ASSOCIATES SAYS HE BELIEVES U.S. CORPORATIONS WILL LOSE AS MUCH
AS $4 TRILLION BECAUSE OF THE
CORONAVIRUS PANDEMIC.
CORONAVIRUS PANDEMIC. JOINING US NOW, RANKING MEMBER
OF THE HOMELAND SECURITY
COMMITTEE, MEMBER OF THE ARMED
SERVICES COMMITTEE, DEMOCRATIC
SENATOR GARY PETERS OF MICHIGAN.
MY I ISMICHIGAN IS HOME TO
AUTOMAKERS, GM CHRYSLER, FORD,
CLOSING FACTORIES AND FURTHER
RAISING ECONOMIC CONCERNS IN THE
STATE, ACROSS THE COUNTRY, AND
AROUND THE WORLD.
THANK YOU FOR TAKING TIME WITH
US TODAY.
US TODAY. LET’S TALK ABOUT THE ECONOMIC
PICTURE IN YOUR STATE AND WHAT
YOU ALL THERE IN WASHINGTON CAN
DO TO HELP THOSE AUTO WORKERS
AND OTHERS RIGHT DOWN THE LINE
TO RESTAURANTS, THE SUPPLIERS,
EVERYBODY WHO COMES OUT OF THAT
SUPPLY CHAIN INTO THE AUTOMAKERS
OF MICHIGAN.
OF MICHIGAN. >> WELL, THAT’S RIGHT.
WHEN YOU TALK ABOUT CLOSING DOWN
A PLANT, IT IS NOT JUST FOLKS IN
THE PLANT.
THE PLANT. IT IS A VERY, VERY LONG SUPPLY
CHAIN THROUGHOUT OUR STATE.
IT IS THROUGHOUT THE COUNTRY
WHEN YOU THINK ABOUT AUTO
MANUFACTURER INGING
MANUFACTURER INGING MANUFACTURING.
MANUFACTURING. IT IS A KEY COMPONENT BROADLY.
IT RIPPLES THROUGH THE CHAIN.
WITH
WITH WHERE YOU SEE THE BIGGEST IMPACT
IS WITH THE SMALLER SUPPLIERS.
THEY’RE NOT NECESSARILY LARGE OR
UNIONIZED.
UNIONIZED. THESE ARE FOLKS WHO CAN FIND
THEMSELVES UNEMPLOYED.
THEMSELVES UNEMPLOYED. THERE ARE BUSINESSES SES SURROUN
WHERE THE PLANTS ARE OR OTHER
SUPPLIERS ARE.
SUPPLIERS ARE. IT IS A CASCADING EFFECT.
WE’RE SEEING THAT ALREADY WITH
OUR UNEMPLOYMENT NUMBERS IN
MICHIGAN.
MICHIGAN. YOU QUOTED A NUMBER OF NUMBERS
THERE.
THERE. I’LL BE TALKING TO THE GOVERNOR
IN ABOUT A HALF HOUR ABOUT THIS
ISSUE SPECIFICALLY.
ISSUE SPECIFICALLY. I THINK WE’RE SEEING ABOUT A
550% INCREASE IN PEOPLE COMING
INTO THE UNEMPLOYMENT OFFICE.
IT IS WHY WE HAVE TO STRENGTHEN
THAT SYSTEM.
THAT SYSTEM. FOR US HERE IN CONGRESS, WE HAVE
TO MAKE SURE THE MONEY IS THERE
TO HELP FOLKS WHO ARE IN THE
UNEMPLOYMENT SYSTEM.
UNEMPLOYMENT SYSTEM. WE ALSO HAVE TO EXPAND IT.
WE’RE DEALING WITH GIG WORKERS,
WHICH IS VERY REAL IN OUR
ECONOMY.
ECONOMY. WE’RE DEALING WITH SMALL
BUSINESS OWNERS WHO
TRADITIONALLY CAN’T BE IN THE
UNEMPLOYMENT SYSTEM.
UNEMPLOYMENT SYSTEM. YET, WHEN THEY LAY OFF ALL THEIR
EMPLOYEES AND DON’T HAVE AN
INCOME COMING IN, THEY’RE IN A
VERY, VERY SERIOUS SITUATION.
THAT’S WHY I’VE CERTAINLY
INTRODUCED LEGISLATION.
INTRODUCED LEGISLATION. WE’RE WORKING TO TRY TO GET IT
IN THIS NEXT BIG PACKAGE, THAT
WE EXPAND THE UNEMPLOYMENT
SYSTEM, PUT MORE RESOURCES IN
THERE.
THERE. EXPAND THE NUMBERS OF PEOPLE WHO
CAN GET IN.
WE’RE DOING IT IN A WAY, SIMILAR
TO WHAT WE DO THROUGH FEMA AND
THROUGH NATIONAL EMERGENCIES.
WHEN YOU HAVE A HURRICANE,
PEOPLE ARE NATURALLY DISPLACED
AS A RESULT OF THAT AND LOSE
THEIR JOBS.
THEIR JOBS. YOU HAVE TO HAVE IMMEDIATE
ASSISTANCE, AND IT HAS TO BE AS
BROAD AS POSSIBLE.
TODAY, WE DON’T HAVE A HURRICANE
IN ONE REGION OF THE COUNTRY.
WE HAVE A HURRICANE THAT’S
BLOWING ALL ACROSS THE ENTIRE
COUNTRY.
COUNTRY. WE HAVE TO MAKE SURE THAT OUR
UNEMPLOYMENT SYSTEM IS UP TO
THAT.
THAT. THAT INCLUDES RESOURCES FOR
STATES.
STATES. THEY’RE OVERWHELMED RIGHT NOW.
THEIR SYSTEMS ARE OVERWHELMED.
THEY HAVE TO MOVE TO ONLINE IN
ORDER TO PROCESS THAT FOR SAFETY
REASONS.
REASONS. THEY NEED RESOURCES FROM THE
FEDERAL GOVERNMENT.
FEDERAL GOVERNMENT. WE NEED TO STEP UP AND DO IT
IMMEDIATELY.
IMMEDIATELY. >> SENATOR, WE WERE TALKING
EARLIER IN THE SHOW ABOUT THE
ARSENAL OF DEMOCRACY AT THE DAWN
OF WORLD WAR II, HOW SO MANY OF
THE PLANTS THAT ARE IN YOUR
STATE STILL WERE TURNED FROM
MAKING AUTOMOBILES TO MAKING
TANKS AND BOMBERS.
>> RIGHT.
>> RIGHT. >> THERE’S BEEN SOME TALK IN THE
LAST COUPLE DAYS OF USING ALL
THOSE SKILLED WORKERS YOU HAVE
IN YOUR STATE, PUTTING THEM BACK
TO WORK, AS THE AUTO PLANTS ARE
TEMPORARILY SHUT DOWN.
RETROFITTING MAYBE OLD AUTO
PLANTS AND STARTING TO MAKE
VENTILATORS, FOR EXAMPLE.
HAVE YOU HEARD THAT?
CAN YOU TELL US ANY MORE ABOUT
IT?
IT? >> CERTAINLY IT IS A DISCUSSION
THAT’S GOING ON RIGHT NOW.
YOU’RE RIGHT ABOUT THE ARSENAL
DEMOCRACY.
DEMOCRACY. THAT’S WHAT WE DID IN MICHIGAN
AND CONVERTED ALL THE PLANTS TO
THE WAR EFFORT.
WE HAVE AMAZING ENGINEERS.
WE HAVE THE BEST WORKERS.
HIGHLY SKILLED WORKERS THAT CAN
TURN IT AROUND.
IT TAKES TIME.
WHAT THEY NEED ARE DIRECT ORDERS
COMING IN.
COMING IN. NOW WE HAVE DEFENSE PRODUCTION
ACT.
ACT. THE ADMINISTRATION HAS TO START
SAYING, WE NEED THESE BUSINESSES
TO START DOING THAT.
I ALSO WANT TO BE REALISTIC
ABOUT IT.
ABOUT IT. YOU HAVE TO CHANGE PRODUCTION
LINES FROM AUTO ASSEMBLY.
IT IS NOT SOMETHING YOU DO EVER
OVERNIGHT.
OVERNIGHT. IT IS SOMETHING YOU SHOULD
START.
START. I WAS TALKING TO THE CEO OF
STEELCASE, FURNITURE
STEELCASE, FURNITURE MANUFACTURER HERE IN MICHIGAN.
HE IS READY TO DO THAT.
THEY’RE NOT MAKING OFFICE
FURNITURE -- OR THEY ARE STILL
DOING IT, BUT OFFICE FURNITURE,
DEMAND IS GOING DOWN AS PEOPLE
ARE WORKING AT HOME.
HE TOLD ME, WE CAN MAKE HOSPITAL
BEDS, GOURURNEYS, PARTITIONS TO
KEEP PEOPLE SAFELY SEPARATED.
THEY’RE WILLING TO DO THAT.
THEY NEED DIRECTION FROM THE
ADMINISTRATION.
ADMINISTRATION. WHAT DO YOU WANT US TO DO?
WE CAN DO IT.
IN THAT CASE, GOING FROM OFFICE
FURNITURE TO A HOSPITAL BED IS A
MUCH QUICKER TRANSITION.
CLEARLY, WE’RE GOING TO NEED
MORE HOSPITAL BEDS IF THE
CAPACITY IN OUR HOSPITALS IS
OVERWHELMED.
OVERWHELMED. WE’RE GOING TO NEED THAT TYPE OF
KWIM.
KWIM. EQUIPMENT.
EQUIPMENT. THIS TAKES TIME.
WE NEED DIRECTION FROM THE
ADMINISTRATION.
ADMINISTRATION. START ENGAGING THE INDUSTRIAL
AND MANUFACTURING MUSCLE OF THIS
COUNTRY, AND WE CAN DO IT.
>> SENATOR, IS OUR SYSTEM UP TO
THIS?
THIS? YOU WERE TALKING ABOUT OUR
SYSTEM NEEDING TO BE UP TO THIS.
BANK OF AMERICA, MAJOR BANKS ARE
CALLING THIS A RECESSION RIGHT
NOW.
NOW. WHAT IS IT THAT KEEPS THIS FROM
CAREENING INTO A DEPRESSION?
>> WELL, I THINK YOU’VE GOT TO
KEEP PEOPLE WORKING, AS WELL.
THAT’S IMPORTANT, THAT WE
UNDERSTAND THAT NOT EVERYBODY
CAN NECESSARILY GO HOME AND
SHELTER IN PLACE.
YOU STILL HAVE TO KEEP THE
ECONOMY MOVING.
ECONOMY MOVING. ONE THING I’M PARTICULARLY
CONCERNED ABOUT WHEN YOU THINK
OF CRITICAL SUPPLY CHAINS, ARE
THINGS LIKE FOOD, GROCERY
STORES.
STORES. WE HAVE TO HAVE PEOPLE
CONTINUING TO WORK.
YOU’VE GOT TO CONTINUE TO HAVE
SOME MANUFACTURING GOING ON.
IF YOU HAVE COMPLETE SHUTDOWNS,
I THINK IT IS IMPORTANT TO
REALIZE, IF YOU COMPLETELY SHUT
DOWN INDUSTRIES, IT IS NOT LIKE
YOU CAN JUST PUTSH A BUTTON AT
SOME POINT IN THE FUTURE AND
START IT UP AGAIN, IT IS MORE
COMPLEX THAN THAT.
IF YOU HAVE A SUPPLY CHAIN THAT
HAS BEEN DETERIORATING, YOU HAVE
SMALL BUSINESSES THAT CLOSE DOWN
AND CAN’T REOPEN, SOME ESTIMATES
IS THERE IS A LARGE PERCENTAGE
OF THE SMALL BUSINESSES, IF THEY
CLOSE, THEY WON’T BE ABLE TO
REOPEN.
REOPEN. THAT CREATES HAVOC WITHIN A
SUPPLY CHAIN.
SUPPLY CHAIN. WHEN WE DO GET THROUGH THE
HEALTH CARE CRISIS ASPECT OF IT,
YOU CAN’T TURN ON A SWITCH AND
GET THE ECONOMY RUNNING RIGHT
AWAY, AS WELL.
WE HAVE TO BE FOCUSED ON THAT.
WHILE DEALING WITH THE HEALTH
CARE CRISIS, WHICH IS FIRST AND
FOREMOST.
FOREMOST. YOU HAVE TO DEAL WITH THAT, BUT
YOU HAVE TO MAKE SURE YOU’RE
HELPING FAMILIES, MAKE SURE
UNEMPLOYMENT INSURANCE IS THERE,
FAMILIES AREN’T LOUISSING THEIR
HOMES OR CAN’T BUY FOOD.
YOU HAVE TO KEEP OTHER ELEMENTS
OF THE ECONOMY CONTINUE TO WORK.
WE SAW THAT IN CHINA.
OUTSIDE OF HUBEI PROVINCE, A LOT
OF THE FACTORIES CONTINUED TO
WORK.
WORK. THEY SEPARATED EMPLOYEES.
THEY HAD PARTITIONS AND FOUND
WAYS TO CONTINUE TO KEEP SOME OF
THE ECONOMY GOING IN PARTS OF
THE COUNTRY THAT WEREN’T
IMPACTED AS MUCH AS IT WAS IN
HUBEI.
HUBEI. WE HAVE TO DO THE SAME THING.
THINKING STRATEGICALLY.
THINKING STRATEGICALLY. DEALING WITH THE DISEASE AND
MAINTAINING OUR ECONOMY, SO WHEN
WE DO GET THROUGH IT, IT CAN
COME BACK UP FAIRLY QUICKLY.
>> SENATOR, TURNING BACK TO
CAPITOL HILL, WE HAVE NOW
PROPOSALS FROM YOUR COLLEAGUES
ACROSS THE AISLE TO PROVIDE
$1200 FOR SOME VINGINDIVIDUALS,
TAX CUTS FOR BUSINESSES.
TELL ME IF YOU THINK THIS
PACKAGE IS GOING TO BE ENOUGH
FOR YOUR CONSTITUENTS, AND
WHETHER IT’LL COME FAST ENOUGH
TO PROVIDE THE AID YOU SAY IS
DESPERATELY NEEDED IN YOUR
STATE.
STATE. >> WE’RE LOOKING AT THAT
PROPOSAL THAT THE REPUBLICANS
PUT FORWARD.
PUT FORWARD. WE HAVE A LOT OF IDEAS WITHIN
OUR CAUCUS.
OUR CAUCUS. WE’LL HAVE THOSE CONVERSATIONS.
FIRST OFF, IT HAS TO BE QUICK.
THERE’S NO QUESTION THAT AID HAS
TO COME QUICKLY.
WHEN YOU THINK OF SERVICE
EMPLOYEES NOW, WITH BARS AND
RESTAURANTS SHUTTING DOWN, THE
HOSPITALITY INDUSTRY.
HOSPITALITY INDUSTRY. AS YOU KNOW, MANY FOLKS WHO WORK
IN THAT INDUSTRY ARE LITERALLY
ONE PAYCHECK AWAY FROM BEING IN
A SERIOUS FINANCIAL SITUATION.
THEY NEED THAT MONEY.
THAT’S WHY THE UNEMPLOYMENT
SYSTEM HAS TO RAMP UP AND BE
VERY QUICK AND HAS TO RESPOND
IMMEDIATELY.
IMMEDIATELY. WORKERS ALSO HAVE TO KNOW THAT
THERE ARE SOME LONG-TERM FUNDING
FOR THEM.
FOR THEM. THAT’S THE ONLY QUESTION.
IF YOU HAVE A ONE-TIME PAYMENT,
THERE’S QUESTIONS AS TO WHETHER
OR NOT THE FOLKS WHO REALLY NEED
THAT MONEY ARE GOING TO GET IT
IN THE REPUBLICAN PLAN WE’VE
SEEN.
SEEN. WE HAVE TO FLESH THAT OUT.
FOLKS ALSO NEED TO HAVE
CERTAINTY AS TO HOW LONG THE
CHECK IS GOING TO COME.
UNEMPLOYMENT SYSTEM, 26 WEEKS,
YOU HAVE IT COMING.
THAT’S SOMETHING FAMILIES NEED.
WITH ALL OF THE CHAOS GOING ON
NOW, THE UNCERTAINTY RELATED TO
THE HEALTH SITUATION, PEOPLE
NEED TO HAVE SOME STABILITY IN
THEIR FINANCIAL LIVES, SO THEY
KNOW THEY CAN CONTINUE TO PUT
FOOD ON THE TABLE AND KEEP A
ROOF OVER THEIR HEAD.
IT HAS TO HAPPEN VERY, VERY
QUICKLY.
QUICKLY. THAT’S WHERE OUR FOCUS HAS TO
BE.
BE. >> ALL RIGHT.