GROWTH ALL HIGHER.
WELL THE HOUSE EDUCATION AND
LABOR COMMITTEE HAS VOTED TO
MOVE FORWARD WITH ITS PORTION
OF THE DEMOCRATIC COVID RELIEF
PROPOSAL THAT INCLUDES
INCREASING THE MINIMUM WAGE
FROM $7.25 AN HOUR
TO $15 AN HOUR IN THE PLAN
INCLUDES A PROVISION TO
GRADUALLY RAISE THAT FEDERAL
PAY FLOOR TO THAT 15 DOLLAR AN
HOUR MARK BY 2025 O'CLOCK
JAMES DO MOVE OVER WHETHER IT
WILL ALTERNATELY SURVIVE A
SENATE VOTE TO JOINING US NOW
IS THE RIGHT ONE MORE
THE DEPUTY DIRECTOR OF THE
NATIONAL ECONOMIC COUNCIL A
BARRAGE SO GOOD TO HAVE YOU
WITH
US TODAY. SO THE CONGRESSIONAL
BUDGET OFFICE ESTIMATED THAT
RAISING THE MINIMUM
WAGE WOULD WITH 900,000 PEOPLE
OUT OF POVERTY THAT'S CERTAINLY
A POSITIVE BUT THEN COST 1.4
MILLION JOBS OVER THE
NEXT 4. I YEARS DOES THE BITING
ADMINISTRATION STILL FEEL THAT
THIS IS THE RIGHT DECISION TO
RAISE THE MINIMUM WAGE.
>> YES, ABSOLUTELY WE DO AND
THERE'S A
FEW REASONS THAT NUMBER ONE
THERE'S A MORAL REASON WHICH IS
THAT THE PRESIDENT FEELS AND I
THINK THE MAJORITY OF AMERICAN
PEOPLE AGREE THAT YOU SHOULD
NOT WORK 40 HOURS A WEEK AND
LIVE IN POVERTY UNDER CURRENT
FEDERAL
MINIMUM WAGE. FORCES A LOT OF
PEOPLE TO DO JUST THAT WE'RE AT
$15 WHICH WOULD ENSURE THAT IF
YOU DO WORK 40 HOURS
A WEEK. YOU AND YOUR FAMILY
COME IN ABOVE THE POVERTY LINE
AND THAT'S AN IMPORTANT MORAL
POINT 2ND. AS YOU NOTED THE
THE CBO REPORT SHOWED THAT THIS
WOULD IN A RAISING WAGES FOR
SOMETHING LIKE 30 MILLION
PEOPLE IN THE UNITED STATES TO
CURRENTLY MAKING UNDER $15 AN
HOUR. IT WOULD REDUCE POVERTY.
IT WAS HAVE A POSITIVE IMPACT
IN TERMS OF RACIAL EQUITY
BECAUSE A LOT OF PEOPLE ARE
MAKING UNDER $15 AN HOUR
ARE BLACK STANEK AND ON THE
EMPLOYMENT
I THINK THAT THE CBO REPORT IS
IN SOME WAYS NOW WHY ARE SOME
OF THE HIGHEST QUALITY RESEARCH
THAT WE'VE SEEN RECENTLY
HAS SAID THAT THE ECONOMIC AND
THE JOBS IMPACT OF A MINIMUM
WAGE INCREASE LIKE THIS IS
GOING PRETTY MINIMAL. SO
OVERALL WE THINK IT'S A VERY
STRONG ON A PROPOSAL AND IT IS
CENTRAL, I THINK TO OUR
EFFORTS TO. THANK ESSENTIAL
WORKERS RIGHT THINK ABOUT THE
FACT THAT A LOT OF FOLKS ARE
MAKING UNDER $15 AN HOUR PEOPLE
ARE KEEPING THE SHOW STOCK.
MAKING THE COPS THAT COMING
INTO OUR TO OUR FISH
THEY'RE KEEPING THE ECONOMY
GOING AND TAKING A GREAT RISK
TO DO IT AND WHAT BETTER WAY TO
THANK THEM.
NOT JUST PRAISE THEM THAT
ACTUALLY WORK THEM FOR THAT
WORK AND RAISING THE WAGES.
>> IT IS PRETTY MIND BOGGLING
ON THAT BEFORE BIDEN WAS
ELECTED, I MEAN HALF OF THE
STATE'S ROUGHLY IS
STILL HAD A MINIMUM WAGE THAT
WAS JUST ABOUT
$7.25. AND CERTAINLY THOSE
FRONT-LINE WORKERS DESERVE A
PAY BOOST AGES OR APPRECIATION.
THERE'S NO DOUBT
ABOUT THAT THE ONLY OTHER
CRITICISM I THINK THAT REALLY
DOES EXIST OTHER THAN POTENTIAL
JOBS BEING LOST IS THAT IT
WOULD
INCREASE PRICES AND ALREADY WE
DO SEE PRICES IN CERTAIN PLACES
LIKE THE GROCERY STORE RISING
SIMPLY BECAUSE OF THE TIME
TIMES THAT WE'RE IN WHAT'S YOUR
RESPONSE TO WHAT IT WOULD DO TO
INFLATION.
>> WELL LOOK I THINK THAT THE
DATA IS MIXED ON THE
INFLATIONARY EFFECT IT WOULD
HAVE AN EFFECT ON PRICES AGAIN
THE HIGH QUALITY RESEARCH IN
THIS AREA. SHOWS A COUPLE OF
DIFFERENT OUTCOMES THAT I DO
THINK THE FACT IS OF THE MATTER
IS THAT IF WE PUT MORE MONEY
INTO PEOPLE'S POCKETS,
ESPECIALLY THOSE PEOPLE WERE AT
THE LOWER END
OF THE INCOME
>> NEED THIS MONEY AND ARE
GOING TO SPEND THIS MONEY ON
CASES NECESSITIES. MAYBE A
SMALL IMPACT ON PRICES BUT IT
IS GOING TO COME AT
WHAT IT MEANS WHEN IT IS AN
INCREDIBLE INCREASE IN
FINANCIAL SECURITY FOR MILLIONS
OF OUR FELLOW AMERICANS I JUST
THINK THAT THE BOW YOU HAVE IS
IMMENSE AND IT'S ALSO MEANT FOR
THE COMMUNITIES IN WHICH THEY
LIVE, I MEAN THINK ABOUT THE
FACT THAT THIS MONEY THAT GOES
INTO THEIR POCKETS WAGES IS
GOING TO GET SPREAD BACK OUT
INTO THE COMMUNITIES THAT THEY
WORK INCLUDING SMALL BUSINESSES
IN THE COMMUNITIES THAT THEY
WORK AND SO THAT'S PART OF THE
REASON WHY. RAISING THE MINIMUM
WAGE IS NOT JUST GOOD FOR THAT
30 MILLION AMERICANS ARE SO
WERE DIRECTLY AFFECTED BY IT
BUT BY BUT FOR THE AMERICAN
ECONOMY OVERALL.
>> ALL RIGHT SO IT SEEMS LIKE
OBVIOUSLY SENATE REPUBLICANS
ARE IN FAVOR OF THIS $15
FEDERAL MINIMUM NOT THE ONLY
TIME THE BIDEN TO TRY TO PUSH
IT THROUGH DURING
HIS PRESIDENCY. BUT IT DOES
SEEM AS IF IT MIGHT NOT
NECESSARILY MAKE IT IN AT 1.9
TRILLION DOLLAR PACKAGE AS OF
NOW I ALSO ASK YOU MORE ABOUT
THIS MEETING WITH BUSINESS
LEADERS JP MORGAN'S C JAMIE
DIAMOND YESTERDAY, THE CEO OF
WAL-MART
AND LOWE'S AMONG OTHER
COMPANIES, WHAT WAS THE TAKE
AWAY FROM THE BUSINESS
COMMUNITY AND THOSE LEADERS
WHEN IT COMES TO THE STIMULUS
PACKAGE.
>> WELL I THINK THAT THE
PRESIDENT AND THOSE BUSINESS
LEADERS HAD
IT GOOD ROBUST FREE RANGING
DISCUSSION FOR MORE THAN AN
HOUR ABOUT THE STATE OF THE
ECONOMY ABOUT WHAT PEOPLE IN
AMERICA NEED RIGHT NOW I THINK
THAT THERE WAS WIDESPREAD
AGREEMENT AMONG
THAT GROUP BRINGING COVID UNDER
CONTROL IS THE KEY TO OUR
ECONOMIC RECOVERY AND IN THAT
SENSE. A KEY PART OF THAT
PRESIDENT'S AMERICAN
RESCUE PLAN SUBSTANTIAL AMOUNT
OF MONEY FOR VACCINE
DISTRIBUTION TO ACTUALLY MAKE
SURE THAT MONEY THAT SHOTS GET
INTO PEOPLE'S ARMS,
A SIGNIFICANT AMOUNT OF MONEY
FOR TESTING WHICH IS GOING TO
BE IMPORTANT DREAM CREATE THAT
WE ARE
RAMPING UP VACCINATIONS AND A
SIGNIFICANT AMOUNT OF MONEY
REOPENING OUR SCHOOLS SAFELY
WHICH I THINK IS CRITICALLY NOT
JUST FOR KIDS TO GET BACK INTO
THE CLASSROOM.
BUT ALSO 4 TIMES IN TERMS OF
WORKING PARENTS LIKE MYSELF
FRANKLY TO HAVE FIND A LITTLE
BIT HARD TO WORK EVERY DAY
WHILE THEY MAY HAVE KIDS AT
HOME TRYING TO DO VIRTUALLY
SCHOOL IT WAS BROAD
AGREEMENT ABOUT THE IMPORTANCE
OF THOSE ELEMENTS OF THE
PACKAGE I THINK THERE'S ALSO
BROAD AGREEMENT THAT THERE ARE
SIGNIFICANT NEEDS IN THE
ECONOMY RIGHT NOW AND YOU NEED
SOMETHING ON THE SCALE. THE
AMERICAN RESCUE PLAN THAT
PRESIDENT BIDEN HAS PROPOSED.
>> I LOOK THE MARKET CERTAINLY
FORWARDLOOKING ANTICIPATING
THAT THIS ONE 0.9 TRILLION
DOLLARS STIMULUS PACKAGE WILL
GET PAST SOME TIME WITHIN THE
NEXT FEW WEEKS OR SO FOR
AMERICANS THOUGH THAT ARE
WAITING ON
THESE CHECKS WHEN CAN THEY
EXPECT TO RECEIVE A CHECK FROM
THE GOVERNMENT.
>> SO I THINK THAT THE BEST TO
YOU THAT WE HAVE AND WHAT'S
HAPPENED THE PAST SUGGESTS THAT
WE HAD A COUPLE
OF WEEKS AFTER THE BILL IS
THE FIRST ROUND OF CHECKS WILL
START TO ADD A SUBSTANTIAL
NUMBER OF PEOPLE WILL GET THOSE
CHECKS THEN. I THINK IF YOU
LOOK
BACK IN PAST. IT'S THERE'S A
GROUP OF PEOPLE WHO'RE LITTLE
BIT HARDER TO GET IN TOUCH WITH
IT MAY TAKE A LITTLE BIT LONGER
TO GET THOSE CHECKS BUT I
WOULD SAY WE HAVE THE FIRST FEW
FEW WEEKS AFTER THE BILL ISN'T
IT. DOES CHECK SHOULD START TO
GO OUT.
>> OKAY SO HOLISTICALLY WITHIN
A MONTH. I MEAN WHEN DO YOU
ANTICIPATE THE BILL WILL GET
ENACTED SO THAT PEOPLE CAN HAVE
SOME SENSE HERE.
>> AND LOOK THAT'S UP TO
CONGRESS RIGHT I THINK ARE
ARGUE IS WE SHOULD PASS THIS
BILL AS SOON AS POSSIBLE AND
THAT THERE'S URGENCY HERE THERE
IS AMONG
OTHER THINGS. EXPIRATION OF
UNEMPLOYMENT INSURANCE BENEFITS
IN THE MIDDLE OF MARCH THAT WE
THINK IT'S CRITICALLY WARNED
THAT THE BILL BE ENACTED BEFORE
THAT DAY. I
KNOW CONGRESS AND SENATOR
SCHUMER AND SPEAKER PELOSI ARE
TRYING TO MOVE AS QUICKLY AS
POSSIBLE THROUGH THIS PROCESS.
I CAN TELL YOU
WITH CERTAINTY WHEN THE BILL'S
GOING TO PASS, BUT AGAIN OUR
HOPE IS THAT PASSES AS SOON AS
POSSIBLE.
>> WE'VE SEEN AMERICA'S DEFICIT
AND DEBT LOVE GROW IN THE
WAKE OF THE IT'S NO SURPRISE
OBVIOUSLY BECAUSE RELIEF IS
NEEDED ON A SUSTAINED AND
SIGNIFICANT BASIS. BUT BARACK
HOW EVENTUALLY DOES PRESIDENT
BIDEN CAN'T A PLAN TO PAY FOR
THIS DOWN THE ROAD IS A HIGHER
TAXES.
>> I THINK ONE IMPORTANT POINT
THAT OUT THAT IS THAT FROM
SECRETARY YELLEN TO OTHER
LEADING ECONOMISTS THERE
IS UNANIMITY TEMPORARY
EMERGENCY SPENDING LIKE THIS
SUMMER AMERICAN
RESCUE PLAN IS CRITICALLY
IMPORTANT IN A IN A BIGGER
PRIORITY
THAT CONCERN IT'S ABOUT THE
DEBT AND DEFICITS RIGHT NOW,
ESPECIALLY WITH INTEREST RATES
AS LOW AS THEY ARE NOW AS LOW
AS THEY'VE BEEN FOR THE LAST
SEVERAL YEARS AND PRESIDENT
BIDEN HAS BEEN CLEAR THAT WHEN
IT COMES TO NEW PERMANENT
SPENDING SO PROGRAMS THAT WILL
SPEND REGULARLY OVER THE COURSE
OF SEVERAL YEARS. HE BELIEVES
THAT THAT SHOULD BE OFFSET BY
NEWT TAXES ON THE WEALTHY AND
TAXES AND A CORPORATION.
IT'S THIS AMERICAN RESCUE PLAN
DOES NOT INCLUDE
PERMIT MEASURES LIKE THAT A
TEMPORARY EMERGENCY PLAN AS A
RESULT THERE ARE NO OFFSETS
LIKE THAT. BUT AS WE MOVE TO
THE NEXT ITEMS ON THE AGENDA
AFTER THIS ONE.
I THINK THAT YOU WILL SEE SOME
PROPOSED TAX INCREASES IN ORDER
TO OFFSET THAT KIND ANY PROPOSE
PERMITS PENDING.
>> IN TERMS OF HOUSEHOLDS WITH
CHILDREN WHAT CAN A ANTICIPATE
AS PART OF THIS BILL WE KNOW
PER CHILD THERE SHOULD BE A
CHECK ON INTO THESE FAMILIES AS
WELL TO HAVE BEEN STRUGGLING.
>> YEAH, I THINK THAT A LOT OF
THESE PACKAGES TARGETED
ESPECIALLY FOR LOWER-INCOME
FAMILIES
WITH CHILDREN. SO IN ADDITION
TO THE CHECKS ARE THE EMERGENCY
IMPACT PAYMENTS AS THEY'RE
TECHNICALLY CALLED. INCLUDE IN
ADDITION TO THE $400 A WEEK IN
UNEMPLOYMENT INSURANCE
SUPPLEMENT FOR ANY. FOLKS WERE
AT WORK. THERE'S A STATION OF
THE CHILD TAX CREDIT WITH THAT
ICE $3600 A YEAR
PER CHILD. IN THE FORM OF A TAX
CREDIT FOR CHILDREN UNDER THE
AGE OF
6 $3,000 A YEAR PER CHILD OVER
THE AGE OF 6. AND SO THAT'S A
SIGNIFICANT
AMOUNT OF MONEY GOING INTO THE
HANDS OF FAMILIES LOWER INCOME
FAMILIES WITH CHILDREN AND
THAT'S ONE OF THE KEY REASONS
WHY
AN INDEPENDENT. ESTIMATE OF THE
EFFECT OF THE AMERICAN RESCUE
PLAN SHOW THAT HE WOULD CUT
CHILD POVERTY IN THE UNITED
STATES IN HALF THIS YEAR THAT'S
FINE MILLION CHILDREN WILL BE
RAISED OUT OF POVERTY, THANKS
TO THIS PLAN.
>> I CERTAINLY WE KNOW AMERICA
NEEDS IT WITH MILLIONS MORE
THAN
10 MILLION AMERICANS AND
FALLING UNDER THAT POVERTY LINE
SINCE THE PANDEMIC TOOK HOLD I
DO QUICKLY WANT TO GET YOUR
TAKE BEFORE AND TO LET YOU GO
GIRL ON THE FED'S COMMENTS
TODAY
THAT THAT UNEMPLOYMENT RATE
PROBABLY CLOSER TO 10% VERSUS
THE 6% THRESHOLD BECAUSE OF THE
PARTICIPATION RATE DO YOU AGREE
WITH THAT.
>> YEAH I'M JUST CHAIRMAN HOW
SPEED TRAIN NOW, BUT I HAVE NO
REASON TO DOUBT HIS NUMBERS AND
I THINK THAT WE'VE ALSO BEEN
CLOSELY TRACKING THIS DATA AND
I THINK ONE DATA POINT JUST
AHEAD THAT IS THAT SINCE THE
BEGINNING OF THAT PANDEMIC MORE
THAN 2 MILLION
WOMEN ALONE, I'VE GOT THAT THE
LABOR FORCE BASED ON THE
NUMBERS THAT WE'VE SEEN AND IT
SHOWS THAT NUMBER ONE THERE'S
THIS DISPARATE IMPACT
OF THE PANDEMIC BETWEEN THE
GENDERS AND NUMBER 2 AS CHAIR I
WAS GOING TO TODAY. YOU HAVE TO
ACCOUNT FOR THE FACT THAT
PEOPLE ARE DROPPING OUT THE
LABOR FORCE ONE WHERE WE'RE
TAKING A LOOK AT
THE STATE. THE LABOR MARKET AS
A WHOLE I THINK THE GOAL OF OUR
OF THE AMERICAN RESCUE PLAN
THIS IS NOT ONLY TO
BRING THAT I PLAYED A GREAT
NUMBER DOWN BUT ENCOURAGE MORE
LABOR FORCE PARTICIPATION
TO GET FOLKS BACK INTO THE
LABOR FORCE YOU MAY HAVE
DROPPED OUT OVER THE LAST YEAR
BECAUSE THAT'S KEY NOT ONLY FOR
THE STRENGTH OF OUR ECONOMIC
BUT IT'S KEY I THINK TO HAVING
THAT KIND
MISTER INCLUSIVE THAT IS A