RECEIVE A PAYCHECK.
>> WELL, THIS IS THAT DAY.
FARD
FAST FORWARD ONE YEAR AND GARY
IS BACK.
ALWAYS GOOD TO SEE YOU.
IF THIS BILL PASSES, THE UNITED
STATES WILL HAVE SPENT MORE THAN
$5 P 5 TRILLION ON TOTAL RELIEF,
LARGER THAN THE GDP BESIDE EVERY
COUNTRY THAN THE U.S. AND CHINA.
>> FIRST OF ALL, GREAT TO BE
HERE WITH YOU.
I WISH I WAS SITTING NEXT TO YOU
LIKE I WAS A YEAR AGO TODAY.
LOOK, I SAID IT A YEAR AGO AND I
MEANT IT WHEN I SAID IT, THIS IS
A ONCE-IN-A-LIFETIME, ONCE IN A
CENTURY, HOPEFULLY NOT MORE THAN
THAT EXPERIENCE.
AND THIS IS WHAT FEDERAL
GOVERNMENTS HAVE TO DO.
IN TIMES OF CRISIS, IN TIMES OF
PANDEMICS, THE FEDERAL
GOVERNMENT HAS TO STEP IN AND
HAS TO HELP OUR CITIZENS THROUGH
THESE PERIODS OF TIME.
IT WAS -- I GUESS IT WAS CLEAR A
YEAR AGO TO ME THAT WE WEREN’T
GOING TO GET THROUGH THIS
WITHOUT MASSIVE LAYOFFS, WITHOUT
COMPANIES SHUTTING DOWN, WITHOUT
PEOPLE STAYING HOME.
AND WHEN COMPANIES CEASE TO HAVE
REVENUE, THEY ALMOST CEASE TO
EXIST.
YES, LARGER COMPANIES CAN
CONTINUE TO THRIVE BUT SMALL
COMPANIES DISAPPEAR VERY QUICKLY
AND THAT’S THE BACKBONE OF THE
AMERICAN ECONOMY, SMALL
COMPANIES.
SO WE DID NEED THE U.S.
GOVERNMENT TO STEP IN AND THROW
MONEY AT THE SITUATION.
I REMEMBER COMING OFF SHOW AFTER
SHOW BEGGING THE FEDERAL
GOVERNMENT TO THROW MONEY AT THE
SITUATION.
LOOK, THEY DID THE BEST THEY
COULD.
WE HAD TO RESPOND TO A CRISIS.
WE HAD TO RESPOND TO A PANDEMIC.
WE DID NOT KNOW WHAT WAS GOING
ON.
WE DID NOT KNOW HOW LONG IT
WOULD TAKE.
WE DID NOT KNOW WHEN IT WOULD
END.
WE DID NOT KNOW HOW SEVERE IT
WOULD BE.
LOOK, IN MANY RESPECTS PEOPLE
ARE PROBABLY SURPRISED IT’S
GOING ON A YEAR LATER AND IN
MANY RESPECTS I GUESS WE SHOULD
BE FORTUNATE A YEAR LATER WE’RE
TALKING ABOUT THE RECOVERY SIDE
OF THIS PANDEMIC.
SO I WOULD GIVE THE FEDERAL
GOVERNMENT PRETTY WITHGOOD MARKS
THIS, THROWING MONEY AT IT,
GIVING MONEY TO CONSUMERS AND
SMALL BUSINESSES, TRYING TO KEEP
THE ECONOMY AS NORMAL AS
POSSIBLE.
>> ONE YEAR AGO I ASKED YOU
ABOUT THE IDEA OF SENDING CHECKS
TO THE AMERICAN PEOPLE.
YOU SAID IT WAS TOO EXTREME, TOO
FAR.
THIS BILL IS GOING TO MARK THE
THIRD STIMULUS CHECK.
WHAT DO YOU THINK ABOUT THAT
NOW?
>> WELL, STEPH, LOOK, I MAY HAVE
BEEN WRONG A YEAR AGO.
WITH THE LENGTH AND DURATION OF
THIS PANDEMIC, WE MAY HAVE
NEEDED TO SEND MONEY TO CERTAIN
PEOPLE.
AND I’M -- I DON’T WANT TO BE
TOO HARSH.
THIS IS A YEARLONG PEOPLE LOST
THEIR JOB, ENHANCED UNEMPLOYMENT
BENEFITS ARE VERY IMPORTANT.
LOOK, WHAT I DON’T WANT TO DO
NOW IS I DON’T WANT TO SEND THE
WRONG MESSAGE AS THE ECONOMY IS
GETTING READY TO TURN AND THE
ECONOMY IS GETTING READY TO
EXPLODE.
WE SAW IT IN LAST MONTH’S JOB
NUMBERS AND I THINK THERE’S
FAIRLY UNIVERSAL AGREEMENT AMONG
ALMOST ALL ECONOMISTS, NO MATTER
WHAT SIDE OF THE AISLE YOU’RE
ON, THAT THE U.S. ECONOMY IS
POISED TO EXPLODE.
AND WE WANT PEOPLE TO RE-ENTER
THE WORKFORCE.
THE NUMBER ONE THING WE’VE GOT
TO TALK ABOUT IS HOW TO
RENORMALIZE GOING BACK TO WORK.
THAT’S NOT SO EASY.
TO RENORMALIZE GOING BACK TO
WORK, WE HAVE TO DO ALL OF THE
PROCESSES THAT WE UNDID.
A, WE’VE GOT TO GET KIDS BACK TO
SCHOOL.
WE’VE GOT TO GET THE SERVICE
INDUSTRY BACK.
SO PEOPLE CAN FEEL LIKE THEY’RE
LIVING THEIR NORMAL LIFE AND
IT’S COMFORTABLE ENOUGH FOR THEM
TO LEAVE THEIR HOUSE AND GO BACK
AND ENTER THE WORKFORCE.
IF WE DON’T GET PEOPLE BACK IN
THE WORKFORCE, WE’RE GOING TO BE
DEALING WITH ANOTHER CONSEQUENCE
OF THIS PANDEMIC, WHICH IS
MASSIVE INFLATION.
IT’S GOING TO BE DRIVEN BY
INFLATION IF WE CAN’T GET PEOPLE
BACK IN THE WORKFORCE AND THAT
WOULD BE A BAD OUTCOME OF WHAT
THE GOVERNMENT IS DOING.
>> WHAT DO YOU THINK ABOUT
TODAY’S BILL?
>> LOOKS, STEPHANIE, THERE ARE
PARTS OF IT THAT ARE REAL
ESSENTIALLY AND I’M HIGHLY
SUPPORTIVE OFF.
OBVIOUSLY, WE ALL WANT TO
INCREASE VACCINATIONS.
WE WANT EVERYONE VACCINATED.
WE WANT IT DONE TODAY.
THIS IS AMERICA, WE WANT IT DONE
TODAY.
SPEEDING UP VACCINATIONS IS
IMPORTANT, TESTING IS IMPORTANT,
GETTING MONEY FOR SCHOOLS IS
IMPORTANT.
AND MANY OF THE OTHER LITTLE
PIECES IN THERE ARE IMPORTANT.
THERE’S 25 BILLION IN THERE TO
GET RESTAURANTS REOPENED, THAT’S
REALLY IMPORTANT.
SMALL BUSINESSES IN AMERICA ARE
GOING TO NEED WORKING CAPITAL TO
RE-ESTABLISH THEMSELVES OR START
NEW AGAIN.
BUT UNFORTUNATELY, IT’S NOT JUST
$25 BILLION FOR RESTAURANTS.
IT’S EVERY SERVICE INDUSTRY WE
HAVE IN AMERICA IS GOING TO NEED
SOME FORM OF WORKING CAPITAL.
WE WILL HAVE TO ENCOURAGE NEW
ENTREPRENEURS TO OPEN UP
BUSINESSES AND TAKE THE PLACE OF
THOSE BUSINESSES THAT
UNFORTUNATELY GOT WIPED OUT IN A
YEAR OF NO REVENUE.
THEY JUST COULDN’T SURVIVE.
THERE ARE PIECES IN THIS BILL
THAT ARE CLEARLY IN THE RIGHT
DIRECTION.
WE’RE GOING TO HAVE TO DO MORE
TO ALLOW BUSINESSES TO REOPEN
AND THRIVE AND CREATE NEW
BUSINESS.
>> THEN WHAT DON’T YOU LIKE IN
IT?
>> LOOK, THERE’S A LOT OF MONEY
GOING INTO THIS BILL THAT IS NOT
REALLY DRIVEN TOWARDS
ENCOURAGING THE ECONOMY TO
NORMALIZE.
>> LIKE WHAT?
>> ENCOURAGING THE ECONOMY TO
GROW AND ENCOURAGING THE ECONOMY
TO EXPAND.
WE SHOULD BE ALL ABOUT GETTING
PEOPLE BACK TO WORK, NORMALIZING
ECONOMIC EXPANSION, NORMALIZING
GROWTH, NORMALIZING JOB
CREATION, NOT ENCOURAGING PEOPLE
TO STAY OUT OF THE WORKFORCE.
WE WANT TO GET PEOPLE BACK IN
THE WORKFORCE.
>> DO YOU THINK ONE OF THE
REASONS THAT THIS IS SO POPULAR
WITH AMERICAN PEOPLE ON BOTH
SIDES OF THE AISLE IS THAT WE’VE
ALL BECOME ADDICTED TO
SHORT-TERMISM IN EVERY ASPECT OF
OUR LIFE AND GETTING THAT
IMMEDIATE MONEY IS IMPORTANT BUT
THE BILL DOESN’T CREATE
LONG-TERM SOLUTIONS.
WE HAD BAD SCHOOLS BEFORE THE
PANDEMIC STARTED, JUST REOPENING
DOESN’T MAKE THEM GOOD.
>> STEPHANIE, I AGREE WITH YOU.
THERE’S A SHORT-TERMISM
PHENOMENON HERE.
AS YOU POINTED OUT IN SOME OF
YOUR EARLIER SEGMENTS TODAY,
MOST OF THE MONEY BEING SPENT IN
THIS BILL HAS A VERY SHORT
FINITE PERIOD ON IT.
IT’S EITHER THIS YEAR OR THIS
YEAR AND NEXT YEAR, WHETHER IT’S
HOUSING SUBSIDIES OR HEALTH CARE
SUBSIDIES OR S.N.A.P. FOOD STAMP
SUBSIDIES OR MONEY TO SCHOOLS,
IT’S MONEY THAT WILL GET SPENT
IN A VERY SHORT PERIOD OF TIME.
THIS IS GOING TO TURBOCHARGE
HOPEFULLY WHAT HAPPENED SHORT
TERM BUT WE NEED THE LONG-TERM
SOLUTION.
THE LONG-TERM SOLUTION, AS I
SAID, IS GET THE ECONOMY OPEN,
GET THE ECONOMY NORMALIZED AND
GET HIRING GROWING AGAIN SO
PEOPLE CAN GROW BACK AND LIVE
THEIR NORMAL LIVES.
THEN WE’VE GOT TO DISCUSS THESE
BIG POLICY DISCUSSIONS THAT
YOU’RE POINTING OUT.
WE’VE GOT TO DISCUSS THE QUALITY
OF THE HEALTH CARE IN THIS
COUNTRY.
WE’VE GOT TO DISCUSS THE QUALITY
OF THE EDUCATION THAT WE’RE
GETTING IN THIS COUNTRY.