Pete Buttigieg and Joe Bidens's Economic Policy

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Presumptive, Democratic presidential nominee Joe. Biden rolling out his economic policy today. He's going to travel the Pennsylvania near his hometown. Scranton the agenda slogan is build back better. His campaign team says that Biden will prioritize small business workers and plans to focus on inequalities that prevent minorities from reaching a fair economic plainfield. We're going to hear a lot more about the plan from Biden campaign surrogate. Buddha judge is going to the squad team and just. To remember that the broadcast news. What is it? Bring back better, a lot of alliteration for remember that quote from broadcast I can't remember what it was, but Yeah, BRING BACK! A lot of bs there. Build back better is the name of the former vice president's economic recovery plan. That is the work of task force between Biden and Senator Bernie Sanders the key idea. Bring critical manufacturing back to the United States with incentives for companies and seven hundred billion dollars in earmarked funding for government contracts for American firms and Research and development. The campaign says this will create eight million new jobs if that sounds similar to president trump's platform, it is. Thank you very much. Thank you all for being here. A. Last year trump signed an executive order that would prioritize American manufacturers. In certain federal contracts, the Biden campaign says trump's efforts are working and contracts to foreign companies are up thirty percent. Vice President Biden has said he'd raised three point eight trillion dollars by increasing taxes on individuals, making more than four hundred thousand dollars a year and reverse in corporate tax cuts. Now this roll today will include a speech outside Biden's hometown Scranton Pennsylvania and. And his one time rivals from the Democratic primary race remember that it was just a few months ago are out in force today to support the former vice president and his plan one of them join us on Squawk box, Mayor Pete, the former mayor of South Bend Indiana Peop- Buddha Jr here's Joe I'm just going to call you. Mayor Pete I guess we all just feel comfortable feel comfortable. Everybody does around here countering next radio. I'm going to so we understand the primary process, and you understand it as well as anyone and we've seen it on both sides. Sometimes, there is a tendency to move towards the. Basis with some of the programs, and then when when it comes to governing, maybe you become more centrist and I'm just gonNa tell you. Here's the headline for this mirror. A Biden to map and economic path delaying progressives, biggest plans and I think Kayla alluded to it that he's going to call for a moderate approach towards reviving the US economy. Is that how you see it? And is that the right prescription to win, but I think there's a lot of boldness and the level vice president. Biden wants to invest in America I. think that's not only progressive already, but it's something that people across the out. We're going to I. Think it's in keeping with Joe Biden's instance to bring people together, but I think it's also in practical terms. What makes sense early on? We need to invest in our own competitiveness. In order to grow your own, and in order to compete with increasingly powerful economic competitors like China, we need to make less dependence on Safai chains for critical goods and infrastructure light. We're seeing right now with armed soon which she's on countries like truck and we need to make sure that American workers come I to me that nets bedrock through what democratic are spout, but I do agree with you that you don't have to Iraq Democrats to see why this is a good at. was so in the plans were pretty expensive as you know. And it was pre pandemic, and it was pre-, twenty, five trillion wherever we are right now, so this is cost a lot and inflicted a lot of economic damage and. Hopefully we're GONNA. Come out of this, but it might take years so. I mean. Is there something to that that it's not the we're not in the same position to be able to maybe be as as as free-spending with some of the democratic programs. Do you think do you agree with that and? We're GONNA need to to try to pay down some of this that with our taxes. No Democrats go is one of the first to talk about deficits and the debt, but the reality is. We can't afford not to make these vestments score. We will see economy stagnate, and since we're in a moment of distort low interest rates, and since these kinds of investments every time America's none have paid off investing our competitiveness in our infrastructure in our manufacturing base. Frankly they have much irate return than tax cuts, so as economic stimulus goes. I think this is the right way forward. Of course we got to be smart about the investments remain, and of course you can't get something for nothing. But, if you look at the overall picture, where are headed? We don't have a choice and we can handle these kinds of investments if we make before it's too late to a the I think that lowering corporate taxes helped. Corporations, become more competitive. Bring money back I think it. It was somewhat responsible for what we're pretty good. Economic Times before the pandemic and terms of historically low unemployment rates across the board. And some of the deregulation. The vice president is going to reverse the at least a portion of the corporate tax cuts. Do you not think that that that that plan helped the economy, do you? Do you disagree that lower corporate rates were were a boom for the US economy, and it won't matter to reverse them. John, I'm very skeptical that those rate cuts should get hosted at credit. And by the way those rate cuts rent led directly to exploding deficits, and as part of the reason, why oddly enough not to be too partisan about this, but across my lifetime one hundred percent of democratic precedents seem. Deficits go down one hundred percent. Presences seem deficits. Go Up, but you can't get something for nothing. And will we gotta decide is what's a responsible at tat hats not deliver the kind of investments that make an economy. and. This isn't something we have to just use our imagination for we look at the evidence and the evidence across Merton. History is the one we're making robust vassals with responsible, but not excessive taxation, the gross but I. We've talked about it earlier that right now with where American businesses and how important it is to get the unemployment rate back down. It seems like not the most ideal time to raise corporate taxes now. We're going to need to pay down a lot of what we've spent. A and maybe. Rick Razor on wealthy individuals, but that may not raise enough either. Are you for a blanket raised in the marginal rate into what level? or What. What would you advise? Vice President Biden to propose for a marginal rate across the board. Well. I would advise him to look at the evidence and find levels of taxation. They're consistent with growth as they have been historically now, of course, in American history, the economy's growing much quicker under much higher marginal tax rates but I don't think we have to go back to what it was like in the in the sixties or seventies. Again. Period of in many of those faces product to depress looked online. Is You've got to pay for what you and we should be able to strike a balance in the United States, but what we can't do is continue with these deficit. Exploding tax cuts that we were told would pay for themselves. You can check. They did and now. That was before we got the situation. We are now the debts. It's why we need to make sure. We're looking at the investment side as well as the cost side what I really appreciate about the plan. That's vice-presidents laying out. Is it does? Mayor Pete just wanted to. We wrestle with this issue of taxes. All the time said it's one of the press. Two questions related to one is just simply the timing of a tax increase, and it's the question. We asked the vice president when he joined us now more than a couple of weeks back, and he said he would do it immediately. Even amidst this and the question I say is to the to the extent. There are small business owners out there right now. That are clearly struggling and trying to get up on their feet. Seeing a tax increase right in front of them. Just make the case if if that's the case you WANNA, make in terms of the timing. Of course there's going to be a look at conditions on the ground and a glass. Four months has shown us in really blunt terms. How quickly things can change and I know that a new administration will make sure that every step that takes this is consistent with what the right thing is to do based on what we see around us, but we also know is that small business will benefit from the kinds of investments that president housing. And that this country will be more competitive one and were not successful. When we're investing the foundations, no country can't get away with disinvesting in education in infrastructure and research the way we have, and for a very long and the longer you go disinvesting and all that. The the sooner it's GonNa catch to you for small and big business away, and you know we already reached a point. Where even when there were low unemployment rates, the American standard of living was not secure life expectancy down. It raises questions about how our economy has been lined up. This is a historic opportunity to make sure that it's working for more Americans and made just GonNa fall with with the other big debate around this table a lot. is about wealth, the the wealthy and philanthropy yesterday? Warren Buffett gave away two point nine billion dollars and. which is a great thing and philanthropy, and by the way has helped even during this pandemic in a meaningful way, but oftentimes those shares are never taxed as we all know, and so the government will never be a beneficiary and other taxpayers won't be a beneficiary of those successes. Do you think philanthropy should be taxed in any way well, it would make more sense for that to happen on the front end. Look, it's it's wonderful one. There are these major commitments such generousness by. Individuals, but we've also got to ask how things got so unequal in the first place, because if a little bit more that was making its way into a democratically guided process in other words, the kinds of Research and development that invent trillion dollar ideas like the Internet itself and Space Travel. Are we know our country is better off, and we gotta ask where the balances I would argue. Look thing about this. In the United States right now there is not one county, not one. Where a fulltime minimum wage were can't afford a two bedroom apartment time. There's somebody works for a living in a job fulltime. Can't afford to bed in the part. I would argue that if that were the case. If we had higher wages and more public investment, we wouldn't need to knots landing quite as much as we did. Mayor Pete the one thing that President Biden's plan has in common with President Trump says that it it really leans intimate in America and not just from a position rhetoric there looks like there are going to be real incentives real penalties to companies if they're not making things in America. Do you think globalization is dead? I don't think we have to choose between closing ourselves off investing in our own country on the contrary I think global. Market, we are more competitive when we are starting right here at home made in America is really news and the vice president's fine America initiatives. Really good news for us here. The so called belt where we know that we are Cape. Producing some the finest goods in the world, but there are so many loopholes or waivers in the system and. I think you all report it. You know. Australia's actually gone up an awful lot under this administration so I don't do this since. The president. Fighting. I view it as an opportunity for us to make sure that taxpayer dollars benefit American firms and workers first,

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