36 Burst results for "CBO"
A highlight from Growing Unease: Current Administrations Approach to Security and Travel with David Bellavia
"What do you think they're doing with cash, right? What deal do you make where someone says, I'll bring a box of money to you? Yeah. What do you, it's, this is a state sponsor of terrorism. Ladies and gentlemen, distinguished guests and my fellow citizens. America's comeback now. starts right Welcome back Financial Guys podcast. Mike Speraza in studio live today with a guest in the studio. I haven't had this in a long time. Staff Sergeant medal of honor recipient David Bellavia joining me for about a half hour today. David, thank you for joining us. Thank you for having me. I appreciate it. Absolutely. So I'm going to stick based on your background. I'm going to stick with a lot of military stuff today and I want to start, we'll go all the way back to the beginning of the Joe Biden presidency. The Afghanistan withdrawal, in my opinion, did not go very smoothly. I'm sure many people listening agree. What were your overall thoughts of that withdrawal and how it actually ended up happening? I know we lost, you know, sadly lost 13 soldiers in that, in that withdrawal. People say we went off the wrong air base. People say that we shouldn't have gone out in the middle of the summer. There was a lot of different things there. What were your overall thoughts on that? I think it's like the worst day in American history since Market Garden. Just absolutely. And the reason why it was so difficult was it was totally unnecessary. So let's rewind to the Obama trade, Bull Bergdahl and the three first round draft picks. They get Marshall, they get MacArthur and they get Patton that end up the resurgence of the Taliban. These men not just go back to the enemy, they go back to the battlefield. They're in power when the government falls. You have misinformation coming from the White House that the president of Afghanistan is leaving with billions of dollars on his plane, which wasn't true. And then you leave the equipment, the cash. There's no recovery. We're getting reports of sales of American equipment left in Afghanistan in Southeast Asia. We're moving material across the globe. Our children will fight and pay and have to atone for these miscalculations. Let's talk about that. You being in the military and you knowing that area too, why did they just find it the easiest way out to just say, you know, just leave that billion dollar billions of dollars of equipment there and not think, again, if it was me and I'm speaking that someone that's never been in the military, but if it's me and I'm the president, I'm thinking, OK, I don't want to leave all our weaponry there. I don't want to lose any of my men. Number two. And number three, I want to make sure that everybody knows when and how we're getting out of there. And it just felt like poof. One day they said we're getting out of here. Well, it's because the military didn't make any of those decisions. I mean, look, Millie, it can criticize him. You can criticize Secretary of Defense worthy of criticism. However, none of these individuals are making decisions. This is about NGOs on the ground. This is about the State Department. So you've got Bagram Air Base, the equivalent of JFK. You've got Karzai International Airport, the equivalent of Teterboro. Right. Why would you ever do an exfil out of Karzai International Airport? It makes absolutely no sense. It's tactically unsound. But and then you've got all the ISIS -K. We retaliate from the murder of 13 of our bravest and we drop a bomb on a guy delivering water. He's on our payroll and we kill children on that. Then we take out Borat on a tuk tuk driving around like that wasn't even really what was happening. It's just a den of lies. And Tony Blinken and Jake Sullivan, all the heroes that brought us, you know, the Bergdahl deal, the Iran nuke deal. This is these. They the State Department is running all foreign policy, including what the DOD used to run. Well, that's I was going to say. I mean, I know Biden's the president, but do you blame him at all or is it everybody underneath him that, you know, maybe was giving him bad information? And again, some of these decisions, David, is Biden even involved in some of these decisions? Like, I don't even know anymore. Is he around? Is he paying attention to anything going on? Well, I mean, just from the press conferences, it was apparent he didn't know what was going on. And the great irony is that they actually were predicting that Ukraine was going to be invaded and, you know, no one believed them. So it's like you can't influence your friends. The allies don't trust you. The enemy doesn't respect you. You know, I mean, you've got Ben Rhodes is really proud of this State Department. Susan Rice loves what they're doing. But, you know, again, Americans died. And, you know, and what is the perfect culmination of the adventure in Afghanistan? Looking at your watch at Dover Air Base when bodies are coming home. I mean, nothing could you couldn't ask for a just it's it's a debacle. Yeah. And it's sad that that's that's the leader of our country there. Let's move in. You brought up the Ukraine there. So the Russia Ukraine conflict will get to Zelensky in a minute. He is as we speak in New York City right now. But so Trump's in office. We don't see many of these conflicts or any conflicts actually started under his watch. And then we have the Biden administration come in. And a year later, we have Russia invading Ukraine. Why did this happen and why? Why the timing of February of 2022? So let's go back to when we were fighting ISIS. Trump engaged and destroyed estimated some say 300 members of Wagner forces. But those were Russian nationals. We engaged. We destroyed them. What was the response from Putin? Nothing at all. So what do people in that section of the world, Eastern Europe, the Middle East, what do they respect? They respect power. They respect authority. You're not going to get any respect if you don't engage the enemy when they present themselves. I don't understand the calculus of again, I'm trying hard to figure it out. I don't get it. I don't. You know, Romania and Hungary and Poland, you're letting them unilaterally decide whether or not they want to send reinforcements into Ukraine. That's an act of war. If NATO members engage the enemy, all of NATO is engaged against the enemy. Poland doesn't unilaterally make that decision. Hungary and Romania don't unilaterally make that decision. We can't even articulate what the mission is. And if you look, go to the Institute for the Study of War, there's a plug for them. Check out their overlay from when the battle started, when the war started with Russia. And tell me what success this offensive in Ukraine has produced. I mean, let me ask this question, because I get confused. The answer is nothing. I asked this on Twitter, X, whatever it's called, all the time. What is the end game and how do we get there? Because all I see the answer is, hey, just blank checks. Hey, just write a check. Hey, here's a billion. Hey, here's 20 billion. Hey, here's another 10 billion. I don't actually see a look. I mean, like anything, right? If I write a business plan of what I want to do in 2024, my goal is X. I write down my steps to get X. I don't just write down X and say it's going to happen. I don't really know. And then the answer always is, well, we have to fight. We have to back Ukraine. Okay. But when does that end? Because the Afghanistan war and the war in Iraq lasted 20 years plus, right? And was there a real end to it? I don't know. That's where it gets frustrating for me, Dave, where I'm like, how do we know what the end game is? Do you win or lose? When does that happen? I don't know. I don't know. At least you're thinking about it. And I have fear that our leaders aren't, and that's the problem. So here's what this comes out. You're going to get a negotiated settlement out of Ukraine, right? But you talked about the billions of dollars that we're spending and giving to Ukraine as a blank check. First of all, Zelensky visited Ukrainian soldiers in the United States. Did you know that there were wounded Ukrainian soldiers in the United States? I did not know that. Well, today he visited them. So what's happening there? So that's a cost that no one is putting on the ledger. So now let's look at the blank check that Ukraine is getting. And by the way, I'm pro Ukraine. I want to fight communists all day and night. So let's punch Putin hard in the face. However, you're giving them a blank check and you're giving them munitions. Now here's the problem. We have to replace those munitions. Those munitions were purchased for 20 year global war and terror. And let's be honest, inflation is involved. So what you purchased for $10 is now $17. So you're not just giving them the money. You're giving them the equipment and the munitions that you have to replace yourself at the value of what is valued today. We haven't scratched the surface for the amount of money. CBO absent at the wheel. No one is tracking this. 2024 can't get here fast enough. How does this work, though, when you talk about some of these NATO nations coming together and making decisions, but us not just giving weaponry, giving everything money, whatever we're giving there? Is that not an act of war, too, though, David, at some point? We're continuing to fund Ukraine continuing the war in Ukraine. I mean, that to me seems like we're backing a war. Well, I mean, by the letter of the law and NATO charter, it's not. But here's the problem. It's schizophrenic because we were told that what was an offensive weapon was going to mitigate, you know, that wasn't going to help peace at all. So we went from, I don't know if they should get tracked vehicles to I'm not sure an artillery piece is what they need to high Mars rockets being launched. And let's be honest. I mean, the Ukrainians are I mean, the payload that they're going through, what you would have to have cataclysmic casualty numbers to be able to to the spandex that they're doing on the ground that they need to replace Patriot. If you're going through thirty five Patriot to, you know, missiles, I would expect to at least the C 20 makes that are shot down. They're using them for air artillery. They're using there for indirect fire. I don't know what they're doing, but this is going to end with Don Boss going to Russia. This is going to end with that land chain that Putin wanted through Crimea. And again, our friends in NATO, what are they even doing for Ukraine? What? Look, if you they said that Trump wanted to kill NATO, Biden did it. Right. Biden did it. And now Germany. And so Putin was selling oil at thirty dollars a barrel. What's it at ninety six? Yeah. He's making more money than he did before. And he's financing a war and killing innocent people. You mentioned before, too, and I think this is a good point. Everybody on the left and I'll say the media, the establishment, whoever you want to say, says that if you don't agree with the war in Ukraine, you're like pro Putin. Right. And that's just the most outrageous thing in the world, because I agree with you. I feel for the people of Ukraine. I don't want this for them. I don't want this for innocent people. However, at some point, the world's every every one of the world's problems can't be America's problem when we have a border crisis. And then I think they said yesterday ten thousand people came across. They got, I think, eight thousand of the ten thousand. But you see the numbers day over day. It's a problem. We have crime that's rampant. We have overdoses that are at record numbers. We have we have suicides at record numbers. At some point, we have to maybe just think about ourselves and not everybody else, because if we fall, sadly, I think the world falls at that point. Amen. The thing that I would add is I love the way the Ukraine refugee has been crowbarred into the migrant crisis in the United States. New York leaders from the city to all over Kathy Hochul, the governor of the state of New York, mentioning that, you know, like the Ukrainians in Poland, the the Polish have no intention to keep Ukrainians forever. That's a temporary you know, they're leaving a conflict to return to their country after the conflict is over. Again, this is just we're we're putting a round peg into a square hole and just hammering it away. But but there's no the media. There's you're our destroying military. I go to parents all the time around this country and ask them to give us their sons and daughters to join the military. And the one thing they bring up is Afghanistan. It's not about anything. It's Afghanistan. How are you going to assure us that you're going to maintain your commitment to our son and daughter when you betrayed us in Afghanistan that has lasting effects? And there's not a I'm trying to find a segment of our of our of our nation that's functioning. I don't know what it is. I saw in Chicago, they're going to have municipally owned grocery stores. Maybe that will figure it out there. Yeah, yeah, it's good. Real quick, do you think and we'll finish up on this topic, but do you think that they will we will ever have boots in the ground on Ukraine? I mean, I hope not, because I just don't know what the I mean, look at I'm I'm we're getting ready for China. We're trying to revolutionize everything. I don't know what the what the plan is. I mean, again, if you want to put a base in Ukraine, and you want to make that a sustainment operation going forward, that I here's the point. I don't understand what the inactive ready reserve call up was for. Why are you bringing those troops in the non combat support? Why are they going to Ukraine? What are you building infrastructure there? Here's what I do know. We're talking a minimum of $11 trillion to build Ukraine back. That is cataclysmic amounts of money. There isn't water, electricity, internet, you know, you want to help Ukraine. You're going to Russia is not paying for that if you negotiate a settlement. So I don't know what the plan is. But I hope we never see boots on the ground. I could guess what the plan is. I won't I won't say for sure. But I could guess that we'll be paying a chunk of that. And I do have one last one. So I did interview Colonel Douglas McGregor a few months back. And he talked about he's a real optimist. But he is really very, very bullish on Ukraine. Yes, very, very optimistic. I'm dropping some all over the place. But he brought up some staggering numbers, though. And even if they're half true, it's a problem. The amount of casualties and wounded soldiers on the Ukrainian side that we're not hearing about the media. I don't know if you agree with some of those numbers or not. But he's saying, I mean, it's people are acting as if this is an even war right now. And it's not even close. First of all, McGregor's a stud. I mean, he's an absolute, you know, that we're glad he's on our side. He's a military mind. I don't know if those numbers are accurate. I could tell you they're juxtaposed to almost everything we're hearing from every institution that we have, including a lot of our intel from Germany and England. But again, I don't know what to believe. So when you don't have when you don't have transparency, when you're not holding regular press conferences, when your Pentagon spokesman is now working in the White House and now you're getting a triple spin. I mean, the U .S. Open double backspin. You've gotten so many spins on the narrative. I don't know what to believe. But if he is even close to what is a segment of truth, you know, then look, Ukraine needs an investigation. There's a lot of investigations. We've got to start on Afghanistan. We were promised that by Speaker McCarthy. We need a hot wash on Afghanistan. And then we need to go to what who is oversighting the money that's going to Ukraine. And what have we got for our return on investment? Yeah, I'm not asking for much. Really, all I'm asking for in this conflict is can we just talk about what the end game is? And to your point, can we get an accounting of where the money's going and what's being spent in a real accounting of it? The Iran deal that just happened last week. First off, the fact that that was negotiated and completed on 11th September to me is just the ultimate slap in the face. But you again, you know more about this than I do. We do a five for five trade. OK, I'm going to use sports analogies. We trade five for five. And then we also approved of six billion dollars that apparently wasn't ours, but it was in a fund that now they can release to Iran. How are we winning on that one? Well, first of all, I was hoping that at least it was a digital transfer. The fact that it went as euros in cash through Qatar. And OK, so what happens the 24 hours after that deal is made? We're now getting issues in the West Bank. We're now hearing about issues in Yemen. We've now got Hezbollah that's reinforced. I mean, look, what do you think they're doing with cash? Right. What deal do you make where someone says, I'll bring a box of money to you? What do you it's this is a state sponsor of terrorism. They haven't changed. By the way, their president is now in New York City addressing the United Nations. This guy's killed 6500 of his own people. He admits to it. He killed the students that revolted and wanted democracy when we did nothing. He killed 5000 of his citizens in 1988. He's killed over 300 Americans. There's no accountability whatsoever. I don't understand what it is about Jake Sullivan and Tony Blinken that believe that Iran is a partner. All you've done 10 years ago, they were refining 10 percent of their oil. And now they're a force. Now they're working with Maduro in Venezuela, and they're a huge part of their members of of the international community. They're in good standing there. I don't get it. Does anyone believe that the Iran nuke deal? Look, we got hit with cruise missiles under Trump in Iraq. How did they have those cruise missiles? Those cruise missiles were illegal under the Obama nuke deal. So how are you refurbishing missiles in two years? Do we believe that their centrifuges have stopped? That they won't have a program if they don't have one already? No, I mean, I guess my question, David, is how I mean, I know that you pay a lot of attention to this stuff, but how do people like in the media not ask these questions? Right. I mean, these are legitimate. I mean, we just traded to I put this on my notes here. This is on the heels of trading a WNBA basketball player for the Merchant of Death like six months ago. Right. I mean, and again, I'm glad Americans are coming back to America. I don't want to sound pessimistic on that. That's great news. But we also I mean, this this stuff just seems like I don't care what side of the aisle you're on. It warrants questions, but nobody seems to care. I'm in the world that if you take hostages, we take hostages. You want to exchange people? We'll exchange people. You know, we definitely have the partners in the area to do that. For whatever reason, this administration, they're they're they're contrarians. They're contrarians to you know, they claim Bush and Cheney are their best friends, yet they just go 180 degrees from that doctrine. I don't know what the Biden doctrine is. I don't know what Bidenonomics is either, but I could tell you that they believe that Iran is a partner. Now, here's another thing. Our envoy to Iran not only is no longer the envoy, he doesn't have a security clearance. Does anyone curious at The New York Times as to what happened to the lead negotiator in Iran that is escorted off a bus, taken into American custody, given a job at Yale or Princeton or wherever he's working now? I've never heard of a person going from top secret classified negotiations to no clearance whatsoever and in the custody of American intelligence community. No one cares. No one cares at all. It's fascinating. And again, for me, I mean, these are big decisions that we're making. And correct me if I'm wrong, but it used to be, you know, maybe we did a two for five deal and then we made the six billion. Now we're like, we're giving stuff away and we're on the losing end. Correct me if I'm wrong, but America was never, you know, America losing. It was always America winning, right? America getting the best of deals. At least McDonald's has a five for five. We didn't even get that. You know what this does though? Honest to God, if you're thinking about traveling overseas, things go sideways, cartel, South America, Mexico, wherever you're going, you have a price in your head now. No one in their right mind is going to bring you back whether it's Haiti or wherever you are, you're worth $1 .25 billion. And thugs and scumbags are going to take advantage of that. I mean, that's a great point too. Do you think about leaving the country? I don't know anymore. That's a little bit concerning. I don't care where you're going, right? That's concerning. This one I just had to bring up because it happened two days ago or yesterday. How do we lose a plane? And I heard that's like a third one in the last six weeks that something like this has happened. How are we losing $80 million planes? Well, they're not $80 million anymore because they've got a new engine and all this other stuff. Look, the F -35 program is a complete disaster. You want to talk about why our allies think we're crazy. We sold them a plane. This program has been around since the early 90s and we've got nothing on return for it. So basically two planes are flying in a buddy team. They're doing training and a guy punches out. We don't even know why he punched out, but that plane could have easily hit a building. It didn't, thank God. But the wingman didn't follow where his buddy went. So what is he doing? He just kind of went on and did his own thing. And now the Marine Corps put a Facebook post like a dog is missing. We're expecting the Ukrainian farmers to carry the F -35 out with their tractors. I don't know what the point of it's wild. Look, stop embarrassing us. Just stop humiliating us. That's all I'm asking. Just be the army and the Marine Corps that we know our men and women are capable of being. Get out of their way. This gender garbage, this social experiment nonsense, stop humiliating our military. That's all I ask. Why can we not get the... I mean, I know why we can't get the answer, but I'm asking this to you. But why can't we, at a press conference at the White House, why can't we say, I want to talk to the guy that was in the other plane, or you can tell us the transcript of what happened when that happened. Talk to the guy who jumped out of the plane. Why did you do that? And again, I'm not trying to put our military on the spot, but these are kind of big questions to ask, right? I mean, if I do something in my business, I have to go face the music on that. Why doesn't everybody have to face music for their decisions or why things are happening? I think it's kind of important. Well, you don't want to talk to generals because they're going to tell you the truth and they won't be generals anymore. True. And you don't want to talk to enlisted people. Because look, I mean, let's be honest. How many people are... Is this a merit -based military anymore? Do we have a meritocracy? Are we promoting people based on pronouns? Go figure. When we're putting politics above military strength, accidents happen. We don't know the facts, but the fact that nobody cares about getting to the bottom of it, the day of the Pentagon paper reporters are gone. Yep. Yep. Let's just talk about the 2024 race quick, and then we will wrap up for today. So your thoughts on the Republican primary so far, I'll stay away from the Democratic side till the very end, but your thoughts on, you know, there's obviously Trump who is now in a, has a huge lead. Ron DeSantis seems to be crumbling underneath himself. Vivek Ramaswamy has jumped up in the polls. Nikki Haley's there. Tim Scott's there. A few others that probably aren't going to get a lot of votes. Chris Christie's the anti -Trump candidate. Mike Pence is, I don't know what Mike Pence is. I'm not really sure. Your thoughts about the whole field so far? I mean, look, it's impressive. They've got a deep bench. There's a lot of diversity. I, you know, none of it matters. Trump is the guy. The more you indict him, the more you empower him. You know, I'd like him to work on his communications a little bit better. You know, but if Trump is Trump, Trump is a Frankenstein monster of Barack Obama. As long as you have that faction, you're going to get, you know, Trump is going to be empowered. I just don't want to see Governor Noem anywhere near the White House. And I, if he's going to pick a running mate, you know, it's hard to find an ally here, you know. But it would be nice to find a governor. I don't want to take anyone from the Senate. I don't want to take anyone from the House with the margins that tight. But I mean, the idea that Governor Noem is being floated right now. I mean, I'd rather take North Dakota. Yeah. A little sled there. You know, it's funny you mentioned that because I saw a lot of that this weekend. I mean, can we just, for lack of a better term, keep it in our pants for about a year and then do what you got to do? It really is. I mean, every time you turn, somebody's doing something idiotic, whether it's Boebert. And again, I say this, David, a lot of people know who you are. A lot more know who you are than they'll ever know who I am. But when you go out in public into a movie theater like that, and I'm going to Boebert, not Noem for a second, you're, you're extremely well known. I don't care if it's dark or if it's as light as it is in the studio right now. What are you thinking? I, you know, she's, she's, she's an embarrassment. She is. She's bad, too. Who would have thought that Marjorie Taylor Greene would have been the, the oasis of the Maryland? I mean, seriously, I, again, you're, you're in Congress every day. You're out in public, you're on the job. You know, at least she wasn't wearing a hoodie, you know, that's all in shorts. She was at least dressed for the occasion, but I, it was, it's wildly embarrassing. Vaping, singing, whatever you're doing. Getting groped. Yes. Who is your VP candidate then? Because I think, you know, you have names thrown around. There's, there's, the vague has been thrown around in there. You know, Byron Donald's has been thrown around in there. Carrie Lake has. I don't know. I love Carrie Lake. I just don't know that Trump needs to go with somebody so divisive there. I think he's got to go with somebody that's, that's firm in their beliefs, but also not maybe going to turn off half the country. Well, you know, it's, it's impossible. One of the, one of the problems with making Trump, you know, the, the enemy of the state that the left has done is that you've really made it difficult for him to even put a cabinet together. You know, I mean, what are you going to do with it? You've got a lot of loyalists out there. You know, the vague is, is I think maybe the most intelligent dynamic candidate we've ever seen run for president, but experience does matter. But you know, I love the way he thinks. I love the movement. I don't know if he would even take the job to be honest with it. I don't think he needs it. But you look at a Tim Scott, I think Tim Scott is, you know, there's a whole lot to his message and I think he's, he's got the experience in the Senate, but honestly, you could literally take the Clint Eastwood chair and, and throw it in there as vice president. I'm going with that because this, this from top to bottom, we have to have seismic change in 24. Do you think he would ever choose Kristi Noem at this point with all that now? Yeah, no one knew Mike Pence was a, was a 24 hour story and then he was the vice president candidate. So who knows? I mean, a lot can happen between now and then, but I just, I don't need, you know, let's just pick people on their merit. Let's pick people that are ready to be the president. Imagine this, imagine picking a vice president that can lead the country. If something happens to a 75 year old president, you know, like Kamala Harris. Yeah. Someone like that.
Fresh "CBO" from Mark Levin
"You're 20 percent of it. He's talking about you. Now, if there were a real reporter, she would ask a question like this. There's five of you. You represent about four million and people not even all of them. Your district has collectively four million people in there. You probably represent two and a half to three million people. There's three hundred thirty million people in this country. You've got almost a near infamous vote out of the House Republicans for this and a unanimous vote of the Democrats it. against So my question to you, Mr. Buck, is why are you doing the work of Chuck Schumer, Biden, Hakeem Jeffries? Because, you know, Donald's and. Chip Roy and the others fail. The budget that's going to come out of the House the House will be a Democrat. Well, you can't prove that. And then you get engaged. Then you get into the debate. But they don't want that debate on CNN. They're potentially new employees. He's got it all figured out. Just trash McCarthy. Go ahead. We have a difference in our conference or the importance of deficit spending. And now you do not have a difference in your conference over that. I don't know any Republican, maybe some of the liberal reprobates, who don't think spending's completely and utterly out of control and unsustainable according to the GAO, CBO, OMB and the rest of the alphabet soup in Washington. Even they say. And I read it to you in a May report that was ignored by media. the That's being ignored right now by the media because they don't want conservatives using that report for leverage against the radical Marxist big My problem with Mr. Buck is, and the other four, nothing that they're doing, let alone proposing, which is utterly incomprehensible, it's going to stop any of this. It's going to feed the Democrats. Cut six, Mr. producer go. So you're not willing to work with Democrats, even if it means avoiding a shutdown? Oh, no, I'm absolutely willing to work with Democrats. They're not willing to work with me.
Obamacare Architect Jonathan Gruber Calls Average Voter 'Stupid'
"Thing telling you It's not my opinion. It's him telling you how they screwed you lying Democrat frauds because they wanted to stop you from buying the insurance you wanted or your union and bargained for They said we can't tax the plans a union members will go nuts. So let's tax the insurance company knowing the insurance companies would do what Would just pass the tax right on to the consumer making it a consumer tax a lot of you forgot About this listen to this guy Gruber explain this laugh about it tell You you're all stupid and again, I ask you the question being that it led to government action at the front of people. Why isn't This guy being investigated under the new standard. Take a listen to this. You can't do it politically. You just literally Cannot do it. Okay, transparent financing unless I trust everything else transparent spending. I mean The this bill was written in a tortured way to make sure CBO did not score the mandate as taxes if CBO the scored mandate as taxes the bill dies. Okay, so it's written to do that in terms of in terms of risk -rated Subsidies you get a law which said healthy people are gonna pay in it made explicit the healthy will pay and see people get money It would not have have passed. Okay, just like the people transparent lack of transparency is a huge political Advantage basically, and you know call it the stupidity of the American voter or whatever, but basically that was Really really critical to get anything to pass and you know, it's the second best argument. Look, I wish Mark was right We can make it all Transparent, but I'd rather have this law than not so it's kind of like his reporter story, you know, yeah, there's things I wish it could change but He's also talking about the individual mandate how they Went on television and argued that it was not a tax Barack Obama Literally said that in a nationally televised interview that it was not a tax and then went to court and argued in front of the Supreme Court
Breaking Down Social Security and Medicaid Spending
"So social security spending will almost double from 1.2 trillion in fiscal 2022 23 to almost 2.4 trillion in 2033 As a percentage of gross domestic product that will grow from 4.8% to 6% over that span the jump begins immediately with a $123 billion increase in fiscal 2023 A 10% spike in one year alone Largely due to the large 8.7% cost of living increase for social security benefits that took effect last month So the Democrats created this massive inflation And now it's massively increased spending on social security which has reduced the viability of the program by two years Medicare spending will more than double over the same span from 710 billion in the last fiscal year To more than 1.6 trillion in ten years When it will represent 4.1% of the GDP Defense spending right now to remind you is Two point 5 7% of the GDP Spending another mandatory healthcare programs including Medicaid the children's health insurance program and ObamaCare subsidies will also rise significantly from 795 billion in 2022 to 1 trillion in 2033 All told the CBO found the federal debt currently at 31.4 trillion Is on pace to balloon to roughly 50 trillion a decade from now ten years from now
"cbo" Discussed on Bloomberg Radio New York
"This is Wall Street week. I'm David west and we welcome back now our very special contributor here. He is Larry summers of Harvard. So Larry, it was quite a week this week for economic numbers. Certainly in the United States, we had the CPI numbers. We had the PPI numbers. We also had retail sales numbers. And what I took away from it is, you know what? We're not close to a recession. That's for sure on the other hand, that inflation is not coming down very fast. Do we need to rethink exactly what we're doing as we try to approach inflation? David, here's how I think about it. The fed's been trying to put the brakes on. And it doesn't look like the brakes are getting much traction. And when your brakes don't get much traction, two things happen. You can be moving too fast, that's the inflation pressure. And you can be setting yourself up for some kind of collision or crash down the road. And both of those things, I think, are real risks in this environment. We clearly have an economy where demand is super strong. The highest ratio of vacancies to unemployment. We've ever seen retail sales on fire. The economy creating jobs faster right now than population growth by a factor of 5 in the latest month. If you look at the broadest measures of inflation, the median inflation component at its highest rate in 40 years running close to 7 percent, a general broadening of price pressures. So that has got a cause real concern about inflation. It's got to at least raise a question about the paradigm market observers have had of how many 25 basis point increases before the long pause and move towards decrease. It raises the possibility that we're not landing at a terminal rate, sometime in the next several months, or that we're going to have to go back to hitting the brakes harder by more than 25 basis points. At the same time, the fed has to be very careful. I don't think those who think inflation is slowing, therefore it's obvious that we've got to hit the brakes very hard. Necessarily are right because if you look at accumulations of inventories, if you look at what's happened to the savings rate, if you look at how many firms have built up their payrolls, if you look at signs of a bit of euphoria coming back into some stock markets, you also have the possibility of that widely coyote moment that I've been referring to that could come, not next month, but could come sometime in the next few months. So Larry, to oversimplify this, let me give you a multiple choice quiz here. The fed in March. 50 basis points rather than 25 or sick at 25 and add another 25 or two down the road, or do we just not know? I think we don't know the case for moving slowly is that when you move slowly you preserve the option not to do the last move. Once you're sure that a move is necessary, I don't think there's any great advantage to delaying that move. And so that's why I think there are more possibilities open at this point. But I think the risk is that we're going to hit the brakes very, very hard, and then when we hit the brakes very, very hard, that's going to kick in at the same time that some of those negative cyclical dynamics about rising savings and excess inventory and so forth are kicking in and that could produce the dangerous drop off. So let's go for the fed to the fiscal side. From the monetary of the fiscal side, we had a CBO report out that said, actually, the debt situation is worse than we thought as we are now confronting a debt ceiling deadline sometime this summer. We're not sure exactly when it is. How bad is the problem and what do you look at as a macroeconomist to figure out how bad the problem is? Because one of the issues is, the more we have to service the debt, the less money we have to spend on other things that might be investments in the economy. Look, I think that CBO report is concerning and while there are lots of puts and takes, my guess is that the ultimate debt trajectory may well run higher than CBO is saying. It assumes that fed funds is going to settle for the long term at two and a half without there being a recession. That strikes me as having much more room to be too low than to be too high. CBO does its job, which is predict current policy, but my guess is that spending in the national security area is going to have to rise significantly over the next decade, given the threats that we are facing. CBO does its job and assumes current law, which is that all the tax cuts legislated in 2017 are going to phase out in 2025. But I'd be surprised if that was actually true. And so you add all that up and I think that where they're looking for debt to GP ratios to go to a 120% of debt and increase of about 20% over a decade. My suspicion is it could easily be 30% over a decade and that in turn will put pressure on interest rates, which will put pressure. Increase the deficit and so you get a little bit of a vicious cycle. I don't think this is an imminent emergency. I don't think it's something that will be any kind of crisis if it is not dealt with this year. I think those who somehow use fiscal concern as an excuse to not raise the debt limit are exacerbating all of the fiscal risks, but I do think we've got a recognize that unless interest rates really reverse to very low levels, which is certainly possible. It
"cbo" Discussed on Bloomberg Radio New York
"Now, our very special contributor here. He is Larry summers of Harvard. So Larry, it was quite a week this week for economic numbers, certainly in the United States we had the CPI numbers. We had the PPI numbers. We also had retail sales numbers. And what I took away from it is, you know what? We're not close to a recession. That's for sure on the other hand, that inflation is not coming down very fast. Do we need to rethink exactly what we're doing as we try to approach inflation? David, here's how I think about it. The fed's been trying to put the brakes on. And it doesn't look like the brakes are getting much traction. And when your brakes don't get much traction, two things happen. You can be moving too fast. That's the inflation pressure. And you can be setting yourself up for some kind of collision or crash down the road. And both of those things, I think, are real risks in this environment. We clearly have an economy where demand is super strong. The highest ratio of vacancies unemployment. We've ever seen retail sales on fire, the economy creating jobs faster right now than population growth by a factor of 5 in the latest month. If you look at the broadest measures of inflation, the median inflation component at its highest rate in 40 years running close to 7 percent, a general broadening of price pressures. So that has got to cause real concern about inflation. It's got to at least raise a question about the paradigm market observers have had of how many 25 basis point increases before the long pause and move towards decrease. It raises the possibility that we're not landing at a terminal rate sometime in the next several months or that we're going to have to go back to hitting the brakes harder by more than 25 basis points. At the same time, the fed has to be very careful. I don't think those who think inflation is slowing, therefore it's obvious that we've got to hit the brakes very hard. Necessarily are right because if you look at accumulations of inventories, if you look at what's happened to the savings rate, if you look at how many firms have built up their payrolls, if you look at signs of a bit of euphoria coming back into some stock markets, you also have the possibility of that widely coyote moment that I've been referring to that could come, not next month, but could come sometime in the next few months. So Larry, to oversimplify this, let me give you a multiple choice quiz here. The fed in March, 50 basis points rather than 25 or stick at 25 and add another 25 or two down the road, or do we just not know? I think we don't know the case for moving slowly is that when you move slowly you preserve the option not to do the last move. Once you're sure that a move is necessary, I don't think there's any great advance to delay it. That move. And so that's why I think there are more possibilities open at this point. But I think the risk is that we're going to hit the brakes very, very hard, and then when we hit the brakes very, very hard, that's going to kick in at the same time that some of those negative cyclical dynamics about rising savings and excess inventory and so forth are kicking in and that could produce the dangerous drop off. So let's go for the fed to the fiscal side from the monetary of the fiscal side. We had a CBO report out that said, actually, the debt situation is worse than we thought as we are now confronting a debt ceiling deadline sometime this summer. We're not sure exactly when it is. How bad is the problem and what do you look at as a macroeconomist to figure out how bad the problem is? Because one of the issues is, the more we have to service the debt, the less money we have to spend on other things that might be investments in the economy. Look, I think that CBO report is concerning and while there are lots of puts and takes, my guess is that the ultimate debt trajectory may well run higher than CBO is saying. It assumes that fed funds is going to settle for the long term at two and a half without there being a recession. That strikes me as having much more room to be too low than to be too high. CBO does its job, which is predict current policy, but my guess is that spending in the national security area is going to have to rise significantly over the next decade, given the threats that we are facing. CBO does its job and assumes current law, which is that all the tax cuts legislated in 2017 are going to phase out in 2025. But I'd be surprised if that was actually true. And so you add all that up and I think that where they're looking for debt to GP ratios to go to a 120% of debt and increase of about 20% over a decade. My suspicion is it could easily be 30% over a decade. And that in turn will put pressure on interest rates, which we'll put pressure the increase the deficit and so you get a little bit of a vicious cycle. I don't think this is an imminent emergency. I don't think it's something that will be any kind of crisis if it is not dealt with this year. I think those who somehow use fiscal concern as an excuse to not raise the debt limit are exacerbating all of the fiscal risks, but I do think we got a recognize that unless interest rates really reverse to very low levels, which is certainly possible and it's what happened in the era of secular stagnation that I think we are going to have fiscal problems and fiscal challenges that we are going to have to address. Finally, Larry, next week, the G 20 finance ministers and central bankers will be meeting over in India. They've got a fair amount to address here. Some of which you've raised on Wall Street before. For example, some of the debt relief that needs to be given to some of the poorest countries on the world. And also what we're going to do with climate finance for some of those poorest countries. What are you looking for in the G 20 meetings? I hope we're going to see continued good work along the lines of very powerful calls that Janet Yellen has made for World Bank reform. I hope we're going to see some progress on the debt issues. I think there's a need for careful thinking about funding the ongoing economic challenges and the ultimate reconstruction in Ukraine. And I think this issue of a global economy where there's substantial inflationary pressure and the brakes are having very uneven effects and how that's going to play out is going to be an important area that ministers and the governors are going to have to discuss. We haven't talked about it on the show, David, but there's been a kind of possible enron moment in India. And I imagine where India emerging as the world's largest country. And the meeting taking place in India, there's going to be a lot of curiosity from all present about how that's going to play through and what if any larger systemic implications, that's
"cbo" Discussed on Squawk Pod
"Do you see how the two finally come to some agreement? Do you think that people that want to be more fiscally responsible should use this at least to get the discussion started about where 31 trillion is going to take us in terms of interest expense and everything else? Yeah. As you said, we're nonpartisan. So I don't give policy recommendations. I can tell you there is a lot of focus on this. I think this broad understanding in Congress, both chambers, both sides, of the fiscal challenge we face. And as you said, there's, of course, disagreement on how to address it and when to address it. But I think that's the good news is that people really are focused to understand that this is a challenge. And we've seen it again and again. The other thing that the Republicans say is we're not going to default. They say that. Should we believe them that they can wrangle some of the more, I don't know, some of the more hawkish members of the caucus will eventually we're going to be okay. Do you think Phil? You know, I have faith in our country and our political system in the leadership. Even with all the division and all the back and forth, I do have faith. So I can't tell you how we're going to get there. But to address the fiscal challenge, both the near term one of the debt, the debt ceiling, and the longer term one of the adjustment. But look, I have faith in our country in our ability to deal with it. People will even disagree when we call Medicare or social security entitlements. They don't like that. But when you look at this interest expense and Medicare and social security, we know what we're up against. So that leaves us very little wiggle room on how to handle these things. Both sides of both sides have taken called entitlements off the table. If we don't do anything and you do some of your projections for the next ten years it isn't some type of action being called for right now, something that we need to do or else it's going to be even a worse problem. Yeah, and you've put your finger on what I would say are the two key challenges facing us within the budget window. So inside ten years. So one is rising interest payments that are going up sharply, both as a percentage GDP and in dollars. And that crowds out everything else. If policymakers want more tax relief or more spending, whatever they want, those interest payments will crowd that out. So then the second challenge is that social security that we have the trust fund now exhausted within the ten year window. So if nothing is done on such security, if nothing is done on an entitlement, every beneficiary will see a reduction in their benefits of more than 20% from what's promised. So doing nothing does not save social security. It does the opposite. Right. So it's going to cut itself. If there are no, it's almost a catch 22. It's going to end up cutting itself if we don't address it in some way, but the politicians talk past each other and demagogue and point and say you want to do this and you want to do that. And we get absolutely nowhere. So you need to be more partisan Phil. I think you need to help us stop being so objective. No, that was good.
Unemployment likely to surge this year, CBO says
"The congressional budget office sees economic stagnation ahead. I'm Ben Thomas with a look at the report. The CBO's ten year budget and economic outlook outlines star tech expectations for the decade ahead, and it starts this year, while the economy grew at a 2.9% rate in the final quarter of 2022, the CBO expects the combination of high interest rates and still high if easing inflation will continue to affect U.S. households and businesses and it projects the unemployment rate which fell to 3.4% in January, the lowest since 1969 will jump back up to 5.1%. Those expectations are paired with a ten year projection that publicly held U.S. debt will nearly double by 2033 to $46.4 trillion.
We Are at Crossroads With Eerie Similarities to the Fall of Rome
"At a crossroads that has some eerie, similarities to the fall of the Roman Empire. And I'm not getting overdramatic here, because while many people will say, okay, there were military concerns, there were political factors. Sure, there was all of that. But you know, ultimately, it was the economy and these economic issues that really brought down the Roman Empire, including none other than inflation. That was a huge problem, including all this government overspending, another huge problem, and a declining agricultural economy. You see where I'm going with this. I mean, think about our government overspending to the tune of $31 trillion. Think about our inflation that is absolutely massive. I want to share with you from the CBO. They now have a prediction that interest payments are the fastest growing. Actually, this is a non prediction. This is actually reality. Interest payments are now the fastest growing major expenditure in the budget.
Joseph Curl: Statistics Joe Biden Will Ignore In His Speech
"Joseph Kerr over at the daily wires done a hell of a job of putting some basic statistics together that you will not hear tonight Let's start with inflation just a few months ago he says had a 40 year high December 2020 the last full month in office for president Trump The rate of inflation was 1.4% The average for the entire year was 1.2% In its first 6 months in office inflation went from 1.4 to 5.4% under Biden It's worse than 2022 Went to 9.1% last June The Biden is a highly skilled liar Inflation has fallen for 6 straight months all the way down to 6 and a half percent The average for 2022 is 8% Soaring from 1.2% in 2020 Now some people argue the president shouldn't take credit for a good economy so he certainly doesn't deserve blame for a bad one But in Biden's case he definitely deserves the blame Economists say Biden's pandemic relief policies including the American rescue plan exacerbated matters By giving Americans too much money to spend when goods and services and supplies were too low which drove prices higher rights PolitiFact It was Biden's most profound failure and policy era Douglas holtz eakin president of the center right American action forum told the fact checking site It was also the head of the CBO at one point Also ahead of the CBO Gasoline prices In addition to canceling the Keystone XL pipeline Biden also suspended new federal oil and gas leases Hike drilling fees on federal land and mandated that all federal vehicles be zero emissions
"cbo" Discussed on Bloomberg Radio New York
"Is helping offset slowing sales and customer traffic. eBay right now trading a little changed after ours. Stocks snapped a two day drop today with the S&P up 64 up 1.6%. The Dow up 416 up 1.3%, NASDAQ up 319, a gain of 2.6%. Ten year yield 2.70% spot gold little changed at 1765 the ounce, West Texas intermediate crude trading below $91 a barrel, 90 66 right now down today by 4%. I'm Charlie palette that Joe Matthew is a Bloomberg business flash. Charlie, thank you. The headline crossed the terminal a short time ago, cinema seeks to retain private equity break curb corporate tax yes, the senator from Arizona wants some changes, according to sources familiar with discussions, speaking with Bloomberg news. Now, despite what senator Joe Manchin indicated over the weekend where he swept the Sunday morning talk shows and was repeatedly asked about whether kyrsten sinema was involved. She has an awful lot in this piece of legislation the way it's been designed as far as the reduction of Medicare, letting Medicare go ahead and negotiate for lower drug prices. She's very involved in that. Well, that was Manchin on ABC this week, helping to break the news for Bloomberg as Congress reporter Eric Watson is with us right now. Great reporting here, Eric, I suppose it should be no surprise that cinema's specifically looking at carried interest in corporate taxes. These are the two things that there was some concern about. Now that she's finally spoken, what changes does she want? Well, this is clever. She's not spoken publicly, but she has talked to other members of the Senate and people around town and there are lobbying her. And right now, she's looking to narrow the corporate minimum tax. This is a 300 $1 billion tax minimum on companies that make more than $1 billion in revenue. And some talk sort of exempting tax breaks for manufactured depreciation and cost recovery. These are two benefits, especially enhanced by the Trump tax cuts. That would reduce the value of that revenue by about a $100 billion. So there's some talk of that and then getting rid of the carried interest provision, which really only raises a $13 billion, might be an easier list for her caucus. But all this is going to cause problems for other members in the caucus. And it could delay resolution of this, which Democrats up to pass this week. I thought we were going to be talking about the CBO score today. Saying that the deal cuts the deficit by just about as much as had been billed, but now these changes kind of blow out that number, right? Well, they could, yes, so CBO came out and officially said a $102 billion in deficit reduction over ten years, but when you factor in IRS, they're going to give the IRS $80 billion to hire more tax auditors. There is an informal estimate that that will cause $204 billion more in revenue. CBO does endorse that number if they don't include it in their deficit figure. So you add those together, you get about 300 billion. And that's what Manchin would have been advertising. So no big surprise there. That landmine was diffused for these guys. So live problem. That's a real problem. So are these deal breakers or is there negotiating room on the items you mentioned? I think there's negotiating room. I think for many members of the caucus, the climate spending and the drug price provisions are the most important. If they can do some changes on the tax side and diffuse for cinema, these attacks that you're raising taxes in a harmful way during a recession. That could probably get over the line. And we don't know if the parliamentarian will keep, for instance, the drug prescription drug pricing component in the Bill, right? We're still waiting for the bird bath to finish. Yes, there are aspects of that. I think my judgment has been watched as a very long period of time. The changes to Medicare allowing Medicare to negotiate and capping seniors out of pocket. That directly relates to the Medicare programs that affects the government budget. I think those stake in, there is some of the interferes with the private market inflation rebates. It sort of penalizes drug companies with excise tax if they raise prices higher than inflation. That might not be seen as directly tied to the government budget and kicked out. We might also see this sort of cap on insulin prices in private insurance. Is that just is being added in now basically at the request of Raphael Warnock, who is the vulnerable Georgia senator who authored that provision. But most experts I talked to say that's not going to be allowed in. Wait, we'll have to talk about here in Eric, we do thank you for joining us on a busy night. He shares the byline on the story, kyrsten sinema, through sources, Bloomberg reporting that we may have some changes in store. We're going to get back to this story a bit later in the hour with Bloomberg government's Jack Fitzpatrick, who's going to take a look at some of the other items. This one and others Democrats are trying to balance before they head home for August. Some big stories to cover. Thanks for joining us on the fastest hour in politics. We didn't know we'd be starting with breaking news from the Senate, certainly following a newsy night. In big news, not only on the primary trail, but from Kansas, the resounding rejection, as I read on
"cbo" Discussed on Bloomberg Radio New York
"We have a new report out from the CBO which shows we will have a smaller deficit for this fiscal year and next I talked to committee for a responsible federal budget president Maya McGinnis Plus Secretary of State blinken lays out U.S. policy toward China and we'll speak with a woman in charge of regulating the financial sector in the state of New York department of financial services superintendent Adrian Harris But first when we think about Indiana we may think about agriculture because it really is a breadbasket for a lot of the rest of the country For more on the state of agriculture and other sectors driving the economy in the hoosier state I talked to Indiana governor Eric holcomb where known for our ag and now ag bioscience and also our manufacturing where the number one manufacturing intensive state per CAPiTA in the country So we have to make sure we were number one in advanced manufacturing in ten years from now and that's why we brought in these leaders not just thought leaders but action leaders from all over the world literally So governor I'm glad you raised that because I do forgive me tend to think besides it's an Indianapolis 500 Think about it in the end Respect to agriculture What about manufacturer If you're that strong in manufacturing what are you manufacturing there in Indiana Auto aviation We don't just you know we've got Rolls Royce We've got GE aviation We build jet engines We build transmissions Allison transmissions were a key orthopedic medical device capital of the world as well So thank Zimmer biomet as one example We produce 80% of the RV production in North America in one state And so when you think about all the construction that's going on that is just fueling our economy and our economic engines roaring louder than one of those Indy 500 winning cars that you just referenced Ideal Mitt In fact the RVs I do think about your RVs and also for that matter Wind instruments At least you have been a big leader in wind insurance as well But let me go to one of the big pressing issues a really upsetting issue that killing of those 19 children down at that school which breaks all of our hearts It's really harrowing But I wonder about what might be done that you think that could help And one of the things that's talked about a lot is red flag laws suppose a red flag I saw one report in the Indianapolis papers that actually said that there's a problem because even if you have a red flag law you need to get the prosecutors to act on it after the police let them know Are there problems within forcing those kinds of laws Yeah of course there needs to be enforcement of the laws that are on the books Absolutely That's first and foremost and should never be overlooked If there is a role for all of us obviously passing the laws and then the prosecutors that are seeing the cases the judges that are working with them and in some cases the courts are getting more involved if folks aren't if they look the other way or they don't prosecute And that's chief and number one is to make sure that we're there isn't a revolving door that these violent criminals aren't committing their second and third and fourth offense and in many circumstances like the horrific hard to imagine Latest masked school shooting And I'm grateful actually for our legislature who for years have stepped up to the plate and made sure that we've financially speaking had the wherewithal and commitment to make sure we're hardening or securing our schools themselves There is in year 2022 after so many painful as you say reminders of what can happen anywhere we have to make sure that we're addressing the violence aspect and then making sure when our kids go to school they know that's a safe place And in today's world that means you have to have security in place And we'll invest in those security measures We have plans submitted to our Indiana Homeland Security school safety plans schools safety and resource officers in these schools and then they've got that plan We're funding and we've done about a 110 million in funding to our schools and every budget year they come back Thankfully and say here's how we can improve Here's what we need to make sure when a kid goes into school there's one port of entry I've got rural schools in the state of Indiana who are kind of scratching their head right now because the parents are saying when I go see my kid I have to have a badge I have to be signed in There's only one port of entry You can't breach that facility and get into a classroom let alone into the building And so I think we've got to make sure we're doing all we can to make sure those are safe places The final question to you sir Because there's talk now in Washington about possible they call it common sense gun legislation Do you think the answer can come at least apart from Washington or you just described what you've done in Indiana It sounds like you and Indiana have taken the bull by the horns so to speak We've gone right to the source of where you know when we address where is the problem we can talk about the root causes and this is this has got to do with folks who are either evil or struggling with some very violent mental health issues We have to address that as well We have to hold people accountable But when it comes to our schools we have to deal with reality and reality is we need to make sure they're safe places That requires funding that requires years of perfecting a.
"cbo" Discussed on Bloomberg Radio New York
"The state of American energy is strong Our nation has the resources and the expertise to meet our energy needs Eventually we'll end up with a vaccine that will be able to do better against multiple variants Where the world of politics meets the world of business That's what that has to raise rights And by the way that's a good thing Because of inflation has been this historic pandemic which is upended life in so many different ways in particularly has upended America's supply chains Balance of power with given Weston on Bloomberg radio Coming up this hour what has changed since the death of George Floyd two years ago I ask NAACP president Derek Johnson and we have a new report out from the CBO which shows we will have a smaller deficit for this fiscal year and next I talked to committee for a responsible federal budget president Maya McGinnis Plus Secretary of State blinken lays out U.S. policy toward China and we'll speak with a woman in charge of regulating the financial sector in the state of New York department of financial services superintendent Adrian Harris But first when we think about Indiana we may think about agriculture because it really is a breadbasket for a lot of the rest of the country For more on the state of agriculture and other sectors driving the economy in the hoosier state I talked to Indiana governor Eric holcomb We're known for our ag and now ag bioscience and also our manufacturing where the number one manufacturing intensive state per CAPiTA in the country So we have to make sure we were number one in advanced manufacturing in ten years from now and that's why we brought in these leaders not just thought leaders but action leaders from all over the world literally So governor I'm glad you raised that because I do forgive me tend to think besides the Indianapolis 500 think about any respect to agriculture What about manufacturer If you're that strong in manufacturing what are you manufacturing there in India Auto aviation we don't just you know we've got Rolls Royce We've got GE aviation We build jet engines We build transmissions Allison transmissions were a key orthopedic medical device capital of the world as well So thank Zimmer biomet as one example We produce 80% of the RV production in North America in one state And so when you think about all the construction that's going on that is just fueling our economy And our economic engines roaring louder than one of those Indy 500 winning cars that you just referenced Ideal Mitt In fact RVs I do think about your RVs and also for that matter Wind instruments at least you have been a big leader in wind insurance as well But let me go to one of the big pressing issues that really upsetting issue that killing of those 19 children down at that school which breaks all of our hearts It's really harrowing But I wonder about what might be done that you think that could help And one of the things that's talked about a lot is red flag laws Suppose a red flag I saw one report in the Indianapolis papers that actually said that there's a problem because even if you have a red flag a lot you need to get the prosecutors to act on it after the police let them know Are there problems within forcing those kinds of laws Yeah of course there needs to be enforcement of the laws that are on the books Absolutely That's first and foremost and should never be overlooked There is a role for all of us Obviously passing the laws and then the prosecutors that are seeing the cases the judges that are working with them and in some cases you know the courts are getting more involved if folks aren't if they look the other way or they don't prosecute And that's chief and number one is to make sure that there isn't a revolving door that these violent criminals aren't committing their second and third and fourth offense and in many circumstances like the horrific hard to imagine Latest masked school shooting and it just I'm grateful actually for our legislature who for years have stepped up to the plate and made sure that we've financially speaking had the wherewithal and commitment to make sure we're hardening or securing our schools themselves There is in year 2022 after so many painful as you say reminders of what can happen anywhere we have to make sure that we're addressing the violence aspect and then making sure when our kids go to school they know that's a safe place And in today's world that means you have to have security in place and will invest in those security measures We have plans submitted to our Indiana Homeland Security school safety plans schools safety and resource officers in these schools and then they've got that plan We're funding and we've done about a 110 million in funding to our schools and every budget year they come back Thankfully and say here's how we can improve Here's what we need to make sure when a kid goes into school there's one port of entry I've got rural schools in the state of Indiana who are kind of scratching their head right now because the parents are saying when I go see my kid I have to have a badge I have to be signed in There's only one port of entry You can't breach that facility and get into a classroom let alone into the building And so I think we've got to make sure we're doing all we can to make sure those are safe places The final question to you sir Because there's talk now in Washington about possible They call it common sense gun legislation Do you think the answer can come at least apart from Washington or you just described what you've done in Indiana It sounds like you and Indiana have taken the bull by the horns so to speak We've gone right to the source of where you know when we address where is the problem we can talk about the root causes and this is this has got to do with folks who are either evil or struggling with some very violent mental health issues We have to address that as well We have to hold people accountable But when it comes to our schools we have to deal with reality and reality is we need to make sure they're safe places That requires funding that requires years of perfecting a security.
"cbo" Discussed on Bloomberg Radio New York
"Houseboat By floating off D.C. wouldn't the optics be perfect It's a heck of a boat I'll tell you that No they could have all the protesters who were once in kayaks They could be out there applauding They got it done Before we reassemble the panel I want to talk about a little more about the CBO score that we were discussing with Isaac in the last conversation here That CBO score which Joe Manchin said is not democratic or Republican It's the nonpartisan CBO the congressional budget office he's right about that It was requested by Republicans and namely a senator Lindsey Graham who talked about the build back better plan and actually gave Joe Manchin credit for this for giving him the impetus to ask for the scoring In a conversation on Fox News Sunday can we hear from Lindsey Graham This bill build back better will be gasoline on the inflation problem It destroys the ability to extract fossil fuels gas prices went up 58% The last thing I'm going to do is add more burdens to working families in South Carolina And here's my message to the Democratic Party Quit lying about this bill They should re vote it in the house and senator Manchin you were right I hope you'll stand up and stop this madness We need to stop build back better before it destroys this country We'll destroy the whole country Senator Manchin you are right he said and we reassembled the panel with a Bloomberg politics contributor Rick Davis Republican strategist along today with max burns democratic strategist and founder of third degree strategies Max what's your take on this I know CBO's getting real wonky You start talking about scoring and most people eyes glaze over if they even know what you're referring to But did that not give Joe Manchin a bit more cover in Washington or at least a little bit more reinforcement with the point that he's been making Don't look at this through such a narrow lens These programs will likely outlast the period of time we're talking about and therefore cost a lot more I think Manchin was very clever here It sort of farming this out to Republicans and allowing himself some distance from it because it's important to be honest about what that CBO score is and isn't I mean that's a score for a version of build back better that does not exist That's right Democrats are not debating And the fact that Lindsey Graham was a driving force behind it should tell you a lot about the motives behind this But it does provide Joe Manchin some ground to push back on Joe Biden a little bit I think that's what he was looking for in the near term but I do think as Isaac mentioned that the price will come down a bit and will bring people back together on this But Manchin is still playing hardball Until the very end And to be fair Rick Davis this would have been this guy's we discussed the CBO score from Friday This does not include any democratic attempt to pay for it This clearly you know as Mack said this hasn't been debated and this isn't the bill we're in But Manchin's whole tune has been This will cost more than you think And the more it costs the more we have to worry about inflation And the more it costs the more likely it is for people in my state are going to run out of social spending programs that they are already enjoying that they rely on that this could ruin things like Medicare Does this give him a position of strength as he talks to Joe Biden Yeah I don't think he really needed one I mean this has been pretty much his contention all along That's right But someone else is finally saying it Rick Yeah I think Lindsey Graham just sort of took the close off the emperor right And the reality is you're right It's not the bill we're debating but show me one single social spending bill that has been passed through reconciliation that was not made permanent I mean really are we talking about putting child tax credit into reconciliation and then actually a year from now pulling it out and saying okay we're not going to write those checks anymore So I think everybody's got to sort of get real with the fact that that's the flaw in using reconciliation to do all this stuff And now we're going to see this hodgepodge of expiring projects and programs that aren't going to be fully funded for one two three four years And I think that's going to give fodder to the Joe Manchin's the world is scratch your head and say what are we really getting ourselves into Because two years from now you're going to be the Democratic Party that's going to have to say oh yeah we never said this was going to be permanent Now how many people are going to say that I think this is a problem in the future but it's going to create ramifications in the present Max it gets back to the concept as we've already stated here that you know once you start new programs it's not very often they go away No that's true And the argument that a lot of the left has made for Joe Manchin is how can you ignore these things that your supporters your constituents need And this is a guy who over a quarter of west virginians have no natural teeth left due to their lack of access to dental service Joe Manchin is still standing firm on refusing to extend dental coverage That's not a guy who's going to be.
"cbo" Discussed on Bloomberg Radio New York
"Charlie we thank you We just got an update on the meeting The call has happened And senator Manchin's communications director says this is quite a statement Quote senator Manchin and President Biden had a productive conversation this afternoon Period They will continue to talk over the coming days Of course that's all it says Of course the whole debate around the president's build back better proposal got a new wrinkle on Friday When the CBO came out with a score on the legislation I know Emily and Jack talking about it reflecting the cost of these new policies extended over the course of ten years What if they just stayed right where they were for the next decade here's what they would cost assuming nothing else that was done to pay for them White House cried foul because it is by definition hypothetical Then again when the programs go away of course the current plan is paid for not to be confused with what the CBO put out Friday But senator Joe Manchin sees truth in these numbers And he expressed that today when he was speaking with reporters here's Joe Manchin That CBO is not a Republican or a Democrat report You can see the other budget office They're nonpartisan And they're going to give it to us the way the facts we like it or not Imagine spoke more about his concerns about inflation referring to the data Friday suggesting lawmakers will have to adapt here and maybe this debate will evolve as they move forward Here's Joe Manchin again My grandfather should say unmanaged debt will make a coward out of the decisions you make And we're now 29 trillion would be pushing.
Peter Doocy Presses Jen Psaki on 'Build Back Better' Bill Raising the Deficit
"Jen Psaki still claims that the bed the build back better Whatever We'll reduce the deficit Even after the congressional budget office has said no it won't See this is what Jason whitlock was talking about on my Fox show last Sunday You have people who reject the truth who deny the truth And this is what destroys a country They want to believe what they want to believe That's their truth And they reject evidence they reject knowledge They experience In fact and they point the finger at you claiming you do That's what destroys a country Peter doocy that young man deserves every award in journalism He really does Cut 14 Go President gonna stop saying the build back better plan does not increase the deficits One single scent We now know that that is not true It is true and I would note the several economists and experts out there I think you're probably talking about the CBO score Which Joe Biden himself in 2010 called the gold standard For Democrats and Republicans Will Peter since we're all here to communicate with the public about accurate information what I would just note is that one of the components that experts Democrats and Republicans including former heads of the CBO have pointed to is that IRS IRS enforcement is not something that there's a lot of experience in the CBO a scoring They still squirted but it's got to shut up you idiot You liar
Democrats Passed the Phony $5T 'Build Back Better' Bill
"So folks the Democrats passed this phony build back better act build back better it's tear down forever act They say it's 1.75 trillion The CBO says it's hundreds of billions in debt Other outside organizations that don't have their hands tied the CBO is only free to do certain kinds of analysis Like the Wharton school says it's actually closer to $5 trillion The vote was two 20 to two 13 One Democrat in a swing district in Maine voted against it But that's it Every other Democrat like God heimer God Heinrich Schmidt In Bergen county New Jersey All these frauds and Virginia New Jersey all across the country Oh I'm a moderate California Every damn one of them voted for this
House Passes $1.2 Trillion Infrastructure Bill, Delays BBB
"Ahead. Good morning, Jake, how are you? Well, how are you? Good, so the bipartisan infrastructure Bill passed last week. I would have voted for it. I would have been with one of the 17 Republicans in the Senate who voted for it in the House Republicans. Half trillion in new spending half trillion and repurpose. That's not really the big deal. The big deal is BBB. Build back better. Where is it? Is it dead yet? I don't think it's that. I'll go over quickly where I think it is. I mean, so the moderates and the progressives cut a deal to allow those two votes to happen, the infrastructure vote and the so called rule vote, which is a procedural vote. On the larger package, they cut a deal to vote for this large package next week. Now, if you dynamics to keep in mind, number one, what the house passes will never become law. Number two, we don't know if we're going to have the CBO the congressional budget office analysis of the larger Bill. By next week. So I'm not entirely sure this team is going to work. But I do think I was just telling Dwayne your associate this morning, I do think that some version of this bill will pass at some point in time. I just think that it won't happen. Obviously not before Thanksgiving, but if it happens by the end of the year by December 31st, then I think that is a, I think that is a victory for them.
"cbo" Discussed on Soar
"Federal employees receive significantly higher compensation than their private sector counterparts. But the premium is lopsided. The CBO estimates an average 17% premium for federal employees. But that includes a 53% premium for federal workers with less than a high school degree. 21% premium for those with a bachelor's degree. And then in 18% penalty for federal workers with the master's degree. Or a professional degree. So to help bring public sector pay and parity with the private sector, policymakers should reduce the pay differences between step increases and also slow the rate at which federal employees receive step increases. Moreover, with 99.9% of all federal employees receiving pay raises, greater emphasis needs to be placed on truly performance based raises. Policymakers should limit the appeals process for pay decisions to within agency appeals. And they should remove the requirement that managers must create performance improvement plans for employees simply because they decided not to award them a pay raise. Some of the savings from these changes should go towards increasing pay for high demand positions, including using existing options such as special payments, signing bonuses in superior quality appointments..
"cbo" Discussed on The Curious About Cannabis Podcast
"Surgery study where they just took people that off they needed knee surgery and Neocon then seal the backup and most of them came out feeling substantially better with all of these very objective easy to measure markers or improvements in everything And so there's a lot of evidence of the power of thought and belief and it's not just placebo but also the no cbo effects in negative outcomes. People have negative attitudes about surgery outcomes except to have a harder time with recovery. At least in some of the research. That's look into that. it's i i agree with you. I think that ultimately. That's where things are going to go. And i think that neuro imaging and biofeedback can be a huge part of that like when you can actually see what you're affecting with your thoughts your no but you can train yourself to do more interesting things But yeah it's it's a huge area of medicine that we still don't really know how to take advantage of like how wonderful would it be. If he didn't have to give somebody anything exhaustiveness and he could just train them to use the power that they have within their own body To fix what they can. I mean that's i mean that's the dream right and yet placebo is a is a dirty word in medicine. Yeah exactly and going back to this. That's why i say. I'm like i know that people get offended and i'm sure someone like at redden face and ready to turn the podcast off when i said that you know. A lot of effects from cannabis might be placebo but I don't. I don't want that to be like a native thing. I think that's a fascinating thing if that's the case And to your point to You know they're all of these elements going on that He's super low doses. They may not be placebo. They could have pharmacological activity. That's hard to make sense based on what we know and it can be a mixture of In certainly it is in. So hopefully if anyone has listened through that whole rambling maybe.
"cbo" Discussed on Plan B Success
"Let my other people work. The practice and i was spending a hundred percent of my time left. Probably hundred fifty percent of my time running this business head about two hundred fifty employees those manufacturing technology and and it's technical products and the reason i did. It was to really been a long time since i was in that seat instead of in the consultancy and this is a great way to see. If it's all this stuff works. And that's what i get. I had a transition. That business from my predecessor was no not close to being. Cbo everything came out of that business. Money came out payments went out to owners. He was he He would bonus based on today's profit not on anything else. So the incentive for him to not reinvest in the business to not hire great people who cost money to not do the thing not new products but just make a lot of money today and so i hit the transition. I had to change that culture and so after five years of doing add it was soon time to come back out and stop at twenty four seven job and continue to. I promised by white five times that i would slowdown in doing it. So so i came back out. And i said what did i learn what did i. What did i find out during. It goes really up five years of changing that business. And that's really what i said i wanted to i. Should i put this down. Not just what. I went through but worked so i wanna make sure i've written it down. I wanna make sure i talk about. Some of my clients situation said worked in some of them didn't work and i decided to not write a workbook but just a concept book of what does that mean. What am i supposed to be doing is to see all it is business man. The in that quotes in the book. Also i also have a chapter by the way..
"cbo" Discussed on Plan B Success
"I do. Most of it with The ceo and having the the first thing that that i need a ceo to do when. I'm coaching them To if they're if they're moving in this value gration is getting them to really buy into the concept of the cbo concept of of really. What is their job. what are they. I asked them to to look at what they're doing every day and what they should be doing every day in other words are some of the small things that they're doing really adding to the value or are there other people in the company that can do a better job of adding to that value so my coaching is really focused on the ceo. Moving him to the cbo and working with him on the things that him or her with on the things that they really need to do to get. The organization focused on value The communication that has to happen is a overstressed. You really have to be talking and communicating in the organization has to understand that. Just your your leadership team but everybody in the organization has to understand. Where are we going. What our goal out it. We're gonna expect everybody in the organization to add to the value every day They need to know where and where we're going. And how can they add value to the company though were y. Coaching is really focused on. Ceo and getting that person to really accept the concept of value creation and understand the processes and things that they have to do to continue to get their their organization moving in the right direction talking about value last year and the changes that we have seen as a bottle debt ear and when we talk about value it means different things to different people right obviously every businesses out there chasing the dollar but then last year it you know put the side and then for people you know working from home and remote working and that's kind of become mainstream and then the the amount of time and flexibility that they get you know that's value to to.
National Review Online's Philip Klein Says Passing Infrastructure Bill Is Disgraceful
"Republicans, everything that they've told us about this for months. Has been a lie, Uh, they claimed it would be fully paid for the CBO says it's going to add a quarter trillion to the deficit. They claimed it would only narrowly focused On things like roads and bridges. That's only 20% of the bill, And they claimed it would scare away moderates from supporting the larger $3.5 trillion bill that Krems in The entire radical liberal agenda. And, um, the Democrats are moving full speed ahead with that larger bill. They didn't waste a moment. Um and you know, this isn't at a time when we're running out. Massive surplus. Um where early coming around the pandemic coming out of the pandemic where If all these built paths we will spent $10 trillion in just The past year and a half above our existing spending and Biden's own budget says that we're on pace to break the World War two record for debt as a share of the economy. Inflation is out of control. Um, so it's it's infuriating, the Republicans would essentially grease the wheels. Biden to pass his big bipartisan accomplishment at this time. And what especially, um enraging is that it's coming at a time right after Biden, Um said, defied the Supreme Court and an issued an illegal eviction moratorium. Um, and that Congress was supposed to act on and it did it. Um, so he thumbed his nose at both other branches of government, and Republicans responded by delivering him this huge victory. Um, and it's disgraceful.
Infrastructure Bill Would Add $256 Billion to Deficit Over 10 Years
"Slow down the infrastructure bill Lunch. Jack Callahan, Fox News an attempt in the U. S Senate to end debate and moved to a final vote on the infrastructure package failed last night. There's more potential amendments were introduced. Senate Majority Leader Schumer says they'll be back at it at noon Saturday. Meanwhile, a government agency says the bill will add to the federal deficit the Congressional Budget Office finds on net The bipartisan infrastructure agreement would add 256 building. In dollars and projected deficits over the next 10 years. Negotiators have said the $1.2 trillion measure is fully paid for including through economic expansion from new transportation projects. The CBO projects increased revenues of $50 billion in direct spending cuts of $110 billion, but discretionary spending would increase by more than $400 billion. Jared
Budget office: Infrastructure bill adds $256B to deficits
"Hi Mike Rossio reporting the Congressional Budget Office delivers its analysis of the bipartisan infrastructure plan the Congressional Budget Office produced its much anticipated analysis of the nearly one trillion dollar bipartisan infrastructure plan Thursday the CBO concluded the legislation would increase deficits by about two hundred fifty six billion dollars over the next decade supporters of the bipartisan plan have said costs are paid for in part through economic growth so far the Senate has processed nearly two dozen amendments to the twenty seven hundred page bill with many lawmakers attending the funeral for former senator Mike Enzi in Wyoming Friday the Senate is bracing for another weekend session Mike Crossey out Washington
"cbo" Discussed on WGN Radio
"The CBO. He's vics right now is down about 5% 10 Year Treasury yield is down just a tad 1.64% crypto is recovering. Bitcoin is up about 8% right out at 42,000. Ford says it has 20,000 reservations for its new evey pick up the legendary F 1 50. The base model starts about 40,000 tricked out version $90,000 check in crude oil 57 cents lower Now, 60 to 79 gold is trading about. Let's make it $4 lower at 18 78. At copper right now, Down again. Today only a penny this time 4 56 Chicago Board of Trade, Corn is up just a little based on some better than expected export numbers up about four cents. Right now It's 6 60 to a bushel beans or down a nickel. Wheat is off a penny. That's your money on 7 20 WGN, and I'm Steve Grizz, Anna Jahn Chicago's very own 7 20 wtsp jokes will come your way in about a half an hour. We'll do that around 9 38. It's nine awaits. So I'd say in exactly 30 minutes. I'll take a few more calls on your reaction to the news click. We asked you about what Lori Lightfoot said. And what you said is interesting today on news forward for we're working for you An inside look at the local Cupid vaccine trial for kids What Children reported days after getting the shot and how it could impact the timeline of kids being vaccinated today at four P.m. on NBC four Tonight. It's the voice live rounds and Nick Jonas warrants his.
Energy ETFs are surging as crude oil tops $64 a barrel
"Oil futures are having quite a day of the OPEC plus cover to countries met today and decided to leave most of their existing oil production cuts in place. And that Spike the Texas tea features up about 5% right now, $64.33 a barrel The equity markets. Meanwhile, take a turn into the red Writer on 45 minutes Go after J. Powell, the Fed chairman spoke with the exception I should say of the energy stocks. Companies like Diamondback Marathon has Chevron all up between 2.5 and 10%. But there are more losers than gainers right now. Among the activities After a Powell warned that the reopening economy could cause inflation to pick up at least temporarily. Not that he's all that worried about it. At the moment about the 10 year Treasury yield sure took a jump after that, now up at 1.5 to 6%. The S and P. 500 is down. 47 of the Dow is down to 61. But NASDAQ is down to 66. Now the NASDAQ is in the red for the year checking volatility at the at the CBO. We the vics is now up about seven. And half
Who Wins Or Loses If There's An Increase In The Federal Minimum Wage?
"The covid relief bill moving through congress includes a higher minimum wage for someone like lisa harris. Who works grocery store outside richmond. Virginia that make a big difference able to afford the things that i need to get by day to day without having to ask one ability to feel that i am a contributing member to byatti. I mean they say thank you and that were essential. That were heroes. But we can't feed our families off of being heroes scaling up from seven. Twenty five an hour to fifteen dollars. An hour is still running into resistance though and testing democratic unity in congress. David wessel is following. The debate is of the hutchins center at the brookings institution. David good morning. Good morning steve. So there's always case made against raising the minimum wage. We're told that if you raise the minimum wage employers are just going to hire fewer people. What's the evidence here. Well textbook economic says if you raise the price of something there's going to be less demand for it. In this case less demand from employers for low wage essential workers now the question is how many winners and how many losers one influential estimate comes from the congressional budget office. They estimate that by twenty twenty five which is when the wages supposed to get to fifteen dollars. It would mean twenty. Seven million people would be getting a raise. Nine hundred thousand fewer people would be in poverty but one point four million fewer people would be working or not having got hired on the other hand economist. Aaron debate at the university of massachusetts at amherst has been looking at what happens when states raise minimum wages and he argues that the latest evidence suggests that. Cbo is overestimating the ill effects of raising the wage. A fifteen bucks okay. So a lot of people benefit. Some people may be hurt. But there's an argument over how many people are actually hurt. That's the point of view of the employees. What about the employer. business owners objected. Here well it would raise their payroll costs for sure now. Some employers would may discover that they have better workers or less turnover so it might not hurt them that much some would suck it up in the form of lower profits somewhat. Pass it onto their consumers in the form of higher prices and some would get by with fewer workers are cut the hours of their workers they would clearly be very painful for some businesses and particularly for some businesses like those in the fast food industry that already been hit hard by the covid pandemic but really interesting new academic paper that looked at ten thousand mcdonald's outlets many of them in states or cities that have raised. The minimum wage found that nearly all of them raise prices to cover the extra costs and interestingly it found that despite higher labor costs they didn't more of them didn't install high-tech touch screen ordering that potentially saves labor which suggests that consumers would pay but workers would benefit as well. David you've referred a couple of times here to the fact that some states have already raised the minimum wage. Well above what the federal minimum is. When you look at this debate does it. Matter what part of the country we're looking at it matters a lot. Twenty nine states and the district of columbia have set their minimum wages above the federal seven. Twenty five and hour minimum and so have several cities raising the minimum wage to fifteen dollars. An hour across the country would have a huge impact on some states in the south that are paying seven two thousand five hundred minimum wage or state like west virginia where the minimum wage is now. Eight dollars and seventy five cents an hour. That's of course politically important. Because democrat senator joe manchin has indicated. He's against a fifteen hour wage and his opposition could be fatal to the proposal but a fifteen dollars. Minimum wage would have much less impact in states. Like california where it's already set to go to fifteen dollars. It's thirteen dollars now. And in florida voters in november approved a referendum that takes their minimum wage to fifteen bucks over the next few years no matter what congress does anything special about going up to exactly fifteen an hour. Not really it's politically important. The fact is that the minimum wage has been stuck at seven twenty five since two thousand nine. It would be close to nine dollars. An hour fifty kept up with inflation since
Minimum Wage Hike Would Help Poverty but Cost Jobs, C.B.O. Says
"Would raise the federal minimum wage to 15 bucks an hour. But a new report from the Congressional Budget Office shows that the change would cost 1.4 million jobs and increase the deficit by $54 billion over a decade. CBO says the higher wage would lift 900,000 people out of poverty and raise income levels for 17 million people. It's not clear if the wage hike is going to be included in the final bill. One of the
$15 Minimum Wage Would Cut Jobs, Reduce Poverty, CBO Study Finds
"Thermostat temperature yesterday, the nonpartisan Congressional Budget Office gave both sides a little bit of ammunition. In this debate, the proponents seized on the CBO data. Phasing in a $15 minimum wage by the year, 2025 would lift 900,000 people out of poverty and boost the pay for 27 million workers. What the critics heard doubling the minimum wage would cost 1.4 million jobs and add $54 billion to the deficit. The CBL ran a similar study in 2019, predicting an increase in pay for 27 million and 1.3 million jobs would be lost in 1.3 million lifted out of poverty. So there you go. So against the backdrop of us this
"cbo" Discussed on 860AM The Answer
"Dot com. I'm Jason Walker. It is unclear if Democrats will be able to include a minimum wage increase and the president's Covad 19 bill. Correspondent Greg Clugston has more. The Congressional Budget Office says increasing the minimum wage would reduce the number of Americans living in poverty and boost wages. But the CBO also says it would add to the national debt and joblessness. White House spokeswoman Jen Psaki says President Biden remains firmly committed to raising the minimum wage to $15. It's proving to be a test for the president as liberal Democrats pushed for the wage hike, while some moderates fear the impact on small businesses. Red Clugston, Washington All eyes on Capitol Hill. Tuesday's the impeachment trial of former President Donald Trump gets underway, and attorneys for Mr Trump insists he is not guilty of inciting the mob. That attacked the capital one month ago. Also a town whole dot com The price of oil has recovered to its pre pandemic levels. Acting hit an all time low last year prices and now back to pre Corona virus levels. It's been a year of extraordinary gyrations in the market. Some prices in the United States briefly went below zero early in the pandemic producers had to pay traders to take their oil. The recovery in the market reflects supply cuts from the old producers Group OPEC and expectations that vaccination programs will support a rebound in demand for transport fuels. The economic consequences of the health crisis were especially severe for the oil industry because it led to a collapse in travel. If vaccines do allow travel restrictions to be lifted, it would transform the outlook for oil producers U. S Army Corps of Engineers asking a federal judge to delay the hearing of a temporary shutdown of the Dakota access oil pipeline. Side. It was a change of personnel in the new administration. More of these stories that town hall dot com Tell me why really factor is so successful in lowering or eliminating pain? I'm often asked that question. Beatings have child. But the father and son, founders of.
$15 Minimum Wage Would Cut Jobs, Reduce Poverty, CBO Study Finds
"It's a major flashpoint for politicians should the minimum wage be increased to $15 an hour as president Biden has proposed, the nonpartisan Congressional Budget Office has weighed in and the highlights just how difficult a decision this is. The CBO says raising the minimum wage to $15 an hour would cost 1.4 million jobs over the next four years. But it would also lift 900,000 people out of poverty. Goldman Sachs estimates the chances of raising the minimum wage to $15 an hour is unlikely and predicts a 10 to $11 range will be approved.
Republicans Pitch Biden on Smaller Aid Plan
"A White House meeting between President Biden and 10 Republican senators went an hour longer than expected tonight as the group discussed covert relief. Republicans were presenting their alternative to the $1.9 Trillion covert relief package that President Biden has put forward. The Republican plan calls for less some $600 billion in aid instead, with smaller unemployment payments that expires sooner and smaller stimulus checks. Senator Bill Cassidy was at the meeting tonight. He's a Republican from Louisiana and joins us now. Welcome, Senator. Thank you all. So thanks for having me great to have you. Well, it sounds like it was a very long hopefully. Productive conversation. Where did you all leave it? Where we left it. You really shouldn't start off with a top line and work towards filling it up. You're basically trying to prove you care more about the American people by spending more. But of course, we recognize that we are borrowing this money, and there's a consequence and a knopper to nitty cost if you don't spend it wisely. So with that said both sides that okay, these are proposals and this is why we propose this amount and not that amount. I spoke to education on pointing out by the way that already we've appropriated about three times more than the centers for disease control say is necessary. For schools to safely reopen the president counters and several. This is my understanding, and we made a commitment that we would he would have his staff get us the facts. Upon which they based their decision. And of course we can share with them the CDC data and the other scientific literature as to why we think what's out there is adequate now the difference between our mountain his mouth for K through 12 is about $110 billion. So it's just a lot of money. S so if they can prove their case we'd be willing to give more and hopefully, if they can't they be willing to ask for less well. If Republicans and Democrats are not able to meet in the middle. Some of your Republican colleagues have argued that Using a process called reconciliation to pass this package that is Democrats passing it without any Republican support will make it harder in the future for both sides to work together. That said Republicans did use reconciliation back in 2017. When your party had control of the House, the Senate the White House in order to circumvent any objections from Democrats back then why should Democrats act any differently now? So there's a couple things to that a more nuanced if you will understanding one thing that Schumer is spoken of Chuck Schumer, the majority leader is doing away with the so called bird rule. Which is to say that on Lee something which is Germaine to the budget. Can be included. Right if you do that, then Katy Bar the door. They want to Democrats push to put through increasing the minimum wage of $15 certainly not remain to the budget, but that they would use this process to jam it through. Even though the CBO says that raising the minimum wage to $15 an hour would destroy 1.3 million jobs or something like that. Now, that's the sort of thing that should be discussed, debated not jam through on reconciliation because it has nothing to do whatsoever with Kobe. And it has nothing to do whatsoever with the, um the budget so you would end up destroying the institution. Republicans and Democrats to date have never attempted to destroy the institution. And their employment of budget reconciliation. Putting aside the issue of whether reconciliation being used in this case would violate the bird rule. Democrats did win a Senate majority, in part because they promised to send more relief aid to people. So elections have consequences. Right, Senator Why shouldn't Democrats try to use every tool within their disposal if Republicans are unwilling to sign on to the package that they want? When President Biden gave his speech, and he said he was going to reach across the aisle, looking for bipartisanship and asking for unity. We have passed five different covert bills on a bipartisan basis. Five different covert bills on a bipartisan basis, Spending trillions of dollars. Nobody's gone small in this Now, If you say Wait a second. We can't do a six. Because for some reason we've done five, but we can't do six because really, we want a lot more than you want, And we don't think you'll give it to us because we can't give you the data to support the numbers. That's certainly not in the spirit of the previous five. It would be something that would be totally unilateral, not supported by data and only doing it because, by golly, we can I don't think that's unity, and I don't think that's
"cbo" Discussed on WGN Radio
"30 a W G M Tennessee is named Josh Heiple, its new football coach. He was 28 nated. You see after the last three years to Paul, six, back to back Big East winds at home tonight against ST John's Notre Dame host Virginia Tech. And in the Big Tad, Wisconsin, it Maryland Penn State at Ohio State David it W GM Sports and now the WGN forecast Lake effect. Snow could bring a couple of inches of accumulation in Central and Southern Cook County's through mid afternoon chance for snow when they moved into northwest Indiana will keep the clouds around with highs in the upper 20. Clearing things out tonight lows of around nine degrees and mostly study on Thursday with highs in the mid twenties. Martha Cardy on Friday with a high near 30, mostly party on Saturday, could single snow in the afternoon temperatures top out the lower thirties. Light snow becomes likely here during the evening and continues overnight off the lingering into our Sunday especially the morning hours. It's gonna be cloudy and breezy with highs, then in the mid thirties from the WGN Weather Center, a meteorologist My chances Your money on WGN here. Steve Alexander. Are you ill or in the downtown office situation just got tougher, and it was already in bad shape with the vacancy rate at 18% according to see our baby. That's the highest in about 14 years. Danny Ecker at Crane's reports this morning that United Airlines is giving back at least three floors of its Willis Tower headquarters. United has about 30% fewer workers than before Co Vered at least 2500 of those air white collar jobs that are likely gone for good Wall Street markets are still lower, but they've come back quite a bit. The Dow was down over 500 points. Now it's only down about 300 S and P 500 down 43 of the NASDAQ's Down 100 Russell two Thousands off about 20 volatility is measured by the vics of the CBO. We Is up about 15% traders are focused on after the closing bell earnings reports coming from Apple, Tesla and Facebook and also what one o'clock today. The Federal Open Market Committee is ending its two day meeting, and it is expected that Fed chair Jay Powell Will assure investors that the central bank is not going to be doing any tapering of asset purchases anytime soon. And when it does happen, it will be related to inflation. Rosalind Brewer is getting a warm welcome from investors at Walgreens shares have been up over 5%. Today she's leaving Starbucks become the CEO of Walgreens boots. Mr. Brewer is a retail vet with a reputation for investing in digital operations. Before Starbucks. She was the head of Sam's Club. And before that, she worked at Kimberly Clark, and she started there as a chemist. Commodities. Crude oil is 49. Cents higher.
"cbo" Discussed on WGN Radio
"Volatility index at the CBO. He is now down. About 4% biggest gainers today, including Intel, which is getting a new CEO after the lackluster performance of the company over the past year and a half under Bob Swan shares are up about 7% about this game. Stop shares are up over 70%. It's board is being reorganized, which investors apparently like shares of GM are up again today about 1% right now. It cracked $50 for the first time yesterday. Not. The consumer Electronics show yesterday of the CEO Mary Barra and other execs shared plans for GM's focus on electric vehicles and one item that didn't get a lot of buzz. Was the investment in the flying car business. GM is working on a Cadillac branded personal aircraft powered by batteries. Think of Ah, big drone that has enough room for one person to sit in it. Speeds of up to 56 miles an hour. Remember the Jetsons? Let's check commodities. Crude oil, mid 18 cents lower at 53, or three gold is trading about $13 higher in 18 57 Chicago Board of Trade Beans are now down about 10. Cents at 14 Owes seven corn is trading six cents higher at 5, 23 and Weed is now down about six cents at 6 59 official. That's your money on 7 20 WGN and I'm Laurin lap Go on Chicago's very own 7 20 w G and drew Votes of sorts that we're following today. One in Washington, D C on procedures and then the impeachment vote for the president and also Mike Mad again, and the status of his speakership in Illinois. T minus 53 minutes. Illinois supposed to have a new speaker will update You coming up, curated by Cole's latest collection is now available in select stores.
"cbo" Discussed on Two Girls One Mic: The Porncast
"To have charlie sheen guest on that as a therapist laughing. That would be really everyone would watch. That tracy needs a cameo where something bad happens with to have around guest. Halfway house allers were. Her career is What career that's you know if that happens. Nowhere in the meantime. I'll just throw out there. I've done four films during the coronavirus. So nice to for showtime. How safe you felt filming. I'm doing my first anything outside of the house in january. And i'm like i've i've promised by the producers yet were covert compliant. I'm like how cova comply it could be right now. so how. how have you felt the filming right now. Well i've done on on every said they'd been on when you go in you get your temperature taken every day. You sign a release stating that. You have not been exposed anyone over a certain amount of days. All of the crew are required to wear their masks at all times the actors. It depends once your makeup his on. You don't have to wear masks anymore because you make be dot. Yeah and there's hand sanitizer everywhere. You're not allowed to vape indoors. Do not allow. there's just all the covid rules unit. You try to keep you sit at a distance unless you're filming and you're in front of the camera. The sets that i were on every one of them was really safe. And i felt comfortable. I don't wanna get on an airplane. But i felt safe going on to the set. I'm in a volunteer. In the johnson and johnson vaccine trial so i had a fifty percent chance and getting the vaccine and i'm very sure that i got the placebo. I had no reaction whatsoever. So i'm like oh. I tried very hard. I'm almost sure that. I got the placebo. Because you had. It's half the people in cbo half got the vaccine and there's some people who got the vaccine got no reaction but a lot of people are getting for about a day. You feel kind of you know you feel a little feverish. Feel a little under the weather and tired. I had no swelling at the site of injection. My arm my arm was a little sore. But you know you got a couple of milliliters of saline injected in there..