President Trump, Sir Richard, David Weston discussed on Balance of Power
$1.9 Trillion in further stimulus as an opening bid in what looks to be a long negotiation, the Republican Party fractures over President Trump. And unemployment claims remind us just how far we have to go for recovery in the labor market from New York. Welcome to the second hour Bloomberg Balance of Power I'm David Weston. Unemployment claims last week spiked up near one million, reminding us once again of just how many people don't have jobs today, who had them just a year ago. What would President elect Biden's similares plan of nearly $2 trillion do for them? We welcome now Richard Trump to president of the FBL CIA, which represents over 1.5 million workers nationwide. Sir Richard, Thanks for being with us. Answer that question. What would this plan if enacted, And that's another question, But if enacted, what would it do for those people out of work? Well, it would be a much needed relief. A lifeline in the short term on it would be able to get us through this doldrum that we're in. Right now. We're the freefall of our economy and get a store we could do and fix the economy permanently. I mean, what you saw last night was real leadership. David, you saw how awful humble Hopeful soon to be president offered a real relief to a country that campaign everything that there was is needed enhanced unemployment insurance. Being local government assistance, which is direly needed direct payments to individuals. Cobra assistance, which is we haven't talked about much, but a lot of people have lost their health care. And during a pandemic, which is obviously the worst time to lose it on Cobra assistance would help out it would do more with the addiction moratorium. It would expand, paid leave and long overdue that we've talked about numerous times on this show. Occupational Safety Health Administration emergency temporary standard. Infectious disease to take care of our frontline workers. Is that in there because I missed that. That was the old because you and I have talked about that quite a few times. Is that in that plan? It is it is in the plan. It's part of what's been suggested by the president elect. At the same time, all of that's not going to create jobs that's going to help people who don't have jobs. Tell us about the vaccination program and what could be done and covered 19 kids unless I'm wrong. That's the only thing that's actually gonna fix the economy so that we start employing people again. Well, I think you're absolutely right. And until we fix coded 19, you can't fix the economy. But I don't necessarily agree with you that distant. The package to the offered last night isn't gonna help with that. Because it is going to put money in the pockets of people that are going to spend it immediately that spending will create demand that demand does create jobs. That could get us to a point where we can do Ah large infrastructure stimulus bill that could actually then really put the economy back on the road. As you said. Way had about 965,000 people will apply for regular unemployment benefits. But we also had another 284,000, who applied for pandemic unemployment assistance. Even those air people that don't normally qualify for you. I So we had about 1.2 million more last week. This will help them. It will help the 26 million people that are either unemployed or working short hours and form a bridge to get us to where we could do a real stimulus package to fix the economy. But you are absolutely right. Without fixing coded. You can't do it and one of the big things that he talked about in that program today. What was the vaccination program? Things that he would do, he would scale up testing to stop Covitz heed the safely reopen schools. Hey, protect the vulnerable populations. On identify money in there to identify and address emerging strength of coded 19 and then invest in treatments and help the states. Two ways one with direct relief and and then released to state and local governments that will help them get the vaccine, Nina vaccine of war effectively and more quickly so that we can then get back. Our economy could get back to normal. One of these. Included in the proposed plan is nationwide minimum wage of $15. That could be a good idea. It could be a bad idea. But what does that got to do with covert 19? Isn't this a perfect example that allows people to criticize the plan to say it's not really targeted on the pandemic? Look, a Zay said. It's more than just a covert plan. It Z. To relief plan on getting people money in their pockets is absolutely essential. $15 is really a century because a family of four who will earns less than that. And work 40 hours a week and still live in poverty. I mean, that's not what this country's about, and they're not going to be able to participate in the economy in such a way that helps us grow the economy on so I think it is very, very justifiable and much needed because it has the minimum wage as a being increased in number of years. Richard I don't think you and I've ever talked about minimum wages, but I've heard it said that if you want to address that problem Doing it through a minimum wage is actually just a tax on people who, actually employing people. We're better off increasing the earned income tax credit. Do you have a view on that? Well, if you really want to take care of people is the way to do that is give people the right to bargain with their employer. Right now. We have There were three inequalities in this country. There's any quality of wages and well, there's any quality of opportunity, and there's any quality of power. You can't fix in equality of wages and wealth until you fix in equality of power. That's why the Pro act is so important. It would.