Laboratory University Wide collaboration incubator for policy innovation. We can make the best and brightest in the publicprivate academic and sectors as well as journalism. This program was a generous gift. Todays topic is the path to recovery. What is the true state of the u. S. Economy and it couldnt be more timely. We would like to take a moment to acknowledge or cosponsor. American university and think him for his support. Especially thank you for the distinguished leader turning us from today are board of trustees and alumni board members. Is my pleasure to introduce the people who will be playing this incredible conversation. Soviet is president of that university and first woman to lead the institution. Shes the 22nd secretary of the u. S. And health and Human Services and served as the director of the opposite of management and budget and shes also start with the president of Global Development of chea chief operator officer and president of the walmart foundation. I welcome you both, im sure errata start the conversation. I am. Amy thank you. Thank you for that introduction and your leadership to the spine institute. We are excited about this conversation today. Gary, thank you so much for joining us. Gary and i share American University and the National Economic council where i spent some time a little while ago as well. I will just get us started. We are going to focus on the economy. But before we focus on the economy we need to start with the trajectory of covid19. Right about now these things are so interactive in terms of what that means. Gary, could you start us off talking a little bit about the trajectory of covid19 lets look at on a six month basis and where you think we are year from now . Guest first of all sylvia, thank you for having me in hosting today. I hate this question because i acknowledge right up front that i am not a doctor i am not an epidemiologist. And to have any view of really where we are going in the u. S. Economy, have to have a view on the virus. They are linked right now. If you get anything wrong on either side at some mistake. We are in a position we did not think we would be in the middle of july. We all felt, we all heard, we were all told, none of us really know that the virus would subside during the summer months. But we needed to be prepared for a second to waive come september or october, the normal flu season. It seems to me we are still in a prolonged first wave and we are reaching record highs. I think that changed my thinking and i get changed your thinking as well. It changed all of our thinking on where we are. You as a president of the university have to figure out what are you going to do to reopen your university will talk about that in a minute. Im trying think about from an economic standpoint, the fundamental basis of kids going back to school to primary level . Are they going back at a secondary level . Our parents going back to work . Can they go back to work . Or will we continue to be in a work in home environment . Because the economic forecast, people going back to a somewhat normalized work and education life during a jam versus the abnormal world is completely different. So it looks to me, unfortunately, and i was not in the position three or four weeks ago, it looks to me that the infection rate is showing no signs of giving up. It is going to force a lot of the academic institutions at all levels to take an approach they did not want to take. That looks like employers will have to take an approach they did not want to take. We are going to continue in the stay at home, work at home , educate at home economy longer than we thought. Which means the Economic Growth is going to be slower. Those that drive the economy are going to continue. The big unintended unintended consequence we have learned about and are dealing with from the corona crisis is really the Small Businesses in this country. 60 of jobs, 60 of Small Business in america. But there was no malice intended and what was done here. We deemed certain businesses in this country to be fundamentally important and essential. We deemed many businesses to be nonessential even though they did some of the same things. But the large big Global International businesses in the small neighborhood businesses we deemed nonessential so the businesses practice they open and sells the products we needed even though their core was food and medicine. We put the small local businesses that sold this clothing and all the other things the essential business oldest and we told them they needed to shut down. The longer those businesses are shut down the tougher it is for our economy to recover. This is a tough predicament and sonya think youre in this position its interested to see what what youre thinking and she made the tough decision tried to open up. Host it is related gary in terms of the initial question of the trajectory of the pandemic. Some of my old background on terms of what you build what youre going to do with the university on. And like you i was more optimistic earlier in the summer in terms of where we could be in the possibility. But i think some of the fundamental still holds. The fundamentals that still hold that can help us from a Economic Perspective are the basics of the pandemic are prevention protection and response. I dont think we have ever been on the same page these are the three things we need to focus on. We as individuals need to do our part as governments and institutions they need to do their part. As we think through the fundamentals if we can get the fundamentals to a place where you can contain the spread of the virus, that has to do with one of the things we all talked about the trajectory of the virus, we talked about flattening the curve. We were not really specific in helping and being specific on what you need to do is where your reduced Community Spread. What is Community Spread . We throw these words around on the real deal is live got to get to a place where the spread is occurring and we know how and why it spreading have to have a small enough number and you have to know were the cases are coming from. That means you have to get the caseload down pretty low so when individual gets covid19, you have tested them, you isolate and quarantine them, and you Contact Trace so you prevent the additional spread. So when you get to that stage, you can start to contain and that is what were seeing in other countries that is overseeing in some places in this country but you gotta get the caseload down. How do you do that . Prevention weve all got to wear the mask thats part of it. We know this is a highly transmissible virus, it spread through our breathing and coughing, double mask is a great protection we can have, the distance of 6 feet is another protection. And because sometimes the droplets from our breath our sneezes, our talk and can land on things continuing to wash those hands. But we do that and combine things i think we can get to a point. That leads to an American University right now we are on a path with cut in half the number of residents will have on campus because we will only have one student live in a room in terms of trying to meet these basic preventative conditions. We are going to put in place station that people are answering this important prevention questions. We are going to be from a residential perspective a much less dense institution residentially and the other part we are going to continue to telework as much as possible so our staff does not add to the density, keep the density is low as we possibly can and then we will do a blended approach. That means some will choose to stay where they are and they can take that class online. How we do the facetoface will be in a change in more limited fashion. Thats how, for me connecting those two pieces. And on the economy think youre giving us the picture that covid19 is still going to be a burden to the economy. How do you think about where the economy is right now . Or markets are right now . And where they will be at about six months . To finish the first thing its hard to believe 100 plus days or four months later we are still taking about tests, handwashing and mask is hard to believe it. But we are we have not solved the basics. Stomach test, test, test, and on the test i think there is an important thing im afraid we need a National Approach in terms of the scale and testing. With a virus that is so transmissible and we have Community Spread it cannot be a diagnostic tool, diagnostic means i go to the doctor, i think i have strep, they test me and is a diagnostic tool. That is how we are using the test. The test actually has to be a part of surveillance and understanding where we are because we have so much spread. That is why you need these tests and you need access to the tests also need access to tests on a timely basis. Think most folks know now the number of days to get your test results goes up and during that period of time they are not isolating up they dont know. Let me talk about the market. It is the most asked question i get. If im in a one oh one conversation people tell me they dont understand the value of marketing so i ask them what you use as your benchmark for the market . With the use of doubt and remind them of stocks they use s p remind them its 500 stocks we do not have an index for small family, women, minority business if we had that it would be trading an alltime low. The indexes we quote are the dow, the s p, the russell, the nasdaq 100. They are all indices in the key is they are all market task awaited indices. Meaning the bigger you are the bigger your waiting in the index. Their companies dominated the performance of the stock market only talk about the dow over talk about the s p we are really talking about in essence a small handful today we all know what those companies are. Those companies have become more important in our life than they ever have been because we cannot live without them in this covid, work at home, say at home, live at home world. There companies that provide us connectivity, they provide food, services, in essence like i said before we made these companies bigger we have given them more market share than they ever could have thought they would have. We made them more essential than they ever thought they would be. And we have done it unfortunately at the expense of Small Businesses. Some people say they cant believe based on the Economic Conditions ac right now the stock market is at a record high i dont have a problem with that because when i look at what is going on with the companies that drive the value of the stock markets based on their market cap and waiting, they are companies we all need to deal with. There is a disconnect between market cap weighted indices and non market cap weighted indices. Basically unchanged for the year at least it was at one point yesterday. If you check the 500 stocks in the s p just took it on a 500 stock you would have about a 10 difference in the return to the s p that is how important it is to see how they are calculated. The fundamental economy is really in a precarious position right now the federal government stepped in early and they did what they needed to do. They provided an enormous amount of stimulus money and variety of different routes that enhance unemployment. Because we told people we need you to stay home to fight the virus. That was one of our lines of defense. So initially we did the right thing. We knew Small Businesses needed to shut down so we provided ppp loans. We spent 3 trillion in stimulus money to try to get yourselves through the virus initially. Whether its fortunate or unfortunate most of that money is running out right around now, the end of july the enhance Unemployment Benefits we extended ppp we can only take the money once. So most companies thats eligible for the money and wanted the money have taken it. We as a country, we as a legislative band branch, we have to decide, are we going to re up these benefits now because the virus is still here . Or are we not . I think we dont have a choice. I think we have to do a second round of stimulus. We are going to have to give more money to Small Businesses because we are not allowing Small Businesses to we thought they would have a chance to open during this low in the virus and then there would be more than ever in october. We are not allowing people to go back to work. So these businesses are going to need the federal stimulus and on top of that we have not dealt with a couple of the basic fundamental facts. We threw on normas Financial Burdens on the states in this country prayed we asked the states to step up and pay for a lot of healthcare costs they were not planning on paying for. We asked them to pay for a lot of Unemployment Benefits they were not planning on paying for and most of them lost the met vast majority of their revenue and a lot of them stopped collecting sales tax. We need to get the states back to the financial position they were in paris virus. I am not advocating getting them back to a financial position they were in a long time ago, get them back to where they were previrus. On top of that the Hospital System in the Healthcare System in this country contrary to what you might think of the medical system in the Healthcare System must be a great financial shape, its actually the complete opposite the Healthcare System is in dire financial need. Most medical systems in this country were forced to shut down and be in a position to only treat covid encoded related illnesses prayed they shut down what we call elective surgeries i will remind everyone that most elective surgeries if they are happening to you are pretty essential surgeries he would not consider them elective surgeries you are having a tumor removed or a cancer removed or youve shattered your knee and its being rebuilt and you are in a wheelchair you would not consider that elective. Our medical Care Industry does consider that elective because its not lifethreatening. We needed to for a short period of time because hospital beds available paired money to get our Healthcare System back in a financially strong place to do that. Look, i think weve got to go with another round of stimulus at or if you agree with that or not but it seems like we are not going to make it to the next three months without the Legislature Getting involved. I agree and i actually think the other part that needs to be considered in terms of actions by the Congress Gets to the things that will help us fundamentally contain the virus. Whether that is the funding for the testing infrastructure we need as a nation, that does not mean its not the same in every place. What that means is the principal and the ability to access the testing that we have enough. With lab core and quest view their capacity right now in terms of the testing how are we at the federal government thinking about supplementing figure out the capacity for testing. I believe we need to do things on the economic side in terms of ensuring theres testing capability in terms of Contact Tracing capability make sure the states have the capability to support people and places enduring isolation that is necessary to keep things contained to reduce the level and keep things contain that would be the other part of what i think these to be considered moving forward. Youve got a background the Mental Health side no one talked about the Mental Health side of what is going on here and the kids not getting the protection they need, not being seen and teachers being a first line of defense especially the primary Education System. I think two of the things as we consider legislation that we need to make sure we are doing and you touched on one of them in a related way, it is becoming that way is basic healthcare. We are measuring covid death but we are not measuring as closely and carefully the deaths occurring because people are not having the procedures you were talking about. Even if people could have the procedure they are concerned and dont go because they do not want to be exposed in a hospital setting to something. So those two things are also two things we need to focus on. The Mental Health, i actually think the Mental Health issue is acrosstheboard from our children we have a ten and 12yearold here at home through the College Students and what we see at American University in terms to the parents and everyone. And to our elderly who the number of elderly when you talk to people who have elderly parents who are dying during this period, the fact they cannot see people leads to more decline more quickly. It is acrosstheboard the Mental Health issue. I think we should think about this as a real opportunity to think about taking that next step in Mental Health. There is the Mental Health clarity act which this is exactly one of the things the legislation does what it says in terms of trying to make sure theres parity between your physical and Mental Health in terms of the prioritization. Theres the Affordable Care act that also moves Mental Health forward in terms of that kind of coverage that people need. This is a real opportunity to think through what we need to be doing in a situation that is acute i think well be seeing the results of this for an extremely long time. Whether that something as simple as the University Counselors cannot provide Telehealth Services to a student during washington d. C. And flew back to california they were in counseling at au, we cannot provide the services but if there is some way there could be a waiver of certain licensing restrictions for a limited period of time we can certainly continue care there are many things i think we could help in Mental Health. I have a daughter that teachers luncheon teachers in the Public School system in a fairly poor neighborhood. She is worried about her kids getting fed how do your kids get fed. And she considers herself a first line of defense to make sure kids are healthy shes literally worried she teaches fourthgraders how those kids are surviving a lot of them live in one room apartments new york city Public Schools nature each family had one ipad but some are for kids and a small one or two room apartment sharing a one ipad to go to school online. With probably not highspeed internet. I dont know what that leads to but it surely does not lead to a robust Education System and most important years when kids are in fourth grade in the Core Learning years. Yes i think at that point brings in the question of how covid19 has dealt with those racial inequities. There is a situation that is in front of us and then theres the question of what does that mean from a policy perspective moving forward terms of the situation in front of us is we see the incredible inequities in terms of who is bearing the Health Burden and who is dealing with the economic burden whether thats in the health space that we know our black community, community of colors they are disproportionate burden on mortality and illness of covid19 that is related to a nether issue the country is focused on hopefully any real way to make change which are issues of racism because whats happening is these are communities that Health Disparities and historically have unrelated to those issues. Now we have covid19 with more death morbidity, sickness we see economically these communities being disproportionately impacted because they are the jobs that are essential they are also the Small Businesses you were referring to in terms of the places that cannot are not reached your describing weve got to have a policy to help us bridge through this. I dont know if you thought about the inequities in the spaces and the policies we should be thinking about. We talked some now but also in the future. You cannot go a day without thinking about these policies. We knew a lot of these issues were out there. None of these issues are new to us. For those of us who served in Public Policy world, we knew a lot of these issues exist thats the good news. The bad news is we have never been able to solve it. We knew they existed in the corporate world as well but weve never been able to solve it. Dove it has really brought home the reality that we do not have a choice but to solve some the inequality issues in the United States when it comes to education of the healthcare jobs, opportunities, access to capital, we do not have a choice. And look i very firmly believe it starts with education. Thats why bring up the example of kids in new york city yes the city gave them an ipad, but for kids in a one bedroom apartment with slow internet is not exactly an environment where theyre going to be able to learn so getting kids back to school is really important. Its just one of the pieces of the puzzle we have to continue to figure out better ways to make the system work for everyone. Education is important, the idea that weve got the most robust Financial Markets in the world in the United States we are the home of Capital Markets if you asked about the United States i would risk the breadth and depth of our Capital Market and people come hear from all around the world to start new companies and one of the reasons they do that is because of the educational system and the other is because of excess capital. We do that for foreigners and me cant even do it for people naturally born here in the inequality placed into that han hand. We have to figure out ways to get People Better education, keep them in the system and make sure people understand there is capital in our Financial System will provide capital with anybody with great entrepreneurial ideas. I think also as were doing that in terms of inequities we realize the problems that racism is an additional problem for many that we have to resolve and that is the criminal Justice System and policing weve seen as a nation as we think about those changes. As we think about that focusing on the acts engine aspect of education how do we get young people back in the economic sphere, how do you think about questions i dont use loaded turns because it comes with a picture and words but how do we think we make our economy and when making our economy making economy of individuals to more challenging times. That is one of the things we see relative about our country that they have mechanisms for resiliency in ways when they have challenges even if they are not covid19 downturns that are extreme that you can get through the economy basically means individuals wellbeing and the overall economy their thoughts about how you make our economy more resilient . I do. The covid experience is probably a once in a lifetime experience was the last time when Something Like this in the United States . It is a 100 year experience. But with that said stop the first time weve had to deal with Something Like this in the United States. Which doesnt put us on notice that we now have to think that potentially every 100 years and these viruses dont know what a hundred years is. They could happen in two years. We now have to think as a country how can we be prepared when the things ive been talking a lot about latelys fits into the jobs picture. Think our whole economic picture and jobs pictures going to change based on the last four months. We have spent sit in normas amount of time over the last 130 years plus in the United States talking about our military security or international security, protection from enemies foreign and abroad. We have never talked about domestic security in this country. We havent thought of protecting our citizens day in and day out. I think we all come away from this virus and we are not done with that, thinking differently about domestic security. What does it mean to have a secure supply chain for 2020 ppe personal protective equipment. So how do we make sure we manufacture in the United States or stockpile in the United States enough personal protective equipment that it would never be an issue it would never be a newsworthy item. We should never be in a position where we are timeout personal protective equipment. How do we manufacture stockpile enough drugs in the United States that we are never at risk to have to worry about a foreign country cutting off a drug supplied to us because were worried about it domestically . How do we make sure our food supply that we never have to worry about the food supply . Look, in this crisis from some respects there is clorox, lysol, toilet paper, paper towels and napkins i would say need to have, nice to have, not have to have no ones going to starve to death. But the next crisis could be different. I think we now, knowing what we know we have to sit down and say okay, if we are going to be domestically secure, we have to do the following things. In the following things are, a lot of infrastructure on food. A lot of infrastructure on medicine, personal protective equipment, transportation, theres lot of intricacies in this is going to create a whole new set of jobs in the United States. I dont call it negatively but i want to call positively for the last 80 years is create more and more service jobs, less and less manufacturing jobs and less and less infrastructure jobs. I think that trend has come to an end. I willing to declare that is come to an end and we are going to go back now. Youre not going to get out of the Service Business its our core competence. But we are going to go back and create more manufacturing more infrastructure smore supply chain jobs knowing how are we educating people in our country . How are we preparing people for those jobs that will be available . We are going to need to entice companies to come back and do that here in the country how are we enticing our workforce to build those opportunities . I think that is really important. I think it we think about the pandemic preparedness for my old life at hhs. We need to understand the likelihood of pandemics and things that spread become greater and greater in terms of the issue that these are sometime passed from animals it is animal to human transmission doesnt altered have human transmission. The idea of the pandemic preparedness, the idea it was basically 100 years since he last went i dont think thats what we should be preparing for. I think we have to think about even world war ii and didnt bring our economy to its knees the way this has, we need to think to secure the nation about being ready and being prepared and what does that mean . As we think about this threat to us, both from a Health Perspective and Economic Perspective pretty thing to your point where thinking about how to remake the economies and our nation more resilient is the question of healthcare and active healthcare which has been incredibly important thing and has led to lack of access to healthcare has led to people having more of the co mobility condition that makes this particular virus and most viruses would have compromised these are all things that for most viral infections for most diseases you are more susceptible to mortality or other problems. As we think about some of the things and places that we do we put in place the things that can protect and care for people as we move through these things including things like how we think about the food issue. We have things we refer to is countercyclical. They expanded during the bad times because they help carry people through and bridge them on we are having these challenges. Whether that is access to food through assistance like supplemental nutrition programs that we have for others i think we need to pair all of these things together to get to a place where we are more resilient as a nation if i ask you what is the biggest thing you think economic change will, it wont be working from home it will be decreased in manufacturing but that be how you think about that . I think we have to change our whether its ppe, medical equipment, supply chain that would be my single biggest change. Number two its close and we now know congress will need to spend 3 trillion in stimulus men we never had that in the back of our mind i dont think congress is overhead that the back of their mind i pray would new congress is set in 2021 they approach of both the revenue side they should look at the way that the way they spend money that should be more diplomatic and thoughtful about how we spend money and no have to look at the taxing system in the United States and they will have to change that. We are going to have to collect more revenue in this country because we now know that we just cant keep spending more and more money and be prepared for one of these may be 100 year events but it may be an next your event as well. Those are the two big takeaways i have from an economic standpoint. When i look back at what we have learned over the last four months. Do you agree with that . Or disagree with that . Host the manufacturing part of this is something that my time actually all the way back to the National Economic council work in the 1990s, i had the chance to work on in that time in terms of starting some the seating of the Manufacturing Capabilities and that was continued to the department of commerce when i serve the second time. So the idea of creating that manufacturing capability is incredibly important thing we need to think about. I think we really do have to think about these issues of the stockpile and what it means to be have a stockpile much of that is gone as side as we did that many of the investments a local Public Health which we are depending on so much we could not get that funded in both of my times in government. The manufacturing and the infrastructure points has been a point even is trying to negotiate the idea infrastructure was a big deal i think it is actually very important to how we move forward as a country. And we have to think about it in innovative ways. Its about our roads and bridges infrastructure we know is related to technology unlike West Virginia making sure i cant go to check on my mother new telework. In West Virginia making sure there is that capability and that is important to the econom economy. I issues of our spending, i think you and i have discussed i was fortunate enough my first time at omb the Deputy Director but we had three balanced budgets and how we think about the importance on the revenue side. I think whats important about what you said is we all have to think through the right way to do things for think right this moment we are at the point of the stimulus and what we need to do. We need him most effectively think about how to get money to really understand some of the many things people are suffering right now in terms of economics. They are protected from the economic hit. Those at the lowest levels and what we try to do with the changes weve done is they will still get their merit increases. They also have the retirement payments not made those to be the private sector not the government can take actions we need to think about that across the board. I totally agree with you, now is not the time to cut that. Thats what i said hopefully in 2021, like i said earlier we will need another stimulus package, weve got to get through this. There is going to be a time when we get to the other side of covid or timeout tense not present tense were Congress Going to have to take a deep breath, reflect and looked back and look at the financial side of it. One of my pet peeves is we as a country of dented horrific job but infrastructure we do a great job talking about it but we have never in the last 25 years we have not sat down with a master plan and say what do we want our infrastructure to be . Can we spend money, we basically based on what we have we fill potholes we fill guardrails weave and step back in 20 years this is what a modern economy had the points of that think about the effective highspeed rail. Solve so many problems green, environmentally friendly, gets congestion out of airports against congestion out of and most people efficiently. It allows parts of the country i wont go on about highspeed rail but its hard to believe because of all of the benefits. This is way more efficient. Certainly for the japanese. Before we go to everybody elses questions i want to moderate those, right now we talked about some of the hard things you are working out a lot of different issues, what are the two things that excite you most right now in terms of what is in front of us and in terms of the opportunity side of things . I do think we get to the other side of covid, we are going to have a unique opportunity. We are not getting get to, were going to have to. If what i learned in washington you guys can reflect on this we are not very good at getting to do things. We are pretty good room we have to do something. Washington has to do something. We are going to have to take a deep breath, reflect back and decide where we are going in this country whether its the Healthcare System the inequality system our inability to be prepared for a pandemic or crisis, the future of small and medium size women own businesses in this country, the Larger Companies are getting larger, our inability to make a change the medical system, ppe and i could go on a name things. We are not going to be able to ignore all of those things. So in many respects, we are going to have to reflect back on where we are. And re engineer a bit of our economy going forward. That does not mean were going to isolate ourselves and the rest of the world will need to import more of the nonessentials and import will need to have allies around the worlds very interesting topic. So for me thats a big Economic Perspective. For me a secondary perspective, one of our Core Competencies i talked about this earlier, our Technology Industry here in the United States just continues to thrive. What we are creating and what we are going to create the people dont know about yet some of the companies i am involved with and other people are involved with things they are going to bring into the retail market. They just dont exist right now but over the next three to five years are nothing short of extraordinary. Where theres the personal security side, making the personal phone on how couple making your phones on how couple Artificial Intelligence side of what we can predict and how we can predict behavior and trends to all of the Payment System are we a Cashless Society . Ill be going to be able to basically do our taxes and have everything done digitally for us . Larry thing be odd made it for us . On the other hand just levels the Playing Field for everyone. Makes the country better. I come away from this pretty excited and optimistic once we get to the other side. Between here and there i am kind of scared the unknown is pretty scary right now my optimism, i am an optimist by nature. I would say there are three places i am up that there can be positive change. And positive change that pushes off where we are right now in terms of covid. I will do three because i was at mckenzie a few years ago. [laughter] one and two they are all related. The idea for education with Access Affordability and quality the nimbleness we have seen in terms of what we had to do what we were forced to do that we need to learn the lessons of what are the things to take away from that amount is not the Online Education education for our young people, 18 to 22 is a first choice. We also understand that for those that are on a trajectory that might differ you need to think about things differently and you can think about things differently. Improving access, affordability, quality we have learned a lot about telehealth. There were always so many barriers to getting it done. And now we know and we will also see the value of certain inhome care that there are great hurdles access of affordability and quality to another place i am optimistic. We see what this is taught us about . No theres something to really need to do facetoface you need to do them well and in certain ways. But what are the things that technologies and other can help us with in terms of getting to the place of the last issue i am hopeful i think its hard for i am hopefully thisll be a moment in regards to the issue of race and our country. And those of us through leaders of institution need to take aggressive steps that have not been taken in the past. Those are places that i would say the current challenges lead me in a space of optimism that what we are learning and experiencing can lead to real change. Amy think returning it over to you. This has been an incredible conversation we have had salmon questions commend we were talking i will get right to it. The first question is from kelly murray she is a scholarship recipient as well. She has a question because of both of your experience in these publicsector it has been discussed a onesizefitsall solution might not be the answer this time. Heidi see congress and Administration Training solutions for our country will different states and cities exist in drastically Different Health and financial situations . Guest im happy to go first. If you have a difference in nation you can imagine when your secretary of health and Human Services the difference of what it takes to provide rural healthcare to what it takes to what we need to do and we are making policy when the public and private sectors are working together, however we are doing this there are core essential rules. They get applied to different situations whether that is rural or urban as an example there are many others. What you have to do is think about the application of them at that level. Its getting everyone on the same page with regards to the principles you want which is due what access for everyone . Whats in an rural setting may not be the same as an urban setting and create abilities to get to implementation on different paths in different ways. Gary we had one commend directly to you from jeff. Weve had such a great conversation talk about whats happening in the u. S. We dont exist in a vacuum. Certainly his question comes from a global perspective. How do you see u. S. China Economic relations moving forward . Is there a great unwinding coming or where do our traditional allies fit into this conversation about the u. S. Economy . So that should not come as a shock to anyone. I was always the globalist in the white house. I am very much of a free trader. Part of a very important Global Economy theyre not going to nationalize or put the genie back in the bottle. Knowing that on understanding chinas biggest economic issue is full employment for 400 billion people we can import a lot of they need to be the non essential we need to make sure we have a supply chain that protects us for importing nonessential goods for china at a lower price that we can manufacture here in the United States. Were then creating more service jobs in the United States because people once they buy those goods from china will have more disposable income. I believe that, i preach it, and i dont think that is ever going to change. We should stop fighting it and we should embrace it will work out well for us, china, and europe. This was certainly for the both of you. It comes from elayna who is a student as well. She said this is country reopens businesses the number of covid cases has increased. You think that will cause the economy to backslide . Or will be continue to rebound . It is such a unique experience having economic and Health Care Crisis happened at the same time. How are these interrelated . So i will go first this time. So look, we had a healthcare crisis and we decided i am not questioning this was the right decision. We created the economic crisis , we decided the best way to fight this virus was to literally shut down the economy, tell everyone to stayathome, tell everyone not to go to work, shut everyone out of school. We conscientiously made that decision. But we did not know at the time is how long that would be. Not be a relatively short period of time. Sophie looked at the ppp Employment Benefits that were created they were scheduled to end is somewhere extended, some ended this month. We self created the Economic Situation justifiably to try and stem the wave of the covid crisis. And what you are finding in real time that was probably the right decision because certain states have reopened and liberalized, they had a major uptick in viru virus. We are getting back or restarted masks, handwashing, social distancing, and testing was the right answer. We just did not execute it long enough and efficiently enough to let the virus completely leave and now we understand how powerful this virus is and how many people one person can contaminate and how the virus can explode. I have some thing to add to that. So weight this one is great i love this question because i think what is on so many peoples minds. This live discussion on when things will go back to normal versus what changes will become the new normal. Heidi think this debate will be reflected in the economy over the next few years . Are we going back to normal or sing a whole new normal . So he wants to take that one first. [laughter] you know are think were going to be in a place where i think the impact of covid road, even if we have a vaccine will start to be rolled out in the best predictions are something being rolled out in the new year. I think there are couple things about that will be a vaccine the fda said it could be at 50 will have to see what that means is scaling the vaccine for healthcare workers. I believe the country from a Health Perspective and an Economic Perspective is were looking at two years of something that no one would consider normal. On terms of what we have historically had. I think there will be key elements that as we were talking about their opportunities there will be some changes that occur that are going to be different and hopefully better. I think saying exactly what those are and will more people telework . I think we know it as an option and an opportunity. Will he invest in our manufacturing and infrastructure . I think those are some of the things we will see will be made different over time. Will there possibly be more blended or hybrid learning in different forms . Probably yes in terms of those we are at the cost of seeing which of these things but works what doesnt work, whats needed what isnt needed we are in the early stages of that now. I agree. Look, we will have a new normal. We are not going back to where we were. Heres a fun one for you, gary. Someone asked what was your most memorable moment as are something you could tell your students coming back into the fall about American University . I was involved in the Student Government i took the university to federal court the board of trustees for raising tuition. So was that scary . So yes youre welcome. It was like a 14 tuition rate in one year. In the way it worked we had to go to federal court was kind of fun. Its also 1981. But what do i do . So i did not start the conversation with what year you graduated i just mentioned. So i can throw it out i can handle. So heres a good one gary, for you to because of your expertise. Where do you feel the stock market will be in six months, 12 month, 18 months is it something will be able to see indicators as we move forward . Its a difficult as i said earlier the start entrance stock market right now is representative of so few companies right now. I believe those companies will continue to be very, very important and those will continue to do well. So the stock market has an index based evaluation could be higher. And it probably will be higher. That does not mean the vast majority lets not going to doing well. So no one should have this stock market with the real mainstreet economy. They are not the same right now. What he think unemployment will be in january of 2021 . My view is we are going to be arguing if its a two digit or one digit number. I think is going to be either side of ten. So i know how to get to 10 . I dont know how to get below until you really get Small Business, Mainstreet America entertainment, restaurants, movies, sports and entertainment, hotels, conventions, parties, conferences, until you get those up and going i dont how to get that other 10 of people. So im afraid weve run out of time but we have so many more questions we can continue doing this for sure. Out went to thank you both for your time and expertise today. I also want to thank you president for your incredible leadership for all of us on campus as we prepare for the fall and students come back. I would like to extend an in person will be get to that place again for gary few to please come back to campus to meet with the students and do that as well. For everyone who joined us today, theres more programming coming we encourage you to go to website, sign up for our newsletter. A lot of these programs including todays is recorded and available on our youtube channel. We will certainly in the days and weeks to come do followup. Thank you again, gary thank you for your time again president thank you as well. Enjoy it thank you. Thank you. So thank you gary. tonight a special edition of the tv with a focus on healthcare. Next, doctor eazy q will emanuel, former special advisor on Health Policy in the Obama Administration shares his thoughts on which countries have the best healthcare in the world. Then, healthcare ceo doctor vivian lee offers a plan for reforming the american Healthcare System and later doctor danielle talks about patient care and safety. Good evening and welcome to fantasy life. Im brad graham, owner of politics takes in prose and thank you for