>>> THE NEED IS GREAT.
THE OPPORTUNITY IS THERE.
AND THE PRECISION OF THIS
LEGISLATION TO DIRECTLY ADDRESS
THE NEEDS OF THE AMERICAN
PEOPLE.
THE LIVES OF THE AMERICAN
PEOPLE.
AND THE LIVELIHOOD.
.
>> HOUSE SPEAKER NCY PELOSI
YESTERDAY ON PRESIDENT BIDEN’S
$1.9 TRILLION CORONAVIRUS RELIEF
BILL, WHICH IS SET TO BE VOTED
ON TODAY IN THE HOUSE.
JOINING US NOW DIRECTOR OF THE
WHITE HOUSE NATIONAL ECONOMIC
COUNCIL BRIAN DEESE.
THANKS SO MUCH FOR JOINING US
THIS MORNING.
.
>> BRIAN, THANK YOU FOR BEING
WITH US.
I’M SURE YOU’VE HEARD IT.
MOST REPUBLICAN CONGRESS, A LOT
OF DEMOCRATIC ECONOMISTS,
INCLUDING LARRY SUMMERS, FEARED
THIS BILL MAY BE TOO BIG, TOO
MUCH RELIEF AND CAN CAUSE
INFLATIONARY PRESSURES AND ADD
TO THE NATIONAL DEBT.
WHAT IS YOUR RESPONSE WITH THOSE
CRITICISMS?
>> WE ARE AT A VERY PRECARIOUS
MOMENT.
CERTAINLY WE ARE ALL HOPEFUL.
WE ARE 10 MILLION JOBS DOWN FROM
WHERE WE WERE WHEN THEY STARTED
THIS PANDEMIC.
WE HAVE HISTORIC CRISES IN TERMS
OF HUNGER AND HOMELESSNESS IN
THIS COUNTRY.
AND AS WE LOOK AT THE ECONOMIC
FORECAST AND DATA GOING FORWARD,
WHAT WE SEE IS WITHOUT DECISIVE
ACTION.
IT’S GOING TO BE YEARS BEFORE WE
GET BACK TO A STRONG AND HEALTHY
LABOR MARKET.
SO WE THINK THIS IS A MOMENT
WHERE THE RISK OF DOING TOO
LITTLE IS OUTWEIGHED BY THE RISK
OF DOING TOO MUCH.
THAT’S WHAT IS BEHIND THIS PLAN.
I WOULD SAY IF YOU LOOK AT MOST
ECONOMISTS WOULD AGREE WITH THAT
ASSESSMENT.
AND WE HAVE TO GO TO THE
PARTICULARS OF THE PLAN WHERE
GETTING SHOTS IN PEOPLE’S ARMS,
GETTING SCHOOLS OPEN, GETTING
RELIEF OUT TO FAMILIES AND SMALL
BUSINESSES WE THINK IS A SENSIBLE IN EFFECT URGENTLY
SENSIBLE IN EFFECT URGENTLY
NEEDED PRIORITY.
>> THE ECONOMY WOULD GROW EVEN
IF NO RELIEF PACKAGES WERE
COMING FROM THE HILL AND THE
WHITE HOUSE.
THAT BEING SAID, THAT IS FAIRLY
HEALTHY GROWTH.
GIVEN THAT, WHY DO WE STILL NEED
TO HAVE A $1.9 TRILLION BILL
INSTEAD OF SAYING MAYBE HALF OF
THAT?
>> BECAUSE WE’RE IN A HISTORIC
ECONOMIC HOLE.
THIS PANDEMIC HAS HIT THE
ECONOMY AND PUT US IN PLACE
WHERE THE SAME CBO REPORT SAID
IF WE DO NOTHING, IT WILL TAKE
UNTIL THE END OF 2024 OR 2 5EU
TO GET BACK TO PREPANDEMIC
EMPLOYMENT LEVELS.
FROM OUR PERSPECTIVE, LETTING
THE ECONOMY MOVE SLOWLY BACK TO
FULL EMPLOYMENT WOULD PUT
MILLIONS OF AMERICANS AT RISK OF
LOWER WAGES AND PERMANENT
SCARRING FOR THEIR LONG-TERM
INCOMES.
IF WE MOVE QUICKLY AND
AGGRESSIVELY NOW TO GET SHOTS IN
PEOPLE’S ARMS, TO GET THIS
ACCELERATED, WE CAN MOVE QUICKLY
BACK TO FULL EMPLOYMENT.
THAT’S WHAT THAT CBO ANALYSIS
INDICATED.
>>> HEY, BRIAN, IT’S WILLIE
GEIST.
WHAT IS THE PLAN GOING FORWARD
ON THE MINIMUM WAGE?
WE HEARD FROM SENATE
PARLIAMENTARIAN YESTERDAY, LAST
NIGHT, THAT THE SENATE CANNOT
INCLUDE THE $15 MINIMUM WAGE IN
THE RELIEF PACKAGE.
WHAT’S THE STRATEGY MOVING
FORWARD IF IT CAN’T BE IN THIS
BIG BILL.
WILL YOU CARVE OUT SEPARATE
LEGISLATION TO RAISE THE MINIMUM
WAGE?
>> WE WERE DISAPPOINTED BY THE
RULING.
PRESIDENT BIDEN PUT IT IN HIS
AMERICAN RESCUE PLAN. WE BELIEVE IT’S A JUSTIFIED
WE BELIEVE IT’S A JUSTIFIED
URGENTLY NEEDED STEP FORWARD.
THIS IS AN EFFECTIVE WAY TO
RAISE THE WAGES OF LOW INCOME
AMERICANS WITH A DE MINIMIS
IMPACT ON EMPLOYMENT.
WE THINK IT’S THE RIGHT THING TO
DO.
WE’RE GOING TO CONSULT WITH
CONGRESSIONAL ALLIES, LEADERSHIP
TO TALK ABOUT A PATH FORWARD ON
HOW WE CAN MAKE PROGRESS
URGENTLY ON WHAT IS AN URGENT
ISSUE.
AT THE SAME TIME WE NEED TO ACT
ON THIS RESCUE PLAN.
AS HOPEFUL AS WE ALL ARE ABOUT
THE EXTRA TRAJECTORY OF THE
VIRUS, WE NEED TO ACT URGENTLY
NOW.
>> PEOPLE ARE WORRIED THE
MINIMUM WAGE WILL FALL BY THE
WAYSIDE NOW THAT IT HAS BEEN
DISALLOWED BY THE
PARLIAMENTARIAN.
>> THE PRESIDENT HAS CAMPAIGNED