bernstein -- and jared bernstein. they have been in a lot of the debates. cea as a place where they are going to offer analysis for different proposals. if you do this, this is what is going to happen to output. ideasa place to that bad as andthat -- vet bad ide make sure they don't get too far ahead of themselves. the influence it has depends on the relationship of the three numbers, their relationship with the president determines if the cea is influential or not. of a brainy more trust for the president. host: let's get phone calls, we go first to richard in philadelphia. on our independent line. i heard joe biden said they are going to create a new economy, it is going to be more inclusive and all. talke past, there has been in the relationship between stagnation. i'm wondering what janet yellen when that came up before, had major concerns about the economy shifting and to the people were left out. i am interested in concern around the african-american men who have been knocked out because of the transition of this economy. what do you think are her cha

two members of thecea, jared bernstein and heather boucher. let's get inside with kathy bostjancic.s we said before the announcement, pretty much exactly who we were anticipating. janet yellen saying some interesting things. she is free now in a way, when she was not at the federal reserve, talking about the dignity of working and that is why she got into labor economics in the first place. dreamedged to build the for all americans, talking about everything from disparities that keep women out of the workforce to small business lending, denying businesses a chance to grow. how will she enact this early in e, assuming the senate confirms her? kathy: the best way she can do that is try to build coalitions to pass some additional fiscal those whocularly for are struggling and hurt by the pandemic. biden referred to the k-shaped recovery, and it is true. some are doing quite well and even prospering with the financial markets rallying, where others have been unemployed for a long time and are actually facing an end to the benefits if they are not extended by the end of the year. crisis.

as a member of council of economic advisers, we appoint jared bernstein, an old friend with me a long time, brilliant thinker, quick wit, with a heart as big as his head, and heart he got from his mom, an educator who raised him correctly. a social worker turned economist, he is one of my closest economic advisers and friend. served as chief economist during the vice presidency. he was there in that foxhole during the great recession, with the economy on the brink, and our country on our back. i couldn't think of anyone else i would want to be by my side to face the challenges ahead. jared will be one of the leading voices of my administration on economic policy. i can always count on him to deliver straight from the shoulder as his hero fdr would say, straight from the shoulder. one thing i can assure, working people always have a voice with jared and this counsel. as a member of council of economic advisers, i appoint heather boushey. thank you for the help with the transition team. she's one of the foremost economists to make sure we build an economy that works for all americans. d

some of the people who will be under her on the council, jared bernstein, heather boushey, progressiverats who called for targeting black unemployment at the federal reserve. they called for increasing the minimum wage. progressive proposals that really involve more government involvement, more government action to improve this situation. and of course, janet yellen, who has 20 years of experience at the federal reserve alone. she also is a strong proposal -- a strong proponent of fiscal stimulus. and to stop what would turn into a downward spiral. >> more immediately, they are faced with the task of -- lawmakers are faced with the task of passing the coronavirus relief bill. even if this one we mentioned, this 900 $1 billion package, even if it does not pass now, does it show that the two sides are getting closer to signing off on something? >> i think there is a common sense of urgency between republicans and democrats. there is a lot of concern the economy is heading into a dark place. the forecast are not looking good. the plan that was laid out by joe biden is a very ambitious one

some of the people who will be under her on the council, jared bernstein, heather boo, she progressive democrats that, you know, called for targeting black unemployment at the federal reserve. they called for increasing the minimum wage. so progressive proposals that really involve more government involvement, more government action to help improve the situation. and of course, janet yellen, who's got 20 years of experience at the federal reserve alone. and she also is a strong proponent of fiscal stimulus, an action to as she put it, stop what would turn into a downward spiral more immediately faced with the task of the lawmakers to face with the task of the coronavirus relief bill package. even if this one that we just mentioned, this $908000000000.00 package, even if it doesn't cost us now, i mean, does it show that perhaps the $2.00 sides are getting closer to signing off on something i think there's a common sense of urgency between republicans and democrats. there's a lot of concern that the economy is heading into a dark place. the forecasts are not looking good, but the plan th

government to help with the pandemic some of the people who will be under her on that council jared bernstein heather blue she progressive democrats that you know called for targeting black unemployment at the federal reserve they called for increasing the minimum wage so progressive proposals that really involve more government involvement more government action to help improve the situation and of course janet yellen who's got 20 years of experience at the federal reserve alone and. she also is a strong proponent of fiscal stimulus an action to as she put it stop what would turn into a downward spiral. israel's alternate prime minister and defense minister have any again says his posse will back in opposition bill in favor of dissolving parliament dances he's lost patience with benjamin netanyahu and is ready to break their alliance of a lot of it your budget isn't passed immediately the move could force israel's full fiction at less than 2 years. no you really are slow yet because surely you know i had no illusions in regard to netanyahu i knew his record as a serial promise violator but i

member of my cabinet as well.as a member of the council of economic advisers we will also appoint jared bernstein, an old friendwho's been with me a long time and a brilliant thinker , heart as big as his head and heart he got from his mom, and educator who raised him correctly. a social worker turned economist, jared one of my closest economic advisers and friend served as my chief economist during the vice presidency. he was there in that foxhole during the great recession and he he brought the economy and our country back. i wouldn't think of anyone else who i'd want to be on my side to face the challenges ahead.jared will be one of the leading voices in my head and menstruation on economic policy. i can count on him to deliver straight from the shoulder. e thing i can assure you is rking people always have a voice d jared and his counsel. as a member of e cocil of economic advisers i apint heather boushey. thank you for all the help you've had in the transition team. he's one of the foremost economists working to make sure we build an economy that works foall . the daughter of a union family,

as a member of the council of economic advisers, we up jared bernstein.n old friend who has been with me a long time. a brilliant thinker. quit with a hardest biggest his head and a heart he got from his mom, and educator who raised him correctly. social worker turned economist, one of my closest economic advisors and friends. he served as my chief economist during the vice presidency. he was there in that foxhole during the great recession. the economy on the brink in our country on our back. i could not think of anyone else who i would want to be on my side to face the challenges ahead. thed will be one of a -- voices in my ministration on economic it -- policy. the one thing i can assure is, working people always have a voice with jared in the council. as a member of the council of economic advisers, i appoint heather bruce say. thank you for all the help you had in the transition team, getting me here. she's one of the foremost economists working to make sure we build an economy that works for all americans. the daughter of a union family, it's no web

jared bernstein would serve on the council of economic advisers alongside economist heather boucher,dent and ceo of the washington center for equitable gwth. as team biden moves towards governing, president trump continues to fight, suing in sconsin to try to throughout 221,000 ballots. voter fraud.baseless claims this the same day as attorney general william barr said there was novidence to support those claims. judy: lisa joins me now from wilmington delaware while yamiche is in washington. now that we have seen the economic team that joe biden wants advising him, what does want to do now and once they are in office? lisa: this is a team that faces unprecedented double crise, and rarely a new president taking over amid them at the same time. however, this team is also was elected has had many plansho in the works for a long time. we know this team is rking on a larger plan, bigger stimulus, bigger covid relief coming next year, in addition to what they hope will be relief coming in the next few months, and i think we see in this team hints of how they hope to get this done. we will

biden also appointed jared bernstein and heather boushey to the economic counsel of advisors.tainly of these picks would make history if convicted. yellen would be the first woman to lead the treasury department inaction will are produce a several reinforcing down turn causing yet more devastation. and we risk missing the obligation to address deeper structural problems. >> reporter: the former dean of the school of business at berkeley will yellen taught for 26 years gave her a ringing endorsement. >> bringing people back to the center of policy, think that's really what she's been about the whole time, and this is a very good time in my judgment for that to be at the center. >> reporter: adewale wally adeyemo would be the first black secretary, and tanden the first woman of color to become omb director. several senators have expressed opposition to tanden, citing her negative comments about them. >> the urgency of ending a devastating crisis and the opportunity to build a better economy in its wake, an economy that works for everyone, brings fulfilling job opportunities, and

reporter: shep, joe biden will reveal his picks tomorrow long-time economic advisers to biden, jared bernstein and heather boushey will sit on the counsel and the deputy secretary to jel general formalleformerlyd jack lou as a whole, they back continued government support of the economy through low interest rates, new stimulus and higher government spending, especially on labor, education and environmental issues but for those who require confirmation first, they must get into office. janet yellen was confirmed in 2014 with 12 republican votes, three of those senators are still serving. but president-elect biden's budget pick, nerra tanden may have a tougher time. she sparred with lawmakers who will consider her nomination, including bernie sanders, the top-ranking democrat on the budget committee republicans have warned that criticism will cost her their support. john cornyn from texas told reporters in light of her combative and insulting comments, that creates certainly a problematic path and mitch mcconnell suggested that tanden's pick was a sacrifice to the confirmation gods acknowledging

joe biden appointed jared bernstein and heather boucher to the economic council of advisors.n, several administration picks would make history if confirmed. janet yellen would be the first woman to lead the treasury department.>> reporter: in action will produce a self reinforcing downturn, causing more devastation. we risk missing the obligation to address deeper structural problems. >> reporter: she gave a ringing endorsement. >> bringing people back to the central policy, that is what she has been about the whole time. this is a very good time for that to be at the center. they also the black deputy treasury secretary. they're also looking at first woman of color to become the determinant director. they also cited some objections. >> i believe that the government is meant to serve all of the american people, republicans, democrats, and independents alike. >> reporter: facing major challenges, the economic team focused comments on government spending to support workers, and tackling income inequality and a plan to help struggling families. director urgency of ending the cri

janet yellen is super prepared to be treasury secretary, jared bernstein has been on this s in themanyeconomic world, tanden will b our flashiest omb director in history but someone who's been around and who just knows the job. esso you canassured that these are the people who haved experience ten served in the job right below them in the obama administration, so we can expect fewer owned goals among them. >> woodruff: we're seeing, mark, a number of women nominated for prominent, powerful roles in the new administration, but ere are still interest groups out there saying there's not enough diversity hee. naacp saying where are the blacks in senior cabinet jobs. how much pressure is joe biden under to name a more diverse leaders to his team -- fo his team? >> well, i mean, the diverse at this, so far, judy, i mean, i don't think anybody can make the can case that it's r diversity's sake. everybody who's been chosen is somebody who is alified for the position to which they were named, irreective of race or gender or whatever. i think, as far as women are concerned, jon'bidecampaign was

jared bernstein will be on the council of economic advisers in the biden administration.pting the nomination, he said we need an economy reimagined for economic justice and fairness. listen. >> we must build back an economy that's far more resilient, far more fair, and far more inclusive. it is precisely the vision this nation needs and i suspect i'm not the only person on this stage chomping at the bit to get to work on making their vision a reality. reporter: so the visions will be very different than the current administration and we could see more government control, in an op-ed last march, bernstein writes quote, next, and this party is admittedly progressive, a restructuring could deliver a much-needed comprehensive system of social insurance from cradle to grave. the great depression made the need for such safeguards glaringly clear. he will be only one voice in an administration, but this might give you a little glimpse into what a president-elect biden is going to hear in 2021. back to you. neil: all right. thank you very very much, edward lawrence. we will take

jared bernstein focused on manufacturing and trade. those are important parts of it as well. treasury secretary, janet yellen is one of the towering economic policy figures of the last decades and will help put all of it together for the team. >> you mentioned heather boushey. she and neera tanden, another nominee, both are going to be on the stage today. they wrote a few months ago the following. wrote the impending economic downturn will likely come faster than in 2008 and could be deeper unless the federal government acts swiftly and decisively to cushion the blow. given the magnitude of the crisis, now is not the time for policy makers to worry about raisi raisi raising deficits. do you hold the view the team does which is put concerns about debt and deficit aside for the short term? >> absolutely. right now we cannot afford not to do major things to help the economy. if you're worried about the debt, you want to have a good economy there, so we can repay that debt. we got off to a good start in march with the cares act. that helped our economy grow back more quickly than

. >> jared bernstein -- rouse, thank you. these are people based on their previous work in public comments have talked about promoting labor unions. so, you know, joe biden made the case that he doesn't necessarily think that the government needs to solve americans' problems but the government does need to understand americans' problems. certainly this group that he's amassed, he's making the case that these are folks who get it. who get it and can be about the work of creating an economy that works for working people. >> seth, they have a lot of hurdles in front of them. it is a very big job to try to bring this economy back and start to bring it back while the pandemic is still raging. what should the first order of business be, or what do you expect the first order of business is going to be? >> the biden administration's focus is going to be the pandemic pain. there's going to be a push on the covid recovery legislation, both funding the distribution of the vaccine and also trying to help the parts of the economy that hav

as a member of the council of economic advisors, we also appoint jared bernstein, an old friend, who's been with me a long time, a brilliant thinker, quite quick wit with a heart as big as his head and heart he got from his mom. an educator raised him correctly. a social worker turned economist, jared is one of my closest economic advisors. and friend, he says, my chief economist during the vice president's. he was there in that foxhole during the great recession, with the economy on the brink and our country are spack. i can think of anyone else who i'd want to be in my side to face the challenges ahead. jad will be one of the leading voices in my ministration. economic policy. i can always count on him, delivers straight from the shoulder as his hero, f.d.r. used to say straight from the shoulder. the one thing i'm going to share is working . people always have a voice with jared in this comes as a member of the council economic advisors, i appoint heather blue. say, heather, thank you for all the help you've had in the transition team and getting me here. she's one of the foremost e

longtime biden advisor jared bernstein would serve on theun l of economic advisers, boushey, the presint, c.e.o., and co-fouer of the washington center for equitableh. president trump continues to fight, suing wisconsin to try and throw out 221,000 ballots in two heavily democratic counties. he repeated baseless claims of voter fraud, this thme day as attorney general william barr said there is no evito support those claims. >> woodruff: and lisa joins from wilmington, delaware, and yamiche alcindor is here in washington. hello to both of you. so, lisa, picking up on that, now that we've seeen th economic team that joe biden wants advising him, what does thas tellout what they want to do now and once they're in office? >> well, this is a team that faces unprecedented double crises and rarely a new president taking over with them at the sme. however, this team is also unique in that the president who is elected, will be their leader, has had many plans in the works for a long time. ght off the bat, judy, we know this team is working on aarger plan, bigger stimulus, bigger covid relief com

jared bernstein will also be on the council of economic advisers.e was a key architect of the stimulus after the economic crash in 2008 and has long been an economic adviser to biden. what do these picks tell us about how the biden administration is going to approach this economic crisis and should we see them as the right team to get the job done? joining us now is nobel prize winning economist paul krugman. mr. krugman, it's really nice to see you this evening. thanks for making time. >> good to be on. >> let me ask you first about these weekly jobless claims, reports in the news that they may be underestimating the number of americans who are out of work. how consequential is that, and is it fixable? >> well, it's fixable but only if we start taking it serious. the u.s. unemployment insurance system works badly sort of by intent. states deliberately underfunded the whole system. they basically -- it's designed to make it hard for people to get coverage, and then confronted with this magnitude, there was a kind of a scramble to make it work. and o

i think that sissi rouse and janet yellen and also you know, heather, heather bouchy and jared bernsteinhey're all really, really top-rate people. that actually stick out to me because they're -- they have policy views that are quite a bit different from mine but they're such nice people. each and every one of them is so easy to deal with. i think the commitment that vice president biden made that he was going to try to work with republicans is confirmed by those nominees who are some of the easiest to get along with people you're ever going to meet. so absolutely, if it were me i would recommend that people vote for them. but the probablem, actually, an i'd love to hear what austan's ideas are to deal with this, but what do republican senators do who watched trump people get stretched out forever. 200 still waiting for a vote. 347 clotures. what do you do to make sure they think the next time they're in the white house that doesn't happen again? i think that's going to be a challenge for vice president biden to solve as his nominees go forward. otherwise, they're going to see similar ob

this is a team of people who actually in their areas, heather buescher, jared bernstein in fighting for full employment policies, cecilia rouse for being someone who has fought against hiring discrimination and things like college completion, these are people who can help with the tangible policies, the building back better portion of his economic agenda. >> and claire, given the way mitch mcconnell has refusing to recognize that joe biden won, what are the chances that biden's past ability to work with mitch mcconnell on budget deals are going to make a difference? and what about confirmations with him going after neera tanden because of her tweets and ignoring her whole record, her policy record? >> yeah, it's a whole new level of hypocrisy that republican senators are now all of a sudden worried about tweets that hurt their feelings. this is just ridiculous. we've had a president who has used his twitter account like a battering ram, going after not just his political opponents but republican senators unfairly, with incredibly brutal tweets. now all of a sudden it's a disqualificatio

big surprise, janet yellen, former federal reserve chair to take over as treasury secretary and jared bernsteinon the council of economic advisers, the deputy treasury secretary serving with janet yellen. good deal of controversy about the president-elect's choice for the director of the office of management and budget, some of said fiery and divisive comments on the election four years ago when she said the russians handed that to donald trump might come back to bite her and cost her support in a republican senate. she might need the heaviest lift of these choices, the council of economic advisers, the president-elect hoped her to be in that role, was controversial. probably the toughest cell. some said that was deliberately the case. i wawa to too harlie this.o urugon getting these oices ths ugs a s is not a big fan of a lot of >> trying to focus carefully on georn orornu5th,y heh, ma irksnrksnecrksnecessarilyrily e sturdibed by anyf the sesera l acadl emics ons se listbut bibuden needdesbe abo push these nomins s thugh and anat wl be crucial as kamala harris said to hit the ground running wh

at the council of economic advise, uh-oh nominee jared bernstein wants americans to be cared for cradlegovernment from the moment you're born, tote moment you die make beyond, just like europe. bierne stone told "the washington post" he wants a comprehensive system of social insurance, government health care, government education, government food aid, all government all the time, just like the obama-biden years, just like europe. i hope we don't go there. america really is an exciting, innovating place. i hope it stays this way. i guess a lot depends on georgia. if the two senate seats up for grabs on january the 5th go to the democrats you can say good-bye to dynamic america around say hello all the joys of boring, unsustainable, museum-like europe. th is the second hour of "varney & company". ♪. stuart: he is smiling already. john lonski, moody's analytics chief markets economist. all right, how do you think that the biden economic team shapes up? do you think they will make it just like europe? >> i hope not and i think the average american is going to agree with me. let's look at th

bernstein -- and jared bernstein. they have been in a lot of the debates.ea as a place where they are going to offer analysis for different proposals. if you do this, this is what is going to happen to output. ideasa place to that bad as andthat -- vet bad ide make sure they don't get too far ahead of themselves. the influence it has depends on the relationship of the three numbers, their relationship with the president determines if the cea is influential or not. of a brainy more trust for the president. host: let's get phone calls, we go first to richard in philadelphia. on our independent line. i heard joe biden said they are going to create a new economy, it is going to be more inclusive and all. talke past, there has been in the relationship between stagnation. i'm wondering what janet yellen when that came up before, had major concerns about the economy shifting and to the people were left out. i am interested in concern around the african-american men who have been knocked out because of the transition of this economy. what do you think are her chanc

brian geese at black rock and jared bernstein and others focused on climate as well.lieve the trickle down economics. the choice was made and president-elect biden will be the president on january 20th. steve: now for a completely different point of view, steven? >> well, steve, first of all the reason robert wolf is not going to the administration he wants to play golf every day. that would have kept him from the golf course. no, seriously, i think robert raises an important point. that one of the highest priorities of this administration is going to be climate change. now, think about that steve. here we are in the middle of a pandemic still millions of people unemployed. schools closed down, a healthcare crisis. crime in the streets and this president says the highest priority is climate change? i mean that tells you obsession with wind mills and solar power that this incoming administration will have. the big problem with the retread of the obama people and by the way i agree with robert. i think janet yellen is a highly skilled person. but the fact is that those

jared's dad, charles kushner, the father of the president's own son-in-law. joining us now is just the person you might want to talk to about this news. andrea bernstein is co-host of the trump inc. podcast. she's also the author of "american oligarchs: the kushners, the trumps, and the marriage of money and power." boy, did that title become ripe this evening. thanks so much for making time to be here tonight. >> thanks. good to be here, rachel. >> there's a lot of personal drama around this because this is a trump family member by marriage, because former governor chris christie, former u.s. attorney chris christie was the person who prosecuted charles kushner and that had all sorts of personal and political ramifications through the trump administration. but what's your bottom -- what's your top-line reaction to this news tonight? it can't be a huge surprise, but it still feels a little bit like a shock. >> exactly. it does feel like a shock. i mean, i think it is partly because this is family now and it is personal. but i also think that it's easy to forget the nature of the crimes that charlie kushner was convicted of. he was convicted of also, j