tv Making Money With Charles Payne FOX Business October 28, 2021 2:00pm-3:00pm EDT
neil: all right. leave you with the nasdaq in record territory. the dow once again teasing that territory. did low the s&p 500. cheryl casone in for charles payne. cheryl: thank you, neil. we're waiting for nancy pelosi. we'll go to her in a few minutes. i'm not charles payne. i'm cheryl casone in for charles payne. the price tag is well off of what he wanted. we will look at market reaction to all of this, plus how you can take advantage of what's to come. the new disappointing gdp numbers for q3 cause for concern
for all of that spending? the big question mark now, is stagflation here to stay? what does the fed do about all of this. you have the story, two cities are rolling out universal basic income to pay residents with no strings attached. free money. how one is using your tax dollars to do it. all that and a lot more on "making money". ♪. >> do we have a deal? or are we going to have a vote? president biden unveiling frame work after social spending package, spending the morning trying to persuade house democrats to get on board. let's bring in hillary vaughn, live on the hill with the latest. we're waiting on nancy pelosi right now. the question is, does she bring a vote to the floor? reporter: that is the question question, cheryl, speaker pelosi doesn't bring things to the floor unless she is confident she has the votes to pass it.
that is the big question. the president arrived on the hill clearly very confident he could win over progressives to back a vote on the infrastructure bill this morning. he was asked if senator bernie sanders was onboard? he replayed everyone is on board but almost simultaneously when he was giving his address after he wrapped up this meeting with house democrats, senator bernie sanders went public with his opposition saying he backs progressives. told them to stay strong, stand their ground and not give the infrastructure bill a vote until the social spending package is ready. >> i'm pleased to announce after months of tough and thoughtful negotiations i which they have, i know we have an historic economic framework. no one got everything they wanted including me but that is what compromise is. reporter: senate moderates joe manchin and krysten sinema
were also noticeably dodgy about whether or not they really had reached a deal with the president and that silence from them is what planted seeds of doubt in progressives mind they could not buy the framework that biden was selling. >> it wasn't clear whether the two senators have committed to vote for it. i think it's a bit of a leap of faith in the president. >> infrastructure bill before the president lands in rome tonight? >> she said she wants a infrastructure vote today. reporter: that vote is expected to fail after house progressives huddled together to discuss a gameplan. the bottom line out of that meeting, the progressives caucus says they can't deliver votes pelosi needs to pass the infrastructure bill before biden lands in rome. some progressives think that might be doing him a favor. send as bad precedent, a bad message if they pass the hard
infrastructure and the president goes to the climb climate summit without the critical climate change piece stalled not passed through congress. cheryl. cheryl: that is why, hillary that visit to the hill was a critical moment for the president, kind of a gutsy move to build support before he goes to glass could you. come back before you get details. we're waiting to see nancy pelosi from where you are right now. thank you, ma'am. i want to bring in republican senator kevin cramer from north dakota. senator cramer, start with your reaction to all of these announcements. in particular it still looks like even the progressives are admitting this, we heard from congresswoman jayapal, that this is still krysten sinema's joe manchin's ballgame? >> certainly seems that way. but i don't know progressives are fired up about it either. as reports said bernie sanders certainly after the president he
does not support it. so it doesn't appear to me they have anybody, or at least not nearly enough people on board to call it a success by far. i don't think it looks gutsy at all he came here. i think he looks desperate as he gets on an airplane facing leaders from around the world, unilaterally disarming the american economy while polluters enjoy rolling back some of our own energy development as an example. i think he is a desperate president trying to get a whole bunch of democrats willing to follow him over the political cliff. i'm just not sure that is the case yet. cheryl: i'm assuming that you're talking about china, india, pakistan, countries polluting the globe. then you want to destroy the u.s. economy to try for the climate change bill. senator sanders, colleagues in the senate, not in the same party obviously -- >> i served on the budget committee with him. cheryl: tell me what do you think the thinking is with
senator sanders right now if you can go inside of his brain for a second here? he constantly pushed back and fought president biden every single step. he may be the one ends up in the progressive movement derailing this whole thing s senator sanders really ready to take on that type of responsibility, kill infrastructure and the social spending package at the end of the day? >> well, perhaps he is because as you know always finishing second. he is always promised these grandiose things as the head of the democratic socialist movement and at the end of the day the american people are not socialists. the pragmatic politicians in both parties know that the american people are not socialists, not marxists, they actually resist a lot of this stuff. the reason bernie sanders never wins the presidential nomination. he always gets close. there is pretty big rub in their power. that is the price of power and
they have all the power. we stand back as republicans resisting all of that, offering a better vision for the future than what is being offered. i might say this, cheryl about the hard infrastructure package. i actually think house republicans empowered the socialists in the house of representatives by their resistance to the package f they would deliver the republican votes, help pass hard infrastructure i think you kill this other bill, reconciliation bill all together. cheryl: interesting. you voted yes on the bipartisan infrastructure bill but again, now you got nancy pelosi who we're waiting on any moment now, she linked this obviously to the massive spending spree. >> right. cheryl: do you still support, if it was just infrastructure we're talking about right now. >> yes. cheryl: if pelosi splits up, we don't know if she will do, that could be today, we're waiting to hear from her, would you behind infrastructure as a stand-alone bill even if there is a pared back social spending bill down the line? >> well if they're separated one
has nothing to do with the other. in fact this is why i think if we would pass the hard infrastructure package, you have all the moderate democrats on board with that, the socialists trying to pair them together. you remove all of the leverage from the left if we pass a bill. but even without that, the end of the day that bipartisan infrastructure package is the right thing to do for my state and for our country. frankly for inflation. the reason we're having this hyperinflation, you look at the framework, incomplete as it is, invest a whole bunch of other people as money to the demand side of the economy with nothing on the supply side. that is why we have runaway inflation. i support the hard infrastructure package. makes all the sense. not perfect, not would be if republicans were in control. we're not in control, i think we have a pretty good package. cheryl: you're right on inflation. we saw the read this morning first read on third quarter gdp which was weaker than expected but if you look at inflation,
the pce core data, that the fed looks at, that was really high. so you're right, we're actually seeing that play out right now, senator. senator cramer, thank you very much. keep in touch. we're anxious to see what happens in washington today. thank you. >> we all are. thank you. cheryl: talk about market reaction to all of this. want to bring in burns mckinney and jack ablin. jack, i will start with you. are investors pricing in what we've seen with the framework or do you think this is still washington noise the street is maybe ignoring a little bit? >> no. i think, cheryl, thank you. i think that investors are starting to look at washington and calculating something will be passed. we're getting a much clearer sense now perhaps this desperation to get things done and deadline for month end. i do think investors believe
that a infrastructure bill and a reconciliation package will be passed. we're starting to see that reflected in the markets over the last couple of days, especially today. cheryl: also too, as you know i'm looking at some of the details in this burns, the pay-fors, right? i think this is where wall street will, their eyebrows will get raised here. they're talking about, this is the dem plan how to pay for this social spending package which now we know is 1.75 trillion, not 3 1/2. we're making progress, right? 15% corporate minimum tax on large corporations. looking 325 billion from that. that they say they want to tax companies on overseas profits. we heard this before. but the biggest one i thought was interesting, close the tax gap with the irs, investment and raise 400 billion from the irs. what is that? going after, going after companies and clawing back what they say is taxes that have not
been paid. that could be corporations. that could be millionaires. your reaction? >> well, you highlight a great example of why a infrastructure plan isn't necessarily the best way to provide broad economic stimulus to boost the economy and boost the broader markets because of the fact that a lot of the pay-fors, a lot of tax increases used to pay for it, those take place here up front versus a lot of spending benefits you get, they get spread over a 10-year span. at the same time there is still a lot of opportunity for investors. cheryl: so sorry, i have to interrupt you. we need to go live to house speaker nancy pelosi. >> thank you very much for accommodating the excitement that we had this morning with the visit of the president of the united states. a president with a big vision for america and came to speak to us about how he saw things now, presenting a framework, about about building back better with
women. i said over and over again the provisions in the bill are about children learning, parent earning. that means with universal pre-k and child care, with home health care, with child care tax credits and all the rest, that is a liberation for women to be able to pursue their careers, help take care of their families while their children and their family members are cared for. so in any event what we talked about that was the fact that if any one of these features were in a bill, that we were taking up in the congress, if we were taking up the child care pieces of this and home health care pieces of it, it would be historic, big. nearly a trillion dollars. children learning, parents earning, caring for our loved ones at home and respecting those who do so. second piece on the health care this one is particularly meaningful to me because of the
affordable care act. the affordable care act has been expanded of course to make it stronger but also to include the people who were not covered in the states that did not expand medicaid. we don't expand medicaid. we expand the affordable care act to enable those folks to, those families to have access to affordable care act f that were the only thing we were doing in this legislation, it would be transformational, trans firmtive around cause for celebration. so on the health side many aspects to it but that one make as drastic difference. when we go to the third bucket climate, as one who has, when i was speaker first time, the climate issue, well for a long time has been my issue but at that time i formed a select committee on climate and we get
good things with president bush in terms of an energy bill but not a climate bill. couldn't get 60 votes in the senate. that was when president obama was president. we moved on, at the same time we're doing the health issue but it was then so important, now drastic and urgent, short fuse on the well-being of our planet. so in this bill, i mean, half a trillion dollars in the framework that the president discussed, half a trillion dollars both in tax credits, outlays what we need to do to protect the planet for the children. all three of these health, planet, child care, et cetera are all about the children. they're also about jobs, jobs, jobs, jobs. how people access them. jobs that are created by the new green technologies. jobs that are part of the national security of our country. that is necessitated by our
protection of the environment. so it is an initiative that gives big tax cut to the middle class, creates jobs, good-paying jobs, lowers costs for families while making the wealthyist big corporations pay their fair share. that is really the framework that the president shared with us this morning and is, it's remarkable. it's remarkable in that it's a big vision, bigger vision than we've seen in a very long time maybe dating back to president franklin roosevelt and the new deal, in some respects to lyndon johnson who had great agenda as well. i remind, we always remind everyone that franklin roosevelt had 319 democrats in the congress at the time. we have 220, that makes a big difference. so again the transformative
agenda, the president was knowledgeable, i mean he knows chapter and verse because he wrote this. he campaigned on this. he spoke to this, in the state of the union address. i told him last night and this morning on the phone last night, but today in front of our colleagues when he gave the state of the union address we were standing, sitting behind him. vice president of the united states, kamala harris and speaker of the house, me, and people said how did it feel, how did it feel with the two women? that was exciting and historic. what is really exciting that the speech the president made about women. not about two women but about america's women and what would happen with this progressive agenda that he was putting forth. at the same time we're moving forward with bff, a once in a century chance to rebuild the
infrastructure that has been passed the senate a while back. the bif has good things and missing things and the reconciliation, let me not call it anymore, call it the build back better legislation is essential because that's where we have the major investment in climate although there is some in the bif. road systems, water systems crumbling. some water systems are 100 years, colleagues talked about their own experiences in their own community. some made of bricks and wood. that is a nice water system. electric grid is vulnerable to catastrophic outages which you have seen and decades of underinvestment have taken a devastating toll on the safety of our infrastructure. there is absolutely no question the most expensive, most expensive maintenance in no maintenance. that is where we are in many
cases. that is about job, jobs, jobs, jobs. over the life of this bill will be 7 1/2 million jobs, just in the bif. if you take it with the other bill more like 20 million jobs over the 10-year period, just with two these bills, not talking about what else happens in the community. in the economy. so it is, it is pretty exciting. we are, so where we are in time, that is what you want to know, right? 3:00, to 30, right now the rules committee is preparing to go in. they have text. the text is up. people have said i want to see text. the text is up. the text is up for review, for consideration, for review. people will then say, well this should be this way or clarification or addition, subtraction, whatever it is, this is the legislative process and right now today we will be having a hearing.
they will hear from our chairman about the greatness of the build back better initiative and it is pretty exciting. i'm so proud of the work that our chairs have done. and the work that everybody did to try to cut it in half. and in a way that we could maintain support for because, competition for the dollar, even at 3.5 trillion, when you cut it in half, becomes shall we say, keener. so that is what is happening now. we had said for a long time now, we had a framework that had our priorities spelled out clearly and agreed to, that added up to a top line, start with the priorities, and then added up to a top line which was the limit, prior as i mentioned the top
line, 1.75 approximately. and the commitment that we would have the same bill pass the house and the senate. that is what we have now. that is what the president presented. and we won't have anything regardless of whatever input we have in the bill unless it is agreed to by the senate. and of course we have to have it comply with the senate 51 vote rule, the byrd rule and two things the byrd rule and privilege jeb. more on the subject you ever want to know. that is what we have to do. we hope to do that soon but we again, have to listen as the printed version goes out. there is some clarifications that will come forth because there is, it is always moving a bit and that will happen in a manner of amendments.
we're on path to get this done. for those who said i want to see text, the text is there for you to review. for you to complain about it. for you to add to subtract from, whatever it is. we'll see what consensus emerges from that but we're really very much on a path. that is where we are. we have the bif. the hearing today. we have the text out there. we're on a path to get this all done. reporter: thank you, madam speaker. we've been hearing from a lot of progress serves who say they would still not vote for this package. so is it premature to move forward with a vote on the bipartisan package today? do you trust senators manchin and sinema will vote based on what is outlined in the framework? >> i trust the president of the united states. again the text is out there, if they have some, anybody, any senator, any house member have
suggestions where their comfort level is, dismay might be we welcome that. but i trust the president of the united states. we will, we have, you know, all the things i named, we have agreement on most of those things. people may see the language, this may go further than we thought. i don't know. we'll see what they say back. we're within range on those things. there are some things not in. i frankly have not given up on but being a mother of five in six years i always bring that up. changed more diapers than anybody in the congress. i would like to see paid leave for babies if we can't get the rest. but that is still a work in progress shall we say. reporter: did you hear from some of your members like cori bush from missouri she felt she was quote, her word, bamboozled what she was expecting today. pramila jayapal, the chair of
congressional black caucus, she has the votes to keep the infrastructure bill from passing, what is your response when you hear that dissension in your caucus where you stand when you stand a very positive picture? >> i have a respect for full spectrum of the big tent of the democratic parties. they have concerns when they hear senator manchin have concerns. everybody has their chance to say what they wish. yes, sir. reporter: one of the things progressives want to have a vote on the build back better bill. at the same time, as the infrastructure bill. >> that's right. reporter: why not wait, delay for a work in order to move the bills at the same time? why are you insist having infrastructure bill -- >> we had a target for this a long time. you have to remember we planned for $3.5 trillion. we were totally ready. i say this because i feel some level of responsibility for working everybody so hard to be
on time for september 15th. and then, then the rug was pulled out when they said we're not going that high. then we had to take it down. but in the meantime the clock did not stop ticking on the calendar. did i mix my metaphors or my time frames? so we see october 31st is the date of expiration of the highway trust fund, then we made this the target date for us to get this done. we need certainty. let me just read this to you from our colleague. today -- if house does not pass the bill by october 31st this is from peter defazio, surface transportation once again must be extended. without an authorization in place the federal highway administration, the federal motor carrier safety administration, the national highway traffic safety
administration, and the federal transit administration will have to cease effective operations. as a result that would force furlough of approximately 3700 employees at the u.s. department of transportation. short term extensions are highly disruptive of transportation project planning and delivery carried out by this department, and states departments of transportation, transit, goes on and on so this is, this is professional. let's do it in a timely fashion. let's not just keep having postponements, leaving any doubt as to when this will happen. reporter: madam speaker, just, you know, you have called this out as president's transformational -- >> i'm sorry? reporter: you and the president called this legislation transformational the build back better but how is this transformational if you're having to cut things like paid leave -- >> having to do what?
reporter: how is this trans formationsal if you're cutting things like paid leave, major climate programs and what are the plans going forward to try to deal with some of those? >> thank you so much for your question. it is transformative and it is historic and its, the issues that it addresses, not issues. these are values, these are values, the resources that a allocated there. i'm still fighting for paid leave. i frankly have a hard time debating it because i don't understand why we wouldn't have that but nonetheless, as it is not undermine the fact that we had nearly a trillion dollars in universal pre-k, child care, child tax credit, home health care and the rest. so one program is important as it is, does not subtract from the rest of it. we still want that. we have it. we passed it. and the department of defense
bill, former department of defense bill which has fade, not family, just family leave, not medical. family leave for federal employees, department of defense employees and the civilian workforce associated with them. we already have gone down that path very nicely. in fact senator manchin said some very good things when he voted for that bill which had that in there but, how can i say that this is, how can i say that this is transformative? because it is. because it is. because children in 12 states, families in 12 states will now have access to the affordable care act. millions of people added to that. that is very important. because we'll have half a trillion dollars to save the planet and that is a jobs issue. well it is a health issue first of all, clean air, clean water, addressing the asthma issues all the rest and environmental
injustice of it all. the hello issue, it's a jobs issue, new green technologies. have america be preeminent in the world and those technologies. it's a national security issue as our security experts tell us, conflict that could arise from competition for habitat and resources because of rising sea levels and all of the other consequences of climate, the climate crisis. it is a values issue for us to be, our responsibility to future generations to pass this plan on in a responsible way. and the fuse is growing shorter on the time frame for us to do that. matters are getting worse. we are not going to make matters worse, we're going to pass this legislation. and as i say that, we have to, what this ledge would do is to help the president meet his goals, the goals of america, for how we reduce emissions and owe solution and the rest. not only how we do that, meet
and beat the goals of the paris accord but also how we help other countries do so. the poorest nations in the world have contributed the least to the emissions challenge that we face and we need to share technology and other resources with them so they can meet their goals as well. then the third part called abot the care piece, health care piece of it. this is quite remarkable and if you took any one piece of it would be transformative and historic. taken together it is quite a spectacular vision that president biden has put forth. i salute him for it and when i tried to show, shall we say make a case for this or that, you don't have to tell me, i wrote it. i know the particulars. that is what was so demonstrated this morning. his meticulous attention to detail. appears knowledge of everything that was in the bill. we're really blessed with his
leadership and when he goes to these meetings with the g20 now and then to meet his holiness the pope and to go to glascow we want him to go as strong as possible. i had my meeting with holiness the pope i brought the president's greetings. i brought the greetings of the congress of the united states and climate was a very big important issue for his holiness as i know it would be part, i assume it would be part of their discussion but the climate issue is not just about as i say, health, and about people in poverty taking a terrible bite of this warming apple called the climate crisis. it's a big values issue for us. anytime you want to ask me why i think it is transformative i'm happy to answer the question. [reporters shouting] reporter: white house framework includes 100 billion-dollar investment they say is separate for immigration?
is that separate within the build back better act or separate from the build back better? >> over and above the 1.735. reporter: madam speaker, are you holding a infrastructure vote today? have you made that decision? cheryl: house speaker nancy pelosi telling us some things but not telling us other things. here -- podium. grab your notes. grab your mask. here is what we know so far, okay? at this point not getting any official word on a vote today for the infrastructure bill. we'll start with that, the 1.2 trillion, okay, she would not commit to the reporters questions, they were shouting that out. what she wanted to focus on, what president biden dilled this morning, talk -- build back better plan which is $1.57 trillion. what they're doing is, this is kind of a rules thing, going to the rules committee which starts right now.
they have now published the text. everyone wanted to see the text of the social spending package. that is not 1.75 trillion. what is interesting, a lot of lot of progress serves want the two bills to go through together, okay? as you can see here, the markets are, we have stability of the markets. want to bring back in jack ablin. burns, to you first on this one. i think what is interesting here the politicking has continued. the progressives are saying, if she is not bringing that infrastructure bill to the floor today, that tells me she doesn't have the votes, right? on the other side they want to actually try to get more support on the social spending package. it is just more politicking. >> right. from an investors perspective we like to focus more than anything what the market is pricing in. what you can blatantly see investors don't have the patience for watching the sausage getting made in washington.
as a result a lot of infrastructure levered investment ideas, invests of stocks you can buy, they lagged for the last 10 years. they have lagged last year. for stock-pickers there is really a lot of opportunity, there is a lot of meat on the bone to take advantage of opportunities, provided there is some degree of bypartisan support to get something across the finish line. cheryl: jack, to be clear, why i wanted to focus on infrastructure i want to see if she would commit to voting on infrastructure. that is a market positive. that is investment. that is roads. that is bridges, wi-fi in rural areas. those things are business positives and that is a bipartisan bill that has been sitting on the house side now for weeks and weeks and it is still going nowhere because of the climate change agenda. at some point either one dam will break or both. >> yeah. i think that investors are certainly would welcome the infrastructure bill. you're right, it passed senate, boy a couple of month ago and been sitting on the house, sort
of held hostage if you will by small group of progress -- progressives. market is reacting favorably to the progress. they are breathing a sigh of relief on the tax side. most of the tax initiatives we're seen are incree mental. 15%, minimum tax on book income. this global 15% tax rate. actually could benefit the united states because that is really a strike against these tax havens like ireland, singapore, hong kong. so i think all in all, it's a net positive. we didn't see this unrealized gains tax on billionaires that would have just been impossible to enforce. no pie-in-the-sky tax here. mostly pretty meat and potatoes. that is part of what investors are rallying around to say
pretty simple tax program. see if we get infrastructure, see if we get spending. it is all good. cheryl: to be clear with the pared back social spending package we were talking about 3 1/2 trillion. now we're talking about 1.75. that is inflation. we just had senator cramer come on the show a few moments ago, said exactly that. you're talking about more and more spending. you will have less people in the labor market and you will have more inflation and that is hurting the economy, and that is what is a market concern and it is a fed concern. all of this at the end of the day kind of tie together but to let our viewers know, nancy pelosi would not comment with shouted questions would be infrastructure vote today but go through the rules of the text of the social spending package. you might as well-put alan greenspan back on television to figure this out for all of us. guys, thank you very much. appreciate your time. being patient with us with all the breaking news. we'll take a quick break.
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cheryl: we are getting breaking news on facebook. the company has just unveiled their rebranding. this happened just moments ago. they're trying to separate the company from recent scrutiny and bad press. here is what they do. development into the metaverse. they will call themselves meta. calling the company meta, founder of facebook, now meta, mark zuckerberg detailing expansion to the met metaverse rebranding enough to help the company move past the recent bad press. let's bring in slatestone, kenny polcari. meta.
kenny your reaction. >> i don't want to live in virtual reality world. put on glasses, never leave my house, that you're in 3 d. i would rather come to the studio to be live with you. i get it. maybe i don't get the whole metaverse thing. i think the whole thing is ridiculous. certainly will not suddenly change the scrutiny. suddenly will not go away because they changed their name. i think quite the opposite. i think it puts for focus on what they're doing. cheryl: well what is interesting here, if you look at the stock right now, facebook is actually higher, almost up 12%. when the news crossed it was up two or three. now a 12% jump in the stock. >> it is mind-boggling to me that traders, because i can't believe it is really investors, traders types would run right in because they announced a name change. which by the way we've been talking about for weeks. not like they didn't know it was coming or coming today. are they rallying it 10% because they like the name metaverse? makes no sense to me what the
rally is all about. cheryl: maybe buy on the rumor, sorry, sell on the news, buy on the rumor. exactly what this is. i've been doing this a while. move on to what is going on with washington. republican senator pat toomey just introduced this bill t would basically the prohibit the sec touching payment for order flows, would affect the biggest name robinhood. the way they make money, free for investors use the loophole. he wants to shut that down. i've been anti-robinhood talking to charles. does that change your opinion at all? >> in fact toomey is way wrong trying to prevent gensler doing what is the right thing to do, prevent payment from order flow. i think it puts everyone in a compromised position. as far as i'm concerned we now trade in subdecimals, right? thousands of a price point,
between 21 and $20, thousands price points. why are we putting anyone in the middle at all? let buyer trade with natural seller at a price determined at that moment in time? i think payment for order flow has been an issue all along. i'm on gary gensler's side on this. i don't know where toomey is coming from. i don't know who is putting pressure on him. i don't know if he is beholden to citadel, virtue and other ones that support the model. it will be a an interesting conversation. but i'm on the side of gary gensler. there has to be a long hard look at payment for order flow. how it is used and does it benefit me as investor. my product flow, your order flow becomes the product they are now selling. am i really getting the best price possible at that moment in time? i would argue no. cheryl: i don't always agree with gary gensler either. honestly if it protects those out there trading, we've seen a younger generation want to come into the markets to be part of
the stock market i'm with you. we have to run, kenny. agree with you. we'll talk on twitter. kenny polcari. good to see you, sir. we have a lot more coming up. imagine having to turn down a half a million job because you're dealing with a massive labor shortage? that is exactly what one company forced to do. we'll hear from them coming up. ♪. (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria.
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♪. cheryl: the cities of los angeles and chicago are launching the biggest universal basic income programs in the country. for more on this i want to bring in walser wealth president, rebecca walser. rebecca, you have to hear the numbers, this is crazy. in chicago, $31 million. in chicago five, 500 bucks a month. l.a., they will get $1000 a month. what they do for the money is nothing. your reaction? >> universal basic income does not work. if people understood, if they
were economists understood how ubi works, it doesn't work f you take a poor person, rich person, give them all universal basic income, give them $500 a month, they're all exactly in the same position, because they grow by $500. the what happens the cost of good, the supply chain shifts, you have more demand, prices go up. poor is just as poor and middle class is just as middle class. you need need-based ubi for people able-bodied who can work. we have enough under the afp plan and infrastructure bill speaker pelosi. cheryl: 1.75 trillion. anyway. do you think other liberal cities will follow suit? >> they they will. they're trying to push ubi. trying to push socialism. change the worth ethic fundamentally at level across
america. they want half oar more of our country dependent on federal government. that we'll have free, equal opportunity but up to you to make your life will become. cheryl: what i don't understand, we have, we got it from the government. 10.4 million available jobs out there at the end of august, the last time we had that data but we're incentivizing people not to work. you know, you talk about, we had nancy pelosi on talking about this build back better plan. you know what? the joint economic committee, this is a new study, these are the republicans, they say basically the government programs, policies, are exacerbating this decades long workforce exodus. basically paying people not to work. they're disconnected from the job market. i was looking at some data from this. these able-bodied males that have no reason not to work, just aren't. because they're collecting you know, various types of government benefits.
yeah, we're still talking about another 1.75 trillion in spending. i just don't understand the logic? >> it is one thing if they start with five trillion, cut it to 3.5 trillion, now at 1.5 to be more palatable to the american people. because the whole thing should be tossed in the garbage. it should be thrown away, lit on fire with gasoline and it is that damaging to our country. we should find it offensive to have law in united states of america build back better this is world economic forum model. this is not president biden's presidential slogan. look in the world, italy is using it, it is world economic forum, global reset phraseology that we're making a u.s. law. this is atrocious. it has to be stopped but you're 100% right, cheryl, the afp plan, step up on the you know, federal level which put out in september, labor day, we see that. this is for as many job openings as we had, i had the most
difficult time ever hiring people this year. people do not want to work. it turns out if you pay them to stay at home to watch netflix, they can get by they will. they will do it. they will do it. so common. cheryl: and they are rebecca. we're talking actually to a company that has gotten hit with this coming up next. rebecca walser, good to see you. >> thank you, cheryl. cheryl: same line of thinking here, a labor for hire company says they're losing out on huge projects because they can't find enough workers to take on more jobs. the cofounders of them. that is coming up next. ♪ have a good time 'cause it's all right ♪ ♪ now listen to the beat ♪ ♪ kinda pat your feet ♪
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free decision guide. humana, a more human way to healthcare. >> cheryl: starbucks hiking its pay to $15 an hour to attract workers and fight off a union effort. company joining costco and walgreens, raising prices to combat the labor shortage, but it's not just big companies that are struggling to attain workers labor jack, a labor for hire company in colorado, is struggling to find workers so much it's caused them to turn down jobs, worth get this , up to $500,000. with me now, labor jack movers co-founder blake craig and josh mosher, and great to have you both here. josh, i'll just start with you. you're losing a lot of money. why aren't you able to find workers? >> well, the problem is twofold there's really a shortage
because of macroeconomic factors at play and also a psychological element at play too where the dynamic and what workers want and modern society has changed so that's why we're building a tech platform around that and trying to be solution- oriented instead of dwelling on the shortage that exists. >> cheryl: but companies across, i mean we're talking pet grooming services, we're talking restaurants in particular, blake so this is small and medium businesses across this country that are losing business, they can't even keep their stores open as long as they would like to to get new business and this is after the pandemic, because they can't get people to work there. how do you entice people to come in and work for a small or medium-size business? >> yeah, cheryl, that is the problem is universal whether it's retail, labor, manufacturing, logistics. it's everywhere, and we have actually become a huge allie to other small businesses as we can
step in and help them supply them the workforce that they need to get through these incredibly interesting times that we're going through and all the things that are making this world a little goofy right now. >> cheryl: okay josh you mentioned technology i do want to ask you about that more but i will say your company did boost wages during the summer. did that help at least? >> yeah, you know, we did see an increase in the amount of people getting off the couch and back into the workforce, and we are thankful to have all the laborjacks out there, you know, out and about working as we speak, but we need more of them, and as blake mentioned we've seen such a surge in in demand for our services it's really about trying to cater to those needs and really build a platform that caters to the future of the labor force. >> cheryl: blake, what's interesting is that we're talking about moving during a time in our country where we've got mass migration with people
fleeing urban centers and moving to, you know, to get more space. >> yeah, the coastal flee is real and that's all you need to look at is the average home prices in colorado and what they have done over the last two years, but yeah, i think what we're seeing is we're able to offer a better work experience and just like most small businesses need to find a way that they add value to their consumers, we're doing that for our workers as well, and while we have not been able to keep up with the demand from the consumers, we're still growing at over 90% compared to the same timeframe last year so we're having success, but we're nowhere near the demand that we have and that demand is really coming because of what you said earlier where nobody else can hire, so they are now businesses are now more open to come into a gig economy platform like labor jack for staffing needs where it had just been consumers >> cheryl: i hope you can help
companies out there good luck and please keep us touch and posted, blake and josh, the company is laborjack. that is it for "making money" charles will be back tomorrow, but make sure you tune in every tuesday night, 8:00 p.m. eastern time, american dream home followed by mansion global, that is right here, fox business prime. myself and casey macdonald got your real estate needs covered. liz claman, i'm feeling very met a. liz: and kenny polcari, dude, you look old when you say you don't want to be in the meta verse. cheryl, it was crazy what mark zuckerberg just unveiled. we're going to show you the highlights from it in just a second. we'll show you that wall street actually really likes what's happening in washington at this hour, the s&p and the nasdaq aiming for new record closes, investors snapping up stocks as we wait for a vote on that bipartisan infrastructure bill that could happen as early as today. markets charging higher dow
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