Name: Fmr. Obama Economist: Trump's Coronavirus Payroll Tax Cut Not The Answer | The Last Word | MSNBC
Uploaded: 2020-03-10T20:00:51.000Z
Duration: 4 min 41 s
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>>> ARE YOU ON THE VERGE OF LOSING YOUR LIFE SAVINGS OR YOUR

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

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.

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

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

>> WELL, LOOK, THE MARKET WAS BORDERLINE IN TERROR.

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

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

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,

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

obvious

bunch

critical

pandemic