JILLIAN: GOOD MORNING.
WELCOME BACK.
PRESIDENT BIDEN’S $1.9 TRILLION
COVID-19 RELIEF BILL HEADS TO
THE HOUSE FOR A FINAL VOTE THIS
WEEK AFTER 27 HOURS OF DEBATE IN
THE SENATE.
BEN: THE MASSIVE PLAN INCLUDES
ASSISTANCE FOR MILLIONS OF
STRUGGLING AMERICANS BUT IT IS
STILL STUFFED WITH POLITICAL
PORK.
HERE TO BREAK DOWN WHAT’S INSIDE
IT, FORMER CHIEF ECONOMIST FOR
THE U.S. INTERNATIONAL TRADE
COMMISSION, PETER MAURICI.
THANK YOU FOR GETTING UP WITH US
THIS MORNING.
>> GOOD MORNING.
GO AHEAD.
BEN: GO AHEAD.
>> THE MOST IMPORTANT THING TO
REMEMBER ABOUT THE BILL IS MUCH
OF IT IS NOT AIMED AT COVID
PROBLEMS.
A GOOD DEAL OF IT IS INCOME
REREDISTRIBUTION, MAKING THE
EARNED INCOME TAX CREDIT
UNEARNED, YOU GET THE MONEY
WHETHER OR NOT YOU GET A JOB.
SENDING FAMILIES WITH $150,000 A
YEAR AND TWO KIDS A $6,000
CHECK.
THAT’S ABSURD.
THE IMPORTANT THING TO REMEMBER,
THOUGH, IS IT’S NOT ADDRESSING
THE SCARS.
IT’S NOT DOING TERRIBLY A LOT
FOR THE UNEMPLOYED AND
PARTICULARLY THE PERMANENTLY
UNEMPLOYED.
AND IT’S EITHER GOING OF TO
CAUSE INCREASED INTEREST RATES
FROM ALL THE BORROWING SO YOU
WON’T BE ABLE TO BUY A HOME AS
EASILY OR INCREASED INFLATION SO
YOU WON’T BE ABLE TO BUY
ANYTHING VERY EASILY.
BEN: IN FACT, WE’VE GOT THIS ON
THE SCREEN HERE.
WE CAN PULL IT UP WHICH SHOWS
WHAT’S IN IT.
IT EXTENDS THE $300 A WEEK
FEDERAL UNEMPLOYMENT THROUGH
SEPTEMBER THE SIXTH.
IT SENDS OUT $1,400 STIMULUS
CHECKS AND INCREASES THE AMTRAK
RELIEF FUNDING BY $200 MILLION.
AS WE SAID EARLIER, A LOT OF
PORK IN THIS.
>> LET ME PICK OUT TWO ITEMS
HERE.
ONE IS THE AMTRAK RELIEF
PROGRAM.
WE’VE GOT MONEY FOR AMTRAK WHICH
HAS A UNION AND WE HAVE MONEY
FOR AIRLINES WHICH HAVE A UNION.
WE DON’T HAVE ANY MONEY FOR THE
BUS COMPANIES LIKE GREYHOUND AND
SO FORTH AND IN REALITY THEY’RE
THE MOST LIKELY TO BE NEEDED
AFTER THE PANDEMIC BECAUSE IT’S
THEIR TRAFFIC THAT WILL LIKELY
RESPOND AND REFLATE THE
QUICKEST.
ANOTHER ASPECT IS THE
UNEMPLOYMENT BENEFITS ARE SIMPLY
TOO SMALL.
IF YOU’RE A SANDWICH MAKER IN
NEW YORK, USED TO WORK IN ONE OF
THOSE SHOPS ON MADISON AVENUE OR
WHATEVER, NOW YOUR STATE
BENEFITS HAVE RUN OUT AND $300 A
WEEK COMES DOWN TO A LITTLE MORE
THAN $1,200 A MONTH.
YOU CAN’T EVEN PAY RENT ON THAT.
WE NEED TO HAVE FOCUSED RELIEF
FOR THESE PEOPLE INSTEAD OF THIS
OTHER PORK.
FOR EXAMPLE, THE EARNED INCOME
TAX CREDIT THAT I SPOKE ABOUT.
SO THAT THEY CAN RETRAIN AND
RELOCATE BECAUSE LIKELY THEIR
JOBS ARE NOT COMING BACK.
JILLIAN: PETER, I WANT TO PULL
UP THIS TWEET, THIS IS FROM NEW
JERSEY DEMOCRATIC CONGRESSWOMAN,
BONNIE WATSON COAL COLEMAN.
IT READS THIS TREND IS
OUTRAGEOUS, CUTTING OFF 400,000
NEW JERSEYIAN, CUT TO WEEKLY
PAYMENTS.
WHAT ARE WE DOING HERE.
I QUESTION WHETHER I CAN SUPPORT
THIS BILL.
YOU HAD ALEXANDRIA OCASIO-CORTEZ
RETWEETING THIS.
YOU HOWHOW IS HE GOING TO FIND T
GROUND TO SATISFY ALL -- AND TRY
AND UNIFY AS WE HEARD HIM TALK
ABOUT A MILLION TIMES WHEN YOU
HAVE THE REPUBLICANS WHO DON’T
LIKE IT, FAR LEFT DEMOCRATS,
SOME OF THEM WHO APPEAR NOT TO
LIKE IT, HOW IS HE GOING TO DO
IT.
>> CERTAINLY NOT BY CONTINUING
TO PANDER TO THE LEFT.
NO HEAR HOW MUCH HE GIVES AOC,
IT’S NOT ENOUGH.
IT WILL RAISE THE DEFICIT TO $5
TRILLION.
THAT’S THE KIND OF INFLATION
CREATING DEFICIT THAT MADE
BRAZIL THE KIND OF COUNTRY IT IS
OR EVEN ITALY.
MY FEELING IS, THERE’S NO AMOUNT
OF INCOME REDISTRIBUTION THAT
WILL MAKE THOSE FOLKS HAPPY.
THIS IS A VERY HARD LEFT BILL.
THEY GOT NO REPUBLICAN VOTES FOR
A REASON IN THE SENATE.
AND BIDEN IS REALLY
DISAPPOINTING US.
HE CAMPAIGNED AS A MODERATE AND
THEN SOLD OUT.
JILLIAN: STRONG WORDS THERE.
BEN: VERY INTERESTING, PETER,
THANK YOU FOR JOINING US.
THE BIDEN ADMINISTRATION HAS
MUCH MORE SPENDING LINED UP
AHEAD.