"face the nation." colorado is one of several states dealing with a new spike in covid cases. their governor, democrat jared polis, joins us this morning from boulder. good morning to you, governor. >> good morning, manager ret. >> brennan: your state's health agency says 72% of the popalation has been fully vaccinated. so why is covid still ravaging your state? >> what we're seeing across the rocky mountain west, this swath of the country, we were largely spared the delta spike in summer and late summer, but we're getting it now. now, we're hopeful and so frar

what we're seeing is it's not going to hilt the same levels it did in the southeastern states that had 45%, 50% inflation rates. one think we know about the delta is seeking out want uninfected, hospitallites them in large numbers and killing them in all too often. >> brennan: 95% of your i.c.u. beds are occupied. people are getting very ill with this. you this week declared the entire state to be at high risk of exposure. and you told adults to go get a booster shot. do you think other states should follow suit? and are you disappointed that the c.d.c. has not been clear on this?" >> yes. we have about 1,500 people hospitalized. 81% of them, margaret, are unvaccinated. of the 19% that are unvaccinated. we can reduce that, come close to eliminating it with the booster. yes, i have been very frustrapted with the convoluted messaging out of the c.d.c. and

f.d.a. everybody should get the booster after six months. the data is incredibly clear that it increases your personal protection level. that's why my parents got it i got it, my family members got it. it can also help improve the epidemiological state of the particular state or entire country because you have folks ready to rollul their sleeves and add that extra protection, to go from 70 to 80% protection, back to the 90-95% level of protection which can really have an impact in preventing the spread of the virus. >> brennan: noted. your state draws a lot of tourists, particularly as we head into ski season. i'm wondering why you aren't mandating more health restriction. i know you're advising people to wear a mask. why not issue a mandate? why not roll out more restrictions-- distancing and things like that-- in places people gather? >> there are many examples of folks doing what works in colorado. in fact, i'm coming to you live from the university of colorado at boulder, where last year, before the vaccine they had

1,000 cases in the course of a month, this will year just a handful. why? everybody isaccinad. the students are wearing masks. likewise with our outdoor ridiculouseration opportunities, our world-class ski resorts, anybody can ski, but to go to a lot of indoor places run by the ski resorts, they're making sure folks are vaccinated to help make sure we don't have additional unvaccinated tourists filling up colorado hospitals. i think we have a good model to do it. we had a good ski season last year. the thing we need most right now is more snow to make sure we give visitors from across the world the visit they expect. >> brennan: why not institute more capacity restrictions, do things to try to help contain the spread? >> well, these are happening in our state. there are areas of our state where people are-- have to wear masks indoors. there are other areas of our state, like the university, where vaccination requirements -- >> brennan: but you as a governor. >> most of the ski resorts which are the source of most-- yeah, as i said, i'm very proud of the steps that the ski industry has

taken. i think they're doing very well. it's going to be a very safe experience, just like it was last year, even during the national spikes. it's fundamentally an outdoor recreation activity. if there is one thing we learned about the virus, including the delta variant, it's relatively safe to be outdoors. nothing is zero risk in this day and age, but it's relatively safe to be enjoying yourself outdoors. >> brennan: i hear you saying you prefer businesses to do it versus the government putting in some of those restrictions. is that right? >> well, right now, if you're vaccinated, your risk is one/10 or 1/12 what it was during the highest peak before. for folks vaccinated, this is still a higher risk than usual in the background but this is the endemic state department of what this virus will always be. it's no longer a pandemic for you. if you're unvaccinated, it's the most dangerous time no matter where you live in the country or the world because of the highly contagious nature of the delta variant. the most important thing you can

do is, vaccinated. if you continue to be unvaccinated, be careful, wear a mask. >> brennan: you're coming to the white house for the signing of the infrastructure bill. will you have shovel-ready projects for the spring? a lot of aspects don't take effect until 2023, 2024. how many jobs do you benefit from? >> we're ready to go. we were ready to go several months ago. i'll be excited to join president biden and bipartisan members of congress to sign the bill. we in colorado passed a bipartisan infrastructure package through our own legislature to complement what we were expecting up on the of the federal government, but also to get moving. we have projects under way, including expansion of highway 70, an additional lane each way, around floyd hill, to better access our high country and ski resorts throughout the year. >> brennan: do you have an estimate of job creationing from the itself bill and when those jobs will result? >> it will be, as you know, it's a 10-year investment package, so

there will be jobs-- the fundamental is a benefit to people. there are jobs adding broadband to more families and housing. the real benefit is this humans connect our rural communities. we support the jobs and road expansion and electric vehicle, but fundamentally this will fund the transition to electric vehicles, cleaner air, taking action on climate, and liz traffic. >> brennan: all right, governor pomace, good luck to you. thank you for your time today. and we'll be right back.

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♪ say it's all right, it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ now listen to the beat ♪ ♪ kinda pat your feet ♪ ♪ it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ oh, it's all right ♪ kashkari, the president of the ferv bank in minneapolis and joins us from that city this morning. good morning to you. >> good morning, margaret. >> brennan: neel, core inflation is at a 30-year high. do you think we are at the peak or is it going to get worse?% the math suggests we're probably going to see somewhat higher readings over the next few months before they likely start to taper off. we're seeing both a surge of

demand, because congress has given a lot of money to families and businesses to get through the pandemic, but we're also seeing supply disruption because of the covid virus. the good news sboth of those should be temporary. the challenge is the high prices families are paying, those are real, and people are experiencing that pain right now. so we take that very seriously. but i'm optimistic that it should be temporary, even though it is causing pain right now. >> brennan: it is causing pain, but many americans feel like they're being told what they're experiencing isn't real when they're told it's transitory. that world want white house keeps using and the fed keeps using. you said we won't get back to 2% inflation until 2024. why do you think it's going to take us that long? >> well, i think both of these things, the demand side and the supply side, are going to take some time to work out. but it's important from the fed's perspective that we don't set long-term monetary policy and adjust too much based on temporary factors, even if those temporary factors take a little bit longer than we expect. you know, if you look at the

supply chains, some supply chains have already sorted themselves out. some are taking longer. we know the auto sectors and semiconductors takes a long time to put more capacity online. there are going to be sectors that are going to be struggling for a while, while other sectors right the ship, so to speak, more quickly. we need to pay very close attention to this. we need to take it very seriously. my view is we need to not over-react to some of these temporary factors, even though the pain is real. you know, the federal reserve when we adjust monetary policy, it acts with a lag. so if we over-react to a short-term price increase, that can set the economy back over the long term. >> brennan: so you don't think the fed should be taking steps higher than they currently are? >> right. i think we've taken the appropriate steps. as you know, we've begun normalizing our balance sheet, quantitative easing, we have begun to taper process, which will probably take six months. that's the first step in reducing monetary policy boost that we're providing the economy. and over the next three, six,

nine months i think we're going to get a lot more data on both the demand side and supply side to get a better reading of where the economy is headed. >> brennan: you're talking about the emergency bond purchases that had been done throughout the course of the pandemic and some of the emergency measures. i want to ask you about what the administration is saying it's doing, and that is pumping in trillions of dollars in these rescue packages. is the risk worth it? because most economists do expect some inflation from it. >> well, i thinking congress and the executive branch, both president trump and under president biden, were very aggressive in supporting families and businesses through the pandemic. and that was the right thing to do. you know, the recovery is much stronger than it was, say, after the 2008 financial crisis. that's in part because the fiscal authorities and the monetary authorities were so aggressive. i think the question is what does congress and the executive branch do going forward? what they've done so far is

temporary in nature. the question is are there long-term new spending programs? and are they paid for or not? whether or not they are paid for is going to have an impact on inflation. >> brennan: right. so it's actually too soon to say it won't add or have an impact. covid, we heard your state and your region highlighted by dr. gottlieb as an area where infections are climbing right now. does this latest wave have a big impact in the recovery that you see right now under way? >> it absolutely will. right now we are about four million, five million jobs and workers short of where we should be had there been no pandemic. you know, six months ago when i was on your show with you, i focused on schools that were shut and unemployment benefits and fear of the virus. well, schools are largely reopened. the unemployment benefits have expired. so what we're left with, what's keeping people on the sidelines, we think it's fear of the virus, the delta wave and the continued spread. the sooner we can get this pandemic really under control,

the more quickly people will have confidence to go back to work. that will help the economic recovery, and that will certainly help bring down inflation. >> brennan: what about the child care and other packages that are built in to what the president is trying to push through? i know you've been looking at the impact on women dropping out of the workforce. >> well, this is a long-term another facing our country. you know, we have been a laggard, relative to other advanced economies, in providing child care for families. you and i both have young children. we know the huge challenges associated with child care. yet, we're both very privileged to be able to afford it. many families are not as lucky so it does have a factor-- it does have an effect on women's participation in the labor force and how high our labor force participation is as a whole. these challenges have been comparer baited in the pandemic, so i think long term it is an economic growth issue and competitive issue for the

country. >> brennan: i want to ask you kind of an awkward question, but you heard the treasury secretary say jerome powell the chairman of the federal reserve might not have a lock on the job. would nominating another top contender actually affect policy much? >> well, i think both chair powell and governor braynard are outstanding, very seasoned, experienced monetary policy makers. and i think if either of them got the nod from president biden, i think we would be in very good, capable hands. i have worked with both of them. i think they're both outstanding so i think the president has very good choices ahead of him. >> brennan: so not much of an impact on policy? >> i think both of them have been instrumental in the new framework that we've adopted in terms of not short-cutting the economy, and i'm confident either of them as chair would continue to see that through, and that's very important in my view. >> brennan: understood. neel kashkari, thank you for your insight. we will be right back with a lot more "face the nation." stay with us.

under the mighty hand of god, in due time he will exalt you. hi, i'm joel osteen. i'm excited about being with you every week. i hope you'll tune in. you'll be inspired, you'll be encouraged. i'm looking forward to seeing you right here. you are fully loaded and completely equipped for the race that's been designed for you. covid and the covid economy around the world. the head of the world health organization said last week the world is at another critical point of pandemic resurgence.

seib news senior foreign correspondent elizabeth palmer reports from london. >> reporter: good morning. 20 months in, this pandemic, which has now killed more than is once gainginurnter ardcentral siberia, along with a deadly wave of coronavirus infection, one that swept clear across russia. the vast majority of its victims were unvaccinated. most russians don't trust the state or the locally developed put nick v. vaccine, so even after a month of record deaths roughly only 35% of russians have been immunized. western europe, especially germany, is also seeing a huge spike in covid cases. hospitals are filling up and once again, most of those seriously ill haven't had a shot. the austrian government has said enough is enough. in hard-hit areas, people who

get themselves fully vaccinated, it said, can live normal lives. and those who refuse will go back into lockdown. in the netherlands, public patience with restrictions is wearing thin. police brought out water cannons in the hague as they faced off with protesters furious about w ru to ckle a, including early closing time ca. increasingly across the continent, anyone looking to enter an indoor public space has to show a vaccine pass. the exception is britain, where remembrance day ceremonies went ahead pretty much as normal today. everyone is breathing a little easier after a big spike in october, u.k. covid infections are finally on the way down. but even with high vaccination rates here and a smooth rolled out of the booster program, the

experts are saying with winter looming, the u.k. is not out of the woods yet. margaret. >> brennan: elizabeth palmer, thank you. poor countries continue to wait on covid shots. the head of the w.h.o. said it is a scandal, in his view, that six times more booster shots are administered globally than first doses are in low-income countries. an organization heavily involved in financing global vaccines and climate change commitments fo ng couells e world bankand its president, david malpass, is with us t mo od morning tu. >> good morning, margaret. >> brennan: well, you have no shortage of issues. the vaccine crisis. you have, right now, inflation at a 30-year high in the united states, debt crisis, potentially, in china, potential energy issues in europe. how shaky is this global recovery? >> you know, it's very difficult, and for people at the bottom, for the poor, it's really an unequal situation. they're not getting vaccines. the debt burden is super high. and so, this is a challenge for

everybody. their growth rates are well under the growth rates in the advanced economies. and that's the opposite of what we really want, to get development, we need them to be growing faster, creating even more jobs, but the unemployment rates there are very high. >> brennan: what is the first step in solving that? >> the first step is vaccines. we can talk about that. but then i think there has to be really a range of policies for want countries themselves-- they can do more to help-- and then in the advanced economies, there's just not a-- there's not resousources that are going worldwide. they're mostly staying in unequal situations in the advanced economies themselves. the people doing the best right now are the people at the top. >> brennan: the top two biggest economies, the scbruts china, also have their issues. china has this debt crisis potentially that you heard the treasury secretary say they're

monitoring very closely. how concerned are you? >> we work closely with china. un, its system is different from the market-based system of the world. it's a communist partyings is, so there are frictions. there are challenges. but from the standpoint of the world bank, we're working well with them on marine plastics, reducing that from the river systems. also from a greenhouse gas emission standpoint, we're working with them. so china's engaged in the world. it's making vaccines for its own population. and, so, we can look at that as well. i think we have to recognize there are these frictions on debt transparency, for example. as they enter into contracting in the developing world, there's often a nondisclosure clause, which makes it very hard for people to know whether they're getting a fair deal. >> brennan: china's being a predatory lender to poor people is what you're saying. >> you said that. so we're working with them hard

to try to get more transparency in the contracts. and that actually helps them and the developing countries. >> brennan: the world bank has warned because of covid, low-income countries have an enormous debt level. are you saying that we are at the point where we could see what we went through a few years ago with the greek debt crisis, where a country is basically needing to be bailed out? >> yes. and we did a report a year and a half ago, before the pandemic that was called "four waves of debt." there was the latin debt crisis. there was the greek debt crisis. and we're at risk of another one now. it would be baseold the poorest-- low-income countries, debt went up by 12% in 2020. even in the pandemic, where most of the economic activity was going down, their debts were going up. we've done two big reports just in the last two months on this big challenge. i've been pushing for debt relief for the poorest countries. that's been hard to achieve.

the world just is not set up to think about it this way of-- you're in the middle of a pandemic. you all the to have a more torm on the payments from those countries, but there's no mechanism to do that. >> brennan: i want to ask you about climate. we just saw this weekend the big conference, the u.n. conference wrap up. rich countries have been pledging for a while they will pitch in $100 billion a year to help low-income countries basically to adapt to extreme weather. five to 10 times that might be need. so how much did this climate change conference fall short? >> these are huge challenges. i was glad to see them talking about specifics, like coal and methane. you know, methane is one of the most powerful greenhouse gasses. and they are looking for ways to reduce that-- the leaking that's coming from wells and from pipelines. that's practical. the world bank is very much on

that side. we need to find projects that are impactful, and then how do you fund them? and you're exactly right-- the amounts of funding need to be many times what's been talked about or provided so far. world bank can't do it alone. but it-- i think it's going to take the whole world effort. we don't want to punish the poor. and the poor are already getting punished by inflation, as you mentioned. and, you know, china and russia are benefiting in some ways from these conditions. china, because it's the core of the supply chain, and russia because it has so many energy resources. and so we have this big challenge in finding a balance in the world to pay for the climate changes that would actually reduce greenhouse gas. that can be practical. coal is a practical one. how do you decommission an old coal-fired power plant? >> brennan: right. >> some operating in south africa are 55 years old. so we're working-- the world

bank is engaged in all these issues, trying to have practical projects that are funded. >> brennan: i want to ask you about something you wrote last year. you had an op-ed with melinda gates talking about the recovery requiring an investment in women, in particular. and you said, all countries would benefit from appropriate family leave policies and quality child care. so as an economist, are you saying paid leave is essential to a recovery? >> well, all countries need family leave policies. so i don't know about paid. you know, i don't want to comment on the u.s. political issue. but for the world, the women in the labor force-- and i heard secretaryielen talking about that-- this is vital because they're a key parent of how countries can grow. and it's not just in the labor force. women need to be included in inheritance rights, for example. in some countries, they can't do that. and especially girls in education is a vital need for

the world. if you're going to develop, that has to be a starting point for it. and some of the world is not at that point. so we work hard on those issues-- gender equality issues and inclusion in the finncial system, the labor force, and so on. >> brennan: understood. making the economic argument. not the political one. we'll be right back in a moment. we love our house, been (animal drumming in distance) (loud drumming) drums! drums! aaaaaahhhh! at least geico makes bundling our home and car insurance easy. we save a lot. aaaaaahhhh! ohhh! (loud drumming) animal! aaaaaahhhh! for bundling made easy, go to geico.com. uh-oh... ♪♪ it starts with a mother's determination to treat her baby's eczema. and grows into a family business that helps thousands more.

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today. thank you for watching. until next week, for "face the nation," i'm margaret brennan. captioning sponsored by cbs captioned by media access group at wgbh access.wgbh.org

our app on your cell phone or conn connected tv. i'm elise preston, cbs news, new york. ♪ >> announcer: this is the "cbs overnight news." >> good evening. thanks for joining us overnight. president biden begins the week with a celebration. tomorrow he is expected to sign the roughly $1 trillion bill aimed at rebuilding and improving the country's infrastructure. mr. biden will also meet with china's president in a virtual meeting. well, today as the president returned to the white house from camp david, trouble is brewing, in part due to rising economic discontent. cbs' kristina ruffini is at the white house to break down some of