the federal reserve for another four years. welcome, everybody. i'm neil cavuto. this is "your world." confuse right now in the markets as to how bad this variant is and how extensive it could be. 70 countries around the world are tightening travel restrictions. some are entertaining lookdowns of their own. it hit wall street and main street and right now it's a big concern of the president of the united states who is touring a facility in minnesota. more on that later. right now to peter doocy on the fallout and how it's being registered. hi, peter. >> neil, you talk about fallout and what the president will do next about the pandemic, this is a president who has promised to keep the economy open. we're hearing that officials around here are also keeping their options open. so the travel bans on eight countries from africa might not be all. there could be travel restrictions coming soon. >> the president's decisions are related to travel decisions will be based on the recommendations of his health and medical team. they have not advised that to this point. >> aboard air force one, jen psaki defended dr. fauci having the president's ear when it comes to this. seems that dr. fauci will continue to guide the main federal response. >> i do not trust him. i don't think he's an authority on this and i don't think he's giving good advice. you have joe biden when said he would never take a trump vaccine and now he's being advised by tony fauci who should be fire or at least give it up. >> so variants are spreading, inflation is high and president biden is on the road. he's in minnesota selling the infrastructure package that passed a few weeks ago. he wants eyeballs on the one big legislative win that they had and not on this, neil. >> neil: thank you, peter doocy at the white house. we don't know a lot about omicron but we know it could be a startling development. these are like 50 variants tucked in to one. it became a big issue discussed on capitol hill because nobody knows how this plays out, including two big money people in this country, the chairman of the federal reserve and the treasury secretary. the read on how that went down with hillary vaughn on capitol hill. hi, hillary. >> hi, neil. the line that inflation is temporary, it's transitory is getting thrown out with the trash today. jerome powell admitted to lawmakers calling inflation transitory is not the best way to described the crazy high prices that americans are experiencing every single day. he also said inflation right now is close to checking off of the boxes the fed needs to see in order to hike interest rates in response. he admits calling it temporary isn't the best way to describe it. he probably said it's a good time to retire the word "transitory" instead. he painted an ominous picture of the recovery that we're experiencing with the omicron variant spreading saying he thinks it could make people not want to show up for work and could have a negative drag on the economy. >> we'll know something within a week or ten days. then and only then can we make an assessment of what the impact would be on the economy as i pointed out in my testimony, for now it's a risk. >> i'm a bit worried the administration has a policy of just zeroing out covid, that the goal here is to remove a virus. it's likely to be around for as long as we're alive. >> going to see this disease being around probably for a long time. i think the economic effects over time will diminish. we have to be humble about our ability to predict this or to understand. >> the big concern among lawmakers here on capitol hill is with every new variant, is there going to be a new wave of lockdowns that is going to have a devastating impact on our economic recovery. of course, on inflation. neil? >> thanks, hillary vaughn on capitol hill. you know when things are uncertain, markets sell first and ask questions later. and they sold and they sold and they sold. the mirror opposite of yesterday, which is a mirror opposite of friday. susan li following the developments. i guess confusion. >> yeah, you just heard from jerome powell. looks like they're inflation fighters and inflation focused. it's too big of a problem to ignore. looking at the inflation at the fastest in 30 years. you her jerome powell saying maybe we need to taper back, wind down the $150 million in bond purchases faster. we might cut to it $30 billion. >> neil: when they do this, they've been buying up this paper for the better part of a decade on and off and forcibly keeping interest rates low. now to unwind that and apparently speed it up, that rattled folks. >> that's right. think about it. if you're cutting back on $30 billion a month in monthly bond purchases, we could have an interest rate hike in march instead of june. you heard about the policy mistakes from the federal reserve. bull markets don't die of old age. they die of events like this. >> neil: so little we know about this variant. we know it just came out of nowhere and ravages -- the fact of the matter is, it's not as severe at least that we know of yet. but the fact that it could stymie activity, slow our post pandemic coming out party, that is -- >> nerves were rattled this morning. we heard from moderna saying that their vaccine may be less effective and may not get a targeted booster any time soon. you learn to the moderna ceo or the pfizer ceo that says we're ready developing this targeting new vaccine. it could be ready to go in less than 100 days. the markets were already scared that the vaccine makers don't have a solution yet. >> and we've said in these situations, markets fall first and ask questions later. >> yes. >> we have no evidence that this is a problem. in africa, for example, where the south african leader was saying, we have had a spike in cases but none of them have been serious. it's still the newness of it that is -- >> you have to remember, we're in a market where there's so many new investors that they don't know what a market downturn looks like. they've been encouraged every time there's a downturn that somebody, maybe the fed will step in or people will go to bargain hunt and buy. >> what is interesting is jerome powell acknowledging that inflation is no longer transitory. >> he said it's a good time to retire the world. >> you think? >> neil: thanks, susan. the administration may be through the federal trade commission is taking a look at the supply chain disruptions, particularly focusing on walmart and amazon. raising the possibility all right, how are you dealing with this supply chain problem and are you getting an unfair advantage in the process looking at big stores like kroger as well? all of this at the same time the administration has been pointing to the possibility that the spike we have seen in gas and oil prices might be rigged. so what's going on here? to charlie gasparino. what do you think? >> this is absurd that these companies are screwing up the supply chain that only a millennial that went to an ivy league school and is a progressive could come up with this. that's who came up with this, leena khan, a biden appointient. a left wing regulator. a growing group occupying the biden administration. you have richard cordray now going to the fed. but this is particularly absurd. put your hands around it, a bunch of these companies at christmas time think it's a good idea to build customer support by screwing them and gouging them that is insane. >> neil: you think that they're doing this or maybe we're throwing it out there that maybe these spikes in prices aren't anything to do with what we're doing but maybe what they're doing or what these energy guys are doing? you and i know that oil, for example, that's a commodity traded on the open markses and the markets set the prices. any movement or fear can set them climbing or dropping. that's it. >> by the way, for years, lefties have been try to pin oil prices on wall street collusion when it's nothing more than wall street traders pricing in the potential changes to prices that are coming in the future. that's why they're called futures. nothing to do with collusion. they compete with each other. they're traders. that's what they do. >> neil: is there a sense here that they must be worried politically that this is coming back -- >> oh, yes. >> neil: so you can throw out the possibility that this is all rigged and fixed when it comes from gas and oil to even the stuff you're buying from amazon or walmart, even kroger? it does stretch here but maybe where this is going. we've seen very little business, you know, foundation for this. certainly when we're exploring on fox business, which you work at and you've demanded it, there's no grounds for it. >> there's no evidence of course it's a political angle. deflecting blame. it's so stupid. you think about it. you flood the market with liquidity, you pay people to stay home. prices go up, you know. you can't find workers. you'll have supply chain issues. duh. it's not walmart's fault. >> neil: they did say to that point that even though jerome powell said it's not transitory anymore, that this slows town. things turn around. oil prices dropping, energy prices dropping largely on the fear of a slow down from this variant, if it ever materialize z to have that impact, as a fall back that things will get better soon. do you buy that? >> you know, this is a complicated mess right now. we've never had this much liquidity flooding the zone -- >> neil: liquidity is cash. >> cash. >> neil: go ahead. >> the fed buys bonds, putting cash into the markets and the blank's balance sheets so they lend. the federal government spending and giving people money. we never had this much. those sort of things call all sorts of economic dislocations when they get ahead of themselves, particularly in a time when you're not in a recession. that's all good stuff when you have the great depression. but we weren't. when the biden administration and congress was doing this and the fed. so this causes all sorts of economic dislocations. you have inflation that is coming. the only way, really, to deal with inflation is to slow down the economy. you'd like to slow it slowly, right? taper it. you don't want to put on the brakes and cause a recession. nobody knows where we're going with this stuff right now. >> neil: well-said. thanks, charlie. glad you didn't wear the tie. would have ruined the image. >> thank you. >> neil: thanks very much. and then how do you play omicron? 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>> i work closely with both companies. they're accurate. these savvy american importers began bringing in holiday gifts in the month of june. about 2 1/2 months earlier than normal. they saw longer lead teams that became elongated and they thought they needed to bring the goods in early tore make sure goods were good. our inventory sales ratios are lower than since 2011. coping up with demand is the focus and they're doing a really good job. >> neil: and then you have to deal with the wild card of the omicron thing and whether it's a a real danger and threat. what do you think? >> there's not a day that goes by without something having gone in the supply chain. we are watching it closely. >> neil: a lot has been said do we depend too much on your fine port, do we spread the wealth around to savannah or elsewhere. what do you think of that? >> i think it's important that we did this as an industry dating back to 2002. some called at this time port diversification strategy, moving cargo to ports around the nation. take a look at savannah, charleston. they have great leaders. the work that they have done with their government, the legislature, to bring money in has been fantastic. there was a time when the ports of los angeles and long beach brought in 50% of the nation's goods. today it's 40%. so that movement around, the redistribution has been taking place. >> neil: you mentioned the big boxes that were planning for this. a lot of it has to do with consumers themselves starting christmas shopping early. much has been made about the not strong as expected readings we got for black friday and through the weekend. the fact of the matter is, a lot of this buying started earlier, didn't it? >> it did, neil. what we'll see at the end of the year based on the national retail federation estimates are the best numbers of sales in the history of our country. people did go to stores earlier for just those reasons. >> neil: we'll watch it closely. i know you're not getting much sleep. but for running a port like you are, the executive director of the port of los angeles. as i said here, the markets are all down on fears this that activity is going to slow and we are going to have some stymied developments here, prices and goods going up. that would be stagflation. that does not appear likely right now. but we're keeping a close eye on it for you. also on the president of the united states right now in minnesota. he's about to make a pitch in the strongest possible way for that bipartisan infrastructure plan that came to law just a couple weeks ago. and make a pitch for the build back better plan that he says will be like icing on the economic cake. will it? after this. the tempur-pedic breeze° makes sleep...feel cool. because the tempur-breeze° transfers heat away from your body... ...so you feel cool, night after night. save up to $500 on select adjustable mattress sets during the tempur-pedic black friday event. a mountain of toys to fulfill many wishes must be carried across all roads and all bridges. it's not magic that makes more holiday deliveries to homes in the us than anyone else, it's the hardworking people of the united states postal service. [uplifting music playing] it's the hardworking people ♪ i had a dream that someday ♪ ♪ i would just fly, fly away ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. ♪day to night to morning,♪ ♪keep with me in the moment♪ ♪i'd let you had i known it, why don't you say so?♪ ♪didn't even notice,♪ ♪no punches left to roll with♪ ♪you got to keep me focused♪ >> neil: in light of omicron, the cdc says all vaccinated adults should get booster shots, everybody. just to be sure. but with so many shots, a lot of people are already shot. after this. i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. >> neil: all right. moments away from hearing the president of the united states who is in minnesota and cheering on the bipartisan infrastructure plan and how that will deal and help this supply chain mess. the build back better program will grease the skids for the economy coming out of this. let's go to rich edson in minnesota traveling with the president. hi, rich. >> good afternoon, neil. the president is just a few minutes away from making that case behind me here. he just finished touring this facility, the dakota county technical argument. he will make the argument that there's issue with supply chain disruptions and inflation and the president and the white house are selling that bill that those efforts will help alleviate those challenges. >> we'll start cutting child care cut in half and make preschool free in 2022. who is the republican play for lowering costs? >> their attitude is we're going to tax the living daylights out of everybody, scare every business with more regulation and gosh, i wonder why things are not going well? if you look at the spending, its unbelievable what inflation is. >> after the trillion dollar infrastructure law, democrats are also trying to pass about $2 trillion in social spending to address healthcare, climate change and education. democrats say they're trying to get that through the senate by the end of the year. the president has been stuck between the moderates and progressives in his party, those trying to reign in more government spending and those that say $3 trillion is too small to address the challenges. ilhan omar even voted against the president's infrastructure plan using it as leverage to try to pass the larger pending social spending bill. the president's poll numbers have fallen significantly as inflation has taken hold in the u.s. economy and also the challenge of whether the infrastructure law, the trillion dollars that he signed a couple weeks ago can get out quickly and efficiently. he's appointed a infrastructure czar, the former new orleans mayer, mitch landry. back to you. >> neil: thanks. senator tom tillis of north carolina kind enough to join us. you voted for this infrastructure plan in the senate, one of 19 republicans to do so. the president will say this will go a long way toward addressing these supply chain issues. do you agree, senator? >> not at all. this is about building roads and bridges, broad band capabilities, hardening our grid. that's what's in this bill. of course it will involved some economic positive impact but what they're going to undermine it is what they're doing with the tax and spending bill. chair powell refused to answer a simple questions. if you flood the zone with trillions more dollars when we already have supply chain problems, how can anybody with a basic understanding of economics not understand that that will inflate prices, it's going to make people spend more for gas, more for food and take news the wrong direction? >> neil: senator, what do you think of omicron and the variant that has befuddled doctors but enough to trigger a sell off. a lot of people hit the the gray coming-out party post pandemic might be disrupted? are you worried that that will be the case regardless of how serious this variant is? >> no. i'm worried about the fact that president biden wants to continue to be dishonest with american people and say we're going to wipe out covid. covid will be around for years or decades. we made some mistakes last year. we probably shouldn't have shut down as badly as we did. it was a new unknown contagion going through the united states and the world. now we understand it's going to be around us. there's variants. i mentioned this to chair powell this morning. we cannot have fed policy driven by the next variant. now we're going to have the omicron, probably a pi variant. we have to have the president be honest with the american people and say we have to be safe, we have to get vaccines, we have to do what we can to fight the onslaught of kevin but we have to get back to a sense of normalcy. that overreaction, every time we have a variant, we cannot afford to have the volatility in the markets and that comes from the white house. >> neil: we talk about the variant. a lot of people are concerns that it will feed on itself and foster mandates or mask requirements. we're seeing that pop up across the country. do you think that people who have been leery of getting vaccines themselves will seize on this and say this is proof we shouldn't bother? what do you tell them? >> i've been following you and i agree on your positions of taking the vaccines. i fall short of it having being mandated. what we need to tell people it's very clear with the hospital systems ideal with in north carolina, the people getting the virus that have the vaccine are highly likely to live around highly likely to not experience serious symptoms. the best thing we can the and the best weapon that we have against covid is to recognize the vaccine is viable, people should get it. what we can't do is overreach and mandate it. we have to depoliticize the discussion, get them vaccinated to get them back to a more steady response to variants as they come. they're going to come. we'll run out of the greek alphabet and start over with variants. we need to be prepared for that. we have to step up and the president to step up and stop promising that covid somehow will go away. it's not. we need to get back to some sense of normalcy and not make the mistake and if state and local and federal level of shutting down the economy and creating more supply chain and more problems for american people. >> neil: senator, we're two minutes away from the president. so one of the things he's going to talk about is this idea that both sides, republicans and democrats have the work hard to avoid a government shut down by friday at midnight. something to keep the government's lights on. do you think such a shut down could be avoided, that something could be worked out? because soon after that, we hit our debt limit and then to hear janel yellen, bar the door if we don't address that. >> we've been discussing a clean c.r., a clean continuing resolution that would do that. we have a couple of members that would like to offer amendments that we're working through. it's within our power. the last thing we want to do and the same could be applied to the future debt ceiling vote. we have too give confidence to the american people and the economy is at a ten-year low. now is the time for congress to step up and take that off the table and get back to healing the economy. >> neil: the federal reserve and i know you had sharp questions for the chairman of the federal reserve that says that now they can retire this transitory label that reners to the inflation. do you have confidence that he's up to the next in the next four years he's been reappointed to? >> i do. on the whole, i have my disagreements with chairman powell but we could do worse. the thing that is most important to recognize, the president said that he had nobel laureates and economists that said the build back better, the tax and spending build would reduce inflation. if you dig in and read "the washington post" fact check in the next few years it could have an inflationary impact. we'll see that. when you flood the zone with money and you have supply chain issues, many of which are self-inflicted by the administration. at least they retired the concept of transitory. >> neil: thanks, senator tom tillis. the president is in minnesota right now talking about twin measures that he says everything will be right again. >> i'm in the heavy construction and equipment technology program and working towards my associates degree. i graduated from minnetonka high school in 2018. a little about myself. i enlisted in the minnesota army national guard on my 17th birthday. [applause] i was deployed in october 2019 where i spent 13 months overseas. i worked on larger vehicles and the power generation equipment. with the 91 delta tactical power generation specialist, i saw overseeing the generation and a.c. units. i worked on the humvees, everything that you can think of that does not have tracks. when i returned from deployment, i was wondering now what? what should i do with my life now? i started looking for a program that i could utilize my military experience and what i have known since growing up. i found dakota county technical college in my back yard. my journey started in january as part of the heavy construction equipment program. this semester we're learning how to fix electrical issues on the equipment, shop safety and engine over haul and welding, this program has given me the opportunity to receive an internship at caterpillar, which i'm grateful for. once i get this degree, i'm hoping to start my own heavy construction equipment company and hire on a whole female team. [applause] i want to serve as an example for other women that we too can be in the trade. with having this degree as well as my military experience in heavy equipment, will set me ahead of others in my field. i would like to welcome joe biden to our state and to dakota county technical college. thanks very much. [applause] >> whoa. sarah, thank you for the introduction. i was saying to sarah in the back because when i was sarah's age, the idea that i'd be standing, waiting to produce a president, no matter who it was, i would find daunting. i was trying to re-assure her but she didn't need any re-assurance whatsoever, zero. thank you for your service in the united states military. [applause] governor, thanks for the welcome to minnesota. i was telling the governor on the way in on the ride here from the airport that i started coming to minnesota back in 1973 because one of my mentors, for real, one of -- ended up being two, was hubert humphrey. he helped me campaign in 1972 as a 29-year-old candidate for the united states senate. my home state of delaware. he gave me credibility i'm not sure i deserved but helped a great deal. after i got elected -- it's enough to be sworn in. i had to wait to be eligible. you have to be 30 years old. your constituents can elect you but you can't be sworn in until you're 30. while i was in washington making sure that was hiring my staff, i got a phone call from my fire department saying there had been an accident. the poor woman that they put on the phone had to say she just blurted out, your wife and daughter are dead and you kids wouldn't make it. my wife was christmas shopping and broad-sided by a tractor trailer. my point is one of the first persons to come to me were the humphreys, not just the senator. a guy who became a great friend and mentor was fritz mondale as well. so i have been from the iron range all the way down to your southern and southeastern border. it's an incredible state and you elected incredible people including people that you heard from earlier today, which i'll speak to a little bit in a minute. i see a lot of mayors are here. you know, i told you that's the toughest job in america. they know where you live. [laughter] really is. you affect people's lives more than anybody else directly. you're right there. so thank you for what you do. from my administration also, the secretary of education, miguel cardona who is with us today. [applause] served in congress a long time. i'm delighted for him being here. before i get into my remarks and in any detail, i was informed after the tour this -- i learned about a school shooting in michigan. we learned -- as we learn the full details, my heart goes out to the families enduring the grief of losing a loved one. apparently there's somewhere in the order of nine people shot and several -- three i think are dead. the young man i think is, as i understand it from staff, about 15 years old and he turned himself in. just said -- he claimed his right against self-incrimination and handed over his pistol. that's all we know about it. you have to know that that whole community has to be just in a state of shock right now. but look, one of the things that i want to mention is i want to tell you about the infrastructure law signed on thanksgiving. it would not be possible -- this is not hyperbole -- without the men minute deligation. senator amy klobuchar was big in this. she and i have been friends for a while. she knows how to work a common sense the aisle and make progress. it's a big deal. [applause] not only do one of her colleagues call her for advice but her president calls her for advice. you know that is true. senator tina smith. she's making sure that minnesotians and all americans get access to high speed internet. senator smith is making sure that the infrastructure and build back better investments are going to help fight the causes and the effects of climate change. [applause] representatives angie craig, who i'm going to ride home with, she's going to get on air force one when we go back -- she had a better means of transportation. all kidding aside, we've worked in the infrastructure law. she constantly reminds us that it's places like dakota county, connecting people to jobs and opportunities. that's why angie has been a champion of schools like dctc. investments in roads and bridges and high speed internet. representative steve phillips. where are you? dean from the very beginning, he's led getting bipartisan support to get this deal done. you think this would be a slam dunk. but we did it without all but a few republicans being able to come across and vote for it. but thank you for the work you did. i mean it. and betty maccullum. she's been fighting for a strong infrastructure package for a long time. there you are. i also want to acknowledge a few other people that couldn't be here today. your attorney general, ellison, is a fighter for justice and representative omar -- is he here? i was going to say, we all need to invest in our people and universal pre-care and universal child care. here's what this is about. rebuilding america. getting this done. rebuilding american, investing in america. that's what this is about. and we're doing it as we continue to battle the pandemic. as i told the american people yesterday, this new variant is a cause of concern but not a cause to panic. on thursday i'll put forward a detailed strategy how we're going to fight covid this wouldn'ter with not lock downs but widespread vaccination, boosters, testing and much more. meantime -- [applause] meantime the best protection is getting fully vaccinated. getting a booster shot. i urge all americans that haven't yet to get that done, get it done today. we're going to keep fighting through this with every tool we have. we're, you know, as we did with the original virus and the delta variant. we're going to keep our historic economic growth moving. one of the ways we're going to do that is with the bipartisan infrastructure law that we signed in to law. the next several weeks, i'm going to be traveling all over the country and so will vice president harris and my folks throughout this administration to show how these investments will change your lives, change lives for the better. because we know that we can't just build back to what it was before. that needs to be the rule. if anything got wiped out by a weather event, you can build back the road to the specifications it was before. but you can't now because the climate is not going to get better and it won't get worse we hope but you have to build it higher. can't build it back to what it was. can't replace the high power lines that come down with the same kind of construction. they have to built so they're more resilient. that's what i mean when i say build back better. it's necessary. schools like dctc will help us do just that. places like this will train the next generation of workers to do the jobs that my infrastructure law and our build back better act will put in to even greater demand. we need more qualified people. we're talking about students. learning how to repair electric vehicles and battery drive trains, which are a major auto manufacturers say will be 40 to 50% of all vehicles in the united states of america by the year 2030. becoming line workers will need to have -- to modernize or electric grid and commercial electricians that can help us install 500,000 electric vehicle charging stations. we're going to put them in including the highways we're building so you don't have to worry ant running out of power. [applause] same as construction managers to oversee all phase of construction projects that we'll see across minnesota like the twin port interchange and ports interchange in duluth. the link project in rochester. these are the jobs of today and tomorrow. we're going to help america win the competition of the 21st century. we're getting back in the game. the better part of the 20th century we led the world by a significant margin because we invested in ourselves and our people. we invested in our infrastructure and our roads, highways, bridges, ports, airports, the arteries of our nation that allow commerce to function smoothly and move swiftly. we've invested in our people. we invested in opportunity in the past. but we're among -- we were among the first to provide access for education, late 1800s, early 1900s which had us leap ahead of the rest of the world. we invested to win the space race. we led the world in the creation of the internet. somewhere along the way we stopped investing and we're at risk to losing our edge to china and the nation and the rest of the world. our infrastructure used to be rated the best in the world. not hyperbole. according to the world economic forum, we're 13th in the world in terms of the quality of infrastructure. we're turning things around in a big way now. it starts with roads and bridges. 2007, this state sounded the national alarm of our decaying infrastructure when the i-35 bridge collapsed. in the united states of america a major highway collapsed, this is america for god's sake. we know about our infrastructure problems. we've known it for a long time. now we're finally doing something about it. no more talking. time for action. time for action. [applause] folks, this law makes significant investments in our roads and bridges and the largest investment in nearly 70 years. 60. 661 bridges and 5,000 miles of highway here in minnesota. just minnesota that are in poor condition. those decaying roads cost minnesota drivers an extra $543 in gas, repairs and longer commute times. every family. that's $543 hidden taxes for minnesota families. by the way, we might get something done fixing county road 42 train crossing. we have one in delaware -- [applause] we have a train crossing with what used to be the general motor's plant. i counted 142 waiting for ten hours, no way out. this law includes the most significant investment of passenger rail in the past 50 years. here in minnesota means that facing transit vehicles that are past their useful life. switching from diesel to electric getting people where they have to go safer and cleaner. more projects like the orange line, that is happening their grand opening saturday and connecting i-35 west with bus and making it faster to commute from blooming ton to richville. to corporate headquarters like u.s. bank and target. this will change things. this law invested $42 billion to modernize our ports and airports. the port of duluth have the largest port in the great lakes where the minneapolis st. paul airport, one of the busiest in the mid weeks. making it easier be and lowering cost for families. making sure what you need gets to ships and trucks and trains and to your home on time. that's not all the law will change. the law will replace 100% of the nation's lead pipes in the united states. [applause] the recent survey estimates there's 260,000 or more lead pipe lines just here in minnesota. just minnesota. and we'll help communities like coast build connections to water treatment facilities so every single child in minnesota and across america with turn on the faucet and drink clean water. [applause] without their parents worrying about how forever chemical -- you think you'd hear that phrase? forever chemicals -- are in the ground and how they're impacting on the health and well-being open the population. this is the united states of america for god's sake, this is long overdo. we need tens of thousands of plumbers and pipe fitters to do the work and they get paid a prevailing wage with benefits. and the ability to build a middle class life. the law will mike high speed internet affordable and available everywhere in the united states. today 12% of minnesotans tonight have internet subscriptions. in someplace there's no broad band at all, this law will make high speed internet available in minnesota, urban, suburban and rural. over $20 billion. and the 21st century in america, no parent should have to sit outside a fast food restaurant shoe their child can do their homework online. think about that. the law builds up resilience against extreme weather events which minnesota is no stranger to like wild fires this summer in superior nash name forest that sent smoke in to the twin cities and tornadoes that touched down in burnsville and apple valley in september. or the heavy rains that closed roads and contaminated wells in this area in the past. nationally last year extreme weather cost the united states government 99 billion. just last year. i was out in the forest fires in california and nevada, that area. it's astanding. more timber and homes and businesses have been burnt to the ground this past fire season than the entire square miles of the state of new jersey from new york city all the way down to cape may. that's how much burned to the ground. nothing there. i flew over it in helicopters. nothing. you can see reservoirs down 50, 50, 60 feet. worried about if the colorado river will continue to flow. this is dire stuff. all within our capacity to deal with. this law builds back our bridges, water systems, power lines, electric grid better and stronger, more resilient and resistant to the negative impacts of climate change. few americans will be flooded or lose power for days and weeks after a storm. down in louisiana, i have with me who now works with me and handles with me, senator critchman. he's had me down in louisiana, new orleans. that storm, the hurricane went through, had high wind peak at 178 miles per hour. you know what? when i went from there to north jersey in new york, more people died in queens, manhattan because of 20 inches of rainfall and basements flooding and they couldn't get out. more people died there than did in the hurricane in new orleans. folks, there's so much more in the law. most of all, this law does something truly historic. it will help rebuild the backbone of the nation. working people in the middle class. when i ran for president, i said i ran to restore the soul of the country. restore decency no how we do things. [applause] two, to rebuild the backbone of the country. hard working middle class folks and working class folks that built the country. folks in wall street are not bad. but they didn't build america. the people that work in this school didn't built america. they built mark and they've been left behind nor too long. we're going rebuild it from the middle up and out. i've never known a time when the middle class has done well that the very wealthy haven't done well. i'm tired of the trickle down economy. i'm tired of it. this is a blue collar blueprint to rebuild america. the only way this works is if the blue collar americans do the rebuilding. that's the only way it's ever worked. we're going to do it again. mark my words. the same goes for my plan to build back better for our people. for example, the cost of a two-year degree in minnesota is nearly $6,000 a year. over the third of the students at dctc receive pell grants. my build back better plan will increase the maximum pell grant but another $550. make it more affordable. we're going to invest an unprecedented $10 billion in job training programs in schools like this one and expand registered apprenticeships and preapprenticeship programs. [applause] very importantly, this bill will delivered european very sal preschool to every 3 and 4-year-old in america. [applause] folks, one study found that the low income children participating in a preschool program were 47% more likely to go on and earn an associate or higher degree after going through 12 years of school without problems. we have to build the foundation for success. my wife, jill, is a community college professor hand has been for some time. she always points out, any nation that outeducated us will outcompete us. it's a simple proposition. look what the rest of the world is doing. china is investing billions of dollars in early education. i can go down the list. look, this build back better plan is also going to ensure that parents can afford child care. [applause] and the child care workers can get a raise and a raise that they deserve and more education. if you're paying $14,000 for child care like a lot of minnesota families do, my build back better plan is going to make it a giant difference in your life because your child care costs will not be -- will be capped at 7% of your income. [applause] that's it, 7% of your income. i will make a huge difference for the economy overall but for millions of workers who had to drop out of the workforce not because i want to do but because they couldn't find it available child care. especially the 2 million women who left the workforce during this covid a crisis. if you're one of the millions of americans paying too much for insolent company build back better plan will change that as well because we are going to lower prescription drug costs. and that means you won't pay more than $35 a month for your insulin. it supports you not only from us to a health. musical medical >> jesse: hello, everyone, i jesse watters along with emily compagno, geraldo rivera, dana perino and greg gutfeld. it's 5:00 in new york city and this is "the five." americans are losing faith fast in the president who promised america freedom from the virus. joe biden's flailing in the face of a new strain of covid and not taking the possibility of new lockdowns off the table. his solution is more of

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