YOU ASSESS THE SITUATION.
>> Sandra: WE WILL HAVE MORE ON
THAT COMING UP NEXT HOUR.
JOHN, MEANWHILE, PRESIDENT BIDEN
IS MEETING WITH THE FEDERAL
RESERVE CHAIR, INFLATION AT THE
HIGHEST LEVEL IN DECADES, AS
LAST MONTH’S PERSONAL SAVINGS
RATE DROPPED TO THE LOWEST LEVEL
SINCE 2008, FUELING FEARS OF THE
BIG "R" WORD, RECESSION.
JOINING US NOW, SENIOR ADVISER
TO PRESIDENT BIDEN.
THANK YOU FOR JOINING US TODAY,
APPRECIATE YOUR TIME.
IS THAT GOING TO HAPPEN, DO YOU
BELIEVE THIS COUNTRY IS ENTERING
A RECESSION?
>> I’M NOT IN THE FORECAST
BUSINESS, BUT HERE IS WHERE I
WOULD STRIKE SOMEWHAT MORE
REASSURING NOTE.
THERE’S NO QUESTION THAT WE HAD
RECORD JOB CREATION AND RECORD
DROPS IN UNEMPLOYMENT DURING
OUR, THIS RECOVERY.
BUT THAT WE DO NOW NEED TO
TRANSITION TO A MORE STABLE AND
BALANCED GROWTH WITH LOWER
PRICES, AND WE BELIEVE THAT WHEN
YOU LOOK AT THE STRENGTHS THAT
HAVE COME OUT OF THIS RECOVERY
THAT ARE IN THE U.S. ECONOMY,
THAT WE ARE BETTER POSITIONED
THAN REALLY ANY NATION IN THE
WORLD TO MAKE THAT TRANSITION
EVEN IN THE FACE OF THE STEPS
THAT INDEPENDENT MONETARY
AUTHORITIES WILL MAKE TO DAMPEN
THE GLOBAL INFLATIONARY
APPRECIATES HITTING U.S.
CONSUMERS.
AND I THINK GIVE SOME OF THOSE
INDICATORS ARE THE FACT THAT WE
BROUGHT BACK 3.8 MILLION
AMERICANS INTO THE WORKFORCE
THAT ACTUALLY WHEN YOU LOOK AT A
MORE COMPLETE VIEW OF HOUSEHOLD
BALANCE SHEETS YOU SEE AS J.P.
MORGAN PUT OUT THE OTHER DAY THE
CHECKING ACCOUNTS ARE ACTUALLY
STRONGER UP AND DOWN THE INCOME
LEVEL THAN THEY WERE IN 2019.
THE CREDIT CARD BALANCES AND
HOUSEHOLD DEBT SERVICE ARE VERY
LOW.
THAT BUSINESSES HAVE NOW BUILT
UP INVENTORIES AND SO WE ARE
GOING TO HAVE LESS PRICE HIKES
RELATED TO SUPPLY CONSTRAINTS.
SO I THINK WHEN YOU LOOK
OVERALL, WE BELIEVE THAT WE ARE
WELL POSITIONED TO MAKE THIS
TRANSITION TO A MORE BALANCED
AND ECONOMIC GROWTH WITH LOWER
PRICES WITHOUT GIVING UP MANY OF
THOSE HISTORIC GAINS THAT IN
FACT MANY HISTORIC GAINS WILL BE
THE SOURCE OF RESILIENCE TO THAT
TRANSITION TO A MORE STABLE
ECONOMIC CAN GROWTH.
>> John: GENE, AMONG THE RECORDS
THE WHITE HOUSE SET THAT YOU
POINTED OUT THERE IS ALSO
40-YEAR RECORD ON INFLATION.
SOMETHING THAT DID NOT GO
UNNOTICED BY "THE WASHINGTON
POST," ARTICLE TODAY TALKING
ABOUT THE MISSTEPS THE PRESIDENT
AND ADMINISTRATION OFFICIALS
MADE WITH RESPECT, THEY NOTE
U.S. POLICY MAKERS MISJUDGED
INFLATION THREAT UNTIL IT WAS
TOO LATE.
OFFICIALS OFTEN PLAYED DOWN
RISING PRICES AS PROBLEMS
MOUNTED AROUND THE WORLD.
QUESTION TO YOU, WAS THE WHITE
HOUSE FIDDLING AS ROME BEGAN TO
BURN?
>> NOT AT ALL.
LOOK, GLOBALLY THERE IS NO
QUESTION THAT A FEW THINGS HAVE
HAPPENED THAT HAVE CERTAINLY
AFFECTED WHAT PEOPLE THOUGHT.
REALLY EXPERTS ALL OVER THE
WORLD THOUGHT WAS THE EXPECTED
TRAJECTORY OF INFLATION.
ONE, THERE’S NO QUESTION THAT
DELTA AND OMICRON SLOWED THE
SUPPLY ASIDE CORRECTION.
THERE’S NO QUESTION THAT PUTIN
AND HIS AGGRESSION HAS HAD A
MAJOR NEGATIVE IMPACT ON GLOBAL
ENERGY PRICES AND THE U.S., A
GALLON OF GAS IS 3.31 ON
JANUARY 17TH WHEN PUTIN FIRST
MOVED TROOPS TO THE BORDER IN
BELARUS, NOW THEY ARE 1.31
HIGHER.
SO THERE’S NO QUESTION THERE
HAVE BEEN THINGS THAT HAVE
AFFECTED GLOBAL INFLATION.
AND JUST TODAY YOU SAW THE EURO
SAY THEIR INFLATION WAS 8.1%,
AND THE 38 LARGEST ECONOMY,
8.8%.
U.K. AT 9%.
SO THIS IS A GLOBAL INFLATION
ISSUE THAT HAS BEEN AFFECTED BY
THINGS LIKE THE AGGRESSION IN
UKRAINE THAT WERE HARD TO
PREDICT.
>> Sandra: THIS IS AMERICA AND
WE HAVE SHOWN HISTORICALLY -- WE
ARE ABLE TO TACKLE INFLATION
WHEN WE TAKE THE RIGHT STEPS.
AND LET ME JUST ASK YOU
SOMETHING, GENE.
HOW CAN WE BE ASSURED THIS IS A
WHITE HOUSE THAT’S GOING TO TAKE
THIS SUPPLY CHAIN CRISIS, THIS
INFLATION CRISIS SERIOUSLY WHEN
THE PRESIDENT’S OWN CHIEF OF
STAFF RON KLAIN IN OCTOBER
REFERENCED THE SUPPLY CHAIN
CRISIS AS A HIGH CLASS PROBLEM.
DOES THE WHITE HOUSE SEE IT AS A
PROBLEM FOR EVERYDAY HARD
WORKING AMERICANS?
>> WE DO SEE THIS AS A SERIOUS
PROBLEM, AND WHILE WE CITE THE
GLOBAL NUMBERS TO MAKE CLEAR
THAT THIS IS A GLOBAL
PHENOMENON, WE ARE VERY AWARE
EVERY DAY THAT’S OF LITTLE
COMFORT TO AN AMERICAN FAMILY
GOING UP TO THE GAS PUMP OR THE
GROCERY LINE AND SEEING HIGHER
PRICES.
AND SO YOU SEE THE PRESIDENT
TODAY MEETING WITH THE -- WITH
THE FEDERAL RESERVE CHAIRMAN.
WHAT YOU ALSO SAW IN THE OP-ED
WAS HIM LAYING OUT HIS APPROACH.
ONE OF THE FIRST THINGS HE SAID
WAS THAT HE WOULD COMPLETELY
RESPECT THE INDEPENDENCE OF THE
FEDERAL RESERVE EVEN IN THIS
TOUGH TIME.
NOW, THAT’S NOT NECESSARILY THE
USUAL THING, SINCE THE 1960S,
FIVE DIFFERENT PRESIDENTS,
INCLUDING THE PRIOR PRESIDENT,
HAVE SOUGHT TO BERATE OR
INTERFERE OR BULLY OR INTIMIDATE
THE FEDERAL RESERVE WHEN IT HAD
TO TAKE TOUGH STEPS TO TAME
INFLATION.
NOW YOU ARE SEEING A PRESIDENT
STEPPING BACK AND SAYING HE’S
GOING TO RESPECT THE
INDEPENDENCE AND THE ROOM THEY
NEED.
AND EVERYTHING TO LOWER PRICES
ON FAMILIES, INCLUDING HISTORIC
SPR STRATEGIC PETROLEUM RELEASE
AND THE FACT THAT WE ARE -- THAT
WE ARE SEEING SIGNIFICANT
DEFICIT REDUCTION.
1.5 TRILLION IN DEFICIT
REDUCTION WE KNOW WILL DAMPEN
INFLATIONARY PLEASURES.
>> Sandra: REACTION RATHER THAN
THE PRESIDENT AHEAD OF THE
PROBLEM?
YOU HAD LARRY SUMMERS, STEVE
RATNER WARNING ABOUT INFLATION
ON THE WAY WELL OVER A YEAR AGO.
WELL BEFORE PUTIN INVADED
UKRAINE.
>> I THINK THAT WE HAVE BEEN
FOLLOWING -- WE HAVE BEEN WHERE
MOST EXPERTS AROUND THE WORLD,
INCLUDING OUR FEDERAL RESERVE,
INCLUDING OTHER CENTRAL BANKS
HAVE BEEN, AND WE HAVE ALWAYS
BEEN FOCUSSED ON IT AND ADJUSTED
AS WE SAW THE IMPACT OF THE
VARIANTS ON THE SUPPLY CHAIN AS
WE SAW THE IMPACT ON RUSSIA.
WE HAVE OBVIOUSLY ONLY
HEIGHTENED OUR FOCUS ON BRINGING
PRICES DOWN.
THE PRESIDENT SAYS OFTEN, YOU
KNOW, HIS FOCUS IS ON WORKING
AMERICAN FAMILIES, AND HE KNOWS
THAT EVEN WITH THE RECORD JOB
GROWTH, EVEN WITH THE RECORD
DROPS IN UNEMPLOYMENT, EVEN WITH
THE FACT THAT THERE ARE SO MANY
FAMILIES OUT THERE WHERE SOMEONE
IS ABLE TO GET A RAISE, A
PROMOTION, LEAVE FOR A NEW JOB,
HE KNOWS IT IS THE HIGHER PRICES
AT THE GAS PUMP AND THE GROCERY
LINE THAT YOU KNOW, AFFECT
PEOPLE AND HE SAID, HE GREW UP
IN A FAMILY THOSE PRICE
INCREASES HURT THEM.
SO NO, I THINK WE HAVE -- I
THINK WE HAVE FOCUSSED ON IT THE
WHOLE TIME.
BUT LOOK, WHEN THINGS CHANGE,
WHEN FORECASTS AND THE REALITY
GETS WORSE, YOU ADJUST.
THAT’S WHAT WE DO WHEN YOU ARE
IN THE WHITE HOUSE, THAT’S WHAT
THIS PRESIDENT IS DOING.
>> John: GENE, TO SANDRA’S
POINT, YOU TALK ABOUT FORECAST,
SOME PEOPLE APPEARED TO HAVE
VERY CLEAR CRYSTAL BALLS WHILE
OTHERS WERE MORE OPAQUE,
INCLUDING AS SANDRA POINTED OUT,
LARRY SUMMERS, WHO WROTE ON
MARCH 15, 2021 "I BELIEVE THE
FED HAS NOT INTERNALIZED THE
MAGNITUDE OF ITS ERRORS OVER THE
PAST YEAR, OPERATING WITH AN
INAPPROPRIATE AND DANGEROUS
FRAMEWORK AND NEEDS TO TAKE FAR
STRONGER ACTION TO SUPPORT PRICE
STABILITY THAT APPEARS LIKELY."
WAY BACK THEN HE WAS PREDICTING
STAGFLATION AND RECESSION.
AND A QUESTION THAT I HAVE IS
YOU KNOW SUMMERS VERY WELL, HE
USED TO WORK FOR PRESIDENT
OBAMA.
WHY WAS NO ONE LISTENING TO HIM?
>> WELL, YOU JUST READ A QUOTE
ABOUT LARRY SUMMERS, OUR FORMER
SECRETARY OF THE TREASURY UNDER
PRESIDENT OBAMA, CRITIQUING THE
MONETARY POLICY OF THE FEDERAL
RESERVE.
>> John: WARNING INFLATION WAS
ON THE HORIZON AND WAS GOING TO
RISE UP AND BITE US IN THE
BUTTOCKS IF WE DIDN’T DO
SOMETHING ABOUT IT.
>> THAT WAS -- THAT WAS HIS
COMMENT THAT YOU JUST QUOTED ON
THE FEDERAL RESERVE.
NOW, I’M NOT GOING TO COMMENT ON
IT BECAUSE I JUST GOT DONE
SAYING WE RESPECT THE
INDEPENDENCE OF THE FED AND WE
ARE NOT IN THE EXERCISE OF
BERATING THEM OR SECOND
GUESSING.
>> John: IT WAS A COMMENT ON THE
FED BUT WARNING, CONTAINED IN A
BROADER WARNING TO LARRY
SUMMERS, INFLATION IS ON THE
HORIZON, IT’S GOING TO BITE US,
AND NOBODY DID ANYTHING EXCEPT
TO SAY OH, IT’S TRANSITORY.
>> I DISAGREE WITH THAT AND I
COULD QUOTE YOU 20, 30 OTHER
EXPERTS WHO HAD DIFFERENT
PROJECTIONS, WHO THOUGHT
INFLATION WAS COMING DOWN, WHO
THOUGHT THAT WHAT HAPPENED WAS
THAT THE GLOBAL SUPPLY CHAINS
GOT WORSE AND DID NOT REACT, AND
THIS PARTICULARLY HURT THE
UNITED STATES WHEN WE ARE THE
MOST DEPENDENT -- WHEN HIGHER
CAR PRICES HAVE THE LARGEST
NEGATIVE IMPACT ON US, WE HAVE
THE HOUSING SUPPLY SHORTAGE,
MANY OF OUR COMPANIES LIKE
RENTAL CAR COMPANIES CUT DOWN
DRAMATICALLY AND HAD A HARDER
TIME REUPPING.
SO I THINK THAT THE PRESIDENT
HAS BEEN VERY MUCH WHERE THE
LARGER NUMBER OF EXPERTS IN THE
COUNTRY AND AROUND THE WORLD
HAVE BEEN AND I THINK THE IDEA
HE HASN’T TAKEN STEPS IS NOT
TRUE.
EVEN DURING THAT TIME PERIOD, HE
WOULD -- JUST A SECOND.
>> Sandra: WE HAVE LET YOU GO ON
FOR QUITE SOME TIME.
OBSESSED WITH BRINGING GAS
PRICES DOWN, WHY ARE WE AT A NEW
RECORD HIGH, 4.62 A GALLON AT
THE PUMP IF THIS PRESIDENT HAS
BEEN OBSESSED WITH TACKLING GAS
PRICES AND INFLATION.
>> YOU KNOW THE ANSWER, YOU KNOW
THE ANSWER TO THAT.
YOU KNOW THIS IS GLOBAL, YOU
READ THE PAPERS TODAY, YOU KNOW
THE EURO JUST SAID INFLATION WAS
8.1%.
YOU READ THE PAPERS THAT THE
U.K. WAS 9%.
>> Sandra: NOTHING WE CAN DO
ABOUT IT?
NOTHING WE AS A COUNTRY CAN DO
TO BRING PRICES DOWN?
>> I HAVE EXPLICITLY SAID THE
OPPOSITE.
I EXPLICITLY SAID THE OPPOSITE.
WHAT DID I SAY, ONE, YOU PUT IN
A STRONG FEDERAL RESERVE AND
RESPECT THEIR INDEPENDENCE AND
NEED TO TAKE TOUGH MEASURES TO
BRING DOWN INFLATION.
NUMBER ONE.
>> Sandra: THIS IS SERIOUS
STUFF.
AFFECTING EVERYDAY AMERICANS AND
CUTTING IN THE ABILITY TO
PROVIDE FOOD FOR THEIR FAMILIES.
GIVE US A FORECAST, WHERE CAN
YOU HAVE GAS PRICES, LET’S SAY
BY THE END OF THE YEAR?
WHERE WILL THEY BE?
>> THIS IS A SERIOUS ISSUE.
AND WHAT YOU ARE DOING RIGHT NOW
IS TRYING TO PUT ME IN THE
POSITION OF BEING A FORECASTER.
AND WHAT YOU ASKED BEFORE WAS
THE RIGHT QUESTION, WHAT ARE WE
DOING?
>> Sandra: WHO IS ADVISING THE
PRESIDENT ON THE ECONOMY?
>> AS WE JUST SAID, IF YOU READ.
>> Sandra: ECONOMIST FORECAST.
>> IF YOU READ HIS OP-ED IN THE
WALL STREET JOURNAL, WHEN YOU
LOOK AT THE STRENGTH OF
HOUSEHOLD BALANCE SHEETS, THE
FACT THAT INVENTORIES ARE
HIGHER, WHEN YOU LOOK AT
3.8 MILLION AMERICANS COMING
BACK INTO THE WORKFORCE, ALL OF
THESE THINGS SUGGEST THAT WE ARE
IN A STRONG POSITION TO MAKE A
TRANSITION TO MORE BALANCED
ECONOMIC GROWTH EVEN WITH THE
FEDERAL RESERVE HAVING TO TAKE
TOUGH ACTIONS AND THEN I WENT
THROUGH THREE THINGS UNLIKE PAST
PRESIDENTS, HE WAS GOING TO GIVE
ALL THE ROOM AND INDEPENDENCE TO
THE FEDERAL RESERVE TO BRING
DOWN POLICIES.
TWO, THAT WE WERE NOT ONLY,
BECAUSE OF HIS POLICIES, SEEING
1.5 TRILLION IN DEFICIT.
>> Sandra: IT’S A SIMPLE
QUESTION.
THE PRESIDENT HAS PEOPLE
ADVISING HIM.
>> -- FOR THE RECONCILIATION TO
BRING DOWN THE DEFICIT FURTHER,
FURTHER TAMPENNING INFLATION.
>> Sandra: YOU ARE A SENIOR
ADVISER TO THE PRESIDENT AND WE
ARE ASKING WHAT CAN YOU TELL THE
AMERICAN PEOPLE WHERE PRICES
WILL BE A FEW MONTHS FROM NOW
WHACHLT IS YOUR ABILITY TO
CONTROL THOSE PRICES AND BRING
THEM DOWN?
>> WHAT YOU WANT FROM YOUR
PRESIDENT IS THAT THEY ARE DOING
EVERYTHING THEY CAN, WHICH IS
WHY HE HAD HISTORIC RELEASE OF
180 MILLION BARRELS FROM THE
STRATEGIC PETROLEUM RESERVE.
1 MILLION A DAY, AND WHY HE’S
ASKING FOR 60 MILLION MORE.
WHY HE’S ASKING TO BRING DOWN
PRESCRIPTION DRUG COSTS THAT
WOULD LOWER INFLATION AND HELP
WORKING FAMILIES.
WELL, LOOK, WE CAN JUST KEEP
RESTATING THIS.
WE FACE A GLOBAL INFLATION
PROBLEM.
>> John: THAT’S TRUE, YOU CAN
RELEASE AS MUCH OIL AS YOU SAID,
THE PRESIDENT -- IT’S NOT
BRINGING DOWN PRICES.
>> AND I JUST SAID THAT THE
PRESIDENT TODAY, JUST TODAY IN
THE WALL STREET JOURNAL HAS AN
OP-ED GOING THROUGH HIS APPROACH
ABOUT GIVING INDEPENDENCE TO THE
FED, GIVING THEM ROOM TO MAKE
TOUGH CHOICES WITH THE STRONGEST
TOOLS, MONETARY TOOLS YOU HAVE
SEEN A COMMITMENT.
>> Sandra: DOES HE WORRY THE
FEDS HAS GOTTEN IT WRONG?
FED GOT INFLATION WRONG, THEY
THOUGHT IT WAS TRANSITORY.
IS HE CONFIDENT THEY CAN GET IT
THROUGH RIGHT?
>> FURTHER DAMPEN INFLATION.
>> ARE WE GOING TO HEAR ANYTHING
FROM THE MEETING?
>> Sandra: CAN WE HEAR ANYTHING
FROM THAT MEETING, WILL HE BE ON
CAMERA?
>> I DO NOT KNOW WHAT THE PRESS
PLAN IS.
I THINK A MEETING LIKE THAT IS
NORMALLY KEPT CLOSE HOLD SO THEY
CAN HAVE A FRANK DISCUSSION, AND
I THINK IT’S GOOD THAT WHEN A
PRESIDENT RESPECTS THE FEDERAL
RESERVE CHAIRMAN IT’S EASIER TO
MAKE A DISCUSSION.
HE KNOWS THE PRESIDENT WILL NOT
CROSS ANY BOUNDARIES OR SEEK TO
INTIMIDATE THEM.
PRESIDENT BIDEN HAS MADE THAT
CLEAR, HE RESPECTS THE
INDEPENDENCE.
HE’S MADE CLEAR INFLATION IS HIS
NUMBER ONE PRIORITY, BRINGING
DOWN IT PRICES AND COSTS FOR
FAMILIES IS THEIR NUMBER ONE
PRIORITY, AND I THINK THAT IS,
SHOWS, YOU KNOW, AN UNUSUAL AND
UNFORTUNATELY TOO INFREQUENT
DEGREE OF LEADERSHIP RESPECT OF
THE FEDERAL RESERVE.
NO, I’M NOT A FORECASTER AND NOT
GOING TO PREDICT.
>> Sandra: WHO IS PREDICTING FOR
THE PRESIDENT, THAT IS
NECESSARY.
WHO IS FORECASTING FOR THE
PRESIDENT?
FOR ECONOMYISTS THAT IS
EVERYTHING.
AND WHICH IS ADVISING THE
PRESIDENT?
>> WORLD -- THE PRESIDENT HAS A
WORLD CLASS TEAM, INCLUDING THE
SECRETARY OF TREASURY, JANET
YELLEN WHO IS THE ONLY WOMAN IN
THE HISTORY OF OUR COUNTRY TO BE
THE C.A. CHAIR, CHAIRMAN OF THE
FEDERAL RESERVE AND SECRETARY
TREASURY AND TOP CLASS COUNCIL
OF ECONOMIC ADVISERS, HEADED BY
CECILIA, NOW PRINCETON POLICY
SCHOOL, EXCELLENT ECONOMISTS BUT
DOES NOT MEAN THAT THEY HAVE
CRYSTAL BALLS, AND IT DOESN’T
MEAN THAT PEOPLE CAN PREDICT
EVERYTHING THAT HAPPENS,
INCLUDING A TYPE OF RUSSIAN
AGGRESSION ON A NEIGHBORING
EUROPEAN COUNTRY.
>> Sandra: GENE, APPRECIATE YOU
JOINING US.
THESE ARE PRETTY SIMPLE
QUESTIONS, AND YOU KNOW, WE
APPRECIATE YOU JOINING US,
PEOPLE WANT TO KNOW WHAT THE
PLAN IS.
GAS PRICES ALL-TIME HIGH,
INFLATION 40-YEAR HIGH.
THE PRESIDENT MAKES THE CASE THE
ECONOMY IS THRIVING.
>> HERE IS THE DEAL.
I JUST GO THROUGH THE PLAN AND
YOU PRETEND I DIDN’T SAY IT, YOU
JUST IGNORE IT.
YOU ASK THE SAME QUESTIONS.
IT’S YOUR SHOW, IF THAT’S WHAT
YOU WANT TO DO, BUT WHEN I’M
GOING THROUGH THIS AND YOU JUST
INTERRUPT I DON’T SEE HOW IT’S
HELPING YOUR VIEWERS.
>> Sandra: WE GAVE YOU A LOT OF
TIME TO EXPLAIN.
>> THE LAST TIME I WAS ON THE
SHOW YOU WERE UPSET BECAUSE I
WAS TALKING ABOUT THE RICK SCOTT
PLAN THAT WAS --
>> Sandra: THAT NO REPUBLICAN
SUPPORT.
>> RIGHT, AND THEN YOU SAID OH,
THAT’S NOT THE PLAN.
YOU DON’T HAVE A PLAN TO DISCUSS
ON THE REPUBLICAN SIDE, YOU HAVE
NO PLAN.
>> Sandra: DEMOCRATS ARE IN
LEADERSHIP AND THE HOUSE, THE
SENATE, THE WHITE HOUSE.
>> THE PRESIDENT JUST LAID OUT.
>> Sandra: AND YOU WANT THE PLAN
TO COME FROM REPUBLICANS?
>> IN THE WALL STREET JOURNAL
AND YOU WANT TO KEEP ASKING THE
SAME QUESTION.
IF YOU WOULD LIKE TO DISCUSS,
LET’S DISCUSS, SHOULD WE GIVE
MEDICARE THE POWER TO LOWER
PRESCRIPTION DRUG PRICES TO HELP
POCKET BOOKS FOR TENS OF
MILLIONS OF SENIORS AND WORKING
FAMILIES.
>> Sandra: THAT DOESN’T HELP TO
FILL THEIR TANKS TO GO TO WORK.
>> SHOULD WE HAVE A DEFICIT
NEUTRAL WAY OF PAYING FOR
CHILDCARE SO MORE PEOPLE COULD
GO BACK TO WORK, EARN MORE MONEY
AND REDUCE INFLATIONARY
PRESSURES, ALL SPECIFIC
PROPOSALS THE PRESIDENT HAS.
PAY FOR THINGS WITH CORPORATE
TAX REFORM THAT HAS 15% MINIMUM
TAX, ALSO LOWER THE DEFICIT AND
FURTHER DAMPEN INFLATIONARY
PRESSURES.
>> Sandra: DOES THE PRESIDENT
PLAN TO FORGIVE STUDENT LOAN
DEBT, IS THAT A PLAN, IS THAT
GOING TO HAPPEN?
>> IF YOU WANT TO DISCUSS THEM
WITH ME, WE CAN.
THE PRESIDENT HAS NOT MADE AN
ANNOUNCEMENT ON STUDENT LOANS.
>> Sandra: HE WILL HAVE AN
ANNOUNCEMENT SOON YOU SAID?
>> HE HAS NOT MADE IT YET, AND I
DON’T ANNOUNCE THINGS BEFORE HE
DOES.
>> Sandra: WOULD YOU SUPPORT
THAT IF HE GOES THAT DIRECTION,
IS THAT A GOOD IDEA?
>> I’M GOING TO GIVE THE
PRESIDENT THE ROOM TO MAKE HIS
DECISION.
I DO THINK THE FACT HE HAS
PAUSED STUDENT LOANS FOR OVER 40
MILLION AMERICANS HAS HELPED
THEM GET THROUGH THE PANDEMIC
AND THERE’S NO EVIDENCE THAT HAS
HAD A NEGATIVE EFFECT ON
INFLATION.
>> John: GENE, LOVE TALKING TO
YOU, THANK YOU FOR COMING ON.
WE HOPE TO GET YOU BACK SOON.
CLEARLY A LOT OF GROUND YET TO
TILL.
BUT THANK YOU FOR COMING ON.