THE EVICTION BAN, VACCINE MANDATES, THE RISK OF INFLATION, AND ANDREW CUOMO.

STAY TUNED, IVORY TOWER IS NEXT.

♪ ♪ ♪ ♪ >> GOOD EVENING.

WELCOME TO IVORY TOWER.

I'M DAVID CHANATRY, FROM UTICA COLLEGE.

I'M JOINED TONIGHT BY KRISTI ANDERSEN FROM SYRACUSE UNIVERSITY, CHAD SPARBER FROM COLGATE UNIVERSITY, TARA ROSS FROM ONONDAGA COMMUNITY COLLEGE AND RICK FENNER, FROM UTICA COLLEGE.

A PROGRAM NOTE RIGHT OFF THE TOP-- WE'RE TAPING OUR SHOW ON THURSDAY THIS WEEK, AND AT THIS POINT ANDREW CUOMO IS STILL THE GOVERNOR OF NEW YORK.

THAT COULD CHANGE BY BROADCAST TIME, IN LIGHT OF THE ATTORNEY GENERAL'S REPORT FINDING CUOMO SEXUALLY HARASSED 11 WOMEN.

SO BEFORE WE MOVE ON TO OUR PLANNED TOPICS TONIGHT LET'S QUICKLY GET YOUR IMPRESSIONS OF THE REPORT AND WHAT SHOULD HAPPEN NEXT.

WE'LL START WITH CHAD.

>> I DON'T HAVE MUCH TO ADD TO THE STORY EXCEPT TO REMIND PEOPLE THAT CUOMO ALSO LIED ABOUT COVID NUMBERS EARLY ON AND SENT OLD PEOPLE BACK TO NURSING HOMES TO DIE.

SO LUST ISN'T HIS ONLY DEADLY SIN.

HE DESERVES DUE PROCESS LIKE EVERYBODY ELSE, BUT YEAH, HE SHOULD HAVE BEEN OUT OF OFFICE A LONG TIME AGO.

>> TARA, I SAY NO.

HIS RESIGNATION, AS FAR AS I'M CONCERNED REALLY ONLY HURTS THE PUBLIC.

I THINK THE REAL WAY TO DEAL WITH SEXUAL HARASSMENT LIKE THIS IS TO BASICALLY GO AHEAD AND MAKE HIM HAVE A TRIAL, WHICH BASICALLY EQUALS PUBLIC CASTRATION.

>> KRISTI.

>> I WOULD NOTE WE HAVE A VERY CONFIDENT LIEUTENANT GOVERNOR-- COMPETENT WILL YOU BELIEVE KATHY HOCHUL.

>> HE SHOULD RESIGN BUT I DOUBT THAT HE WILL.

>> IT DOESN'T SEEM LIKE HE WILL, THAT'S RIGHT.

NOW MOVING ON, THE BIDEN ADMINISTRATION THIS WEEK BOWED TO INTENSE PRESSURE AND EXTENDED THE MORATORIUM ON MOST EVICTIONS AFTER THE PREVIOUS BAN EXPIRED LAST WEEKEND.

MILLIONS OF PEOPLE FACED THE PROSPECT OF BEING EVICTED FOR BACK RENT, NOW THEY HAVE ANOTHER 60 DAYS TO CATCH UP.

BUT THE EXTENSION IS LEGALLY QUESTIONABLE, EVEN ACCORDING TO THE PRESIDENT.

IS THIS GOOD POLICY?

RICK?

>> I DON'T THINK IT WAS NECESSARY.

FIRST THERE ARE QUITE A BIT OF DIFFERENCES OF HOW SERIOUS THE PROBLEM IS.

I'VE SEEN ESTIMATES OF BACK RENT DUE THAT RANGE FROM $9 BILLION TO AS MUCH AS $50 BILLION.

BUT THIS WAS ANTICIPATED BY THE GOVERNMENT AND WE HAVE ALLOCATED APPROXIMATELY $46 BILLION IN RENTAL ASSISTANCE.

THE PROBLEM IS CURRENTLY, ONLY ABOUT $4 BILLION OF THIS HAS BEEN SENT TO RENTERS.

SO IF THE FEDERAL GOVERNMENT HAD DONE A BETTER JOB OF GETTING THIS MONEY OUT, PERHAPS GOING THROUGH LANDLORDS RATHER THAN RENTERS, I THINK WE COULD HAVE AVOIDED THIS WHOLE ISSUE.

>> TARA.

>> ONE OF THE THINGS THAT I THINK HAS BEEN PROBLEMATIC IS THAT NOT ONLY DO YOU HAVE A PROBLEM OF DISTRIBUTION.

YOU ALSO HAVE A PROBLEM WITH THE REQUIREMENTS THAT WERE PUT ON LANDLORDS BECAUSE PART OF THIS MONEY WAS TO HELP LANDLORDS WHO WERE BASICALLY TRYING TO WORK WITH RENTERS, WHO COULDN'T PAY THEIR RENT.

AND SOME OF THE RESTRICTIONS WERE YOU COULDN'T GET DEAD BEAT TENANTS WHO HAD BEEN DEAD BEAT TENANTS BEFORE THE PANDEMIC.

THE PAPERWORK WAS PRETTY ONEROUS FOR MANY LANDLORDS.

AND SO PART OF THE PROBLEM HAS BEEN THE GOVERNMENT PUT TOO MANY RESTRICTIONS ON THE VERY PEOPLE THIS IS SUPPOSED TO HELP.

>> SO I GUESS IS THIS JUST A POORLY DESIGNED PROGRAM?

>> IT SEEMED LIKE A VERY POORLY DESIGNED PROGRAM.

THE FACT THAT SO MUCH MONEY HAS BEEN ALLOCATED BUT YET SUCH A SMALL PART OF IT HAS ACTUALLY BEEN USED.

I HAVE READ VARIOUS CRITIQUES OF HOW IT WAS ADMINISTERED IN TERMS OF THE REQUIREMENTS, IT HAD TO GO, YOU KNOW, TO THE STATE LEVEL, TO THE CITY LEVEL, THEN NON-PROFIT GROUPS GOT BROUGHT INTO THIS.

IT SEEMED LIKE A LOT OF THE RENTERS REALLY DIDN'T UNDERSTAND WHAT THEY HAD TO DO.

LANDLORDS ALSO MAY NOT HAVE UNDERSTOOD THAT.

AND THERE WERE A LOT OF ADMINISTRATIVE ISSUES WITH THIS.

>> I HAD TO LAUGH AT THE POLITICS OF THE MORATORIUM ITSELF, RIGHT?

EARLIER THIS WEEK YOU GET A LOT OF WHINING FROM SPEAKER PELOSI AND SPEAKER CORTEZ ABOUT HOW THE BIDEN ADMINISTRATION BLIND SIDED THEM WITH THIS THE.

THAT IS A BUNCH OF MALARKEY.

THE SUPREME COURT DECIDED IN 5-4 DECISION WITH JUSTICE KAVANAUGH MAKING THE DECIDING VOTE VERY CLEARLY SIGNALING THAT WITHOUT CONGRESSIONAL ACTION, THIS MORATORIUM COULD NOT LEGALLY CONTINUE AFTER JULY 31.

SO THEY KNEW BACK IN JUNE THAT IT WAS CONGRESS' RESPONSIBILITY TO DO SOMETHING ABOUT IT AND THEY DIDN'T.

SO IF THE CONGRESSIONAL DEMOCRATS ARE UPSET, THEY NEED TO BE UPSET WITH THEMSELVES AND NOT THE PRESIDENT.

>> I WONDER, TOO, I MEAN, HOW DOES THE CDC HIVE LIFE BECAUSE-- BECAUSE THIS IS A CDC ISSUE MORATORIUM.

THEY'RE NOT A LEGISLATIVE BODY.

HOW CAN THEY MAKE THAT DECISION TO ESTABLISH A MORATORIUM?

>> DID THEY MAKE THE DECISION OR DID THEY MAKE A RECOMMENDATION?

>> I THINK IT WAS THEIR RULE BASED ON PUBLIC HEALTH.

>> WELL, YEAH.

>> I MEAN THAT SEEMS-- IT SEEMS LIKE IT'S OVERSTEPPING A BOUNDS, I WOULD GUESS.

>> WELL, BASICALLY, FROM EVERYTHING I'VE READ, THE CDC ITSELF SAYS BASICALLY WE REALLY DIDN'T HAVE THE AUTHORITY, BUT WE SEE THE NEED SO WE ARE GOING TO GO AHEAD.

THE PRESIDENT HAS SAID THE CDC DIDN'T HAVE THE AUTHORITY.

THIS IS SORT OF UNIMAGINABLE PROCESSING OF HOW THE CONSTITUTIONAL PROCESS IS SUPPOSED TO WORK.

>> RIGHT.

THAT IS THE POINT I'M TRYING TO MAKE.

IT SEEMS LIKE THERE IS A CONSTITUTIONAL ISSUE HERE, I WOULD THINK.

>> ABSOLUTELY.

AND ONE OF THE THINGS THAT I FOUND VERY INTERESTING WAS THAT THE BIDEN ADMINISTRATION, IN ADMITTING THE CDC DIDN'T HAVE ANY AUTHORITY, ALSO ADMITTED THAT WHAT THEY'RE HOPING IS THAT BY THE TIME YOU GET THE LAWSUITS AND THE LAWSUITS FINALLY GET TO COURT, WE WILL HAVE DISTRIBUTED THE MONEY SO THERE REALLY WON'T BE AN ISSUE.

>> RIGHT.

SO I GUESS THAT GETS TO THE QUESTION ABOUT IS THIS-- I MEAN THAT'S NO WAY TO MAKE POLICY.

>> NO, IT ISN'T.

IT ISN'T.

AND, YOU KNOW, THE PROBLEM IS, AGAIN, WE GET BACK TO THE PROCESS.

IT WAS A POOR PROCESS AND IT REALLY SEEMS LIKE EVERYONE IS SORT OF HOPING THAT BY SORT OF ADDING THIS LITTLE COMPONENT IN, THIS WILL ALLOW US TIME TO BASICALLY IMPROVE THE PROCESS AND WE'LL REACH THE PEOPLE WE WERE REALLY TRYING TO HELP.

>> SO IT'S SURPRISING BECAUSE WE DID SUCH A GOOD JOB THROUGH PAYROLL PROTECTION PLAN OF GETTING MONEY OUT VERY QUICKLY.

THIS, I DON'T KNOW, FOR WHAT REASON, I THINK PART OF IT WAS, AGAIN, TRYING TO FUNNEL IT THROUGH RENTERS, WHO HAD LESS UNDERSTANDING OF THE PROGRAM, LESS OF AN INCENTIVE TO APPLY FOR IT, AT LEAST WHILE THE MORATORIUM WAS IN PLACE.

I THINK IF THIS HAD GONE THROUGH LANDLORDS, WE COULD HAVE DISTRIBUTED THIS MONEY MUCH MORE QUICKLY AND LANDLORDS WOULD HAVE BEEN BETTER OFF BECAUSE THEY WOULD HAVE GOTTEN THE MONEY THAT THEY NEED AND RENTERS WOULDN'T BE UNDER THE THREAT OF EVICTION.

>> SO BOTTOM LINE, POORLY DESIGNED.

>> POORLY DESIGNED PROGRAM.

WITH THE DELTA VARIANT SURGING, THE LAST COUPLE WEEKS SEEM LIKE A TIPPING POINT IN THE DEBATE OVER VACCINE MANDATES.

THE PRESIDENT SAYS FEDERAL WORKERS BE VACCINATED OR GET REGULAR TESTS.

GOVERNOR CUOMO IS CALLING ON PRIVATE BUSINESSES TO DENY ENTRANCE TO UNVACCINATED PEOPLE.

SEVERAL LARGE COMPANIES ARE REQUIRING VACCINES.

BUT ALL THIS IS NOT GOING OVER WELL WITH SOME, INCLUDING PUBLIC SECTOR UNIONS.

THE QUESTION, KRISTI, IS IT TIME TO GET TOUGH AND MANDATE VACCINES FOR EVERYONE ELIGIBLE?

>> I MEAN I THINK THE MORE MANDATES THE BETTER AT THIS POINT.

THE UNION REACTION, JUST TO TALK ABOUT THAT BRIEFLY, IT SEEMS TO ME, IS LESS THAT THEY DON'T LIKE THE MANDATE AND MORE THAT THEY DIDN'T LIKE THE FACT THAT THEY WEREN'T PART OF THE DECISION MAKING.

IT WASN'T NEGOTIATED.

I THINK THAT ONE THING TO NOTE IS THAT ABOUT 64, 65% OF PEOPLE NATIONALLY IN A SURVEY RECENTLY DID SUPPORT GOVERNMENT VACCINE MANDATES.

I WAS SURPRISED AT THE STRENGTH OF THAT.

SURPRISED AT THE STRENGTH OF THAT POSITION.

AND GOVERNMENT MANDATES MAY BE IN PART-- BESIDE THE POINT BECAUSE MANY COMPANIES AND ORGANIZATIONS ARE NOW MANDATING VACCINES.

I WAS SURPRISED TO SEE TYSON FOOD AND WAL-MART, FOR EXAMPLE, IN ADDITION TO MORE PREDICTABLE ONES, MICROSOFT, GOOGLE, FACEBOOK, NETFLIX AND SO ON ARE ALL MANDATING VACCINES.

AND/OR MAKE BE THINGS MORE DIFFICULT FOR PEOPLE IF THEY DON'T.

SO CHARGING THEM MONEY IF THEY DON'T, ASSESSING FINES, WEEKLY TESTS THAT COST MONEY AND SO ON.

>> THAT'S AN INTERESTING POINT.

>> I WANT TO DISAGREE WITH KRISTI ON YOUR OPENING POINT.

LIKE IS IT TIME TO GET TOUGH?

I SAY WELL ALMOST TIME BUT NOT QUITE YET AND HERE'S WHY.

I'VE SPOKEN WITH A LOT OF UNVACCINATED PEOPLE OVER THE SUMMER AND AMONG THE REASONABLE POSITIONS IS THEY'RE UNWILLING TO GET VACCINATED AS LONG AS THE VACCINE HAS APPROVAL FOR EMERGENCY USE ONLY.

THAT IS TO IMPLY WHEN IT GETS FULL APPROVAL, IT COULD BE THE GAME GAININGER.

CHANGER.

WHEN YOU LOOK AT SOME OF THE SURVEY DATA, A THIRD OF THE UNVACCINATED POPULATION SAY THEY'RE WILLING TO GET A VACCINE AS SOON AS FULL APPROVAL OCCURS, COMPARED TO 6% OF THE PEOPLE WILLING TO GET A VACCINE ONLY IF THEIR EMPLOYER REQUIRES IT.

AND SO WHEN IS THIS GOING TO HAPPEN?

CDC IS CURRENTSLY ESTIMATING SOMETIME IN SEPTEMBER, FULL APPROVAL MIGHT OCCUR.

BUT THEY HAVE TO BE REALLY CAREFUL BECAUSE IF THEY RUSH IT OR PERCEIVED TO BE RUSHED, THEN PEOPLE WON'T TRUST IT.

>> DO YOU REALLY BELIEVE THESE PEOPLE ARE SERIOUS ABOUT THIS OR IS-- I THOUGHT IT WAS A WAY OF SOUNDING LIKE-- >> AN EXCUSE.

>> YEAH.

>> I HAVE SEEN FIGURES THAT SUGGESTED MORE LIKE 25% OF THE POPULATION WERE ADAMANT THAT ONLY ABOUT 8 OR 9 TO 10% WERE ON THE FENCE AND SO AGAIN THAT'S AN IMPORTANT NUMBER BECAUSE, AGAIN, THOSE THAT ARE ON THE FENCE, I THINK, THAT FULL APPROVAL WILL BE IMPORTANT.

BUT FOR THOSE THAT ARE ADAMANT, IT'S NOT.

AND I THINK WE NEED TO CONSIDER, YOU KNOW,I DON'T KNOW ABOUT MANDATES AS OPPOSED TO INCENTIVES, FOR INSTANCE, PERHAPS IT'S TIME FOR THE F.A.A.

TO SAY NO MASKS, YOU DON'T GET ON AN AIRPLANE UNLESS YOU HAVE BEEN VACCINATED.

>> THEY DO.

>> SO ON THAT QUESTION, INCENTIVES.

THAT'S A DIFFERENT THING.

BUT THE MANDATE THING, THE QUESTION KRISTI YOU ASKED, I THINK THERE IS ALSO AN ETHICAL COMPONENT.

CAN YOU ETHICALLY REQUIRE OR MANDATE THAT SOMEBODY TAKES A VACCINE WHEN IT HASN'T RECEIVED FULL FDA APPROVAL YET?

AND I DO HAVE QUALMS ABOUT THAT ISSUE.

>> AND THAT'S, I THINK, A MATTER OF TIME.

IT HAS TO BE ENOUGH TIME SINCE THEY STARTED TO GIVE THE VACCINES.

BUT THEY'VE CERTAINLY BEEN TESTED THE WAY THEY, THE TESTING WASN'T RUSHED.

I MEAN IT WAS JUST DONE CONCURRENTLY.

SO THAT MAYBE PEOPLE, IF THEY UNDERSTOOD THAT BETTER.

RICK, YOU SAID 25% OF PEOPLE ARE ESSENTIALLY-- ADAMANT, I THINK YOU SAID.

UNPERSUADABLE.

THAT'S NOT ENOUGH IF THAT MEANS 75% OF THE POPULATION-- >> THAT'S NOT ENOUGH TO GET TO HERD IMMUNITY.

>> INCENTIVE TO WORK.

I MENTIONED A COUPLE WEEKS AGO ON THIS SHOW, YOU KNOW, NICK SABAN, FOOTBALL COACH AT ALABAMA HAS BEEN ABLE TO GET 90% OF HIS TEAM VACCINATED.

HIS TEAM IS YOUNG, MALE, SOUTHERN CONSERVATIVE.

NONE OF THOSE CHARACTERISTICS ARE ASSOCIATED WITH HIGH VACCINATION RATES.

SO IF YOU SET THE INCENTIVES CORRECTLY, IN THIS CASE IT'S A PERCEIVED BENEFIT IN MATERIALS OF COMPETITIVENESS ON THE FOOTBALL FIELD, YOU CAN GET PEOPLE WHO ARE NOT PREDISPOSED TO BE VACCINATED, TO GET VACCINATED.

>> WHAT ABOUT-- >> ONE THING I WANT TO ADD, SOME OF THE CONVERSATION, BIGGEST PREDICTOR IN AMERICA IS VACCINATION STATUS IS WHO THE PERSON VOTED FOR IN THE ELECTION, RIGHT?

AND SO THAT LEADS TO THIS NARRATIVE THAT PROGRESSIVES WANT TO PUSH ABOUT ANTISCIENCE, TRUMP SUPPORTING WHITE EVANGELICAL, SOMETHING LIKE THAT BEING THE PROBLEM.

BUT IT IGNORED THE REALITY THAT VACCINE HESITANCY IS NOT A UNIQUELY AMERICAN PHENOMENON.

IF YOU GO TO JAPAN OR AUSTRALIA, VACCINATION RATES ARE 30 AND 15%.

THOSE ARE NOT COUNTRIES FULL OF ANTISCIENCE TRUMP EVANGELICALS.

IT'S ABOUT THINGS LIKE I'M SCARED OF WHAT THE REACTION IS.

I'VE HAD BAD REACTION TO VACCINES BEFORE.

THERE IS RISK AND UNCERTAINTY WITH THE VACCINE AND COVID SO THERE IS A LOT GOING ON.

>> I WOULD JUST ADD THAT SOME OF THE UNDERLYING VACCINE HESITANCY IS DUE TO MISINFORMATION, DISINFORMATION FROM SOCIAL MEDIA WHICH IS A WHOLE OTHER AREA.

>> I WAS JUST GOING TO SAY THE POINT ABOUT FDA APPROVAL IS VERY IMPORTANT BECAUSE INTERESTINGLY ENOUGH, AMONG HEALTHCARE WORKERS, THAT'S THEIR BIG BIGGEST CONCERN, THEY DON'T FEEL THE VACCINES HAVE RECEIVED FULL FDA APPROVAL, AND SO MANY HEALTHCARE WORKERS WHICH IS AMAZING, IF YOU CONSIDER WHAT THEY MAKE US GO THROUGH, HAVE NOT BEEN VACCINATED FOR EXACTLY THAT REASON.

>> YOU TALKED ABOUT INCENTIVES RICK OR DISINCENTIVES, TO DISINCENTIVIZE NOT GETTING THE VACCINE.

WHAT ABOUT HEALTH INSURANCE.

I MEAN PEOPLE WHO GET SICK, THIS IS PRETTY EXTREME.

BUT PEOPLE WHO GET SICK AND DIDN'T GET THE VACCINE, SHOULD THEY GET COVERED?

>> WELL, IT'S INTERESTING, THERE ARE SOME PRECEDENTS.

IF YOU BUY LIFE INSURANCE AND YOU ARE A SMOKER, YOU ARE GOING TO PAY MORE THAN A NON-SMOKER SO THAT WE DO HAVE SOME INSTANCES WHERE YOUR PERSONAL BEHAVIOR AFFECTS THINGS LIKE ACCESS TO INSURANCE AND THE PRICE THAT YOU PAY.

TO THE EXTENT THAT PEOPLE ARE COVERED BY HEALTH INSURANCE THROUGH EMPLOYER, THAT'S GOING TO MAKE IT MORE DIFFICULT TO DIFFERENTIATE AND CHARGE DIFFERENTIATES.

ON THE OTHER HAND, YOU KNOW, WE DO COVER SMOKERS FOR THINGS LIKE LUNG CANCER AND THE LIKE, SO THAT'S, I THINK, A GRAY AREA IN TERMS OF MOVING FORWARD.

>> WE TALK ABOUT ETHICAL ISSUES, THERE ARE SOME BIG ONES THERE.

LET'S TURN TO THE ECONOMY.

THERE HAS BEEN A LOT OF TALK NOW ABOUT THE RISK OF INFLATION.

WITH THE GOVERNMENT PUMPING SO MUCH MONEY INTO THE SYSTEM, SOME ECONOMISTS ARE WARNING OF A POTENTIALLY DANGEROUS RISE IN PRICES.

SECOND QUARTER GROAT DOMESTIC PRODUCT CAME IN AT 6.5%, THAT ITSELF A BIG NUMBER BUT LOWER THAN EXPECTED.

CHAD, IS IT TOO HOT, TOO COLD OR JUST RIGHT?

GOLDILOCKS TIME.

>> I THINK THE DEMOCRATS SHOULD PROBABLY CUT THEIR SPENDING PLANS AND EVEN THOUGH MAYBE INFLATION WILL SUBSIDE ON ITS OWN.

BUT RIGHT NOW THINGS ARE NOT GREAT.

INFLATION STANDS AT 5.4%, WHICH IS THE SECOND HIGHEST IT HAS BEEN IN 20 YEARS.

THE FEDERAL RESERVE HAS INDICATED THEY'RE MORE CONCERNED ABOUT EMPLOYMENT GROWTH THAN INFLATION RIGHT NOW, WHICH IS TOTALLY FINE, EXCEPT FOR THE NUMBERS ARE BAD, RIGHT?

EMPLOYMENT GROWTH SLOWED AGAIN THIS MONTH, DESPITE THE FACT THAT WE HAVE NINE MILLION JOB VACANCIES, THAT'S MORE THAN ONE VACANCY PER UNEMPLOYED PERSON OUT THERE.

HOW DO YOU GET PEOPLE INTO THE JOBS?

WELL, YOU KNOW, ONE ANSWER IS TO START CUTTING THE UNEMPLOYMENT BENEFITS.

NEARLY 40% OF THE PEOPLE WHO ARE EARNING THE $300 PER WEEK UNEMPLOYMENT CHECK WERE EARNING MORE THAN THEY HAD BEEN IN THEIR PREVIOUS JOBS.

AND IN THAT KIND OF ENVIRONMENT, THERE IS NO INCENTIVE TO WORK.

NOW SOME STATES HAVE ACTUALLY CUT THEIR UNEMPLOYMENT PROGRAMS FOR PRECISELY THAT REASON BUT WE ARE NOT GOING TO KNOW ABOUT THE EFFICACY OF THOSE PLANS UNTIL SEPTEMBER, WHEN THE DATA ON IT COMES OUT.

>> THAT'S A PRETTY GOOD EXPERIMENT THOUGH.

WE'LL FIND OUT IF IT HAD AN IMPACT.

RICK.

>> FROM WHAT I'VE HEARD, THE EARLY NUMBERS SUGGEST THAT THE STATES THAT CUT IT EARLY HAVE NOT SEEN A SURGE IN HIRING.

THE OTHER THING THAT I TEND TO THINK THAT, YOU KNOW, THIS INCREASE IN INFLATION, THE BIG NUMBER IS THAT IN JUNE, INFLATION WENT UP BY ALMOST A FULL PERCENT OVER MAY.

I THINK THAT'S MORE IMPORTANT THAN THE YEAR TO YEAR INFLATION RATE BECAUSE THAT GOES BACK A FULL 12 MONTHS WHEN WE WERE STILL, YOU KNOW, QUITE INVOLVED IN THE PANDEMIC.

BUT LOOKING AT NUMBERS A LITTLE MORE CLOSELY, YOU KNOW, ONE ITEM , PRICE OF USED CARS AND TRUCKS, WENT UP 10% IN JUNE MAKES UP ONE THIRD OF THAT INCREASE IN JUNE.

SO I THINK THERE ARE A NUMBER OF REASONS NOT TO BE TOO WORRIED ABOUT INFLATION GOING FORWARD.

THE BIGGEST REALLY IS EXPECTATIONS ABOUT INFLATION.

WHEN PEOPLE EXPECT INFLATION TO INCREASE, THAT'S WHEN IT TENDS TO INCREASE.

IT SORT OF SELF FULFILLING.

WORKERS, IF THEY THINK INFLATION IS GOING FROM 2 TO 4%, THEY GO INTO THEIR BOSS AND THEY ASK FOR A HIGHER RAISE.

AND SO HOW DO WE KNOW ABOUT INFLATION EXPECTATIONS?

WELL, ONE WAY IS TO LOOK AT THE BOND MARKET.

BORROWERS, THEY RECEIVE INTEREST, THEY REQUIRE A INTEREST RATE THAT'S GOING TO COMPENSATE THEM FOR INFLATION.

RIGHT NOW PEOPLE ARE WILLING TO LEND THE FEDERAL GOVERNMENT MONEY FOR 30 YEARS AND ONLY ACCEPT A 1.8% INFLATION RATE.

THAT SUGGESTS THAT PEOPLE WHO ARE LENDING MONEY THINK THAT INFLATION, OVER THE NEXT COUPLE OF DECADES IS GOING TO STAY IN THE 2% RANGE.

RIGHT NOW I DON'T SEE A PROBLEM WITH PEOPLE'S EXPECTATION WITH FUTURE INFLATION.

>> YOU KNOW, WITH THE JOB MARKET AND LABOR SHORTAGES, AS YOU MENTIONED, THAT'S GOING TO PUT PRESSURE THOUGH, AS WELL, WON'T IT ON UPWARD PRESSURE ON THE INFLATION RATE?

WE'LL START TO SEE... >> WAGES ARE GOING UP.

YOU SEE ALL KINDS OF BOTH ANECDOTAL AND BETTER EVIDENCE ABOUT WHAT THE STARTING WAGES ARE BEING OFFERED, HOW COMPANIES ARE REACHING OUT TO GET PEOPLE.

BUT THE BOND THING IS PERSUASIVE TO ME IN TERMS OF WHAT ECONOMISTS LIKE YOU GUYS SAY.

>> A LOT OF THE OPTIMISM IS REALLY COMING FROM SUPPLY CHAIN ISSUES.

YOU MIGHT HEAR THAT PHRASE.

WHAT DOES IT MEAN?

LET ME GIVE YOU A LITTLE LESSON BY COMPARING THE TOILET PAPER TO SEMICONDUCTORS.

REMEMBER WHEN THE PANDEMIC STARTED?

WE ALL RUSHED OUT TO BUY TOILET PAPER, NOT BECAUSE WE NEEDED IT IN THE MOMENT BUT WE WANTED TO BE PREPARED WHEN THE MOMENT AROSE.

THAT CAUSED A BIG SHORTAGE OF TOILET PAPER.

SOMETHING VERY SIMILAR IS HAPPENING IN THE SEMICONDUCTOR MARKET RIGHT NOW.

THERE IS A BIG SPIKE IN DEMAND FOR CONSUMER ELECTRONICS, ALL THE PRODUCERS ARE RUSHING TO GET THEIR MICROCHIPS NOT FOR THE MOMENT BUT FOR THE TIME THAT THEY'RE GOING TO NEED IT IN PRODUCING THESE ELECTRONICS.

SO WHAT HAS HAPPENED?

THERE HAS BEEN A BIG INCREASE IN THE PRICES OF A LOT OF OUR ELECTRONIC GOODS INCLUDING NEW AND USED CARS AS RICK HAD SAID, THAT'S DRIVING A LOT OF THE INFLATION.

THE GOOD NEWS IS THAT CAPACITY ON SEMICONDUCTOR PRODUCTION IS SUPPOSED TO BE INCREASING BY THE END OF THE YEAR AND IF THAT HAPPENS, THEN PRICE PRESSURES SHOULD SUBSIDE.

BUT THERE IS A LOT OF IFS IN THERE BUT THAT'S THE HOPE IS THAT THOSE SUPPLY CHAIN ISSUES WILL DISSIPATE.

>> SO THAT WILL EASE THINGS UP.

WHAT IS THE NUMBER?

I MEAN WE'VE GOT TWO ECONOMISTS ON THE PANEL, IS THERE A NUMBER WE CAN SAY THIS IS THE POINT IN WHICH WE NEED TO BE CONCERNED BECAUSE SOME INFLATION IS GENERALLY GOOD, RIGHT?

SOME LOW LEVEL OF INFLATION, THE FED TRIES TO HIT A CERTAIN TARGET.

IS THERE A POINT AT WHICH WE SAY OKAY, NOW I'M WORRIED?

AGAIN, THE QUESTION IS NOT WHAT THE INFLATION RATE IS RIGHT NOW BUT IS IT GOING TO SUSTAIN OVER THE LONGER TERM?

BECAUSE RIGHT NOW IT IS EXPECTED AS WE GO OUT AND WE'RE FLUSH WITH MONEY AND WANTING TO GUT GO OUT AND SPEND THINGS.

I'M MORE WORRIED THAT WITH THE INCREASE IN COVID CASES AGAIN, THAT THIS MAY ALL BE A MOOT POINT IN A COUPLE OF MONTHS IF STATES HAVE TO GO AND START SHUTTING DOWN AGAIN AND PEOPLE STOP GOING TO RESTAURANTS, WE MAY BE MORE CONCERNED WITH THE ECONOMY GOING SOUTH RATHER THAN IT RUNNING TOO HOT.

>> IT'S A TRICKY QUESTION BECAUSE THE FED HAS A DUAL MANDATE WHERE THEY'RE SUPPOSED TO MANAGE INFLATION AND UNEMPLOYMENT AT THE SAME TIME AND THE THINGS ARE OPPOSITES AND KNUCKLEBALL BOTH ARE HIGH RIGHT NOW.

BUT THE FED HAS INDICATED THAT RIGHT NOW THEY'RE MORE CONCERNED ABOUT THE EMPLOYMENT ISSUES THAN THE INFLATION ONES.

>> OKAY.

NOW IT'S TIME TO MOVE TO OUR As AND EFs.

WE ARE GOING IS TO START WITH OUR Fs.

>> AN F TO ELISE STEFANIK WHO CONTINUES TO ACCUSE NANCY PELOSI FAILING TO PROTECT THE CAPITOL FROM THE JANUARY 6 ATTACK.

SEVERAL HEARINGS HAVE FOUND NO SUPPORT FOR THESE CLAIMS.

THE WASHINGTON POST RECENTLY SUMMARIZED ALL OF THIS IN CONCLUDING THAT REPEATING A FALSE CLAIM DOES NOT MAKE IT TRUER.

APPARENTLY SOMETHING STEFANIK DID NOT LEARN AT HARVARD.

>> OKAY, CHAD, YOUR F PLEASE.

>> MY.

>> F TO BERNIE SANDERS AND FELLOW PROGRESSIVES CONTINUING TO URGE PELOSI TO HOLD BACK ON THE BIPARTISAN 550 BILLION-DOLLAR INFRASTRUCTURE BILL UNTIL THE MASSIVE $3.5 TRILLION BILL PASSED THE THE SENATE.

THIS IS UP WITH OF THOSE REALLY FRUSTRATING THINGS WHERE I JUST WANT TO SCREAM AT BERNIE AND HIS BRO'S THAT PRIET PRICE IS NOT A DIRTY WORD.

>> TWO WEEKS AGO THE SENATE ARMED SERVICES COMMITTEE VOTED TO RECOMMEND THAT WOMEN HAVE TO REGISTER FOR THE DRAFT JUST LIKE MEN DO.

NOW DURING THAT DEBATE, SENATOR JOSH HAWLEY GETTING MY F FROM MISSOURI OPPOSED THE CHANGE SAYING "IT IS ONE THING TO ALLOW AMERICAN WOMEN TO CHOOSE THE SERVICE BUT ANOTHER THING TO FORCE IT AGAINST OUR DAUGHTERS SISTERS AND WIVES.

MISSOURI PEOPLE THINK COMPELLING WOMEN TO SERVE IS WRONG."

WOMEN HAVE BEEN PART OF WARFARE SINCE THE BEGINNING OF TIME.

>> AND RICK, YOUR F IN THE MIDST OF LOSING HIS BRONZE MEDAL TENNIS MATCH AT THE OLYMPICS, HE HAD A MELT DOWN THROWING HIS RACKET INTO A THANKFULLY EMPTY STANDS AND SMASHING ANOTHER RACKET.

THIS WOULD EARN AND F BUT ADD TO THE COMMENTS EARLIER WHEN ASKED ABOUT SIMONE BILES WITHDRAWING FROM THE GYMNASTIC EVENTS HE SAID "IF YOU ARE AIMING TO BE AT THE TOP OF THE GAME, YOU BETTER START LEARNING HOW TO DEAL WITH PRESSURE."

MAYBE HE SHOULD PRACTICE WHAT HE PREACHES.

>> AND NOW LET'S GO TO THE As.

KRISTI.

>> AN A TO ROSLYN OSGOOD, CHAIR OF THE BROWARD COUNTY FLORIDA COUNTY SCHOOL BOARD PUSHING BACK WITH EDUCATORS AGAINST GOVERNOR DeSANTIS AUTOY PROHIBITION AGAINST MASK MANDATES IN SCHOOLS.

SHE SAID THERE NO, SIR WAY IN GOOD CONSCIOUS THAT CAN I BRING STAFF AND STUDENTS BACK INTO THE SCHOOL ENVIRONMENT NOW ON THE BUS, THE CAFETERIA AND NOT HAVE A MASK MANDATE.

>> OKAY.

CHAD, YOUR A, PLEASE.

>> SO MY A GOES TO OLYMPIC RUNNERS ISAIAH JEWETT AND NIGEL A MOS.

THEY COLLIDED, TRIPPED OVER EACH OTHER AND FELL IN THE 800 SEMIFINAL RACE BUT THEY PICKED EACH OTHER UP AND FINISHED THE RACE TOGETHER.

IF YOU FIND THAT VIDEO ONLINE, YOU WATCH IT, IT IS GOING TO DEMONSTRATE THE BEST OF WHAT SPORT AND HUMANITY HAVE TO OFFER.

>> MY A TO JOSEPH AND DAVID.

IN A RECENT OP-ED, THEY MADE THE RECOMMENDATION THAT WE NEED TO START TEACHING DISASTER RISK PREPAREDNESS.

THIS IDEA IS NOT NEW.

WHAT IS NEW IS THAT THE DISASTERS INCLUDE THE INCREASING NUMBER OF DISASTERS THAT REQUIRE A THOUGHTFUL AND/OR RAPID RESPONSE FROM THE PUBLIC, INCLUDING CHILDREN.

>> AND RICK, YOUR A.

>> MY A GOES TO FEDERAL AND STATE GOVERNMENTS FOR ENLISTING SOCIAL INFLUENCIERS TO GET YOUNG ADULTS VACCINATED.

I HAVE MORE EXPERIENCE WITH TIC-TAC THAN TIKTOK AND I HAVE BEEN DISMISSIVE OF SOCIAL INFLUENCERS IN THE PAST BUT FORTUNATELY THE BIDEN ADMINISTRATION IS NOT AS STODGY AS ME.

MANY OF THESE INFLUENCERS HAVE MILLIONS OF FOLLOWERS AND GIVEN THE AMOUNT OF MISINFORMATION ON THE INTERNET AND LOW VACCINATION OF YOUNG PEOPLE, THIS CAN ONLY HELP.

>> THE INFLUENCER GENERATION, IF WE CAN CALL IT THAT, IS ASTONISHING TO ME HOW MUCH INFLUENCE THEY HAVE AND I HAVE HAD TO ADAPT AND NOT-- AND NOW USE TIKTOK IN ONE OF MY CLASSES.

I DID THAT, AFTER BARBARA FOUGHT MADE A REFERENCES TO IT AND I HAD TO FIND OUT WHAT IT WAS.

SO THANK YOU FOR JOINING US THIS EVENING.

FOR COMMENTS YOU CAN WRITE TO THE ADDRESS ON YOUR SCREEN.

IF YOU WOULD LIKE TO VIEW THE SHOW AGAIN, YOU CAN WATCH IT ONLINE AT WCNY.ORG.

A QUICK PROGRAMMING NOTE N. TWO WEEKS, OUR PANEL WILL BE JOINED BY TWO "IVORY TOWER" ORIGINALS, DAVID RUBEN AND I WILLS LIST WILL BE WITH LISA DOLAK WILL BE WITH US ON THE SHOW FRIDAY AUGUST 20.

I'M DAVID CHANATRY.

FOR ALL OF US AT "IVORY TOWER," HAVE A GOOD NIGHT.

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