RUSH TRANSCRIPT Griff President ░░░░░░░░ yesterday addressing the economy ░░░░░░░░ the White House unveiled ░░░░░░░░ strategy to get the ░░░░░░░░ S Back open for ░░░░░░░░ Here to react is ░░░░░░░░ chief economist for the ░░░░░░░░ S International trade commission ░░░░░░░░ Morici and former cke ░░░░░░░░ CEO author of the ░░░░░░░░ book getting America back ░░░░░░░░ work good morning to ░░░░░░░░ gentlemen Thanks for being ░░░░░░░░ I want to start ░░░░░░░░ you with Paul because ░░░░░░░░ know a lot about ░░░░░░░░ restaurant industry these three ░░░░░░░░ laid out certainly going ░░░░░░░░ be tougher for restaurants ░░░░░░░░ get started What do ░░░░░░░░ see as the key ░░░░░░░░ the reopening Well it ░░░░░░░░ a pleasure to be ░░░░░░░░ and I think we ░░░░░░░░ maybe start a band ░░░░░░░░ Peter Paul and Andy ░░░░░░░░ You know here s ░░░░░░░░ I see First of ░░░░░░░░ let s put it ░░░░░░░░ context the United States ░░░░░░░░ sucker punched I mean ░░░░░░░░ s really good to ░░░░░░░░ a president that s ░░░░░░░░ street fighter and recognizes ░░░░░░░░ we need to get ░░░░░░░░ economy back working again ░░░░░░░░ the people back working ░░░░░░░░ Because we know that ░░░░░░░░ the pandemic kills a ░░░░░░░░ of people so does ░░░░░░░░ So the pressure to ░░░░░░░░ this second phase of ░░░░░░░░ is critical so we ░░░░░░░░ get people back to ░░░░░░░░ and restaurants back open ░░░░░░░░ course now it s ░░░░░░░░ to be a new ░░░░░░░░ where we re going ░░░░░░░░ have to put in ░░░░░░░░ proper protocols the safety ░░░░░░░░ the food handling protocols ░░░░░░░░ people have our guests ░░░░░░░░ the confidence they can ░░░░░░░░ into our restaurants and ░░░░░░░░ that they re in ░░░░░░░░ safe environment where they ░░░░░░░░ still get a legendary ░░░░░░░░ experience Tbrf give Andy ░░░░░░░░ stranger to this administration ░░░░░░░░ are you advising the ░░░░░░░░ House in terms of ░░░░░░░░ they need to do ░░░░░░░░ reopen Look they ve ░░░░░░░░ a lot of great ░░░░░░░░ in the White House ░░░░░░░░ who are really on ░░░░░░░░ I think the guidelines ░░░░░░░░ were set out they ░░░░░░░░ very strip gent The ░░░░░░░░ requirements are strip gent ░░░░░░░░ have to go through ░░░░░░░░ every two weeks you ░░░░░░░░ to keep improving to ░░░░░░░░ to a different phase ░░░░░░░░ think that s a ░░░░░░░░ way I think the ░░░░░░░░ important thing once this ░░░░░░░░ crisis begins to abate ░░░░░░░░ need to get back ░░░░░░░░ the economic Powells that ░░░░░░░░ Trump policies that President ░░░░░░░░ had in place prior ░░░░░░░░ crisis that encouraged investment ░░░░░░░░ business growth and end ░░░░░░░░ people to work We ░░░░░░░░ to stay away from ░░░░░░░░ temptation to go to ░░░░░░░░ government we need to ░░░░░░░░ away from programs and ░░░░░░░░ that Nancy Pelosi and ░░░░░░░░ Democrats are proposing We ░░░░░░░░ to get back to ░░░░░░░░ causes the economy to ░░░░░░░░ not what causes the ░░░░░░░░ to grow It s ░░░░░░░░ crisis we should get ░░░░░░░░ to what works Griff ░░░░░░░░ aside Pelosi S leverage ░░░░░░░░ she seems to be ░░░░░░░░ on this process professor ░░░░░░░░ want to ask you ░░░░░░░░ realistic is the prospect ░░░░░░░░ a quick recovery a ░░░░░░░░ rebound Our last example ░░░░░░░░ of course 2008 It ░░░░░░░░ four years to rebound ░░░░░░░░ that crash Well the ░░░░░░░░ s going to jump ░░░░░░░░ the restrictions are phased ░░░░░░░░ but it s going ░░░░░░░░ be different so we ░░░░░░░░ not going to get ░░░░░░░░ the same level right ░░░░░░░░ The trick here is ░░░░░░░░ empower businesses by essentially ░░░░░░░░ away from money to ░░░░░░░░ payrolls to or to ░░░░░░░░ workers for being off ░░░░░░░░ money for creating new ░░░░░░░░ And to repairing household ░░░░░░░░ To that effect I ░░░░░░░░ do three things One ░░░░░░░░ send every American family ░░░░░░░░ check every month for ░░░░░░░░ months to just here ░░░░░░░░ the money no questions ░░░░░░░░ I d send businesses ░░░░░░░░ check for every employee ░░░░░░░░ have when they re ░░░░░░░░ or new or what ░░░░░░░░ you and I d ░░░░░░░░ another 10 investment tax ░░░░░░░░ because we re going ░░░░░░░░ need new things to ░░░░░░░░ the kinds of adjustments ░░░░░░░░ example in restaurants or ░░░░░░░░ zoom or what have ░░░░░░░░ So that empowers people ░░░░░░░░ doesn t create levers ░░░░░░░░ the economy and I ░░░░░░░░ that will give us ░░░░░░░░ fastest recovery possible Griff ░░░░░░░░ I want to ask ░░░░░░░░ you talk about new ░░░░░░░░ that we re going ░░░░░░░░ have coming in regardless ░░░░░░░░ whether it s a ░░░░░░░░ or prolonged recovery what ░░░░░░░░ some of those new ░░░░░░░░ Well normals Well I ░░░░░░░░ you know let me ░░░░░░░░ piggyback on top of ░░░░░░░░ s comments is that ░░░░░░░░ know and Andy s ░░░░░░░░ that matter I think ░░░░░░░░ the incentive for investment ░░░░░░░░ new business especially in ░░░░░░░░ where you can be ░░░░░░░░ business for yourself but ░░░░░░░░ by yourself is going ░░░░░░░░ be robust as well ░░░░░░░░ think this is going ░░░░░░░░ be a lot of ░░░░░░░░ for people to stretch ░░░░░░░░ entrepreneurial wigs But in ░░░░░░░░ wings Necessity is the ░░░░░░░░ of invention and we ░░░░░░░░ all been very adept ░░░░░░░░ figuring out how do ░░░░░░░░ generate revenue through drive ░░░░░░░░ or through pick up ░░░░░░░░ delivery even grocery stores ░░░░░░░░ delivering adult beverages where ░░░░░░░░ re allowed to So ░░░░░░░░ think there s an ░░░░░░░░ that has come out ░░░░░░░░ this pandemic for those ░░░░░░░░ have a little bit ░░░░░░░░ a entrepreneurial Spirit and ░░░░░░░░ as I said before ░░░░░░░░ fighters that can follow ░░░░░░░░ marine credo which is ░░░░░░░░ adapt and overcome Griff ░░░░░░░░ how worried are you ░░░░░░░░ may if 8th we ░░░░░░░░ get the Jobs numbers ░░░░░░░░ were the labor secretary ░░░░░░░░ big of a deal ░░░░░░░░ that and how much ░░░░░░░░ a hurdle will it ░░░░░░░░ in this plan to ░░░░░░░░ Look I think the ░░░░░░░░ protection plan is working ░░░░░░░░ re seeing people remain ░░░░░░░░ so the numbers may ░░░░░░░░ be as bad as ░░░░░░░░ saw in March I ░░░░░░░░ hoping they won t ░░░░░░░░ as bad But look ░░░░░░░░ ve got to expect ░░░░░░░░ downside here We re ░░░░░░░░ the middle of a ░░░░░░░░ Nobody expects the economy ░░░░░░░░ be growing in the ░░░░░░░░ of a pandemic I ░░░░░░░░ we need to come ░░░░░░░░ grips with that But ░░░░░░░░ this paycheck protection plan ░░░░░░░░ people that I speak ░░░░░░░░ the franchisees that I ░░░░░░░░ spoken with would say ░░░░░░░░ s working the ones ░░░░░░░░ got the money Now ░░░░░░░░ s a good percentage ░░░░░░░░ got in too late ░░░░░░░░ haven t been able ░░░░░░░░ get money so I ░░░░░░░░ hope that resistance to ░░░░░░░░ the amount of money ░░░░░░░░ will dissipate and we ░░░░░░░░ keep these businesses flowing ░░░░░░░░ once we re through ░░░░░░░░ crisis once the crisis ░░░░░░░░ to abate rather than ░░░░░░░░ people checks I d ░░░░░░░░ see something like a ░░░░░░░░ Tax holiday through the ░░░░░░░░ of the year which ░░░░░░░░ people also encourages businesses ░░░░░░░░ hire The government s ░░░░░░░░ sending out checks it ░░░░░░░░ coming through the positive ░░░░░░░░ working and hiring which ░░░░░░░░ think is a better ░░░░░░░░ than the government continuing ░░░░░░░░ issue checks I think ░░░░░░░░ would prefer to have ░░░░░░░░ So I m hoping ░░░░░░░░ ll get to a ░░░░░░░░ where we can start ░░░░░░░░ get things back to ░░░░░░░░ Griff Well Peter let ░░░░░░░░ give you the last ░░░░░░░░ How optimistic are you ░░░░░░░░ that Oh I think ░░░░░░░░ s reasons to be ░░░░░░░░ When we re facing ░░░░░░░░ we re going to ░░░░░░░░ that we need to ░░░░░░░░ some adjustments Hopefully a ░░░░░░░░ sooner My feeling is ░░░░░░░░ we get this payroll ░░░░░░░░ plan bill you know ░░░░░░░░ IV and we start ░░░░░░░░ see the adjustments and ░░░░░░░░ dynamism of the private ░░░░░░░░ the way the private ░░░░░░░░ is so adaptable in ░░░░░░░░ then the government the ░░░░░░░░ will see the need ░░░░░░░░ assist to give it ░░░░░░░░ lift so they can ░░░░░░░░ through Because let s ░░░░░░░░ it T much better ░░░░░░░░ s much better to ░░░░░░░░ people on the job ░░░░░░░░ getting paychecks at home ░░░░░░░░ my feeling is that ░░░░░░░░ will happen And the ░░░░░░░░ has assembled a great ░░░░░░░░ I don t know ░░░░░░░░ a time when the ░░░░░░░░ cabinet on Economics you ░░░░░░░░ mnuchin kudlow E etc ░░░░░░░░ conducted themselves so effectively ░░░░░░░░ mean look at how ░░░░░░░░ mnuchin turned around the ░░░░░░░░ and got the money ░░░░░░░░ Twruf give and we ░░░░░░░░ see if he can ░░░░░░░░ a deal with Congress ░░░░░░░░ of assembling a great ░░░░░░░░ we ve done that ░░░░░░░░ here Professor Andy Paul ░░░░░░░░ you so much for ░░░░░░░░ us.