Interests who are more comfortable with joe biden about the centrists, and the more progressive wing that feel if they can get a win, maybe they can get a shot at some of their things. Its been going on for about an hour and its a very different look and we have seen. Can they get the sort of election bump that you can get from a convention . Jeanne i dont think we know yet. I dont think weve seen viral moment that this went. I think it is interesting that they put joe biden out there already for a period of time weve they have some really well produced pieces and theyve had some very good speeches, i think by clyburn in particular. I think were waiting on the two biggest speeches, which will be Bernie Sanders and Michelle Obama, the highlights of tonight. Tonight is so important because they want to build this him tonight through thursday, and they have to sustain and build that audience in order to do that. Throughout the night and throughout the week. Now we turn to the economy, how the coronavirus has affected so many and how the election could determine what comes next. Summers is a special contributor to wall street we can is made no secret of his support for Vice President biden. Let me put it to you, if we did have a biden presidency, what is the main difference that might make in our economy . After all, we have a lot of problems that just wont go away. We would be competent again and we would care again. We have a government that would carry out basic functions based on expertise, like all other countries do. We have tests that came back in less than two weeks, we would have asks for everyone who needed them, we would have federal government helping states. We would have a system that worked. Alienatet insult and our allies around the world. We would be basically competent in the work of government, whether you had a conservative or a progressive ideology. Ad we would care about country that was still divided by race. We would care about middleclass people who literally were able to feed their kids because they lost their jobs because of the pandemic. We would be fighting to protect people who are unemployed, slash theirto benefits. We would be fighting to protect the ability of teachers to go to school in safe ways rather than slashing the budget for schools. Its really not very complicated , and fundamentally its about values that are pretty universal. Nobody is against being competent, nobody is against caring for all americans, and those are the things we have lost. Those are the things that joe biden has been fighting for for 40 something years in public life. Who are investors, who are in wall street and business, might say caring is great, but we need real growth, and the priorities are wrong for joe biden. Joe biden bring that back with his competence and caring . I think we should start with this. For 50look consistently years, 60 years, actually, democratic administrations produced more rapid growth to median family incomes. Democratic administrations produce more rapid growth and real wages. Democratic administrations produce lower employment. You might say that is because i dont care about business, but here is the thing. Because building from the middle out is the Economic Strategy that works, democratic administrations produce more rapid growth than corporate profits. Democratic administrations produce better returns for stock market investors. That pattern was first pointed out three decades ago, and it has continued to be true over the subsequent three decades. True with al be biden presidency. Certainly we are not looking at a strong period for American Business with the profit figures we are seeing right now, or a strong period for American Labor with the unemployment figures that we are seeing right now. See anre going to Economic Strategy that enables the United States to compete. When we alienate every other country in the world, talking canada forfs on National Security reasons, we are putting it to american exports and putting it to American Business. Economy,y to help the the way to rescue from problems that have been made by the other , bill clinton turned around the mess that he had inherited. Barack obama turned around the mess that he inherited. Jimmy carter inherited a recession. John kennedy inherited a recession. A commitment to policies that expand the economy from the middle out, going back to fdr, that has been the commitment of democratic president s, and joe. Iden will be in that tradition the historical evidence is that it works, and the historical evidence is that the trickledown, short effort to reduce the taxes of big donors doesnt work. Produces stock market bubbles that ultimately implode and lead to great recessions. And thats not the right Economic Strategy for our country. Understand oneus aspect about joe bidens plans. He has some robust plans when it comes to the climate, infrastructure and education, which will cost a fair amount of money, which he owns up to. He talks about taxes on corporations and some wealthy individuals. At the same time he says we have to be careful with taxes depending on where the economy is. Is he just going to be borrowing money so we can afford to raise taxes, or will he raise taxes from day one . That is for President Biden to declare in congress to legislate. The answers will depend on where the economy is at the time. I will tell you, though, david, budgetaryink economics is the answer in this moment. We are about to get a huge demonstration of that from the huge fiscal cliff the country is about to go over because the republicans would negotiate with the democrats. Future, thatin our is taking a burden off my children. It is taking a burden off your children. The interest rate, after correcting for inflation, is negative. Its below zero in the United States right now. But when we defer maintenance on our nations roads, when we allow our children to lose intelligence because they have to drink the water, when it takes 25 longer to fly from boston to washington than it did 50 years ago because we screw up our air Traffic Control system, when we make those noninvestments, when we allow those infrastructure deficits, they compound to burden our children much more than some accumulation of bigger debt. Yes, weve got to make the right choices about borrowing money and how much to borrow now, and in what ways we should tax those with the highest income, but thats not the important deficit we have in our country. The important deficit we have in our country is that we somehow decided we couldnt afford to invest in having pandemic readiness. We cut all those programs because people were fixated on the deficit. The important deficit in our country is we cant afford to buy tests, even though the benefit of each test that we give is probably over 1000 in terms of the costs of the that is and the disease prevented. The things that are most important, and they are not austerity economics at a moment of zero interest rates. Futuree investing in the , and that is what the Biden Program is all about. Along with making sure that everybody has a chance to share in that prosperity. Think about it. The stockoks like price of some Companies Might fail, or they might not be able to issue debt at a low interest rescue withh to the quantitative easing. When Unemployed People have hungry kids, Congress Goes into recess with the enthusiasm of the president. It is not right. Hard to fix. That news for adly good Biden Administration amidst all the problems is that there are huge amounts of low hanging fruit, whether its in protecting the environment, whether its in helping kids go to college, whether its in fixing Health Insurance, whether its in can you believe it . With were 100 people incomes of 10 million who didnt file any tax return, and the irs made no effort to go after them a few years ago. We need to country to do much better than that. All it takes is competence and caring, and thats what i think is the core of what this election is going to be about. Do we want more government like the government weve had for the last four years . Or do we want government that is competent and cares . We had pandemics and epidemics four years ago. Ebola, h1n1. They didnt change all of our lives. Thats what happens when you have competent government, and i think we can have it again. Larry summers, thank you so much. President trump has his Convention Next week, but that hasnt stopped him from campaigning. Kevin cirilli, what do you think of what is going on with the democrats at the moment . What are they doing and what is the likely white house response . Kevin highprofile democrats making their case about a threepronged problem. Arguing that joe biden is the solution, but they all have different ways of saying how, precisely, he would solve that problem. Michigannts ago, Governor Gretchen Whitmer speaking and saying she wants more help from the federal government, just within the last couple of minutes, former republican Governor John Kasich of ohio saying that hes trying to place country above party, which is fly he is backing joe biden. President told reporters earlier that john kasich is a total loser. Democrats would like to form a coalition, however there are some who are skeptical if joe biden can ultimately become the occupant of 1600 pennsylvania avenue. Kevin cirillis our chief washington correspondent. Will be joined by with an find architect of obamacare and referring back to what john kasich just said, he just told hasconvention that the u. S. Been taken down the wrong road by trump. John kasich is a republican. This is bloomberg. Welcome back to special coverage of the Democratic National convention coverage. Health care looms large for voters in just about every election but this year had it has been particularly important given the Public Health care crisis we all face. Welcome now profession professor jonathan gruber, he was a key architect of the Affordable Care act under president barack obama. Panelists as our well. Give us your view of what a President Biden might do if he were elected with respect to health care. He recognizesink what america recognizes, which is that coronavirus has shown the vital importance of personal health care coverage. Goal is to move forward to build on that law. He realizes medicare for all on a singlepayer system is not going to happen. The question is how do you get to the 20 plus billion 21 million uninsured americans, the number growing, how do you get to them by building on the strength of the Affordable Care act . Theway is by undoing destructive action the Trump Administration has taken to reduce the Affordable Care act. Its by making Health Insurance more affordable, by increasing subsidies on the marketplace exchanges. And finally, by choosing the public option which provides real competition and allows consumers to choose between public and private Health Insurance. Jeanne so in terms of some of the appeal that weve seen from progressives who have looked at the democratic platform and said if the Democratic Party isnt going to move from a profitbased Health Care System that they dont want to sign off on that, how do you respond to those people who make that claim . We have seen it made already, and should joe biden win the presidency, the likelihood is were going to hear a lot more of that from the progressive wing of the Democratic Party. Jonathan i think that the way you respond is that medicare for all is simply not politically feasible. What i would say back to those people is, there are three barriers to medicare for all that we dont have answers for. The first is, youve got to pay for it. The estimates are about 3 trillion. The second is, youre going to have 160 Million People losing insurance with which theyre fairly comfortable, and whether the return is better. Ad you would have to take on 1 trillion private Health Industry. None of those are good reasons not to go for medicare for all, but they are realistic reasons. I have yet to hear a good plan for doing so. People just say we should do it, they make moral, very persuasive arguments, but they are not realistic arguments about how we are going to overcome those three fundamental barriers of getting to medicare for all. Rick im proud of the fact that the reason were still having the debate about the aca is courage that john mccain took one day on the floor of the senate. Returning to the politics of bidenbernie task force that articulated much of the democratic platform that is now being adopted by this convention had some compromises in place, and a lot of language that actually talks about a singlepayer system, sort of a head nod to bernie and his supporters, giving them an opening in the future. Dont you think this will bring a lot of the republican attacks on to this ticket in the Fall Campaign . Jonathan i think the republican attacks are going to happen no matter what joe biden says. The attacks are coming to matter what. I think what the unit plat was a unity that for is would highlight the fact that it would be addressed. There are many ways it could be addressed, and maybe in some future world, some future administration, not the biden or a nearterm administration, may be able to move toward a singlepayer system, but its just not happening. Theres nothing republicans like more enter somehow pretend that joe biden advocates singlepayer, and he does not. He advocates a plan that builds on the successes of the Affordable Care act. It builds on those successes to get us closer to universal coverage in its build on trying to bring down health care costs. They have risen more slowly since the Affordable Care act passed than any other action. So approaching something light universal care is good for people who get care, but is it good for the Health Industry . Do you get a larger number people really being covered, and does it lead to more growth in the Health Care Industry . Biased, but this is one of the things i love about the Affordable Care act. It got 20 million new customers. Saw reduced uncompensated care they had to pay for. The idea here is we can expand the pie bring more people in while still continuing to have a successful Health Insurance and Health Delivery system. The point is, we all need to Work Together to recognize that theres already plenty of money in the system. Nobody has to lose. We just have to reshuffle that money in a way that essentially recognizes the fact that you have to grow more slowly. Health care quote cost dont have to fall, they just have to stop growing so fast. We can make a fair system for everyone. Rick one of the criticisms of ratioa was the embedded in a clean set resulted from it, obviously not planned in advance. It seems the biden platform looks like its going to try to attack that by creating a sort of new baselevel Health Care System that really plays off the medicare system. We know medicare is already financially stressed. Dont you think this is going to cause some issues for the medicare problem if they start loading up more lowcost insurance on the bottom of that . Jonathan first, you did something which we have to watch out for. Which is, there is no doubt that the Affordable Care act is one of the greatest victories for racial equality ever seen. Is theresying no doubt that racial inequality and health care is much smaller today than it was before the Affordable Care act. And youre right, joe biden wants a public option, medicare right now is foreseeing financial problems, but the question is how would it be price, how much would be subsidized, who would be able to get it, and for what price . Those are important decisions we have to struggle with. I agree with you, rick, that we cannot give everyone a public option for free. But that doesnt mean we cant make a public option available for free to number of low income citizens and that we can make it available on a fair buyin basis for others. There are ways to do this that are financially as possible, and thats what we need to do. Thank you so much for being with us, jonathan gruber, and m. I. T. Economics professor payment is late evening here in new york, but the day is just Getting Started over in asia. We welcome our colleague, Tom Mackenzie. Goodness knows President Trump put china front and center throughout the first term. Tom absolutely, and when you speak to people here who have the ear of senior members of the party in the government, there are two ways they are looking at this. One part wants to see trump remain in position because theyve invested time and energy trying to understand him and his team. Theres also the acknowledgment that he has undermined alliances with some allies. Others would say they want to see joe biden when in november. They feel like they could work with him on areas like Climate Change, for example