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Secretary this week, sharing a bleak Economic Outlook if the u. S. Fails to act. Listen. Its an american tragedy, and its essential to move with urgency. Inaction will produce a selfreinforcing downturn causing yet more devastation. David meanwhile, novembers Unemployment Rate comes down to 6. 7 . Thats good news. But the new job numbers were disappointing, signaling that the recovery is slowing a bit. And no wonder considering the determination of some local and state leaders to keep people from resuming normal life with draconian lockdown orders that call for even more restrictions. Listen. Regions where the icu capacitity is falling below 15 , we are now mandating that we are implementing a stayathow many order for three weeks. David the nations economic fate really hinging on the period of delivering the covid19 vaccine. But a slight setback there as well as pfizer admit es theyll be slashing their vaccine rollout target in half after a supply chain problem. More on that later in the show with Brown Universitys dean of Public Health, dr. Jah. And if a riff growing among democrats with every Biden Cabinet pick. Will the far left of the party quit on biden as they balk at moderate picks . But first, to the economy. Joining me now is macro mavens president , stephanie pomeroy. Great to see you, and a lovely kitchen, i must say, stephanie. [laughter] it was clearly a disappointing jobs number. The number was about half of what was expected. 245,000 new jobs. But its important to put all this in perspective was there were a lot of people back in the spring who were saying we would continue with doubledigit unemployment throughout 2020. And, clearly, that hasnt happened. The Third Quarter bounceback of the economy, over 33 , was extraordinary. Absolutely. I think a lot of that speaks to the stimulus from reopening, or you know . The key was really to just get the economy reopened, and the sad thing is, as you mentioned in your open there, is were seeing all that start to be rolled back in a lot of major parts of the country. So that is reflected, obviously, in the somewhat weaker employment report we saw for november. And i would also note not to add, you know, negative news but the tickdown in the Unemployment Rate was actually not necessarily a positive in that it happened because the labor force shrank. Lesses people were in the labor force. So its not a good indication of the trend right now, and, you know, unless we get back to reopening the economy rather than shutting things down, its hard to see where that changes anytime in the immediate david its my personal opinion that open oping the economys more important than any kind of stimulus coming from washington. Again, you mentioned people leaving the work force. More Unemployment Benefits coming from washington would provide more disincentives for people leaving the work force, right . Absolutely. I mean, paying people to stay at home is something im sure people would happily do, you know . Is. [laughter] but all kidding aside, i mean, i think, you know, when we look back on the period, youll see that a lot of the policies, first, the mandatory shutdowns and, you know, the requirement to wear masks, all of these things probably ended up doing more harm than good. But im, you know, not a doctor. So i will not play one on tv. David right, right, right. But from the standpoint of the economy, i think one of the consequences of what weve done with all the stimulus is that while the markets are discounting a return to normal once we get this vaccine distributed, you know, in the early part of next year, there are several things that have changed as a function of this pandemic, and number one is that we have added 5 trillion of debt on top of an economy that already had, you know, huge amounts of debt. David thats true. And, importantly, 1 trillion of that was on the corporate side. David good point. So corporations have added another trillion in this borrowing bonanza thats been green lighted by the feds incredible stimulus. David stephanie, we only have about a 15 seconds, but you think of the possibility, all of that pentup demand all over the world, by the way, will be released by the vaccine. And that, that release is going to create more economic activity, a bigger spurt than i think this world has ever seen. Dont you agree . Quickly. I disagree with that. I think thats the outcome thats priced into the market. Market caps 4 trillion higher than it was at the beginning of the year, so its discounting not just a return to normal, but exactly the outcome youre thinking about. I think all the risk is to the other side. David i would love to debate you on that, but thats for another day. [laughter] pleasure to see you, stephanie, thanks very much for being here. Coming up, pfizers vaccine rollout hitting an unexpected snag. How bad is it . And how do you commit the antivaccers to take geico makes the claims process so easy. I can file and manage my claim, all on the geico app. Its not just easy. Its givingyourdog yourfitnesstracker easy. Oh, good boy. Yes, you got it woo already got my 40,000 steps today. Can i get a what what no pain, no gain haha. Its geico easy. With fast and convenient claims service. Look how fast im running good boy, chester. We try to soothe it with this. Cool it with this. And relieve it with this. But new preparation h soothing relief is the 21st century way to do all three. Everyday. Preparation h. Get comfortable with it. Millions of men are keeping their hair thanks to proven hair loss treatments, and you can to thanks to keeps. Get Online Access to a physician and fdaapproved treatments delivered right to your door, safely and affordably. Go to keeps. Com tv to learn more. David well, the beginning of the end of the coronavirus pandemic is hitting complications. Pharma giant pfizer cutting it target for a rollout of its vaccine by half as unexpected delays hit production and distribution. The first doses of the Pfizer Vaccine in the u. S. Are expected to be delivered to new york on december 15th with the Moderna Vaccine coming out a week later, that is, if both are approved by the food and drug administration. Here now is the dean the school of Public Health for brown university, dr. Jah. How big of a setback is the news by pfizer . Its unfortunate, right . We want these vaccines out as quickly as possible. I think, like, in the long view its not that big a deal. Itll slow things down a little bit, but right now with things as bad as they are, any setback is a little bit unfortunate. David im wondering, the u. K. Has approved use of the vaccine, of the Pfizer Vaccine. Im wondering if that slowed things up for us, the fact that they have to have all those doses ready for the u. K. Now. No, i dont think it did because pfizer had a plan for both the u. S. And the u. K. And the rest of the world in terms of how many doses were going to go to each place. I dont think b the u. K. Moving about 8, 9 days before us will end up making a meaningful difference for us. Everybodys got their allocated doses, its just half of what we initially thought. David it does get under a lot of peoples skin, theyre going to get the vaccine before we do. First of all, not a competition with the u. K. , love the u. K. , theyve done a good job. Our fda is really the gold standard, and they are going through the data very, very carefully. And in the long run, id rather have it be e done right, id rather have that extra measure of care. I think itll build confidence. So i think 8, 9day delay is not a big deal if welcome make sure we get it right. David theres a big question that the pfizer chairman was talking about the orr day, the question of whether somebody can still pass on the virus even if theyve been inoculated against it. Do you have any ideas on that front . Yeah. We dont know. The short answer is we dont know. The bit of a longer answer is i would suspect, based on everything we understand about this vaccine, that the proportion of people who can transmit the virus should go way down if youve been inoculated. But weve got to look at the data, and i think that information will become more available over the next few weeks. David then theres the question of the auntvaccers and people who just say its not necessarily this vaccine, its any vaccine. 40 of americans in one poll said that they would not be taking the vaccine if they have a choice in the mart. That means that 60 would. Is 60 of the population taking the vaccine enough to create herd immunity . Yeah, so 60 will help a lot, david, but it will not get us where we want to be. If we really want this pandemic behind us and under good control, we probably need to get to 70 or 80 . And the way i see it is of the 40 , some of them may be people who really strongly feel about vaccines, but others are just hesitant because the Vaccine Development has gone fast, and i think we need to talk openly with people about how every step of a vaccine testing has been done. And i suspect well be able to get to 70, 80 with good communication and open and honest and transparent data sharing. David and going, quickly, back to the top of this questioning, the Pfizer Vaccine, they claim even though theyre going to be rolled out concerns about how quickly theyll get the first doses out, they still claim theyre on target for delivering 1. 3 billion doses by the end of 2021. Is that target still possiblesome. I think it is possible. Were going to, remember, there are 6 or 7 billion people in the world were going to want to get vaccinated, so were going to need 10, 12 billion doses of these vaccines. I suspect itll fall into 2022, but were going to need all the vaccines we can get. David when you think of how remarkable this progress has been on the vaccine front. Dr. Jha, thanks for coming on, appreciate it. Coming up, pressure intensifies as biden weighs three top cabinet picks, and liberal Research Shows that people remember commercials with exciting stunts. So to help you remember that Liberty Mutual customizes your Home Insurance, heres something you shouldnt try at home. 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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. We need to make sure that president elect joe biden is picking as many progressives to his cabinet as possible. We support people like janet yellen, people like john kerry and some others, but when i hear named like rahm emanuel and bruce reid, you know, it makes my skin crawl. [laughter] david one of the newest editions to aocs squad, jamal bowman, speaking out against joe biden for not being progressive enough. Joining me now is the editor and publisher of jacobin magazine and author of the socialist manifesto. And former Senior Adviser to joe biden, moe vela. I wont ask you who makes your skin crawl. Well focus first on policies, maybe then on personalities. Which of your policy goals as a socialist are you most worried about getting cut or watered down by biden agenda . Well, i think the most important thing right now is what we can do to restore in this country. Joe biden has made overtures to organized labor, but its to get people to turn out to vote for them, and they dont actually follow through on it. And labor, to me, is the bedrock for everything else. Were not going to have an economy that works for people who dont have a seat at the table. David besides that overall goal, is there any specific policy that would are relate to that goal, any particular policy with regard to the Labor Department or regulations, etc. Well, i think, obviously, in particular the pro s is something that i would think we would need to see the Biden Administration lobby heavily. I think the nlrb appointments will probably be fine but, obviously, i always have end trepidation be because thats a crucial piece for america. David so youre looking for the appointments, again, i was trying to focus on policy, but, mo, it does come down to personalities, doesnt it . It does in many ways. Let me address that as somebody who worked for joe biden, as you mentioned. Joe biden has over 45 years of relationships that are strong and very, very beautiful with unions, with organized labor. He has been a friend of labor full for all of his entire career. So i want people to rest easy. Youre going to have a friend in joe biden for unions, theres no doubt about that for organized labor. Im optimist ic on that front. And it does come down to personalities in some way. The bad news is im not a big fan of litmus tests, and so i think the more importantly, i think what were going to keep seeing is that president elect biden is going to keep creating and forming a very diverse cabinet, very diverse or government thats inclusive in spirit and that looks like america x. Im personally excited about that. David well, bhasker, let me force the issues. Were looking into the biden picks so far. Some issues that progressives care a lot about, medicare for all, for example. Joe biden has pulled back, he he s to have sort of a dual system. Are you okay with that, or are you going to be pushing hard for a more socialist orientation inned call care . Well, medicare for all is the most popular powell in the United States policy in the United States, so i think within a few years were going to have a majority of republicans supporting medicare for all. David wait a minute forgive me, but i really think what gives you the idea that republicans would ever support socialized medicine . Theres already polling that shows tremendous support for medicare for all, once clarified, that people will be able to keep their own doctors david well, of course, a lot of people lost their doctors with obamacare. But, mo, the question is do you think youre going to get republicans if republicans go for socialized medicine, why doesnt joe biden say, okay, im from socialized for socialized medicine . Well, great question. Again, we agree that we love our country. We might just disagree a few times on how we make her better, but i respect any disagree that republicans are going to come around in three years to support socialized medicine. I dont think thats realistic or pragmatic in any way. You know, again, having worked in washington at the highest levels, you know, joe biden possesses the gifts that are necessary right now, david, which are the ability to actually find common ground, to compromise, to collaborate, to work with people that dont necessarily always agree with youd ideologically. You idealogically. Thats whats necessary. Thats the reality that he faces in governing. David well, it all sounds so lovely well, its reality9. David well, a member of the squad said that some of these appointments make his skin crawl. That doesnt sound like kumbaya, bhasker so i should say im talking about republican voters, not republican legislators. David oh, i see. The legislators will come around to medicare for all, that wont happen. The question is whether biden can use the bullly pulpit of the presidency to push for a more expansive and comprehensive change. A public option is incredibly watered down. When it comes to appointments, i think that appointments are often irrelevant. I happen to agree on rahm emanuel, but i think in general the priorities of the administration will be set by the president , people in the cabinet will follow through and execute on those priorities and the president s priority will be ineffluenced by popular pressure and opinion and the scope that he has for action. I dont really care about the diversity of these cabinet hoises. I think it is generally irrelevant. If you look at fdr in the 1930s, thats a lily white cabinet. They managed to deliver gains for black americans, gains for oppressed people far beyond the weight of many david you know, weve got to wrap it, but i gotta tell you, you and i would agree on that one. Judge people by the content of their character and policies, not by the color of their skin. Great to see you both. Thank you for being here. Coming up, wealthy liberal politicians shaming the nation into using your tax dollars to pay off debts that they caused with their lockdowns. Turns out one of these blue states doesnt need our help at all even though its crying out for it. More on that coming [ thunder rumbles ] [ engine rumbling ] [ beeping ] [ engine revs ] uh, you know theres a 30minute limit, right . Tell that to the rain. [ beeping ] for those who were born to ride, theres progressive. [ beeping ] dcoughings not new. This woman coughs. And that guy does, too. People cough in the country, at sea, and downtown. But dont worry, julie. Robitussin shuts coughs down. Any idea how much it will cost . [doctor] i recommend goodrx. You get free coupons to save on your prescriptions. Goodrx, smart. [announcer] stop paying too much for your prescriptions. Thanks. Download the free app today. David House Speaker nancy pelosi and california governor gavin new. Are trying to shame the rest of the nation into helping them paw off californias debts. Of course, those wealthy politicians dont seem particularly concerned about managing their own spending habits whether its pelosi splurging on expensive ice cream or somehow in at newsom at picety restaurants. But california, they claim, needs your money to bale out their deep losses from covid lockdowns. Well, in fact, california budget firms just officials Just Announced the state will see an extra 26 billion in tax revenue heading into the next fiscal year. This huge windfall comes primarily from taxes paid by Silicon Valley hightech companies which have made out like bandits during the pandemic while thousands of Small Businesses have been killed. The huge hightech companies and their highly paid employees have suffered not at all. So heres an idea, why not bail out Small Businesses of that have been devastated by the lockdowns with revenue from the hightech companies that have been thriving and dont spend a penny on californias iraqlessly freespending government which has been raking in cash while pleading poverty. At the very least, americans how old no longer believe Speaker Pelosi and governor newsoms arguments that the irresponsible and very rich california government deserves a opinionny more than it already has, particularly if it draws money from taxpayers in ore states who are truly suffering. Nancy pelosi can buy her own fancy ice cream without our help. Thats it for us this week. Gerry bakers going to be back next week with more indepth interviews right here on wall street journal at large. Thank you for joining us. Jack welcome to barrons roundtable where we get behind the headlines and prepare you for the week ahead. Im jack otter. Cyber monday was the most Successful Online shopping day of all time. Shopify president Harley Finkelstein will join us. And later, two hot i e pos set to start trading next month. Should you invest . But we begin, as always, with what we think are the three most important things investors ought to be thinking about right now. The dow, s p 500 and nasdaq hit alltime highs this week. Supported by hopes for a

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