tina: he teaches in a way that it just makes sense, and i feel like that's the way our heavenly father would teach us. ♪ welcome back to "face the nation." we're joined now by the vice chairman of ibm, gary cohn, who

also sebbed as trump's top economic adviser in the white house. good to have you back here. it is expected to be a big week with the federal reserve expected to cut interest rates because inflation does appear to be moderating. how big of a cut do you expect and what will this mean for prices particularly for housing, which is such a big part of inflation? >> let me take one quick step back. the federal reserve has a dual mandate. they have a dual mandate of stable prices which means they fight inflation and they have a second man date which is full employment. for last few years they've been fighting the stable prices mandate. we have inflation as high as 9.1%. we've seen the fed raise interest rates from 0 to 5 plus percent and we're now to the point where the other side of the dual mandate is kicking in. we're seeing unemployment tick up. over 4% unemployment. so the fed will cut interest

rates. we believe 25 basis points this week or 1% between now and the end of the year. what the federal reserve has control over is, they have control over the short overnight interest rate. they don't control longer dated matured or longer dated yields. when people take out a mortgage, they're borrowing money, sometimes for up to 30 years. those rates are not affected by what the federal reserve does. unfortunately, i think that those rate have already priced in what the federal reserve is going to do. so i do not see a major impact to the mortgage market or credit card financing or anything else by the fed starting to drop rates this week. >> that is interesting, because we saw that the federal reserve of new york cited the highest credit card delinquency rate in over a decade. around 9.1% of credit card balances turned delinquent over the past year. that suggested consumers are under pressure. >> consumers are under enormous

pressure. so remember, we all came out of covid with consumers in the best balance sheets we had seen in our lifetime. we have put a stimulus into the balance sheets and when the economy reopened, consumers did what we know how to do well in the united states, not only spend what they have in thur account, they use all of the capacity on their credit cardsm people went out and spend, and they spent money on their house and got their krrks fully charged up. they have assumed that the economy would stay strong and job growth would tay steady and they would continue to maintain that lifestyle. we're starting to see softness in the economy and the job market. it is harder and harder to get a job. so we're starting to see it in delinquencies in credit cards. that is where we start to see the softness in the economy. and people are going to continue to have trouble getting a job that pays more than the last job. we just got done with the cycle and we've seen this in economic

data. we just got data, people believe they will quit their job when they could get a job at a higher price point. >> and this is the economy the next president inherits. you just heard j.d. vance, the senator say here that donald trump wants to end all taxes on overtime. no income tax or payroll tax and ends the tax on tips and social security. that is going to add between 4 and $6 trillion to the deficit over the next ten years. does this math add up to you. >> i think every elected politician would like to say no one has to pay taxes on anything and every american citizen would not like to pay tax. >> why not. >> that would be a perfect utopian world. i don't think there is a reality in that. at the end of the day, the government has a budgetary process, and it is very intricate, where we take in revenue, the biggest revenue creators is taxes, on

individuals, on corporations and they take on that rervenue and they spend it for services that we as citis expect them to provide for them. today the biggest single expense that we have in the federal government at $3 billion a day is ire on tinterest on the the debt. and the military and the costs per day and then you work down to the social services and products that every citizen in this country wants. if we're not paying tax news the system, how do we pay for the interest on that and how do you defend our country and give out the social services that citizens of this country expect the federal government to be delivering to him. >> and that is why i asked to the senator whether physically conservative republicans will vote for what the trump ticket is proposing here and the responses that was that the government would take in money for tariffs and vance said that is not just on foreign made goods but companies that produce overseas that. seems to open up punishments for

american companies too. what is he signaling here. what do you think it means. >> i'm not 100% what it means. but let's look at tariffs. because we all talk about tariffs. first of all, tariffs is an important instruction for any president to have. when dealing with any foreign government. the way tariffs are used effectively and i support this, is when a country is producing a product below where we could produce it in this country because they have a competitive advantage. so in china, they do not pay for capital. most of the companies are tate owned entities and they do not pay living wages and they don't have environmental controls so they could pollute all they want. so their ability to produce a product is substantially different than that in the united states. >> right. >> china produced an electric vehicle, call it a $20,000 a car, we produce pretty decent

electric vehicles in the $30,000 car range. it seems completely reasonable for me if the u.s. government wants to tariff, and they should tariff the chinese electric vehicle up to a price equal to and i would say even higher than the u.s. vehicle. >> the biden administration is doing that. >> we want to protect those jobs in america, we should not allow them to use the unfair advantage to disadvantage american workers. on the flip side, we import many products that we do not produce in this country. >> right. >> those products are in high demand and we need them. a lot of them are pharmaceuticals. many other products that we expect to have on our shelves when we go an owe the store. if we start tariffs those products we will have inflation to the extent that we want to produce those products in this country, we should start out on a meth odd cal act. the chips act was a piece of

government legislation that said we will give chips manufacturers to build chips here and then we've become self-sufficient on chip manufacturing. and then you know what we could do. we could tariff foreign chips from flooding our market at a discount price. but until we have the capacity to build them ourselves, putting a tariff on those chips would just be debilitating to our economy. >> right. it is more complicated than what w're hearing on the campaign trail. taxes are going to go up as you've talked about on this program before, december 31st, 2025. the new president, and the congress are going to have to come to an agreement on this. you were the architect of those tax cuts that donald trump said he wants to extend. how do you expect congress and the white house to work out where we're going to end up? >> so taxes on the personal side change on december 31st. >> individual tax rates. >> the corporate tax rate is

permanent. >> although both campaigns want to change it. >> look, whenever you tart down the path of doing tax legislation, everything is on the table. so i would assume that they will look at both corporate and individual tax rates. taxes are very complicated. but as you've pointed out, to change the tax law, it is a legislative process in this country. you need the house and the senate and the white house to agree. i think the composition of the house and the senate are going to be very important to what final tax legislation looks like and i do think there is growing and growing opposition in both the house and the senate and i would say on both sides of the aisle for a large deficit tax plan. >> all of these plans being proposed by the harris and the trump campaign come with tremendous price tags. what i think you just said is that congress would not agree to sign off on any of them, is that right? >> yes. he tax plans right now spend a

lot of money and don't bring in that much money so therefore the net effect of that is we increase the united states deficit. i don't think that there is a lot of appetite in the congress to do that. we have grown out deficit quite substantially over the last four or five years. some of that because of the pandemic and that is when the government should be building a deficit. they should be building a deficit when there is a pandemic because that is the center role as to maintain the stability of the country. in better times, when we've got substantial economic growth, we should be trying to pay down that deficit to put ourselves in a better position. we're now in one of those better times. or at least not a bad time. and so i don't believe that congress has a large appetite to pass a tax plan on either side that has a huge deficit component to it. >> gary cohn, more to talk about but we have to leave it there for today. good to have you back. we'll be right back.

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for more on the upcoming election an the efforts to secure the vote. we turn to david beck fresh the dupt department of justice. who is also a cbs contributor on election law and chris krebs, the former cybersecurity expert analyst here at cbs. good to have you both. david, let me start with you. we saw this letter this past week from secretaries of state in all 50 stated and district of columbia issuing concern that we could see voters disenfranchised because the mail returned at undeliverable at higher than usual rates even when a voter is known not to have moved and donald trump was tweet being this this morning, you can't trust the postal service. how much of a problem is this. >> it is a problem with fr state and local officials and we're seeing mail voting spread as an

option around the country. we're likely to see less mail voting because we won't have a pandemic to deal with in 2024. but it is a significant problem and it really stresses the importance of voters to make a plan when they're voting. almost every voter in the united states has an option to vote early in person. 97% of all of them except for mississippi, alabama and new hampshire and 36 states do offer mail voting but if you're going to vote by mail, get your ballot early and get it and then return it early. if you're going to return it by the mail, that is fine, just do it very early. but there is also optioned for drop boxes and election offices and vote centers. that is important for voters to self-education about those options just in case there are problems with the postal service. >> and this week is voter registration, vote ear wearness. >> so this coming week on tuesday is national voter registration day. there is still plenty ever time to register. there is three weeks left in every state. some states go much longer than

that. but no matter where you are, you could go to vote.gov and taylor swift mentioned it this week and it is a great place to start to get registered. you could check your registration and get registered for three weeks. >> put it on your to-do list. chris, i want to talk about some of the information and environment issues that we're in. it is not every face the nation that we begin talking about rumors of the cats and dogs and geese in ohio. the reason we're doing is because the republican nominee repeated something that started as a facebook rumor that got amplified that the senator from ohio resulted in calls to his office. you watched this kind of echo kma chamber and eco-system of communication. what do you make of a moment like this and how frequently things like this get replicated now. how does someone at home navigate truth when i went

through fact check after fact check, the police chief and the mayor and the governor and again i was told, nope, you're wrong. >> the fact of the matter is, social media, whether it is facebook, twitter, x, whatever, it is not the real world. it is not reality. and so it provides an environment where specious claims like this could catch fire but they tend to be constrained to that platform. what we saw on tuesday was the fire wall between mainstream and reality in this extremely online eco-system break down. and they crossed over. and keep in mind, these social media platforms, well facebook has a billion plus years on a basis and x has much, much fewer. so what happened on tuesday night was the vast majority of people, there are 57 million i think viewers of the debate, the vast majority of them had never heard about this cats and dogs being barbecued in springfield,

ohio. and i expected it, because unfortunately david and i have to live in this world to anticipate what is coming. so i had seen it going through social media for a couple of days. and i fully expected it to jump into the conversation and go mainstream and boom there it is. so to your question, or to your point, how does one introduce some kind of personal resilience here and it is exactly, go to mainstream outlet and trusted outlets and do a little bit of fact checking verification. and listen to the public officials. listen to governor dewine and the city manager would is to know better than someone willing to put their face and their name to a claim rather than someone randomly on a social media platform. >> and this will become increasingly relevant as we get to voting. and going to voting facilities. not facebook rumors, the elected officials, the people who hold office.

that is who we as journalist cites and that is who people at home should look to. >> and to david's point about vote.gov and having a voting plan, yes, that is absolutely critical. but when you do come across rumors online of registration dates changing, or voting locations or precincts closing, there are ways that you could confirm and that is tending to go to the local election official or the secretary of state. trusted info 2024, that is the campaign that the national association of secretaries of state and the national association of state lectors have mounted. it is go to the authoritative source which is your election officials. >> david, in the last election, we saw some of the local officials stand up in a way that was -- it took a lot of guts to stand up to federal pressure. you saw that in the state of

georgia. saw that in the state of arizona. you speak to election officials i states around this country right now. where are you seeing that strength and are there areas of concern. >> i'm seeing tremendous strength from the election officials despite the fact they've been under pressure, stress, abuse and harassment for for four years now. that their work has continually with stood every bit of scrutin why -- scrutiny that they have apply and have with stood the scrutiny. but that has real world impacts on our neighbors and fellow sirtss who with working every day to give us our voice. they are answering questions that are -- have no bearing to reality all of time about importing voters, about problems with the voting process, and there having to navigate those and plan for an election that is

likely going to be very high turnout, probably similar to 2020 and perhaps higher. people are very interested in this election. but they're ready. but one of the best things we could do is so support them, as chris suggests, listen to the actual information and going to the official sources for real information and getting information and making a plan in advance about how your going to vote and if you have any doubts or questions, volunteer to be a poll worker. you will learn so much about the process and find out how and why the process is so secure and how checks and balances and pieces of transparency will be out because then you become a evangelist for those in the country. >> chris, we're seeing more foreign efforts to meddle in this election. we expect in the coming days federal officials to file charges related to the iranian pack campaign but attempt to

hurt the trump campaign. how much more of this is coming? >> well my sense and based on prior experience particularly in 2020 where we saw the iranians try to meddle in that election, the russians and china, they tend not to just have a single effort or work stream. there is an overarching strategy, a multi-facets, multi-prong campaign that they pulled together. we know this with the russians, that there are various work streams that they have launched against the u.s. the iranians very likely have the same. so perhaps this is just the tip of the iceberg and i've said this before. not all of the work streams will be successful or work through but specific to iran and the main point in what i'm observing out of the united states government is that they are looking to keep constant pressure, consistent engagement against the russians, against the iranians, against the chinese throughout the course of

this election and afterwards. remember, we have to run through the tape here and that tape is inauguration. >> yep. and david, quickly, it is illegal for a noncitizen to vote in a federal election in some localities they can vote in municipal elections. donald trump is talking about this as a real concern. >> yeah, and it is not a real concern. and even republican states that have looked into this have found low numbers of potential norn citizens registered. we've found zero non-citizens voting. it is illegal to vote as a noncitizen. and if you're a noncitizen and you register and vote, you will go to jail and you will be departed so it is very important how effective they will be. this is not a problem. you'll hear that from republican and democratic election

officials across country. >> gentlemen, thank you both. we'll be talking a lot in the coming months. we'll be right back.

more than a thousand people have been charged in the january 6 attack on the capitol in what

has become the largest prosecution in history. for tonight's season premiere of 60 minutes, scott pelley spoke with the lead prosecutor in charge. here is a review. >> democracy stopped for about six hours. the vote was counted at 3:44 a.m. with two weeks until inauguration day, it was the trump justice department that set the standards for the prosecutions. positions were made by career prosecutors. who work at justice for years regardless of who the president might be. >> the career prosecutors quickly realize that you need guidelines in place, who was going to be charge and who wasn't and what they would be charged with. that process started on january 7th, 2021, during the prior administration. to this day, we continue to use guidelines that the career prosecutors put in place during the prior administration. >> and how do they guide you.

>> what we're focusing on, of the thousands of people that you could potentially charge that day, are people that actually entered into the capitol. people that engaged in violent or destructive behavior and people that illegally carried firearms on capitol grounds anl people who helped others to get into the capitol building. >> you're not charging everyone who was there that day. >> that is correct. we've turned down hundreds of cases where the fbi is saying there is evidence, it is your determination, prosecutors, whether you think this should be prosecuted. >> and why would you turn them down. >> because they don't fit within the fwguidelines or there is sufficient evident to prove the case beyond a reasonable doubt. >> you could watch the full sore stonty tonight right after football. we'll be right back. with his risk factors his recommended ldl-c level should be below 55. find out if you're living in the red. learn how to get a free ldl-c test. not to be dramatic,

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that is it for us today. thank you all for watching. until next week. for "face the nation," i'm

margaret brennan.

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