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tv   Federal Reserve Chair Powell Discusses World Economic Policy  CSPAN  April 9, 2021 1:40pm-2:36pm EDT

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>> next, he discussion about economic policy with global financial leaders including federal reserve chair jerome powell. the discussion is 50 minutes and begins with remarks by the imf managing director. >> it is great to be bringing some good news. we have upgraded the growth projections for the world to 6%, and it is on the basis of three things. one, vaccinations advancing, two, major economies putting in more stimulus, and the united states recently did that, and three, lockdowns do not cause the same decrease in economic activity, but there are two things to watch.
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one, the virus is mutating and still roaming around the world. therefore, we have to concentrate on vaccinations everywhere for everyone, a fair shot. two, we see dangerous divergence with a small group of economies moving to pre-covid levels and the rest of the world being behind. low income countries, vulnerable countries, tourism dependent, small islands -- they are all diverging, and that has been a big focus of our meetings. what can we do? my main point here is i am extremely grateful to the membership of the imf for
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committing to provide a big boost to reserves globally. $668 billion special drawing rights allocation. it will help these countries that are falling behind. >> we will get to that, and i know there is news on that today, and am of the other policies, fiscal, monetary, and otherwise that can get us there, but the managing director mentioned vaccines first in terms of the outlook for recovery. there is optimism, but the speed and strength of the recovery is a bit of a wild card. can you tell us where you are on vaccination and why it has been so much slower than expected? >> we look at the vaccination outlook. in february, for example, we made use of 28 million different vaccines within the european union. by the time we get to april, we expect that to be 100 million vaccines. the goal the european union has
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of vaccinating 70% of our population by the -- adult population by the summer, and we will get there. it is fair to say that at the start of the vaccination process , we were centralizing something new, which was masked vaccination and allowing that and asking for that to be led by the european union commission. we did have a number of difficulties we needed to work our way through, but we are working through them, and when we get, for example, to summer, we will be delivering the targets that we set, and that will create the foundation, for example, when we move into next year, you will see the european union being able to supply billions of vaccines through the different manufacturing sites we have across the european union, so we are making good progress, and i think that is a reason for optimism regarding the ability of europe to make progress in
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the face of the challenges described by the managing director a moment ago. >> even bigger vaccine challenges around the world, you have been focused on the issue of vaccine and equity. how long do you think it will take to get some sort of global herd immunity where at least we can get a majority of people in countries around the world access to the >> thank you sarah. if we continue with the inequality in vaccine access that we have now, it will take a long time. you have to look at the numbers. other vaccines that have been distributed so far. 0.1% have gone to low income countries. 86% too high and upper middle income countries. if we do not do something to change the pace at which
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countries are getting access to vaccines, it will take a long time. this is in the self-interest of everyone. we know -- as the managing director said -- that mutations are coming up. if we do not act fast, the rest of the world can see there gains reversed. we need to up volumes of production of vaccines. we need to allow better manufacturing access to developing countries. distributing, manufacturing capacity, wider than we have now. >> chair powell, the u.s. is going fast. it is the driver of optimism in the global economy right now things to three pharmaceutical companies and fiscal stimulus. and you and your team at the federal reserve. we got a great job reports, a
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services number. no stronger rebound are we looking at for this year? >> thank you, sarah. there are a number of factors supporting a buyer outlook for the u.s. economy which looks like a faster recovery. i would point to substantial fiscal support. vaccination now moving quickly and on track to allow a full reopening of the economy fairly soon. we vaccinated at least over 100 million americans, have had at least one vaccine. over 60 million are fully vaccinated. we're doing 3 million a day. monetary policy is still supportive. we got a taste at what fats progress would look like with the report, close to one million jobs, particularly if you had in the revisions for january and february. we want to see a string of months like that so we can show progress towards our goals. the recovery remains uneven and incomplete. the burden is falling on lower income workers. the unemployment rate in the bottom quartile is still 20%.
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there are still 8.5 million people out of work. this unevenness is a very serious issue. viruses are no respecter's of borders. until the world is vaccinated, we will all be at risk of new mutations. we will not be able to resume activity with confidence all around the world. it is not only the right thing to do, is the smart thing to do, as the director general just said. >> when you think about the progress you would like to see, you mentioned the number of economic indicators. to pay attention to what is happening with the globe? in this terms of speed of vaccinations, the speed of recoveries? they not doing as much in the fiscal front as we are in the u.s. does that matter for how fast you will start your exit strategy? >> what we have said about our asset purchases is that they
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would continue at the current pace until we see substantial further progress towards our goals. that will mean actual progress, we are not looking up forecasts for this purpose. we are looking at actual progress. that is inflation, it is also indicators of maximum employment. i would look at global vaccination as a risk, something to weigh in on the progress we're making. something that we tracked track very carefully, course. there is a risk here in the u.s. cases are moving back up. i would urge people get vaccinated and continue social distancing. we do not want another outbreak, even if it has less economic damages and kills fewer people, it will slow down the recovery. >> managing director, how long since -- central bankers stay in emergency support mode.
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>> in this crisis, they acted swiftly, decisively, and on a large scale. globally we had $16 trillion of fiscal measures. the equivalent of $10 trillion in what central bang's have done . this is helped. -- central banks have done. this has helped. premature withdrawal of support can cut the recovery short and that would mean all the benefits we have built could potentially be lost. i want to make to pleas. recognize that this year, next
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year vaccine policy is economic policy. it is even a higher priority than traditional fiscal and monetary policy. why? because without it we cannot turn the fate of the world economy around. as chair powell said, between now and 2025, we will add nine chewing dollars -- $9 trillion to global output if everyone is vaccinated faster. the interesting piece of this is 60% of this has to be developing an emergency economies. this would translate into $1 trillion additional tax revenues. i cannot think of a better value
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for money this and next year then investing in accelerated vaccinations. only then, chair powell can think seriously about exit strategy, which, by the way, strong growth in the u.s. has positive spillover. and a change could be tough on financial -- on countries falling behind. what is the key to it? put an end durably to the health crisis. >> we're talking about the three pillars of fighting the pandemic
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and the economic pain out there. minister, we talk to you about vaccines in europe. the ecb has been innovative when it comes to its policy and pledged full support. fiscal policy. there has been some stimulus there. not as much as the u.s., which i know you hate that comparison. could you do more, and why have you not gone bigger? >> thanks, sara. it's always valuable to make comparisons between different parts of the world. we can learn from each other and calibrate our efforts and look whether we are doing enough. if you look at the figures for last year, they indicate the u.s. was involved in discretionary fiscal stimulus measures worth around 10% of its national income. the euro area at the same point was involved in measures around 8% of our national income. so there was a difference, but
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in addition to that, we have social insurance systems in the eu that would provide payments to many of our citizens automatically. that plating medium -- that played a role in importing the cert -- european economy in 2020. there are many things happening in europe at the moment that will be at the heart of the recovery. we have the recovery and resilience fun. the fund is a very large expenditure and grant program. commonly funded by the eu. the kind of initiative which before the pandemic would have been unthinkable. that will be happening later on this year. member states have their own budgetary decisions.
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that combined with a vaccination program which is accelerating means that as we move through this year, you will see europe move ahead and our recovery will gather pace. we have to be conscious, which we are of the global responsibility touched on by the other speakers and how we will continue this -- with this repot -- with this response building. >> trade contracted 5% last year. sharp drop. what do you expect this year? how strong the -- how strong does it bounce back? >> thank you, sara. it contracted by 5% last year. actually, less than we thought. it is been -- trade has been quite resilient. even though we have issues with export restrictions, you can see during the pandemic supply
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chains are resilient. we had traded medical supplies and equipment up by 16% and supplies of ppe up by 50%. trade has continued -- has contributed. it could do more. trade will be up by 8% this year, our forecasts show. but there is a considerable divergence. we see imports and exports in north america and asia rebounding quite quickly and faster than africa and the middle east. the divergence we see in recoveries is reflected in trade. this is partly due to the fact that whereas the rich countries have been able to issue more
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fiscal stimulus -- for example, according to the speaker, it is about 21% of gdp fiscal stimulus and richer countries compared to 6% in emerging markets and 3% in low income market -- low income countries. that has something to do with the weakness in some of these regions. trade we hope can contribute more. first to making vaccines more available, by lowering export restrictions, working with manufacturers to up volumes and getting more of the vaccines around the world. and second, i think a strong multilateral trading system that contributes to the international recovery much more than one would have expected. >> chair powell, divergence is the word of the panel so far. even in the u.s., which is growing strongly and quicker
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than the rest of the world, there are some divergences. it is not equal, by race and gender and sector. you've been focused on this. i hear you talk about it at news conferences. which parts were you the most? can you do anything about it? >> what was so unusual about this event, this pandemic, was it hit companies that were in the service industries that faced the public with a lot of public interaction. the people who lost their jobs to the biggest extent were relatively low paid service workers and travel leisure hotels, restaurants, things like that. that tends to skew towards minorities and women. they tend to be lower paid and have left desk lessen the way -- have lessen the way of wealth to fall back on. they were -- they very large portion of the burden. the unemployment rate of the bottom quartile of earners is
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still 20%. the higher end of the labor market has virtually recovered. but not for people in the bottom 20%. we have been concerned about this from the beginning. it amounts to nine or 10 million people, depending on how you count it, who were working in february of 2020 who are now unemployed. they were in the workforce. they want to work. but they are not working. we will not forget them. we will provide the economy the support it needs until the job is done. the real concern is the longer-term unemployment can allow people skills to atrophy, their connections to the labor market to joint all. they have a hard time getting to work. it is important to remember we are not going back to the same economy. this will be a different economy. one of the things we hear from companies is that they have spent a lot of time since the pandemic arrived looking at ways of more effective technology and fewer people. you will see some of that in
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these public facing jobs. there will be millions of people who will have a hard time recovering. it would be appropriate for us to continue to support those people. what we call labor markets trying, people are out of work for a long time, the ret -- the record shows their whole economic lives and broader lives as human beings can be damaged permanently. we want to avoid that. i would say we have avoided a great deal of it. the really bad outcomes we were concerned about a year ago have not materialized. nonetheless, nine or 10 million people out of work and we need to keep supporting them and the economy and we will. want to say something about the unequal nature of the recovery we are seeing? >> within countries and across countries the impacts of the
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pandemic crisis is are different. it is low skilled workers, women, and unfortunately young people. they entered the labor market at the time the economy was in recession. they were more severely hit. as chair powell said -- not only being depressed now, but some of them would find it hard to come up. then comes the second which is related to small and medium-sized enterprises. what we are seeing in our research is that there is a high probability that once support is withdrawn, we would see companies that have been on life support falling off a cliff, they are more likely to be
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severely impacted. meaning that one in 10 jobs may disappear. what should policymakers do? first, it is typical when we withdraw support, to at the same time lift it up to help people re-profile, move from string -- ranking sectors to those that are expanding. i want to give two examples with expanding activities. with more attention to the climate crisis and more investments going into the new climate economy, there are opportunities for job creation for example, renewable energy, seven jobs to one in the
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traditional co-energy sector that would require a training and support. similarly, report stations taking care of degradation, resilient stocks, these are labor-intensive activities. policy makers need to think about it now so that we are able to support a transition of people. the second issue is how you make sure that there is attention paid to a vibrant, small or medium-sized enterprise sector, that is more about how access to finance would take place. we are going to have a different economy. it does not mean a worse economy if we think well in advance, if we think about educational
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payments, flexibility for people entering the labor markets, and, if you think about where growth is going to come from. in the u.s. there is now a lot of discussion about infrastructure, including green infrastructure. this is positive, because we have to have not only support to the crisis, but also injection of [indiscernible] for the recovery in the european union. >> are you going on the record supporting president biden's interceptor plan? >> for some time we have been in favor of more investments in infrastructure. it helps boost productivity in the u.s.. we think adding to this -- these
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two elements green and social services, social info structure is positive. [indiscernible] now maybe the impact of the growth projections with the u.s. but broadly speaking we supported. >> don't worry, chair powell will get you on that one. minister, how are you tackling these issues? you mentioned the recovery fund which, a huge component is green infrastructure. how are you thinking about building the economy to serve what chair powell and managing director were talking about, the workers look behind? >> thank you, the first step is to realize the scale of the challenge we have. if i look at it from a european perspective, across the period
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of the pandemic so far, we have seen unemployment levels within the european union go up average by 0.5%. if you're a young person you see the unemployed great for young people go up 6%, if you are a young woman we see the unimportant rate for young women go up a bite 9%. it illustrates how powerful the impacts of the pandemic is at the moment. in terms of how we respond back to something that is simplifying into deepening the risks of inequality, i think there are two phases. the first is the responsibility that we have to look to protect income, particularly the income of the most vulnerable at a time in which the pandemic is having such an effect in our society. of course europe and in america, a huge focus has been placed on how we can do that. secondly, to build a point made
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by the managing director a moment ago, we have to recognize looking to prioritize the digital transition and being the recipients of huge investments. we have two beware that the movement to our labor markets to fall back to that investment in might not be automatic. moving 70 from a contract intensive part of our economy, for example there are parts that could be renewable that are across clinic transitions will continue to require an active stance from government from a policy point of view. the focus on training, the focus on how we ensure we don't confuse a rebound with the recovery and the need to support positive change within our economy for all these individuals impacted by this, i think it is a public challenge
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that will be confronted. >> i wanted to move the conversation to another topic, director general is eager to hear from you on this because, chair powell gets asked about it a lot lately. that is what we are going to see will be transitory. a lot of what is happening as a result of what we are seeing in the supply chain. suez canal, the chip shortage, a lot of things you are probably monitoring. can you bring us up to speed on what you think the impacts will have on prices globally? >> thank you very much, yes. you know, i want to give -- touch on this and what happened to the supply chain and production around the world. it shows you how important these supply chains are.
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when we had the ever given that was stuck in the suez canal for a couple of days, it held up supply chains around the world, it held up production. it is important, what we are seeing is that as the developed countries or richer countries are forming better -- performing better and their economies are doing much better, we see a lot of shipping and goods going in that direction. of course, in terms of shipping containers, there is an indication of how supply containers of goods going to developed countries, goods not coming from poorer or developing countries, a shortage of around
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is part of the difficult -- difficulty we will see as we move forward, looking at supply chains globally. how did he ships move, how containers move, this will impact on what happens to inflation differentially in the different parts of the world. hopefully, as we are projecting that trade is going to rebound this year, we hope that this kind of movement will make sure that supply chains perform the function in terms of goods supplied around the world for production. >> chair powell, you said inflation coming is transitory. a lot of people are still wondering about that, they want to know what does transitory
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mean? how long is transitory, how height would be too high for you to tolerate in terms of an inflation rate question can you extend on that? >> let me be clear on what we buy transitory. there is a difference between a one-time increase and persistent inflation. we say inflation that is what we mean, persistent inflation that goes up by 2% or 4% or whatever it is year after year. that level of inflation tends to be dictated by underlying inflation dynamics in the economy opposed to things like bottlenecks. it will be resolved, the supply will adapt therefore whatever costs have to bear in prices because supplies are temporarily tight as the economy reopens, d will be repeated it next year. we would not think they will be repeated did --. it will adapt and become more
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efficient. that is what we are saying. member, -- remember, we have had 25 years of inflation dynamics, where inflation has been low, many advanced economies across the world have been unable to reach 2% inflation some are fighting off disinflation. that has been the dominant set of dynamics for some decades. now, we have a situation where the economy is reopening, there will be a surge in demand, bottlenecks perhaps, it seems unlikely that that will change the underlying inflation that has taken deep roots over the course of many years. that is what we think, we think there will be upward pressure on prices which may be passed along to consumers in forms of price increases. we think the effect will be temporary. let me saying there is no certainty in this and, if it
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turns out that inflation expectations were to move up materially in a way that's adjusted that they were de-anchored and inflation might move persistently above 2%, we would react. that would be one of our jobs, we don't think that is the most likely outcome but we have the tools to deal with it. we will use them to guide inflation back to 2% if the need arises. in the most likely case, this. -- and most likely cases this period -- this the print little we have is with inflation. the traditional tool is to restrain the economy and reduce inflation that way. again, we don't think that is the most likely outcome, that is the playbook though.
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if inflation were unexpectedly cantering our expectations to move above liberals we were comfortable. these day people think inflation is largely a function of what the public expects it to be. we would be monitoring excitations carefully, if we see them moving persistently above the levels we are comfortable with, we would react. >> managing director, what will happen to the economy when chair powell is ready to lift off, which he is not, and he is ready to talk about to bring -- the rest of the world is watching and feeling it. >> let me first say that to the extent that we research what is happening to the u.s. we subscribe to what chair powell said, our expectations are for 2.25% into next year.
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it is correct to connect what may be done in the u.s. to counter more abundant expectations for inflation, exuberant is the right word. then it would be impact on interest rates and implications for the rest of the world, especially for economies and businesses that are highly leveraged and seeing their interest rates jumping as a result. this is why the careful approach that chair powell is taking to communicating clearly is helpful both to help the expectations in the u.s. from being lifted up and also the rest of the world to be clear around monetary
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policy in the u.s. let me make two points on inflation, one is that we are more concerned about inflation in emerging markets, developing countries where the monetary financing has been taking place because of the limited fiscal space and they needed to support the economy. this is why it is so important for international institutions, financial institutions to be there for these countries to fall back on monetary financing. some of them, for the first time, are using [indiscernible] as chair powell would note this is a delicate instrument to apply and, for that reason we are watching carefully what may
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be happening in emerging markets. the second point on inflation is you need to remember how important trade is to halt inflation -- to hold inflation back. it allows goods and services to be produced at these costs to have -- travel around the world holding prices down. i would argue strongly that we needed to support the role to reform the trade system so it delivers what it has been successfully delivering for decades. a world where we can all enjoy improvements in standards of living because of getting the benefits of division of labor. >> i was going to ask you next, we have parents between the u.s. and china -- tariffs between the u.s. and china.
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what will happen with that? and generally, how will you open trade more? it has been a rough. in the previous administration. >> thank you, we all know that an open and transparent and fair multilateral trading system is what is the best for the whole world. that is why it is important to support and strengthen the wto. if strength it can help both the china -- china, the u.s., and the eu to solve some of the problems of the difficulties, with respect -- between them. we hope that some of these, in
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particular with boeing in steel and airbus, we can come to some negotiation solutions. solving these problems will be materially -- trade, all around the world because when the big powers have these problems it impacts what happens in other countries and what happens in trade. i think what we need to more have a recourse where they can go. for instance a disputes to build a center around certain trade routes that will be strong for the world. that is what we are trying to do, it needs to be reformed.
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because, they will making organizations, it is normal to be talking about one place where members can come to settle their disputes. that is one area where we need strong reform. we need the support of the u.s., china, and the you. developing countries also to make this work. i think the wto also needs to reform it rolls for 20% reissues. we talked earlier about a digital economy. this is one area where the world is moving fast, this is what will drive trade. yes, we don't have a rules to defend this.
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when in trade, as received women have been hurt by the pandemic. these all -- are all areas he wto needs reform. on climate, trade can continue so much to issues of climate change to lower emissions in the world. we need to build the rules there that help strengthen the system. a lot of work to be done, a lot of challenges in order to make the place a viable one were big countries and small countries can settle their differences. it is going to be tough, but we hope to get it done. >> you have a long to list there. any fitness left, we have been talking about issues that could impact the outlook. minister, i want to get your
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take on politics in europe because chancellor merkel is retiring this year after 16 years. to faces an election in september which is paramount for europe, macron faces election early next year. >> i am optimistic about the ability of europe to continue to be -- covid-19. also we can see many of the opportunities we want to on behalf of our citizens making the countries into a better world. we do have important elections coming up and what will be happening for us in germany and what will penn be happening in france. later the elections are just taken place, look at the elections and changes that are happening in italian politics. in both cases we have seen governments about to be formed
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or put in place under -- that is committed to the european project and committed to strengthening it. also, what we have seen is the institutions of the european union play a valuable role in porting together the kind of economic initiatives that are helping europe to things which even one year ago we would not be able to do. the kind of political responses that gave me that optimism would be, for example, we have something here here in europe called the -- that program has helped pave the way between 25 and 30 million european citizens during the time of the pandemic. that shows the political strength that is there. i am hopeful that if he is a elections approach and others take place, i believe these
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dynamics that are in place will be strengthened. >> going to 2022, your term is up for yuri 2022 chairman pal, will you be the one to execute this massive challenge of an exit policy, we were a bit surprised you didn't have any calls it with president biden. is that normal or not? >> i have a another massive challenge i am focused on and it is to do my job everyday as best i can to serve the american people, all the people who were so fortunate to serve, i don't spend a lot of time thinking about that, i spend time thinking how do we do the best job we can. that is enough to think about. >> good answer. in the moment we have left, i want to get everyone's thoughts on the biggest risk to this outlook. we have talked about a lot of the issues and how you feel about them, to use a cliche in
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news, but quite clearly the virus is a big unknown still. >> what keeps me up is missing on the opportunity for transferred -- transformation towards green smart, inclusive societies. more specifically, how we are going to deal with the threat of any quality from history, we know that when a pandemic hits inequality and it stays up for some time we saw it with h1n1, ziegler, can we do additionally this time around, can restrict any support in education, health, social safety nets.
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people are resilient to the next shock to come. can we support the resilience of our planet, can we do the right thing for future generations, and can we continue to build the strength of our economy, let me remind you that after 2009, we made the banking system more resilient, there is no financial crisis now. can we have the same determination in a world that will be more prone to build resilience. this is what makes me lose sleep, but also dream positive dreams. >> so, definitely it has, and pandemics have shown to be --
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always serve to how many people will receive the injection? and then the investment. we need to lay the economic foundation. and having a particular focus everyday on our youngest who are paying a heavy price as to many of the public health measures we have in place. i have to again echo what the managing director has said, acknowledging the kind of more difficult nightmares we are trying to avoid. we also have to be aware of the positive things we can achieve.
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for example, how much we have achieved collectively over the last year in dealing with this pandemic and how much more we can still achieve. >> these are almost like closing statements in a debate. director general, what do you see as the biggest risk factor to the positive outlook you have laid out for trade? >> well, i have two things that keep me awake at night. one is very trade-related, and the other one has to do with the low income countries. let me start with that, what keeps me awake is the fact that the biggest risk to these countries is not getting access to the vaccines, like i said at the beginning. and then the continuation of divergence of these economies,
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from the rebound that the other economies are having. and that is a very difficult thing to contemplate. and i hope -- but there is hope. we just heard about the $660 billion the fund is working very hard, the team, making sure it is issued and reallocated to the most vulnerable: -- countries that need it. so that might help. we also have the debt burden, the debt overhang of these countries, which has not allowed them to look at it for their countries as others have, in both emerging markets in rich countries. i want to stay a strong word of praise for low income countries, particularly on my continent. because they are very strong measures come severe lockdowns. you have a lot of people
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employed, and it has taken away the ability to earn their daily living, but they still did the right thing. so my hope and expectation is for the world to realize that we need international cooperation to come out of the crisis we are in, that they would not let this nightmare happen. that the impact is left behind. and that the world gets direct resources to those vulnerable countries where they are needed, where the communities need it, so that they can all begin to converge in the same direction. so that is one set. i think the second nightmare is more directly having to do with trade, and that is missing the opportunity for the wto members to come together to agree on the
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rules, those innovations in our economy that are happening right now, and look to the future, like the digital economy. we cannot get away from it. so my hope and expectation to avoid a nightmare is the beauty you will be able to make the right move, and we will also be able to make moves for the green economy and also for inclusion. as i said before, micro and small enterprises, how to make sure that these participants are included in regional and global supply chains of the world. so that trade can really play that part it needs to play for the economic rebound. >> finally, nightmares, what keeps you up? >> i would mention the nine or
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10 million, those people trying hard to get back to the lives that they had to get back to work. there is a pretty substantial tent city that i drive by on the way home from work on virginia avenue, so we need to keep reminding ourselves that even though some parts of the economy are doing great, there is a very large group of people that are not. i really want to finish the job and get back to a great economy. the last thing i will mention, i think generally we focus too much on the short-term and on palliative measures and not enough on longer-term supply-side measures. in other words, i think we need to, really is a country, not talking about any particular bill, invest in things that will increase the inclusiveness of the economy and the longer-term potential of it, and particularly invest in people so that they can take part in and contribute to and benefit from the prosperity of our economy. >> final question -- can we do this in person next year?
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>> i very much hope that the answer is yes. >> put it on your calendar. >> ok, putting it down so we will be here at the imf, all of us together. >> best way to end it. thank you also much for such a lively and topical conversation. really appreciate it. thank you for watching us. again, thanks to our panelists. [captions copyright national cable satellite corp. 2021] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> a saved america summit in miami today, live coverage at 7:00 p.m. eastern on c-span, online at c-span.org, or listen live with the free c-span radio app. >> sunday on q&a, conversation on the influence lady bird johnson hud on the lbj presidency compared to other first ladies, with the senior research fellow at the lbj school of public affairs at the
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university of texas austin. >> i see her as the bridge between elinor rose -- eleanor roosevelt and hillary clinton. she has the commitment to developing a policy agenda that reinforces and elevates her husband, that eleanor had. she had the public role, not quite as broad because she did not have a radio program or a column, but this is a woman that was out campaigning for her husband and working really hand in glove to elevate his presidency. er was in the white house much longer than lady bird was, but i see lady bird coming in and modernizing the office of the first lady, really the first person to do that since after world war ii, in my view. >> author of "lady bird johnson, hiding in plain sight," sunday at 8:00 p.m. eastern on q&a.
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you can also listen to the podcast where you get your podcasts. >> congress returns from their holiday recess this week. the senate returns monday at 3:00 p.m. eastern to continue work on the nomination of holly trenton berg to be deputy transportation secretary, the number two post undersecretary pete buttigieg. they are in the week, senators begin working on more nominations, including wendy sherman to be deputy secretary of state and gary gensler to chair the securities and exchange commission. the house is back tuesday for legislative business. this week, members are expected to work on equal pay for women legislation, as well as a bill to prevent workplace violence against health-care care and social services workers. president biden's infrastructure and jobs package is not expected on the house floor until later in the spring or early summer.
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watch live coverage of the house on c-span, the senate on c-span2, and follow our congressional coverage anytime at c-span.org or listen on the free c-span radio app. >> next, asian-american elected officials and activists talk about anti-asian violence and racism. this event was held by video -- was held via videoconference. >> welcome to anti-asian violence in america upon stress virtual event, a podcast coming you -- to you from arlington, virginia. welcome to our audiences on facebook, youtube, twitter, linkedin, and you can join the conversation on twitter using our handle. i will be joined by my colleagues over the next half-hour to unpaid the recent upswing in anti-asian violence. i will be joined by my colleagues to talk about the social politic m

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