Transcript for Coronavirus and the economy
A democratic proposal that would expand the child tax credit for one year given qualifying families up to. 300 dollars per child per month and is part of the by administrations corona virus relief rescue package it's aimed at helping Americans. Whether this pandemic and its economic fallout to joining us now to break down the status of that relief cracked up package Jared Bernstein. Though white house council of economic advisors thanks for being with us Jared. And Bob Bennett thanks and then let me ask you wouldn't other engagements Bob president trump form present drums behind us. The Biden stimulus rescue bill can take center stage on Capitol Hill itself realistically when do you think this can get past when would. American C benefits and you think. Any Republicans are gonna sign around. Police are the last point com. Republicans are going to sign time is yet to be seen but we talk about this budget process called reconciliation. Meeting. One way. Pass the bill without sixty goats that doesn't exclude Republicans. Across this and probably heard discussed. In recent weeks on the hill and in the last but that process has often didn't bipartisan. So Republicans could come over and help even if we go that processed fruit. I think what's important here is to recognize that this is not. A partisan issue what you get outside Washington. The president has met with business leaders bipartisan and he's met with congress from both sides of the he's talked to experts and economists. Including by way. The this idea has been endorsed by. The chief economist former president of the trumka President Bush. Just this morning in my Washington Post Hebron while from the mayor of Fresno California Republican. Whose I just thought this is very articulates I want to read back accuses. It's not a Republican issue or Democrat issue it's a public health issue is an economic issue and it's a public safety issue that's the American rescue plan. And whether you're eating or are. Reopened schools you wanna get relief to people you wanna get shots and arms and you want people and businesses back to work. Sick and some push back and dared to the one point nine trillion dollar size of this package and not just from Republicans economists like Larry Summers who served in democratic administrations. Warn that this could cause inflation and that it's at least three times a projected economic shortfall from the pandemic so why insist on this high number. Well I think the way to look at this alert is an old friend of mine and we argued about this and other things. Pencil a lot of respect colored we disagree on this point. But we don't look at this is not the kind of top down approach that he employed there but don't look at what it will take. To get to the other side of this crisis stuff finally. He'll call at ninety in the knockout blow. That Americans like the person you just interviewed a second ago are desperately looking for us to do that. Has heretofore not occurred we welcome gone too small we've had these pockets where something jaded with something else coming into play so look at. President did here was built a packet from the bottom. We get child care will help to people who need relief checks. To people who are trying to get their kids back to school. The states and localities who have to. At the end of the day control bars and distribute and produce there get the vaccine into people aren't. Limbaugh exercise you get to one point nine trillion. The risk here is not going to be a risk here is going to small and that's the risk we've seen. Are currently far too open and the president he's is intent on putting that respondents. And senator Bernie Sanders said has promised that that idea. To raise the minimum wage across the country to fifteen dollars an hour did should be included. In the final version that's gonna require all fifty Democrats to stick together and how likely to think that is due president support that. Yes the president. Unequivocally supports. Since the campaign he's always. Bin. Committed since he ran for president. Two raising the minimum wage to fifteen an hour and in fact that's why he put this in his very first significant legislative proposal and the reason is because this budget process issue aside for a second exactly what the American people think about this is that should pay Frontline workers. Schuessel among the fulfillment were in a warehouse. Hey home health day someone who's helping controllers who distributed vaccine should that person make a living wage. Fifteen dollars an hour gets you closer to that. Relative to send 125 an hour which is the current federal and when I think most people. Will agree that those essential workers word you just didn't sell their families or risk. To help us get through this crisis. Needed desert ridge that's we're president Biden has long been and he will continue to fight for that at all all of us. And another point of contention now or big question I guess at least is who. Gets those 14100 dollar checks the house democrats' proposal would phase it out. For individuals making more than 75000. And couples making more than 150000. On the senate side democratic senator Joseph mansion proposed capping those payments. For individuals making more than 50000 and couples at 100000. Where do you draw the line. They answered that question is is going to come out precisely. These exchanges that you talked about it. President has been very encouraging. Precisely these exchanges by the way not just with Democrats but with Republicans as well it would keep this and when Jen Psaki Press Secretary has said. Is that it is essential. That middle and low income people get these relief checks that they. Yeah. You pay you go to people with incomes of 25300000. You've heard president saying that's not something that he considers to be. You know professional tennis so the idea that you would faze those payments out that income levels that are nor could 250 K is something that's been under discussion. Bullets not under discussion is whether middle income families. This how. That they do know and don't tell you about themselves and I believe them and more importantly president Joseph Biden believes them. So jar bottom line when do you think this gets passed and doesn't get passed with bipartisan support. I'm not gonna get a day because. All economists are not a political lows counter I can only tell you the urgency with which president Biden wants to get this across the legislative goal line. Is directly proportional to its importance. In terms of controlling the virus distributed producing the vaccine getting shots and arms and finally finally launching a robust. Inclusive and racially equitable economic recovery. All right Jared Bernstein thanks very much for that and good luck.
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