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 Andrew Yang on Face the Nation https://www.youtube.com/watch?v=29HMZva0D3k

 

 Transcript: Andrew Yang on "Face the Nation," August 18, 2019 
https://www.cbsnews.com/news/transcript-andrew-yang-on-face-the-nation-august-18-2019/

 

 The following is a transcript of the interview with Democratic presidential 
candidate Andrew Yang that aired Sunday, August 18, 2019, on "Face the Nation."
 

 MARGARET BRENNAN: We're back with one of the 23 candidates running for the 
Democratic nomination. Andrew Yang is an entrepreneur who founded an 
organization that grants fellowships to college graduates interested in 
creating startups. Good morning and welcome to the broadcast.
 

 ANDREW YANG: It's great to be here. Thanks for having me. 
 

 MARGARET BRENNAN: How would you compete with China?
 

 YANG: Well, certainly the tariffs and the trade war are the wrong way to go. 
We're now entering a very dangerous phase of potentially competitive 
devaluations. I was just in Iowa last week and the farmers and producers there 
are losing business there- they feel betrayed by President Trump. We need to 
curb some of the abuses on the Chinese side. But the trade war is leading the 
global economy in the wrong direction.
 

 MARGARET BRENNAN: So, what would you do differently?
 

 YANG: Well, we have to do is we have to create a path forward for the Chinese 
that allows them to save face and say look we need to curb your theft of 
intellectual property rights and here's what we can do in return. But the 
problem right now is that there's no notice and there's this arbitrary nature 
of the tariffs where Donald Trump will say one thing one day and then come back 
the next week. And the Chinese at this point don't know how to negotiate in 
good faith. We have to create a path forward that'll work for both sides.
 

 MARGARET BRENNAN: The jobless rate in this country is at a- a historic low. As 
you heard the- the White House make the case, but you are arguing that you see 
problems with income inequality in this country and that huge classes of jobs 
are going to disappear because people will be replaced by- by machines. What 
jobs are going away entirely?
 

 YANG: Well Americans watching this right now are seeing their Main Street 
stores close as 30 percent of American malls and stores shut their doors 
forever. And the reason for that is that Amazon's absorbing 20 billion dollars 
in business every year and paying zero in taxes in return. So these economic 
changes helped get Donald Trump elected. We automated away four million 
manufacturing jobs in Ohio, Michigan, Pennsylvania, all of the swing states in 
the Midwest. And now that automation trend is going to come to retail, call 
centers, fast food and eventually truck drivers which is the most common job in 
29 states in this country. This is the true economic transformation that we 
have to come together and address as a society as quickly as we can.
 

 MARGARET BRENNAN: And part of your solution is to give everyone a thousand 
dollars a month. This is a universal basil- basic income. It's been supported 
by Mark Zuckerberg, other entrepreneurs. But how do you actually say that this 
is going to incentivize people to work? Isn't the American dream about working 
hard to achieve something not a government handout?
 

 YANG: Well, Americans will work even harder when they get the resources in 
place to actually get ahead. This is the trickle up economy from our people, 
families and communities up. It will create over two million new jobs in our 
communities because the money will go right into local mainstream businesses, 
to car repairs, daycare expenses, Little League sign ups. And that's where the 
economic value needs to go in order to create jobs where people live and work.
 

 MARGARET BRENNAN: And you want to put in a 10 percent tax, a value added tax 
on transactions, on consumer purchases in order to pay for all this. You put 
it- it costs about two trillion dollars. But I'm wondering what example do you 
have of this actually working in another country? Like Saudi Arabia has this 
and you don't see them as a hub of innovation.
 

 YANG: Well, if you look, Margaret, every other developed economy already has a 
mechanism just like this Europe, Canada, Asia. Everyone has figured out that 
you can't have a trillion dollar tech company like Amazon pay zero in taxes 
less than everyone who's watching this right now. That doesn't make any sense, 
and the American people know it. So this has already been figured out by every 
other developed economy--
 

 MARGARET BRENNAN: You are talking about a value added tax?
 

 YANG: --and we need to follow suit. 
 

 MARGARET BRENNAN: But in terms--
 

 YANG: Yeah, that's exactly right.
 

 MARGARET BRENNAN: --but in terms of the Universal Basic Income, the thousand 
dollars you want to give every American?
 

 YANG: So, if we look within our own country, Alaska's had a dividend of one to 
two thousand dollars per individual for almost 40 years. It was passed by a 
Republican governor. It's wildly popular. It's created thousands of jobs right 
there in Alaska. So, you don't even need to look abroad. They call it the "oil 
check" in Alaska. We're gonna call this the "tech check." It's going to help 
rejuvenate American mainstream businesses and give us all a path forward.
 

 MARGARET BRENNAN: Andrew Yang, it's an interesting idea. Thank you for making 
the case. And we'll be watching your campaign. We'll be back in a moment.
 

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