Entire party further to the left . To get a sense of that, we welcome someone with vast experience on wall street as well as in washington, he is Ralph Schlosstein, cochairman and coceo of evercore. Great to have you with us as always. Youve described yourself as a fiscal conservative but a social liberal. Side, fiscal conservative are you concerned joe biden is tacking to the left to make sure he keeps the bernie brose with him . Ralph not really. If you look at Vice President bidens record in the senate and when he was Vice President to squarely obama, he is in the left center of the Democratic Party, the center of the Democratic Party. E is a procapitalist his selection of Kamala Harris as a Vice President , who while i also believe is procapitalism, sets of course which i believe is a right course for the country. Commitment to private enterprise , but also a more balanced distribution of wealth and access to health care and education as more of a right in our society than a privilege. Procapitalism, but a different sort of capitalism than what we have seen from donald trump. A lot of big programs, infrastructure programs, energy programs, Education Programs we will have to pay for by borrowing or increasing taxes. We have heard there will be increased taxes. Are you concerned about that and the effects on the economy itself . Alph i think we have had pretty irresponsible fiscal to the beginning of the covid pandemic. We had a trillion dollar deficit at 3. 5 unemployment, which i think is a truly irresponsible policy. Gdpou look at the share of that has gone to federal taxes, it has declined steadily from 19. 5 to 16. 5 , which in my view is inadequate to take care of the basic needs we have in government, which is why people are running larger deficits. I think what we will find in the Biden Administration is perhaps a commitment to a little more a little more for commitment to things Like Health Care and education and we have seen in the Current Administration, but very importantly, and certainly a big commitment to infrastructure, but very importantly a willingness to pay for those commitments so we are not saddling our children and our grandchildren with unacceptable debts. David i think everyone agrees we needed to spend money and that means borrow money given the crisis in the economy. Right now we are taking a look at a cliffhanger with fiscal stimulus, as we thought we were going to get something by august 1. We are now looking at september. What will the economy look like by november 3, whoever wins the election . Ralph the economy will be in willery, but unemployment still be unacceptably high. Probably one side or the other of 9 or 10 . We will need to have continued stimulus. Hopefully at some point there will be compromise and thethe democrats republicans. Once we get on the path of recovery, that will not be fully done until we have a widely available vaccine and widely available therapeutics, because people will be fearful of returning 100 of their lives prior to this. Once we have that. We need tohave that, provide more resources through the government, and i think joe biden has an intelligent tax plan, part of which is simply reversing some of, but not all of, and certainly the most irresponsible parts of the trump tax cuts, and also paying for the investments we so strongly needed in this country. Toid pick up on that and go your business specifically. Your Investment Bankers par exelons. Did you see an uptick in business when the rate went down for corporations, and on the flipside, if it went back up to 20 , which is what Vice President is talking about if it went back up to 28 , which is what Vice President biden is talking about a mutt with your business . Ralph neither an uptick or a down tick. All the corporate rate does is between theine pretax earnings and what goes to the government. We had a policy that 35 went to the government and 65 went to shareholders. And was out of step noncompetitive with the rest of the world. The majority of the developed to 28 rangehe 25 , so 25 to 20 of the pretax profits go to government, and the rest go to shareholders. That is important because we do not want to lose businesses domicile i in the United States because they perceive, relative to other countries, that too much of their pretax earnings are being taken by government. At 21 , we are probably out of step with all but the tax havens in the other direction. What does this mean if it goes to 28 as Vice President biden has suggested . 79 of earnings going to the shareholders, 72 will go. That is roughly a 10 decline in earnings per share. It will have a little bit of an effect on the stock market, but that is not a lot more than one years Earnings Growth to be honest. David fascinating. Thank you so much for that analysis. That is Ralph Schlosstein of evercore. Will be coming up with the question of blaming President Trump for his response to the coronavirus pandemic. How will President Biden handle it . We pose that question to former joe biden chief of staff ron klain. Ons is balance of power Bloomberg Television and radio. Guy david this is balance of power. I am david westin. Of the things democratics democrats were united about was their condemnation of how donald trump handled the coronavirus crisis. Senator sanders for those who may have voted for President Trump the last election. Those who watched watched new york suffer but through it learned absolutely nothing. Today, six months after it began, the nation is still unprepared. Imagine if we had a National Strategy so everyone who needs a test gets one for free, so everyone has access to a safe vaccine. More than 150,000 people have died, and our economy is in of a virusecause this president downplayed for too long. Before trumps negligent response to the pandemic, too many hardworking families have been caught on an economic treadmill. David we have not seen anything like the covid pandemic for at least 100 years, but we have seen epidemics that threatened to turn into pandemics, including the ebola crisis less than a decade ago. Then president obama appointed ron klain, former chief of staff to Vice President biden, to head up the governments effort. We welcome ron klain to bloomberg. Give us a sense of what you did then and what joe biden might do now with this pandemic. Ron thank you for having me. It starts with putting science in the forefront, not politics. President obama made it clear that my job was to poorly date the response and logistics in the planning, the Strategic Direction came from medical experts, including dr. Fauci eight, who was a key part of including dr. Fauci, who was a key part of it then and a key part of it now. This president has tried to silence scientists, which always gets you off in the wrong direction. The center of that is having a National Strategy. Having states fight the disease on their own with their own standards in their own rules has not worked for us. The disease has spread from one part of the country to another. We need a National Testing strategy, we need contract tracers close to close. Aid forto get economic our businesses and state and local governments to our families and we need to put science at the forefront of developing vaccines, developing therapeutics, getting them out affordably and safely to all americans. That strategy, if you want to know indepth what joe biden joebiden. Com. S on he has had a sciencebased strategy from the start. ,avid science at the forefront but what role does economics play . You solve the equation simply for Public Health to matter what happens to the economy, or you have to balance the two, or is it a false choice . Ron it is a false choice. If people are not safe, they will not shop. If people do not feel safe, they will not go to movie theaters or restaurants. You cannot have an economy where people feel like engaging in commerce is hazardous to their health. That is not going to work, that is what we have seen in the last few months. Part of fighting the disease is giving help to our businesses. There are places in the country where it is safer schools to reopen. There are businesses that are safe to reopen, but they need guidance and economic aid. It is not fair to say to a Small Business you can reopen, and you should protect your workers with protective gear, you should protect them with plastic shields, but there is no help to do it, there is no aid, so i think this effort to fight the disease and fix the economy, they go hand in hand. We will not solve one without solving the other. David we need a new ron klain . You were dubbed the czar at the time of a bola. We need that kind of function in the white house . Ron Vice President biden made clear they will bring back what obama set up at the end of the administration, Pandemic Response run by National Security council. That is something they created. Ironically, President Trump kept it for the first year of his presidency, and then abolished it in 2018. He will bring that back on day one. That office will be in the National Security council in that office will run a National Covid response strategy. David besides being the ebola czar and chief of staff to Vice President gore and Vice President biden, you had a big role in the 2000 election when there was the dispute in florida. We all remember the hanging chads. There is a lot of concern this year it may be far worse because you have a lot of people mailing in their ballots, President Trump has been outspoken about that, it may take a long time to get an answer and there will be a lot of challenges. What is the joe biden camp doing to prepare for that . Ron the biggest lesson i took away from being in a close president ial election in 2000 is the best thing for your candidate is to not be in a close election. The best thing would be for the Biden Campaign to continue to do what it is doing, which is rally supporters, get its voters to enthusiastically, and to do all those things to win. Enough votes so these issues do not matter in the end. The Biden Campaign is preparing for this. The former counsel to president obama is overseeing the Biden Campaign multifaceted effort to prepare for this. We have the largest Voter Protection effort ever in American History to make sure people get their votes counted safely. If youre listening to me right now, the best thing you can do, and the vast majority of states that allow this, is to get your ballot early and cast it early. If you do that, you are insulated from all of these other challenges and problems. That is in your control. In most states you can vote absentee, vote by mail, you can get your ballot early and cast it early. That is the safest thing for you and for our democracy. David how big a problem might this be . I interviewed the cochair of lawyers for trump who said they are getting lawyers across the country ready to go into court and fight over the ballot box. You have lawyers lined up . Ron we certainly do. We have lawyers in every state. Our focus is on protecting voters, getting voters their right to cast their vote and have it counted appropriately. I think that is the most important thing. We have seen the president try to tamper with the Postal Service and raise fears about it to discourage people from voting. We want to convey a message that you have the right to vote. You can exercise that right by voting by mail. It is safer if you do it early. Many places have early voting. In person voting early is another way to vote. We are working on strategies for safe voting on election day. There are ways polls can be run in a way that is safe and secure. We want people to be confident in the election, confident in the vote, we protect peoples right to vote, we are fighting back on voter suppression. The most important thing people can do is exercise that right and get the ballot cast as early as possible so you know your vote counts. David thank you so much. Ron klain, former biden chief of staff and ebola czar. Still ahead, democrats approach to health care. Can we have universal Health Care Without medicare for all. We asked katherine baicker, dean of the Chicago School of Public Policy. Ons is balance of power Bloomberg Television and radio. The failed federal government that watch new york get ambushed by their negligence and watched new york suffer, but learned absolutely nothing. Today six months after it began, the nation is still unprepared. David that was new York Governor Andrew Cuomo speaking at the dnc last night. One of the things that divided democrats in the primaries was medicare for all and whether private Health Insurance should be excluded. We welcome katherine baicker, dean of the Harris School of Public Policy. You heard Bernie Sanders say i agree with joe biden we should move towards universal coverage, we just disagree about medicare fraud. Can we have universal coverage without singlepayer or medicare for all . Katherine there are a lot of different ways to get people covered. You can expand medicaid or medicare and subsidies with private Health Insurance through the Health Insurance exchanges. The important thing is everyone gets access to lifesaving care, but i am suspicious of a onesizefitsall solution given how different americas preferences are, about what the Health Insurance plan looks like, about how the Health Care Infrastructure differs across the country, i am more optimistic about universal coverage that is achieved through giving people subsidies they can use on different kinds of lands issued by different payers. David that sounds like you think what Vice President biden is proposing make some sense, because he talks about subsidies as well is a public option. Does that make more sense than medicare for all . Katherine i think more choice and more competition in delivering Insurance Products is a better way to get us toward how i value care and highvalue insurance. Medicare is wonderful for our seniors, but it is very slow to evolve in slow to adopt new payment models, to adopt new benefits, and it is not as efficient as one might hope. Having a guarantee of access through subsidies that could manifest in Health Insurance exchanges and expanded medicaid coverage would go a long way towards getting people access to care without forcing people to one model that may not work for everyone. Look at theay to last few months is an extreme stress test of our health care system. What difference does the Affordable Care act make . Katherine i think the Affordable Care act went a long way toward getting access to health care in a crucial pandemic for people eligible for , especially states that had chosen to expand it, particularly for people who lost their jobs because of the Unemployment Crisis that came along with the pandemic. The Affordable Care act or obamacare did a very good job of expanding coverage, but not to everyone. There are still a lot of people who fell through the cracks, not just in spaces that expand medicaid, but because so much of our private insurances is tied to peoples jobs. Going further, to have more access to care, would be important. In our saw the huge gaps Public Health infrastructure, our surveillance, our ability to detect and react quickly to increases in disease prevalence, i think the failures of that were in sharp relief. David that is something we do not hear that much about. That is the failures of the infrastructure of our Public Health system. Is there any move to have further investment . What investment do we need across the country and is it federal money, is it state money . Where does it come from . Katherine we need more federal money and federal leadership on consistent and timely data reporting. Flying blind and this is a recipe for flareups that are not addressed as quickly as they could be and much more draconian steps needed down the road. There needs to be a uniform infrastructure for reporting because the disease crosses state borders. Health care resources need to cross state borders. The reaction to that information should be different in different jurisdictions,