good number. Originally economists were 48 00:02:50,080 --> 00:02:54,480 Speaker 1: calling for a hundred and eighty thousand jobs and to 49 00:02:54,680 --> 00:02:58,000 Speaker 1: miss that mark, twenty thousand jobs were added to the 50 00:02:58,120 --> 00:03:02,560 Speaker 1: US economy last last last month. Now, when you go 51 00:03:02,720 --> 00:03:06,880 Speaker 1: through the numbers, the unemployment rate actually ticked down about 52 00:03:07,080 --> 00:03:10,480 Speaker 1: I believe point two percentage points to three point eight 53 00:03:10,520 --> 00:03:15,840 Speaker 1: so the unemployment rate three point eight percent. Meanwhile, I even, 54 00:03:15,960 --> 00:03:17,720 Speaker 1: you know, we try to dig a little deeper. It 55 00:03:17,840 --> 00:03:23,000 Speaker 1: was construction actually that drove down the decline and the 56 00:03:23,160 --> 00:03:28,280 Speaker 1: jobs added. And actually the construction industry lost thirty one 57 00:03:28,760 --> 00:03:33,320 Speaker 1: thousand jobs. Other sectors like healthcare and leisure and travel 58 00:03:33,480 --> 00:03:36,440 Speaker 1: they tacked upward or were little to not changed. But 59 00:03:36,560 --> 00:03:40,800 Speaker 1: even going deeper, it was civil engineering construction projects that 60 00:03:40,880 --> 00:03:44,920 Speaker 1: declined thirteen thousand. That's more high end in the construction industry. 61 00:03:44,960 --> 00:03:48,280 Speaker 1: We're going to dive into all of these numbers. Uh. 62 00:03:48,320 --> 00:03:52,640 Speaker 1: And there is some sign for happiness or optimism, particularly 63 00:03:53,000 --> 00:03:56,480 Speaker 1: amongst hourly wages which went up. Uh. And I'm sure 64 00:03:56,480 --> 00:03:58,520 Speaker 1: Mandie Doubler is going to want to talk about that. 65 00:03:58,600 --> 00:04:01,000 Speaker 1: And later on coming up in the show, we're gonna 66 00:04:01,000 --> 00:04:03,760 Speaker 1: hear from the chief economist for the White House Council 67 00:04:03,920 --> 00:04:08,280 Speaker 1: of Economic Advisors, Casey Mulligan. But first, before we introduce 68 00:04:08,360 --> 00:04:10,840 Speaker 1: our panel, let's hear from President Trump and what he 69 00:04:10,880 --> 00:04:13,880 Speaker 1: had to say about the latest jobs number. Here's President 70 00:04:13,920 --> 00:04:17,599 Speaker 1: Trump earlier today in terms of the latest jobs numbers. 71 00:04:17,640 --> 00:04:20,880 Speaker 1: Here he is public the step. I think you'll probably 72 00:04:20,920 --> 00:04:25,080 Speaker 1: find out that averages at the unappointment rate just went lower. 73 00:04:25,600 --> 00:04:27,880 Speaker 1: We're down that at th point eight pretend. So we 74 00:04:27,920 --> 00:04:30,320 Speaker 1: had very good news in that. I think the big 75 00:04:30,320 --> 00:04:33,240 Speaker 1: news really was that Wade just went up. That was 76 00:04:33,279 --> 00:04:36,000 Speaker 1: our President Trump out in front of the helicopter before 77 00:04:36,000 --> 00:04:38,280 Speaker 1: he took off and got out of town on a 78 00:04:38,279 --> 00:04:41,719 Speaker 1: cold winterry weekend here in Washington. He's down mar Lago. 79 00:04:41,839 --> 00:04:44,680 Speaker 1: Must be nice to enjoy the son. Maddie Duppler is 80 00:04:44,760 --> 00:04:48,839 Speaker 1: senior fellow at the National Taxpayers union and former Coalitions 81 00:04:48,839 --> 00:04:52,599 Speaker 1: director for the House Republican Conference. Alexandra Lojas is the 82 00:04:52,680 --> 00:04:55,800 Speaker 1: executive director for the Justice Democrats. We're hearing a lot 83 00:04:55,839 --> 00:04:59,920 Speaker 1: about Justice Democrats these days, Alexandra. Yeah, we're gonna be here. 84 00:05:00,000 --> 00:05:01,600 Speaker 1: We are if we're gonna be hearing more about them 85 00:05:01,600 --> 00:05:05,039 Speaker 1: as well. She helps recruit AOC who we've all heard 86 00:05:05,080 --> 00:05:07,279 Speaker 1: of as well. A little bit, a little bit, a 87 00:05:07,279 --> 00:05:11,039 Speaker 1: little bit, Maddie, your response as you walk out with 88 00:05:12,920 --> 00:05:15,920 Speaker 1: My response is everybody be cool. And that is not 89 00:05:15,960 --> 00:05:18,640 Speaker 1: just a Republican response. That's Jared Burns seen is tweeting 90 00:05:18,720 --> 00:05:21,039 Speaker 1: that this morning all of the economists on Twitter. One 91 00:05:21,080 --> 00:05:23,120 Speaker 1: month on payrolls does not a trend to make right. 92 00:05:23,120 --> 00:05:25,560 Speaker 1: And we also saw in the job report this morning 93 00:05:26,200 --> 00:05:30,160 Speaker 1: revisions for both January and December upwards, So that indicates 94 00:05:30,200 --> 00:05:31,880 Speaker 1: that the this is a little bit of a blip 95 00:05:31,880 --> 00:05:34,000 Speaker 1: on the radar when you're looking at payroll numbers. You 96 00:05:34,000 --> 00:05:36,320 Speaker 1: mentioned earlier the wage growth. That to me is really 97 00:05:36,360 --> 00:05:39,159 Speaker 1: the most significant because that has been the most pervasive 98 00:05:39,279 --> 00:05:42,880 Speaker 1: characteristic of this recovery. It's stagnant wages, and that's why 99 00:05:42,880 --> 00:05:46,320 Speaker 1: Americans have not felt like their own circumstances are improving 100 00:05:46,320 --> 00:05:48,479 Speaker 1: because they hadn't had a pay raise in ten years. 101 00:05:48,680 --> 00:05:52,880 Speaker 1: Today's jump was actually very significant. Eleven cents for our 102 00:05:52,960 --> 00:05:56,000 Speaker 1: average hourly earnings. That is the highest increase we've seen 103 00:05:56,000 --> 00:05:59,560 Speaker 1: since April two Yeah, I heard, Yeah, that doesn't really 104 00:05:59,720 --> 00:06:02,039 Speaker 1: entire you know what was happening in April two tho 105 00:06:02,360 --> 00:06:05,360 Speaker 1: nine people were getting fired exactly right, And so so 106 00:06:05,480 --> 00:06:07,839 Speaker 1: I would say that looking at the wage picture, that 107 00:06:07,920 --> 00:06:12,040 Speaker 1: has been the the the trend line that we wanted 108 00:06:12,040 --> 00:06:13,599 Speaker 1: to reverse the most, and we're starting to see the 109 00:06:13,600 --> 00:06:17,520 Speaker 1: most traction on. But Alexandra, I mean to see the 110 00:06:17,600 --> 00:06:20,880 Speaker 1: dismal bleak numbers and construction. You might be able to 111 00:06:20,880 --> 00:06:24,720 Speaker 1: blame blame the weather, winner, but I I mean this 112 00:06:24,839 --> 00:06:28,000 Speaker 1: was this was you know, not only twenty jobs not 113 00:06:28,080 --> 00:06:30,839 Speaker 1: a good number. No, it's definitely not a good number, 114 00:06:30,880 --> 00:06:33,640 Speaker 1: at least in my opinion. And I think that the 115 00:06:33,680 --> 00:06:36,000 Speaker 1: weather actually is a huge part of it. When we 116 00:06:36,040 --> 00:06:37,880 Speaker 1: think we're probably going to talk later on in the 117 00:06:37,880 --> 00:06:40,560 Speaker 1: show about green New Deal. But last year, you know, 118 00:06:40,640 --> 00:06:43,000 Speaker 1: this is the lowest jobs number I think right before 119 00:06:43,000 --> 00:06:46,640 Speaker 1: I came on since September. Also by the end of 120 00:06:46,680 --> 00:06:50,279 Speaker 1: the year, in our economy actually lost three hundred billion 121 00:06:50,279 --> 00:06:53,200 Speaker 1: dollars due to the effects of climate change. So that's 122 00:06:53,240 --> 00:06:56,200 Speaker 1: not even including the past three hurricanes in addition to 123 00:06:56,680 --> 00:06:59,920 Speaker 1: the California wildfires, and that's only going to continue to 124 00:07:00,040 --> 00:07:02,000 Speaker 1: get worse. And then the other thing that I would 125 00:07:02,040 --> 00:07:04,080 Speaker 1: just say about, you know, the overall health of our 126 00:07:04,120 --> 00:07:07,080 Speaker 1: economy when we have six of Americans that are you know, 127 00:07:07,760 --> 00:07:10,240 Speaker 1: I can't afford an eight hundred dollar emergency room bill. 128 00:07:10,280 --> 00:07:12,800 Speaker 1: I don't know if that's exactly the science of a 129 00:07:12,800 --> 00:07:15,960 Speaker 1: healthy economy. Out the gate swing and Alexandra Rojas, the 130 00:07:16,040 --> 00:07:20,440 Speaker 1: executive director of the Justice Democrats were gonna die much 131 00:07:20,480 --> 00:07:23,000 Speaker 1: more into the Green New Deal coming up? Uh. In 132 00:07:23,040 --> 00:07:27,000 Speaker 1: the show sticking with jobs numbers, I was struck by, uh, 133 00:07:27,360 --> 00:07:31,000 Speaker 1: the this was really the first time that the partial 134 00:07:31,000 --> 00:07:35,280 Speaker 1: government shutdown factored into this and actually that the numbers 135 00:07:35,280 --> 00:07:39,800 Speaker 1: could have been worse, UH if if they hadn't returned 136 00:07:39,800 --> 00:07:43,760 Speaker 1: to work. So this the large a large portion of 137 00:07:43,840 --> 00:07:47,000 Speaker 1: some of the jobs in the federal and the federal 138 00:07:47,400 --> 00:07:50,920 Speaker 1: part of this data showed your own you're disagreeing with 139 00:07:51,000 --> 00:07:53,200 Speaker 1: I'm trying. I'm happy. I want you to walk me 140 00:07:53,240 --> 00:07:58,720 Speaker 1: home on this, but I'm not sure where we saw 141 00:07:59,080 --> 00:08:01,320 Speaker 1: government shutdown show most of the data today was on 142 00:08:01,440 --> 00:08:04,000 Speaker 1: that U six measure employment, which is that broad measure 143 00:08:04,080 --> 00:08:06,520 Speaker 1: of unemployment, people who want to work but can't only 144 00:08:06,560 --> 00:08:10,160 Speaker 1: marginally attached to the workforce, and that actually dropped by 145 00:08:10,720 --> 00:08:12,480 Speaker 1: I forget what the MET numbers today, but the number 146 00:08:12,560 --> 00:08:14,680 Speaker 1: over the last year, it's almost a full percentage point. 147 00:08:14,680 --> 00:08:17,600 Speaker 1: It's nine tenths, nine tenths of a percentage point. That 148 00:08:17,640 --> 00:08:20,880 Speaker 1: shows a trend line on people coming back into the workforce, 149 00:08:20,880 --> 00:08:23,680 Speaker 1: and that again really does show a I think a 150 00:08:23,800 --> 00:08:26,600 Speaker 1: reason for optimism here that is belied by just that 151 00:08:26,680 --> 00:08:29,920 Speaker 1: payroll number, because you've got people who are getting pulled 152 00:08:29,920 --> 00:08:32,600 Speaker 1: back into this environment. And that's why economists keep being 153 00:08:32,600 --> 00:08:35,040 Speaker 1: shocked every time we do see these monthly payroll numbers 154 00:08:35,040 --> 00:08:38,240 Speaker 1: where we've got three hundred thousand, three thousand for last month. 155 00:08:38,520 --> 00:08:41,120 Speaker 1: It's because economists still keep thinking, we've seen this from 156 00:08:41,160 --> 00:08:43,400 Speaker 1: the Fed for many many years, that we're at full employment, 157 00:08:43,400 --> 00:08:45,720 Speaker 1: and it turns out we aren't anywhere close, you know. 158 00:08:45,880 --> 00:08:49,160 Speaker 1: And I think it's interesting because when you look at 159 00:08:49,440 --> 00:08:53,320 Speaker 1: how we are in the UH in the trade back 160 00:08:53,360 --> 00:08:56,600 Speaker 1: and forth with China in particular, and you look at 161 00:08:56,760 --> 00:08:59,440 Speaker 1: at the trade talks, and we actually had Larry Cudlow 162 00:08:59,520 --> 00:09:03,240 Speaker 1: on earlier on Bloomberg Television, and we have this sound 163 00:09:03,280 --> 00:09:07,440 Speaker 1: bite from that where he's talking about the truck the 164 00:09:07,559 --> 00:09:11,520 Speaker 1: China trade talks. Most economists are looking at China and 165 00:09:11,559 --> 00:09:14,960 Speaker 1: seeing the decline in the China eco data as signs 166 00:09:15,000 --> 00:09:17,520 Speaker 1: of okay, maybe the US does have the upper hand 167 00:09:17,559 --> 00:09:20,240 Speaker 1: in terms of the back and forth regardless of who 168 00:09:20,320 --> 00:09:23,079 Speaker 1: which party is controlling the White House. But I want 169 00:09:23,080 --> 00:09:25,160 Speaker 1: to play for you what Larry Cublow told my colleagues 170 00:09:25,160 --> 00:09:30,680 Speaker 1: on Bloomberg Television earlier today, because they they are suggesting, 171 00:09:31,040 --> 00:09:33,760 Speaker 1: as a result of the strong eco data coming out 172 00:09:33,760 --> 00:09:36,720 Speaker 1: of America, that the US has the upper hand with 173 00:09:36,800 --> 00:09:39,920 Speaker 1: these U S China trade talks. Here's Larry Cudlow. If 174 00:09:39,920 --> 00:09:42,600 Speaker 1: they're not in America's interest, he will not accept it. 175 00:09:42,920 --> 00:09:45,920 Speaker 1: That's the only point I'm making. Now, don't read me bearish. 176 00:09:46,200 --> 00:09:50,120 Speaker 1: I'm not bearish. Neather is the president. But again, this 177 00:09:50,240 --> 00:09:52,720 Speaker 1: idea of a quick deal just to get a pop 178 00:09:52,720 --> 00:09:56,840 Speaker 1: in the stock market, I I just want to strenuously 179 00:09:56,960 --> 00:10:01,000 Speaker 1: disagree with that point of view. So that's Larry Cudlow 180 00:10:01,120 --> 00:10:04,120 Speaker 1: saying that despite the strong echo data overall from the 181 00:10:04,200 --> 00:10:07,600 Speaker 1: U S, no quick deal between the US and China. 182 00:10:07,720 --> 00:10:10,960 Speaker 1: Coming up, we hear from Ksey Mulligan, the chief economists 183 00:10:11,000 --> 00:10:14,679 Speaker 1: for the White House Council of Economic Advisors. We asked 184 00:10:14,720 --> 00:10:17,560 Speaker 1: Casey about the U S China trade talks and of 185 00:10:17,600 --> 00:10:21,000 Speaker 1: course that twenty thousand number, twenty thousand jobs added to 186 00:10:21,040 --> 00:10:24,920 Speaker 1: the US economy and February panel stays Maddie Dupler and 187 00:10:24,960 --> 00:10:28,600 Speaker 1: Alexandra Rojas. You can download the Sound On podcast on 188 00:10:28,640 --> 00:10:32,400 Speaker 1: Apple iTunes, at Bloomberg dot com or by downloading the 189 00:10:32,400 --> 00:10:35,240 Speaker 1: Bloomberg Business app. You can also check us out on 190 00:10:35,400 --> 00:10:39,160 Speaker 1: Radio dot com and I Heart Radio. I'm Kevin CURRELLI 191 00:10:39,480 --> 00:10:46,199 Speaker 1: you're listening to Bloomberg. This is Sound On with Kevin 192 00:10:47,120 --> 00:10:54,000 Speaker 1: on Bloomberg h D two Bosom All. I'm Kevin SURREALI 193 00:10:54,040 --> 00:10:56,080 Speaker 1: T G I F. Rhodes are slick out there, so 194 00:10:56,200 --> 00:11:00,480 Speaker 1: drive careful. We were talking earlier about the job report, 195 00:11:00,640 --> 00:11:04,720 Speaker 1: jobs data, wages up, but twenty jobs added to the 196 00:11:04,840 --> 00:11:09,680 Speaker 1: US economy in February that missed some estimates significantly, but 197 00:11:10,559 --> 00:11:14,320 Speaker 1: the unemployment take downward to three point eight. To help 198 00:11:14,400 --> 00:11:18,240 Speaker 1: us decipher through all of this is Casey Mulligan. Casey 199 00:11:18,400 --> 00:11:21,880 Speaker 1: is chief economist for the White House Economic of the 200 00:11:21,920 --> 00:11:25,160 Speaker 1: for the White House Council of Economic Advisors. We appreciate you, 201 00:11:25,280 --> 00:11:28,560 Speaker 1: Casey joining us on Bloomberg Radio. Casey, what do you 202 00:11:28,600 --> 00:11:32,240 Speaker 1: make of these job numbers? Yeah, dude, we were obviously 203 00:11:32,240 --> 00:11:36,880 Speaker 1: we hope for more payroll growth um, and we kind 204 00:11:36,880 --> 00:11:39,640 Speaker 1: of looked into the details and say, well, we got 205 00:11:39,640 --> 00:11:41,840 Speaker 1: more payroll jobs, but we'd like to see hundreds of 206 00:11:41,840 --> 00:11:44,679 Speaker 1: thousands more and not tens of thousands. UM. We kind 207 00:11:44,679 --> 00:11:46,360 Speaker 1: of looked into that and see what what what was 208 00:11:46,400 --> 00:11:48,960 Speaker 1: the reason? It was an obvious reason there, and we 209 00:11:49,000 --> 00:11:51,920 Speaker 1: started to realize, you know what about last month, maybe 210 00:11:52,000 --> 00:11:54,559 Speaker 1: last month when we had those over three hundred thousand, 211 00:11:55,120 --> 00:11:57,920 Speaker 1: we should have been looking at what's unusual last month? 212 00:11:57,920 --> 00:11:59,640 Speaker 1: And I think it's kind of a combination. You got 213 00:12:00,040 --> 00:12:02,240 Speaker 1: kind of a high number last month makes for a 214 00:12:02,240 --> 00:12:05,720 Speaker 1: low number this month. So in terms of overall health 215 00:12:05,760 --> 00:12:09,199 Speaker 1: of the US economy. Casey Mulligan, chief economist for the 216 00:12:09,200 --> 00:12:12,800 Speaker 1: White House Council of Economic Advisors, where are we? I mean, 217 00:12:12,920 --> 00:12:15,040 Speaker 1: is this is this the start of a new trend? Uh? 218 00:12:15,360 --> 00:12:17,920 Speaker 1: Twenty thou jobs at it? Have we peaked or do 219 00:12:17,960 --> 00:12:21,680 Speaker 1: you think we're still trending in the right direction? I 220 00:12:21,679 --> 00:12:24,600 Speaker 1: think we're still on a very strong trend that started 221 00:12:24,640 --> 00:12:28,040 Speaker 1: about two years ago. Um, I think we're right on there. 222 00:12:28,520 --> 00:12:30,120 Speaker 1: Like I said, it was kind of last week that 223 00:12:30,320 --> 00:12:35,120 Speaker 1: was kind of surprising being above that that trend. Um. 224 00:12:35,200 --> 00:12:38,120 Speaker 1: And if anyone last week decided we're on a new 225 00:12:38,160 --> 00:12:40,880 Speaker 1: even higher upward trend that I guess it's hard to 226 00:12:40,920 --> 00:12:46,800 Speaker 1: support that this month. Um, but it's still right right 227 00:12:46,880 --> 00:12:49,080 Speaker 1: on the on the old trend. We also, you know, 228 00:12:49,120 --> 00:12:51,440 Speaker 1: this is a great survey, this employers survey, and we 229 00:12:51,440 --> 00:12:52,840 Speaker 1: put a lot of weight on it, but it's not 230 00:12:52,880 --> 00:12:55,120 Speaker 1: the only thing. And we look at the household survey, 231 00:12:55,160 --> 00:12:57,440 Speaker 1: we look at the n f IB, we look at 232 00:12:57,440 --> 00:13:01,200 Speaker 1: the unemployment claims, and all those things are showing the 233 00:13:01,440 --> 00:13:03,959 Speaker 1: labor market being as as strong as it's been in 234 00:13:04,000 --> 00:13:07,200 Speaker 1: a long long time. So, um, we don't get into 235 00:13:07,200 --> 00:13:10,760 Speaker 1: a worry position until we see multiple indicators of the 236 00:13:10,880 --> 00:13:14,720 Speaker 1: labor market, uh, kind of agreeing with each other. And 237 00:13:14,760 --> 00:13:18,640 Speaker 1: in terms of wage growth in particular, the wages still 238 00:13:18,720 --> 00:13:22,160 Speaker 1: ticking upward. Uh. That that is pretty interesting. And obviously 239 00:13:22,200 --> 00:13:25,000 Speaker 1: President Trump likes to teut that. He tweeted about that. 240 00:13:25,040 --> 00:13:27,320 Speaker 1: We heard from him earlier in the show when he 241 00:13:27,360 --> 00:13:31,120 Speaker 1: spoke to reporters earlier today. Departing from our lago what 242 00:13:31,520 --> 00:13:33,959 Speaker 1: in terms of what do you attribute the wage growth too. 243 00:13:34,080 --> 00:13:37,640 Speaker 1: Is there a specific economic mechanism that is driving that 244 00:13:37,800 --> 00:13:42,199 Speaker 1: upward wage growth. Well, we we've always thought, you know, 245 00:13:42,360 --> 00:13:45,680 Speaker 1: and when we when we made our forecasts, uh a 246 00:13:45,760 --> 00:13:48,120 Speaker 1: year or more ago, we always thought that was a 247 00:13:48,200 --> 00:13:52,680 Speaker 1: combination of sayings. Ultimately, wages are tied into productivity, and 248 00:13:52,720 --> 00:13:56,600 Speaker 1: that's that's important that workers be productive and efficient. That 249 00:13:56,840 --> 00:14:00,520 Speaker 1: allows them to get paid more um. And the tax 250 00:14:02,000 --> 00:14:06,160 Speaker 1: business tax changes allows companies to be investing more, and 251 00:14:06,240 --> 00:14:10,599 Speaker 1: that that's raising productivity. UM. Getting rid of some of 252 00:14:10,640 --> 00:14:13,920 Speaker 1: the regulations that we're arming productivity allows productivity to kind 253 00:14:13,960 --> 00:14:18,040 Speaker 1: of get back to where really should have been years ago. Um. 254 00:14:18,120 --> 00:14:20,680 Speaker 1: And and at the combination of a number of things, 255 00:14:20,960 --> 00:14:23,800 Speaker 1: but pushing in the direction of more productive workers, which 256 00:14:23,840 --> 00:14:25,680 Speaker 1: I guess we saw that in a couple of days 257 00:14:26,240 --> 00:14:29,040 Speaker 1: days ago, we saw a report on productivity itself going up. 258 00:14:29,560 --> 00:14:32,760 Speaker 1: So they're all kind of sitting where you'd expect that 259 00:14:32,840 --> 00:14:36,680 Speaker 1: based on the basic economics. Alright, Casey Mulligan, Chief Economists 260 00:14:36,720 --> 00:14:38,840 Speaker 1: for the White House Council of Economic Advisors, I know 261 00:14:38,880 --> 00:14:41,720 Speaker 1: you're busy, so I appreciate your time, sir, have a 262 00:14:41,720 --> 00:14:46,320 Speaker 1: great weekend joining us in studio. Alexandra Rojas, Executive director 263 00:14:46,720 --> 00:14:50,160 Speaker 1: for the Justice Democrats. Alexandra, I want to get your 264 00:14:50,720 --> 00:14:52,840 Speaker 1: response to what we just heard from from the White 265 00:14:52,880 --> 00:14:56,760 Speaker 1: House Council of Economic Advisors, particularly in terms of wages. 266 00:14:57,080 --> 00:15:00,120 Speaker 1: This is something that Justice Democrats have have argued, you 267 00:15:00,440 --> 00:15:04,240 Speaker 1: are not increasing fast enough. So how would progressive policy 268 00:15:04,520 --> 00:15:10,200 Speaker 1: drive up wages differently than the deregulatory policies of this 269 00:15:10,240 --> 00:15:12,720 Speaker 1: White House and Republicans. Yeah, well, I think what we're 270 00:15:12,760 --> 00:15:15,400 Speaker 1: talking about is investing in the health and well being 271 00:15:15,480 --> 00:15:18,000 Speaker 1: of our nations, and that's going to include making sure 272 00:15:18,120 --> 00:15:21,080 Speaker 1: that if you're an hourly worker, you're making at least 273 00:15:21,120 --> 00:15:24,640 Speaker 1: fifteen dollars an hour or more across the country. And 274 00:15:24,640 --> 00:15:28,040 Speaker 1: I think that also means that, um, when we talk 275 00:15:28,080 --> 00:15:33,000 Speaker 1: about policies that are progressive that are going to help 276 00:15:33,120 --> 00:15:35,640 Speaker 1: workers and help the overall economy, Green New Deal is 277 00:15:35,680 --> 00:15:38,240 Speaker 1: certainly one of those as well. And when we talk 278 00:15:38,280 --> 00:15:40,800 Speaker 1: about growth, at least here were you know what we're 279 00:15:40,800 --> 00:15:44,480 Speaker 1: talking about, it seems like eleven cents since two thousand nine. 280 00:15:44,560 --> 00:15:47,880 Speaker 1: That's been the growth that we're all excited about. When 281 00:15:47,880 --> 00:15:50,960 Speaker 1: you're talking about eleven cents and last month eleven cents 282 00:15:50,960 --> 00:15:53,880 Speaker 1: ince last month. Sorry, I apologize, I thought someone said 283 00:15:54,000 --> 00:15:57,880 Speaker 1: since two thousand nine. Um, you know again, when we 284 00:15:57,920 --> 00:16:02,160 Speaker 1: have an economy that allows for people that aren't able 285 00:16:02,200 --> 00:16:05,320 Speaker 1: to make an eight hundred dollar emergency bill, when we 286 00:16:05,360 --> 00:16:08,000 Speaker 1: have people continuing to live paycheck to paycheck, it's just 287 00:16:08,120 --> 00:16:11,080 Speaker 1: ridiculous to assume that the economy is at all healthy. 288 00:16:11,320 --> 00:16:13,400 Speaker 1: And so I think that we need a massive investment 289 00:16:13,440 --> 00:16:15,480 Speaker 1: into the United States workforce. All right, coming up, we're 290 00:16:15,480 --> 00:16:17,880 Speaker 1: gonna talk about that green New deal we're getting out 291 00:16:17,880 --> 00:16:21,080 Speaker 1: of the weeds, and more broadly, plus all of the 292 00:16:21,160 --> 00:16:25,760 Speaker 1: latest going on in the presidential debate. Senator Elizabeth Warren 293 00:16:25,840 --> 00:16:28,000 Speaker 1: she wants to break up not just big banks, folks, 294 00:16:28,280 --> 00:16:30,920 Speaker 1: but big tech. We're gonna get our all star panel 295 00:16:30,920 --> 00:16:34,280 Speaker 1: Matty Duppler, Senior Fellow at the National Taxpayers Union, and 296 00:16:34,320 --> 00:16:39,040 Speaker 1: Alexandro Rojas, executive director for Justice Democrats, so weigh in 297 00:16:39,200 --> 00:16:42,840 Speaker 1: on that. You can download the Sound On podcast on 298 00:16:42,880 --> 00:16:47,120 Speaker 1: Apple iTunes, at Bloomberg dot com or by downloading the 299 00:16:47,160 --> 00:16:50,440 Speaker 1: Bloomberg Business App. You can check us out with our 300 00:16:50,480 --> 00:16:54,120 Speaker 1: friends at radio dot com and I Heart Radio. I'm 301 00:16:54,200 --> 00:17:03,000 Speaker 1: Kevin CURRELLI you're listening to Bloomberg. This is Sound On 302 00:17:03,240 --> 00:17:07,440 Speaker 1: with Kevin Si. Relate on Bloomberg and one oh five 303 00:17:07,480 --> 00:17:10,840 Speaker 1: point seven f m h D two, Baltimore. The only 304 00:17:10,840 --> 00:17:13,240 Speaker 1: thing green about the so called Green New Deal is 305 00:17:13,280 --> 00:17:17,040 Speaker 1: how much green it's gonna cost taxpayers if these people 306 00:17:17,200 --> 00:17:23,119 Speaker 1: ever pass it into law. If these people, well, folks, 307 00:17:23,200 --> 00:17:27,480 Speaker 1: I'm Kevin Silly, Bloomberg News Chief Washington, correspondent for Bloomberg 308 00:17:27,520 --> 00:17:32,000 Speaker 1: Television and Bloomberg Radio. That was Vice President Mike Pence 309 00:17:32,080 --> 00:17:36,639 Speaker 1: speaking a few days ago at CEPACK, the Conservative Political 310 00:17:36,760 --> 00:17:41,440 Speaker 1: Action Conference, about the Green New Deal. That was Vice 311 00:17:41,480 --> 00:17:44,879 Speaker 1: President Mike Pence here with us. One of those people. 312 00:17:45,000 --> 00:17:49,880 Speaker 1: Alexandra Rojas is the executive director for Justice Democrats, which 313 00:17:49,920 --> 00:17:54,920 Speaker 1: helped give birth to Alexandria Accio Cortez, the freshman congresswoman 314 00:17:55,200 --> 00:18:00,560 Speaker 1: progressive from New York, and Mattie Doubler. She is a 315 00:18:00,560 --> 00:18:04,280 Speaker 1: former Coalitions director for the House Republican Conference and a 316 00:18:04,359 --> 00:18:08,639 Speaker 1: senior fellow at the National Taxpayer Unit. Alexandra, when you 317 00:18:08,640 --> 00:18:11,720 Speaker 1: hear the Vice President say that the Green New Deal 318 00:18:11,920 --> 00:18:15,479 Speaker 1: is going to cost that much money and and and 319 00:18:15,560 --> 00:18:18,960 Speaker 1: say essentially this is going to be drive up costs 320 00:18:19,080 --> 00:18:23,520 Speaker 1: hurt the economy. You know what's the argument back, Well, 321 00:18:23,560 --> 00:18:25,640 Speaker 1: I think what we're talking about is a ten year 322 00:18:26,400 --> 00:18:30,520 Speaker 1: economic mobilization, right, We're talking about a massive investment program, 323 00:18:30,640 --> 00:18:33,480 Speaker 1: and a nation with three and twenty five million people, 324 00:18:33,560 --> 00:18:37,200 Speaker 1: with the most advanced industrial economy and the world can 325 00:18:37,240 --> 00:18:42,080 Speaker 1: absolutely take on a massive uh and now scientifically mandated. 326 00:18:42,160 --> 00:18:43,680 Speaker 1: Right when we think about the I p c C 327 00:18:43,880 --> 00:18:46,359 Speaker 1: Report that the U N put out, a project like 328 00:18:46,400 --> 00:18:48,760 Speaker 1: the Green New Deal, and anyone that's familiar with business 329 00:18:49,160 --> 00:18:52,160 Speaker 1: UH knows that you've got to spend money to make money. 330 00:18:52,400 --> 00:18:56,280 Speaker 1: And so I think that we're you know, we're talking 331 00:18:56,280 --> 00:18:59,879 Speaker 1: about UH investing in the health and well being of 332 00:19:00,000 --> 00:19:03,680 Speaker 1: our citizens. Were talking about investing in our nation's future. UH, 333 00:19:03,720 --> 00:19:06,280 Speaker 1: and that has got to be some you know, a 334 00:19:06,320 --> 00:19:09,479 Speaker 1: priority for us. And there's a ton of mechanisms that 335 00:19:09,560 --> 00:19:12,120 Speaker 1: we are going to be able to actually finance this, 336 00:19:12,520 --> 00:19:14,480 Speaker 1: But the important pieces is that we have twelve years 337 00:19:14,520 --> 00:19:16,600 Speaker 1: to do it. So, Alex, I will agree with you 338 00:19:16,800 --> 00:19:18,760 Speaker 1: that we should always dream big. Right, That's what the 339 00:19:18,800 --> 00:19:21,080 Speaker 1: United States was built on. We are an ideas nation. 340 00:19:21,160 --> 00:19:25,040 Speaker 1: We can execute on them. But explain how exactly that 341 00:19:25,080 --> 00:19:27,840 Speaker 1: would work. I mean, let's say, like you said, ten 342 00:19:27,920 --> 00:19:29,800 Speaker 1: years is the timeline that we have to work on this. 343 00:19:30,240 --> 00:19:31,960 Speaker 1: You know, in some sense, we tried a little bit 344 00:19:32,000 --> 00:19:35,000 Speaker 1: of this in the Obama stimulus plan, and we didn't 345 00:19:35,040 --> 00:19:38,560 Speaker 1: really see both the economic feedback that we thought we would, 346 00:19:38,640 --> 00:19:40,520 Speaker 1: but also like the take up. You know, you're saying 347 00:19:40,520 --> 00:19:42,679 Speaker 1: that we have all of the capacity to do some 348 00:19:42,760 --> 00:19:45,800 Speaker 1: of these greening of the energy infrastructure that we have, 349 00:19:46,640 --> 00:19:48,959 Speaker 1: we didn't see that adaption when we had a lot 350 00:19:49,040 --> 00:19:50,719 Speaker 1: of federal dollars going at the door, and we were 351 00:19:50,720 --> 00:19:53,400 Speaker 1: doing that a time of a recession when federal spending 352 00:19:53,480 --> 00:19:55,280 Speaker 1: is needed. We're now at the end of an expansion, 353 00:19:55,280 --> 00:19:56,879 Speaker 1: and I'm not sure that we have that opportunity to 354 00:19:56,880 --> 00:19:59,679 Speaker 1: make that case for policymakers. How would that work? Yeah, well, 355 00:19:59,720 --> 00:20:03,560 Speaker 1: I think another time where we implemented a massive mobilization 356 00:20:03,600 --> 00:20:06,000 Speaker 1: in our country's history was also when we scaled up 357 00:20:06,000 --> 00:20:08,320 Speaker 1: for World War Two and implemented the New Deal and 358 00:20:08,440 --> 00:20:12,320 Speaker 1: rolled out over a series of time, brought multiple projects 359 00:20:12,359 --> 00:20:14,680 Speaker 1: over you know, an extended period of time. So we're 360 00:20:14,680 --> 00:20:18,639 Speaker 1: not talking we're talking about making an actual investment. And 361 00:20:18,640 --> 00:20:22,320 Speaker 1: it's been proven to work in other cases such as uh, 362 00:20:22,400 --> 00:20:24,280 Speaker 1: you know, what we did with our economy during World 363 00:20:24,280 --> 00:20:27,399 Speaker 1: War Two, and when we talk about industrial policy throughout 364 00:20:27,440 --> 00:20:31,360 Speaker 1: the world, you look at other nations such as Korea 365 00:20:31,520 --> 00:20:34,800 Speaker 1: that transformed went through an economic transformation in their country, 366 00:20:34,840 --> 00:20:37,879 Speaker 1: and again it's because they invested. H They recognized that 367 00:20:37,920 --> 00:20:40,640 Speaker 1: in order to bring their nation to meet twenty first 368 00:20:40,680 --> 00:20:43,480 Speaker 1: century needs, they had to, you know, invest in their workforce. 369 00:20:43,520 --> 00:20:47,640 Speaker 1: Alexandra Rojas as executive director for Justice Democrats, she recruited 370 00:20:47,640 --> 00:20:51,760 Speaker 1: and helped to let Congresswoman Alexandria Acascio Cortez Naddie Dupler, 371 00:20:51,960 --> 00:20:56,000 Speaker 1: senior Fellow at the National Taxpayers Union and former Coalitions 372 00:20:56,000 --> 00:21:00,320 Speaker 1: director for House Republicans. But Alexandra, you know what I 373 00:21:00,359 --> 00:21:03,520 Speaker 1: find interesting about this whole debate, whether you're a Republican 374 00:21:03,640 --> 00:21:06,359 Speaker 1: or a Democrat, is that now with Justice Democrats, the 375 00:21:06,400 --> 00:21:09,480 Speaker 1: Green New Deal is in the political lexicon. It's part 376 00:21:09,520 --> 00:21:13,760 Speaker 1: of the debate. It's an identifiable issue, and folks of 377 00:21:13,920 --> 00:21:18,080 Speaker 1: all political stripes are weighing in on it. But in 378 00:21:18,200 --> 00:21:21,959 Speaker 1: terms of when you go to the heartland, or you 379 00:21:22,000 --> 00:21:26,080 Speaker 1: go to Knoxville, Tennessee, where you currently and and you 380 00:21:26,119 --> 00:21:28,240 Speaker 1: go to coal country, you go to West Virginia, you 381 00:21:28,240 --> 00:21:31,040 Speaker 1: go to the western parts of Pennsylvania, my home state 382 00:21:31,080 --> 00:21:33,760 Speaker 1: where I grew up. You know this as as true 383 00:21:33,760 --> 00:21:36,240 Speaker 1: as you're sitting there. What those folks are hearing or 384 00:21:36,240 --> 00:21:38,840 Speaker 1: what the Republican messaging is is this is going to 385 00:21:38,960 --> 00:21:41,280 Speaker 1: cost you, your job, your way of life. How do 386 00:21:41,320 --> 00:21:46,000 Speaker 1: you push back against those uh critiques? I mean, ask 387 00:21:46,080 --> 00:21:49,040 Speaker 1: West Virginia coal miners, what's happening to their pensions right now? 388 00:21:49,080 --> 00:21:52,760 Speaker 1: I think we have to talk about that. The economy 389 00:21:52,880 --> 00:21:55,800 Speaker 1: right now is already moving to renewable energy, whether we 390 00:21:55,880 --> 00:21:57,960 Speaker 1: like it or not. Climate change is continuing in a 391 00:21:58,280 --> 00:22:00,399 Speaker 1: to advance, whether we like it or not. This is 392 00:22:00,440 --> 00:22:02,960 Speaker 1: a question of are we going to be proactive as 393 00:22:02,960 --> 00:22:06,320 Speaker 1: we watch what happens to their like this is this 394 00:22:06,359 --> 00:22:08,520 Speaker 1: is part of a just transition. They're going to be 395 00:22:08,560 --> 00:22:11,680 Speaker 1: absolutely prioritized first, in addition to people that are being 396 00:22:11,720 --> 00:22:14,119 Speaker 1: directly impacted and are on the front lines of this 397 00:22:14,200 --> 00:22:17,919 Speaker 1: disaster that again has already taken thousands of American lives. 398 00:22:18,119 --> 00:22:21,200 Speaker 1: And when you talk about coal miners, they're also dying 399 00:22:21,200 --> 00:22:25,000 Speaker 1: of black lung, they're also going up. Coal mining in 400 00:22:25,040 --> 00:22:27,919 Speaker 1: general is not healthy for our environment, and it's not 401 00:22:27,960 --> 00:22:31,359 Speaker 1: healthy for their safety and their well being. But what 402 00:22:31,520 --> 00:22:33,760 Speaker 1: is their job like, what are they doing next? When 403 00:22:33,760 --> 00:22:35,120 Speaker 1: you come in and you say the Green New Deal 404 00:22:35,119 --> 00:22:37,560 Speaker 1: has been implemented, its signed into law, how do you 405 00:22:37,840 --> 00:22:40,000 Speaker 1: say to that West Virginia coal miner, you now have 406 00:22:40,040 --> 00:22:41,639 Speaker 1: a livelihood and you're taking care of What does that 407 00:22:41,680 --> 00:22:44,360 Speaker 1: transition actually look like? Yeah, and I mean, I think 408 00:22:44,400 --> 00:22:46,560 Speaker 1: what we're talking about is that we have if we 409 00:22:46,640 --> 00:22:49,560 Speaker 1: want to upgrade the entire nation right to meet the 410 00:22:49,600 --> 00:22:54,040 Speaker 1: twenty one century sustainability needs. We're talking about upgrading every 411 00:22:54,080 --> 00:22:57,280 Speaker 1: mode of transportation, every building, every home to get to 412 00:22:57,440 --> 00:23:01,320 Speaker 1: clean and renewable energy. And that is a massive undertaking. 413 00:23:01,320 --> 00:23:03,680 Speaker 1: There's so much work that we have to do. All 414 00:23:03,720 --> 00:23:06,119 Speaker 1: of those people are going to be prioritized. And I 415 00:23:06,119 --> 00:23:09,720 Speaker 1: will say that right now, the resolution that AOC and 416 00:23:09,760 --> 00:23:12,840 Speaker 1: Senator Ed Marquis is putting forward is a resolution, it 417 00:23:12,920 --> 00:23:15,040 Speaker 1: is not a bill, And so estimates that are coming 418 00:23:15,040 --> 00:23:17,919 Speaker 1: out around the cost are uncertain. But we do have 419 00:23:18,000 --> 00:23:21,080 Speaker 1: to reframe the discussion to talk about the cost of inaction, 420 00:23:21,160 --> 00:23:23,920 Speaker 1: particularly for people that are in the fossil fuel industry. 421 00:23:24,040 --> 00:23:27,600 Speaker 1: If we continue to pretend like climate change isn't the right, 422 00:23:27,600 --> 00:23:29,760 Speaker 1: continues to pretend that climate change isn't a real thing, 423 00:23:29,800 --> 00:23:31,880 Speaker 1: are coming up, we're gonna talk more about this, and 424 00:23:31,960 --> 00:23:35,399 Speaker 1: I think it's a really fascinating discussion because because my 425 00:23:35,520 --> 00:23:37,840 Speaker 1: mind goes back to the campaign trail, My mind goes 426 00:23:37,880 --> 00:23:40,680 Speaker 1: back to to going to these campaign stops and covering 427 00:23:40,720 --> 00:23:45,359 Speaker 1: these presidential rallies were then candidate Donald Trump literally literally 428 00:23:45,720 --> 00:23:48,280 Speaker 1: campaign in West Virginia and took a coal minor hat 429 00:23:48,520 --> 00:23:51,000 Speaker 1: and put it on his head and you and we 430 00:23:51,240 --> 00:23:53,080 Speaker 1: go ahead. I mean, I was gonna say. And he 431 00:23:53,160 --> 00:23:56,800 Speaker 1: also campaigned in Pennsylvania stand behind a giant trash factory 432 00:23:56,800 --> 00:24:00,119 Speaker 1: and talked about building factories and actually bringing back an 433 00:24:00,160 --> 00:24:03,119 Speaker 1: industrial economy to the United States. But we've seen that 434 00:24:03,160 --> 00:24:05,399 Speaker 1: he hasn't fulfilled that promise. You can go back and 435 00:24:05,440 --> 00:24:09,159 Speaker 1: watch him doing it. It's populist rhetoric, and we're probably 436 00:24:09,200 --> 00:24:11,320 Speaker 1: going to see him pick it up again because people 437 00:24:11,400 --> 00:24:14,800 Speaker 1: like the idea of high wage, high paying jobs, and 438 00:24:14,840 --> 00:24:18,080 Speaker 1: this requires an absolute just transition, and it does require 439 00:24:18,119 --> 00:24:21,920 Speaker 1: for us to actually invest in American ingenuity and creativity, 440 00:24:21,960 --> 00:24:24,359 Speaker 1: but particularly in those places, that requires making that argument 441 00:24:24,400 --> 00:24:26,600 Speaker 1: to American people who were responsive to that argument. The 442 00:24:26,600 --> 00:24:28,919 Speaker 1: whole reason Donald Trump was making that argument is because 443 00:24:29,080 --> 00:24:31,760 Speaker 1: Americans are used to their factories and their mining jobs, 444 00:24:31,760 --> 00:24:33,920 Speaker 1: and they like that in their communities. So you're talking 445 00:24:33,920 --> 00:24:36,080 Speaker 1: about changing those hearts and minds too, And the question 446 00:24:36,160 --> 00:24:37,840 Speaker 1: is how do you ultimately do that. We gotta go 447 00:24:37,840 --> 00:24:39,800 Speaker 1: to I gotta pay bills, but we're talking about money. 448 00:24:39,800 --> 00:24:41,840 Speaker 1: We're talking about the under cent of Americans, like the 449 00:24:41,880 --> 00:24:46,960 Speaker 1: Green New Deal. That's three. And truthfully, the reason that 450 00:24:47,000 --> 00:24:50,440 Speaker 1: this conversation is so important is because it's that transition. 451 00:24:51,080 --> 00:24:53,159 Speaker 1: So if you agree or disagree with the Green Your Deal, 452 00:24:53,240 --> 00:24:56,240 Speaker 1: it's what happens to that coal monitor in West Virginia? 453 00:24:56,320 --> 00:24:58,560 Speaker 1: What is their next job? And that's what I think 454 00:24:58,920 --> 00:25:01,800 Speaker 1: we have to keep dig and pushing for. Yeah, and 455 00:25:01,800 --> 00:25:03,560 Speaker 1: and and coming up, We're gonna die. Much more into that, 456 00:25:03,600 --> 00:25:06,000 Speaker 1: plus the political challenge. Did you guys hear this? Bill 457 00:25:06,040 --> 00:25:08,520 Speaker 1: Shine is out of the White House. He's focusing on 458 00:25:08,600 --> 00:25:12,679 Speaker 1: the re election campaign. The panel stays I stay. You 459 00:25:12,720 --> 00:25:16,119 Speaker 1: can download the sound on podcast on Apple iTunes, at 460 00:25:16,119 --> 00:25:19,600 Speaker 1: Bloomberg dot com or by downloading the Bloomberg Business app. 461 00:25:19,920 --> 00:25:22,639 Speaker 1: Check us out on Radio dot com and I Heart 462 00:25:22,760 --> 00:25:28,840 Speaker 1: Radio on Kevin CURRELLI you're listening to Bloomberg. You're listening 463 00:25:28,880 --> 00:25:33,639 Speaker 1: to Sound On with Kevin Surreally on Bloomberg one and 464 00:25:33,720 --> 00:25:36,399 Speaker 1: one oh five point seven F M h D two Botomore. 465 00:25:37,560 --> 00:25:40,280 Speaker 1: You cannot go too far on your true of climate change. 466 00:25:40,600 --> 00:25:44,160 Speaker 1: The future on the planet is at stake. The future 467 00:25:44,240 --> 00:25:47,679 Speaker 1: of the planet is at stake. That Senator Bernie Sanders 468 00:25:47,800 --> 00:25:51,720 Speaker 1: from Vermont, who is running again for president likely and 469 00:25:51,840 --> 00:25:56,360 Speaker 1: two thousand and twenty, has the political race now kick 470 00:25:56,440 --> 00:26:00,399 Speaker 1: started into high gear. Bill Shine is all at the 471 00:26:00,400 --> 00:26:05,680 Speaker 1: White House communications director, the former Fox News executive. He's 472 00:26:05,920 --> 00:26:09,840 Speaker 1: ditching the White House for President Trump's re election campaign. 473 00:26:10,320 --> 00:26:14,000 Speaker 1: I'm Kevin Siilli, Bloomberg News Chief Washington correspondent for Bloomberg 474 00:26:14,040 --> 00:26:19,119 Speaker 1: Television and Bloomberg Radio. Alexandra Rojas, first time on the program, 475 00:26:19,240 --> 00:26:23,719 Speaker 1: Executive director for the Justice Democrats. She was, truthfully, folks, 476 00:26:24,200 --> 00:26:29,280 Speaker 1: the driving force behind helping to elect Alexandria Accacio Cortez. 477 00:26:29,359 --> 00:26:31,480 Speaker 1: In terms of this staff, she's so humble that she's 478 00:26:31,480 --> 00:26:33,879 Speaker 1: shaking her head. No, she joined us in studio, but 479 00:26:34,000 --> 00:26:38,359 Speaker 1: she was one of the brain trust in AOC's political orbit. 480 00:26:38,440 --> 00:26:41,639 Speaker 1: Mattie Douppler, senior fellow at the National Taxpayers Union and 481 00:26:41,720 --> 00:26:45,959 Speaker 1: former Coalitions director for the House Republican Conference. We were 482 00:26:46,000 --> 00:26:49,600 Speaker 1: talking Maddie in the break about Democrats. Uh, this is 483 00:26:49,640 --> 00:26:52,240 Speaker 1: an idea. This is a blue print for a plan, 484 00:26:52,359 --> 00:26:54,760 Speaker 1: the Green New Deal. You we just learned from Senator 485 00:26:54,800 --> 00:26:58,000 Speaker 1: Sanders who was on the View, even the View, seriously, 486 00:26:58,040 --> 00:27:02,840 Speaker 1: no joke talking about this idea, this plan, and now 487 00:27:02,960 --> 00:27:07,720 Speaker 1: it's reframing the political discourse. And respectfully, some would argue 488 00:27:07,760 --> 00:27:12,040 Speaker 1: as putting conservatives on defense. Potentially, I think that the 489 00:27:12,119 --> 00:27:14,960 Speaker 1: bigger challenge, probably for Democrats is that they'll need to 490 00:27:14,960 --> 00:27:17,920 Speaker 1: be on defense amongst their own party. Given that every 491 00:27:17,920 --> 00:27:20,080 Speaker 1: Democrat is currently running for presidents, We've got a lot 492 00:27:20,080 --> 00:27:28,280 Speaker 1: of people who, yeah, I guess we've got one one 493 00:27:28,320 --> 00:27:30,119 Speaker 1: Democrat in Ohio decided to send it out and that's 494 00:27:30,160 --> 00:27:33,440 Speaker 1: pretty much it. UM. But you know, the challenge then. 495 00:27:33,520 --> 00:27:36,000 Speaker 1: It was interesting. I've had conversations with liberal friends who 496 00:27:36,000 --> 00:27:38,960 Speaker 1: are really excited about the fact that progressive ideas and 497 00:27:39,160 --> 00:27:42,439 Speaker 1: bold new proposals are the new frame of mind for 498 00:27:42,440 --> 00:27:46,120 Speaker 1: the Democratic Party. UM. And to me, the question then 499 00:27:46,359 --> 00:27:49,400 Speaker 1: is you can only have so many of these conversations 500 00:27:49,400 --> 00:27:51,399 Speaker 1: on a debate platform. And I think we saw that 501 00:27:51,520 --> 00:27:54,520 Speaker 1: with the Republican primary, where we had every Republican running 502 00:27:54,520 --> 00:27:57,639 Speaker 1: for president. Ideas only got so much time at the 503 00:27:57,720 --> 00:27:59,920 Speaker 1: end of the day, it was a lot about timing 504 00:28:00,280 --> 00:28:02,760 Speaker 1: who you could outlast in which primary states and then 505 00:28:02,840 --> 00:28:06,040 Speaker 1: ultimately what that final pitch wise to voters. And so 506 00:28:06,240 --> 00:28:09,640 Speaker 1: the question I think for alex is, you know, how 507 00:28:10,359 --> 00:28:12,439 Speaker 1: what what what is the path do you think to victory? 508 00:28:12,440 --> 00:28:14,800 Speaker 1: Then for a Democrat in this kind of primary set 509 00:28:14,880 --> 00:28:18,160 Speaker 1: up with so many people running and as we mentioned before, 510 00:28:18,200 --> 00:28:21,120 Speaker 1: so many ideas kind of floating out there. Yeah, well, 511 00:28:21,119 --> 00:28:23,800 Speaker 1: I think it's important to mention and call out the 512 00:28:23,840 --> 00:28:27,000 Speaker 1: fact that, you know, over the past four years, we've 513 00:28:27,040 --> 00:28:30,080 Speaker 1: absolutely transformed the conversation so that there actually is this 514 00:28:30,160 --> 00:28:33,399 Speaker 1: debate of ideas, and so I'm actually incredibly encouraged and 515 00:28:33,440 --> 00:28:37,960 Speaker 1: extremely excited that throughout the Democratic primary, organizations like Justice 516 00:28:38,000 --> 00:28:40,480 Speaker 1: Democrats and I feel like we have a personal responsibility 517 00:28:40,560 --> 00:28:43,600 Speaker 1: to to do that is push the Democratic field to 518 00:28:43,760 --> 00:28:46,600 Speaker 1: be as bold and as visionary and actually put forward 519 00:28:46,600 --> 00:28:50,200 Speaker 1: a plan that not only defeats Donald Trump in November, 520 00:28:50,440 --> 00:28:52,880 Speaker 1: but actually takes on the billionaire class and the one 521 00:28:52,880 --> 00:28:57,000 Speaker 1: percent that is continuing to uh neglect the interests of 522 00:28:57,040 --> 00:28:59,000 Speaker 1: the American people. I'm so glad you mentioned that because 523 00:28:59,040 --> 00:29:01,920 Speaker 1: Senator Elizabeth and one of those progressives who is running 524 00:29:01,920 --> 00:29:06,160 Speaker 1: for president. She's actually, uh, really going after not just 525 00:29:06,320 --> 00:29:11,400 Speaker 1: large financial institutions, but also breaking up tech giants like Amazon. 526 00:29:11,600 --> 00:29:15,760 Speaker 1: And this is fascinating, folks, because she was she's campaigning 527 00:29:16,040 --> 00:29:20,520 Speaker 1: for president in uh but but as the different jockey 528 00:29:20,560 --> 00:29:25,240 Speaker 1: in goes on. She was talking earlier in Washington, d C. 529 00:29:26,160 --> 00:29:30,800 Speaker 1: Just about the technology sectors Silicon Valley and how Amazon 530 00:29:30,920 --> 00:29:33,959 Speaker 1: in particular might be I can't belie. I'm gonna say 531 00:29:34,000 --> 00:29:36,120 Speaker 1: it's too big to fail here, Senator Elizabeth Warren. Take 532 00:29:36,160 --> 00:29:39,240 Speaker 1: a listen. What I believe is that to have more 533 00:29:39,320 --> 00:29:42,920 Speaker 1: competition in the marketplace and to level the playing field 534 00:29:43,040 --> 00:29:46,840 Speaker 1: a little bit for small businesses and entrepreneurs and startups, 535 00:29:47,360 --> 00:29:50,240 Speaker 1: what we've got to do is take those platforms, you know, 536 00:29:50,280 --> 00:29:52,720 Speaker 1: how you order on Amazon or you do a search 537 00:29:52,800 --> 00:29:58,160 Speaker 1: on Google, and break them off from the additional businesses 538 00:29:58,520 --> 00:30:02,160 Speaker 1: that they're running. And those additional businesses are where they're 539 00:30:02,160 --> 00:30:07,600 Speaker 1: getting a comparative advantage on their um information because of 540 00:30:07,600 --> 00:30:10,880 Speaker 1: the information they get from their platforms. That was Senator 541 00:30:10,960 --> 00:30:16,440 Speaker 1: Elizabeth Warren speaking earlier today in Washington, D C. About 542 00:30:16,600 --> 00:30:21,479 Speaker 1: big tech. Alexander Rojas, executive director for Justice Democrats, you know, 543 00:30:21,600 --> 00:30:25,400 Speaker 1: this is really interesting given everything that we've seen and 544 00:30:25,440 --> 00:30:28,520 Speaker 1: covered in terms of cybersecurity, yes, in terms of the 545 00:30:28,560 --> 00:30:31,880 Speaker 1: Mueller investigation, and in terms of the last cycle with 546 00:30:32,000 --> 00:30:35,960 Speaker 1: actual fake news on platforms and whatnot. But this is 547 00:30:36,520 --> 00:30:40,600 Speaker 1: really interesting given the backdrop of Amazon. Uh and AOC 548 00:30:40,920 --> 00:30:44,200 Speaker 1: who was one of the driving forces behind kicking out 549 00:30:44,280 --> 00:30:49,600 Speaker 1: Amazon from ever really Amazon leaving Amazon but because but 550 00:30:49,680 --> 00:30:52,000 Speaker 1: because they didn't have a community process but yet but 551 00:30:52,000 --> 00:30:53,720 Speaker 1: but also I mean, but I even said them and 552 00:30:53,840 --> 00:30:56,880 Speaker 1: she was happy that that happened because they were not, 553 00:30:57,200 --> 00:31:00,960 Speaker 1: in her argument, going to give workers enough access. But 554 00:31:01,000 --> 00:31:03,920 Speaker 1: when you hear someone like Senator Warren switching gears from 555 00:31:03,920 --> 00:31:07,000 Speaker 1: the de Green New Deal now on big tech, how 556 00:31:07,120 --> 00:31:10,280 Speaker 1: is that? How does that factor in, especially in this 557 00:31:10,440 --> 00:31:14,520 Speaker 1: era of deregulatory policies. Um, I'm you know, I think 558 00:31:14,560 --> 00:31:17,320 Speaker 1: we're incredibly excited to see that when you see, you know, 559 00:31:17,440 --> 00:31:20,520 Speaker 1: three men Bill Gates, Warren Buffett, and Jeff Bezos himself 560 00:31:20,720 --> 00:31:25,280 Speaker 1: collectively hold more wealth than the bottom of the domestic population. Uh, 561 00:31:25,320 --> 00:31:27,720 Speaker 1: why haven't we done this sooner? And again we can 562 00:31:27,720 --> 00:31:30,440 Speaker 1: look back in our nation's history last time when we 563 00:31:30,520 --> 00:31:33,680 Speaker 1: broke up monopolies. This is this is Uh, we we 564 00:31:33,760 --> 00:31:38,040 Speaker 1: can't continue to let wealth hoarde to three people more 565 00:31:38,080 --> 00:31:39,680 Speaker 1: than the rest of the population. So I think that 566 00:31:39,720 --> 00:31:41,680 Speaker 1: this boat is extremely well for the American people and 567 00:31:41,680 --> 00:31:43,880 Speaker 1: will continue to see if it's popular. My guess is, yet, 568 00:31:43,880 --> 00:31:47,560 Speaker 1: how seriously, this is not a political gotcha question, Like truthfully, 569 00:31:47,600 --> 00:31:49,680 Speaker 1: this is this is something that I think. This is 570 00:31:49,720 --> 00:31:52,640 Speaker 1: the debate, I mean, this is the this this conversation 571 00:31:52,720 --> 00:31:55,200 Speaker 1: folks for the next year and a half. How does 572 00:31:55,280 --> 00:31:59,920 Speaker 1: breaking up an institution, whether it's financial, whether it's education, 573 00:32:00,400 --> 00:32:04,600 Speaker 1: whether it's big tech, how does breaking up an institution 574 00:32:04,640 --> 00:32:10,440 Speaker 1: and economic institution yield more job growth? I think that 575 00:32:10,480 --> 00:32:15,760 Speaker 1: they've bulldozed competition. Um, they have been able to basically 576 00:32:15,760 --> 00:32:18,920 Speaker 1: eat up anybody that is their competitor. So I don't 577 00:32:18,960 --> 00:32:21,560 Speaker 1: think that that is those are things that are signs 578 00:32:21,560 --> 00:32:25,440 Speaker 1: of a healthy economy. I think it's actually keeping our economy, uh, 579 00:32:25,600 --> 00:32:29,880 Speaker 1: you know, suppressing the ability and stifling innovation of actual 580 00:32:30,120 --> 00:32:33,800 Speaker 1: other American people that are not you know, Jeff Bezos 581 00:32:33,920 --> 00:32:36,200 Speaker 1: uh and other you know. I think she called that 582 00:32:36,280 --> 00:32:38,640 Speaker 1: Facebook and Google to be able to do that. So 583 00:32:38,680 --> 00:32:41,120 Speaker 1: I think again, like you know, it's it's one of 584 00:32:41,160 --> 00:32:43,280 Speaker 1: those things where it's good for the economy to not 585 00:32:43,320 --> 00:32:45,440 Speaker 1: have monopolies and have more competition. I thought, that's what 586 00:32:46,880 --> 00:32:48,959 Speaker 1: we have, like literally less than a menor I just 587 00:32:49,000 --> 00:32:52,280 Speaker 1: think for the week. I think this rhetoric about big 588 00:32:52,320 --> 00:32:55,960 Speaker 1: being bad misses the point. The fact that scale exists 589 00:32:56,000 --> 00:32:59,000 Speaker 1: allows for opportunity to prosper. In the United States is 590 00:32:59,080 --> 00:33:01,960 Speaker 1: unique in that sense. There's a reason that Amazon, Facebook, Google, 591 00:33:02,000 --> 00:33:05,600 Speaker 1: or all American companies. It's because it they have been 592 00:33:05,640 --> 00:33:08,200 Speaker 1: given the ecosystem in order to thrive, and they give 593 00:33:08,280 --> 00:33:12,600 Speaker 1: platforms to the young, for the two other companies and 594 00:33:12,680 --> 00:33:15,000 Speaker 1: businesses and the small guys out there who otherwise I 595 00:33:15,000 --> 00:33:17,240 Speaker 1: wouldn't be buying from businesses across the country if I 596 00:33:17,240 --> 00:33:19,840 Speaker 1: didn't have Amazon's a platform. I gotta go, guys, it's 597 00:33:19,840 --> 00:33:22,920 Speaker 1: the weekend. It's time for the weekend. Happy International Women's Day. 598 00:33:22,920 --> 00:33:24,959 Speaker 1: By the way, thank you to our all star panel. 599 00:33:25,160 --> 00:33:26,760 Speaker 1: That's it for me. Check us out on all of 600 00:33:26,760 --> 00:33:29,520 Speaker 1: our various platforms. Not just me, but also my talented 601 00:33:29,560 --> 00:33:32,960 Speaker 1: colleagues at Bloomberg. I'm Kevin CURRELLI you're listening to Bloomberg