high-speed affordable, reliable internet wherever you live. imagine knowing your handing your children and grandchildren, a country that will lead the world in producing clean energy technology and we will be able to address one of the biggest threats of our time. that is what we will do. altogether, along with the american rescue. this will create millions of jobs. over 18 million jobs over four years. good paying jobs. it works level the playing field , this will ensure that the good jobs -- new jobs are good jobs that you can raise a family on. that is why my plan asked congress to pass the proactive. this plan is important. not only for how to build but

also important to where we build. includes everyone regardless of your raise and zip code area too often, investments have failed to meet the needs of marginalized communities left behind. there's talent and innovation everywhere. this connects that talent through cities, small towns, rural communities. all across america, we have to move now. i am convinced that if we act now, in 50 years, people will look back and say that this was the moment america won the future. what i'm proposing is a one-time capital investment of roughly $2 trillion into america's future spread largely over eight years. it would generate historic job

growth, historic economic growth, help businesses to compete and create more revenue as well. there are among the highest revenue investment we can make in infrastructure. this adds to our debt and puts our children at a disadvantage relative to our competitors. that is a crumbling infrastructure does. our infrastructure is crumbling. it is ranked 13th in the world. once more, it heightens our vulnerability. it attracts our adversaries in ways it had not up until now. our adversaries are worried about is building this critical infrastructure. these are investment we have to make. we can't afford not to make them. had we pay for it?

-- how do we pay for it? i spoke to the majority leader in new orleans. i guess he is no longer the majority leader, he was for a long time. i spoke to the republican leader about the plan. everybody is doing something about infrastructure. why have we done it? no one was to pay for it. less than four years ago, congress passed a bill for $2 trillion. over one million of that package went to the wealthiest americans. it even included new investment that would profit by shifting profits and jobs overseas if your operation. it is bad for american competitors here's what i do. i start with one goal, no one

making under $400,000 will see their federal taxes go up,. this is not about penalizing anyone. i have nothing against millionaires and billionaires, i believe in american capitalism. i want everyone to do well but here's the deal, right now, a middle-class couple of a firefighter and a teacher with two kids making a combined salary of 110 or $120,000 per year pays $.22 for every dollar in federal income tax. but multinational company that builds a broad, they pay nothing at all, we will raise the corporate tax. it was 45%, that is too high. we all agreed it to go down to 20% but they reduced it to 21%.

we will raise it back up to 28%. no should be able to complain about that. it is still lower than what that rate was between world war ii and 2017. just doing that one thing would generate $1 trillion in additional revenue. 2019, an independent analysis found there were 91 4500 companies, the biggest companies in the world, including amazon that use various loopholes where they pay not a single, solitary penny of federal income tax. i don't want to punish them but that is just wrong. that is just wrong. a fireman and a teacher paying 22% and amazon and other corporations paying zero?

i will put an end to that. here is how i would do it. we are establishing a global minim tax of 21%. we will level the international playing field. that alone will raise $1 trillion over 15 years. it will also limit deductions for offshore and jobs. we will use the savings for that to give companies tax credits to locate manufacturing here in the united states. all of this as up to more than what i have proposed to spend in 15 years.

it is honest, fiscally responsible and it reduces the federal debt over the long haul. these are my ideas but if republicans have additional ideas, let them come forward. i am open to additional ideas. let me close with this. is berkeley, infrastructure had been a bipartisan undertaking. many times led by republicans. it was abraham lincoln who built the transcontinental railroad. i don't think you will find a republican today who does nothing we have to improve our infrastructure. china and other countries are eating our lunch. there is no reason it can't be bipartisan again.

the divisions of the moment should not stop us from doing the right thing for the future. we will have a good bit of stuff. we have to get done. i truly believe we are in a moment with a fundamental choice to be made between democracies and autocracies. a lot of autocrats in the world live they win because democracies can't reach consensus any longer, autocracies do. this is a basic question. can democracies still deliver for their people? can they get a majority.

i believe we can and we must. this is with the american rescue plan was all about. it was overwhelmingly popular when i wrote it. everyone said it had no bipartisan support. ask around, we live in a town with a republican mayor, a republican county executive. republicans are asking how many would rather get rid of the plan. asked them if it helped at all. that is with the american job plan is about. i hope republicans come and join this effort. i hope number of businesses will join this effort. we can do this.

we will do this. just remember, this is the united states of america. there is nothing beyond our capacity if we act together. it is time to move together. thank you and i hope i get to come back to see you after this plan is passed. god bless you all. may god protect our country. [applause] romaine: that was president joe biden laying out the case for this $2.25 trillion package, a stencil he about and for structure transportation but also about some much more. it result -- it would also address some of the competitive issues with china, some of them

dealing with technology shortages. he thought that it was certain issues of inequality, the idea that he would build back the middle class, build out from the middle on out. >> we are calling it infrastructure, it is more than that, at least infrastructure in the classical sense, there is obviously a pretty big climate component, there is a social safety net component. at the end, sort of laying out his philosophy and the case for increased taxes. specifically on corporations, the idea that the corporate tax rate would go back up. lots of ideas of fairness. there is a certain element of fairness to what he is trying to achieve here. beyond infrastructure.

>> let's hone in on the transportation aspect of it all. this is for highways, roads, bridges and such. we want to bring in rodney slater. he is the secretary of transportation during the clinton administration. rodney, you had some experience trying to sell transportation spending to congress. joe biden reference to this idea that republicans want these types of infrastructure plans just as much as democrats do but nobody really wants to pay for it. how do you get to the point we can get people to agree on how to pay for these things? >> i think today's presentation was a good start. clearly, the president was talking about this, even as a candidate and when he selected his team, his cabinet putting it

together, he made the point that it was going to be a cabinet that looked like america because we want it to serve all americans. this is at the core of the build back better plan. he made a strong case for is important. all we have to do is look at the situation in the suez canal. we need to make sure that our infrastructure system here is good enough to get us to those markets and beyond. that is with the president was talking about today. romaine: it is easy enough for congress to pass a bill and say we are going to spend this many hundreds of billions on rebuilding infrastructure but inference rusher building in america is difficult, it is

timely and cost a lot of money. how should the administration not just egg about allocating the money but actually getting a good bang for our buck so that things get built in some sort of reasonable timeframe as some sort of reasonable expense? >> we saw evidence of that today as well. in the past, there was always talk about shovel ready project. now the discussion is about shovel ready projects. you heard the president talk about 10 important bridges that really speak to the essence of infrastructure investment across the country. i bet one of those is this bridge that should be important to the minority leader. i think we are going to see a number of other projects come to the forefront during this discussion and debate. that is where congress plays an important role. they represent districts, they

represent states as senators and i think you will hear a lot from mayors and governors in making the case for this kind of investment. i would be remiss if i did not mention secretary b buttigieg -- pete buttigieg, not only is he skilled advocate but he is a young and nimble and visionary mind, meaning he can help us with autonomous vehicles and maglev trains. there is this vision about maglev service throughout the northeast corridor where you can get from washington dc to new york in less than an hour with stops. that is the kind of transportation system we need.

i think it is very important for all americans to understand that. >> let's talk about the president himself, he drew comparisons to the space race back in the 50's and 60's. the idea that we are not only competing with china and their emergence as an economic superpower but also establish, develop nations for business, investment here. when you look at it warm -- from a global perspective and you think about bridges and roads, do we need to broaden the definition of what we think needs to be infrastructure westmark >> he has talked about the importance of 5g.

civilian use. you look at the technology surrounding mapping and autonomous vehicle development, all that relates to gps, that is the distance we have, over the last 20 years. to move forward and move forward aggressively. the president, as he defines infrastructure, he takes it beyond concrete asphalt and bridges and tunnels. we will contingency that -- continue to see that even when we go back to work. i am very happy to see that development. a really speaks to this fourth industrial revolution that we are now engaged in.

we have to be strong players there. i think that is very interesting. clearly, we need to do something to come back. the importance of china in that regard. even the president made reference to his conversation with xi jinping and acknowledged that he wanted to send the message that america is back and we will enter the arena competition. >> you anticipated next question -- my next question. this is framing us as competing against china. we have relied too much on taiwan made semiconductors.

how much does this framing build the political will to do something that has been historically pre-difficult? >> interestingly, this has always been one of the conceits of the conceptualization of transportation, even eisenhower as a young lieutenant colonel in the year 1970 actually traveled the country to make decisions about how we could oblige troops if that were necessary. the head of the allied command in new york and seeing the autobahn came back and took a concept that has been put forth during the roosevelt administration but gave vision to it, substance to it and came forth with the interstate highway system. i also thought it was very interesting that the president talked about this generational opportunity. the last time we had a major shift in transportation

philosophy was actually near the end of the 1980's and the beginning of the 1990's. it was a piece of legislation that shifted us from a focus possibly on the interstate system to almost of transportation and how they work together. if you listen carefully to what the president was saying today, he is defining the system of the future as one that is focused on resilience, sustainability and equity. continue to listen carefully as he starts to define that system of the future and also, as secretary buttigieg and his team help in that regard. >> rodney slater knows exactly how things go down there. he was the former u.s. transportation secretary. great to catch up with you, we will catch up with you soon. for our viewers out there, we want to catch you up with our

regular programming. bloomberg technology with emily chang which is now in progress. >> this has been a different experience. this is a step along the journey. we have so much work to do. could not ask for a better day, today but there is so much more ahead of us. emily: let's talk about what lies ahead. obviously, online education has been booming through the pandemic. what happens post pandemic when kids are back in school and everyone is vaccinated? >> clearly when andrew ng and daphne found the company, there is no notion that a pandemic was coming.

covid has basically just accelerated existing trends. it has forced every student to learn online. it has forced all most every teacher to teach online. it has forced all of us to work online. there will be a new normal. it won't be exactly like what we use. in 2020 but it won't be like what the world was prior to the pandemic. i think it will be more of a blend of in the office and remote work. >> you have more online options. many institutions and schools have built this into the very way they deliver education, what about that competition? >> i think what has set us apart from the beginning is that what started with two stanford professors immediately became a

committee of universities. the university of michigan and yale and duke and princeton all joined this platform early on as a community of 80 universities. what we have seen about business models is platforms that been -- bring together communities usually do a better job delivering value to consumers or learners than any single company can do. even if you are a commercial, dedicated company. we believe in the value of this community in reaching a global population. it is very difficult for one company to create all the value and all the distribution. it is much easier for a community to have more global reach, broader selection and often more affordable prices. >> you're still not profitable and losses widened. what is your idea to get to an tenured wealth? >> we are really focused on growth.

in the next 10 years, about 1.3 billion people will become working age around the world. especially in rising economies like china, india and latin america. rising middle class is generally need more education and they are looking for things like degrees. there is a lot of opportunity and need ahead of us. , we think it will position us better to have the resources to grow. we will be investing those resources. you can look at it in terms of dollars but also in terms of profitability and margins. we will continue to get closer. >> where does post of the growth come from? is it institutions? enterprise? >> we will be seeing what kind

of credentials will be most in demand. we have industry partners greeting courses in degrees. we believe that college degrees will be a very attractive way for people to learn and a credential to show an employer that you are employable. it is not their traditional degree. we believe the degrees are becoming more flexible, more affordable, or job relevant. we are very bullish. in addition to that, for people who don't have a college degree, to get an entry-level digital job, we see a lot of demand in that field as well. especially for people switching careers. emily: we just heard from the ceo of ibm earlier said he things 80% of his workforce will be hybrid going forward. do you have a number like that for students? >> i think it is a useful statement. we believe that our employees

are not all going back to the office either. in the same way that going back to work will never be the same as it was before the pandemic, the way we get educated won't either. we see a hybrid world where certain traditional students will go back to campus but a lot of people are working and have families and our international and cannot move to campus. there will be a much broader set of opportunity when degrees and learning in general goes online. emily: all right, we'll keep watching you. now that you're out there on the public market. thank you so much for joining us. coming up, we are speaking with brad drawing house -- read gar -- brad garlinghouse. that is next, this is bloomberg. ♪

emily: welcome back to " bloomberg technology." deliveroo, the amazon-backed food delivery start up, had a sour opening in london today. what went wrong? ed: this is a story not about the inventor -- investors that did back it that the investors that did not. a lot of investors were concerned with ongoing issues about couriers and how they are

being treated. look at the precipitous decline at the beginning of the trading day in london. it stayed that way for the rest of the day. there is a bigger story here, too. a lot of hopes for the future, post-brexit london, it has not really happened that way. this is the growth generated through ipo's so far this year. london is negligible by comparison to what we have seen in the united states. there was so much hope around deliveroo, and it just did not come to fruition. there is also questions about timing. this in the face of global peer's that are already publicly traded -- none of them are doing very well. the story this year is not about stay-at-home stocks. we are all at home getting

takeout. we did that at the beginning of covid. now it is about getting back. one of the things you'll see is the diversified is in this model uber has. rideshare is coming back as people get more confident about going outdoors. that is not something that is suddenly set to take off again like it did exactly one year ago, and that is part of the problem for deliveroo. emily: interesting. we will continue to follow. perhaps they just missed their window. thank you so much. one area back in the spotlight -- still in the spotlight, crypto beginning to go more mainstream with institutional investors. there are questions around where u.s. regulation stands. we saw the s&p take action

against one -- against ripple. ripple's ceo has comment on regulations around crypto in a tweet saying, "our defense begins today. innovation is on trial, and we stand shoulder to shoulder with our partners and the community to defend it. we can modernize outdated laws that clearly are not working to protect consumers and ensure orderly markets." ripple ceo brad garlinghouse with me now. where do things stand? obviously, you intend to fight vigorously. >> thanks for having me. indeed, we do intend to fight vigorously. from our point of view, what is happening is not just against ripple but really against the crypto industry at large. as we have talked about, the

u.s. has been a laggard in providing regulatory clarity so that investors know how to and rest. ironically, a lot of people around the world have had regulatory clarity. you just heard the u.s. kind of lag behind that. the u.k., japan, all have clear, regulatory framework. emily: is there a chance of a settlement, and what happens if you lose? >> i'm hopeful that as a new administration comes in to the sec, there's an option to revisit those conversations. as you may know and may recall, jay clayton at the chair of the sec, the day before he left office, he brought this lawsuit

against ripple and against me personally. we don't think that made a lot of sense, given that srp had been trading in the marketplace for nearly eight years. there were nearly $1 trillion of ex rp traded out there. to do that the day before he leaves his position, right before christmas i think was misguided. the former head of the sec said publicly she views this as a dead wrong -- he was dead wrong on this decision. a new chair of the sec is likely to be confirmed, and there's an opportunity to have a conversation with that new leadership as he brings his team in on what can be done for ripple and really, the whole crypto industry to provide clarity and allow people to participate in the markets and build around these technologies. emily: meantime, we are waiting for a coin-based direct listing, which continues to be postponed.

our sources tell us that's because of a back up at the sec, but what are you watching for in terms of if that is a success or some sort of validation that the crypto market needs? >> i think it's very clear the crypto markets at large have become very mainstream, and there's more and more institutional interest. my guess is about a year ago, the market overall might have been a few hundred million dollars, and now it is just below $2 trillion. coinbase has built an amazing business here in the united states. i suspect that will be a very successful listing. there's a lot of interest in this space, and coinbase has clearly been a leader, so i'm excited to see them get out and become its own company. emily: meantime, i spoke with the ceo of cracking -- ceo of

kraken. take a listen to what he had to say about price. >> i'm measuring in terms of dollars, and it might be easier to understand if we measured in terms of teslas, like one bitcoin for one model three. by the end of the year, i think it will be one bitcoin per limbo, and probably by the end of next year, one bitcoin per bugatti. you never know where the dollar is going to be, so i think those kind of assets make it easier to measure bitcoin against. emily: one bitcoin per lambo. one bitcoin per bugatti. where do you think it is going? >> i think it's clear crypto solves a problem for people who want asset exposure. as jesse said, there is a lot of inflationary dynamics from major

currencies into money supply here in the united states, grew about 20% year on year, but as bill gates was quoted recently saying, bitcoin has a payment -- bitcoin as a payment mechanism is among the least efficient that man has ever created because as the price of bitcoin goes up, the energy consumption and carbon footprint of it, that mining that happens, that continues to scale aggressively also, and i think we cannot lose sight of the fact that one bitcoin transaction is the equivalent of about 75 gallons of gasoline being burned. emily: i'm glad you said that because bill gates said that on this show, said that he was not a fan of bitcoin specifically because of all the energy it uses. what is the solution? >> i am a fan of bitcoin, i just think we need to be clear what problem it is solving. as a store of value, i think it is exceptional.

both bitcoin and i theory him -- and ethereum use proof to validate transactions, and i think they have been very forward-looking in realizing power consumption is a real problem and have been moving toward a better system. at ripple, our system is about 100,000 times more energy-efficient than bitcoin. reason why we have had so much success gaining customers and scaling our business even in the face of this sec lawsuit has because it works. it solves real problems, scales well, and the competencies are very real. emily: always good to have you on the show. thanks for stopping by. we will be watching how that plays out with the sec. coming up, hate crimes rising

against asian americans, sparking movements across the country. we take a look at how tech executives are joining the fight next. this is bloomberg. ♪

emily: a shooting at three different spas in the atlanta area this morning left eight dead, another injured. six of the dead -- workers of asian descent, sparking a nationwide debate on anti-asian american sentiment. in a report out from the center for patent -- center on hate and extremism, hate crimes against asian americans have risen since 2018. >> asian american women suffered

twice as many incidents of harassment and violence as asian american men. we are learning again what we have always known -- words have consequences. emily: a new movement consisting of tech executives across the country raising $10 million by the end of the year to fight anti-asian american sentiment. one of the founders turns me now. you wrote an original letter trying to rally the community and took out a full page "the wall street journal." what are you trying to achieve? >> we are trying to bring awareness to the fact that those who have not been aware of what is going on -- asian americans were aware, but everyone else, they were not aware until atlanta that this was an issue.

even in new york, we saw a few days ago a filipina woman kicked in the head multiple times and no one coming to her rescue. emily: until this point, many asians i have spoken to feel they cannot speak out on race. certainly, they face racism. they face unique sets of challenges, but many of them do not believe that they have it as hard as black americans or the latinx community, which leaves them feeling like they cannot complain. is that a sentiment that you hear as well? >> yes, we work raised in a culture where we were told to keep our heads down, work hard, but at the same time, we share our stories of pain, especially asian women who have been harassed in the workplace or on

the street, and we did not feel like we deserved to share our story. at the same time, our culture of silence is over. we are a new generation. we are starting to stand up, and i think part of the effort of putting this letter out there to the public is so people can realize, "hey, i'm not alone. it's ok for me to speak out." i think it is more about motivating those to stand with us and stand up for themselves because we felt like we were not allowed to speak up before, but we are building momentum and finding our voice like never before. emily: then there is the bamboo ceiling. if you look at the silicon valley community, asians are well represented, but they are totally underrepresented in leadership roles. talk to me about the challenges that asians face in tech in particular. >> 30% or more of tech companies

are made up of asians, but when you look at the executive ranks, they are far below any other race. the whole "we are not aggressive enough" or "are not loud enough," these are things that are not acceptable. part of not being able to speak out is we cannot say anything, but now we realize we want to be part of that diversity conversation. we want to be recognized and included. emily: talk to us about what else we are doing -- -- what else you are doing to get more tech executives on board and whom you are focusing on. >> first of all, putting this list together, i did not expect it to grow as much as it has. over 1000 executives and leaders across countries and the world are supporting this, and i think for the first time, we are seeing this assembly of asian leaders that most people did not realize were the founders and

leaders of these companies. asian american founders built the products we survived the pandemic on from doordash and zoom to pellet on -- pellet on -- peleton. the goal is by creating this coalition across all industries -- we have partners at law firms , hedge funds, all sorts of industries that we are leaders in -- we want to mobilize and motivate all these people to stand up and rise up and also to give to causes that they need to give to because right now, if we don't stand up now, we don't know when we will do this. emily: do you have a suspicion on the source of the recent hate

? is it president trump calling the pandemic the china virus, or is it something more deep-seated? >> i think that rhetoric does not help, but also because of the language and rhetoric that comes out on leadership, people needed a scapegoat, and they chose us. i have been to china once for two weeks, but i am not from china. for me, i think it was very much a scapegoat, and people have been frustrated and trapped, and they want to get out and want someone to point a finger at. with china rising and the economy of china rising, hopefully it won't get worse, but it may get worse.

emily: thank you for throwing your voice and your weight behind this. appreciate you, all the hard work you are doing to raise awareness about what is happening out there. all right, still ahead, connected fitness firm total reaping the rewards of looming demand for at-home workouts. we speak to the ceo in an exclusive interview next about his funding round and how digital fitness looks post-covid next. ♪

>> for years and years and years, no one believed in us, and now you have apple saying this is an important enough category that we are investing in streaming digital fitness as well, and on and on, you are seeing some of the big players from fitness from yesteryear trying to create connected out of and other newcomers, but it

really is everyone in the industry is seeing that the future of fitness is at home. emily: peloton's ceo confident that at-home fitness is here to stay. total, the creator of a digital-link machine also saw sales grow last year and just raised $250 million in a new round of funding, bringing valuation to $1.6 billion -- tonal. the founder and creator joins us now. i'm sure you will double down on some of what john foley was saying, but why is at-home fitness here to stay? even when we go back to work and we can get out of the house more often, will we still be working out at home? >> the trend already started ears before covid hit.

it is more convenient. you can get a better workout in less time. gyms are crowded, and if you look at the statistics, pathogen members used to pay and not even go. in tonal's case, the equivalent of a full trainer so you can work out 3, 4, 5 times a weekend achieve the results you want, just like being with a personal trainer, just on your terms. -- half of jim members used to pay and not even go. -- half of gym members. emily: what do you think will continue to set you apart from the competition? >> we are further ahead in terms of strength training than any of our competition. we have filed over 40 patents, and that is something others will not be able to replicate very easily, and when we do, we do have those patent

protections. on top of that, we are the leaders in intelligent fitness as well. what we do is highly personalized -- highly ai-driven, highly data-driven. that allows you to give people a better workout in a much shorter period of time. a little different from the group-based approach that others in the sector take. emily: what additional machines or equipment are you planning in addition to what you have currently? >> we are focused on strength training. we believe if you hire a personal trainer and ask what is the one thing i should do for the rest of my life, they would tell you strength training. it is not really a question of equipment at that point. it is a question of how those routines should change throughout the course of your life. you certainly should not be doing the same thing in your 40, 50, 60 years old as you did when you were 20, 30. the point is to create an array of content personalized to everyone's journey, their goals,

and where they are in their life. strength training is something proving to have longevity and delivering results for everything from weight loss to eliminating diabetes. the personal training functionality we have come personal training, intelligence, ai really sets us apart from everyone else, and it's the only piece of equipment you need. emily: i'm sure a lot of people would love to have it, but it's $3000. how do you frame the cost? >> financing programs are key. with a 36-month financing program, it works out to $146 a month, including this instruction for the service, the hardware, installation. when you compare that on a household basis, it really becomes affordable quite quickly. people spend that much money on coffee. they spend that much money on cable. if you care about the health and fitness of your family, that's actually a pretty affordable

price point with those financing programs. i think the industry is increasingly going to head in that direction of looking at things from a monthly cost and not necessarily an upfront cost. emily: you've got a long list of investors who are also famous athletes. talk to us about plans to spend on content in the future. >> i think the common thread amongst all the professional athletes we have is all of them used the product, fell in love with her, and wanted to invest. we are certainly looking at a lot of those collaborations. joining this round, for instance, was maria sharapova, as both an investor and advisor to the business, and we will certainly be working on collaborations with her in the near term. we have a few others in the works as well, so we really think that can help people achieve goals that are more specific. emily: thank you so much for joining us. great to have you on the show.

that does it or this edition of "bloomberg technology." i'm emily chang in san francisco. we got "bloomberg daybreak us trail yet" coming up next. -- we've got "bloomberg daybreak australia" comingext. ♪

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