right now for the white house, jared bernstein, member of the white house counsel of economic advisorsein, what is so charming out of your work from columbia is that you have always gone from the societal effect of america. how does the biden adminstration sustain the confidence of society given the shock of these false steps in our clearing from the pandemic? dr. bernstein: it is an important question, and i do want to make clear that while you're appropriately called me dr. bernstein, i am not a medical doctor. we have a deep staff of medical authorities and public health officials who are pouring over this information. on your question, again, it is always a joy to talk to someone who knows the history of what we are talking about here, if you look at the polling on the infrastructure proposal, north of 70% of americans are supportive, and more than 50% of republicans are. the reason is when it comes to the fact that there are 400,000 schools and childcare centers wherelea -- where lead leeches into their water, there are a workers facing poverty, these are issues that are well unde

jared bernstein, white house counsel of economic advisors. we look ahead to mid april.re the rest of the tax hikes? the proposal no doubt will come in the next couple of weeks. tom: tax hikes in america are a good way to become unemployed as a politician. there's a change between the corporate analysis and the individual analysis. jonathan: $400,000, that is the redline. you get a real sense of that. tom: i wonder how that migrates. lisa: that's what he was saying, basically he is willing to listen if anyone comes with a proposal for how to pay for this . they can't just keep proposing things without paying for it, as long as they recognize that $400,000 line. there is a question still remaining, and i don't know that we have heard it, the idea of whether it is household income or individual income. it seems like the language has moved more towards individual income, but how much will he go up? will it be for the entire income, or increments above $400,000? tom: i would suggest europe does this better than america. they put a longer timeline on these projects. we are un

i will be asking white house economic adviser jared bernstein. >>> but, first, you do not have a robot anchor, you've got me. this week has been incredibly heavy for all of us, traumatizing in many ways. so much loss, so much sadness, a lot of really difficult images to see. right now it doesn't feel like we can change the big stuff, but we can do something about the small stuff every moment of the day. let's just take this minute to do what we can, let's just take a deep breath. i know i need one. this is how you become the best! [music: “you're the best” by joe esposito] [music: “you're the best” by joe esposito] [triumphantly yells] [ding] don't get mad. get e*trade and take charge of your finances today. did you know that your toughest cleaning problems don't get mad. can be caused by hard water metals? they lock in residues like a glue, on your hard surfaces and fabrics. try 9 elements. its vinegar powered deep clean dissolves hard water buildup and releases trapped residues and odors like detoxifying your clothes. made with never more than 9 ingredients. 9 elements - more than a

about 6 billion gallons of clean water lost every day can we get it together jared bernstein now, member of president biden's economic council of advisers. jared, thank you we've had infrastructure over last few administrations, republican and democrat, more often than cnbc airs "shark tank." why in the world would we believe anything's going to happen this time when it never has before >> it's a totally fair question, but i'm here to tell you that i'm very confident, more importantly, the president is that this case will be an exception to that rule why? because, first of all, it is a carefully thought through elaborate plan that goes through and checks every single box you just mentioned that was a very useful and somewhat exhaustive look at where the problem is, and i think a lot of americans are not happy that we rank 13th globally when it comes to the condition of our infrastructure. you just mentioned that c minus and d in various categories from the engineers. and in fact, over 80% of republicans support improving our infrastructure and have for a long time. >> yeah, but, sir, not

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jonathan: coming up next, jared bernstein, white house counsel look at -- of economic advisors. this is bloomberg. >>>> republicans in congress are opposed to the way president ayden wants to take his infrastructure plan. he wants to raise the corporate tax and set a 21% minimum tax on global corporate earnings. mitch mcconnell calls the plan a trojan horse that brings with it more borrowed money and massive tax hikes. an alarming sign in europe is once again losing control of the pandemic. france's president announced a nationwide four-week lockdown. that represents a reversal from macron who favored a localized approach which the u.k. also tried with little success. opec's official warning that oil demand remains fragile. opec and its allies meet today with talks on whether to prolong their production cutbacks. another blow to hong kong's beleaguered opposition. the father of democracy and a media mogul were convicted of attending a non-authorized protest in 2019. five others also were convicted and will be sentenced next month. the verdict came shortly after china approved a

jon: there is a blog post from the white house, we had a similar thing from jared bernstein, talkingut the effects between the wage growth in america. how appointed is this? emily: the objective is, as you see this large bill come together, this $2.25 trillion infrastructure bill, you will see republican say there is concern about inflation, deficit, this is the white house preempting a little bit, those criticisms, by trying to get out in front and discuss with the american people why they are looking at the amount they are looking at and why it will be a good thing for the country and not lead to crazy high inflation. jon: emily wilkins down in d.c., good to see you. there is an important outreach going on here from the administration to help explain some of the complicated economic data we might see. with the wage growth, it is important to talk about the compositional effects. we had a surge -- you have to reverse engineer that potentially over the next several months. tom: i don't think it is any different from the first days of the biden administration when there were press rel

moments ago, we had a statement from the white house led by jared bernstein.he title, "pandemic prices and assessing inflation in the months ahead." they expect what we see in the months ahead to be transitory. here is a white house right now looking to control the narrative around the next several months because they are looking to do a whole lot more. the last thing they want is for media organizations and individuals, the public, the electorate, the officials to run away with this idea that it is anything but transitory and hint at their effort to do even more in the months and year ahead. tom: tomorrow we get cpi. jonathan: it has everything to do with that. how did they control what the messaging looks like at side of that? tom: they don't. we saw a list of some ppi statistics this morning. the markets will react to it as it always does. lisa: and they are not alone. i was looking at a long time bond bull that has gotten it right again and again, and they expect psychosis around inflation expectations to wayne and disinflation being a greater flat than pa

other options, according to our survey respondents and also council of economic advisers members, jare bernstein. the support for powell whose term expires in 2022 is notable because of disagreements many believe the fed $120 billion in monthly asset purchase are not needed to help the economy and the fed should be tight ping sooner in the face of this massive fiscal spending. also asked if climate change inappropriate in superer vise ri concern. 64% or nearly two-thirds say it's an inappropriate metric should minority employment be gaps be a factor in determining monetary policy, 46% said yes. 49% said no. a will the of division right there. no policy change expected at the meeting this week. for all of 2021, with the survey suggests is even while they disagreements between wall street and the fed over policy, they're still general belief that powell is the right person for the job. kelly. >> when you say no changes for all of 2021, what barry said about the fed changing policy in third quarter in response to pressures, in general the consensus not on board with that >> no, that's not the conse

. >> jared bernstein, i know you and your colleagues heading into a state of the union type of address are running on 48-hour schedules. i appreciate you taking the time tonight. >> thank you. >>> we've got much more here, including arizona's secretary of state joining us in what has really become a strange effort for americans to try to overturn the presidential election in that state. yes, the presidential election from six months ago. they're still working on it. stay with us. stay with us why choose proven quality sleep from sleep number? because a good night's rest is where muscles recover, and our minds are restored. the new sleep number 360 smart bed is temperature balancing. and it helps keep you asleep by sensing your movement and automatically adjusts to keep you both effortlessly comfortable. perfect for those relaxing weekends. proven quality sleep, is life-changing sleep. only from sleep number. >>> breaksing news tonight. >>> in the so-called audit that americans are holding in s razz, of the 2020 election in that state. the ridiculous recount that's being conducted by a

jonathan: it is, and jared bernstein saying it will be transitory. think that is a conversation in the white house we've got to have in the coming months. they want to shape the narrative because they still got some work to do. one of those big efforts is around the infrastructure bill. if you start to see a conversation about inflation run away from this transitory space and we start talking about something a little more sinister , i think it could harbor to spend more money at the treasury. anyway, i think it gets more difficult for them. the question i asked yesterday -- tom: no, not the big question. the question is in a bloody mary, do you lead with jen or vodka -- with gin or vodka? jonathan: i think with gin. i may gin kind of guy. when we spoke to the vice chair richard clarida on friday, i think the important point in that conversation was how will they know when they are wrong, if they are wrong. until year end -- tom: year-end is past the second quarter. let's get through the transitory data here as quick as we can. negative eight on futur

tom: i will cut you off and go right where i was with jared bernstein.blem is i've had three emails in the last 48 hours about a bag of groceries. what inflation are you reporting on that they are looking at in washington that is separate and distinct from what a bag of groceries is costing everybody right now? michael: we are looking at the headline numbers and that is what the markets are looking at. the goal will be to take this apart and find out where the inflation is. interestingly enough, the inflation numbers for food only went up .1% this last month. on a year-over-year basis, they basically are changed at 3.5%. we are not at 4% yet. food at home, the grocery store. tom: what you think might was last at whole foods? michael: there is your problem. lisa: we saw food inflation throughout the pandemic. it is not like that was the base effect we are looking for right now. yields just a touch higher and futures a touch lower. mike, when you dissect the elements, is there a surprise and what some of the drivers were behind this bigger than expected he

tom: i look at your work and i folded into what the esteemed jared bernstein does on the white housethe social aspects of our american economy. he basically invented this. tell us about your two america's. i look at the indeed website and it is a bunch of happy people working from home and innovating. we know there is an america that is not participating. how wide is the divide? jed: working from home is for the fortunate. people who have a college degree. more than one third of them have been working from home. even during the pandemic. for people with a high school degree or less, it is under 10%. a big difference by education, by race and ethnicity. the concern out of the pandemic is the way the labor market may shift permanently could be to eliminate some lower wage jobs even more. the government a few weeks ago put out updated projections, long-term projections about which occupation will make up the economy over the next 10 years, and the long term biggest hit could come to many of the jobs that require only a highs pulled degree, or even less. we could see more polarization in

jonathan: that was jared bernstein, house economic council member. good morning.de tom keene and lisa abramowicz, i'm jonathan ferro. here's the price action going into the opening bell. equity futures up two or three points. we advance not even 0.1%. in the bond market, yields up by a basis point and a bit, 1.6218%. crude with a $61 handle at $61.10. we've had the jp morgan numbers really crushing it on the investment banking side of things. loan demand and loan growth seems to be the spot that everybody wants to sit on and discuss this morning. the stock right now is down by about 0.7%. tom: i am going to go the other way because this is not a traditional bank. if it was a super regional i would take your point on loan demand, but i agree it is germane. it is part of the story. but there are so many other good items here. jonathan: i couldn't agree more. we are talking about a decline of 0.6% of the back of a rally of 20% year to date. lisa, trading revenue topping estimates, eps and revenue topping estimates. the ceo jamie dimon sees a multi-year growth runway

white house economic adviser jared bernstein is not convinced that's the problem. >> thus far what we'res between places where, you know, enhanced benefits have more of an impact than places where they don't. >> another possible reason keeping people from working, some fear catching covid at work. others need to be home. irwin cites last month's census survey indicating 6.3 million adults remain home to care for children who might normally be in school or in daycare. others were caring for an older person. and while the covid relief money is an economic lifeline for many americans, it's still not enough for those struggling. a poll this week shows 38 million americans, or 15%, say they are financially worse off than a year ago. >>> the jury in the derek chauvin trial will soon begin deciding his fate. but what in tomorrow's closing arguments could be most persuasive? that's ahead. 's ahead estination. (vo) the subaru outback. dog tested. dog approved. hello this is vanilla. vanilla ice? ice, ice baby. ♪ this is a cold call! ♪ i'm bizz... [barking] stop! collaborate! and listen! alright,

joining us now is jared bernstein.viser for joe biden is now a member of president biden's white house council of economic advisers. mr. bernstein, it's great to see you. thank you so much for your time tonight. >> great to be here, thank you. >> how much of a difference on average for the federal contractors reserve who are going to get razor from this and how many americans is this going to affect? >> well, the economic policy institute did a great analysis that this very day it's an executive order so this is going into effect at the end of january of next year. and according to epi, it's going to reach 390,000 workers and it's going to raise their annual pay by over $3,000 a year. so that is real money, it's real economic justice, and it's a 100-day biden promise and it's a promise kept. that executive order was signed today and we will see those workers benefiting from it as soon as it gets into the field. >> and, jared, in terms of the previous experience with this. i played that clip from president obama both to

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. >>> a white house economic advisor, jared bernstein, he says tax hikes on the wealthy could apply touary the 1st, you have paid higher taxes on income you already earned. how about that? former white house budget director mick mulvaney is with us. that is how i read it, mick, i don't know about you but i read that as possible backdating. there is absolutely no escape from the draconian tax increases. is that how you see it? >> that is how i see it, stuart. that is exactly how every body else should see it. dig into the statement. give you a's up, comment, give you head's up during the campaign. since biden mentioned proposals during the campaign. we had fair warning f they do backdate things, effective january the 1st of 2021, we were all fairly warned. no one should have any basis for complaining about it. which is absurd. i'm a little surprised the markets have not reacted little more violently to that. it is not just earnings. that is real. that the folks have to write a check at the end of the year they might not have to do. also capital gains treatment. if you sold a business, l