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Revised stimulus relief package is a ‘very strong offer’: White House economist - YouTube
Channel: Fox Business
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white house for a moment tyler goodspeed
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joins us the white house council of
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economic advisors acting chairman and
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anything you would add before we dig
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into the economics on this in terms of
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size and scope or
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or timing of the package that we we
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might end up with
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well good to be with you i can confirm
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that the treasury secretary
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met with the speaker earlier today to
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present our offer
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it was a very good offer very strong
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offer it was actually closer to 1.9
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trillion and included
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paycheck reload of the paycheck
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protection program
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it included an employee retention tax
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credit
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it included additional support for the
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airline industry which has been
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particularly hard hit by this crisis
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it included a second round of economic
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impact payments to help
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american households maintain liquidity
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as we continue this recovery
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and it included additional support for
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schools to safely and fully reopen so we
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think that this was a
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very solid offer and it's up to the
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speaker to to to be reasonable on this
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close to 1.9 trillion you say is 2
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trillion a land in the
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line in the sand for the white house or
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to the president's suggestion earlier
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might you be willing to go higher than
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that if the circumstances were right
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so i'm not going to draw any any red
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lines i am going to say that
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the offer that we presented was on the
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basis of
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sound estimates of what the anticipated
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shortfalls would be
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and also what would be needed to further
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help businesses
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and employees maintain their matches to
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help people stay connected to their jobs
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and again to provide the support that
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households need
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as we get through this this continued
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hard hard time
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i said i wanted to dig into the
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economics a little bit um have you put
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numbers together in projections of what
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about what growth might look like fourth
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quarter of this year first quarter of
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next year
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with stimulus like the stimulus you're
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talking about versus
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without if nothing gets done well we've
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we've certainly done some near-term
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modeling and i think
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certainly for the third quarter we're
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looking at a a very
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sharp rebound from the the second
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quarter lows when we're looking at
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equipment investment when we're looking
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at
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uh personal consumption expenditure on
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the basis of retail sales
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in july august and september when we're
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looking at the housing market and real
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residential investment i think we're
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looking at a very
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sharp rebound uh in in the third quarter
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and that should continue
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into the fourth quarter and but the pace
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of the recovery would be substantially
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higher
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if the congressional leadership were to
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accept what we think is a very solid
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offer
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that the secretary secretary of the
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treasury put forward earlier today
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all right substantially higher um let's
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talk about real people and what they
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might get out of all of this what's the
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most important ingredient do you think
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for people who've been been struggling
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quite frankly i mean i was reading
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axios just as an example put something
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out this morning talking about the
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people who most need the stimulus and
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they talked about the long-term
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unemployed
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2.4 million unemployed for more than six
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months and i know mark zandi was quoted
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there from moody's
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it's saying the long-term unemployment
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might peak when that number is around
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5 million 80 you agree and be more
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importantly
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what on the relief side can be done to
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help those people
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well so one of the things that we
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learned in studying the aftermath of the
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2008-2009 recession
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was the importance of maintaining uh job
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attachment
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the importance of maintaining
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connections between employers and
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employees and that's why in the cares
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act we responded very aggressively
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with the paycheck protection program
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with an employee retention tax credit
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and with pandemic unemployment
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assistance
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to the self-employed to sole
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proprietorships
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to help them maintain those matches and
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now as we transition from survival
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to recovery we are very much focused on
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encouraging a continued labor market
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recovery and that's why even months ago
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the president was proposing
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a full payroll tax holiday
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and unfortunately congress was unwilling
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to act on that but even in the absence
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of
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action from congress the president
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engaged in presidential
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executive actions to provide temporary
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payroll tax relief
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and now with the offer that we put
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forward today we provided a reload of
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the paycheck protection program to help
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continue to maintain those
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those connections between employers and
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employees and also an expand expanded
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employee retention tax credit to help
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people stay connected to their jobs and
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we think that that is going to be the
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most important thing
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to make sure that the labor market
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recovery continues
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and the temporary job losses in those
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horrific months of
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march and april remain temporary and
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that people are able to go back to their
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employers
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final thing outside of what we're
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talking about now before i let you go in
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terms of other areas that we might
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get some relief for stimulus for the
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economy how about a coronavirus vaccine
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economically how how much stimulus would
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that add do you think
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well certainly solving the pandemic
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would be a tremendous fill up to the u.s
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economy and indeed the global economy
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and i can say that we've made tremendous
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progress on that front
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through operation warp speed with
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multiple candidates now in phase three
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trials
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and with the production capacity in
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place so that we can ramp up production
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once one of those candidates is
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hopefully approved but in addition to
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that
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we've also had unprecedented use of
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emergency use authorization indeed
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remdessevier is one prime example of
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that with the president
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signing emergency youth authorization
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for multiple
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advanced therapeutics and that is why we
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continue to see
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the the case fatality rate improve
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to see deaths continue to decline even
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as cases rise
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and also we've seen the president
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continue to deploy the defense
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production
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act including over a hundred times to
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provide the ppe
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and additional medical equipment that we
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need to combat this virus
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kyla goodspeed council of economic
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advisers live from the white house north
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lawn
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