BIG THANKS TO BOTH OF YOU
LADIES.
I WANT TO TURN NOW TO HEATHER
BOUCHER, A MEMBER OF PRESIDENT
BIDEN’S COUNCIL OF ECONOMIC
ADVISERS.
SHE WAS PREVIOUSLY CEO OF THE
WASHINGTON CENTER FOR EQUITABLE
GROWTH.
HEATHER, THANKS SO MUCH FOR YOUR
TIME ON THIS TUESDAY.
AS WE JUST HEARD PRESIDENT BIDEN
WILL BE VISITING A SMALL
BUSINESS TODAY IN PENNSYLVANIA.
STOPPED AT ONE IN D.C. JUST LAST
WEEK.
WHAT’S THE SPECIFIC PITCH,
HEATHER, TO THESE BUSINESSES
ABOUT THE PLAN?
>> SMALL BUSINESSES ARE THE LIFE
BLOOD OF SO MANY COMMUNITIES.
AND YET WE KNOW HOW HARD THEY’VE
BEEN HIT DURING THIS PANDEMIC.
BOTH THE FACT THAT THE VIRUS HAS
BEEN OUT OF CONTROL FOR SO LONG
AND WE’RE WRAPPING OUR HANDS
AROUND IT NOW, BUT THAT’S BEEN
REALLY HARD ON ALL THESE
BUSINESSES THAT HAVE HAD TO
WEATHER THIS STORM.
SO THE AMERICAN RESCUE PLAN
INCLUDES MORE FUNDING FOR SMALL
BUSINESSES.
IMPORTANTLY IT INCLUDES MONEY
FOR RESTAURANTS.
ABOUT 60% OF BUSINESSES IN THE
HOSPITALITY SECTOR ARE SMALL
BUSINESSES.
THEY’RE THE LIFE BLOOD OF OUR
COMMUNITY, WHERE THEY GO TO
GATHER AND HANG OUT WITH
FRIENDS.
AS PEOPLE ARE GETTING THE
VACCINE, AS THINGS CAN START
OPENING UP AGAIN AND IT’S SAFER,
MAKING SURE THOSE RESTAURANTS
CAN COME BACK, THAT THEY HAVE
THE RESOURCES THEY NEED ALONG
WITH ALL THE DIFFERENT KINDS OF
SMALL BUSINESSES IS JUST SUCH AN
IMPORTANT PRIORITY FOR THE
PRESIDENT, AND THAT’S WHY HE’S
FOCUSED ON IT TODAY.
>> THERE’S A CERTAIN WORD THAT
WE’VE HEARD FROM TOP
CONGRESSIONAL REPUBLICANS TO
DESCRIBE THE RESCUE PLAN AND
DEMOCRATS, FOR THAT MATTER.
I WANT TO PLAY THAT FOR YOU.
>> PROGRESSIVE MEANS SOCIALISM.
>> SOCIALISM.
THAT SEEMS TO BE ONE OF THE MAIN
ATTACKS OUT THERE AND AN EXAMPLE
OF THE BRANDING ATTEMPTS THAT
THE WHITE HOUSE WILL BE FACING.
HOW DO YOU COUNTER THAT BRANDING
THAT REPUBLICANS ARE TRYING TO
MAKE STICK, HEATHER?
>> WELL, I THINK WHAT WE’VE SEEN
THE PRESIDENT FOCUSED ON, FIRST
AND FOREMOST, IS THAT WE NEED
THE GOVERNMENT TO BE EFFECTIVE
AND BEING ABLE TO CONTAIN A
NATIONAL CRISIS LIKE THIS
PANDEMIC.
NOW THAT HE IS IN OFFICE AND IS
GETTING THOSE SHOTS IN ARMS AND
MAKING SURE PEOPLE HAVE THAT
PROTECTIVE GEAR AND MAKING SURE
COMMUNITIES HAVE THE RESOURCE
THAT IS THEY NEED TO REOPEN
SAFELY ALL OF THE MONEY THAT
WILL GO OUT TO SCHOOLS SO KIDS
CAN GO BACK TO SCHOOL AND
PARENTS CAN GO BACK TO WORK THIS
IS ALL AN IMPORTANT PART OF WHAT
THE PRESIDENT’S VISION AND
COMMITMENT IS.
AND WE KNOW THAT THIS PANDEMIC
HAS BEEN SO MUCH HARDER ON FOLKS
AT THE BOTTOM END OF THE WAGE
DISTRIBUTION.
IT’S BEEN HARDER ON THOSE
ESSENTIAL WORKERS WHO PUT THEIR
LIVES ON THE LINE AND YET
HAVEN’T BEEN EARNING THE KINDS
OF WAGES THEY SHOULD OR PERHAPS
WITH THE RIGHT TO JOIN A UNION.
AND THE PRESIDENT IS FOCUSED ON
MAKING SURE THE RESCUE PLAN IS
TARGETED AT THOSE WHO NEED IT
MOST AND TARGETING THE FOLKS WHO
HAVE BEEN HARDEST HIT.
I THINK THAT THE PRESIDENT
REALLY STANDS BY HIS COMMITMENT
TO MAKING SURE THAT WE BUILD
BACK THIS ECONOMY AND, OF
COURSE, WE BUILD BACK BETTER FOR
EVERYONE ALL ACROSS AMERICA.
>> LET’S LOOK AHEAD HERE
BECAUSE, AS YOU KNOW, BLOOMBERG
IS REPORTING THAT PRESIDENT
BIDEN IS CONSIDERING WHAT WOULD
BE THE FIRST MAJOR FEDERAL TAX
HIKE SINCE 1993 TO HELP PAY FOR
HIS NEXT ECONOMIC PROGRAM.
THIS IS REPORTEDLY DESIGNED AS A
FOLLOW-UP TO THE RELIEF THAN
JUST PASSED AND SIGNED.
WHAT MORE CAN YOU TELL US ABOUT
THAT PLAN?
>> WELL, ONE THING I CAN TELL
YOU THE SECOND HALF OF THE 1990s
WERE YEARS THAT WERE QUITE GOOD
FOR WORKING AMERICANS, A PERIOD
WE ACTUALLY SAW INEQUALITY CLOSE
AND WAGES RISE ACROSS THE BOTTOM
HALF OF THE WAGE DISTRIBUTION.
SO I START THERE BECAUSE, YOU
KNOW, WE’VE TOLD OURSELVES THESE
STORIES THAT TAX CUTS ARE
NECESSARILY GOING TO THWART
GROWTH BUT THAT’S NOT WHAT WE
SAW IN THE 1990s.
THE PRESIDENT HAS BEEN VERY,
VERY CLEAR TIME AND TIME AGAIN
THAT HIS GOAL IS TO MAKE SURE
THOSE AT THE TOP, ESPECIALLY
THOSE WHO HAVE BEEN ABLE TO MAKE
IT THROUGH THE PAST YEAR
RELATIVELY UNSCATHED, THAT HE’S
GOING TO FOCUS HIS TAX INCREASES
ON PEOPLE WHO MAKE OVER $400,000
A YEAR SO THAT THE THINGS THAT
OUR SOCIETY AND OUR COMMUNITIES
NEED WE HAVE THE RESOURCES TO
INVEST IN.
SO THE DETAILS ARE YET STILL TO
BE DETERMINED BUT HIS VALUE IS
VERY CLEAR.
>> SURE.
HEATHER, I MEAN, WEALTHY
INDIVIDUALS, THAT’S REPORTEDLY
ONE PART OF THE PROPOSAL.
THE OTHER PART COMPANIES IN THIS
COUNTRY.
HELP US UNDERSTAND HOW RAISING
TAXES ON COMPANIES IN THIS
COUNTRY, MANY OF WHICH ARE STILL
STRUGGLING.
SOME OF THEM MIGHTILY BECAUSE OF
THE PANDEMIC, HOW DOES RAISING
TAXES ON THEM HELP THE ECONOMY?
>> WELL, ONE THING ABOUT TAXES
ESPECIALLY ON COMPANIES IS THAT
THEY’RE PAID ON WHAT COMPANIES’
PROFITS ARE.
SO WHEN WE’RE TALKING ABOUT
TAXES, WE HAVE TO REMEMBER THAT
IF A COMPANY IS STRUGGLING AND
THEY’RE LAYING OFF WORKERS AND
NOT MAKING ANY MONEY, THEN BY
DEFINITION, THEY’RE NOT GOING TO
BE PAYING MUCH IN TAXES EITHER.
WE HAVE TO BE THINKING ABOUT THE
BIGGER PICTURE HERE.
WE NEED TO MAKE SURE THAT WE
CONNECT THE DOTS BETWEEN THE
NEEDS OF THE AMERICAN PEM AND
MAKING SURE WE HAVE FISCAL
SUSTAINABILITY AND WE HAVE A TAX
SYSTEM THAT IS FAIR AND JUST AND
MAKE SURE WE HAVE THE REVENUE WE
NEED TO DO THE THINGS THAT
GOVERNMENT NEEDS TO DO.
>> LET’S TALK ABOUT THE AVERAGE
FAMILY HERE.
WE KNOW ON TOP OF THE $1,400
PAYMENTS THERE’S AN INCREASE IN
THE CHILD TAX CREDIT AS WELL.
HOW ARE WE PLANNING TO MAKE SURE
FAMILIES UNDERSTAND WHAT’S IN
THAT FOR THEM?
>> WELL, NEWS SHOWS LIKE YOURS,
CRAIG.
THIS IS THE WAY WE COMMUNICATE
WITH PEOPLE, HELPING FOLKS
UNDERSTAND THAT, YOU KNOW, HELP
IS ON THE WAY, THE DHEX ARECHECK
THE WAY.
THE PRESIDENT SAID THERE WILL BE
100 MILLION CHECKS OUT IN THE
NEXT FEW DAYS ALONG WITH 100
MILLION VACCINES.
IT’S IMPORTANT THAT PEOPLE
UNDERSTAND THAT THESE BENEFITS
ARE COMING TO THEM, THAT FOLKS
WILL GET CHECKS IF THEY FILE
TAXES FOR THE PAST COUPLE OF
YEARS.
IN ORDER TO GET THE CHILD TAX
CREDIT FILING TAXES IS
IMPORTANT.
THIS IS BECAUSE WE KNOW THAT
FAMILIES ACROSS OUR SOCIETY AND
ECONOMY NEED THIS SUPPORT
BECAUSE THE PANDEMIC HAS BEEN SO
CHALLENGE.
>> REALLY QUICKLY, NOT TO GET
TOO IN THE WEEDS, IN REGARDS TO
THE CHILD TAX, THIS ALONE COULD
PUT A SIGNIFICANT DENT IN CHILD
POVERTY IN THIS COUNTRY.
BUT CORRECT ME IF I’M WRONG,
ISN’T THE REALITY THAT THIS
WOULD BE A TEMPORARY EXTENSION
AND THE ONLY WAY YOU TRULY
AFFECT SUBSTANTIVELY CHILD
POVERTY WOULD BE BY MAKING THAT
PERMANENT.
NO?
>> YOU RAISE A REALLY IMPORTANT
QUESTION.
THE RESEARCH IS CLEAR THAT IF WE
CAN CUT CHILD POVERTY IN HALF IN
2021, THAT IS CERTAINLY GOING TO
HELP MILLIONS OF CHILDREN AND
THEIR FAMILIES COULD MAKE A
LIFELONG DIFFERENCE FOR THEM.
SO THAT IS, IN AND OF ITSELF,
VERY IMPORTANT.
TIME WILL TELL WHETHER THIS
POLICY IS MADE PERMANENT.
WHAT I CAN TELL YOU, THE EXTENT
WE CAN HELP IN THE HERE AND NOW
AND SHOW THE POWER OF WHAT THIS
ADMINISTRATION CAN DO WILL HELP
PEOPLE UNDERSTAND THE IMPORTANCE
OF SOMETHING LIKE THE AMERICAN