Hi everybody, this is Dr. Nitin Chhoda! In this video, I continue my analysis
of Chris Wallace's interview with US treasury secretary Steven Mnuchin. Very
important interview, very revealing interview about the
position of the administration and Steven Mnuchin did point out things
that were very very important and worth noting. He did point out, for example, that
essentially the entire $400 a week does indeed come from the federal
government. 25% of that the way it's rerouted is
rerouted through the CRF fund which states had established which
is basically federal money. So Steven Mnuchin is indeed correct that the
entire $400 federal benefit does indeed come from
the federal government. States don't have to chip in because
the CRF component which the states had thanks to the Cares Act
that leftover money would be used to contribute the remaining $100.
This is effectively rerouting of money if you will as long as
to get the money, the $400 a week to people. So Chris Wallace
like i've mentioned before one of the best interviewers in the business
specifically asked treasury secretary Steven Mnuchin that
he said that the extra $200 a week would
that not have helped individuals because he was comparing the
$400 a week with the $600 a week that they had earlier. And he
said you've cut the unemployment benefits from
$600 a week to $400 a week, 300 from the federal
government, 100 from states.
Chris Wallace asked is this actually
going to help people. And in his response secretary Mnuchin said
the 25% that's coming from money that we already gave to the state. So this is
effectively 100% paid for by the federal government
and he compared that with what President Obama paid
during the 2008 crisis. He said that President Obama simply paid a $25
a week top-up. We're providing $400 a week and he said that was a fair compromise
and he said that we offered to continue to pay $600
a week and the Democrats turned that down and then Chris Wallace actually
pushed back on that and said hey you only said that would be for one week
and then we had secretary Mnuchin respond to that. Let's watch this segment
and this extremely interesting exchange, excellent interviewing from Chris
Wallace and fair fact-based responses from
secretary Steven Mnuchin about where this money is coming from.
Because he is correct, $100 of the $400 a week technically is
coming directly from the federal government
300 is coming from the DRF fund which is which is from FEMA that was money set
aside for hurricanes and $100 is coming from the CRF
fund which is uh which is something that was established
with states uh as a result of the Cares Act.
So $100 from CRF, $300 from DRF.
DRF 75%, $300 CRF 25%
$1000 equals four hundred dollars a week and that's what secretary
Mnuchin was pointing out. Let's watch this segment. As we say uh
you have caught the federal unemployment benefit from
$600 to $400, $300 from the feds uh a hundred
dollar this is a week a hundred dollars from states but you say a lot of that
would come from federal money they've already received.
Do you really think that hundreds of millions of that the
millions of families that lost jobs because of the virus
don't need that money that they don't need the extra two hundred dollars a
week chris let me be clear first of all on
the 25 that's coming from money we already gave the state so this is
effectively a hundred percent paid for by the federal government let
me also remind you that obama during the financial crisis
paid a 25 top up so this has never been done in
the history of time we thought 400 was a fair compromise but
let me just also say we offered to continue to pay 600 while
we negotiate and the democrats turned that down so
the president sir that was only for one week that was only
for one week actually chris we extended it to two
weeks but they made perfectly clear they're not going to agree on a
piecemeal deal they want to hold up the american public from getting the money
they need until they get everything they want
which is just a bad outcome as i said and in the final segment of this
interview between chris wallace and u.s treasury secretary steven mnuchin
chris wallace asked the treasury secretary if the reduction
in the payroll tax would end up hurting not the reduction i should say
the deferment in the payroll tax and then the president even talked about
doing away with the payroll tax completely
he said isn't that going to hurt social security and medicare how are social
security and america actually going to get funded
and so chris wallace basically asked he said that democrats are saying that the
result of a payroll tax cut would mean cuts in social security and medicare
and we hear the us treasury secretary's response he said
that's just factually inaccurate there would be no reduction
to those benefits and the president has made that very clear and then
steven mnuchin went back to the focus on the differences
the fact that the democrats want certain things that the republicans don't want
to give and the fact that there's gridlock over
the state and local benefits as well as the unemployment benefit
extensions so let's watch the tape and see
how steven mnuchin responded to this question from chris wallace just to be
clear here though the democrats are saying the result of a
payroll tax cut is it would mean a cut in benefits for
social security and medicare to which you say that's just factually
inaccurate there'd be no reduction to those benefits and the
president's made that very clear but the issue here is let's pass
legislation on things that we agree on let's not hold up money to education for
kids getting back to school safely let's not
hold up money to state and local governments where they need it
the democrats have to come off of a ridiculous trillion dollar
number to state and local governments to bail out some of the
the states that were poorly managed well let me just ask briefly on on that
they're talking 900 billion not quite a trillion but 900 billion you're talking
150 billion is there a place in between there first
aid to states and cities chris are actually asking for 915 plus
the reversal of salt which gets you over to a trillion but
uh on us we gave 150 in the last bill we'll give another 150 billion more we
can deal with in january if there's ongoing issues we can pass more
legislation this will be the fifth bill we don't have to get everything done at
once what we should do is get things done for the american public now
come back for another bill afterwards all right i got about a minute left and
i got a big question and i'm going to count on you to give me a quick answer
let's turn to the economy and the latest jobs numbers so there you
have it everybody you can see the position of the administration you can
see the position of the democrats you can see that both sides are still
stuck in a state of gridlock however we do seem to be getting a little bit
closer and closer to some sort of a resolution because i
do believe that talks will carry on this week the nancy pelosi
house speaker has already said she wants to continue talks the president has
indicated that the democrats have reached out to
him to continue talks the u.s treasury secretary
has indicated that as long as democrats come up with new proposals they are
ready to talk and there seems to be a willingness on
both sides to get to the bottom of this the
president's executive orders whether they were a political maneuver
whether they were a stroke of genius whether
whatever you want to call them they are now out there
and this and there is something happening
which will hopefully lead to more talks and more consensus because i do believe
both sides want to bring this this to an end so that this can help
this can help americans this can help all the individuals who are unemployed
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