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Fmr. Obama Economist: Trump's Coronavirus Payroll Tax Cut Not The Answer | The Last Word | MSNBC

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>>> ARE YOU ON THE VERGE OF >>> ARE YOU ON THE VERGE OF LOSING YOUR LIFE SAVINGS OR YOUR LOSING YOUR LIFE SAVINGS OR YOUR JOB? JOB? HERE’S ONE ANSWER HERE’S ONE ANSWER

>> WE HAVE A GREAT ECONOMY >> WE HAVE A GREAT ECONOMY WE HAVE A VERY STRONG ECONOMY, WE HAVE A VERY STRONG ECONOMY, BUT THIS CAME — THIS BLINDSIDED BUT THIS CAME — THIS BLINDSIDED THE WORLD, AND I THINK WE’VE THE WORLD, AND I THINK WE’VE HANDLED IT VERY, VERY WELL HANDLED IT VERY, VERY WELL >> THAT WAS THE PRESIDENT AFTER >> THAT WAS THE PRESIDENT AFTER THE STOCK MARKET COLLAPSED AGAIN THE STOCK MARKET COLLAPSED AGAIN TODAY AT THE WHITE HOUSE PRESS TODAY AT THE WHITE HOUSE PRESS BRIEFING ON CORONAVIRUS WHERE BRIEFING ON CORONAVIRUS WHERE THE PRESIDENT MADE VERY BRIEF THE PRESIDENT MADE VERY BRIEF REMARKS BEFORE, IN EFFECT, REMARKS BEFORE, IN EFFECT, FLEEING THE BRIEFING ROOM WHILE FLEEING THE BRIEFING ROOM WHILE VICE PRESIDENT PENCE AND OTHERS VICE PRESIDENT PENCE AND OTHERS TOOK A FEW QUESTIONS

TOOK A FEW QUESTIONS EARLIER IN THE DAY, THE EARLIER IN THE DAY, THE PRESIDENT BLAMED THE SINKING PRESIDENT BLAMED THE SINKING STOCK MARKET ON, QUOTE, FAKE STOCK MARKET ON, QUOTE, FAKE NEWS NEWS BUT THE NEWS ABOUT CORONAVIRUS BUT THE NEWS ABOUT CORONAVIRUS IS VERY REAL AND IT IS NOT GOING IS VERY REAL AND IT IS NOT GOING TO GET BETTER QUICKLY, WHICH IS TO GET BETTER QUICKLY, WHICH IS WHY THE TRUMP ADMINISTRATION IS WHY THE TRUMP ADMINISTRATION IS NOW PROPOSING EMERGENCY NOW PROPOSING EMERGENCY LEGISLATION TO TRY TO HEAD OFF A LEGISLATION TO TRY TO HEAD OFF A RECESSION RECESSION

BEFORE LEAVING THE BRIEFING BEFORE LEAVING THE BRIEFING TONIGHT, DONALD TRUMP IDENTIFIED TONIGHT, DONALD TRUMP IDENTIFIED ONE PROPOSAL TO COUNTER THE ONE PROPOSAL TO COUNTER THE ECONOMIC EFFECTS OF THE ECONOMIC EFFECTS OF THE CORONAVIRUS CRISIS CORONAVIRUS CRISIS >> WE’RE GOING TO BE MEETING >> WE’RE GOING TO BE MEETING WITH HOUSE REPUBLICANS, MITCH WITH HOUSE REPUBLICANS, MITCH McCONNELL, EVERYBODY, AND McCONNELL, EVERYBODY, AND DISCUSSING A POSSIBLE PAYROLL DISCUSSING A POSSIBLE PAYROLL TAX CUT OR RELIEF, SUBSTANTIAL TAX CUT OR RELIEF, SUBSTANTIAL RELIEF, VERY SUBSTANTIAL RELIEF RELIEF, VERY SUBSTANTIAL RELIEF THAT’S A BIG NUMBER

THAT’S A BIG NUMBER >> JOINING OUR DISCUSSION NOW IS >> JOINING OUR DISCUSSION NOW IS AUSTIN GOOLSBEE, FORMER CHAIRMAN AUSTIN GOOLSBEE, FORMER CHAIRMAN OF THE COUNCIL OF ECONOMIC OF THE COUNCIL OF ECONOMIC ADVISERS FOR PRESIDENT OBAMA ADVISERS FOR PRESIDENT OBAMA HE’S NOW A PROFESSOR OF HE’S NOW A PROFESSOR OF ECONOMICS AT THE UNIVERSITY OF ECONOMICS AT THE UNIVERSITY OF CHICAGO CHICAGO

PROFESSOR GOOLSBEE, YOUR PROFESSOR GOOLSBEE, YOUR REACTION TO WHAT THE MARKET IS REACTION TO WHAT THE MARKET IS DOING, WHAT THE ECONOMY LOOKS DOING, WHAT THE ECONOMY LOOKS LIKE SIX MONTHS FROM NOW IF WE LIKE SIX MONTHS FROM NOW IF WE CAN TELL, AND THE PRESIDENT’S CAN TELL, AND THE PRESIDENT’S LATEST IDEA OF A PAYROLL TAX LATEST IDEA OF A PAYROLL TAX CUT? CUT? >> WELL, LOOK, THE MARKET WAS >> WELL, LOOK, THE MARKET WAS BORDERLINE IN TERROR BORDERLINE IN TERROR IT STARTED IT STARTED WE HAD ONE OF THE WORST WEEKS IN WE HAD ONE OF THE WORST WEEKS IN MANY YEARS, AND THEN THE FLIGHT MANY YEARS, AND THEN THE FLIGHT TO SAFETY AS THE FINANCE PEOPLE TO SAFETY AS THE FINANCE PEOPLE CALL IT OF PEOPLE BUYING UP CALL IT OF PEOPLE BUYING UP TREASURY BONDS BECAUSE THEY TREASURY BONDS BECAUSE THEY THINK THEY’RE THE SAFEST ASSET THINK THEY’RE THE SAFEST ASSET IN THE WORLD, LITERALLY BROUGHT IN THE WORLD, LITERALLY BROUGHT THE INTEREST RATE TO THE LOWEST THE INTEREST RATE TO THE LOWEST IT’S EVER BEEN, LOWER THAN IN IT’S EVER BEEN, LOWER THAN IN THE FINANCIAL CRISIS, LOWER THAN THE FINANCIAL CRISIS, LOWER THAN EVER

EVER AND YOU SAW TODAY THE MARKET AND YOU SAW TODAY THE MARKET DROPS DROPS PEOPLE ARE NERVOUS PEOPLE ARE NERVOUS

THEY LOOK AT CHINA THEY LOOK AT CHINA THEY LOOK AT ITALY THEY LOOK AT ITALY THEY SEE THAT THERE IS SEVERE THEY SEE THAT THERE IS SEVERE SLOWDOWNS IN PLACES WHERE THEY SLOWDOWNS IN PLACES WHERE THEY HAVE TO IMPOSE THESE HAVE TO IMPOSE THESE QUARANTINES

QUARANTINES AND WE’RE ON THE BRINK OF WHAT AND WE’RE ON THE BRINK OF WHAT MAY BE THE BIGGEST PANDEMIC IN MAY BE THE BIGGEST PANDEMIC IN OVER A CENTURY, AND IT’S CLEAR OVER A CENTURY, AND IT’S CLEAR THE WHITE HOUSE HAS NO IDEA THE WHITE HOUSE HAS NO IDEA WHAT’S GOING ON WHAT’S GOING ON THEY’RE NOT TESTING THEY’RE NOT TESTING

WE HAD THE PRESIDENT OF THE WE HAD THE PRESIDENT OF THE UNITED STATES HIMSELF GET UP A UNITED STATES HIMSELF GET UP A FEW DAYS AGO AND SAY, WE HAVE FEW DAYS AGO AND SAY, WE HAVE ONLY 14 CASES, AND PRETTY SOON ONLY 14 CASES, AND PRETTY SOON THAT WILL BE DOWN TO ZERO THAT WILL BE DOWN TO ZERO AND PUBLIC HEALTH OFFICIALS IN AND PUBLIC HEALTH OFFICIALS IN THE UNITED STATES AND AROUND THE THE UNITED STATES AND AROUND THE WORLD JUST KIND OF LOOKED AT WORLD JUST KIND OF LOOKED AT EACH OTHER AND SAID, OH, MY GOD EACH OTHER AND SAID, OH, MY GOD IS THERE NOT A PLAN TO TRY TO IS THERE NOT A PLAN TO TRY TO SLOW THE SPREAD OF THIS VIRUS SLOW THE SPREAD OF THIS VIRUS BECAUSE THAT IS THE CRITICAL BECAUSE THAT IS THE CRITICAL THING FOR HELPING THE ECONOMY

THING FOR HELPING THE ECONOMY THE REASON THAT PEOPLE GETTING A THE REASON THAT PEOPLE GETTING A PAYROLL TAX CUT IS PROBABLY NOT PAYROLL TAX CUT IS PROBABLY NOT THE RIGHT ANSWER IS BECAUSE, A, THE RIGHT ANSWER IS BECAUSE, A, A BUNCH OF PEOPLE ARE GOING TO A BUNCH OF PEOPLE ARE GOING TO LOSE THEIR JOBS, SO THEY DON’T LOSE THEIR JOBS, SO THEY DON’T PAY PAYROLL TAX PAY PAYROLL TAX A BUNCH OF PEOPLE ARE RETIRED, A BUNCH OF PEOPLE ARE RETIRED, SO THEY DON’T PAY ANY PAYROLL SO THEY DON’T PAY ANY PAYROLL TAX TAX

BUT EVEN IF YOU GIVE THE PEOPLE BUT EVEN IF YOU GIVE THE PEOPLE A PAYROLL TAX CUT, THEY’RE NOT A PAYROLL TAX CUT, THEY’RE NOT GOING OUT OF THEIR HOUSE BECAUSE GOING OUT OF THEIR HOUSE BECAUSE THEY’RE AFRAID TO GO TO PUBLIC THEY’RE AFRAID TO GO TO PUBLIC PLACES PLACES AND A LARGE SHARE OF THE US AND A LARGE SHARE OF THE U

S ECONOMY ARE SERVICES AND THE ECONOMY ARE SERVICES AND THE FACE-TO-FACE KIND OF ACTIVITIES FACE-TO-FACE KIND OF ACTIVITIES THAT ARE EXACTLY WHAT GET THAT ARE EXACTLY WHAT GET HAMMERED IN THIS KIND OF A FEAR HAMMERED IN THIS KIND OF A FEAR CRISIS CRISIS AND SO I DON’T REALLY SEE THAT AND SO I DON’T REALLY SEE THAT THE PAYROLL TAX IS THE OBVIOUS THE PAYROLL TAX IS THE OBVIOUS FIRST STEP ON THAT FIRST STEP ON THAT

>> IS THERE A FIRST STEP TO TAKE >> IS THERE A FIRST STEP TO TAKE HERE TO DEAL WITH WHAT THE HERE TO DEAL WITH WHAT THE ECONOMIC CONDITIONS YOU FORESEE ECONOMIC CONDITIONS YOU FORESEE AND ANY — AND WHAT THE STOCK AND ANY — AND WHAT THE STOCK MARKET’S DOING? MARKET’S DOING? >> YEAH >> YEAH LOOK, I THINK THERE ARE SEVERAL LOOK, I THINK THERE ARE SEVERAL FIRST STEPS, AND THE BACKDROP TO FIRST STEPS, AND THE BACKDROP TO THE FIRST STEPS ARE WE HAVE TO THE FIRST STEPS ARE WE HAVE TO HOPE THAT THIS CORONAVIRUS HOPE THAT THIS CORONAVIRUS FOLLOWS THE PATTERN OF A FLU FOLLOWS THE PATTERN OF A FLU VIRUS, NOT AN EBOLA VIRUS, WHICH VIRUS, NOT AN EBOLA VIRUS, WHICH IS TO SAY THAT IF WE GET TO IS TO SAY THAT IF WE GET TO WARMER WEATHER AND IN THE WARMER WEATHER AND IN THE SUMMER, THAT WE MIGHT HAVE SOME SUMMER, THAT WE MIGHT HAVE SOME KIND OF A RESPITE, THAT THE KIND OF A RESPITE, THAT THE INFECTION RATES MIGHT GO DOWN INFECTION RATES MIGHT GO DOWN SO THE FIRST THING IS YOU DON’T SO THE FIRST THING IS YOU DON’T WANT TO HAVE PEOPLE HAVING TO GO WANT TO HAVE PEOPLE HAVING TO GO BANKRUPT, AND YOU DON’T WANT TO BANKRUPT, AND YOU DON’T WANT TO HAVE TO HAVE THEM GO TO WORK HAVE TO HAVE THEM GO TO WORK WHEN THEY’RE SICK

WHEN THEY’RE SICK SO I THINK PAID LEAVE IS AN SO I THINK PAID LEAVE IS AN ABSOLUTE FIRST STEP THAT WE ABSOLUTE FIRST STEP THAT WE OUGHT TO BE GETTING EVERYBODY OUGHT TO BE GETTING EVERYBODY PAID LEAVE PAID LEAVE AND THE THING ABOUT VIRUS AND THE THING ABOUT VIRUS ECONOMICS, AS I SAY, THAT MAKES ECONOMICS, AS I SAY, THAT MAKES IT DIFFERENT THAN REGULAR IS IT DIFFERENT THAN REGULAR IS THAT WITH VIRUS ECONOMICS, THE THAT WITH VIRUS ECONOMICS, THE BEST THING YOU COULD DO FOR THE

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