about MAVYRET.
>>> WE ARE LIVING THROUGH A
COMPLETELY UNPRECEDENTED TIME IN
THE AMERICAN ECONOMY, AND THINGS
ARE SO CONFUSING AND NOVEL THAT
MAJOR TRUSTED NEWSPAPERS CANT
EVEN SEEM TO AGREE ON THE BASICS
OF WHATS HAPPENING.
"NEW YORK TIMES" AND "WALL
STREET JOURNAL" BOTH HAVE
REPORTS ABOUT THE EFFECT OF
CUTTING UNEMPLOYMENT BENEFITS IN
MISSOURI AND THE IMPACT ITS HAD
ON THE JOB MARKET.
THE "WALL STREET JOURNAL," WHICH
I WOULD SAY TENDS TO ALIGN WITH
THE POV OF BUSINESS SUGGESTS
THAT CUTTING UNEMPLOYMENT
BENEFITS HAVE SEEN AN UPTICK OF
PEOPLE IN MISSOURI RETURNING TO
THE WORKFORCE.
THE NUMBER OF UNEMPLOYMENT
RECIPIENTS IS FALLING IN
MISSOURI FASTER THAN 21 STATES.
SUGGESTING THAT ENDING THE AID
COULD PUSH MORE PEOPLE TO TAKE
JOBS.
WHILE "THE NEW YORK TIMES" SEEMS
TO BE SUGGESTING BASICALLY THE
OPPOSITE, QUOTE, WORKFORCE
DEVELOPMENT OFFICIALS HAVE SAID
THEY HAVE SEEN VIRTUALLY NO
UPTICK IN APPLICANTS SINCE THE
GOVERNORS ANNOUNCEMENT WHICH
ENDED A $300 WEEKLY SUPPLEMENT
TO OTHER BENEFITS.
OR PERHAPS THE MOST INTERESTING
THING HERE IS BOTH PAPERS ALSO
CITE THE SAME ST. LOUIS HOTELS
RECENT HIRING SPREE TO BACK UP
THEIR REPORT.
"WALL STREET JOURNAL" SEEMS TO
IMPLY THOSE JOBS WERE FILLED
BECAUSE UNEMPLOYMENT INSURANCE
WAS CUT OFF, STATING THAT NO ONE
SHOWED UP TO THEIR JOB FAIR
UNTIL TWO WEEKS AGO WHEN THE
ELEMENT ST. LOUIS MIDTOWN HOTEL
HAD A BREAKTHROUGH WITH 40 JOB
SEEKERS.
"NEW YORK TIMES" INCLUDES WHAT
THE "WALL STREET JOURNAL" LEAVES
OUT, THE HOTELS INCREASE IN
BOTH WAGES AND BENEFITS.
THE HOTEL, WHICH IS ON A MAJOR
BUS LINE, STARTED -- RAISED ITS
STARTING WAGE TO $13.50 AN HOUR.
THE SECOND INCREASE IN TWO
MONTHS.
IT ALSO OFFERS BENEFITS AND A
$50 TRANSPORTATION ALLOWANCE.
NUMBER OF APPLICANTS SHOT UP TO
40 FROM A HANDFUL THE PREVIOUS
MONTH, AFTER THE SECOND WAGE
INCREASE.
SAME STATE, SAME ECONOMIC STORY,
TWO VERY DIFFERENT CONCLUSIONS.
SENATOR BERNIE SANDERS,
INDEPENDENT FROM VERMONT, IS
CHAIRMAN OF THE POWERFUL SENATE
BUDGET COMMITTEE.
LAST YEAR, HE FOUGHT TO GET
AMERICANS $600 EXTRA OF
UNEMPLOYMENT BENEFITS IN THE
COVID STIMULUS BILL, WHICH THEN
CONTINUED, AND HE JOINS ME NOW.
THIS HAS BECOME AN ONGOING
QUESTION AMONG ECONOMISTS AND I
WANT TO TAKE AN OPEN MIND TO IT,
BECAUSE IT DOES SEEM TO ME NOT
AN INSANE MARGIN THAT AT THE
MARGINS IT MIGHT HAVE EFFECT ON
PEOPLES BEHAVIOR.
WHAT IS YOUR SENSE WHEN YOU LOOK
OUT AND SEE THAT ALL THESE
REPUBLICAN GOVERNORS HAVE
UNILATERALLY TAKEN THE STEP TO
CUT THEIR FOLKS OFF THIS EXTRA
SUPPLEMENT AND WHAT IT MEANS FOR
PEOPLE AND WHAT IT MEANS FOR JOB
MARKETS.
>> WELL, FROM DAY ONE,
REPUBLICANS OPPOSED ADDING A
SUPPLEMENT TO NORMAL
UNEMPLOYMENT.
AND AT A TIME WHEN TENS OF
MILLIONS OF PEOPLE ARE WORKING
FOR STARVATION WAGES, THEIR
THEORY IS, IF YOU HAVE LOW
UNEMPLOYMENT BENEFITS, YOU CAN
STARVE PEOPLE BACK TO WORK.
AND OBVIOUSLY, I THINK THAT IS
UNACCEPTABLE.
I THINK ONE OF THE THINGS THATS
HAPPENING IS A LOT OF PEOPLE
RIGHT NOW ARE RETHINKING WORK.
AND THEYRE SICK AND TIRED OF
WORKING FOR WAGES THAT ARE
TOTALLY INADEQUATE.
AND THAT IS WHY, BY THE WAY, WE
ARE MOVING AGGRESSIVELY TO A
RECONCILIATION BILL WHICH IS
GOING TO CREATE MILLIONS OF GOOD
PAYING JOBS REBUILDING AMERICA
IN MANY, MANY WAYS.
>> SO YOU SEGUE TO WHAT I WANT
TO TALK ABOUT IN THE
RECONCILIATION BILL.
A LOT OF BACK AND FORTH ON THIS.
HERES HOW I UNDERSTAND THE
STATE OF PLAY.
THERE IS GOING TO BE A
RECONCILIATION BILL.
EVERYONE AGREES ON THAT UP TO
JOE MANCHIN.
THERES 50 DEMOCRATS READY FOR
THAT AND THE PRESIDENT, JOE
BIDEN.
THAT PART IS CLEAR, RIGHT?
IM RIGHT THERE WILL BE A
RECONCILIATION BILL THAT MOVES
THIS YEAR.
>> I EXPECT THAT IS TRUE.
>> OKAY.
WHAT IS IN THAT BILL?
THE SIZE OF IT, AND WHETHER
WHATEVER INFRASTRUCTURE
COMPROMISE IS ULTIMATELY SIGNED
ONLY CONTINGENT ON ITS PASSAGE
ARE THE THINGS BEING FOUGHT OVER
RIGHT NOW, IS THAT ALSO RIGHT?
>> ONE OF THE THINGS THAT HAS
BOTHERED ME IN THE LAST MONTH OR
SO IS THERES A LOT OF TALK
ABOUT NUMBERS, $6 TRILLION, BIG
NUMBER.
A LOT OF TALK ABOUT PROCESS.
YOU KNOW WHAT THERE IS NOT A LOT
OF TALK ABOUT?
ABOUT THE NEEDS OF WORKING CLASS
AMERICANS AND WHAT WE HAVE GOT
TO DO.
SO THE TRUTH IS THAT REAL WAGES
IN AMERICA TODAY ARE LOWER THAN
THEY WERE 48 YEARS AGO.
THE VERY, VERY RICH ARE GETTING
RICHER, AND WHAT SOME OF US ARE
SAYING IS IF WERE GOING TO
RETAIN THE FAITH OF THE AMERICAN
PEOPLE IN THEIR GOVERNMENT,
WERE GOING TO HAVE TO STAND UP
FOR THEM AND NOT JUST THE BIG
MONEY INTERESTS.
LET ME JUST TELL YOU, WHAT IS
GOING TO BE IN THE BILL, FIRST
OF ALL, YOU HAVE TO DEAL WITH
CLIMATE.
RIGHT NOW, THE WEST COAST IS,
YOU KNOW, AFLAME IN A SENSE.
ITS RECORD BREAKING HEAT WAVE,
AUSTRALIA, ET CETERA.
WE HAVE GOT TO DEAL WITH
CLIMATE.
AND IF WE DO NOT SIGNIFICANTLY
INVEST IN TRANSFORMING OUR
ENERGY SYSTEM, FUTURE
GENERATIONS WILL NEVER FORGIVE
US.
TODAY, CHRIS, WE HAVE THE
HIGHEST RATE OF CHILDHOOD
POVERTY OF ANY MAJOR COUNTRY ON
EARTH.
THAT IS WHY WE HAVE TO EXTEND OR
MAKE PERMANENT THE CHILD TAX
CREDIT.
$300 PER CHILD FOR WORKING CLASS
FAMILIES.
DOES ANYONE DENY THAT OUR CHILD
CARE SYSTEM IS TOTALLY
DYSFUNCTIONAL?
WE HAVE GOT TO DEAL WITH THAT.
AND THE RICHEST COUNTRY ON
EARTH, YOU HAVE ELDERLY PEOPLE
WHO HAVE NO TEETH IN THEIR MOUTH
BECAUSE MEDICARE DOES NOT COVER
DENTAL, WE DONT COVER HEARING
AIDS, WE DONT COVER EYEGLASSES.
WE HAVE GOT TO DO THAT.
WE HAVE GOT TO HAVE UNIVERSAL
PRE-K.
WE HAVE GOT TO HAVE A MAJOR
HOUSING BILL BECAUSE YOU HAVE
HALF A MILLION PEOPLE WHO ARE
SLEEPING ON THE STREETS.
18 MILLION HOUSEHOLDS SPENDING
50% OF THEIR LIMITED INCOMES ON
HOUSING.
WE HAVE TO MAKE HIGHER EDUCATION
AFFORDABLE.
THOSE ARE THE ISSUES THAT ARE
IMPORTANT TO THE AMERICAN
PEOPLE, AND THAT IS WHY WE NEED
A MAJOR RECONCILIATION BILL TO
START ADDRESSING THE CRISIS
FACING ORDINARY AMERICANS.
>> SO JUST, I KNOW YOU DONT
WANT TO TALK PROCESS, AND I
UNDERSTAND THAT.
I DONT REALLY LOVE TO ANYWAY,
BUT I WANT TO BE CLEAR ON THIS.
THOSE THINGS ARE IN -- YOU VIEW
AS PART OF THE RECONCILIATION
PACKAGE THAT YOU WANT TO SEE
MOVED.
>> THAT IS THE RECONCILIATION
PACKAGE.
WHAT DO YOU THINK IT IS?
>> RIGHT.
>> IT IS THAT AND LOWERING THE
COST OF PRESCRIPTION DRUGS.
IT IS PROGRESSIVE TAX REFORM
THAT SAYS THAT MAYBE JUST MAYBE
JEFF BEZOS AND OTHER
BILLIONAIRES SHOULD START PAYING
THEIR FAIR SHARE OF TAXES.
THAT IS WHAT WE ARE TALKING
ABOUT.
AND THIS IS WHAT THE AMERICAN
PEOPLE WANT.
THIS IS WHAT WE HAVE GOT TO DO.
>> ARE YOU AT ALL -- I MEAN, I
DONT THINK -- I THINK BETWEEN
WHATS HAPPENED IN THE WAKE OF
THE GREAT FINANCIAL CRISIS, I
THINK WITH INTEREST RATES, I AM
THE NUMBER ONE PERSON WHO SAYS
DEFICITS ARE NOT TO BE WORRIED
ABOUT.
I KNOW THIS WOULD BE PAID FOR
LARGELY WITH TAX INCREASES.
I GUESS, IS THERE SOME PART OF
YOU THAT WORRIES ABOUT A LEVEL
OF SPENDING THAT IS TOO MUCH FOR
THE ECONOMY TO BASICALLY DEAL
WITH IN ONE FELL SWOOP?
>> WELL, THIS IS WHAT I THINK.
AND I GOT TO BE HONEST WITH YOU
AND TELL YOU, WERE STILL
WORKING ON THIS.
BUT AS OF NOW, WE ARE ASSUMING
THAT WERE GOING TO PAY FOR ALL
OF THE NEW PROGRAMS, PAID FAMILY
AND MEDICAL LEAVE, CHILD CARE,
HOUSING, ALL OF THE ONGOING
PROGRAMS, BY DEMANDING THAT THE
WEALTHIEST PEOPLE IN LARGEST
CORPORATIONS START PAYING THEIR
FAIR SHARE OF TAXES.
BUT LET ME TELL YOU WHAT I THINK
MOST ECONOMISTS WOULD AGREE
WITH, AND THAT IS AT A TIME WHEN
WE HAVE RECORD-BREAKING LOW
INTEREST RATES, NOW IS PRECISELY
THE TIME TO BORROW AND INVEST IN