35 Burst results for "two trillion dollars"
Beyond roads and bridges, Biden seeks to redefine 'infrastructure' amid GOP criticism
"President biden pushing back against claims that his two trillion dollar infrastructure plan too much beyond roads and bridges. He said his plan makes the big investments in america will need to compete in coming decades to automatically say that the only thing is infrastructure is a highway bridge. Whatever that's just not rational it really. Isn't i think the vast americans think everything from the sewer pipes to the sewer facilities to the water pipes infrastructure. The president knowledge. That compromise will be necessary. We'll be listening. We'll be open to good ideas and good faith negotiations. But here's what we won't be open to. We will not be open to doing nothing and action simply is not an option senate. Republicans have called the plan a trojan horse opening the spigots for billions in spending on social programs unrelated. They say to
Biden says he's open to corporate tax hike compromise
"Open to such compromise. His two trillion dollar infrastructure plan calls for the corporate tax rate to rise to twenty eight percent but biden says he would consider a lower number business groups and white house officials are signaling twenty five percent maybe the final rate more than half. A
Is the New Space Race for High-Speed Internet Economically Viable?
"The new space race is for high speed internet from low orbit but do the economics work from american public media. This is marketplace tech. I'm ali would. The white house is two trillion. Dollar infrastructure plan proposes a hundred billion dollars for broadband infrastructure. Right now however it's hard to get broadband two big parts of this country unless that infrastructure is in space low-earth orbit satellite constellations. Could bring high speed internet access to some of these areas. Alon musk's starlink is the best known but there are a few other companies in the mix. Starlink is in beta with about ten thousand
President Biden unveils multi-trillion dollar infrastructure plan
"During the american presidency of donald trump the phrase infrastructure week became as well loved running usually deployed by weary white house. Press corps to signify yet another new cycle which had degenerated into scandal and chaos president. Joe biden will probably therefore steer well clear of the phrase but does appear to have embraced the idea unveiling what he described as a once in a generation investment in the united states ricky roads railways and bridges two trillion dollars
Biden Proposes $2 Trillion Investment in US Economy
"Joe biden on wednesday called for a sweeping use of government power to reshape the world's largest economy and counter china's rise in a two trillion dollar plus proposal that was met with swift republican resistance. The president's american jobs plan would put corporate america on the hook for the tab as the government creates millions of jobs building infrastructure such as roads tackle climate change and boosts human services like care for the elderly. It's a once in a generation investment in america. Unlike anything we've seen or done since. We built the interstate highway system and the space race decades ago biden said in unveiling the program in pittsburgh. He said he had no problem. Asking companies to foot the bill and is going to put an end to amazon. Dot com inc and other major companies paying little to nothing in federal taxes biden second multi trillion dollar legislative proposal. In two months in office sets the stage for a partisan clash in the us congress when members largely agree that investments are needed but a divided on the total size and inclusion of programs traditionally seen a social services another economic proposal binomial release in april could add a further two trillion dollars to the total price tag coupled with his recently enacted one point nine trillion dollar corona virus. Relief package biden's infrastructure initiative would give the federal government a bigger role in the us economy than it has had in generations accounting for twenty percent to a more of annual output. Biden's team believes a government directed effort to strengthen the economy is the best way to provide support to an economy walloped by the coronavirus pandemic and contend with increased competition and a national security threat posed by china
Biden, in Pennsylvania, Details Massive Infrastructure Spending Plan
"President biden speaking in pittsburgh laying out his massive infrastructure spending plan also laying out his plan to pay for it which would include tax increases on the wealthy as well as corporate america. Let's get straight to elon moreh with all the details. Ilan melissa the president. They're trying to strike an inspirational tone calling on the country to consider the possibility of american innovation but also underscoring the fact that what he's calling a once in a generation investment in infrastructure is also fiscally responsible a few new details that he shared during that speech included that raising the corporate tax rate to twenty eight percent would raise a trillion dollars over the span of fifteen years. He also said that establishing that global minimum tax on foreign income that would raise another trillion dollars and he went beyond what the white house had said previously. Which is that The two trillion dollars in infrastructure spending would be paid for over fifteen years. He said that it would be more than paid for over that period of time that they could even raise more revenue to make up for that amount of spending that historic amount of spending. Because he said that this is going to be not just about Paying for infrastructure. But also about making america more competitive. So you're starting to hear the argument. That democrats are going to make a against republicans and against some business groups that say that raising taxes on businesses would actually make american companies less competitive particularly overseas. What the democrats are saying. We're president biden laid out today. Is that by creating jobs and creating new opportunities for investment. That is actually going to Improve american competitiveness and create a path forward for stronger economy will see melissa how that ends up playing with republicans particularly on capitol hill who are already signaling that they are not going to vote to unwind some of the tax cuts that they put into place just four years ago but here the president calling for unity calling from bipartisanship on an issue on which republicans democrats have agreed in the past
Biden unveils infrastructure proposal
"And biden is unveiling a two trillion dollar infrastructure plan. Its goals include improving transportation upgrading ports and cleaning up drinking water. The administration wants to raise corporate tax rates to pay for the plan.
Biden rolls out infrastructure plan
"The president is proposing two trillion dollars in spending over the next eight years on transportation infrastructure and the electric grid improving access to clean drinking water and high speed internet. among other initiatives. The white house says the spending would be paid for by taxing companies more that includes increasing the corporate tax rate to twenty eight percent. Which would still keep it below where it was prior to the two thousand seventeen tax
Beyond bridges: Biden redefines infrastructure to add people
"President Biden is said to lay out a new vision for boosting the nation's infrastructure not just roads and bridges but it's people at a Pittsburgh trade school today the president will unveil a plan to spend two trillion dollars on for me the hard infrastructure categories including transportation and broadband the next phase would redefine the infrastructure to focus on child care family tax credits and other things to help the nation's workers and families making an investment in America spokeswoman Jen Psaki says the president's looking to the future Republicans are looking at the price tag the build back a better package could swell to four trillion dollars in investment on par with FDR's new deal or LBJ's great society paid for through tax hikes on corporations and the wealthy Sager mag ani Washington
Biden Made Stimulus Look Easy, Selling Tax Hikes Will Be Harder
"The point of a tax hike if you just spent all of your political capital and the biden administration pumping through a nearly two trillion dollar stimulus to put money into the economy. I'm asking you a very simple question. What's your priority to insert money into the economy or to take it out can you. Can you take key said a fair question. Joe geeky says absolutely joe the audience on buzzmachine. Yep i mean it's a serious question right right. What's your priority is it. You think taking money out of the economy through tax hikes is a good idea and will lead to prosperity. Or you believe injecting money into the economy through a stimulus is a good idea because both of those ideas can't be true. Now i get it. I know libs. I've been debating libs my whole life. I said owning the lips. It's a lifestyle right. i get it. Libs will always try to thread the needle and they'll say something like well what we're really trying to do is we're trying to insert money into the economy and give it to poor people in the middle class but take more money away from the rich people. We just gave money back through the stimulus. That's what we're trying to do
Biden Eyes First Major Tax Hike
"What's the point of a tax hike if you just spent all of your political capital and the biden administration pumping through a nearly two trillion dollar stimulus to put money into the economy. I'm asking you a very simple question. What's your priority to insert money into the economy or to take it out
Global Shortage in Computer Chips 'Reaches Crisis Point'
"A shortage in computer chips has reached a crisis point. this is mark sweeney. The guardian consumers are facing price rises and shortages of products from. Tv's and mobile phones to cars and game consoles as a global shortage in. Semiconductors grows the shortage and ships the brain within every electronic device in the world has been steadily worsening since the last year. Initially the problem was only a temporary delay and so as factories shut down when the coronavirus pandemic i hit however although production is back to normal a new surge in demand driven by changing habits fueled by the pandemic means that. It's not means that it's now reaching a crisis. Point car manufacturers investing in tech heavy electric vehicles the boom in sales of tv's and home computers and the launch of new games consoles and five g enabled mobile phones have have all driven demand even the mighty apple a two trillion dollar company in the world's biggest buyer of semiconductors spending fifty eight fifty eight billion dollars annually and was forced to delay the launch of the much hyped iphone twelve by two months last year due to the shortage last month sony which along with other lawmakers struggled with stock shortages over the last year said it might not hit sales targets for the new. Ps five this year because the semiconductor supply issue microsoft's xbox has said it forecast supply issues continuing at least until the second half of the year. The chip shortage looks looks to persist for some time. Yet it can take up to two years to get complex. Semiconductor production factories up and running and imac manufacturers are in the process of significantly raising prices for the second time in less than a year.
Global Shortage in Semiconductors Increases
"Global shortage in computer chips reaches crisis point. And i really wish that they would just break more into what's actually going on behind the scenes. I get it maybe to some extent. We might not actually know what's going on. But let's hop on into the articles. He what's up. Consumers are facing price rises and shortages of products from. Tv's mobile phones to cars and game consoles as a global shortage in. Semiconductors grows shortage in chips. The brain with an electronic device in the world has been steadily worsening since last year now. Initially the problem was only temporarily in supplies. Factories shut down when the pandemic i hit however although production is back to normal a new surge in demand driven by changing habits fueled by the pandemic means that now is reaching a crisis point car manufacturers investing in tech heavy electric vehicles. Which is okay. I'm just going to make a point to some extent stupid. Gopher hybrid the boom in sales of tv's in home computers launch new game consoles five g. Mobile phones have all driven demand. So we know that demand has been going on an increase to like crazy stupid level that we haven't seen before even a mighty apple a two trillion dollar company in the world's biggest buyer of semiconductors spending fifty eight billion annually was forced to delay the launch of much hyped iphone twelve by two months last year due to the shortage in one of the reasons. Chips are everything says neal camping media in tech analyst at mehrabad. There's a perfect storm of supply and demand factors going on here but basically there is a new level of demand that can't be kept up with everyone is in crisis and it's getting worse for recently canceled shift at two car. Plants and said profits could be hit by up to two point. Five billion year due to chip shortages while nissan is idling output at plants in mexico. Us general motors said they could face a two billion dollar profit hit as well. Meanwhile sony last month along with other console makers has struggled with stock shortages over the last year that it might not hit sales targets for new playstation five this year because of the semiconductor supply issue microsoft's xbox said if forecasts supply issues continuing at least until the second half of the year and then they go on to talk about samsung itself selling fifty six billion dollars of semi conductors to other an consuming thirty. Six billion dollars of them itself finds. It may have to delay the launch of one of its own products as well. They're co chief executive. Who had its mobile business. Unit highlighted a significant issue. Saying there is a serious imbalance in the pecking order of who has Giving the limited supplies of chips so what exactly is going on. While chip shortage looks set to persist for some time yet. It up the two years to get complex semiconductor production factories up and running and manufacturers are in process of significantly raising prices for the second time in less than a year is no sign of supply catching upper demand decreasing while prices are rising across the chain so economically. What does this mean means. Less supply obviously unable to meet demand and prices. Go up because of it. Because that's kind of the only counterbalance that you have to be able to balance everything taken an economics course at the basic level. How things work. So what exactly is going on. It could be that. There aren't enough factories able to produce enough of a supply of semiconductors. One thing i'm wondering though is are there enough materials to be able to construct it. I mean semiconductors aren't really the easiest to make their actually quite complex quite exact in its production of it not to mention you also need to have trained individuals who know how to do it. Do it well Which is a limited supply of as
Heather McGhee - “The Sum Of Us” And The True Cost Of Racism
"Joe biden and vice president khama harris head to atlanta today where they plan to address tuesday's mass shootings at three spa. That killed eight people including seven women. Six of whom were of asian descent. The trip to atlanta was originally scheduled as part of biden's campaign promoting nearly two trillion dollar american rescue plan democrats hailed. The deal has the largest anti poverty law in a generation. One study projects. It will lift. Almost fourteen million americans out of poverty including five point seven million children while the relief plan has broad public support. Not a single republican supported the legislation. We spend the rest of the hour with heather. Mickey author of the new book. The some of us what. Racism costs everyone. And how we can prosper together. Have there is the board chair of color of change and former president of the think tank. Demos thanks so much for joining us. Heather congratulations on your new book. Thank you congratulations on twenty five years. Thank you so much. The whole team at democracy now is celebrating. Hopefully soon we can celebrate together. Well you just sat there and watched once again. The reverend warnock you tweeted while he was speaking and said everyone should do themselves a favor and watched the speech. Can you talk about the significance of what happened in georgia for this whole country. Reverend warnock the first black democrat to be elected from the former confederacy. It was so moving. I mean i really think of the crucible of the twenty four hours between january fifth and january sixth as american promise in american paralyzed nutshell. I we saw a multi-racial coalition a multi-racial anti-racist coalition that was standing up to four years of division pain and suffering and putting the man who is the successor to reverend dr martin luther king marching through the pews of that story to church and putting him in office. Along with reverend with jon ossoff. That was an historic moment. So many of the political class had counted georgia out and yet a coalition that went from black folks who had been organizing for years with stacey abrams and the touch brown Two white women in the suburbs who turned away from the republican party for the first time and generations young people really overcoming a number of barriers to the ballot in the middle of a pandemic. Did the impossible with the promise of relief from this pandemic. it's self disease that has retaliated disproportionately on people of color. But that has shown that our fates are inextricably linked and then not twenty four hours later the dark spirit of american white supremacy. Fueled by a big lie that has as its core logic racism. The idea the common sense that of course a man who was rejected by the majority of people of color could not possibly have lost the presidency. That of course when people of color vote it is somehow suspect and criminal. This is the tension and explore this tension in my book because fundamentally racism has been the most powerful tool wielded against the best of america against american democracy against cross racial solidarity against the american dream itself. I talk about how it's brought us. The inequality era and figures like reverend warnock who put into perspective who in their own lives have so much of the course of american history on display are whom we need to look to right now to remind us that that tool always robs this country. It's best
Warp-speed spending and other surreal stats of COVID times
"The latest round of stimulus payments could start hitting Americans bank accounts this weekend just one slice of the nearly two trillion dollar coronavirus relief package this is one of the most complex operations we wondered what ever undertaken as a nation president Biden addressing the nation about the pandemic response saying he's using every power of his office to put us on a war footing to get the job done sounds like hyperbole but I mean at a war footing in all the United States has spent or committed to spend nearly six trillion dollars to crush the corona virus into spur an economic recovery even when adjusted for inflation that's more than the U. S. military spent in World War two but with more than five hundred and thirty thousand Americans now having died of covert nineteen the death toll has exceeded US combat deaths in all of the last century's wars combined Ben Thomas Washington
Biden will direct states to make all adults eligible for COVID-19 vaccine by May 1
"President joe biden addressed the nation on thursday night. The speech came after he signed into law. A nearly two trillion dollar covid nineteen relief bill. Sending fourteen hundred dollar checks too many americans as soon as this weekend one of the headline grabbing moments of biden's address that he'll direct states to make all adults eligible for vaccines in a matter of weeks. I'm announcing the direct allstate's tribes and territories to make all adults people eighteen and over eligible to be vaccinated. No later than may one. Let me say that again. All adult will be eligible to get a vaccine no later than may one. That's much earlier than expected. Let me be clear. That doesn't mean everyone's going to have that shot immediately but it means you able to get in line. Beginning may one every adult will eligible. Get their shot and to do this. We're going to go from a million shots a day that i promised in december before i was sworn in to maintaining beating our current pace of two minutes shots today outpatient. The rest of the
Biden intent on selling benefits of virus aid plan to public
"President Biden is hailing final approval of a massive coronavirus relief bill the house has signed off on the one point nine trillion dollar package sending it to the White House everything in American rescue plan addresses a real need including boosting the vaccination and testing programs and helping struggling Americans whether the pandemic's economic destruction while the bill had nearly unanimous democratic support no Republicans voted for it with Texas is Jody Arrington among others blasting it as less of a relief bill and more of a democratic wish list of things unrelated to the pandemic it's a two trillion dollar blue state boondoggle and a Trojan horse for their reckless partisan policies it'll become law once the president signs it Friday Sager Matt Donny Washington
House prepares to pass $1.9 trillion Covid relief bill, and Biden is expected to sign it this week
"House. Democrats will vote on the senate version of a nearly two trillion dollar covert relief bill and senate the president biden in the next twenty four to forty eight hours house speaker. Nancy pelosi says tau is substantially supported in this legislation. If you are teacher schools will be able to be open more safely. The package includes fourteen hundred dollar stimulus checks for people. Earning less than seventy five thousand dollars a year and enhanced unemployment benefits extended through early september. No republican has supported the bill. Arguing much of the spending is unrelated to the pandemic fox's jared
"two trillion dollars" Discussed on WBZ NewsRadio 1030
"Of the two trillion dollar relief packages on the way to small businesses effective today three hundred fifty billion dollars in loans and grants even in the middle of a global pandemic political grand standing still continues on in the nation's capital I should say Senate minority leader Chuck Schumer is responding to president trump and his accusations of humor being a bad senator I'm just appalled you know I'd say to the president just stop the pettiness people are dying and so president trump we need leadership we need to get the job done stop the pettiness the president's criticism of Schumer appears to be in retaliation for a letter that was sent to president trump earlier in the day criticizing his handling of the outbreak of the virus seven forty nine here in Boston nothing but clouds wind and rain and let's throw in some cold temperatures as well it's forty five degrees here in the city right now Britain's prince Charles opens the new nightingale hospital at London's main exhibition and conference center today the hospital is able to provide intensive care treatment for thousands of people suffering from corona virus prince Charles emerged earlier this week after testing positive for the virus and a couple of weeks and self isolation he launched the temporary facility via video link from his Scottish home in Burr called changes coming near the South Boston waterfront this weekend in hopes of easing the crush on hospitals this as mayor Marty Walsh worries that warmer weather means people will stop paying attention to social distancing roles convention.
"two trillion dollars" Discussed on MSNBC Rachel Maddow (audio)
"Corona virus is pushing her clinic to its limits. It would be at least fifty dollars total for them to get tested. The first patient that we tried to send to this testing site said I'm going to pass because I won't be able to have groceries this week if I do that. Subscribe for free. Wherever you get your podcast it is a measure of where we are at that on a day when the Congress passed a bill with two trillion dollars worth of spending it to shore up the American economy. The Dow Jones Index responded by dropping another nine hundred plus points. But that's where we are last night. The United States of America became the largest corona virus epidemic in the world. Tonight the past one hundred thousand known. Corona virus cases. That's cases proven by testing. But we have this big asterisk on our case numbers as a country because we are the country where we have the worst testing access in the industrialized world. So yeah we're at one hundred thousand cases but are epidemic is likely many times that size the one highly populated place in the United States. That's doing a ton of testing is New York of the known. One hundred thousand cases in the United States more than twenty five thousand of those cases are in New York City alone. Let me tell you something about what this week has been like the first day that we started getting daily regularly updated numbers on not just cases but the numbers of patients hospitalized in New York City. I started getting. Those numbers regularly was March twenty. First which is this past Saturday and Saturday? New York City told us there were one thousand four hundred fifty corona virus patients in the hospital in New York Sunday..
"two trillion dollars" Discussed on MSNBC Rachel Maddow (audio)
"The show we turn on. Msnbc thanks to home for joining us this hour as well. I am very grateful that you are here tonight. We're going to have speaker of the House. Nancy Pelosi joining us. Live here in just one moment You know in times like these. If we are lucky somebody steps forward unifying figure somebody who brings us? All together reminds us what we all have in common. Despite any other differences we might have kept US apart in the past today. It was a Republican Congressman from Kentucky. Man named Thomas Massey who played that role. He proved that everyone Democrat and Republican could come together even in Washington in common purpose. The common purpose of being absolutely furious with congressman. Thomas massie because there really was no suspense today about whether the House of Representatives was going to pass this two trillion dollars relief package and to prop up the economy which is more or less shutdown during this pandemic. I mean the Senate passed legislation a couple of days ago ninety six to nothing unanimously. Democrats and Republicans by all accounts the vast vast vast majority of members of the House support. This thing is well. The suspense was not about whether it would get past. The suspense was about how the House bill would get past and how much danger members of Congress would have to put themselves in order to cast their votes vote in the House Chamber is activity. That is very not conducive to social distancing. Americans are supposed avoid gatherings of numerous people right now. There are four hundred thirty five people in the House of Representatives. When they vote they physically turn up all in the same room to cast their votes. Another thing. Everybody's supposed to avoid right now is travel. As of yesterday Capitol Hill Capitol Hill sources. Told us that only a few dozen members of Congress were even in Washington members who wanted to travel to Washington. Many of them couldn't even if they wanted to even if they had designed to as of today four members of the House of Representatives have tested positive for covert nineteen more than a dozen others are in quarantine because they were in contact with either those members or other people who tested positive. So how are they going to cast this vote? House Speaker Nancy. Pelosi and the House leadership on both sides of the aisle came together and decided that what they would do because there was no suspense about the fact this thing was GonNa Pass. What they do is they would pass this thing by voice vote and that would mean that not. Everybody would have to physically be there to do it. But then Republican congressman. Thomas massie started letting everybody know that he planned to make all the other members of Congress come to the capital to be there personally physically to pass the he planned to object to holding voice vote he wanted to require at least half the members of Congress to be there in person two hundred sixteen people. Everybody had to be there together. Here was a sort of snapshot kind of reaction that he got this from his fellow. Republican Congressman New York Congressman. Peter King quote heading to Washington to vote on pandemic legislation because of one member of Congress refusing to allow emergency action. Entire Congress must be called back for vote to vote in house risk of infection and risk of legislation being delayed disgraceful irresponsible again from his fellow. Republicans member of Congress I mean and this was not some abstract thing. This was not an inconvenience that Thomas Kasey was causing here. You'RE GONNA make hundreds of lawmakers crowd into a room right now. The House physician the attending physician of the Capitol. The sergeant at arms put out a joint very stark memo yesterday advising members of Congress that if and when they came to the capital today. They shouldn't use the elevators together. They should all take the stairs instead. If they entered the house chamber they would be required to use hand sanitizer on the way in and out end they would. There would be an attempt to keep them apart from one another even within the House Chamber. Honestly the attending physician sergeant arms told members of Congress bluntly that they should just not come to the capital. If they didn't have to quote members should use extreme care and deliberation when making the determination to travel to Washington D. C. The Office of the House physician continues to recommend teleworking stuff. But they had to come today to make sure this two trillion dollar bill got past because Thomas Massey personally insisted that they needed to physically show up to do so and so here was the unprecedented scene in the House Chamber today. Members of Congress each seeded six feet of social distance apart scattered across both the House floor and the balconies where the spectators usually sit so enough members could be present to block. Thomas massie stunt while putting each other's lives in as little danger as possible house speaker. Nancy Pelosi seen here diligently disinfecting the microphone and the lectern before speaking beckoning all the members together in this chamber. This is how it went down. Mr Speaker.
"two trillion dollars" Discussed on KTTH 770AM
"Three of the two trillion dollar stimulus package sent sent it to the president's desk yet it appears one member of Congress will much one one one grandstand or maybe you might have one grand Stander and for that we'll have to come back and take a little more time and it'll pass it'll just take a little longer sources tell fox news that members Kentucky Republican Tom Nassif who can demand a roll call vote on record if he chooses Republican leaders apparently urging him to allow voice vote to advance things but to no avail but even if there is a delay signal plus he says we will get there it will pass with strong bipartisan support if indeed Massey throws a wrench into this it could take as well into the weekend fox's Griff Jenkins the U. S. has surpassed China and Italy and now leads the world in corona virus cases with more than eighty six thousand Dr Anthony Fauci of the corona virus task force says work on vaccines continues best way to get the best of the drug as quickly as possible is to do a randomized control trial so that you know is it safe and it's effective it's not effective get it off the board and go to the next thing if it is effective get it out to the people that need it the outbreak still spreading in New York City with three hundred sixty five deaths and nearly three hundred New York City police officers have tested positive a police department custodian has died in the head of the NYPD counterterrorism unit deputy commissioner John Miller now in serious condition with the virus president trump defending the administration's response on Hannity I think this that we inherited a broken system from the previous administrations not just once and it was very broken it was a system of of tests John it wasn't it wasn't meant for millions of people like we're talking about America is listening to fox news.
"two trillion dollars" Discussed on Slate's Political Gabfest
"To us on. You'll get new episodes. The second they come out that is our show for today the Davits is produced by Jocelyn Frank. Our researcher is bridget dunlap. We all engineered ourselves in our own homes. Congratulations to us for Emily Baz Lan and John dickerson. I did lots. Thanks FOR LISTENING TO PEOPLE. Talk to you next week. Hello slate plus how are you? How are you were you guys? You guys still. Yeah Okay just wondering just felt like talking to the void for a bit there anyway. So firstly plus here is my proposal. This shutdown this social distancing so odd so many strange experiences too so weird to run through life and I just wanted to. After ten days of this fourteen days of it ten days of it I am interested in you whether you guys have any particular observations about any strange experiences any points that you WANNA make I can go first. Since it's my with my bad idea. I think for me so I've been doing a lot of walking. I believe that the outdoor outdoor walks in nature very curative. And restful and good for you and that's been weirdly one of the very few joys of star period and going on walks with family and one of the things that I've just noticed that notice like noticing all these things which I haven't noticed before and I've been on trails and Rock Creek Park that I've never seen and seen parts of the city that I'd never seen and noticed things there's a trail. I walk almost every day just outside my house and the different ways that burge use it and notice the different way the the trees next to it grow and noticed more things about the stream that I'd never noticed before and it's I think that when you travel the world as you and you John Emily and I have all done. I think you tend to tend to get a very quick gloss on something rather than digging deep into a particular place and it's been one of the few benefits of this is to feel it digging deeper into the place that I know and to the place. That's my home. And that's that's nice to get a deeper knowledge of a place. That's around the corner from me. I've welcomed that. I love that I think there is a way in which when you simplify and shrink your life than the small things loom larger. And that's a good thing. I can also just be like Elvis fans. That was just a teaser to hear the rest of our slate plus conversation go to sleep dot com slash plus to become a slate plus member today..
"two trillion dollars" Discussed on Slate's Political Gabfest
"You could not protect yourself. You could not protect the guy next to you. You had no control over your own fate. This becomes a shock to systems of thinking. systems of coping Ideas about the proper relationship of individuals to their society individuals to their governments. So it's it's it's a total. Social shock of a war became so large that it eventually would slaughter close to seven hundred fifty thousand people David in your Atlantic piece you wrote about Lincoln and his leadership and then you also write about Franklin Delano Roosevelt and the way in which people's relationship and expectations of the government changed in the wake of the Depression has Roosevelt is pushing for the new deal. And there's a quote that used from an FDR fireside chat in nineteen thirty five the old reliance upon the free action of individual wills appears quite inadequate the intervention of that organized control. We call government seems necessary. So we're at another moment where we desperately need the government. We needed to lead. We need organization we need just like simple or not simple but centralized logistics to get all the equipment we need from one place to another and you know obviously. Donald trump is a very different kind of president. But we're at this moment where we really need the federal government to be playing this larger role and one thing. I've been struggling with as I've been watching. These press. Conferences is what it's like when you have such profound doubts about your central government in your leadership at this moment. I mean trump himself but then also the apparent failures of some parts of the government. I would single out the CDC perhaps Centers for Disease Control in preparing for this pandemic. And I just wonder as you look back on. Fdr On Lincoln how you think about those struggles that the country's going through love the question. I'm glad you're that quote. Let's take up. I that idea of the individual I mean is there a deeper idea deeper myths and the anthropoid logical sense in American culture than this faith we have and individual? You can't kill it. No matter what Whether it comes from Emerson the Romantics or whether it comes from cowboy legends or whatever you just can't kill it And we we still have this notion that somehow We can all be self made. We can We can all a save ourselves if we get into the right gated community or if we have enough wealth or if we have enough education turns out in a crisis like this were terrified is individuals. And that's exactly what Roosevelt was saying there and that nineteen thirty four. Thirty five fireside chat that in fact he even referred to it as the nineteenth century idea of of frontier. He says his idea of the American going out in conquering and solving dilemmas of the frontier on their own individuals. Hardy men just didn't fit the modern world anymore. In fact hadn't fit the age of industrialization and urban is Asian of for many many many decades and suddenly the depression through everybody back onto their own wits in their own wits. Were not adequate for anything. So where do you turn your turn to government? Well that's exactly what happened in the civil war in its right. The in fact one of Roosevelt's favorite quotes was the quote by Abraham Lincoln. Where he said that the purpose of government is to aid human beings in what they cannot do for themselves. That's a paraphrase. Lincoln said it better as usual and in the civil war suddenly people start capitalizing or government People started talking about the government is something that would help them. Save them preserve their society preserve their constitution act as a kind of a shield on most Americans until eighteen sixty sixty one had never experienced the federal government except largely through the post office. there was no of the federal taxation there really were no federal agencies that engaged in people's lives there certainly were overnight when the war came so he got here and then the reason. I wrote that pieces because I was like you Emily just struggling tap something to say in the midst of I guess. Those press conferences Or anywhere right now and it's just all over our discourse it's everywhere people are wondering what's the role of government. What CAN GOVERNMENT DO? What is government doing? Why isn't what it's doing adequate In desperate kind of language. Now we're asking what governments can do. Necessity always invokes government. Where do modern people turn when they cannot do for themselves? What they most desperately need for two centuries the have turned to government and as much as this society still has millions of people who don't trust government don't like government won't government out of their lives taxation Right now everyone is desperate to understand. How is government going to save us and picking up on that? David before revenue. We had you To talk to I was thinking about something. You said Last summer when I talked to you about Your book on Frederick Douglass and we expanded the conversation a little bit more and you base and you said we were talking about why you study history which is also one of the things you recommend while people are in lockdown and you said you know we forget good ideologue you said that we we forget about it and then every once in a while history reasserts itself and just sort of us in the back side and you talk about necessity of the moment but your larger case seems to me to be. You know what this keeps happening because this is the way the ball bounces in the human experience and maybe we should know from studying history. Either whether it's Lincoln or FDR that big existential surprise things that nobody knew. We're GONNA come that week. They might have known it was going to come someday. They happen and given that so. Can you pick up on that idea? Basically that One of the reasons that we read history is not just for the specific excitement of the moment but also because of that more enduring idea. That emergencies always happen. And Hey maybe we should do something more than a late night. Vote in the higgledy-piggledy of the moment Yeah well a beautifully put John You know. None of us should take any particular high ground in this. I mean who predicted the end of the Cold War in eighty nine when it suddenly happen Who predicted nine? Eleven while you know we can find that the CIA had been working on that and of course we know more now You Know Pearl Harbor happened in. Its shocked the country. But we knew something about with Javanese or doing in the Pacific too but the there many many cases of this in history and every time it happens we are shocked. For good reason you know even nine eleven was not unprecedented. Everybody kept saying that was unprecedented on president unprecedented. No it wasn't and we've been slaughtering civilians ever since the Trojan war. I mean so. I don't know. There's no silver bullet on any of this but history. Is that saying we have to draw on if we can take the time to read? It prepares us. It doesn't protect. Its but it does prepare us for the shocks to come in if we think somehow that history because we live in America is somehow on of course the progress in somehow always going to get better Than we're kidding us. Notice him These things are just going to keep happening. One of my favorite things ever written on this is is to. It's a little short section and a book by Mark Block Mark Block was the great French historian killed in the Holocaust by the Nazis. But while he was in hiding the French resistance and moving from farmhouse to farmhouse he managed to write most of the manuscript. This is so moving. I almost break up a guitar at tell. The story managed to write. Most of the manuscript of his book called the craft of history and in that book which has many many important elements. He makes a profound case of how the past and the present are always hand in glove. They're always inter related even when we don't know it even when we don't think so he calls it the solidarity of ages past and present are always mingle and the past is always waiting to come get you in the president. Who would who would know any better than mark? Block sitting in some farmhouse hiding from the Nazis. Trying to write about the meaning and uses of history. For God's sake No doubt it probably calmed him until they caught him and shot him with a firing squad. History shocks us in right now. This one frankly. We don't really know what the analogy is. Dewey analogies are flying around now like like air it probably more analogies in there are virus Bad Joke but everyone was looking for the right and as this Pearl Harbor. It's the same thing we did with nine eleven but in some ways nine eleven was a little easier. It was a military attack. We knew what to compare it to when you compare this to. I guess the nineteen eighteen epidemic. But we've never shut down the entire economy which never closed off all transportation. New York City's never had empty streets even in a blizzard. I mean it's just never happened so you know we don't know how to prepare for this about. We did not prepare for this and didn't in certain practical ways but how to prepare ourselves emotionally philosophically spiritually right. Now were Adrift David. The period politically that. We're in has been marked by incredible division just country. That's that's as divided as certainly any. It's ever been in my lifetime when you look at what's starting to happen. And the government response to the crisis. Do you think there's any reason to hope that we come out of this? Less divided or are the ways in which we're divided more likely to be reinforced. By what happens during this. Well God only knows but it depends on how long this lasts. It depends on how deep the suffering is. I think our models for this is what probably happened. The politics in the thirties and politics in the year of the civil war. I always tell my students. If you are really yearning for a political realignment in America I mean a fundamental realignment like new parties that actually work and develop new coalitions. And last you got two great models. The eighteen fifties in eighteen sixties the birth of the Republican Party which completely reshaped American politics with a whole new coalition. And you got the nineteenth thirds which completely reserves American politics and the Democratic Party not overnight because its roots are in progressivism but the Democratic Party becomes the party a new kind of liberalism. New Deal Policy on the Republican Party at that time increasingly becomes the Conservative Party of big business. Those are two really big realignments in American history. So take your pick. You can have it with a civil war you can have it with the Great Depression. That's pretty depressing when you think about it but who knows What this kind of crisis could do the irony here or the power of this is it. It has everybody talking about existential issues. How are we GONNA feed people? How are we gonNA save our our our medical people? The nurses and the doctors who are not risking their lives every day How are we gonNA ever revived the economy out of this all of those questions? Everybody has to ask. But it's GonNa be a turbulent road. David what are you you picked you talked about? Lincoln and FDR so do you have a template again given everything you've just said about politics today For how people got through I mean. Fdr comes in in thirty two. It's been since twenty six. They've had to endure lots of uncertainty and lots of and the the leaders and the people the leaders in particular. Both of those guys where you know. It was said that they had this great negative capability that they could live in the uncertainty and not go stabbing after solutions on the other hand. They took great actions. Amazing historic actions. Can you talk a little bit about that combination of attributes in the leader but then also in the people how do people live through and perhaps they just were used to it in a life where you didn't have instantaneous? Everything the way we do now but live through the uncertainty and the just existential Wednesdays ever and houses ever GonNa get better well on the ladder questions on a lot of them didn't well let's remember Civil civil or kill Lotta. People maimed many more left families. ruined We have to face that we need. We need a very strong sense of authentic tragedy. Understand that back the leadership. It's worth understanding here. And just a quick sense that link neither Lincoln or Roosevelt had it all figured out. Both of them had very crooked roads. Lincoln had a crooked road to his moment of greatness with immense patient and his various moments of greatness with this Hash to save the Union. No matter what the. Lincoln eighteen fifty eight debating. Stephen a Douglas on the question of slavery is not the same Lincoln of the summer of eighteen sixty three or certainly of sixty four when he is so concerned to free as many slaves as possible before the election. That fall in case. He doesn't win Roosevelt at a very crooked path to the ideas of the new deal he was spewing all kinds of contradictions. You know when he was governor of New York and when you even when he was running thirty two No one quite knew. Roosevelt meant and Kinda got it clear in the campaign and then in thirty three he kinda got it down that look. We've got a revolutionize the way we use government to save society to save employment to save the human spirit and we got to have a whole new imagination. He says we need A. We need a whole change in our.
"two trillion dollars" Discussed on Slate's Political Gabfest
"From new haven. Hello Emily Hello Nice to see you on zoom and John dickerson of CBS's sixty minutes and his bookshelf. Hello John and you have of your book to. I do and I would show people. But this is not a visual medium. As I've been led to believe and I just enlarge the screen and looking at all I can say. Is I apologize? You Look Great. What do you mean what? Could you leave me so nice to see you guys? It's just nice to see you guys and to see Jospin Bridget. So it's great to see you again regardless of how how unshaven dirty. Any of US looks on today's Gab. Fest the tug of war over how long the shutdown should last. And why will the president a bet a public health catastrophe by encouraging? Americans to get back to normal life too soon and do we have even the remotest sense that this pandemic is beginning to change that we are beginning to get any of it under control even as New York sinks into what appears to be an absolutely disastrous situation. We will talk to an epidemiologist Greg Gonzales. About all of that then. The largest stimulus bill in world history attempts to forestall economic collapse here in the US but is two trillion dollars enough. We'll talk about that and then we will hear from civil war historian. David Blight about what history can teach us about living through catastrophe. David is one of my favorite people. Talk about anything and I can't wait to hear his historical perspective. On this plus of course we will have cocktail chatter. There is a raging debate going on in this country stoked by president trump over how long the corona freeze should last. The president said this week. Idiotically that he wants people in Stores Churches by Easter which is just a couple of weeks away. Meanwhile there are a couple of other people. There's a group of other people who are arguing in a in a similar vein that social distancing be damned. Let's let the disease run. Its course through the young and healthy. Keep the economy humming. Tried to protect the old during that. Greg Gonzalez is an assistant professor at Yale University School of Public Health epidemiologist. He has a somewhat different perspective. On this so greg can you start with the what do you think are the major fallacies of the let's get back to business? We've done enough already proposals. That were hearing from the president and others so first of all. Start off with where we are. We're in the midst of a raging pandemic and ET National Public Health. Response that nobody thought could be and so we're in a situation where I see us all over the country particularly New York in northeast but slowly across the country or are going to be full capacity in people making choices about who lives in does so the projections are maybe between one in two million deaths. If we relax social distancing in the absence of a vaccine Retreatment for for Kobe. Nineteen we are stuck with. Social distancing is the main way of protecting herself now public health experts and epidemiologists all realize the ask is a big one. And we're all doing the same thing as as people are doing all over the world following these guidelines. We also realize we have to think of a way out on. This can't go on forever. The more weeks we accumulated of this sort of social isolation people be chomping to to get out of their houses. Meet their friends and family on the Jim normalize so these discussions are happening in the world of public health. Not just sort of in the in the greater sort of public discourse what. We don't need her for false choices. The idea that we have to pick the economy versus protecting the public health. I've been speaking to both my public health colleagues colleagues in economics people exact cooper-hewitt gale and others. Who Don't see a conflict in this at all the way to save the economy the way to save our friends and families lives is to beat this virus Greg. One way you came to our attention was a twitter thread. That was in particular response to a piece in the New York. Times by David Katz. I think his name is which argued we can let the Let the young get this disease. Protect the olds. And that'll be fine. Talk about why it is why. It's not possible for that model to work. Which I think. Emily and I both played with and we're tempted by and wanted to believe in and emily. I shouldn't speak at least just wanted to explain to our audience why that's a fallacy out. It's interesting too because it was very appealing to Jim. Dow In and Kim spent at the New York Times. There is an easy out. There's witty get through this without the pain that I think. Many are contemplating overlong creator social isolation we are dean of our school of Public Health. Stand remind myself started homer who runs the global health and Becca Levy. Another professor here at at Yale wrote a piece in the time too short letter saying why this is in part why. This is not a credible plan for addressing the epidemic. One is the idea that we can sort of sequester all the elderly in the United States and their caregivers Safety over the course of months while life goes on outside outside of sequestered existence. It's not credible. We don't have a safety net. That's going to be able to sort of sustain this for the elderly in isolation over time the other pieces of don't know you know many of you probably know a people in your social circles or one or two degrees of separation who were in the ICU or been sick who are not seventy five. Eighty five years old so as many of us know David Latte above the law a lawyer in New York City who is his been been in the ICU. Marathon runner physically fit. I all other standards. Who has the disease if you let younger people out to go to work with the idea that let them diskette exposed and they'll get a mile illness or they won't get anything all Discounts the fact that a certain percentage of killing people will get serious disease and die. And you just have to the mass right. If there's a big difference between a one let's say one percent chance of serious illness when you have one hundred people one person out of a hundred will get it. But if they're ten thousand people a million people. Ten million people any multiplies by when percents Huge absolute number of young people ending up in the ICU. The other thing is that This could be a seasonal coronavirus infection. Snow seating at across the American landscape by letting everybody get it except a small group of people doesn't bode well for trying to radically this this sort of a recurring infection. That comes up with some have flu. End Corona virus season which means you know hundreds and hundreds of thousands of debts on annual basis. Those are the main meets the cats editorial with wishful thinking so wrapped in insignificant near of Science I just want to say you were brought up my friend. David Latte who I'm really worried about. He is on a ventilator. And I think sedated according to the latest news that I heard and just been thinking about him a lot and there are other people like that as well so I think the way in which this viruses starting to touch us especially in the northeast or I don't know maybe that's not even true. Start starting to feel very real at least to me if we're looking for an evidence based approach to this. What are the next things we should be watching for? And what are some of the time horizons that we can be paying attention to as we determine how to go forward markers. Maybe there's a rational case being made for going forward and it's coming from both public health and economists people at Gabriel's within a manual says from Berkeley Hall Romer Economists Bunch people are saying we can stem the economic damage that this this crisis caused by under girding economy from the bottom up to eighty eight hundred fifty billion dollars worth of corporate subsidies but really figuring out how to support new all the four of us to five of us in our daily lives in terms of social visiting income support. All the social services. We need to make sure that people who are less fortunate than us able to do this. And then we watch and we continue. The social distancing end will see the peak of cases starts to lessen hopefully we'll have millions and millions of tests in a few months so that we can understand the sentence a the epidemic that still lingers in the United States in have antibody test. We can understand who's been exposed and WHO's not been exposed. If one of US has antibodies to the virus never had symptoms. Maybe we can go back to work or be part of the volunteer effort In so this is going to be a very step by step process to get people back to work. It's not like one day we're gonNA flip a switch and it's all going to be over to be a gradual gradual scaled-down of social distancing interventions over the course of months and it's GonNa take a massive investment of public health resources in order to do it. We're not prepared to based on the status quo as it exists today Natural the scary thing is because there's an absolute failure leadership from the top which is interested in denial and and and sort of misinformation. So we have people up and down the chain of Management. Not really willing to do the wrong thing. Doing the wrong thing needs telling your boss doesn't WanNa hear Greg. I wonder if you have any sense about whether New York is which is now the epicenter of the pandemic in the world whether it is a harbinger for the United States uniquely bad place and and death that question a different way one of the things. I've been wondering about and I'm interested in your professional take on is for the most part. Americans live pretty far apart from each other. We're big country. We're not that densely populated and except for a few cities we are. We don't have places where people really live cheek by jowl. New York is one of them and are we likely to have some protection from the fact that that many Americans actually are socially distant how they live to begin with so new. York is not a bad place. I think as a New Yorker. I think it's a fine place to live. I think the population density is one reason why we might be seeing more severe epidemic there but it's also just luck of the draw right. It's a major transportation hub the future for the country If you start to look at the map say the New York Times. You'RE GONNA see this sort of start to rise up think of Miami Rhonda Santa's. The governor said are not ready to sort of tell people to stay home from work. he he dilly-dallied in terms of closing the beaches. So you're GONNA see other cities around the. Us start to have their cases mount particularly in in states where governor to. It's basically all delete of the White House in downplaying the risk for their community but also think of it not a function density but a social network think of communities that are tightly unwilling together the Amish Mennonites in in rural Pennsylvania and others who depend on a lot of social contacts of May not be about density could be about density social network. One thing. I've been wondering about is how heartened to be by the drop in rising cases in Italy. So I've been hearing for weeks. That Italy was like a couple of weeks ahead of us and they seem like us to you. Know initially resisted or struggled with social distancing but then really gone on much more of a national shutdown and now it seems like a couple of weeks after that. There is starting to be a fallen. The rising case rate. There is that something that suggests that if we can really do the social distancing for two or three weeks. We can expect a similar achievement. Or Am I kind of exaggerating here in grasping at straws? So look I mean. I think what happened? In Italy's that once they saw the rising death tolls age. They sort of went into lockdown And if we look at what happened on in other places South Korea a mixture of testing social distancing. There's been a way to sort of Flattened occur but also to sort of start to control the epidemic. We have not taken the route that Spain or Italy or other countries that have been hard hitting Europe done. We don't have a national lockdown. We have a lock down in New York State. We have our orders in Connecticut and other states around the country like California to institute strong social distancing measures. But it's not all fifty states and it's not even across the country. The stag thing is we. We sink or swim together and you know viruses. Don't understand the borders between New York and New Jersey or Mississippi Mississippi sneakers and so unless we figure out a way to do more rigor social distancing across the country for sustained period of time. We're just piling infections. Acquired infections were building new chains of infection across the United States. And it's not going to be two or three weeks are we can be two or three months of hardship and didn't have to wait through this You know staying in our own houses. Not Seeing you know for a long time. It's not hard to do. We're going to have to think of ways to build. Social connections may be ourselves for a couple of weeks alone and then maybe try to trigger waste. We can combine our social circles over. Not At that point at it all greg to endure that couple of months process..
"two trillion dollars" Discussed on Today, Explained
"And I don't know I can't honestly cannot believe that after five days of acting like a real precedent or trying to act like a real president that Donald Trump seems to have lost his taste for this and is now telling people were going to be back at work in two weeks. We we just need better than that right now. We just do. What is he missing? What are all the people who are looking at these unprecedented economic consequences over two million people filing for unemployment? Who Warrant two weeks ago? Who are looking at something much worse than a recession and saying is this really worth it. What are they missing? The hardest thing in politics is to force pain now to prevent more pain later and it's not that they're missing something exactly. It's they're living in the present and not in the future. What Donald Trump would any political leader any leader needs to do in an organization is live somewhat in the future is see where things are going and work backwards from there so the organization is prepared that organization a country or a company. That is what we are doing. Even Vox media right now. We are trying to think about what all this is gonNA mean for business and trying to work backwards to how we need to prepare. Donald trump is a very present focused person and he runs a very present focused administration. And what is happening? Right now is that they are feeling the pain of social distancing and it is real pain the unemployment filings the GDP projections. It is real pain. Suffering it is a horror what he is not able to feel yet and so he's not truly responding to is the kind of economic social political and human pain of this disease flying out of control of what it will mean if you can't go deliver a baby or get treated for heart condition because you're stepping over bodies in the hospital infectious bodies of what it will mean if we have a national shortage of nurses doctors respiratory therapists etc that. He is responding to the political pressure on him now and the things that he can feel now the pain we are causing now. As opposed to the pain we are trying to prevent and if every epidemiologist and public health expert and frankly even just what we're seeing in other countries is right. The pain we're trying to prevent is a lot worse now. We can't ignore the pain we would cause on the way. We need more stimulus. We need economic support. We need to have the political imagination and will ambition to make this possible. We are not going to get out of this without real economic damage. Either way that is built in but we could get out of it with a lot of humanity A lot of social support we could also if we had anywhere near the kind of imagination required for crisis like this we could get out of it with a better structure for our economy altogether right. It could be that out of this. People GET GUARANTEED PAID. Leave as every other industrialized country has guaranteed health care. I mean you could imagine using this as a moment to say. Oh we are so interdependent that we can't just have solidarity in the moments of crisis we need to have it all the time. It's not that it would stop people from losing their jobs. It's not that stimulus or basic income. Payments are going to stop them from hurting. We're not gonNA stop the hurt here but we can do a lot to build better structures to protect people from it now and in the future.
"two trillion dollars" Discussed on Today, Explained
"Tech has consequences and recode by. Fox's exploring them all. With the new multi-platform journalism project called open sourced through videos and articles open source to explore and demystify controversial issues surrounding technology everything from facial recognition and surveillance to how add micro targeting will affect the twenty twenty election. The project is supported by the media. Network a global network of innovators entrepreneurs and technologists committed to addressing the most critical economic technological and societal issues of our time checkout open sourced and vox dot com slash open sourced. Find out everything you need to know about the hidden consequences of tech box dot com slash open sourced. How many of you have heard of ring? How about hint? How about tech over? I've heard of ring anyway. All of these companies have one thing in common. They all use nets sweet to accelerate their growth and net. Sweet would like to help you. Accelerate your business growth from wherever you are at your office by yourself. Hopefully six feet away from anyone else or at home. Maybe still six feet away from anyone else right now. I'm in a closet. For example anyway net sweet will give you a full picture of your business finance inventory. Hr customers and more everything you need to grow. All in one place and you'll get the visibility and control. You need to make the right decisions and grow with confidence. Hopefully and right now you can schedule a free product tour of net sweet. You can receive your free guide six ways to run a more profitable business and met sweep dot com slash explained that is a net sweet dot com slash explained e. x. p. l. a. i. n. e. met sweet. It could be sweet but not spelt that way S. U. I t. e. is the sweet. We're talking about here. Good evening as reclined. Even with this two trillion dollar stimulus. There's a recession coming if not already here. Do we know how bad it's going to be? How will it compare to the last one in two thousand eight right now? The early economic data suggest it will be much worse at least at its peak than what we had in two thousand eight which is not something. I thought I would be saying anytime soon. Two dozen it was supposed to be a once in a generation economic flood. And now we're looking at something that is not even possible so if you look at early unemployment filings. They potentially went up to three million over the past week. We've just never seen a number like that if you look at what Goldman Sachs and some other economic forecasters are forecasting for the GDP. Drop in the second quarter of the year. They're now up to twenty. Four percentage point drop. That would be the single worst quarter in the history of GDP statistics US Treasury Secretary. Steve Mnuchin said that unemployment could go up to twenty percent before he walked out back but then over the weekend. The President of the Federal Reserve Bank of Saint. Louis said he thought thirty percent was possible at least for a minute. So we're looking at something that at the very least at it's worst could be unbelievably bad and one reason could be unbelievably bad is this is really different in its dynamics and not just two thousand eight but really any recession. We can think of in memory we. It's almost not correct to think about this as a recession. This is a combination of a recession a financial crisis potentially a war and in natural disaster. Great Great and this is just the opening salvo of this recession crisis. War Natural Disaster. Yeah I spoke to mark Zandi. Who is the chief economist at Moody's analytics so he's a very well? Respected economic forecaster and as part of. Moody's they get a lot of incoming economic data survey data actual data all the time so they tend to know the economy is going just about before anyone else. I've spoken to sandy a lot over the years. And he was ending almost apocalyptic here but to be more specific. What he said. We're GONNA see four waves of economic pain. The first wave is the sudden stop of the economy. That's what we're in right now right. I can't go into work the way I normally would. The restaurants in my town are closed and non essential businesses are closed. People are sheltering in place wave to which is already here as well is unemployment. People are laying off workers because they have no sales coming in PIBOR. Cutting back hours among workers mariette furloughed. A huge amount of their staff. So mass unemployment is just beginning but already we're seeing numbers like nothing we've ever seen before. Then the third wave is what he called the wealth effect. So there are all these people who have 401k's they have money saved in the market for the retirement. This is true. Everybody was particularly true for older people who are towards the end or Paseo end of their earnings. And now they're seeing those savings wiped out and so there's a lot of spending this group is going to disappear and then the fourth wave is business investment. So you think of corporations or even small businesses that were thinking of opening up a second location upgrading to better office. Space a media organization is going to start publication. Whatever it might be. That's all going to go on. Hold so all that spending those going to upgrade machines create new capital create new products. A lot of that is gonNA disappear from the economy for a while. So of Sandy's four waves were living at least the first two already. The ECONOMY STOPS UNEMPLOYMENT. Soars the next to our imminent if not already here. People can't retire and realize their dreams and industry has to scaled-back. Is there a way out? So those four waves. Zandi said they're definitely going to happen like they are already happening. But there's a question. Now is the kind of recession we have. What's called a v-shaped recession where the economy plummets in? Let's call it quarter to maybe quarter three and then rebound super powerfully in potentially quarter three quarter four and then into twenty twenty one in that case. This will be bad but not that bad. What Sandy said and this is I think. Clearly true is two things could happen. That could disrupt that and this is particularly going to happen. If we don't get the disease under control quickly. The first thing that could happen. Is We set a financial crisis financial panic somewhere so already seeing very scary things happening in debt. Markets in bond markets in currency markets are a lot of both countries and companies that need a lot of US dollars and they're having trouble getting them. The Fed is out a huge amount of new programs. Right now to try to deal with this but it's pretty scary so if we have two thousand eight in reverse a problem in the real economy that creates contagion in the financial economy. That's GonNa be very very hard to fix. That's GONNA be years dig out of the second which is also I think very very present as danger is a mass wave of business failures. More than fifty percent of small businesses cannot survive more than a couple of months without sales. They just don't have a big nest egg. Small businesses tend to be reasonably low margin. Except you even a lot of big businesses can't survive very long in a very down economy if their receipts have gone down. Fifty percent seventy five percent and so if you have mass closures then not only when the economy does come back. Do you have to rebuild those businesses or something like them you know? And that's hard right. You need to figure out leases. P- places need to rebuild. They need to hire New People. But also it's not like they're workers can just come right back on. They have to find new jobs. There's matching costs. It's hard to search. There's a lot of uncertainty in that and so if you have a huge wave of business failures it's very hard to come back. Because you've lost a lot of the structure in which the economic growth could have happened once you got back on your feet so preventing those two things a financial crisis and a mass wave business failures. That's really really important and Congress's hoping that's why this stimulus will do but what if it doesn't that's the best case scenario. What's the worst? The worst case in our right now is primarily economic. I mean the worst case scenario is an unchecked pandemic with millions of deaths hugely overwhelmed health systems creating behind it a total economic catastrophe in some ways the worst case scenario to be is one that we are beginning to flirt with because the worst case scenario is that we lose our nerve here at the Front End. There is an enormous return to acting quickly. You prevent many more cases if you are able to stop one person from passing on the disease to after that person has passed it on to ten people. If you're trying to stop ten people from passing it on we are already seeing at the highest levels of our political leadership a blink. My message is that Let's get back to work. Let's get back to living. Let's be smart about it And those of us who are seventy plus. We'll we'll take care of ourselves but don't sacrifice the country don't do that. Our country wants to go back to work and again to cure. It's it's like this. Cure is is worse than the problem again. People many people in my opinion more people are going to die if we allow this to continue. There's this fantasy of an economy out there that you could somehow just have the economy operating at full potential. Even disease is killing and hospitalizing millions of people. All at once right nine eleven's every day in this country and I think the raw right now. The curve of new cases in America's vertical we are rising faster than Italy was at this point. That's very scary. Because this is an exponential curve as you rise faster then rise even faster and so if what happens is we let off the pressure when it is currently completely uncontrolled but I think is going to happen. Is it three months from now or even two months from now? Maybe even just three weeks from now when our health system is overwhelmed. There's going to be an enormous demand for quarantine an enormous demand to get this under control and that will happen when the economy is now gotten much worse so Jason Furman Who was Obama's former chief economist? But he's been writing about this. A lot on twitter and elsewhere made this good point that he thinks the correct way to understand the choice. Here is between social distancing right now and a bad economy six months from now or two months of nothing and then two months of even more extreme social distancing followed by a much worse economy after that and so the nightmare scenario for me is one where we've let the disease get completely out of control and that also spins the economy.
"two trillion dollars" Discussed on Today, Explained
"Madam president after five days of arduous negotiations after sleep-deprived nights and marathon negotiating sessions. We have a bipartisan agreement. On the largest rescue package in American History Ellison box Congress has agreed on a two trillion. Dollar stimulus package. It's historic nothing like it has happened ever before in American politics. At least in the modern era and it makes the two thousand eight stimulus which was something like eight hundred billion dollars. Look like small potatoes. How did we get here? So it's important to remember that the deal that Congress reached on this two trillion dollar stimulus package very early this morning. This is phase three of the corona virus bills so a couple of weeks ago we had phase one which was a relatively small eight billion dollars for research and development for Corona Virus Vaccine Research. Then last week we had a hundred and four billion dollar bill that went for free testing creative. Irs testing for every American including those run insured and expanded paid sick leave and other things even though there were some loopholes in that bill. But this as as you say this was. This was the big one This is a two trillion dollar package. That kind of has something for everyone. It has five hundred billion dollars for big businesses. It has direct payments to Americans that are struggling on an expanded unemployment insurance and it has money for hospitals okay. Well let's talk about each of the sort of one by one starting with the aid to businesses. This was the sort of contentious element that held this thing up a few extra days right. Yes so this is a five hundred billion dollar loan program for for big businesses including airline companies companies. That have have seen through no fault of their own. Their business just drop off entirely. Because people aren't flying. Economic activity is is really ground to a halt so compared to two thousand eight and two thousand nine when we were bailing out banks that had arguably caused the financial crisis that we found ourselves in the government is now quote unquote bailing out these big businesses that are seeing of huge loss of revenue due to current virus. The obviously did not cause so the reason that this was so controversial was initially in the first draft that Senate Republicans put out late last week. The trump administration and the treasury secretary Steve Mnuchin had very large discretion over this five hundred billion dollar loan program. Bill still includes something that most Americans don't WanNa see large corporate bailouts with no almost. No strings attached. Maybe the majority leader thinks it's unfair to ask protections for workers and Labor to companies that are getting hundreds of billions of dollars. We think it's very fair to ask for those. Those are not extraneous issues that is a wishlist for workers. Nobody else and so we are looking for protection. We're looking for oversight. So if you're worried that you know Steven Mnuchin was just going to hand out. Billions of dollars to companies that were favorable to the president. That ain't going to happen anymore. Yeah it's going to have oversight attached to it. There's going to be an inspector general within the Treasury Department and potentially a congressional oversight panel so there are going to be outside people other than Steven Mnuchin now looking to see how the money will be spent having input on how these loans will be doled out to businesses and it's five hundred billion dollars that are going to go to like big corporations. How much money was set aside for small businesses three hundred sixty seven billion dollars for a small business loan program It's just interesting. Like three hundred and sixty seven billion dollars concertedly shore up companies. That are losing money right now but it can't bring them back the business that they need to thrive right. Well I mean ultimately the only thing that can bring these small businesses back is is consumer spending right. We just can't do that right now. So and and this was sort of the argument that Democrats were making throughout negotiations. Was this this trickle? Down stuff and bailing out these. These big companies isn't necessarily going to get to the root of the problem because the root of the problem is just that people are trapped in their homes right now and they're not going out and spending money at their local restaurants and spending money at stores. I think that what Democrats are arguing is an in Republicans to be fair. Came around to this idea pretty quickly to of direct cash payments to people because ultimately what you're trying to do is get people spending again. Well let's talk about what individuals are getting. What kind of casher regular people going to get out of this two trillion dollar stimulus that regular people will pay for if you are an American adults? Who is making seventy five thousand dollars or less annually? You will probably be seeing a twelve hundred dollar check or a direct deposit. Show up in your mailbox or your bank account or however it's going to be delivered to the American people and it's important to note. This is a one time check. Thus far in less Congress comes back and approves additional money to to get people additional checks so if you make more than seventy five thousand dollars you are not going to receive that full amount. It kind of depends on your income and basically the idea. Is that people who are pretty comfortable right now and are making a lot of money. You don't necessarily need as much government assistance. There will also be a five hundred dollar payment if you have kids so five. Hundred dollar payment to cover every child in qualifying households. What else can individuals expect out of this two trillion dollars? Another big thing. That Democrats were talking about that. They got out of negotiations was what Chuck. Schumer likes to call quote unemployment insurance on Steroids. Nice and this is increasing unemployment insurance by six hundred dollars per week for four months so if you are laid off and you are getting unemployment insurance. Duda CORONA virus. You are eligible for an additional six hundred dollars per week to again. You know help you cover your basic expenses like rent and food medical costs etc So this money is in addition to what states pay as a base unemployment salary and it's important to note that this benefit extends to people who work in the GIG economy so uber and lift drivers post mates delivery people people who are freelancers and then also furloughed workers and these are workers who are not no longer getting a paycheck but are still getting health insurance from their employers and then the third bucket of this is is medical aid. It's it's hospital. Aid Aid to healthcare workers. Is that right this? Is You know right now especially in in hard hit places like New York. Hospitals are struggling to meet. I mean they. They don't have enough capacity for the patients that they're seeing a lot of them are complaining that they don't have enough basic medical equipment. Like ventilators and masks there are big shortages. Not So what Congress has done here for. Hospitals is add an additional one hundred fifty billion dollars to hospitals who are treating chronic virus. Patience is this going to be enough especially when we talk about aid to hospitals and healthcare professionals. It just sounds like it might be too late. I mean New York has already had to suffer as a result of lack of supplies and and lack of hospital. Beds I mean and then more broadly speaking is this enough to shore up. Americans and American businesses and the economy. I mean that is the two trillion dollar question and I. I don't think we know at this point. Birther were already seeing more headlines of of more people getting sick death rates are going up as well so we haven't yet seen the worst of this. I think that there is a good chance that if Congress sees the need that they can come back and pass more money. There's there's always a way for them to do that. But despite president trump saying yesterday that you know he wants this all wrapped up by Easter. There is no immediate late at the end of the tunnel and I don't think we know yet if two trillion dollars is enough to save us from the damage that Chris is is wreaking not only to public health also to the economy.
"two trillion dollars" Discussed on Today, Explained
"Mark it's Wednesday march twenty fifth and the country's gearing up to make it rain two trillion dollars. I'm Sean Romney's firm and this is your corona virus update from today explained..
"two trillion dollars" Discussed on WTOP
"Two trillion dollar bill to pour money into businesses to get the economy moving again sent stocks lower but not like the losses we saw last week this time those losses ranged from a quarter percent to about three percent with the Dow down five hundred eighty two points to finish at eighteen five ninety two the nasdaq lost nineteen the S. and P. sixty eight part of the problem a lack of oversight in that two trillion dollar GOP plan it's drawing comparisons to the two thousand eight bank bailout general electric's healthcare division has been hiring workers as it ramps up its plans to make ventilators twenty four hours a day but G. Eazy aviation division is cutting ten percent of its US workforce Best Buy is seeing demand search for things we need to work or go to school from home Wells Fargo analysts say however delays in the supply chain from China could push back the arrival of five G. phones and that would outweigh the boost from the Bloomberg news remind Joan Doniger on WTOP all the bad news you've heard about with the Senate all that the Asian markets don't seem to care at the moment Tokyo stocks are up almost seven percent Hong Kong is up four percent and Australia is up three percent we'll keep you updated here on what's happening on Capitol Hill and the other recent developments stay with us on WTOP and WTOP dot com ten twenty six at Len the plumber we know when you have an issue you can't afford to wait no one understands this more than our plumbers I think most customers love us because when they call in someone answers the phone and it's a real person I've had multiple customers say I called you guys this morning you were able to get out today and that's just awesome our promise of same day.
"two trillion dollars" Discussed on WNYC 93.9 FM
"Perhaps two trillion dollars worth there's been bipartisan support for what are called public private partnerships and that had been the administration's recent emphasis, but now there's word these partnerships have fallen out of the president's favor. Marketplace's Eric barris reports a public private partners. Ship is just like it sounds private industry and government get together to fund a service or project p threes. There known have been instrumental and underwriting the cost of toll roads securing land for schools and bringing high speed internet to cities nelin balk at the bipartisan policy center says there are advantages for local governments and taxpayers you transfer all the risk associated with the project to the private entity. But the private entity usually collects most of the profit too and says Robert points as with the e-e-e-e-no center for transportation public -als don't always line up with private-sector profit motives, the challenge is when the projects where there is an interest, then are prioritized over other projects that may be in the public sector interest points. I says that often means affluent areas get more attention than low income ones, which may be in greater need of infrastructure repair, America barris from our place. The main stock index in London is down two tenths of a percent. At the moment. Dallas pianist future. Are mixed with Google of Ed stock down nearly eight percent after disappointing quarterly results. Americans. Leave so much vacation time lying there on the table. That's from a new survey by bankrate dot com. People who get vacation thirty five percent plan to use less than half of it this year. Here's marketplace's Jack Stewart fifty two percent of adults are planning to take at least one vacation this summer, but the other half a pretty evenly divided between Shaw and definitely not Ted Rosman from bankrate dot com looked at why number one by far was I can't afford it. But the reasons can be more complex nine percent said they can't take time off work. Thirteen percent said I have too many family obligations and fifteen percent said that they could attribute this to either their health or their age. The survey also shows that people aren't using that paid vacation even just have a station and take some time away from the office. Cassie McGill homes at UCLA has studied the link between. Lean vacations and workplace happiness. And she says some companies are actually rewarding manages for making sure that employee's take time off that means I feel less bones and less stuff turnover onus is on managers to create a culture where their employees feel like they actually can take the time. And one of the best ways to show that it's okay is to do it yourself Jack shoe from marketplace morning report is supported by king. Bolden presenting the new film Bolden the musical drama about the life of buddy. Bolden the man who invented John's starring Gary Karr music by Wynton Marsalis. Bolden is in theaters Friday may third and by smart sheet, whose work execution software empowers more than seventy.
"two trillion dollars" Discussed on The Peggy Smedley Show
"Additional two trillion dollars it will cost are konami three point nine trillion of double it's it's critically important it for us on an individual basis but also for the united states as global economy well i had mentioned in the first segment every time we don't do something it costs us a homeowner cost says a business it costs us personally and that's what you're saying so is it time because maybe we don't say we don't have the tax payer money because that's you know we start talking about politics here does it now need that we say we need to start going into either public private partnerships we need to go into you know the the funding in a different way that we need to go into private funding to help us get to that two point six trillion or more that we need our two point three trillion that you're talking about that get us over the hump because you say we're at that two point six do we need to keep going to get us over that that's a great question and some good solutions public private partnerships are definitely one piece of the puzzle but ultimately to get there you you mentioned taxes but ultimately it's it's user fees you know we pay for our drinking water repay for wastewater system we pay freight freight costs on you know whether when we buy groceries at the store there's freight built into the cost of moving that lettuce we pay a gas tax but that's actually a user fee right that tax is paying to use the road and so that's all to mentally where we will have to get is how how do we raise those user fees and a manner that can help us maintain our system and build a system for tomorrow public private partnerships are great way to leverage those user fees but if there's no money there the price equity doesn't frequently common less they know that there's there's something to offset their investment when we look at this and we talk about this but we then now have to figure out what's failing because we're never going to be able to get to all of it and there's as we fix one thing we go to another so how are we gonna use technology we talk about the internet of things and i know you know that cities are never going to be able to do all of it they're going to have to do it in pieces how are we going to apply technology to help these communities invest in the areas that they need to because sometimes i don't have the personnel they don't have the resources and if you're going to put you know taxes and things like that and fees and things like that and smaller areas how are we gonna play technology to help us get there and you know i like to think that our communities can do it it's just gonna take some time because it it took some time to get here so it's gonna take time to take out of this hole and technology is a key part of that there's so many different ways technology is impacting the construction and infrastructure process today you could start with the better survey data that we can get today using light are where we understand better what what the conditions are on our facilities and then you know you can put that into this treaty computer aided design them so three d cad where you can actually accurately map because we have the new lighter your accurately mapping where all the infrastructure is so you're better able to know where it is reduced the risk when you actually go into construction make better decisions on what you what and how you might build a new facility and or simply maintain the facility technologies enabling us to do asset management from inside our pipe so we know specifically which which piece which segment of the pipe might need additional work as opposed to having to look at well this entire line was built in nineteen forty so we need to we need to work on it we can actually go in and say this is the piece that's failing today the peace next to it is starting to show signs of of of wear and tear so we need to do a minor repair there that minor repair can can help save tons of money longterm if you're able to.
"two trillion dollars" Discussed on C-SPAN Radio
"Washed but i should underscore is that just not just like we're not gonna tax our way out of this problem or cut our way out of this problem we're not going to grow our way out of this problem i mean there's no scenario that we've seen lets us know that we'll be able to get the sustained economic growth at the levels would that would have been back here in a couple of years saying it was all overblown sorry that that's not going to happen the cbo projections has the deficit over eight hundred billion dollars this year by twenty twenty four to one point two trillion dollars there's some of the numbers from cbo that tweet from fox news research on responding to larry cudlow comments dave is in the kinley bill california republican dave good morning good morning thank you c span i just a quick comment who would bother to work the government took ninety percent of what they earn the serse girly required to give half of what they produce to the government question about medicare i understand that that's the biggest single contributor to the growth in our national debt tens of trillions of dollars future unfunded liabilities for a program that people pay into for about fifty years and take out for about fifteen years and yet i'm hearing more and more democratic politicians proposing medicare for all what do you think that would do to our national debt a couple of things just on on on medicare in directly i made reference earlier about being a proud member of the baby boom generation i'm on kind of the back end of that is were but beginning in two thousand ten is wendy first of the baby boom generation became retirement or or rather eligible for medicare that said sixty five we now have for the next fifteen to twenty years between ten and eleven thousand people per day that turned sixty five and become a medicaid medicare eligible on that that's putting enormous pressure on the on obviously federal spending and i don't say this is that being a bad thing i mean is this caller number of other callers have have indicated people have paid into that and make assumptions life assumptions that that would be available to them but the combination of demographics that is the retirement of the baby boom generation another fortunate thing is that on the whole we're living longer although obviously there's very sadly some a racial and regional disparities on that but life expectancies are going way up costs per beneficiary as he heard in the the earlier segment with your guests are also going up because of new technologies and health care inflation that's outstripping the general economy but new technologies new new procedures so dealing with the healthcare aspect is is very very difficult on that now on this the second part in terms of of medicare for all or any changes in that we would make an in terms of general national health insurance coverage it's very very difficult to say exactly what those implications would be because of the complexity of all the various moving parts that would be have to put together and really understanding the interrelationships of some of those moving parts would be just a few minutes left with chris man of the gao to the land of lincoln robert is a republican from is it all sit illinois robert i actually share zip code what else have i'm actually marian at park thanks john quick question if i might i heard rand paul say that if you took a penny remember dollar we spend you get to knock down pretty quickly even though i don't have much confidence in our congress nowadays but is that true if you just cut one penny would you build a knockdown pretty rapidly i'd have to i'd have to see the context of senator paul's comment on that getting obviously a savings even small savings can begin to to make big differences for you as one of the things that we outlined in the report is some opportunities to to really make some improvements on that so for example you know each year at the request at the based on statute the congress has released a report of duplication overlap fragmentation and also cost savings and revenue enhancement opportunities within the federal government over the last several years that has resulted in one hundred seventy billion dollars in observing that have already taken place as well as a combination of those that are that are booked into the future the point for on the.
"two trillion dollars" Discussed on Marketplace All-in-One
"Is it possible that what could become the biggest initial public offering of stock in the known universe is on the rocks or at least is drifting in tricky waters a senior saudi official has said in recent weeks that the one hundred dollar listing of the kingdom's gargantuan oil company aramco is on track for next year a move that could value the company at as much as two trillion dollars but how well is this conversion from stateowned behemoth to publicly traded corporation going the economist magazine thinks there's trouble patrick fouls new york bureau chief for the magazine the way he tells of this whole thing was an economist scoop in the first place all editor of the economist went to visit the deputy crown prince mohammad bin solomon a lost year and at the end of a very long discussion at one of his palaces he let slip foot haas of his plan to malta noise society arabia was to float the national oil company owner international stock exchange in malta noise it a now that grand plan which is really the centerpiece of his programme to reform the economy seems to be on the rocks i mean some of it is where will this listing occur if it occurs in new york that accrues to a lot of new yorkers if it is listed in london there's that but they could also listed on the home stock exchange and riyadh well that's right but of the the idea was you take this huge government bureaucracy and you don't sell it to the locals he may not be that sophisticated you sell it to global investors who use a big stock market light new york london and remember that following exactly the same model that china followed roughly fifteen years ago where those a round of big.
"two trillion dollars" Discussed on WDRC
"Please help me because i need to get something done he said look i didn't do this for politics i did this for the part what are they called bipartisanship i did this because of that and i want to help the people that are going through the storms that that's was his quote was but a lot of the other guy say look this was not a smart move yes we want to help those people as well but it wasn't smart what he did or thing you i mean that that one of our dilemma if they but we you and i had an off the record conversation a couple of weeks ago in that was really worried about you saw is actually thinking about you i've been thinking about you almost every day said with hell's rich was rich but the point was is that you and i have a conversation that is some money around and if you're on talk about we don't have to talk about it by his guy i'm old or i want you to bring given he can do doing two minutes guy can you tell the order a ninety nine point two trillion dollars from the pentagon nobody knew where the money washington josh mccown how much money on what how much money three point two trillion 3 point who trillion dollars from the pentagon burgum maybe midnight rich hold on one second listen his when rich told me this story i was like flabbergasted based on the fact that i couldn't believe it go ahead rich so what happened is a lot of people giving them a big barbecue point three trillion kroeker bring of work back and allow a trillion dollar and that opponent b barrack and they've been finally beat them fallon trump out there three point coach korean dog look repub event like coventry about interro over epo right row compound trump win on you that god gave up he.