NUMBERS I WANT TO
SUNDAY WHAT ABOUT FORMER WORLD
BANK ECONOMIST AND FOUNDER OF I
SQUARED CAPITAL HAS STUDIED
IT'S GOOD TO HAVE YOU WITH ME.
THIS MORNING. SO THESE
NUMBERS BLOWING PAST
EXPECTATIONS. THE HEADLINE
NUMBER AND VISIONS TO
THE UPSIDE. 4 FEBRUARY AND
JANUARY AS WELL WHAT DO YOU
MAKE OF THESE NUMBERS.
>> GOOD TO BE WITH YOU KRISTEN
AND THE NUMBERS AS YOU QUITE
EXTRAORDINARY AND IN MY OPINION
WHEN YOU LOOK AT THOSE THAT
WERE ANNOUNCED TODAY PLUS THOSE
OF THE WAR 9TH ON WEDNESDAY FOR
PRIVATE THEY ROLLED, THERE'S NO
DOUBT THAT THE RECOVERY IS
UNDERWAY. I THINK WE'RE GOING
TO HAVE A GOOD SOLID RECOVERY
OVER THE COMING
PERIOD, BUT WE NEED TO SUSTAIN
THAT RECOVERY AND FOR US TO BE
ABLE TO SUSTAIN THAT RECOVERY
WE NEED TO ENSURE
THAT THE AMERICAN PRODUCTIVITY
CONTINUES TO RISE ACROSS THE
BOARD OVER THE COMING YEARS.
I PERSONALLY THINK THAT THE.
AMERICAN JOBS PLAN THAT
PRESIDENT BIDEN ANNOUNCED ON
WEDNESDAY IS EXACTLY THAT IT
WILL ALLOW YOU TO CREATE JOBS.
IT'S A BOLD AND
NECESSARY PLAN
TO REVAMP OUR INFRASTRUCTURE
AND FUNDAMENTALLY CHANGE
AMERICAN PRODUCTIVITY FOR THE
DECADES TO COME.
>> IT WAS A VERY OPTIMISTIC
ANNOUNCEMENT THAT WE GOT FROM
PRESIDENT BIDEN MANY TIMES HE
REFERENCED AGO, GOOD JOBS AND
VALUABLE JOBS. WE JUST AREN'T
SURE EXACTLY HOW MANY JOBS THAT
COULD CREEP
GATES OF COURSE IF YOU HAVE ANY
INSIGHT ON THAT WE WOULD LOVE
TO HEAR IT, I DO WANT TO TALK
ABOUT SOME OF THE SECTORS IN
PARTICULAR SUNDAY
BECAUSE PARTICULARLY THE
LEISURE AND HOSPITALITY SECTOR,
ABLE TO GAIN THE MOST EVEN
THOUGH WE SAW BROAD-BASED GAINS
ACROSS INDUSTRIES LAST MONTH
280,000 JOBS, ADDING IN THE
LEISURE AND HOSPITALITY SPACE
MOST GIVE THEM A IN THE
RESTAURANT AND BAR INDUSTRY HOW
CRUCIAL IS
A RECOVERY. ONGOING SIGNIFICANT
JOB GROWTH IN THIS SECTOR TO
GET THIS ECONOMY BACK ON THE
RIGHT TRACK.
>> WELL I ABSOLUTELY THE HOUSE,
BUT THAT IS A NEW SECTOR, THE
YOU TALKED ABOUT WAS THE
MOST AFFECTED AND WE NEED TO BE
ABLE TO HAVE PEOPLE GO BACK TO
WORK AS SOON AS POSSIBLE.
THE VACCINATION AND THE WORK
THAT'S BEEN DONE IN THE LAST
COUPLE OF MONTHS I THINK WE'LL
DEFINITELY ALLOW THAT BUT YOU
TALKED ABOUT
JOB CREATION. IF YOU GO BACK TO
THE PLAN THAT YOU MENTIONED THE
AMERICAN JOBS BAND ASKED HOW
MUCH JOBS WOULD BE CREATED OVER,
THAT PERIOD. THIS IS THIS IS A
SIMPLE EVERY 100 BILLION DOLLAR
INVESTED CAN CREATE UP TO A
BILLION A MILLION NEW JOBS.
SO IF THE PLAN CALLS FOR A
TRILLION DOLLARS YOU HAVE
10 MILLION JOBS CAN BE CREATED
2 TRILLION YOU HAVE UP TO 2
20 MILLION NEW JOBS THAT CAN BE
CREATED OVER THE
COMING YEARS. SO IN A WAY IT'S
AN ESSENTIAL PART OF THE
AMERICAN RECOVERY AND YOU NEED
TO BE ABLE TO UPGRADE OUR
SO THAT IN FACT PEOPLE CAN
ACCESS ALL THE PLACES THEY WANT
TO GO TO
AND THAT'S AN ESSENTIAL
COMPONENT OF WHAT THE BIDEN
PLAN
>> AND WE SHOULD OPEN A LITTLE
BIT MORE ABOUT YES INDEED I
WOULD ASK THAT THAT
ON OBVIOUSLY HIGH SKILLED JOBS.
WE KEEP HEARING THAT COMPANIES
ARE HAVING A HARD TIME
FILLING JOBS. THEY REQUIRE
HIGHER SKILLS. THAT'S BEEN AN
ONGOING ISSUE EVEN BEFORE THIS
PANDEMIC STARTED AND WE DID SEE
THAT THOSE
WITH HIGHER SKILLS WERE ABLE TO
FARE BETTER DURING THIS
PANDEMIC HOW DO WE GET THE
WORKFORCE TRAY AND SO THAT
THESE NEW JOBS THAT PRESIDENT
BIDEN WANTS TO CREATE WAS STILL
ABOUT 10 MILLION AMERICANS OUT,
OF WORK. HOW DO WE TRAIN THOSE
PEOPLE SO THAT THEY CAN
RECEIVE IT BETTER ON MORE
CONVENIENT EASIER BASICALLY TO
DO ABOUT HIGHER PAYING JOBS
DOWN THE ROAD.
>> ABSOLUTELY LOOK IT'S A GREAT
QUESTION AND WHEN YOU LOOK AT
THE PLAN AND AT WHAT DOES
IT DO FIRST OF ALL IT TELLS YOU,
DO KNOW MEANING YOU HAVE TO
UPGRADE AND FIX OUR
EXISTING HIGHWAYS. I EXIST
THING BRIDGES AND A CRUMBLING
INFRASTRUCTURE THAT WOULD
IMMEDIATELY ATTRACT A WHOLE
HOST OF SKILLED WORKERS.
AT THE PEAK OF BOOMING 2015 YOU
COULD NOT FIND WELL DOES
BECAUSE THERE WEREN'T ENOUGH
SKILLED WORKERS TO BE ABLE TO
WORK IN THAT INDUSTRY SO WE
GOING TO SEE THE SAME THING
THAT REQUIRES US TO GO AND
INVEST IN TECHNICAL SKILLS AND
INTO SCHOOLS THAT ALLOW YOU TO
TRAIN PEOPLE SO THAT'S ONE
IMPORTANT ELEMENT OF THE BIDEN
PLAN THAT'S GOING TO HAPPEN.
ANOTHER
IMPORTANT ELEMENT IS PROVIDE
BASIC SERVICES YOU NEED TO BE
ABLE TO PROVIDE BASIC SERVICES
I GIVE YOU AN EXAMPLE CLEAN
WATER
FOR ALL THAT'S A NECESSARY IN
THE ELECTRIC GRID THE DOW'S US
TO HAVE STABLE A
TREE CITY AND THAT DOESN'T
BREAK DOWN EVERY TIME YOU HAVE
BAD WEATHER WHICH UNFORTUNATELY
WE'RE GOING TO SEE QUITE A BIT
OF GIVE AND CLIMATE CHANGE AND
A 3RD ELEMENT IS BROADBAND WE
NEED
BROADBAND ACT YES, SO THAT MORE
PEOPLE CAN WATCH FOR EXAMPLE,
CHECK THAT THE E AND AT THE
SAME TIME HAVE ACCESS TO BASIC
INFORMATION WHICH ALLOWS YOU
TO HAVE SCHOOLING, ESPECIALLY
IF YOU CAN TRAVEL AND AS YOU TO
HAVE HELD WHICH
IS IMPORTANT SO ACCESS TO
BROADBAND IS VERY IMPORTANT TO
GIVE YOU SOME PAUSE THIS CHINA
IN 2000 YOU HAD NO ACCESS TO
BROADBAND.
IN 20 YEARS IF CAUGHT UP WITH
THE U.S..
>> AND WE KNOW THAT THAT HAS
BEEN FUELED BY 10'S
OF BILLIONS DOLLARS AT JUST
GOING INTO 5 G INFRASTRUCTURE
RIGHT OVER THE PAST SEVERAL
DECADES AS WELL AS THE OTHER
INFRASTRUCTURE THAT THEY'VE
BEEN
BUILDING OUT. AND OF COURSE
THIS INFRASTRUCTURE PLAN THE
FIRST OF A TWO-PART PLAN ON
THIS ONE BEING 2 TRILLION
DOLLARS MEANT TO
BETTER COMPETE WITH CHINA
ADDRESS, THE REAL THREAT OF
CLIMATE CHANGE AND THAT'S A
REAL THREAT AND THAT WE KEEP
HEARING MORE AND
FROM THE WORLD'S TOP THINKERS
AND TOP LEADERS AS WELL AS AS
WE TRANSITION AWAY FROM FOSSIL
FUELS. I WANT TO GET BACK TO
THESE IMMEDIATE NUMBERS THOUGH
ACID IT THOUGH BECAUSE I DO
THINK THEY TELL A STORY ABOUT
THIS ECONOMY HERE AND NOW THAT
IS EXTREMELY IMPORTANT
AND ONE OF THAT IS MINORITY
UNEMPLOYMENT, WE STILL SEE THAT
MINORITY GROUPS BLACK AMERICANS,
ASIAN AMERICANS. FEMALES AS
WELL LATINOS AND THEY CONTINUE
TO STRUGGLE WITH HIGHER RATES
OF UNEMPLOYMENT, THEN WHITE
AMERICANS FOR INSTANCE AND
UNFORTUNATELY IN THIS LATEST
REPORT, THE
ASIAN POPULATION SEEN ALMOST A,
FULL PERCENTAGE POINT RISE IN
ITS UNEMPLOYMENT RATE LAST
MONTH AT 6% VERSUS 5.1% IN
FEBRUARY. HOW DO WE ADDRESS
THAT.
>> THE WAY TO ADDRESS IT IS IN
FACT PART OF WHAT THE BIDEN
ADMINISTRATION IS TRYING TO DO
WHICH IS TO BE ABLE TO TARGET
THE COMMUNITIES AND THE INNER
CITIES IN THE AREAS WHERE YOU
HAVE THAT HIGH. AND IT'S
IMPOSSIBLE TO DO THAT UNLESS
YOU HAVE THE PROPER
INFRASTRUCTURE
IN PLACE, YOU'RE NOT GOING TO
CREATE JOBS IN THOSE AREAS IF
YOU CAN
ACCESS THEM. IF THERE IS NO
PUBLIC TRANSIT AND PUBLIC
ACCESS TO THEM IF THERE IS NO
INTERNET BECAUSE TODAY
EVERYTHING IS BASED ON THE
INTERNET IF THERE IS NO ACCESS
TO CLEAN WATER ICE SO THAT
YOU CAN WORK IN THOSE
AREAS SAFELY. SO ALL OF THESE
ELEMENTS ARE IMPORTANT TO
CREATE THOSE JOBS AND IN FACT
THAT'S WHAT WE NEED TO DO IS TO
BE ABLE
TO TARGET THE INFRASTRUCTURE IN
THE AREAS WHICH HAVE THE
HIGHEST UNEMPLOYMENT AND
INCREASE THAT PRODUCTIVITY.
YOU CAN'T DO ONE WITHOUT THE
OTHER.
>> QUICKLY BEFORE I LET YOU GO
STEADY AT INFLATION VERY MUCH A
CONCERN I THINK FOR
SOME PEOPLE RAPIDLY RISING
INFLATION THIS YEAR WE DID NOT
SEE THAT IN THE WAGE NUMBERS,
THE WAGE NUMBERS ACTUALLY ON A
MONTHLY BASIS TAKING A LITTLE
BIT LOWER IS THAT A CONCERN FOR
YOU INFLATION.
>> IT'S NOT THE CONCERN IN THE
SHORT BECAUSE I THINK
WE SEE STILL I'VE A
GDP GROWTH I THINK IT'S
SOMETHING THAT WE HAVE TO LOOK
VERY CAREFULLY AT AND I BELIEVE
THAT THE FED AND THE TREASURY
SECRETARY HAVE THAT
IN HAND. WE SHOULD LOOK AT THE
NUMBERS 12 MONTHS FROM NOW AND
SEE WHAT HAPPENS TO INFLATION
BUT I'M NOT CONCERNED AT THIS
STAGE