He said he thinks the January 6th Committee is making a dent with moderates and independents. While the economy and gas prices are the big issues,
there's been real interest in what's going on... I think that it's had an impact on voters across the country. And we will see how this thing plays out. The committee has been very careful not to divulge any details in advance of their hearings.
He expressed frustration with folks who are talking to the committee now, saying
...where have they been for the last year-and-a-half? Why weren't they saying what they're saying now a year-and-a-half ago, particularly to those of us that actually witnessed what was going on, to back us up a little bit?
Upton said people "still like (president Trump) a lot... he's had a number of decisive wins, where he's endorsed candidates that they have won...he certainly entertains a majority of the Republican base, and will be hard to stop" if he runs in 2024.
And, frankly, as we look at the economy, we look at gas prices, all these different things, folks are not really happy with the Biden administration, which is why he is mired at a level even below where Donald Trump was at this point in his tenure.
Bash asked if there'll be anyone left who's willing to stand up to Trump, since half of the ten House Republicans who voted to impeach him won't be back next year, and "the remainder are facing some pretty tough reelection battles." Upton thinks there are.
And you've got to remember too, though there were only 10 of us that voted to impeach, there were 35 of us that voted for a bipartisan commission to look at this. And we know that there were a lot of folks who were, frankly, scared of their reelection, which is why they voted the other way as well... But we will -- that's why politics is so much fun sometimes. It's -- we will see how things all shake out.
Upton said he's hopeful the Senate can get a deal on guns, although he thought they'd have gotten there by now. And, he added,
Law-abiding folks, they shouldn't have any fears in terms of what's -- what's going on. It's been a rallying point, particularly for the NRA and the gun owners of America. You look at their Web site and they're, like, raising cash like you wouldn't believe in terms of their Second Amendment rights are being taken away.
That's not what's happening here, he said, but that thinking has "been elevated, for sure," mentioning that Texas Republicans Sen. John Cornyn and Rep. Dan Crenshaw were both "accosted" at their state's GOP convention.
George talked with Treasury Secretary Janet Yellen in the This Week classroom. He mentioned a Wall Street Journal report that 44% of economists expect a recession. Both President Biden and Fed Chair Jerome Powell have made bringing inflation down a top priority, and she said
I don't think a recession is inevitable.
She pointed to still-strong consumer spending, while admitting "higher food and energy prices are certainly affecting consumers" and changing spending patterns. And, she said most folks "continue to have buffer stocks of savings" to help maintain spending levels, so she doesn't see that as a "likely cause of a recession" in the coming months. And, she said, the labor market is
arguably the strongest of the post-war period. Not only is the unemployment rate near historic lows but there are two job vacancies for every unemployed worker, so the labor market remains extremely strong; unemployment insurance claims near their lowest levels in history.
She said that having had high inflation "in first half of this year ...locks in high inflation really for the entire year," but she expects the pace of inflation will come down, and she cautioned, "there are so many uncertainties relating to global developments..."
George asked her to explain why in Europe the core inflation rate was under 4% but in the states it's 6%. I didn't think she answered that. She talked about "energy price spillover" being half of inflation,
food and energy, and there are spillovers because energy is an important input into almost everything in the economy. It is true that we've had core inflation over and above that -- that is too high and the Fed will take steps to bring it down.
She mentioned Biden's "historic releases" from the strategic reserve, which have kept gas prices from being even higher, and said he's ready to work the with the oil industry and Congress to bring down "other costs that are burdening households," notably drug and healthcare costs and housing.
She also countered some of what the oil industry folks argue, saying
I think that producers were partly caught unaware of the strength of the recovery... and weren't ready to meet the needs of the economy; high prices should induce them to increase supplies over time... The way in which we can ensure reasonable energy expenses for households is to move to renewables, to address climate change, as a medium-term matter.
A gas tax holiday may be on the table (Biden said he might have a decision by the end of the week on that). And, Yellen said, he's "reviewing tariff policy toward China."
We all recognize that China engages in a range of unfair trade practices that it's important to address. But the tariffs we inherited, some serve no strategic purpose and raise costs to consumers. And so, reconfiguring some of those tariffs so they make more sense and reduce some unnecessary burdens is something that's under consideration --
She wouldn't give any timeline for that.
In the Face the Nation classroom, Margaret Brennan talked with Dr. Scott Gottlieb, the network's go-to guy for COVID stuff, about the newly authorized vaccine for kids five and under.
Gottlieb anticipates this rollout will be "more complicated" than previous ones, saying people skilled with giving kids this age need to be involved. He thinks most kids will get them at their pediatrician's office, and that might make it take longer to get doses distributed.
He also said "it's continued to concern" him that that "only about 30% of kids ages 5-11 have been vaccinated" with two doses, which is lower than original estimates. And, he said
there are surveys showing that about 20% of parents plan to vaccinate children under the age of 5. I suspect it may end up being lower than that...a lot of parents may choose to take a wait-and-see attitude and reconsider this in the fall.
They also talked about Florida, which is "affirmatively against" vaccinating kids in this age-group. Gottlieb thinks that was the wrong move. "They could have taken a neutral stance and just merely said, we're not recommending the vaccine for children." He clarified that they're not blocking access to the vaccine, just "not facilitating access."
See you around campus.
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