And that because your point on bonds. Right now we have the 10 year yield backing up six basis points on the week, up 14 basis points. The worst week for bonds going back to august. Bonds selling off. That pushes yields higher on the idea there is some kind of recovery happening around the stimulus. It is going to be interesting to see whether or not the 10 year yield can break out of this range. David we will have to watch that carefully. We knew the job numbers would not reflect all of the covid surge, but we did not expect them to be showing downward trend before the covid came roaring back. To take us through what the numbers may indicate we welcome douglas holtzeakin, president of American Action forum. He earlier served as director of the Congressional Budget Office as well as chief economist under president george w. Bush. Great to have you back with us. Disappointing on the downside. How much should we read into that . Douglas the real significant piece is on the Household Survey. This is a week jobs number, and some of it might be seasonal adjustment. We can always wait for another month and see if that squares out. The Household Survey showed a big decline in labor force participation, that is a troubling development. People whoillion simply have not come back into the labor force compared to february. That is a sign of the virus getting in the way of the supplyside economy, people cannot get to work, they cannot conduct economic commerce, so that is the real hit. David it is possible we aint seen nothing yet. These numbers were effective in the middle of november. Douglas the survey week was the week of the 12th. We expect a big spike after this, and you would expect in december a real impact from the virus. David what does this say about the need for further stimulus . That is pending in washington. There was some progress made yesterday. Maybe theres a compromise afoot. What does it say about the need for that . Douglas prior to this report there was a case to be made some Additional Support for the economy was necessary. It might not be stimulus but we have a lot of longterm unemployed, we have the expiration of the ui program at the end of the year, the rent and mortgage forbearance, there are headlines that are predictable headwinds that are predictable. This strengthens that case. One hopes it also changes the politics to move people towards getting over the finish line. That has not happened yet but i think these data should encourage lawmakers to get a deal. David theres a fair amount of talk about a k shaped recovery, some people doing better, some people doing worse. Does that carry over to jobs . Are a lot of jobs disproportionately on the lower income areas and minorities . Douglas yes. We can see that in some of the Realtime Data we have picked up recently. At the onset of the recession we saw a loss of Service Business in high income zip codes, but the workers in those service jobs were low income workers, and in the recovery we have seen the high income plays come back but the low income workers are not. It is disproportionately communities of color and low skilled workers and that is a troubling part of the recovery. David a good part of 2020 has been occupied with the backandforth between republicans and democrats about how much more stimulus is needed, with nancy pelosi starting at 3. 3 trillion, coming down off that number. We have Mitch Mcconnell saying 500 billion is enough. Did republicans have a point . What we have made a mistake if we put forward 3. 3 billion last may . Douglas the real issue is what is in the package more than the size of the package. You can always go back and provide additional funds if they prove to be necessary. It is really are you getting at the core elements. There is nothing we can do with money to get high individuals to go back to their services. They will not fly, go to hotels or concerts and it is safe. What you do have to do is replace the income of people who worked in those industries. That is a key issue. You have to do some things republicans are talking about in terms of business Liability Protections to get the economy to take off when the virus is gone. I think what is in it is more important than the size, and given what we have seen in the cares act, some of the money never went out, notably at the fed and the treasury. The size did not make a difference. It was what was needed. Yet the wrong things. David there is money that has not gone out. We keep hearing about that from the white house. I question why it has not gone out. It takes us to the backandforth between Steven Mnuchin and the senators about whether he should have asked for them asked for the money back from the fed. The numbers indicate they did not need that money. About halfese were 1 trillion of money given to the treasury to backstop facilities in the fed, lending facilities. Those facilities were necessary in march when they were set up. We saw spread spike, there was a norm liquidity in the market, and it was unthinkable to go into the markets and borrow. Set up a main Street Lending facility for firms, facility for states and localities and a variety of others for commercial businesses, and it worked beautifully. If you look now, even with the announcement the facilities are going away, there has been no increase in the spread. The markets are functioning perfectly and weve got no use out of the main Street Lending facility or the initial liquidity facility because they cannot get credit and wellfunctioning credit markets. These facilities have worked. They have done their job, but they do not need to stick around. David lets come back to the bipartisan proposal. We have Small Business money, a fair amount, 280 billion. States, 160 billion for plus money for education. Is it addressing the issues you think need to be addressed or at least will bridge us forward until a vaccine . Douglas i think that is exactly right. I think congress should pass this. I think they can get they should get ian a for the cares act. It is a bridge to the vaccine. It is probably six good months before widely available vaccines have done the trick, and we need to have support during those six months. David always a pleasure to have you with us. American action former president douglas holtzeakin. Coming up, the view from the front lines of the covid19 crisis. Dr. Marc boom, Houston Methodist Medical Center president and ceo. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. We turned to Mark Crumpton for bloomberg first word news. Mark president Trumps CampaignPresident Trumps plan to campaign in georgia has sparked concern the president s efforts could backfire. Mr. Trump has repeatedly alleged widespread fraud cost him victories in georgia and other key states and he has disparaged the states most prominent republicans. Republicans fear that could divide the party and suppress votes for senator david perdue and kelly loeffler. The u. K. Is warning brexit trade worse, whereting officials accused the European Union of introducing new demands of the 11th hour. A spokesman for Boris Johnson told reporters time is in very short supply. Americas top Infectious Disease expert says there was never a question he would accept president elect bidens offer to services chief medical officer. Said yesold nbc he right on the spot. Dr. Fauci has urged rigorous mask wearing and social distancing practices that have not been followed at the white house. Joe biden says he will ask americans to commit to hundred days of Wearing Masks as one of his first acts as president. Next summers olympics in tokyo will cost at least an extra 2. 5 billion because of the covid19 pandemic and could go as high as 2. 8 billion. Fees to rebooke facilities and employ additional testing to prevent the spread of the coronavirus. Pauls show the japanese polls show the japanese public is divided on whether to hold the olympics or postpone games further. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . David thank you so much. We always thought there would be a second wave of covid19 but im not sure all of us expected to come this fast and this hard. For a view from the front lines, we welcome dr. Marc boom, president and ceo of houston methodist, one of the most respected in the country. Great to have you with us. The last time we dealt with this last spring, it was a question of are we putting too much pressure on the hospitals. Where are we this time . What is the level of pressure on your hospital and the Medical Center . Dr. Boom we have been through a lot this year. In houston our biggest surge still remains june and july which was troublesome. Now we have up quite a bit. We are the highest level we have seen since the end of july when we are coming off that other search. To but that it that other surge. And delight we got up to about 850 beds being used. Right now were sitting at about 450. We had gotten as low as 140 in midseptember as we came back down. It has gone up significantly. We are concerned about the trajectory we continue to be on. David what about icu beds . I understand it is not a fixed number as you reallocate other facilities, but if we change the way we treated the disease so it is not as likely you will go into icu . Dr. Boom that is right. Even for what in houston was a second search in june and july we saw we used a lot less icu than we did in the early days, and we are using even less now as a percentage. That has been good. Thankfully icu capacity is still doing ok. Most of our Growth Continues to be in the acute care setting, regular beds with shorter lengths of stay. Patients who do need hospitalization are Getting Better quicker, and fewer of them need icu. When they get to icu we see some amazingly sick people, that is a key thing for people to understand. Have a bunch of people on think of it as an artificial lung machine they are on to do the work of their lungs because their lungs are completely wiped out. Those patients stay with us for and wed periods of time see a significant amount of mortality in that group. There are still sick people, but thankfully weve been able to prevent a lot of people, now we have good news on the front end with the antibodies in the outpatient setting, hopefully decreasing the number of people needing to be hospitalized. David talking about the capacity for hospitals, do we have a different and more dangerous situation today than we did in july. In the spring and the summer, it tended to be a specific location in the United States that was a hotspot. Right now it seems to be right across the country as you look at these maps. What does that say about the ability of one facility to help out another . Dr. Boom it is a very difficult situation. On one hand, what that means when we see the record numbers across the United States is by and large, we are seeing everybody has come up at the same time. There are obvious hotspots. Texas, el paso, the panhandle area are great examples of that. What we were able to rely on this summer, when we were in that limited area researching, lots of traveling nurses came in and helped extra staffing. The reality is most of those people have been distributed to hotspots at present, and as we continue to rise, it is not realistic to believe they will be there. That is a definite unique challenge we will continue to see as this continues to go up. Need to Work Together as a population to level off this curve, bring it back down and get to the light at the end of the tunnel when vaccines will begin kicking in. A lot of good news coming up, but it will be several months before we see the impact of that. We need to get through this winter together. Howthomas visibility much visibility do have into the future . 7 ,have positivity around and your r is 1. 15 . Dr. Boom that is across all of the texas Medical Center. At our institution we are higher on the positivity rate. It has been going up day after day, but at a less steep rate than what we saw in june. I take some comfort in that things have not shot wildly out of control. The flipside is because we have months ahead of us, they can still get to that same endpoint or worse if they keep ratcheting up. I attribute that to the fact we are doing a much better job for masking in our society in houston. In june there was so much debate and not many people wearing them. There is still discussion and debate and misinformation. What we are seeing is unstructured environments where people let their guard down we see the virus spread. Often times social events, events at homes, gatherings of individuals. There is a structural environment, a hospital or a school. We have to have the patience and the vigilance, we have to see the fact that a few months out, the light at the end of the tunnel is there. We have to make sure we steel ourselves to a tough few months and a few months where we all make mutual sacrifices to protect each other. David you have told us how important it is to wear a mask. We now have the president elect of the United States saying he will say for the first 100 days of his presidency he would like all americans to wear masks. Does that make sense . Dr. Boom it makes complete sense. From been urging masking the beginning. The medical community frequently got it wrong. That is part of the challenge we have had very early on. Youve heard consistent messages and then building and building evidence since the april timeframe across the country. We saw this in houston. When we put the mask order in place when things were wildly out of control and we had it in place on july 3, we crested and came down and we came down to low levels. We can get this in control if we have people adhere to those best practices. They are the next best thing to a vaccine. While we are starting to vaccinate in the next couple of weeks, it will take a long time to get everybody in the population, and certainly to dramatically change the data max we see the dynamics we see. David there is light at the end of the tunnel. We know how long the tunnel is or how bright the light is . With the pfizer vaccine, you need two doses how long is it between the doses . Dr. Boom with pfizer it is a three week period. If you get the vaccine today, three weeks from now you would get the second vaccine. Realistically, from what the experts are telling us, youre talking for immunity three or four weeks after that. Roughly what i am telling people and what we are looking at is if we get you vaccinated around the 17th of this month, which we think is very possible for many of our staff, you are looking at valentines day when you would have a likelihood of full immunity. It is not a golden ticket. That is one of the important messages we have to make sure everybody hears. Until we dial this back and get to vaccines at an extremely low level, masking and social distancing will be necessary. Lets say i may have gotten a vaccine or you may have gotten a vaccine, it should not give you the license to go places, be without a mask for a variety of reasons. First and foremost is you will never know who has been vaccinated and unvaccinated when youre in a group and being exposed to somebody she was unmasked because they are protected versus not. Right now we know the vaccines prevent disease. They prevent people from getting sick at 95 efficacy. We do not yet know, we think it will be the case, but we do not know it prevents infection. The difference is you could still have the virus but not get sick. We do not know that by being vaccinated i cannot possibly be a carrier and give it to someone else. We will need to continue these things into the future, likely the first half of the year. 100 days after inauguration gets you towards the end of april. That is probably right. I suspect it could be longer than that, but i think that is a good message to get immunity around all of us doing the right thing. David so terribly helpful to have you. Always informative. Dr. Marc boom, houston methodist president and ceo. Wall street week will air tonight at 6 00 eastern time. We are joined by Larry Summers to talk about the big events of the week and how they have affected global wall street. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for the stock of the hour. We are looking at carnival and the travel industry. Abigail doolittle is here with a look. Abigail it is interesting because carnival is certainly higher after the company yesterday gave an update, saying they will be cruising again in 2021. Somewhat vague, but you have the stock up 2 . The real gains over last few weeks is not just for carnival but other travel related stocks such as norwegian, american, united airlines. As you can imagine this has everything to do with the vaccine reality, the optimism folks will be back at some point in 2021 and maybe there will be demand for travel. The juxtaposition that is so interesting is we have the disappointing payrolls report today showing the first signs of what the resurgence of the virus meant, at least in the month of november. 245,000 versus the expectation of 460,000 and down from the prior month in october of nearly 640,000 jobs. A lot of those jobs in the travel sector, airline workers, cruise line operator workers, the unemployment above 27 weeks absolutely extended as there is a big population of folks. Any in the travel industry remain unemployed. We have the juxtaposition of the stocks soaring and this realworld difficulty. It is hard to get your mind around but that is what is happening. A piece of it has to do with the stocks. The travel stocks beaten down on the year. There are other sectors that are beaten down such as energy, financials, industrials, the hopes this would be a reopening. Trade you see sectors starting to gain as investors who are looking for the catchup of the sectors that had been beaten down. David as you told us earlier, the reflation is indicated with the 10 year. Thanks to Abigail Doolittle for that report on the travel industry. Up next, the Key Georgia Senate runoff races with former aide to president George Herbert walker bush joe watkins about what is going on down in georgia and what will make the difference whether the republican incumbents hold their seats or not. Ons is balance of power Bloomberg Television and radio. Its down to the wire, the teams been working around the clock. Weve had to rethink our whole approach. Were going to give togetherness. Logistically, its been a nightmare. Im not sure its going to work. Itll work. I didnt know you were listening. Any idea how much it will cost . You have a choice. Insurance or goodrx. I have insurance. Insurance is not what it used to be. People struggle to get their prescription covered and prices keep rising. I recommend goodrx. You get free coupons to save on your prescriptions. [narrator] compare prices to get the best discounts. Goodrx, smart. [narrator] stop paying too much for your prescriptions. Download the free app today. David this is balance of power on Bloomberg Television and radio. Im david westin. Word news,erg first we go to Mark Crumpton. Mark although the prospects for a pandemic relief packet before the end of the year are growing, legislators are a stark warning today about the potential cost of inaction. A much weaker than expected november employment report showed thousands of americans left the labor force amid the spread of covid19. Kudlow toldry bloomberg the jobs numbers are not as bad as they seem. It may have come in a wee bit under expectations, but i dont know what that means. 6. 7 Unemployment Rate is big news. Cbo and others didnt expect 2021, digits until early so we got singledigit the last couple months. Says the white house wants a targeted stimulus plan. House majority leader steny hoyer says the house has enough votes to override a veto by President Trump of a crucial defense bill over his demands that include a provision to strip a legal shield for social media platforms. The National Defense authorization act, among many things, authorizes military pay raises an extra pay for troops on dangerous missions, has broad support in the house and senate. It is set to pass both chambers next week. It has become law every year for the past 59 years. President trump has raised 459 million since october with more than 207 Million Dollars of it pouring and after election day. That is an unusually large amount to raise after the election. Most of the money will go to a Political Action committee that the president can use for various activities after he leaves office. Some of the contributions will go toward what is left of his legal fights over the certification of election results. Says it iss bilal suing a former lawmaker and website affiliated with a Christian Political Party for defamation. They accuse the group of being responsible for a massive explosion at beiruts port this summer. Washington considers has below a terrorist group and has been escalating sanctions against it. That blast killed more than 200 people and wounded more than 6000. Global news 24 hours a day, onair, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. David thank you. A month from tomorrow, the voters from georgia will determine which party will control the senate as they go to the polls in those two Senate Runoff elections. President elect biden won the state by 13,000 votes last month , leaving the outcome in both of those elections in the air. We welcome now joe watkins. Hosts a podcast these days. Tell us about the race in georgia. Normally, you would say a senate race in georgia would go to the democrats but things are changing in that state. we saw what happened with the president ial election in georgia, and georgia has been reliably ready for some time but things are changing. The successful drive to register new democrats especially has had a significant impact. If you look at the latest polls in the race, as of this week, it warnock with a sevenpoint lead over kelly loeffler. By af leading purdue couple of percentage points. Turnout will really matter in this race. If republicans continue to fight with President Trump over whether or not Republican Voters should show up on election day, that will have a huge impact in the race. David talk about that Voter Registration drive. I understand Stacey Abrams was one of the people behind that. There is a group of africanamerican women who have been driving this down there. Is there a big shift in the participation of black voters in georgia . Stacey abrams and the other women that worked with her were in our mostly successful in their bid to register new voters. That had a huge impact in the president ial race this past november. Certainly will have an impact on january 5. There is Nothing Holding back the new voters from voting. I think they are just as excited about voting in this january 5 runoff as they were in the president ial race. The challenge this time around is why the republicans show up to vote, given what has been said by trip President Trumps people in georgia, who are saying the election was stolen. David i understand there is a lawsuit that could interfere with some of the runoff elections. As someone who has served in republican white houses, is it a good or bad thing that President Trump is going down that way . There was a time when people thought it motivated, but he keeps on saying it is a fraud. Joe if you are the president , its a good thing for him. Anything that he can do to keep his base motivated helps him going forward. He has raised over 200 million since the election. That is an amount that i dont think any other president has raised postelection, especially after a loss. This helps him to keep his base motivated and giving. I dont know that it helps republicans necessarily, especially because his message on saturday was not too turn out and vote. Will be less than that a loss for republicans. David a lot of people think over time that american generally like divided government. Does that cut against the candidates . It is clear, how they vote in these two runoff seats will determine whether democrats or republicans control the senate. They already have the house and the white house. Joe that is right, but all politics are local. It depends on what is happening in a particular state, in a particular season. If this were any other time other than this year, with this president , i would give you one answer, but given all that is going on, i would say anything is possible going forward. It is very possible that on january 5, we could have two democrats elected to the u. S. Senate, which would give joe biden everything he needs to move legislation forward once he begins his term as president. David a lot riding on the election, no question. Thanks to joe watkins. Coming up, part of the impetus for the fiscal stimulus is the dramatic state of Food Insecurity in this country. We talk with the largest the head of the largest Food Relief Organization in america, claire babineauxfontenot, ceo of feeding america. This is balance of power on Bloomberg Television and radio. Radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Food insecurity was a major and often overlooked problem in the u. S. , even before the plandemic hit. Covid has made things that much more worse. We welcome now claire babineauxfontenot, ceo of feeding america, the largest Food Relief Organization in the country. Thank you so much for being with us. Its a terribly important issue, one that we dont pay enough attention to. Give us a sense of the situation in the country, prepandemic and after the pandemic. Claire thank you for having me on. Its so important that everyone understands that not only are we in the middle of a health crisis, we also have a food crisis that has come along with this. You mentioned before the pandemic, and i will talk about something that you know a lot about. The economic downturn of 2008. Coming out of that downturn, rates of Food Insecurity went close to 50 million. It took 10 years, a decade to get back to prerecession rates of Food Insecurity. In 2018, whenere it got to 37 million. Then 35 million in 2019. All of us would agree that is 35 million to many, but we were making progress. As a result of this pandemic, we estimate those numbers will soar back to somewhere near 50 million people. That is one out of six individuals. One out of four kids. And that is the average. There are counties in this country where everyone out of two children are insecure. Is a really disparate desperate situation for a lot of people. What are the quick data point before we move on, and the people turning to us for help, have never before relied on our system. 40 of the people on average never before thought in their wildest dreams that they would need to rely upon the charitable contributions to feed their families. David the question is obviously what we do about it, but what is causing it, people being out of work . They have just lost their income so they cannot afford food . Claire it is a combination of reasons. Some are deep and systemic. As you might imagine, vulnerable communities are made even more vulnerable by the food crisis. Athave generational poverty play for so many of the people that turn to us for help. Usng those who are coming to who have not relied upon us before, these are largely people who were right there on the brink. We talk about it in this country that we are paycheck paycheck society. We know the Federal Reserve bank said the average american probably cannot handle a 400 cash emergency. You have so many people who are right there on the brink of poverty, on the brink of Food Insecurity. When they started losing their jobs, they lost ways to feed their family. A lot of them were former volunteers. They were on the others out of that line, and now they are in need of help to provide for their own family. David give us a sense of what can be done about this, first, feeding people, which you are involved in doing. We need more people contributing. But what can be done in the short and mediumterm . Claire you started where i would recommend. Feeding america is a network that you can get in touch with. Since the pandemic started, we have had remarkable outpouring of support. From march 1 through october 31, with the help of people like those in your audience, the remarkable network that im in, we were able to provide 4. 2 need. N meals to people in the unfortunate thing is the gap is larger than what weve been able to provide so far, so we need people to invest in the work that weve been able to do. If you want to be a part of a National Effort where we provide , direct those funds, go to feedamerica. Org. 100 of the proceeds go to local communities. If you have a particular community your interested in helping, put in the zip code for that community. The food bank for that Community People pop up, and you can go directly to them. You also talk about volunteering. We have historically relied inordinately on seniors as volunteers in our work. Seniors are among the most vulnerable to the health side of this pandemic. Consequently, we are in need of volunteers. If you are able and willing to volunteer, go to those places that i directed before, and find a way to step up. And then there is certainly our policy interventions that we need. I want to talk about two of them. Supplementalsnap, assistance programs. Some people think about it as food stamps. That program is extraordinarily efficient in making certain people have access to food. We are asking congress to increase the amount that people receive in snap, because we know from the u. S. Bureau of labor statistics that grocery prices are at a 50year high. Snap has not kept pace with that. That is one thing, increase snap. Decrease regulation around snap, so that more people have access. The final one from the policy side is, last year, we provided 5 billion meals overall as a network. This year, we will provide far more than that. Cameillion of those meals from u. S. Commodities. Those commodities are going to without anylf intervention on the part of the usda and congress. Please encourage congress to act right now. David lets talk about congress right now. We have a proposal on a stimulus bill pending before congress. It looks like they will try to negotiate over the weekend and get something done. Is there anything in there that will help this Food Insecurity crisis . Claire i hope there is something with snap in there. We have been working hard to make sure that congress includes snap benefits into whatever it is they pass. From an economic perspective, also coming out of the economic downturn, something that we learned, not only is it good for people in need but its also good for the economy. Youevery dollar invested, get over 1. 70 returned. We hope it is in there. David thank you so much for being with us, claire babineauxfontenot, feeding america ceo. Coming up, we will go to the white house for its take on the jobs numbers. Tyler goodspeed joins us. This is balance of power on Bloomberg Television and radio. In a land not so far away, people are saving hundreds on the most Reliable Network with xfinity mobile. They can choose from the latest phones or bring their own. And because they get nationwide 5g at no extra cost, they live happily ever after. Again, again. Your wireless. Your rules. Your way to stay closer together this holiday season. Switch and save up to 400 a year on your wireless bill. And get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at xfinitymobile. Com. David this is balance of power on Bloomberg Television and radio. Im david westin. Morning,ers out this disappointed, slowing the rate of growth even before the worst of the shutdowns happening because of the surge in coronavirus. For the perspective of the trump administration, we bring in tyler goodspeed. Great to have you with us. I know the on employment percentage is 6. 7 , better than people thought it would be, but you cannot be happy with the fact that we are creating less jobs as the months go on. Tyler we learned this morning that last month the u. S. Economy added 344,000 private sector jobs, unemployment ticked down from 6. 9 to 6. 7 . Thanobs gain was lower expected, certainly lower than we had hoped. At the same time, its important to keep these numbers in perspective and in proper context. These gains were in the context of 15 states either pausing, reopening, or reimposing lockdown restrictions, including illinois, indiana, georgia, massachusetts, some pretty big states. The second thing is, as you suggest, the perspective of where we come from, so if we cast our minds back from where projectinge cbo was a year and Unemployment Rate of 11. 5 . We are projecting that unemployment would be 7 million jobs fewer than what we observed in the month of november. Certainly we have exceeded expectations, but as you suggest, there is a way to go. David what do we think is between here and there . These jobs numbers, as i understand it, were as of the middle of november. There have been more shutdowns since then, we are having a resurgence of covid19. What do you anticipate over the next 2, 3 month in terms of jobs . Tyler no doubt there will be in of lockdown restrictions imposes headwinds on the labor Market Recovery we have observed to date. That is why we in the white house are very much pushing for some phase four relief to provide that bridge to the widespread availability of vaccine candidates in the coming months. In fact, the positive developments on the vaccine front actually strengthened the case for some near term fiscal support, because it means that if we can maintain some of those employeremployee matches, maintain the survival of a lot of these small thenesses, then we can see bridge to widespread availability of the vaccine. Bridge,peaking of the that is a word that you wrote when you wrote an oped with peter navarro, talking about a bridge to get to that point where we have the vaccine while the distributed. Need . G of a bridge do you i know you are not negotiating between Mitch Mcconnell and nancy pelosi, but something along the lines that they are talking about, is that enough . Tyler we are focused more on policies rather than dollar amounts. When it comes to policies, some of the priorities we are reup ofng include a the highly successful paycheck protection program, introduction of Liability Protection for Small Businesses, and targeted relief for the 10. 7 million unemployed americans, so we have that buffer for consumer spending, which is 70 of the u. S. Economy. , thanks tot have operation warp speed, widespread availability of vaccines on the horizon, then there is a case to be made that there will have to reallocations, some businesses and sectors will have to contract, while others expand. But the fact that we have these vaccine candidates insight means it is even more important to preserve these Small Businesses, preserve the knowledge and efficiencies they possess, preserve the matches between employers and employees, so we dont have to go through a costly labor Market Recovery down the road. I cannot find anyone who wants to argue with the fact that having the vaccine on the horizon is really good news. We just hope it comes as fast as possible. At the same time, lets put policy,e numbers, but support for state governments. That is employment as well, isnt it . They are having to lay off people. Tyler one of the things we observed in the november jobs report is, one of the things that was Holding Back Employment gains was a decline in employment in state and local government education. While employment in state and local government education increased, it didnt increase by as much as as we would ordinarily expect with normal levels of in Person School attendance, school openings. Certainly, we are attentive to the fact that schools and state and local governments may require additional targeted support to make sure they hold onto those employees. But we want to make sure that it is targeted and welldesigned, rather than a blank check bailout to states and local governments that were profligate even before the pandemic hit. David quickly, there is targeted proposals when it comes to state support because it is going to things for revenue where you lost due to covid, but are they trying to target this, this group of senators . Tyler i dont want to trespass upon negotiations, those are ongoing between both houses of congress. Here at the white house, the economics team, we are in constant communication. They are working with counterparts on the hill. David you cannot blame a guy for trying. Thank you for joining us, tyler goodspeed. Coming up, balance of power bloomberg radio. In our second hour, we will aboutto Carly Fiorina passing the baton. That does it for balance of power. This is bloomberg. Jonathan from the city of london for our audience worldwide, bloomberg real yield starts right now. Covid related restrictions weighing on the u. S. Labor market. We are seeing a slow down, we are seeing a weakening. Deterioration follows from these renewed lockdowns. Definitely weaker than anticipated. The fed retains tremendous amount of lucks ability to respond. The fed is the only game in town. Its a reminder of how important a fiscal policy response needs to be. A lot of expectations built into mobility, wont they extend . I think they have to. They have to stay to themselves, this will be forever