tv Whatd You Miss Bloomberg November 5, 2021 4:30pm-5:00pm EDT
member has indicated and i believe we will have an overwhelming democratic vote and pass on our side of the aisle the build back better legislation. i now like to yield to my friend jim clyburn, who has been so important in moving this bill forward. rep. clyburn: thank you, and the speaker, for their vision, getting us to where we are today. think of what we are about to do . in the past, a piece of legislation that will be very transformative to many of our communities. if you look at this bill, the so-called infrastructure bill, we see funding that gets us to about 70% of the way with 100 percent buildout of broadband in our country. that come unto me, is very important.
you are not going to be able to have the kind of medical care that we need unless we have telehealth and telemedicine. you're not going to have the adequate education for our children unless there is online learning that has to take place. rural businesses are not going to be able to thrive unless they can have just-in-time delivery of their services and products. broadband alone is a big deal for me. but if you look at the communities that i represent, rural communities, these communities that this bill, water and sewage time to development in needs to make these effective for future growth and development. this bill cancels a long ways down that road -- gets us a long ways down that road and not to mention what it does for our
ports. our ports, when you see a state like south carolina, now we do more tires in south carolina than in ohio. mercedes-benz is made in north charleston. bmw. they've got to have the ability to get these products out. so this infrastructure bill is huge for my state and the community i represent. and then that gets us to the rule on build back better. in build back better, the reason we have to have that bill is that is where so much of what we need for families to get to where they need to be, for the
communities to get to where they need to be. take, for instance, children, and that bill is where we make permanent for another year that tax credits for children. tax reduction, i call it, for families with children. these things are very important and not to mention the other parts of the family that are taken care of and that bill. so when i think of what we've got to do for the cost of pharmaceuticals -- i use the word pharmaceuticals rather than the drugs -- they cost the pharmaceuticals, the cost, it is in build back better. i think there is strong support in our caucus for build back better. so today, for us to do the
infrastructure bill, so the president can keep the job that we just heard about this morning moving forward, that is a huge deal for us, and then we will go on to do the rule so we can go home and await his final numbers coming from wherever they rather come from and do what we need to do to pass that bill sometime into the future and i will let the speaker tell us when that will be. rep. pelosi: let me just say how important it is to have a real though. once we have the rule vote, we have to pass to the floor. all of our memories voting for the rule says that we will pass the bill. there is the rule vote. people have to understand, this is the threshold. we will cross the threshold that'll will take us to that. >> you have the republican votes
to pass the bipartisan plan? rep. pelosi: we hope to have as many democrats as possible to pass the bipartisan plan. >> [inaudible] indicating [inaudible] the infrastructure bill if it goes without build back better. [inaudible] do you have the votes right now for the infrastructure bill? rep. pelosi: we all speak to each other quite regularly. i spoke once or twice -- it is a constant conversation among all of us in our caucus. the fact is we believe it is necessary to pass the bill so these jobs can come online as soon as possible. we have waited a while, we had hoped to pass it sooner but we cannot wait to much later for
the legislation. i do believe that there are a large number of members in the progressive caucus who will vote for the bill. that is my understanding. mr. clyburn has the official whip count. i have the secret whip count. i don't tell anything of what people tell me, not a been -- not even you, but i have a good feeling. >> [inaudible] rep. pelosi: we will see, won't we? anybody else? >> there's going to be a vote, there is not going to be a vote. at a certain point, do you worry that it's like to look like the democrats can't get out of their own way? rep. pelosi: welcome to my world. this is the democratic party.
vitality and diversity is something that we all respect and admire. we are not a lockstep party. we are not a speech as one person and opl's need to show up. that shows the vitality of our party, which we value and treasure and respective different opinions within our party. one of the challenges that we have, because i have been here a long time, all three of us, in those days, all of this would be done, but not on 24/7 platforms where there are opinions going out to my characterizations going out before anybody knew what was going on. it is an additional challenge, but i see every challenge as an opportunity. yes? >> what is your message to progressive's who say they will not vote for the infrastructure bill [indiscernible] romaine: we were just listening
to speaker of the house of representatives in the united states, nancy pelosi, talking about these two pieces of legislation that need to make their way through congress. the main impediment is her own party, the man standing to her right is jim clyburn, the house majority whip. it is his job to keep track of the votes amongst his own party to make sure that they have enough votes to pass anything that they bring to the floor. he did not reveal his cards. nancy pelosi joked that she had her own secret whip count and that could effectively -- she was confident she would have the votes. maybe we can listen in now that we have the feedback. rep. pelosi: the list goes on and on. it is very important that we pass it. i hope they would make a judgment on the merits of the legislation. >> the inability of democrats to pass this today, what does this show -- rep. pelosi: what inability?
we are moving the build back better along. this is the first major step. with all due respect to your characterization, this -- we are in the best place ever today to be able to go forward. we have not had this level of progress in terms of the bipartisan infrastructure framework, jobs creation legislation, and the opportunity to have a path to the build back better for women. and for women because there is so much in there that is liberating for women, women in the workplace. and dad's too, who have from responsibility, whether it is childcare, whether it is eldercare and home health care,
whether it is a children learning, parents earning, the child tax credit that helps pay the bills. and, of course, we are proud of the fact that in this legislation, we have the opportunity for people in the 12 states who have not embraced the of for the care act to be taken under the affordable care act. this is transformational. everything i mentioned is supported by senator manchin and cinema cinema -- and senator cinema. there are some things they may add, subtract, or whatever, but over 90% of the bail -- bill was built house, senate, white house. there are a couple things at the end that are different, we will deal with those. but this is transformative, historic.
this is two joint steps forward today. -- giant steps forward today. >> [inaudible] rep. pelosi: no. >> [inaudible] romaine: walking away there, nancy pelosi getting ready for a critical test of her own party, that is $550 billion, bipartisan info structure bill, that has passed the senate, she needs to pass it house of representatives. the progressive members of her party only want to see that bill pass if the broader $1.75 trillion spending package my joe biden is included with that. it is not appear that is going to be the case. she is going to try to move a procedural vote on that tonight as well and try to pass that later sometime by thanksgiving. the question is whether other members of her party, particularly the far left
members, are willing to go along with it. she did allude to -- or one of the questions posed to her alluded to the head of that progressive caucus, pramila jayapal of seattle, who has been out i believe today saying that she is not necessarily on board with this. >> she is sticking to her guns in terms of what the progressives are willing to do which is a vote on both bills. perilla drive all -- pramila jayapal is saying if some of the memories of our party need a cdo score, that is fine. when they are ready to vote on it, we will vote on both. but speaker pelosi is saying that she is going to still drain of those votes to the floor. it is really a game of chicken, build a progressives be embarrassed enough to vote no on the bipartisan infrastructure and no one moving build back better forward, at least a procedural vote? that is really the chance that
speaker pelosi and the leadership is taking this evening. caroline: we continue to follow it. we thank you that you are going to be down there covering it for us. of course, within all of us -- all of this, focus on infrastructure, a lot of the time estoppel at jobs to the united states. let's think about the october jobs report we got today and looking pretty strong. within those numbers was continued inequality and something that a senior economist is the perfect voice to comment on. talk to us about how you read these numbers. it was strong. however, within that, the participation rate is not looking good, particularly for people of color, women of color. elise: the numbers came in pretty strong, so i would say we are adding over one million jobs , half a million jobs, excuse me , in october and we did see some strong revisions for the prior month. it came a little stronger than
people anticipated in terms of those revisions. so that is promising. but when you dig into it, there were some groups that continue to be left out. the black on implement raid saw no progress even though the overall on rate did drop. we did see the participation rate has not improved at all. that was flat as well. we need to see those measures improving to have the economy come back and work for all. taylor: there is big discussion going on about that labor participation. our own economist here internally mentioned a lot about powell on wednesday saying maybe we could speculate some of those jobs are gone and are gone permanently. if that is the case, how do we get back to some of the previous labor force participation to make sure everyone can come back and get a job that they want? elise: it is important to remember that labor force participation tends to be a lagging indicator in the
recovery. that is true in general and recoveries. we are still any pandemic, there is reasons for millions of workers to have some positive returning to the labor market, for customers to have a pause in going to do things in person. as the pandemic receipts, we will see workers coming back. in that recovery from the recession, there were people that said, these are going to be permanently sidelined workers, now they are saying the same thing. i don't think that is going to be the case. i am optimistic that as the health concerns recede, they will return. romaine: when do we get that balance on the wages side echo there has been discussion -- wage side? there has been discussion, there has been talk about the idea that people -- i say real people and i don't mean that in a fervent way -- are seeing inflation anyway in their day-to-day lives that maybe is not showing up in the data, at least not an aggregate data that
would cause more concern. elise: some of the inflation we are seeing is isolated to certain sectors. i'm hoping we will see some of that eventually come down and the wage growth will hopefully overtake this, people will see some improvement in their living standards. one of the things that we have to pay attention to is that we know that many of the jobs lost last spring, in the pandemic recession that lasted two months, in that time, most of those jobs where low wage jobs. as those jobs return, we would like to see that pulling down average wage growth and that is not necessarily a negative sign to the economy, it is a sign that some of those low wage workers, some of those most vulnerable workers have finally got some footing back in the labor market. caroline: what gives them the footing? is it breakthrough announcements from pfizer that you have pills
to help combat the virus? is it school's re-opening fully echo you don't subtly have kids having to be pulled out because they have been exposed to covid? what gets us there? elise: i think the answer is all of those things. it is a mixed picture, it is multifaceted. each of those element have an important also the pandemic is number one on people's minds, the ability to have childcare for your kids, the ability to send your kids to school and know they are not going to get quarantined and you cannot take a full-time job in that circumstance. the kind of investments being talked about in the hill, what we heard in the press conference, build back better, that is going to get women back to work. we saw the pandemic magnify the problems that many parents face, many caretakers face in the economy, being able to balance work and family, balance the responsibilities of childcare, eldercare, home health care for family members, and be able to have full-time employment. taylor: romaine hinted on the
inflation question, talking about the bill back better plan which we don't know if that would be similar to and provide higher inflation. there was an interesting note, if you combine these forces together, a decline in that labor force productivity and you are seeing higher inflation. bond markets are saying that is a negative. we will not ask you to open on bond markets but as an economist, what does that mean for you? elise: we have to look about where inflation is coming from and a lot of it is coming from particular sectors. in autos, we are seeing inflation there where as we are seeing wage increases happening in restaurants, which is a promising sign. that is not necessarily mean employers are paying more for those workers, they may be getting increased wagers because there's more customers, there's more sales and therefore more tips. we have to take each of these parts of the economy intern and make sure we are not mixing
different features of what is happening at the same time. romaine: i'm curious if you have seen any correlation between some of the benefits of extended benefits ending and the current state of the job market. a lot of people made hay about that a few months ago and some of them and upright, some end up wrong. i'm curious as to whether the net effect as we move forward this year and next year, we start to see people say, i need to get back into this labor force to make a living, to support myself in a way that i cannot continue to do? elise: what you are going to see is any leverage workers had in that momentary time when they had that safety net, that has now fallen away. hardships have already ensued among many people across the country who no longer have that lifeline to pay their bills and put food on their table, they don't have it anymore. they don't have that kind of bargaining power to get back into the labor market with a
better job with higher pay and waiting around to try to get a job with better benefits, with higher pay. as those workers come back in and players will continue to dictate the terms of contracts and be able to not have to pay as much as those workers fled back in and that is an unfortunate situation and that is why we have to get back to a lower own up limit rate -- unemployment rate where workers become scarce and workers have to pay a little more to attract and retain workers. caroline: talking about retaining workers, i'm interested in your perspective on the role of unions at the moment. whether they are providing wage pressure in any way, whether we can think they are going to be growing in scale and carton size. -- clout and size. elise: increased unionization is one of the only ways that outside of a full implement economy, outside of stronger labor standards that workers can
paid up their wages, doing that collectively. that is a positive move for the labor market and for workers and their families overall. taylor: i want to bring you some breaking news that we are getting. apple is now hiring tesla's autopilot software director for its core efforts. this is the x tesla executive speaking -- that might be a different story. let's go this one. apple hiring tesla's autopilot software director for car effort. we have been talking about big car efforts from afro -- from apple. caroline: it is important when you are getting competitive in the space, looking at rivian, for example, boosting its price range as a company that is going to have a significant capital marketization. amazon owns a big chunk of rivian. we are going to talk about amazon more, we are going to be
talking about unionization efforts that amazon is fighting against. remember, today, the news about unions, worker action to demand higher wages, customers facing weeklong delays as the strike at deere continues. companies deal with the labor issues from shortages to stripes. -- strikes. let's talk to the union president at amazon. christian smalls joins us now. you have a fascinating story because you no longer work at amazon, fired in 2020 after protesting the covid-19 policies. amazon says it was in violation of safety guidelines, he says it was a retaliation to your activism. talk about that much towards potentially unionization, particularly in staten island. christian: thank you for having me. my journey started last year,
march 30, when i walked out over covid-19. i traveled the country uplifting voices of amazon workers, up until the point of about six months ago when the alabama vote failed, we started to organize in staten island. we thought it was the right timing, the iron was still hard with the labor movement, everybody start of -- sort of heartbroken over the results. we tried something new and i'm happy to be part of it. here we are before an election last week monday. we are preparing for an election soon. romaine: there was a lot of pushback to your efforts as well as other efforts at other amazon facilities as well as other companies as well. in the last few months, maybe even the last few weeks, it seems that that has softened a little bit. not necessarily the pushback,
but the appeal to workers to entertain the idea of joining some of these unions and i'm wondering if you are aware of anything that has changed with regards to the sentiment amongst workers and their view of labor unions. christian: this country, since probably the 1960's, the demise of unions, less than 10% of the working class is unionized workers here, it has been a hard struggle to educate people on what unions provide but we got over that with other controversy that has been happening around the labor movement. we are at a point now where workers are stunning to realize their value. when we got deemed essential workers in the pandemic, workers started to realize that their employers are not treating them as such. if we are essential, our health and safety is essential. we are a necessity. the way we are organizing, the
way i am forming this union, i'm putting the workers in the driver's seat, letting them control how this union should operate in having the independent worker that union is starting to resonate more in established unions because we know the ins and outs of the employer. that is what we are trying to do in staten island, trying to do something that has never been done before. it is unprecedented but it is working. i'm hoping that we will be successful. taylor: tell us more about the value propositions because the companies could argue they are already raising wages, they are coming out and trying to do a lot and provide lexical schedules. what then is that extra value proposition for what that labor union provides? christian: it is easy for their company to say that they pay better than their competitors, that is what they all say. when the bar is so low and you have given out breadcrumbs, easy to make that point from their standpoint. but when the cost continues to
rise, the productivity, the amount of productivity that a worker is putting out and not receiving on their end, it does not benefit the worker, that is where the issues lie. amazon made $88 billion, jeff bezos on pace to be a trillionaire, he went to space and came back and think his workers for paying for that. that was disrespectful. we deserve more and we believe that we should be paid more. beyond wages, job security. amazon fires and hires people at a rate of 150%, we want to put an end to that system and put the workers back in charge. caroline: we would love to hear from you after the hearing. christian smalls, amazon labor union president. great to have some time with him. when the breaking news whether it is about boeing's settlement as well, good to have a
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>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: coming up in the next hour, locked down darling no more, peloton its biggest ever stock wipeout after cutting its forecast. the ceo is no longer a billionaire.
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