Sound On: Blockbuster Jobs Report, Inflation Bill Vote (Radio)

The same people who said the American rescue plan would rescue you have thrown you back into the water. Bloomberg Sound On with Joe Matthew on Bloomberg Radio. So you say we're in a recession, Welcome to the fastest hour in politics. With a stronger than expected jobs report, stunning Wall Street and dropping within hours of a new deal being struck in the Senate on a Democrat only tax

and climate bill. We'll talk jobs and economy with barat Ram and Murder, Deputy Director of the White House National Economic Council. And now that Senator Kirston Cinema has spoken, a vote is set for tomorrow in the Senate. A working weekend, we'll look inside the evolving reconciliation deal with Bloomberg's Eric Wasson, who's been breaking news on this all week.

Republicans taking aim at the bill, we'll talk about it with our panel, Bloomberg Politics contributor, Democratic analyst Jennie Schanzano, along with Republican strategist Lizzie Guden of South and Hills Strategies, former communications director for Governor Charlie Baker. If you could believe the print at eight thirty this morning, like Vinnie was saying, five twenty eight thousand jobs last month, there's more than twice the estimate, right, people expected to fifty.

I'm not really good at math, but unemployment dropped unexpectedly, wage growth accelerated. Labor Secretary Marty Walsh took the victory lap this morning on Bloomberg. Here he is, this certainly is a great jobs report when you look at the different sectors. Uh, most of the economy has recovered the jobs that were that companies had pre pandemic or all returned. So it shows good gains. We've showed some good wage growth.

We're shown good good areas. Manufacturing is one of those areas that certainly we've seen come back, not just come back to pre pandemic labs about going beyond. That doesn't sound like a recession. The push and pull continues here as Republicans say we are in one, and we're joined now by one of President Biden's economic advisors, barat Rama Murty is Deputy Director the White House National Economic Council, to help us dig into this broad welcome back to Bloomberg,

Thank you so much for having me. President Biden says more people are working now than at any time in American history, which is quite a statement following the two back to back negative GDP reports and all of the talk about recession. Is this the evidence that proves we are not in one? Well, I think the job report today shows once again that there is very little evidence

of the United States economy being in a recession. As you noted, more people, based on the Shouts report, more people are working today than at any other point in the country's history. The U employment rate, which is actually a tick below three point five percent if you go out to two decimal places, is the lowest that it's been in fifty three years. Uh, and it's a great time for finding a job. At the same time, a lot of economists remain worried about inflation. As you know,

I know it's a priority for the president. Wage growth was up more than expected here at five point two, which of course is good for workers. But we also hear from economists about this who are troubled. We heard today from Muhammad al Arian, who's a Bloomberg opinion contributor to The Economist. I'd love for you to respond to what he said. Let's listen, the next phase of inflation is going to be wage driven. If that occurs, it's

good for the worker, it's good for the economy. However, it means that core inflation will prove proved to be much stickier coming down. Now broad I'm not going to ask you to comment on FED policy. I just want to know if the White House, if you are worried about a wage spiral, like Muhammad al Arian said, being the next phase. Well, I would say this the President's number one economic priorities fighting inflation, and he agrees with those who say that this should be at the top

of our priority list. You know, what our approach is is to expand the productive capacity of the economy and to bring down the federal depths that both of which will have the effect of reducing inflation. We are on the ten yard line right now of passing the Inflation Reduction Act, which would add an additional three billion dollars worth of DEFTIT reduction to the one point seven trillion dollars the DEFINIT reductions we're already projected to have this year.

Who will bring down costs for consumers on energy, on prescription drugs, on health insurance. Uh. It is a remarkably effective bill at dealing with the economic moment that we're and it's one reason why economists across the political spectrum have come out and said this bill will be effective at fighting inflation. We agree that fighting inflation has to be our top priority. We understand that it's squeezing working

families and we want to get it down. Our approach, rather than trying to put the hammer down on wages, to try to expand the supply side of the economy and take other steps to help produce the cost that family space. Yeah, you know, of course Republicans are saying, and you know this, I'm sure you hear it as often as I do, brought that this would in fact poor gasoline on the inflation fire, that it's more spending, that it raises taxes, and I don't want to get

into an argument with you about that here. I'm just if we get a vote this weekend on this reconciliation bill, it appears since you brought this up, I'll ask you to not include the end of the carried interest loophole. We heard from Senator Elizabeth Warren earlier today was not happy and some progressives are not happy about this is the White House okay with that not being in the final version. Well, I want to go back to one

thing that you said. I know you said you don't want to get into archment on this, but I have to say, this is not adding to the fire. This is bringing down the death of sit. Uh. There's a trillion dollars worth of revenue coming into the federal government

through this proposal and far less than that spending. And so that's one of the reasons why as I set, economists across the political spectrum are acknowledging that this would be effective at fighting And by the way, you should also know we've had Mark Xandy on the air saying that Larry Summers on the air saying that, but we we do try to bring both sides together here when when when they don't agree, is carried interest? Though? Is that a problem for the White House to not have

the loophole closed here? Well, I will say this, we are supportive of the modified bill even without that provision in it. Would we like to see that boophole closed? Of course I wanted to keep at it. There's a lot of things on the President's economic agenda that we haven't gotten to yet and that we're going to keep fighting for. But um progress is awesome about compromise. We think that we have a great compromise here that's going to be a win for the American people, who win

for the American worker. We're asking Congress to move as quickly as possible on it. So you do have a plan though, to come back around and is I know that Senator Kerston Cinema said that as well, that there would be another round, another attempt to at least reform carried interest. Is that what the White House play ends? Yeah? Well, I saw some understandimous statement. I'm glad to hear that

she's interested in continuing to work on that issue. I know that many members of Congress are interested in working on that issue. The White House stands ready to assist them in that. We've got other things that we want to push forward on our agenda. We've got to do something about housing affordability and expanding affordable housing supply. The President has plans on the carriage and the childcare, elder care, and so on. But we're making a lot of progress

on a number of elements of our economic agenda. For the first time, allowing Medicare to negotiate the cost of prescription drugs. That's really that's been something that president of both parties of talking about for a long time, and we're on the verge of actually making that happen. You know what I thought you were gonna say is that instead of the carried interest component, you've got an excise tax on stock buy backs, which will actually generate more money.

Is that something that the White House does want to see. Absolutely. We've been supportive of that one percent buy backs tax all the way back since when the House Representatives passed it a few months ago. We think it's a smart way of equalizing the tax treatment between buybacks and dividends so that when corporations are deciding what to do with their money. There isn't a thumb on the scale for

one way of returning money to shareholders relative to another. Uh. And as a number of folks have said, including some folks on the Republican side, UH, this kind of buybacks tax can actually encourage companies to reinvest those earnings, which we think is a good thing for the long term growth of potential of the economy. So is it reinvestment or do you see them putting more money into dividends as a result. Well, I think that different corporations are

going to react differently. Obviously, if they shift into dividends, UH, then we get more of the tax revenue. If they put it into investment, that's a good outcome too, because we think that leads to more productivity, more innovation, maybe better wages for workers, all of which are good outcomes for the American economy. This is a tough spot where in right, I know that you're here to to tell me how great this job market is. There are more Americans working than ever. You've got a good story to

tell them, this job's report. But you're dealing with an economy that's coming off a phase of being overheated. And sparking a lot of inflation. And you have to balance these two at the same time. So as you look forward and if we're entering a slowing economy here, how

do you maintain these job gains? Well, the President has set for a few months now that our goal is to transition from a historically strong economic recovery into steady and stable growth, and we would expect that during that period of time, the job games numbers are going to go down. Even though we got a blockbuster reports, they actually if you look at the larger trends, you look at the last six months compared to the previous six months,

job games are coming down a little bit um. But the point is that the thing, the analogy I like to use is when we came into office, we were starting in marathon and we were a few miles behind some our competitors in other countries were far ahead of us in terms of their recovery. And what we needed to do was sprint to catch up to them. And that's what we did. You know, we had the single greatest year for job growth in the history of this country.

The unemployment rate came down from over six percent under four But now that we're in the lead if you look at where are economy is relative to other countries. Uh, we can't sprint forever, got to settle into a steady past. How long does it take for us to catch our breath? Well, look, I think that we're doing it. We may have to walk a fine line here, but so far, I think we're doing a good job of that. We're seeing robust

labor market, good consumer spending, good business investment. At the same time, job openings, which is something that the said said that it's focused on, are starting to come down a little bit. Inflationary expectations over the long term and medium term are starting to come down a little bit. So we see a lot of good science of the

economy and it today. Any thoughts on how the estimates were so far off, how this could be twice as hot as Wall Street expected or economists predicted, brought well, I should say if you look back at the last eighteen months, a lot of the expectations have been awesome. Both they and I'm not trying to poke fun at anybody. I think it's just an incredibly Is that just the noise of a post pandemic economy? Exactly? I think that there are a lot of idio secracies and variability in

the data that we've seen over last eight months. There's a lot of cross currents of the economy, and I think it's hard for people who make these projections to take all of that into account and get it right every time. But I think setting aside the projection more than a thousand new jobs created, that means it's a good pay for America. Brought Rama Murdy, Deputy Director of the White House National Economic Council. We thank you for coming back to talk to us on Bloomberg. Thank you

so much the word from the administration. Of course, as I mentioned, Republicans could not agree less on all things economic, and we'll get into that next with the sound On Panel, Bloomberg Politics contributor Democratic analyst Jeanie Schanzano is here on this Friday along today with Republicans strategist Lizzie Guiden of South Hill Strategies. We'll check traffic and markets for you on the way the fastest hour in politics. Welcome to

the threshold of the weekend. I'm Joe Matthew, This is Bloomberg. This is Bloomberg. Sound On on Bloomberg Radio. The headline could be written by the White House itself, US job growth surgies tempering recession wory, how about it? Things have changed since the last GDP report. But it's also pressing the Fed. This Job's report, and that's where things get complicated, right. Republican leadership in the House held a news conference early today.

Senator John Barrasso of Wyoming chairs the Republican conference. This was after the Job's report came out. His message could not be further from the White House. This here, he is, even if wages are going up a little, they're falling further and further behind the families of America are each month as Joe Biden has been president, because costs have gone up so high. The Democrats are gonna make it worse if they're able to pass this reckless tax and

spending bill. Pointing to the Reconciliation Bill that we're going to dig into a little bit more later in the hour. So this is where we start with the panel. Bloomberg Politics contributor Democratic analyst Genie Chanzano with us along today with Lizzie Guydon, founding partner of South End Hill Strategies in the Great City of Boston, former communications director for Massachusetts Governor Charlie Baker. Lizzie's great to have you today, Genie,

Happy Friday. Let's start, I guess with what's good news? Right? The White House wants to take a victory lap on this, But if the job market is so good that we're celebrating, you know, twice expectations, that could also mean twice the interest rates in a really difficult end of this year in the economy. Right, That's right, and it is a

huge victory for the White House. And you know, we will get the inflation numbers, as we all know, next week, and there is a you know, a real fear that the FETE is going to act to have to slow this all down. But you know, if you just look at this politically, the White House feels like they are in very good shape because everybody talking about recession, this has sort of quieted a much of that talk. And

that's a very good day for the White House. And what has otherwise been a really really tough few months, this last week or two has been very good for them. Lizzie, the Republican message has been incredibly consistent through this period of time, and we've had a lot of you know, really boffo jobs reports here. But the fact of the matter is whether we're arguing about our recession or not, inflation is issue number one. This White House has acknowledged

that you just heard that from Barat Ramamurty. They constantly say that this is the president's priority, that we're aware that you know, we can feel people's pain. And when you look at the president's job approval numbers, that's that's the proof, right, this is still an economy besieged by inflation, even if the job's report is this hot, that's right, Joe.

And even though today's job report is, of course something that the White House is going to take a victory lap on, it's really just one piece of the puzzle at at this point. And we're still seeing labor participation dropping, we're still seeing inflation out of forty year high, and

there's no end in sight. And I think, you know, it's it's great to talk off of jobs reports and all these things that politicians and people in Washington walked watched so closely, But when you think about what people are feeling and their concerns over the high cost of food and gas and some of the weird economic trends going on. There's still a lot of concern in American

households and that can't be overlooked. So what do you do, Jennie, if you're Joe Biden them for crying outline, I just got you five d something thousand jobs and unexpectedly low three point five percent unemployment is not something that we thought we were going to see. And he's got a job approval rating stuck in the thirties. You know, he's got to keep grinding away at this. You know, the reality is we should also add to that that gas prices have been going downs. Reminded us of that this

bill signing today. I mean, if you listen to him on the economy, you would think that this was the high water marks. You hear Republicans and you think we're in a recession. That's right, and you know there their reality is we are not in a recession yet. But as we've talked about so much, it depends on how you define it. But you know, just to add to what Lizzie was saying, and she's absolute right, the White House has to keep their eye on what people are feeling.

Because for all the successes in terms of passing bills and unemployment numbers and these things. The reality is, if you know there's a lot of jobs out there, but you're paying more for everything except for gas at this point, that doesn't feel so good to voters into people. And that's what Joe Biden has to keep talking about. I think he is able to do that. He's able to celebrate what are the good numbers and to keep focusing on inflation keep us out of a reverse session, and

that is sort of the winning strategy here. But they can't take too much of a victory lap with inflation this high. No, I guess not. I just don't. I just don't feel like it matters what he says at this point, Lizzie, I want to bring you back because we can talk about, uh, some real major challenges that

we're dealing with right now in our economy. But but Secretary Marty Walsh, who I know, you know you spent a lot of years uh running the communication shop for Charlie Baker when he was working with Marty Walsh as the mayor of Boston. He said something today in his interview on Bloomberg that that was really remarkable because we are now back amazingly, uh, to pre pandemic levels in the job market. But he kind of brought me back to that period of time. That puts things in perspective

a little bit. Listen to Secretary Walsh pandemic Match of twenty I was the mayor of Boston and we were shutting businesses down, We're shutting restaurants down. Uh. We didn't really know what the economy held and thinking about where we are today was really incredible. And I think that this will, in my opinion, will be sustainable moving forward. I think companies are understanding. I think we're gonna have a new type of economy. Chris, we've gotta have the siren.

When Marty Walsh is on, I swear, Lizzie, you were there. I was there. We didn't know if we were ever getting out of that, and I know everyone had their own version, but in the city of Boston at that point, it was a crisis. It was one of the first cities to to overflow with the COVID story. We only

have a minute left. That is something noteworthy. To think that we're back to a pre pandemic job market is incredible, absolutely, and you know, uh, Mayor Walsh now Secretary wal she had a tough job during COVID and he arguably has a tougher job now and the Biden administration. And it makes a good point about job numbers and looking at that top line, but there's also still some funky things

going on in the economy. If you're reading some of the reports media reports out of Boston, we're having issues with shortages of teachers, of healthcare workers, um and you know a lot of people are saying that they are leaving certain professions that we consider essential due to COVID burnout. So even if we're looking at that top line number, you do have to look into the details and see

what exactly is going on. And you know, it does cause a lot of stress and anxiety among families when you have a lack of workers and be certain places people want to be sure, Chanzo, our panel, this is Bloomberg. That sound you're hearing is the sound of airplane reservations being made. Not only is the Senate working this weekend, now, the House is coming back Friday to vote on this reconciliation bill. I mean, boy, we came close last year. A lot of folks still aren't or somebody's gonna pull

the football. But here's where things stand. Thanks in part to crack reporting from Eric Wasson, who is going to be with us in just a moment. Bloomberg has been doing a great job on this this week is getting news somehow out of Kirsten Cinema's office. If you've been following the bouncing ball here, this reconciliation plan changed since we last spoke carried interest. Remember we went to school

yesterday with Professor Shnally uncarried interest. It's gone. But I'll let the majority leader talk about this, Chuck Schumer, what's coming out of the bill? Senator Cinema said she would not vote for the bill, not even moved to proceed unless we took it out, so we we had no choice. The only other real change here is there is in the three hundred uh thirteen billion dollars that we gained from closing uh corporate tax loopoles the corporate so called

minimum tax. A piece was taken out, but two hundred fifty eight bill of that remains, so narrowing the corporate minimum tax. But something else was added to the bill, and it appears to be a net plus if you're looking at the numbers at least again here's Chuck Schumer. What we added is something that excites me and I

think excites oil democrats and particularly progressives. We're adding in an exercise tax on stock by backs that will bring in seventy four billion dollars by way of contrast the carried interest loophole as it was phrased, and we took the exact language the House had. We um was a fourteen billion dollar income. This is seventy four billion, five times. And I hate stock by backs. Yeah, he was passionate about the stock hates. So does Bernie Sanders. Uh, And

I guess you'll be paying attacks on that here. But it looks like, as we heard earlier this hour from Barratt Ramamurdi at the White House, the administration is on board here. I guess it's a wash in the end. I want to hear about this from Eric Wasson, who saw it all coming Bloomberg Congress reporter. Great work first of all, this week, Eric, we've really relied on on what you and your team have been reporting from the Hill.

Does this end up being kind of a wash or did Kirston Cinema just end up producing the deficit by even more. You know, if the math holds. We don't have a final CBO score, it sounds like there's a little bit more deficit reduction. Although we're just getting word that for Western senators, including Cinema, Struck a deal that four billion dollars and spending into this address the drought. You know, job money, you might suck up a little

bit of that extra deficity reduction For mansion. The key is to have above three billion dollars in deficit reduction over ten years. So you know, I guess that little surplus is being being spent. But yeah, a stock buy back, you know, it is a big change. We taught to market participants today and they're kind of, you know, not really phased by it. But there is someone else's that could boost dividends, could lower stock valuations in the long run. On um and you know, it remains to be seen.

One percent exercise tax. We still are trying to figure out the effective day. I asked Struck Schumer that that press converse. They don't know, but I think it's effective on January one, you might see up NaN's at the end of the year of stock by backs. Well, that's huge and you also just gave us a little bit more news because I don't think Chuck Schumer had the answer to that drought money questions. So that is basically Kirsten Cinema got everything she wanted here, is that right? Well?

I mean she got a lot of she got a lot of changes that she wanted. And the mystery for for us really is why on carring interest you know, it's it's Arizona, it's not Manhattan. Why why is this a big deal for her? Uh? You know, we did ask her office and they said that she viewed it as a blow to the Arizona economy and the break went away. Uh, but we know we're going to continue to dig into that. We know that private equity is

a big contributed to her campaign. Well that's what the story is, right, I mean, you know you've been around long enough to know that this this could mean a couple of extra checks in the full right. And um, you know the other thing is that she said in her statement she's going to work with Mark Warner, who is the Senator from Virginia, on a possible compromise and carried interests. But he was on Bloomberg TV saying, you know,

it is on a clear path or that. And I think you know, if they lose the House or Senate, they could try to do another budget bill in December. Were already thinking maybe for the debt limit. But uh, you know, I think it's it's it's more likely than not that this carried interest to Loophole continues to persist that Mark Warner interview was was really important, and I boy, Republicans aren't buying any of this. Uh, to the point where Congressman Lindsey Graham was tweeting threats today. Uh. And

I don't know how you read this. We'll we'll get into this a little bit later with the panel. I'm assuming that you saw this. Eric. He's talking about a word of advice. He says, to those who support this reconciliation deal, if you expect the CR the Continuing Resolution, this is the budget CR to deliver a political payoff with sixty votes, you might want to rethink. Then he replies to his own tweet, if there's something you want on this deal that cannot be achieved in reconciliation. If

I were you, I would get it up front. Is he threatening to shut down the government, Eric, or what? Well you know maybe you know, I think I think it's kind of an empty threat at the end of the day. You know, this is similar to when they took the Veterans Bill hostage, when the when after the Mansion Stumer deal came out, they tried to block this veteran bill. Like John Stewart, every wanted to shelve them

and walk it back. And we've got nothing for you know, they're talking about blocking a temporary government spending bill because it has fossil fuel permitting reform about it. I mean, that is about headline. So this sounds like bluffing reform. I just don't. I think it's a bluff. But you know, we'll see. We asked uh someone in my college as structure values of this long way off shore end of September, we'll see. Uh, you know, I just don't. I'm dubious

about it. He also said somewhere in that press conference today that he wants something for South Carolina. It'll make a play for that. We're gonna give you a little taste of what of what the Senator from South Carolina had to say. Eric, Thank you so much. Eric Wasson. I hope you get a real weekend after all that work. This week, Lindsey Graham in the Gallery the Senate Radio TV Gallery today lays it down on this claim of

this legislation lowering inflation. Here he is, I think it's more likely the Taliban didn't know that zar Cowi was in Cobbold than this lower's inflation. And why don't I say that It takes a lot of time to keep girls out of school, measure beards and make sure no ankles showing on a burka, So maybe they were just busy. The one thing I can tell you about this bill, it will not lower inflation. The same people who said the American Rescue plan would rescue have thrown you back

into the water. But wait, I thought it was safe to go back in the water. Lindsey Graham stirs it up again with the prospect of inflation on the horizon, and what now a government shutdown? We reassemble the panel. This is Bloomberg. You're listening to Bloomberg. You sound on

with Joe Matthew on Bloomberg Radio. So even if the reconciliation build passes, or I guess especially if it does, we could have some interesting games coming up at the end of the year in the budgeting process, as Senator Lindsey Graham promises to well, I'm not sure what he was threatening the people to do what they need to do now, you better get it up front. He said, if you expect the cr to deliver a political payoff with sixty votes, you might want to rethink he was

in prime form today. Well, you heard him a little bit ago, if you were with us here on sound on a lot more where that came from, particularly on this bill. In a direct message to the Democrat who Republicans loved a minute ago, Joe Manchion along with Kirsten Cinema, here's Senator Graham. I'm hoping that we can come up with proposals that will make sense. Still a few of them and they will abandon this jihad their own to tax and spend. But I just turn it over to

John now. But to Joe Manchin, you have a game plan that counts on something you need to really think long and hard about. We reassembled the panel. Bloomberg Politics contributor and Democratic analyst Jennie Schanzano is here today with Lizzie Guyton, former calms director from Massachusetts. Governor Charlie Baker and uh founding partner of South and Hills Strategies. What do you make of this, Lizzie, This is, like I guess,

really good ammunition for midterms. Right, Republicans dragged this out. Not only did Democrats create historic inflation, but then they went even further and spent even more, and and did it all on their own. Not a single Republican vote.

Is that what we hear between now and November. Well, when it comes of this Reconciliation Bill, now conveniently renamed the Inflation Reduction Acts, it's no surprise that no Republicans have been on board with this bill, um, and they have cited concerns about the taxes and the increase in spending that's coming out of an inopportune time when we're arguably in a recession and everybody's feeling the heat from inflation.

But even more broadly, Joe, you know, only according to a New York Times poll, only ten percent of the nation is feeling positive about the economy right now, and I think any discussions of more taxes and more spending out of Washington is not going to help qualm those fears. But you read the title, It says the Inflation Reduction right of the name. What's what's the problem here? And I'm, of course I'm being sarcastic, but look, Lizzie, you're a

specialist in messaging. Um, how does the Republican Party just keep the beat on inflation when the administration says, hey, I've got something to show for it? Well, I don't think that. Uh, the American people, whether you're a Democrat or Republican, believe that Washington is going to spend our way out of inflation and you know, an economic crisis. And I think Washington is really good at putting uh

appropriate names on bill's. This bill started as a bill back better and now it's conveniently been renamed to the Inflation Reduction Act at a time where inflation is top of mind. But um, it doesn't seem that any Republicans and even outside of that, economists and others think that there's a lot in here that's actually going to be addressing inflation in America right now. So what's uh, what's the story from the White House? Then, Jennie and we've

we've we've been through this a couple of times. Actually getting this done you would think would be a win. But but the accomplishment is being clouded by the inflation story, and Republicans do a really good job telling it. They do. But I think we should also remember that this, if this bill does pass, and that's still an if, will be the largest investment in climate in the history of the planet. What does that mean for the campaigns? Though?

Can that be translated into into motivation in November? It absolutely can. I mean, you know, listen Joe By and when he ran, he promised to decrease emissions by By they're going to get We have been had decades of trying to fight the cost of pharmaceuticals. You want to talk about polls, Vast majorities of Americans say they pay

way too much for prescription drugs. We now have Medicare negotiations, caps for seniors if this passes again, subsidies for people's people on the exchanges, and so this is a big win. And also you look at you listen to somebody the Republicans like to listen to an awful lot late lately, like Larry Summers, and most economisdegree this is deflationary. Yes, inflation is a problem. It has to be addressed. But this bill is going to decrease the deficit. It's not

going to add to inflation. And so you know, that's the message the White House has to be talking about. They know they've got a potentially big win here. And this has been a very good couple of weeks for Joe Biden, not so much for Mitch McConnell and the Republicans who were out maneuvered on this. And as you can hear from Lindsay Graham, he's throwing a tantrum now about that. You wonder what this if this is going

to become a standoff over the budget. Though you didn't just say Larry Summers was a Republican, did you, Because no, no, no no, I said Republicans like to listen to him. But that Joe Mansion becomes a Republican Sundays, and so does Larry Summers depending on the side of the argument there on. But uh, we'll see what happens with this obviously. Uh. And we're going to find out in short order that the House is coming back next week and then everybody's gone to get I guess beat up at at town

hall meetings. Lizzie, how do you prepare a politician and officeholder to meet a room full of people who want to yell at him. Well, that's always a tough one, Joe, But not that your boss that yelled at very often. And I will say that firsthand. Hey, from time to

time it happens. But you know, I think that part of that argument is why, you know, Republicans are concerned about this spending bill, which you know is a seven page bill with no CBO scorer and we still have you know what, twenty hours of debate to look forward to with amend and so we're not exactly sure how it's going to shake out. Um, but you know the devils and the details. You know, people are worried about high gas prices, are worried about the high cost of food.

They're worried about these trends in the economy, uh and inflation continuing to outpace wages. And that's what people are going to hear about, whether you're a Democrat or a Republican when you go home in your district and you know, in the event that there this bill does pass and there could be new taxes that could impact you know, the oil and gas industry, if that's going to end up translating to consumers seeing higher prices at the pump or higher utilities in a few months. Um, that's gonna

be a problem. And you know, we have to think about these things a little bit more long term. Uh. You know, being in the Northeast, we've already heard from some utilities for electric rates that they're gonna nearly double this winter. And that has nothing to do with the bill that we're talking about. But you know, when these things stuck up, they really give people a lot of anxiety and again just you know, growing more spending out it.

It feeds a narrative. Correct. Well, I'll tell you, speaking of mid terms, I'm deeply curious to see what happens with this race in Wyoming for Liz Chaining. You guys probably saw the ad with Dick Cheney. If you haven't, it's really worth your attention. It's it's I think it's

been pretty well reviewed as being very well produced. Dick Cheney, who we don't see a lot of sitting outdoors with the cowboy hat on, uh and and in a very well written and delivered ad, although you can hear in his voice that you know he's put a couple of years on him. Listen to this ad from Dick Cheney on behalf of his daughter, Liz Cheney at least a portion, and our nation's two d and forty six year history, there has never been an individual who is a greater

threat to our Republic than Donald Trump. He tried to steal the last election using lies and violence to keep himself in power after the voters had rejected him. He's a coward. A real man wouldn't lie to his supporters. He lost his election, and he lost big. I know it, he knows it, and deep down, I think most Republicans know it. Lynn and I are so proud of Liz for standing up for the truth, honoring her oath to the institution, and so many in our party are too

scared to do so. You know, very effective message here, uh be calling Donald Trump and Howard a real man, Genie H doesn't lie to his supporters. First of all, is this an effective ad? Because we I think that the prognosis is still a loss for for Liz Cheney and in his Dick Cheney the right messenger to be talking about being honest to your supporters. Yeah, it's a very effective ad. And he goes right after Donald Trump

where it's got a hurt. And you know, I always try to follow truth social to see what's happening and how Trump is responding. So yeah, I'll keep you posted on that. But you know, it's a very effective ad. He's you know, it's a very Western look, and he's a very obviously very proud of his daughter, and and you know, and and of course the number of Liberals who are now complimenting Dick Cheney is quite a head spinning, you know, realization of what's happened in the last few years.

We don't know. I don't think we know what's going to happen out there. There are poles which suggest she's way behind, but the polls in these midterms are few and far between. She's got a lot of money, a lot of name recognition. I think she likely a bunch of Democrats vote for maybe Democrats she like that. People say she likely still will lose, and that could be, but I think she's going to put up quite a fight, and who knows, if she loses, she may be running

in twenty four. That does the ad work for you, Lizzie? Does it make a difference. I think that it was a very effective, and I agree with Jean, but I also think, you know, it makes sense for Liz Cheney based on her race and her platform and how she's uh conducted herself and been very straightforward about how she feels about the Trump administration UM on a go forward basis.

And sure she has a tough race ahead of her UM, but there are you know, several Republicans that are willing to share their viewpoint about Donald Trump if they do not agree with him or you know, do not want to support him, and I think there's room for those opinions. It's sometimes hard to read the tea leaves in these primaries because as we know, on both sides, Democrats and Republicans both tend to you know, run to the far left or the far right. UM and the general election

campaign a much different picture. Well, i'll tell you what, based on reports, Republicans are working really hard to try to turn this around in why I mean, that's the six of August, by the way, the primary before we say goodbye to Lizzie, and we don't have a lot of time, Lizzie, but I just wanted to acknowledge the fact that you used to work for Representative Jackie will Orski and flags are at half staff in Washington after the Republican from Indiana was tragically killed in a car

accident with two staffers this week. She was in the leadership and leadership set to chair an important committee. Lizzie and a real loss in Washington. Absolutely. I had the pleasure of working for her in two thousand, twelve hundred campaign and she won that election by four thousand votes to flip the seat from blue seat to a red seat. And I gotta tell you, Joe, her husband Dean Swytheart at a vigil last night, said it best Jackie knew who she was. And you know, oftentimes in politics week

sort of talk about the rancor and the gridlock. But um, to me, Jackie was above that. She was fair, she was kind, She was a smart team player. This is Bloomberg.