joining me now is paul romer.romer is professor of economics at new york university, and a 2018 nobel laureate in economic sciences. thank you, mr. romer. appreciate you joining us. we haven't seen economic damage like this in generations. so many people are out of work. struggling to pay their bills. any hope that the 20.5 million jobs lost in april come back anytime soon? >> unfortunately, i think it's very unlikely that this problem goes away quickly. it's like after a tragedy happens in a family, and you can't believe that the -- the person you lost won't be coming back. especially, when it was something that was avoidable. you get caught up and, you know, if just we -- if we had just done this, and we could have avoided it. but you can't -- you can't bring the person back. i think people are having trouble coming to terms -- >> it's like the stages of grief? >> stages of w serious this is. grief. and i think, now, i don't think we're at the acceptance stage, yet. listen. and many state -- yeah -- the presiden

says romer: how can we not? >> each additional test frees up about eight or nine people who can go back work. what's the value of the work the eight or nine people cano. man! the test is really cheap compared to what tdo people can and for people who say, well, we can't get a lot of them right now. i'm okay with that. right now and start to get some people back to work. >> reporter: economics ista fundamy about costs versus benefits, so all this testing is added to the economy when the ni people that you were talking about go back to work. test down to $10, unit ofof a testing per day will cost us about 3600 per year. if that frees up nine people then that means a median income of say $50,000. ni times 50,000 would be $450,000 dollars. it's like a hundred fold increase on your on your investment. there aren't very many investments where you get a hundred x return, pretty much guaranteed. >> reporter: the latest relief bill did include $25 billi for testing. so is $25 billn enough? >> no. we need to commit about

romer is recommending, on a national scale. wouldn't we like to do that in our -- in our nursing homes to protect our parents? test all the staff, multiple times during the week. how about our hospital? so i can protect myself and my teammates. how about in the community? how about in restaurants? but the white house is utilizing that exact strategy now to try and protect the president. i don't want fault it but that's what we should be doing on a national scale. >> okay. so -- so, doctor, there are two confirmed cases of coronavirus inside the white house now. does that mean there could be a cluster? >> oh, the virus is inside the white house. so, now, the white house is going to have to try and do contact tracing. this is what epidemiologists have been insisting that, in order for a state to open, states need to be able to do, on a massive scale, do contact tracing. so the white house needs to track down every person that the president's valet encountered during the period he may have been infectious. they have to track down

. >> reporter: paul romer, who won a nobel prize in 2018 for his rk on technology and economic growth. these days he's focused on howvo to an economic depression. >> really, the only way to getck o a healthy economy is to stop the death and make people feel safe.te >> rep and ending the lockdowns won't do that, he gys. >> we'reng to have a kind of a seesaw pattern, i think, of trying to open up, realize that we hen't done anything to protect against the spread of the virus and then pulling back. and what we're going to just have to do is find a sustainablo waontain this virus. >> reporter: that way, he's been arguing, is mass testing-- everyone in the u.s., every two weeks. >> if you don't know who's infectious, the only way to ck down and isolate the people who are infectious is to lock wn everybody. i think if we just test everybody and isolate the people who are infectio, we can easily suppress it and we can do it without, you know, causing a depression. >> reporter: but how can we do that, given the well-known shortages of test supplies-- personal protective equipment, laboratory

going to call jesse washington out and he thought there should have been other notable painters like romer bearden or others were more deserving of being an artist so elizabeth. i think in every genre you have success. you have so much success that you're making choices for lots of different reasons and i like the fact that we have some bags where people would not expect a person to be on the list. >> so disruptor was important to be included. >> i think disruption is good . i think courage, bravery or taking a chance and going into places where others feel that others haven't gone. i think all of those be considered. it certainly achievements is an success was important. so there was just a lot of factors . we didn't have any 40. it was just really a field of debate and weakness mason selections. >> the other one i had not heard of, doctor charles through. >> is a pioneer in medicine. i know that in nashville, and he represents the importance of medical discovery and the sciences and our contributions there and i think the way we thought about that was charles through is somebody that we

gerry: paul romer, thank you very much, indeed. whether your proposals are acted upon and whether that is the way out for the u.s. in this crisis. thank you very much. >>> just ahead, this week we saw one chapter in more than history put to rest. i'll explain. ♪ ♪ ♪ limu emu & doug [ siren ] give me your hand! i can save you... lots of money with liberty mutual! we customize your car insurance so you only pay for what you need! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ my age-related macular degenso today i made a plan with my doctor, which includes preservision... because he said a multi- vitamin alone may not be enough. and it's my vision, my morning walk, my sunday drive, my grandson's beautiful face. only preservision areds2 contains the exact nutrient formula recommended by the national eye institute to help reduce the risk of moderate to advanced amd progression. it's how i see my life. because it's my vision... preservision. sprinting past every leak in our softest, smoothest fabric. she's confident

gerry: paul romer, thank you very much, indeed. whether your proposals are acted upon and whether that is the way out for the u.s. in this crisis. thank you very much. >>> just ahead, this week we saw one chapter in more than history put to rest. i'll explain. ♪ ♪ usaa was made for right now. and right now, is a time for action. so, for a second time we're giving members a credit on their auto insurance. because it's the right thing to do. we're also giving payment relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. right now is the time to take care of what matters most. like we've done together, so many times before. discover all the ways we're helping members at usaa.com/coronavirus ♪ ♪ gerry: this week's decision by the justice department to drop charges against president trump's short-lived national security adviser general michael flynn prompted predictable outrage in much of the media. "the new york times" editorial board, of course,

gerry: paul romer, thank you very much, indeed. whether your proposals are acted upon and whether that is the way out for the u.s. in this crisis. thank you very much. >>> just ahead, this week we saw one chapter in more than history put to rest. i'll explain. ♪ ♪ motor? nope. not motor? it's pronounced "motaur." for those who were born to ride, there's progressive. for those who were born to ride, then you might have a dcondition called dry mouth.? biotène is clinically proven to soothe and moisturize a dry mouth. plus, it freshens breath. biotène. immediate and long lasting dry mouth symptom relief. as the covid-19 pandemic sweeps the world we urgently need your help. our elderly jewish brothers and sisters who are so precious to god, have no access to food, medicine; or to keep themselves safe from the virus. and right now, we must take extraordinary measures during these extraordinary times to fulfill what it says in god's holy scriptures, comfort ye, comfort ye my people. your $25 will help rush an emergency food box filled wi

gerry: paul romer, thank you very much, indeed. whether your proposals are acted upon and whether that is the way out for the u.s. in this crisis. thank you very much. >>> just ahead, this week we saw one chapter in more than history put to rest. i'll explain. ♪ ♪ this is an athlete, twenty reps deep, sprinting past every leak in our softest, smoothest fabric. she's confident, protected, her strength respected. depend. the only thing stronger than us, is you. ♪ ♪ gerry: this week's decision by the justice department to drop charges against president trump's short-lived national security adviser general michael flynn prompted predictable outrage in much of the media. "the new york times" editorial board, of course, felt a need to remind us that general flynn pleaded guilty twice and that even president trump said that he had lied to the fbi. but it has become increasingly clear in recent weeks that the charge to which general flynn had admitted guilt of lying to fbi agents had come as a result of a carefully-laid trap by prosecutors

gerry: paul romer, thank you very much, indeed.r proposals are acted upon and whether that is the way out for the u.s. in this crisis. thank you very much. >>> just ahead, this week we saw one chapter in more than history put to rest. i'll explain. ♪ ♪ looks like they picked the wrong getaway driver. they're going to be paying for this for a long time. they will, but with accident forgiveness allstate won't raise your rates just because of an accident, even if it's your fault. cut! sonny. was that good? line! the desert never lies. isn't that what i said? no you were talking about allstate and insurance. i just... when i... let's try again. everybody back to one. accident forgiveness from allstate. click or call for a quote today. here's the thing about managing for your business.s when you've got public clouds, and private clouds, and hybrid clouds- things can get a bit cloudy for you. but now, there's the dell technologies cloud, powered by vmware. a single hub for a consistent operating experience across all your clouds. that sh

would have been inclined to been much more strict to be with the banking system and likewise christine romer who had the calls for the most robust fiscal package which would have really offset the last one of the half trillion dollar hit to g.d.p. but we instead called the advice of people like summers you know who seems to feature recurrently in these policy failures and yet he still seems to have a major position of influence in as far as democratic regimes go when they print all this money and they print trying to trying to dollar some people are saying you know what this is like m.m.t. the modern monetary theory or this is like u.b.i. universal basic income so suddenly that was kind of pilloried during the run up to the nomination here in the us the democratic nominee when that was suggested during the debates but now it seems like we're living in a world that's like. our u.b.i. what do you think certainly operationally the whole idea there some sort of arbitrary financially can financial constraint that's been blown out the window and that was a key m.m.t. insight but you know you have

thank you, paul romer. i appreciate you joining us on this friday. >> okay. thanks a lot. >>> today on ahmaud arbery's birthday, two men are being charged with murder and aggravated assault for his shooting death. he would have been 26. i'm going to speak to his mother next. motor? nope. not motor? it's pronounced "motaur." for those who were born to ride, there's progressive. "show me what you're made of." so we showed it our people, sourcing and distributing more fresh food than anyone... we showed it our drivers helping grocers restock their shelves. we showed it how we're donating millions of meals to those in need. we showed it how we helped thousands of restaurants convert to takeout and pop up markets. and how we're encouraging all americans to take out to give back. adversity came to town. so we looked it right in the eye. and it won't be us... ...that blinks first. >>> well, today would have been ahmaud arbery's 26th birthday. he is a georgia man chased, shot and killed while out jogging. in his memory, runners around the world jogged 2.23 miles toda

. >> things right now are a romer keith on fire. >> somebody that's working this industry for a longime, what are thing like for you? >> it's challenging, heart breaking, to see so many people suffering on the streets. it's heart breaking to see many years of work feel like it's gone backwards. >> reporter: he is tasked with managing the covid-19 response for the more than 5,000 homeless who sleep on san francisco streets. >> we are providing food setup, many pit stops in the line. we have added hand washing stations. >> residents and business owners, more frustrated than ever with the piles of drug needles and human waste. hastings law school is among the plaintiffs that filed a federal lawsuit against the city demanding it do more to clean up the streets, calling the tender line a horse show. >> it's unsafe. it's unsanitary and whatever is going on here, it's inhumane. >> reporter: mike abuyaghi showed us his homeless respare shop tapping into the city power. >> you come to work you want to focus on what you are here for and then you have all this craziness going on. >> reporter: d

this plan that romer put forward and the harvard roadmap put forward, it's an audacious plan, but this is an unprecedented time. >> when you hear the governors or the university presidents or others talk about their plans, which include in some cases testing, we just heard from somebody at university of michigan talking to kate bolduan, but in other cases it seems like a lot of, okay, let's put on masks and social distance and cross our fingers. and i'm sorry, but hope is not science. >> and the thing about it is that, you know, physical distancing clearly can help. but i think when we've seen this downward trend in some places or at least not having as high a trend as far as hospitalizations and deaths, it's because people have stayed at home, the ultimate sort of physical distancing. i think as soon as you start going out in public, because of duration of contact with people, because of shared public spaces, as good as you may be, as careful as you may be, there will be surfaces what are contaminated. people are going to get infected. it's just very hard, and it's not really the faul

you interviewed paul romer from the world bank previously, and he said, you know, maybe 20 million testimonias a day, whic sounds really audacious, but the idea there is you're testing just about the equivalent of the country every two weeks, which is roughly the incubation period. so 2% is not nearly an enough, even if that's a monthly sort of figure. >> all right, sanjay, thanks so much, have a wonderful weekend, we'll see you this week. in between, be sure to listen to sanjay's daily podcast, "coronavirus: fact versus fiction," on apple podcasts or wherever you get your podcasts. >>> an unemployment rate this nation hasn't seen since the great dreepressiodepression, ne. and send nearly 8 billion texts every day... why accept it frompt an incompyour allergy pills?e else. you flonase sensimist. nothing stronger. nothing gentler. nothing lasts longer. flonase sensimist. 24 hour non-drowsy allergy relief however, there is one thing you can be certain of. the men and women of the united states postal service. we're here to deliver cards and packages from loved ones and also deliver the peace of

whereas, if we had more regular testing of everybody, something that paul romer, the former chief economist of the world bank has proposed. the idea that i see my dentist and i know he's been tested in the past two weeks, that would make me feel a lot more confident about going out in public. and so testing is really key to protecting the public's health and the economy. >> picture from the ozarks we were showing there. gloria, dr. gounder, thank you so much. silicon valley executive has been writing about the pandemic. his writing has really been essential reading for me and many others. his latest effort can be seen on youtube posted today. compares how tightly countries have locked themselves down with how well they have done in slowing their outbreaks. thomas, great to see you. you describe what's happening as a hammer and a dance. what happens if some states continue to, you know, observe strict guidelines or at least stricter, compared to what other states are doing, which is the hammer? while the others start what you call the dance, as we saw this weekend. a lot of dancing has begun

paul romer, thanks very much for joining us. we appreciate it always. i'm going to put avis on the screen for you. there you have it. down 3.5%. their revenue, they say their revenue will drop 80% april and may. they expect a bit of a rebound, bit of a comeback in the month of june as the country reopens but the stock is down 3.5%. all kinds of travel companies, avis is one of them, getting really hit. >>> netflix has turned around. they were down earlier. now they are up. they've got a lot of new content in the pipeline, because while filming is halted in america, they are filming in south korea, filming in iceland and filming in japan. the pipeline is loaded up. there's new stuff coming at you. >>> shake shack, same store sales down 12% last quarter. that's a bit less than they feared but nonetheless, the stock is down 4%. >>> beyond meat, they report their earnings after the closing bell today. the stock was up 49% in the month of april. prior to those numbers. they are at $98 a share on beyond meat. >>> the cheesecake factory also report later on to

you know, in an interview with usa today nobel prize economists paul romer says he envisions a day wherericans are tested regularly for covid-19 and they will have to present proof before going into places like restaurants and even the dentist's office, does that seem farfetched or far-sighted? >> well, there's no question that we need strategic testing and we need a national coordinated strategy that details of that certainly will have to come, but it will come with good data and that, again, is why we need that data to come from testing. we need to first of all, make sure our tests are reliable and accurate, of course, we are still working on treatments and vaccines and so all of these put together will continue to make sure we are all doing our part to mitigate risks. we will never get to zero risks, but we will learn as we grow and we will certainly make future decisions based on the data. arthel: well, you know, dr. harris, you're a psychiatrist and this pandemic is weighing on people's psyche and emotions whether they suddenly, you know, are losing someone from covid-19, to losing

former world bank chief economist paul romer is with us. what do you say about that?ouble digit unemployment way into the end of next year? that sounds kind of extreme. >> unfortunately, i think that's a pretty realistic estimate right now. stuart: does that mean that the recovery of our economy will not be as fast as president trump wants? >> i think it's not going to be as fast as any of us want. we are all on the same page -- stuart: i'm sorry, paul, i have to interrupt you. the president just went to the podium and is now speaking. we've got to listen. >> we're here this morning to announce dramatic action to support our nation's farmers, ranchers and growers as we work to safely reopen america and it's happening very fast, much faster and with much better numbers than anybody would have thought. i want to begin by expressing our profound gratitude to everyone here today and the farmers and producers across the country who have kept our nation fed and nourished as we have battled the invisible enemy. it is an invisible enemy. it's tough. but we are going to win an