joining us now is jared bernstein. he's a member of the president's white house council of economic advisers. jared, good to see you. thanks for being with us tonight. these few trillion dollars, roughly 5 depending on how you measure it, lifted 20 million people out of poverty. a little over half of all the people that were living in poverty in the united states. how do you think about this sustainably? how do you think about the idea that giving this money directly to people who needed it the most created such a monumental change? >> great question and thank you so much for highlighting these important accomplishments at the hands of the american rescue plan by not just getting checks in pockets, which is partly what you're talking about, partly, but also shots in arms. so important to getting folks back, re-engauged with commerce. and i say that having listened to the last segment. so you know, obviously we are not out of those woods yet. but the combination -- the president always viewed this as a dual health-econom

. >>> with me now, white house economic adviser jared bernstein. jared, we're both working on a saturday. good to see you, sir. >> good to see you, too. >> i won't ask about senate parliamentarians or budget reconciliation, but i do want to top line it right now. the happen has been so committed to this deal, the ups and the downs. are you confident that this gets over the finish line sooner rather than later? >> i am. we're seeing a level of progress that no one expected. we keep getting the votes that are well over 60 -- again, without going down any budget process rabbit holes, we need more than 60 votes for this to pass on a bipartisan manner. what we have seen is this president reaching across the aisle, and just getting over every hurdle that's been put in front of him, with help from members of the senate, both sides of the aisle. this has to be extremely welcome to the american people. a new poll shows that 70% support what's in this measure. that doesn't surprise me. one of the things i'm confident about this legislation moving forward, i h

are the laggards today philip morris dragging that sector lower >>> also coming up on the show, jared bernstein at the white house joins us to discuss the rise of the delta variant and its impact and potential impact on economic growth >>> plus we are gearing up for a big hour of earnings netflix, united airlines, interactive interiors and chi chipotle we'll have the ceo minutes after they cross. >>> mine santoli is tracking the market action, and jared bernstein sitting there waiting to discuss the economic impact of rising covid cases. jared, good to see you, but mike, you first. >> an almost perfect round trip right now. we have come back up with today's rallies, just about within four hours, remember, that was down a percent and a half or so, so a lot of the parts of the market were absolutely primed to bounce. we were talking about it yesterday, the cyclical groups, the small caps, the stuff that's been rolling over for weeks and months we've kind of clipped the 50-days move average in the prior instances, you have grappled around that, so there's nobody saying today's really is necessaril

jared bernstein is standing by. jared, thanks for coming back.s of american families. but when are we kind of as a collective whole, do you think, going to see the impact of this? >> starting about today. i mean families could go on to their bank accounts and see this electronic transfer for many families. as you mentioned, tens of millions of families coverage almost 60 million kids getting this check either through direct deputy or in the next few days in the mail. so this is implementing as we speak. and by the way, that is a real value of president biden. he recognized that the legislative lift is, of course, essential, and that is why this rescue plan he manages to pass less than two month news his term. but he's always been about implementation and helping american people who need the help, folks who are raising kids see the results and they could click on their bank accounts and litly see those results as we speak. >> there are months of these payments ahead. but they do eventually stop. i believe at the end of the year. and right now, kee

. >> and joining me now, jared bernstein, member of the white house counsel of economic advisers, a guyestions and analysis. i'm clearly in good company. jared, thank you. tell me what this would look like for you? are you advising the president to add a wealth tax? >> first of all, great to be with you again. this is very much part of what the president long ago assigned his tax team to go out and try to close the loophole he's describing. he is talking about corporate taxation there and the many companies who through a variety of corporate loopholes end up reducing their tax bill. now, much of that has to do with the extent to which they offshore their production, the extent to which they book their incomes in low-tax countries and write off their expenses in higher tax countries. and working that out, closing those loopholes is a many pronged plan the president pushed us on. part of that, by the way, is the global minimum tax you see janet yellen, our treasury secretary, negotiating with over 100 countries so making progress there. it is an area that would not only raise key revenues

white house economic advisor jared bernstein says it is a step toward more equitable taxation. >> i couldot agree more with our treasury secretary and the use of the word historic, not just for economic diplomacy but for fairness in the tax code, for multinational corporations paying their fair share and for the american worker and the american middle class to get a fair shake out of a tax code that has been leaning the other way for far too long. yvonne: let's cross to our senior asia economics investor. >> i think any time you get 130 countries to agree on something, it is something of a miracle. it's notable here that india, china, turkey, and some others opposed to the deal are now on board according to the oecd. broadly, the deal would make multinational companies pay an effective tax rate of at least 15% and get some smaller countries more revenue for smaller countries, and it is seen as a big room for governments, almost $150 billion in extra revenue for governments, which is a help message, given the massive budget shortfalls in the covid era. there was some disagreement around wh

coming up, jared bernstein joining balance of power.berg. ♪ >> from the world of politics -- >> we have overly generous unemployment benefits keeping people on the sidelines. >> to the world of business -- >> we survive the pandemic of 2020 really well. the balance sheet is strong. >> this is " balance of power" with david westin. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." big news in new york city today as the indictment of the cfo of the trump organization, who turned himself into authorities this morning. to take us through the charges, we welcome greg farrell, who covers investigations and law enforcement. thanks for being here. it sounds like he did not pay taxes on perks given to his employees. it does not sound like that big of a deal. greg: the charges have not been made public, so we know

kathleen: jared bernstein, a member of the white house counsel of economic advisors. to turn into bloomberg radio to hear more from the days big newsmakers and get in-depth analysis from the daybreak team. now broadcasting live from our studio in hong kong. you can listen via the app, radio plus, or bloombergradio. com. plenty more ahead. stay with us. ♪ haidi: let's get you a check of the markets at the start of trading this monday. asian equities in a slump after u.s. stocks falling. the s&p 500 wavering for the first week after four weeks of gains. new zealand off about 1/10 of 1%. sydney futures looking at a downside just under 4/10 of 1%. also softness when it comes to hong kong and tokyo. in the next hour, we will look at the opec-plus deal with a guest, and we get more markets insight from the head of asia equities strategy. lots more to come. this is bloomberg. ♪ haidi: welcome to daybreak: asia. >> and good evening from new york. opec and its allies strike a deal. saudi arabia and the uae call a truce. asian

you have an episode about a debate with jared bernstein. who is he?ichelle: an economic adviser in the obama administration, i believe he is now with the biden administration. he is so brilliant, to brilliant economist. i was talking about how i hate debt. if debt was a person i would slap it. he said michelle, do you really hate debt that much. we had a back-and-forth conversation. but he was absolutely right, i was more right. what i was trying to communicate with that -- was that most people can't buy a house without a mortgage, but other areas, we tend to take on too much debt and that limits your economic possibilities going forward. when a crisis hits, you are carrying such a heavy debt load that it makes things worse for you. i just try to have people think about how much debt they are taking on. my college, we characterize that debt as good debt. would tell people, syndicate the college. -- send your kid to college. they heard, at any cost. have to go to a private school, brand name school, have to live on campus, even though you don't have th

jared bernstein with the white house. this is bloomberg. ♪ (announcer) back pain hurts.nd thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. jonathan: let's get this week wrapped up. from york city for our audience worldwide, good morning, good morning. the countdown to the open starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from york, we begin with the big issue. we have a hot economy and chair powell is defending his policy agenda. >> what chairman powell has laid out. >> inflation will be transitory. >> p thinks inflation is transitory. -- he thinks inflation is transitory. >>

with inflation and it's not due to the government, this is what the white house economic adviser jared bernsteine said -- >> others pushing back saying government stimulus is pushing this inflation forward. more money, more demand more prices. back to you, martha. >> thanks, edward. joining me now, nigel farage, former european parliament member. good to have you here. i want to play, the president doubled down on his belief and i'm sure hope as well that this is temporary this week. watch this. >> the vast majority of the experts including wall street are suggesting that it's highly unlikely that it's going to be long-term inflation that will get out of hand. there's near term inflation because everything is now trying to be picked back up. >> martha: so nigel, strikes me that if that -- absent the other spending programs, that could be true. it could be that when everything comes back online and things get back to normal and the supply chains are back to normal, but you throw potential through $3 to $6 trillion in to the economy and you're going to mess with that dynamic. you'll have something

jared bernstein told me this, white house economic adviser, we expected shots in arms and checks in pocketsat would create separate price pressures as supply came back online. but we also expect those pressures to abate as the supply chains gradually stand up and meet accelerated demand. but other economists tell a different story, one where the government stimulus is putting more money in people's hands, those people are spending more, and that's creating more inflation. just look at this. if you closely look at the number, women's dresses, for instance, increased 15.8% year-over-year. the price of jewelry has gone up 12.3%. because we are non-gender biased here, men's shorts and pants have gone up 11.1% from june of this year compared to last year. gas prices, 46.4%. airfare up 24.6% over the past 12 months, and the big number here, rental car and truck prices up 87.7% over the past 12 months. economists see this going on for at least the next few months, possibly into next year. >> so the pandemic's not over, the supply chain disruption ares are not over, and the surges in demand are not

we also talked with jared bernstein about inflation and rebecca, i want to send this to you.on this infrastructure package than we can spend next year and the government spending will create sustainable growth and inflation, well that's going to just settle back down. what are your thoughts on that? >> i think it's in the face of basic economics and we have to go back for a second and put this in perspective. if you look at october of 81 that's when we first hit $1 trillion of federal debt and from 81 through february of 202 we're at about 28 trillion between the cares act, the heros act and the arp act that was passed in march of 2021 that's about $6 trillion of stimulus passed to fight corona and then you have the fed buying $120 billion a month which is another 1.3 trillion so that's over almost $8 trillion that we've passed in 15 months when we took literally almost 40 years to get to 28 trillion, so we need to stop with government stimulus on bridges and roads and infrastructure, but i'm not for every other thing that they are adding to this bill, ed, that will make us h

anna: jared bernstein, member of the u.s.ncil of economic advisors, commenting on the global tax deal which has been endorsed by officials from 130 countries. that that the stage for g20 finance ministers to sign off on an agreement in principle next week but obstacles still remain for the deal. that's get more on this from bloomberg's maria tadeo, who is in madrid for us. very good morning to you. what are the details of this? we heard the g7 talking about this. the oecd has pushed around various versions of this over the years, so what has been agreed? maria: if you look at the announcement made by the oecd, they promise a tax revolution for the 21st-century. we are looking at a new tax framework for international business based on two new pillars. the first one would be that effective rate of at least 15% for companies operating on a global scale and the second one and perhaps even more important, for european countries, is the reallocation of tax breaks to the jurisdiction where the services are made and provided. a lot o

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joining us now is jarrett bernstein, the measure of the presidents white house council of economic advisers. jarede you. thank you for being with us tonight. these few trillion dollars, roughly five, depending how you, measure they lifted 20 million people out of poverty. a little under half of all the people who are living in poverty in the united states. how do you think about this sustainably? how do you think of the idea that giving this money directly to people who need it most, created such a monumental change. >> great question. thank you so much for highlighting these important accomplishments at the hands of the american rescue plan, by not just getting checks in pockets, but also shots in arms. so important to getting folks back to reengage with commerce. i say that having listened to the last segment, so obviously, we are not out of those woods yet. the combination of the president always viewed as a dual health economic crisis. the thing that we learned is essentially twofold. one, the government has a tremendously important and deeply truer tip role to play when the economy hits a sho