{"id":162251,"date":"2023-06-28T08:22:43","date_gmt":"2023-06-28T15:22:43","guid":{"rendered":"https:\/\/new.thepinetree.net\/?p=162251"},"modified":"2023-06-28T08:22:43","modified_gmt":"2023-06-28T15:22:43","slug":"briefing-by-principal-deputy-press-secretary-olivia-dalton-and-national-economic-council-director-lael-brainard","status":"publish","type":"post","link":"https:\/\/new.thepinetree.net\/?p=162251","title":{"rendered":"Briefing by Principal Deputy Press Secretary Olivia Dalton and National Economic Council Director Lael Brainard"},"content":{"rendered":"<p>Washington, DC&#8230;MS. DALTON:  Good afternoon.  It\u2019s great to see all of you here.  And today, I am thrilled to have someone else making their briefing room debut.  (Laughter.)  We have the Director of the National Economic Council, Lael Brainard, here with us at the podium for the first time. <\/p>\n<p><iframe loading=\"lazy\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/iFV3meotX5A\" title=\"06\/27\/23: Press Briefing by Principal Deputy Press Secretary Olivia Dalton\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/p>\n<p>Lael, as many of you may already know, brings a tremendous amount of experience to the President\u2019s economic team, having previously served as a vice chair of the Federal Reserve, undersecretary at the U.S. Treasury, and a deputy director of the NEC. <\/p>\n<p>Lael has been a tremendous asset to our team as we\u2019ve navigated the past few months.  And today, she\u2019s here to talk with you about Bidenomics, which is the word of the day, word of the week, word of the month, word of the year here at the White House.  And Bidenomics is rooted in the belief that we grow the economy when we grow the middle class. <\/p>\n<p>So, Lael, with that, I will turn it over to you for a few remarks. <\/p>\n<p>MS. BRAINARD:  Well, thank you very much.  And good afternoon.  As you know, the President is traveling to Chicago tomorrow to deliver a major address on the U.S. economy.  When the President came to office, the economy was reeling and supply chains had broken down.  But instead of going for a short-term fix, the President recognized that many of the challenges in our economy had been developing over a longer period of time.<\/p>\n<p>He rejected trickle-down economics, the theory that tax cuts at the top would trickle down, that all we needed was for government to get out of the way.  That failed approach led to a pullback of private investment from key industries, like semiconductors to solar.  It led to a deterioration of the nation\u2019s infrastructure.  And it led to a loss of a path to the middle class for too many Americans and too many communities around the country. <\/p>\n<p>So, the President vowed to put in place a very different approach \u2014 a approach that grows the economy from the middle out and the bottom up and that is very focused on growing our middle class.<\/p>\n<p>The President will outline the three key areas that are at the heart of that strategy. <\/p>\n<p>First, we\u2019re making smart investments in America in sectors that are critical to our economic and national security \u2014 focusing on infrastructure, clean energy, and semiconductors \u2014 and doing it in a way that catalyzes more private investment, not less. <\/p>\n<p>The President\u2019s historic legislation has already catalyzed about $500 billion in private-sector commitments.  And, I think it is on this chart that you can see, we\u2019ve seen a boom in private-sector spending on manufacturing construction since the President\u2019s investment agenda was enacted. <\/p>\n<p>And we\u2019re doing it in partnership with friends and allies around the world.  And we\u2019re doing it in a way that achieves our climate goals. <\/p>\n<p>Secondly, the President has prioritized policies to empower and educate American workers.  The President will highlight the historic labor market recovery and what it\u2019s meant for workers and families that were too often left behind in previous recoveries.<\/p>\n<p>He\u2019ll talk about the steps that his administration is taking to educate and empower American workers with a focus on developing skills for the jobs of the future, including those that don\u2019t require four years of college, by supporting unionization and creating apprenticeships, among other steps. <\/p>\n<p>And finally, the President is going to talk about the importance of promoting competition, both to lower costs and to provide a level playing field for small businesses by doing things like getting rid of noncompete clauses, bringing down costs from insulin to hearing aids, and focusing on junk fees. <\/p>\n<p>And he\u2019ll note all the ways that his plan is working.  Since the President has taken office, 13 million jobs have been created.  The unemployment rate is near historic lows \u2014 below 4 percent for the longest stretch in nearly 50 years.  And we\u2019ve received record low unemployment for groups that too frequently have been left behind. <\/p>\n<p>The share of working-age Americans in the workforce is higher now than it has been for 15 years, showing that decisive policy and a strong economy can bring more people into the workforce.  And you can see that here. <\/p>\n<p>Real incomes are up, especially for lower-income workers.  Small-business applications are at record high.  And today, while we have more work to do, inflation has been coming down for 11 months in a row. <\/p>\n<p>So, with that, let me wrap up, and I\u2019ll take a few questions. <\/p>\n<p>MS. DALTON:  Okay.  Thanks, Lael.  Who has a question for Lael?<\/p>\n<p>Francesca.<\/p>\n<p>Q    Thanks so much.  So, in the memo that the White House released, you pointed to a stronger economic recovery from the pandemic compared to other major economies, lots of good jobs, and putting the middle class in a better position than it was pre-pandemic.  But which of the policies \u2014 the President\u2019s policies \u2014 specifically led to those outcomes?<\/p>\n<p>MS. BRAINARD:  So, I think the sum total of the President\u2019s policies \u2014 the four historic pieces of legislation that he\u2019s passed, along with a slew of administrative actions together \u2014 are leading to investments in industries of the future.  They\u2019re leading to great new job opportunities. <\/p>\n<p>And we see those in places like Weirton, West Virginia, where we\u2019re seeing an iron-air battery plant opening on the site of an old mill that, when it shut down, lost jobs in that area. <\/p>\n<p>And, of course, we\u2019re also seeing it in the steps that are being taken to increase competition and to create better opportunities for small businesses. <\/p>\n<p>So, it\u2019s really the sum total of all three prongs of his policies that are working to create a strong economy but also an economy that will be resilient for the long term because we\u2019re investing in infrastructure. <\/p>\n<p>And just yesterday, as you know, the President announced over $40 billion in investments in high-speed Internet as part of an overall program over two different laws that is going to lead to every household in America having access to high-speed Internet, which is very similar to the approach that we saw in the Rural Electrification Act undertaken by Franklin Delano Roosevelt.<\/p>\n<p>MS. DALTON:  Andrea.<\/p>\n<p>Q    Yeah, I \u2014 thank you for being here.  I wanted to ask you about this boom in construction manufacturing and whether you think that, in combination with the new housing starts that we saw when the numbers also went up in May, would lead to some relief on the housing price issue that could help with inflation.<\/p>\n<p>And then, I \u2014 I want to ask you about the overall outlook for the economy, whether you\u2019re more confident now that there will be a soft landing and that a recession can be avoided.<\/p>\n<p>MS. BRAINARD:  Yeah, so, I think it is going to be important over a medium term of several years to see greater housing supply, and that will help to provide longer-term solutions. <\/p>\n<p>But even in the short run, if you look at the data on rent, for instance, the average rent is projected to come down for Americans over the second half of this year, providing really important relief to a lot of American families.<\/p>\n<p>What was the second part of your question?<\/p>\n<p>Q    Can a recession be avoided if \u2014<\/p>\n<p>MS. BRAINARD:  So, in terms \u2014 yeah, where we are on the economy, what has been interesting is, you know, there have been these reade- \u2014 repeated predictions.  And yet, what we\u2019ve seen in the actual data has been a lot of resilience. <\/p>\n<p>So, again, we\u2019re continuing to see strong labor market, low unemployment.  We\u2019ve actually seen that stretch of a strong labor market im- \u2014 improve due to the very large increase we\u2019ve seen in participation of working-age Americans.<\/p>\n<p>And so, there are reasons to think that we are going to continue to see resilience against a backdrop of what we have referred to as more stable economic growth.<\/p>\n<p>MS. DALTON:  Kelly O.<\/p>\n<p>Q    Thanks for being here.  When you look at the overall picture with respect to office space in cities and how that has been an issue with the changing way people work, do you see that as having an impact on the economy if those buildings, you know, can\u2019t be susta- \u2014 sustained, the companies and the banks that are involved there?<\/p>\n<p>And with the kinds of projections you\u2019re doing for the infrastructure building and the broadband and all of that, when we have such a tight labor market, where do you foresee that pool of workers to be?  And can it be satisfied?<\/p>\n<p>MS. BRAINARD:  Yeah.  So, in terms of commercial real estate, this is obviously an area that we\u2019ve been tracking closely.  Within commercial real estate, it\u2019s really that segment that you referred to.  It\u2019s office space only.  Some of the other areas of commercial real estate have actually been doing quite well, like industrial and even retail has been doing better.  Multifamily has been doing very well.<\/p>\n<p>But, yes, some areas, office is now adjusting to different patterns of working, more remote work, potentially.  So that needs to work its way through.  And, of course, we\u2019re very attentive to where those financial risks may lie.<\/p>\n<p>And so far, they seem to be being managed pretty well.  But we\u2019re going to stay focused on that.<\/p>\n<p>And the second piece was matching workers with jobs.  So, the President\u2019s agenda includes a lot of initiatives that are intended precisely to make sure that our workforce in the places where we\u2019re seeing those investments is skilled and is connected to those jobs. <\/p>\n<p>And so, we talk about registered apprenticeships.  The President just traveled to North Carolina to participate in meetings at a community college that was part of a consortium that resulted from his legislation.  And those \u2014 those students are being connected directly to these jobs associated with investments in our manufacturing sector.  And in some cases, going back to high-school-level curricula. <\/p>\n<p>And that\u2019s very much what he has in mind when he talks about how skilled the workers that are involved in some of these very complicated industries of the future are, and the pathways that might include apprenticeships, might include community college, but need not include a four-year college.<\/p>\n<p>MS. DALTON:  I know your time is limited.  Thank you so much for \u2014<\/p>\n<p>MS. BRAINARD:  Thank you.<\/p>\n<p>MS. DALTON:  \u2014 joining us here in the briefing room today, Lael.<\/p>\n<p>MS. BRAINARD:  Thank you very much.<br \/>\nQ    Come back anytime.<\/p>\n<p>MS. DALTON:  Yes, please come back anytime.<\/p>\n<p>So, I just have one piece of brief news at the top before we get to questions.  Today, the Biden-Harris administration is announcing a new security assistance package for Ukraine, as we continue to stand with the people of Ukraine as they defend themselves from Russia\u2019s brutal invasion.<\/p>\n<p>This package includes key capabilities that will support Ukraine\u2019s counteroffensive operations, such as mine-clearing equipment, armored vehicles, and artillery rounds.  It will also strengthen air defenses to help Ukraine protect its people from rocket attacks and prov- \u2014 provide Ukraine with ant- \u2014 additional anti-armor systems and ammunition for the HIMARS rocket systems that Ukraine has \u2014 is using so effectively on the battlefield.<\/p>\n<p>This is the 41st drawdown of equipment from the DOD inventories using presidential drawdown authorities for Ukraine that Congress approved last year with strong bipartisan support.  And as President Biden told President Zelenskyy on Sunday, we continue to support Ukraine as it defends its sovereignty and territorial integrity from Russian aggression.<\/p>\n<p>Seung Min.<\/p>\n<p>Q    Congratulations on your first time in the briefing room, officially.<br \/>\nSo, two questions.  Can you offer more details about the lunch with President Obama and President Biden today?  Is it just kind of a fun check-in thing?  Or do they have a specific agenda?<\/p>\n<p>I think President Obama has been doing a lot on the issue of democracy.  Is that something that\u2019s \u2014 they\u2019re going to touch on during the lunch today?<\/p>\n<p>MS. DALTON:  Well, as you know, the two leaders, the two Presidents stay in touch regularly.  They most recently spoke in early June when President Obama called President Biden to congratulate him on reaching the bipartisan budget agreement, which I believe we read out to you all at the time.<\/p>\n<p>And, certainly, they\u2019ve seen each other regularly in the months before that.  But, you know, President Biden is happy to be hosting President Obama here at the White House this afternoon for lunch.  I\u2019m not going to detail their \u2014 or speculate on what their private conversations might detail or might involve \u2014 but to say that they always look forward to seeing each other and having a chance to sit down in person.<\/p>\n<p>Q    Is it safe to say it\u2019s more like a social meeting \u2014 or any specific agenda?<\/p>\n<p>MS. DALTON:  I wouldn\u2019t \u2014 there\u2019s no specific agenda to this meeting.  They meet \u2014 meet regularly.  This is part of that regular cadence of \u2014 of meetings, and I\u2019m sure it will continue.<\/p>\n<p>Q    And on the student loan decision that we expect from the Supreme Court \u2014 I mean, I know the administration has said over and over that you\u2019re confident in your legal \u2014 in your legal argument before the Justices, but does that mean you have no plan B in case this is struck down?  What is your alternative if the Justices don\u2019t rule the way that you want a rule?<\/p>\n<p>MS. DALTON:  Well, look, I think what we\u2019ve consistently said is that we have been very confident in the legal argument that the Solicitor General put before \u2014 argued before the Supreme Court, and we\u2019re not going to get ahead of what the Supreme Court\u2019s outcome is here.<\/p>\n<p>But let\u2019s also be clear about the stakes.  The whole reason the President pursued the student debt relief program is because of what \u2014 the importance of the breathing room that this will provide, potentially, to millions and millions of Americans who just needed a little bit more breathing room as we came out of this pandemic.<\/p>\n<p>And so, while we won\u2019t get ahead of the decision, we know that the stakes couldn\u2019t be higher for student borrowers right now.  And certainly, we\u2019re watching along with the millions of people who desperately need that student debt relief to see what the court will do here.<\/p>\n<p>Q    And just one follow-up.  So, I was going ask Director Brainard this: While we\u2019re focused on the can- \u2014 the fate of the cancelation program, obviously, the student loan payment \u2014 the repayments will resume shortly.  And I\u2019m wondering if the administration has done any sort of research or has any projections on what kind of a drag that would be on consumer spending and subsequently the economy?<\/p>\n<p>MS. DALTON:  Well, first of all, with respect to the \u2014 the lifting of the student loan pause, the Department of Education is going to be in touch directly with student borrowers to make sure that they have what they need and the information that they need as that prepares to resume.<\/p>\n<p>But with respect to the economy, I would say part of the reason that we did this is because, you know, you heard Lael just talk about the idea of Bidenomics \u2014 the idea that we grow the economy by growing the middle class, that we grow the economy by empowering and educating workers, by giving low and \u2014 you know, growing from the bottom up and the middle out here.  And certainly, the student debt relief program fits into that idea.<\/p>\n<p>The idea that coming out of this pans- \u2014 pandemic, a once-in-a-generation pandemic, the challenges that student loan \u2014 student borrowers faced as a result \u2014 certainly, the idea of giving folks a little bit more breathing room to get out from under mountains of student debt so that they can, you know, do things like start a small business or buy a home or save for, you know, their \u2014 their kids\u2019 college education.  These are the kinds of things that we think will have a significant impact and a benefit to the economy over the long term.<\/p>\n<p>Q    Sure, but if on the repayments, when you\u2019re actual- \u2014 wouldn\u2019t they have less money to spend?  I mean, does that concern the administration at all about the impact that would have on consumer spending?<\/p>\n<p>MS. DALTON:  Again, I\u2019m not going to get into hypotheticals about what the potential outcome of the Supreme Court decision might be.<\/p>\n<p>What I will say is that we feel that this is an incredibly important program for the \u2014 the student borrowers across the country who just need a little bit more breathing room.<\/p>\n<p>Mary.<\/p>\n<p>Q    Polling continues to show this pretty large disconnect between the economic successes that you all are touting and highlighting this week and the way Americans are actually feeling about the economy, the way they\u2019re feeling about their own wallets.  Inflation and recession fears continue to be a pretty big pull on the President\u2019s popularity.  So, why do you think that is?  And is this big rebrand going to be enough to bridge that divide and turn things around?<\/p>\n<p>MS. DALTON:  Well, what I would say is that the President\u2019s economic policies are incredibly popular when you ask people what they think about investing in our roads, bridges, and airports; what you \u2014 when you ask people what they think about educating and empowering workers; when you ask people about how they feel about reshoring manufacturing jobs and investing in America.  Those things are incredibly popular.<\/p>\n<p>And we find that when we go out and we talk to people about it, they support Bidenomics.<\/p>\n<p>And so, that\u2019s exactly what the President is going to be doing in Chicago tomorrow.  And that\u2019s exactly why we\u2019re \u2014 we\u2019re talking to Americans about everything that he\u2019s doing to make sure that we grow the economy by growing the middle class \u2014 give people the \u2014 the support that they need to \u2014 to grow our economy for us.<\/p>\n<p>Q    And yet, despite those numbers that you just cited, I mean, according to our last poll, 54 to 36 percent say Donald Trump did a better job handling the economy when he was president than Biden has done so far.  You aren\u2019t announcing anything new necessarily this week; you are just, you know, sort of highlighting and touting what you\u2019ve done.  Is that enough?<\/p>\n<p>MS. DALTON:  Well, what I would say to you is look at where we were when we came into office when, after four years of Donald Trump, unemployment was over 6 percent.<\/p>\n<p>And today, we are standing here at a time where unemployment has \u2014 is at historic lows.  We\u2019ve seen inflation come down for \u2014 by 50 percent over the last year.  Eleven months straight, inflation has come down.  We\u2019ve recovered \u2014 our economy has recovered faster than any major economy in the entire world. <\/p>\n<p>And that\u2019s happening because of President Biden\u2019s leadership, because of the economic agenda that he\u2019s put forward.  Two and a half years into this administration, we\u2019re just seeing the \u2014 the first impacts of all the historic legislation that he was able to achieve in the first couple of years.<\/p>\n<p>We\u2019re seeing shovels in grounds.  We\u2019re seeing \u2014 we\u2019re seeing private investment come back to our country.  We\u2019re seeing millions of jobs created.<\/p>\n<p>And so, now is the time where, with all of those accomplishments, the President can take this message to the American people and say, \u201cThis is what Bidenomics is and here\u2019s what we have to show for it.  Let\u2019s put our foot on the gas and keep moving forward instead of returning to these failed trickle-down policies that never seem to ever trickle down.\u201d<\/p>\n<p>Q    And on one other topic, United Airlines is calling out the FAA for failing the traveling public, saying the FAA staffing and inexperience are crippling air travel.  What\u2019s your response?  And are there any steps \u2014 you know, emergency steps, priority steps that \u2014 that can be taken to manage some of this chaos out there?<\/p>\n<p>MS. DALTON:  Well, I think \u2014 look, across the country over the last couple of days, we\u2019ve seen some really severe weather.  Millions of people have been impacted by that, seen it up close. I know I know people who had multiple canceled flights \u2014 flights yesterday as a result of the extreme weath- \u2014 weather that we\u2019re seeing.<\/p>\n<p>The people at the FAA \u2014 the men, women of the FAA \u2014 are always wor- \u2014 willing to work collaboratively with companies to solve the problem.  And I \u2014 and I would just say that I know that the FAA is speaking to this and \u2014 and stands ready to work with companies to address any issues they\u2019re facing.<\/p>\n<p>Q    I want to go back \u2014<\/p>\n<p>MS. DALTON:  Ed.<\/p>\n<p>Q    \u2014 to two subjects that have just come up here.  First, on the economy, you and this White House continues to point out that on individual issues that have been passed and that are being implemented, they are popular with the American public.  Why does the White House think consistently, however, that Americans grade the President so poorly on his handling of the economy?<\/p>\n<p>MS. DALTON:  Well, look, I just said that we\u2019re just starting to feel the impact of the President\u2019s economic agenda over the last couple of years.  I mean, we \u2014 he, in the span \u2014 span of two years\u2019 time passed the Bipartisan Infrastructure Law, the Inflation Reduction Act, CHIPS and Science Act. <\/p>\n<p>And now we\u2019re starting to see \u2014 we are reaching the implementation phase where people are seeing 35,000 infrastructure pro- \u2014 projects and shovels in grounds across the country; where we are seeing $490 million \u2014 billion in private-sector investment coming back to the United States and reshoring of hundreds of thousands of manufacturing jobs in cities that had been hollowed out for generations. <\/p>\n<p>So people are just starting to see the impact of \u2014 of all of the successes of the last couple of years under this President\u2019s economic agenda.  And now is when we\u2019re able to not only talk about what the President\u2019s agenda is but point to the results and the fact that we have to keep our foot on the gas, as I said, to keep ourselves moving forward here.<\/p>\n<p>Q    Some version of what you just said has been said by this White House, though, most of the year.  So, at what point does \u2014 are the American people going to see this?  Or are they just not paying attention to what\u2019s being done and they\u2019re not being patient enough?<\/p>\n<p>MS. DALTON:  Look, I think that pe- \u2014 people all across the United States of America are starting to see shovels in grounds in their communities.  They\u2019re seeing the President announce, as he did on Monday, a commitment to connecting the entire country through broad \u2014 high-quality, affordable broadband access, which is going to make a difference in the lives of millions of people. <\/p>\n<p>And so, you know, as we get farther into implementation, people are going to continue to feel that; they\u2019re going to continue to see \u2014 see that; and they\u2019re going to continue to hear from this President about how we are going to continue to make progress for them. <\/p>\n<p>Q    Real quick \u2014<\/p>\n<p>MS. DALTON:  Kevin.<\/p>\n<p>Q    \u2014 on student loans, though.  Do you have a \u2014 to those Americans who have those student loans that are waiting for the forgiveness or have enjoyed the forgiveness or to those that are perhaps opposed to the program at all, what would be your message to those, especially with \u2014 with loans, who are waiting as anxiously as the White House is for a decision?<\/p>\n<p>MS. DALTON:  That President Biden has fought for you every step of the way.  You know, the Student Debt Relief Plan he announced to give millions of student borrowers who were buried under mountains of debt a little bit more breathing room coming out of this pandemic. <\/p>\n<p>And in the face of that, we saw Republican lawmakers in Congress and special interests try to defund this program.  We saw them introduce legislation that the President had to veto to try and gut this program.  And we saw them go all the way to the highest court in the land to try to rip away student debt relief from millions of student borrowers who desperately needed it. <\/p>\n<p>And this President, the DOJ, Solicitor General went to the court and fought hard to protect this program.  Now, we are confident in the legal arguments that we\u2019ve made.  We certainly hope the Supreme Court agrees, because we know all too well what the stakes are for millions of students.<\/p>\n<p>Kevin.<\/p>\n<p>Q    Just circling back to the FAA, why hasn\u2019t the President nominated someone to lead that agency on a permanent basis?  It seems as if the airlines are losing confidence somewhat in their ability to manage these travel problems. <\/p>\n<p>MS. DALTON:  You know, as you know, we have fought to swiftly confirm an FAA nominee.  I don\u2019t have any personnel announcements with \u2014 to \u2014 to share with you today.  But we do have capable leadership in place at the FAA who are making sure that our \u2014 our skies remain safe for air travelers in the meantime and are doing the hard work of making sure that we meet the needs of consumers in this busy travel season. <\/p>\n<p>Q    Okay.  And was the President able to listen to that tape of his predecessor that was released yesterday talking about classified documents, and if you have any particular reaction to it?<\/p>\n<p>MS. DALTON:  I am simply just not going to go here and refer you to the DOJ on anything related to \u2014 to this matter.<\/p>\n<p>Andrea.<\/p>\n<p>Q    Yeah.  I just want to ask you about Russia and Wagner.  What actions, you know, can you take as an administration to hold Wagner accountable for \u2014 for their \u2014 for what we just saw over the last few weeks?  And are you starting to \u2014 you know, to what extent are you concerned about a destabilization of Russia and the impact that that would have on the global economy, but also on the conflict?<\/p>\n<p>MS. DALTON:  So, with respect to your first question, we \u2014 we have taken action against Wagner \u2014 the Wagner Group in the past.  I\u2019m not going to forecast any future action against Wagner or even speculate on what the future might hold. <\/p>\n<p>As you know, we are continuing to monitor the situation closely and stay in close coordination with allies and partners across the globe.  You saw the President, Secretary Blinken, Secretary Austin, doing that across the weekend, into Monday.  And certainly, the President continues to be briefed on this situation and is monitoring it very closely.<\/p>\n<p>We don\u2019t have a perfect picture right now of what is happening.  But we want to continue to make one thing very, very clear, and that is that we resolutely stand by and support Ukraine. <\/p>\n<p>You just heard me a moment ago announce yet another drawdown for Ukraine to make sure that they have what they need to defend their territorial sovereignty and integrity.  And, you know, you saw the President speak to President Zelenskyy on Sunday to reinforce that directly.  So we\u2019ll continue to make that clear.  We\u2019re continuing to watch the situation.<\/p>\n<p>I\u2019m not going to have much more to say on \u2014 on \u2014 on this today, unfortunately.  We just are in a place of waiting and watching and working with our partners to make sure we have an accurate assessment of what\u2019s going on.<\/p>\n<p>And did I miss the second part of your question?<\/p>\n<p>Q    No, I have another one, actually, though, on China.  What \u2014 you know, we \u2014 we\u2019ve seen reports that Janet Yellen will be going to China next \u2014 next week, and I\u2019m wondering about what, you know, your plans are, your thinking is, about having the President speak with President Xi after the whole dustup at the last campaign \u2014 you know, sort of announced via whatever the \u2014 the \u201cdictator\u201d remark \u2014 (laughter) \u2014<\/p>\n<p>MS. DALTON:  Whatever you\u2019d like to call it.<\/p>\n<p>Q    Just to call it \u2014 call it out.<\/p>\n<p>MS. DALTON:  So, I don\u2019t have any travel to preview for \u2014 for Secretary Yellen.  Certainly, would refer you to Treasury \u2014 the Treasury Department to make any announcement of that nature.<\/p>\n<p>With respect to the President, I also don\u2019t have any call to preview.  I think you \u2014 you heard him the other day say he hopes to speak to President Xi in the near term.  But beyond that, I don\u2019t have anything to \u2014 to add on that front. <\/p>\n<p>What I would say is that, as you heard Secretary Blinken say during his travels in the region and on \u2014 upon his return, we continue to feel it\u2019s really important that we have multiple channels of communication with Beijing and that that is critical to the relationship in a time where our increased competition \u2014 we want to make sure that doesn\u2019t veer into conflict.<\/p>\n<p>And so, have those multiple layers of communication to avoid any sort of miscalculations, misperceptions, tension \u2014 manage \u2014 manage the tensions in a responsible way.<\/p>\n<p>Q    Given the situation that we saw unfold this weekend in Russia, is it \u2014 are you reaching out to your Chinese counterparts through all these different discussion channels to ask them particularly to take any particular action in the context of the divisions in Russia?<\/p>\n<p>MS. DALTON:  I don\u2019t have anything specific to read out to you on that.<\/p>\n<p>Sebastian.<\/p>\n<p>Q    Thank you very much.  Do you have anything on the slightly mysterious conference that took place in Denmark on Saturday?  I mean, I say a little \u201cmysterious\u201d because it was a \u2014 it was a big conference.  There were countries from around the world, including some of the Ukraine-skeptic ones \u2014 if you can call them that \u2014 like India.  But very little has come out of it.  Do you have anything on what did come out of it?  And could it lead to something more concrete and visible?<\/p>\n<p>MS. DALTON:  So you\u2019re referring to a meeting that happened \u2014 it was organized by Ukraine in Copenhagen over the weekend.  And on Saturday morning, National Security Advisor Jake Sullivan participated in that meeting virtually.  NSC Senior Director for Europe, Amanda Sloat, participated in that meeting in person.<\/p>\n<p>Again, it was convened by Ukraine.  They had a positive and productive discussion about, you know, that \u2014 about what principles for peace could look \u2014 look like and how we could achieve a just and durable peace in Ukraine. <\/p>\n<p>And the attendees broadly agreed that we want to see this war \u2014 you know, this war end swiftly and we want to ensure that everybody continues to respect the fundamental principles of the U.N. Charter, and that includes the principles of sovereignty and territorial integrity.<\/p>\n<p>Beyond that, I don\u2019t have anything to read out to you.  This was a meeting convened by Ukraine, and I would refer to you \u2014 refer you to them for other participants and details.<\/p>\n<p>Marek.<\/p>\n<p>Q    Thank you, Olivia.  I have two questions for you.  I would like to follow up on Andrea\u2019s question.  There are \u2014 alarm bells are ringing in Poland and Baltic states that \u2014 because of the movement of Wagner Group troops to Belarus.  And the Polish President just today called it a relocation of Russian forces.<\/p>\n<p>So is it at all possible that the whole mutiny was just a cover for moving Wagner\u2019s troops to Belarus?  And what\u2019s your reaction to those concerns in \u2014 on the eastern flank of NATO?<\/p>\n<p>MS. DALTON:  So I\u2019m not going to get into any sort of speculation about this situation.  We\u2019re continuing to monitor it closely.  And all I\u2019ll say is that, you know, rhetoric around nuclear weapons is, you know, from the \u2014 we\u2019ve seen coming from the Russians is highly irresponsible.<\/p>\n<p>And that said, we\u2019ve seen no change, no reason to assess that their nuclear posture has changed, and no reason to change our own nuclear posture.<\/p>\n<p>With that said, we comai- \u2014 remain committed to the collective defense of the NATO Alliance, which, of course, includes \u2014 which, of course, includes Poland.  And we are going to stay in close touch with our partners and allies to make sure we continue to monitor \u2014 monitor this closely and responsibly.<\/p>\n<p>Q    And to follow up on nuclear weapons: President Lukashenko said today that a significant part of the nuclear weapons have been brought to Belarus.  Can you confirm that and \u2014 that, in fact, it happened?  And if true, why the U.S. is not changing its nuclear posture in response to Russia\u2019s \u2014 Russia changing nuclear \u2014 their nuclear posture?  And John yesterday sounded, like, a little bit dismissive about this \u2014 this movement.<\/p>\n<p>MS. DALTON:  Yeah, I \u2014 I can\u2019t confirm that for you.<\/p>\n<p>Mike.<\/p>\n<p>Q    You\u2019ve talked a lot today on \u2014 back on the economy \u2014 about what the President has already done in the last two and a half years.  But, of course, a lot of the President\u2019s agenda was left on the table: childcare, ending Trump tax cuts, that kind of thing. <\/p>\n<p>At what point \u2014 obviously, it\u2019s not this speech, but \u2014 but at what point does the President have to pivot to be talking about specific proposals for new things that he wants to do in a potential second term or even in the latter part of this term? <\/p>\n<p>And why isn\u2019t \u2014 you know, if this \u2014 I think Karine yesterday called it a \u201ccornerstone speech\u201d or something like that.  Why not use this opportunity \u2014 you\u2019re obviously building up the speech \u2014 to do some of that, to talk a little bit about new, specific proposals?<\/p>\n<p>MS. DALTON:  Well, look, part of what we\u2019re doing right now is implementing so much of this legislation, right?  I mean, if you \u2014 right now, I mean, we launched a couple of weeks ago Invest.gov, where you can go and you can actually see where all the private investment that\u2019s coming into the United States, where all of these 35,000 transportation projects are springing up across the country.  That is now underway. <\/p>\n<p>And we\u2019re focused on implementing the incredible pieces of historic legislation this President has gotten done over the last two and a half years and making the case that this is the kind of strategy we need to continue to put the \u2014 you know, put the pedal to the metal on so that we can continue this economic progress and not risk undercutting all of that. <\/p>\n<p>Because as we\u2019ve seen, House Republicans continue to try to repeal the IRA and the progress that we\u2019re making in investing in clean energy and manufacturing, reshoring jobs in America.  They\u2019re continuing to push for unpaid-for extensions of the Trump tax cuts, which would add $3 billion to our deficit, send jobs overseas, and undercut the progress that we\u2019ve made. <\/p>\n<p>So this President is laser-focused on, you know, the historic progress that we\u2019ve made, the historic legislation we\u2019ve made over the last two and a half years, and making sure that we implement that right now successfully so that we can continue to keep our foot on the gas, as they say.<\/p>\n<p>Q    But is that \u2014 but is that \u2014 does this administration think that\u2019s enough?  Or at some point, do \u2014 does the administration think he has to lay out his \u2014 his next vision?<\/p>\n<p>MS. DALTON:  Well, today we\u2019re focused on tomorrow and laying out Bidenomics and talking to the American people about what that is, how it\u2019s taken shape, and how it\u2019s made a meaningful impact in their lives.  That\u2019s what we\u2019re focused on for the \u2014 for the moment.  I don\u2019t have anything to preview for you in the way of future economic announcements. <\/p>\n<p>But, look, we believe there\u2019s really substantial progress to be proud of here: 13 million jobs, 12 million new small business starts, wages that are rising now as \u2014 to where they were at the beginning of this \u2014 this administration.  They\u2019re \u2014 wages are rising now, even when adjusted for inflation.<\/p>\n<p>There are a lot of reasons to see positive signs in this economy as a result of what the President has done, and we want to keep that going.<\/p>\n<p>Go ahead, Jared.<\/p>\n<p>Q    Thank you.  So, on that speech tomorrow, is Bidenomics kind of like a \u2014 the message here that, as it relates to inflation, as it relates to a lot of the \u2014 the issues that you guys were dealing with over the last few years, that the worst of it\u2019s over?  Is that what we\u2019re getting here from President Biden?<\/p>\n<p>MS. DALTON:  I am definitely not a \u2014 an, you know, economic forecaster.  I\u2019m not going to get out my crystal ball.  I think, as you\u2019ve heard Lael just lay out really clearly, however, we\u2019ve seen a lot of positive signs about inflation moderating, inflation coming down by 50 percent over the last year, declining for 11 months straight.<\/p>\n<p>Certainly, when you look at where other major economies in the world are, the United States has a lower rate of inflation right now than any other major economy.  And so, that tells us that we are on the right track here and we\u2019ve got to continue to keep our foot on the gas.<\/p>\n<p>Q    But does the administration share the baseline view of the Federal Reserve that 2 percent inflation is the goal?<\/p>\n<p>MS. DALTON:  I, as you know, cannot comment on the \u2014 the independent monetary policy set forward by the Federal Reserve, so I\u2019m just going to leave that there.<\/p>\n<p>Ed, go ahead.<\/p>\n<p>Q    Thanks, Olivia.  So, the Federal Reserve says inflation is double what the Federal Reserve would like to see, and they believe the unemployment rate will go to 4.1 percent.  So, how is Bidenomics not an era of high inflation and a rising unemployment rate?<\/p>\n<p>MS. DALTON:  Well, take a look at where we started and where we are now.  That\u2019s the easiest answer to your question.<\/p>\n<p>When we came into office with the global economic headwinds of \u2014 of COVID that were then compounded by the disruptions we faced when Russia invaded Ukraine and disrupted global food supply chains, global fuel supply chains, sent inflation soaring around the world.<\/p>\n<p>Right now, the United States is in a better position on inflation than any other major economy.  And why is that?  It\u2019s because the President took a number of swift and decisive actions to make sure that we got our economy on track, that we got ourselves open and chugging along again. <\/p>\n<p>And today, as a consequence of that, we see record low unemployment; record new small business starts; inflation that, again, is lower than any other major economy in the world.  And we\u2019re \u2014 we\u2019re making progress.<\/p>\n<p>Q    But we\u2019re seeing layoffs, specifically talking about the auto industry.  For example, Ford is saying they\u2019re laying off workers to afford the cost of the transition to EV.  The first quarter of this year, Ford lost $700 million on their EV program, lost $600 million last year.<\/p>\n<p>So, is that what we can expect with Bidenomics, then?<\/p>\n<p>MS. DALTON:  Well, I would just say, looking across the economy broadly, we\u2019re seeing signs of progress.  We\u2019re seeing, as I said just a moment ago, record low unemployment, record small business starts, jobs that are coming back by the hundreds of thousands overseas as a result of private investment in clean energy manufacturing in our country.<\/p>\n<p>And so, certainly, we believe that, broadly, we are on the right track here, that Bidenomics is having a tremendous impact.  And we want to continue to see that progress move forward.<\/p>\n<p>Go ahead.<\/p>\n<p>Q    Does the White House have a response to Ron DeSantis\u2019s proposal to use lethal force against drug cartels trying to cut through the border wall along the southern border?<\/p>\n<p>MS. DALTON:  I\u2019ve got to be really careful from here in talking about a 2024 \u2014 declared 2024 presidential candidates as \u2014 as a result of something that you all know \u2014 it\u2019s called the Hatch Act; it prevents me from doing so.<\/p>\n<p>But what I will say, broadly, is that with respect to \u2014 with respect to immigration, you know, this President came into office introducing a comprehensive immigration reform; sought and received and was able to obtain record border security funding; was able to put in set \u2014 put in place a series of policies that expanded legal pathways for migration that dealt with our border situation and has now resulted in a significant decrease in unlawful border crossings since the lifting of Title 42.  And he\u2019s done all of that without the help of Republican governors around the country or Republican lawmakers in Congress.<\/p>\n<p>And so, we think that this is a serious issue that demands leadership and that, you know, the President is providing that leadership.  And we just hope that, you know, Republicans will find their way to the table.<\/p>\n<p>Q    But on the policy itself, do you think \u2014 putting aside Ron DeSantis\u2019s proposal of it, do you consider that the use of lethal force against \u2014 you know, he said \u201cdrug cartels\u201d \u2014 do you consider that draconian, going too far?<\/p>\n<p>MS. DALTON:  I haven\u2019t seen the details of this policy, and I\u2019m not going to speak to it specifically, also given my Hatch Act concerns.  But I\u2019m happy to take it and come back to you, if I can say anything about it.<\/p>\n<p>Jacqui, go ahead.<\/p>\n<p>Q    Thanks, Olivia.  What message is the President trying to send the American people when he invites his son to the state dinner and Camp David, as we saw this past weekend, amid everything he\u2019s going through?<\/p>\n<p>MS. DALTON:  Every president of the United States has invited their family to a state dinner.  This President also has a family.  He is no different.  And beyond that, I\u2019m just not going to engage on this.<\/p>\n<p>Q    The former White House Press Secretary, Jen Psaki, acknowledged that optically that might not have been easier for the White House.  Can you elaborate on that at all \u2014 the decision to \u2014 to invite the President\u2019s son amid everything that he\u2019s going through and what challenges that poses for \u2014 for this White House to explain?<\/p>\n<p>MS. DALTON:  Like every other administration, like every other president, this President has a family, and he did exactly what many prior administrations have done.  And beyond that, I really don\u2019t have any comment on this.<\/p>\n<p>Go ahead, Catherine.<\/p>\n<p>Q    Thanks.  You\u2019ve mentioned a couple times the idea that people are just starting to feel the impact of the President\u2019s economic policies.  Does the administration have an assessment of how long it will take for these policies to sink in, and will it be before the next election?<\/p>\n<p>MS. DALTON:  Well, look, I\u2019m not going to speak to future elections from here.  But this President is \u2014 as I\u2019ve said, we have already seen the strongest and fastest economic recovery of any major economy in the world.  So, we\u2019ve already seen \u2014 I just talked about the millions of jobs that have been created, the millions of new small business starts.  So, we are on \u2014 on track.  We are making progress.<\/p>\n<p>All I\u2019m saying is that the President is really laser-focused on making sure that we implement his Invest in America agenda and continue to, you know, as I said, acc- \u2014 keep \u2014 make sure that we keep accelerating forward.<\/p>\n<p>Q    And I just want to try once more on the layoffs at Ford.  I want to know if you have any comment on the layoffs themselves.  And is the administration comfortable with the idea that jobs could be lost in this process of transitioning to electric vehicles?<\/p>\n<p>MS. DALTON:  Well, look, certainly anytime somebody loses a job, loses a paycheck, that\u2019s something we\u2019re concerned about.  The President knows that deeply and personally \u2014 what that is like for a family.  And so, certainly anytime we\u2019re hearing about layoffs in the economy, we\u2019re concerned about that and monitoring that and looking at that.<\/p>\n<p>But what I will say more broadly is: Part of the reason why the clean energy investments that the President has made in our economy are so important is because we are simultaneously moving his ambitious climate agenda forward but also bringing clean energy jobs and manufacturing jobs and supply chains back to the United States by the hundreds of thousands.<\/p>\n<p>So, you know, again, anytime we hear that somebody has lost a job and a paycheck, that is something we take very seriously and don\u2019t want to diminish.  But we\u2019re making progress here, and we think that\u2019s important to lift up too.<\/p>\n<p>Courtney?<\/p>\n<p>Q    Thank you.  On childcare, the Commerce Department is requiring certain recipients of CHIPS funding to provide childcare to their workers.  I know you\u2019ve been talking about different infrastructure investments today; Lael was talking about that as well.<\/p>\n<p>Looking at \u2014 I know the White House is also looking at other ways to replicate that idea to expand childcare when it wasn\u2019t put in the Inflation Reduction Act.  Can you talk about where you are on that, in terms of attaching legislation \u2014 childcare legislation you already passed?<\/p>\n<p>MS. DALTON:  I \u2014 I\u2019m going to have to take that.  I just don\u2019t have an update for you today on that.<\/p>\n<p>Go ahead.<\/p>\n<p>Q    Thank you, Olivia.  I\u2019ve got a quick question about the lunch and then a couple of follow-ups from last week.  About the lunch, President Obama reportedly told President Biden ahead of 2020, quote, \u201cYou don\u2019t have to do this, Joe.  You really don\u2019t.\u201d  Can you say if a similar message was shared today?<\/p>\n<p>MS. DALTON:  I can\u2019t, and I don\u2019t know what you\u2019re referring to.<\/p>\n<p>Q    Regarding whether he should continue to serve in public life.<\/p>\n<p>MS. DALTON:  I \u2014 I don\u2019t know what you\u2019re referring to, and I don\u2019t have any comment on it.<\/p>\n<p>Q    And to follow up on last week: Does the White House believe Attorney General Garland committed perjury when he testified under oath that Delaware U.S. Attorney David Weiss could bring charges outside of his district?<\/p>\n<p>MS. DALTON:  I don\u2019t have any comment on this.<\/p>\n<p>Anita?<\/p>\n<p>Q    And \u2014<\/p>\n<p>MS. DALTON:  Go ahead.<\/p>\n<p>Q    \u2014 and within 10 days of \u2014<\/p>\n<p>MS. DALTON:  Steven, I\u2019m moving on.  Anita?<\/p>\n<p>Q    I have a China question and also a Ukraine question.  First of all, on China, can you just lay out the expectations for Secretary Yellen\u2019s trip?  And is this possible executive order on outbound investment on the table?<\/p>\n<p>MS. DALTON:  I\u2019ll leave it to the Treasury Department to discuss any potential travel that Secretary Yellen has.<\/p>\n<p>Q    Great.  Then, on Ukraine: Today\u2019s package \u2014 I didn\u2019t see it mention long-range missiles, which Ukraine has asked for.  They want them to take back territory.  Are those not on the table?  Why are they not there?  And are they going to be considered in future packages?<\/p>\n<p>MS. DALTON:  Look, our focus has always been on making sure that Ukraine has what it needs to defend itself and defend its territory and its sovereignty.<\/p>\n<p>What I would just say to you on your specific question is, you know, you should feel free to reach out to Department \u2014 Department of Defense about all of the specific contents of this package.  I think they may have some more detail to lay out.<\/p>\n<p>AIDE:  Olivia, we can do one or two more.<\/p>\n<p>MS. DALTON:  Okay.<\/p>\n<p>Q    A follow on Ukraine?<\/p>\n<p>MS. DALTON:  Go ahead.<\/p>\n<p>Q    Thanks.  Thanks, Olivia.  I just wanted to get a comment on the Supreme Court decision today on Moore vs. Harper.<\/p>\n<p>MS. DALTON:  Sure.  So this morning at the Supreme Court, there was a critical decision with respect to voting rights.  As you know, this has been an enormous priority for the President and the Vice President since the day that they entered office,<br \/>\nto strengthen and shore up voting rights in this country.<\/p>\n<p>And so we\u2019re pleased that the Supreme Court rejected the extreme legal theory presented in this case, which would have interfered with state governments, which would have opened the door for politicians to undermine the will of the people and would have threatened the freedom of all Americans to have their voices heard at the ballot box.<\/p>\n<p>Again, as you just heard me say, the President and the Vice President have made this a significant priority since they first entered office.  And they will continue to fight to make sure that \u2014 to fight to urge Congress to pass critical voting rights legislation in Congress as we go forward to ensure there are fair congressional maps and that people have access to the ballot box.<\/p>\n<p>Q    A quick follow-up on inflation, real quickly, please.  So you mentioned that the White House believes inflation is moderating.  The Bank of America CEO, Brian Moynihan, said in an interview today that \u201cWe think it\u2019ll take [Fed officials] all of this year and all of next year into 2025 before they get inflation in line with their long-term target.\u201d  Does the White House agree with this assessment?<\/p>\n<p>MS. DALTON:  I certainly am not going to make any predictions from here and ec- \u2014 economic forecasts from here.  All I can say is what Lael said a few moments ago, which is that we\u2019ve seen inflation come down significantly over the past year \u2014 50 percent of the last year, 11 months straight. <\/p>\n<p>And, you know, we\u2019re going to continue to do everything in our power to keep lowering costs for the American people and continue making all that progress. <\/p>\n<p>Q    Olivia, following up on the President\u2019s call with President Zelenskyy: He had said that there would be a second one.  So it sounds like that hasn\u2019t happened yet, though.  Do you expect that to happen \u2014<\/p>\n<p>MS. DALTON:  I don\u2019t have any \u2014<\/p>\n<p>Q    \u2014 today?<\/p>\n<p>MS. DALTON:  \u2014 call to read out to you today.<\/p>\n<p>Q    Okay.  And then in the call that they did have, did the President encourage President Zelenskyy to attend the NATO summit next month in Lithuania?  And does President Biden expect to meet with President Zelenskyy in person at that summit?<\/p>\n<p>MS. DALTON:  I don\u2019t have any news to share with you on that front.  Certainly, this is going to be a really important NATO summit with a lot on the table, an opportunity for the President and other NATO Allies to gather and talk about so many things, including Ukraine. <\/p>\n<p>You know, as we\u2019ve said many times, you know, one thing that is quite remarkable today is how NATO is stronger, it\u2019s larger, it\u2019s more purposeful than ever before.  Of course, we\u2019re looking forward to welcoming our newest member in the NATO Alliance, Finland, in a couple of weeks. <\/p>\n<p>And certainly this is going to be an important summit on a number of fronts.  But I don\u2019t have anything respect- \u2014 respective to a particular bilateral meeting to read out to you today. <\/p>\n<p>Q    Follow-up on Ukraine.<\/p>\n<p>Q    I have one.<\/p>\n<p>MS. DALTON:  Let\u2019s just do one \u2014 we have one more. <\/p>\n<p>Q    Follow-up \u2014<\/p>\n<p>MS. DALTON:  Go right here.<\/p>\n<p>Q    Thank you.  The Russian Defense Minister is in Cuba today.  He\u2019s meeting there with his counterpart.  And they both agreed to strengthen the relationship, investing more military (inaudible).  Is the White House watching this?  Do you have anything on this?<\/p>\n<p>MS. DALTON:  This is not something \u2014 I \u2014 I need to take this one back and see what my NSC colleagues might have to say about it. <\/p>\n<p>All right.  Thanks all.  Have a great afternoon, and I\u2019ll see some of you in Chicago tomorrow. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Washington, DC&#8230;MS. DALTON: Good afternoon. It\u2019s great to see all of you here. And today, I am thrilled to have someone else making their briefing room debut. (Laughter.) We have the Director of the National Economic Council, Lael Brainard, here with us at the podium for the first time. 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