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Best health ‘This Week’ Transcript for 8-2-20: House Speaker Nancy Pelosi, Treasury Secretary Steven Mnuchin – ABC News

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A whisk transcript of “This Week with George Stephanopoulos” airing on Sunday, August 2, 2020 on ABC News is under. This reproduction may also simply no longer be in its closing create, may also simply be updated and may also simply possess minor transcription errors. For old show transcripts, search advice from the “This Week” transcript archive.

ANNOUNCER: “This Week With George Stephanopoulos” starts proper now.

MARTHA RADDATZ, “THIS WEEK” CO-ANCHOR: Deepening disaster.

(BEGIN VIDEO CLIP)

DR. ASHISH JHA, DIRECTOR, HARVARD GLOBAL HEALTH INSTITUTE: We’re the worldwide hot space.

(END VIDEO CLIP)

RADDATZ: The United States struggling to gain the coronavirus below modify.

(BEGIN VIDEO CLIP)

DR. ANTHONY FAUCI, NIAID DIRECTOR: We can no longer relish adequate money all over all yet again another surge.

(END VIDEO CLIP)

RADDATZ: Progress, but soundless no deal, as essential-important benefits expire, 30 million shedding a financial lifeline.

(BEGIN VIDEO CLIP)

SPEAKER OF THE HOUSE NANCY PELOSI (D-CA): The urgency is so mammoth.

STEVEN MNUCHIN, U.S. TREASURY SECRETARY: There may be soundless a form of labor to defend up out.

(END VIDEO CLIP)

RADDATZ: Amid a contentious debate over the appropriate technique to gain abet in the compare room.

(BEGIN VIDEO CLIP)

MIKE PENCE, VICE PRESIDENT OF THE UNITED STATES: It’s in the correct passion of our children to be abet in the compare room.

UNIDENTIFIED FEMALE: The risk of bringing abet 50,000 college students is blueprint too mammoth.

(END VIDEO CLIP)

RADDATZ: The president defending unproven claims, sowing doubt referring to the election, as he slips in the polls.

This morning, the tip negotiators join us exclusively, Residence Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin. How close is a deal? How lengthy will Americans need to wait?

Plus, the most modern on COVID disaster with Tom Bossert and Dr. Jennifer Ashton and our powerhouse roundtable.

ANNOUNCER: From ABC News, or no longer it’s “This Week.”

Right here now, co-anchor Martha Raddatz.

RADDATZ: Valid morning, and welcome to “This Week.”

The nation stays deep in the throes of an endemic, closing out the worst month for conditions and hospitalizations to this level and marking a grim milestone, higher than 154,000 lives lost, the CDC warning this will most efficient gain worse in the coming weeks.

This devastating actuality compounded by economic uncertainty, after enhanced unemployment benefits expired Friday. Some 30 years million Americans are going via a perilous financial cliff. That $600 blueprint money for rent, to position meals on the desk, to hold ends meet.

Democratic leaders and senior Trump administration officers met Saturday, calling it a productive meeting, but either aspect says there’s soundless work to be done, Americans caught in the middle, looking forward to a resolution.

We can dive into all of that this morning. Top negotiators Residence Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin join us uncommon.

And we beginning with Speaker Pelosi.

Speaker, every aspect dispute the day before this present day’s meeting became once the longest, most productive one you relish had, including Secretary Mnuchin, who will join us presently.

So, order us what growth became once made and broadly what sticking functions reside.

PELOSI: Nicely, thanks so essential for focusing your opening on the true virus, because, in our negotiations, we’re talking about facing one of the important penalties of this pandemic, but in point of fact, we need to — we need to defeat this virus.

And that is the reason one of the important functions that we soundless relish no longer reach to any agreement on.

In our legislation the HEROES Act, we relish a strategic idea for defeating the virus, making an are trying out, tracing, treatment, isolation, masks, sanitation, and the relaxation.

And we simply soundless have not reach to agreement. We started this March 4. Our first bill became once making an are trying out, making an are trying out, making an are trying out. Our latest enormous bill, with the growth of the PPE, became once about making an are trying out, making an are trying out. But it surely soundless has no longer been applied by the administration.

If we can — if we’re going to begin our economic system and relish our children be in faculties, we need to defeat the virus. And that is the reason one of the important contentious problems that we need to address yet.

RADDATZ: And, Madam Speaker, Democrats did flip down presents of a fast-time duration extension.

Right here is what Secretary Mnuchin acknowledged about that the day before this present day:

(BEGIN VIDEO CLIP)

STEVEN MNUCHIN, U.S. TREASURY SECRETARY: There may be clearly a need on their segment to defend up out a total kit. We’re willing to defend up out a fast-time duration kit.

We’re willing to address the fast-time duration problems and circulate one thing fast and reach abet to the higher problems. So, they’re — we’re — we’re at an impasse on that.

(END VIDEO CLIP)

RADDATZ: So, what carry out you dispute to these 30 million Americans who’re now with out federal unemployment wait on?

PELOSI: Nicely, I dispute to them, search advice from President Trump. He’s the one who’s standing in the system of that.

We relish now been for the $600. They relish got a $200 proposal, which does not meet the wants of The United States’s working households.

And or no longer it’s miles a condescension, rather frankly, because they’re announcing, truly create no longer need it; they’re simply staying home because they hold extra cash at $600.

So, the postulate that they made a proposal is truly no longer truly correct.

RADDATZ: Residence Majority Leader Steny Hoyer became once requested this week while it’s doubtless you’ll perhaps simply be willing to resolve for a smaller quantity than the $600 in federal abet to the unemployed. And he acknowledged to claim that or no longer it’s $600 or nothing, no that isn’t any longer what we’re. So, the relaxation less than $600 isn’t any longer a deal-breaker?

PELOSI: No, in point of fact, the quantity of cash that is given as an enhancement for unemployment insurance protection may also simply soundless order to the rate of unemployment. So, as that goes down then you definately can maintain in mind one thing less than the $600, but on this agreement or no longer it’s $600. And, all yet again, they’re subjecting any individual who may also simply be — oh, they dispute, oh, of us are staying home, the information does not improve that. Certain, they would anecdotally relish examples, but in point of fact, is that they are subjecting any individual who will get $600 to scrutiny they would also simply no longer discipline one of the important of us which will most seemingly be getting tens of millions of greenbacks in the PPP.

So, this is set inserting workers first. And in point of fact, if we’re going to be triumphant we need to defeat the virus. So..

RADDATZ: I are looking out to trek abet to that $600 and of us staying home. Hoyer moreover acknowledged there’s an argument to be made that the additional $600 in federal assistance is, as some Republicans relish argued, an disincentive for some to trek abet to work. Execute you suspect there is any validity to that?

PELOSI: No. I basically relish the statistics. Since then, we relish seen the statistics from Yale College and the relaxation. Overwhelmingly this is making a distinction, or no longer it’s preserving of us out of poverty. And basically, with all because of admire, you are talking about statements that leader Hoyer has made that he has elaborated on since then.

But the $600 is an important. It’s an important for The United States’s working households. And, all yet again, to condescend, to disrespect their motivation is so extra special how insistent the Republicans are about working family and their $600 and the blueprint cavalier they’re about other money that goes out.

But in point of fact, we need to gain abet to strategic idea. And in the Heroes Act we relish three pillars that take care of this difficulty — first, honor our heroes, exclaim and native govt, successfully being care workers, et cetera, who’re risking their lives to keep lives and now may also simply lose their jobs. After they lose their jobs they trek on unemployment. So, we truly need to improve exclaim and native governments to quilt the charges they’ve from the coronavirus, but moreover the fact that or no longer it will add to the unemployment ranks and that costs money as successfully. And we create no longer desire that to happen.

RADDATZ: Speaker Pelosi, I know you may be no longer going to provide us an accurate time line, but are you able to order these workers available the relaxation about when this would be in a bother to be settled? It does not sound corresponding to you may be near a deal.

PELOSI: Nicely in point of fact, is that this will most seemingly be near an agreement when we relish an agreement. And it’s no longer — I imply, in point of fact they keep on the bottom the conclude of this week in Senate, $200. So, while you dispute, successfully, you conclude up doing the $600 — they create no longer relish any improve for that in their social gathering.

We’re unified in our improve for the $600. They’re in disarray on many of their members in the senate, Republican members create no longer desire any addition. And we’re announcing three things — improve our exclaim and native heroes, strategic enormous idea to conclude the virus, and third keep money in the pockets of The United States’s working households and we provide out that. And we relish other problems that order to meals which will most seemingly be contentious.

RADDATZ: Speaker Pelosi, one of the important stuff you focus on is taking out COVID. Your rental exclaim, California, is the key exclaim to surpass a half 1,000,000 obvious conditions, a story high quantity. What did your fellow Democrat Governor Gavin Newsom carry out frightful? And what may also simply soundless he carry out in the lengthy bustle?

PELOSI: Nicely, I create no longer think he did the relaxation frightful. We’re the finest exclaim in the union, so numerically it’s no longer gruesome to claim we relish the most conditions. But we’re very at ease with our governor, Governor Newsom, he contained and managed how this unfold in the starting. Some of us in the exclaim wanted to begin up. And we’re a mammoth exclaim, we relish mammoth vary of idea on what may also simply soundless happen in totally different areas, and when that — when the outlet up took bother, we relish extra conditions. And that ought to be instructive to others the virus is vicious and you relish got got got to relish shelter in bother as lengthy as you need it. And while you carry out and you lower the unfold then you definately can beginning up the faculties while you lower the rate of an infection in a crew, but except you carry out that, it’s doubtless you’ll perhaps simply soundless be very careful.

RADDATZ: Madam Speaker, I are looking out to request you — we simply relish a pair of extra minutes here — Politico reported that in a closed meeting on Friday, you accused Dr. Deborah Birx of the Coronavirus Process Power of spreading disinformation referring to the pandemic.

Is that correct? And carry out you relish self belief in her?

PELOSI: I — I think the president is spending — spreading disinformation referring to the virus and she is his — she is his appointee. So, I create no longer relish self belief there, no.

RADDATZ: And I are looking out to request you fast about election security.

PELOSI: Certain.

RADDATZ: President Trump urged that November’s election will most seemingly be delayed over concerns over mail-in vote casting. That drew frequent criticism, for sure. But what are your concerns reach November?

PELOSI: Nicely, I’m a broken-down chair of the California Democratic Earn together, and I know that Republicans know the appropriate technique to defend up out mail-in vote casting. They continuously would prevail when the mail-in votes came in.

But I think or no longer it’s miles important so that you just can snatch, Martha, that in the most fresh election we had in California, spring particular election, that the president’s son, Donald Trump Jr., and his daughter in law both did robos and ads announcing, Republicans, mail in your ballots. It’s important so that you just can mail in your ballots.

So that they were talking about mail-in vote casting at this latest election. I think that the president — I create no longer think it benefits one social gathering or another. But I think it’s an important from a successfully being motive because we’re looking out to support of us at home to vote with out having them all gain on Election Day.

But in the occasion that they create out are looking out to vote in person, that we relish adequate spacing and the entire relaxation so as that or no longer it’s no longer a risk to their successfully being.

Folks mustn’t need to take from their successfully being and their vote.

RADDATZ: OK, I are looking out to —

PELOSI: I think that is an important.

RADDATZ: Thank you very essential for joining us this morning.

PELOSI: Thank you, Martha. Amazing to be with you ceaselessly. Thank you.

RADDATZ: Thank you.

Let’s gain the Trump administration response from Treasury Secretary Steven Mnuchin.

Secretary Mnuchin, you agreed that the conferences were constructive the day before this present day. Your response to what you unbiased heard Pelosi dispute, and are you any closer to an accurate deal? It obvious doesn’t sound esteem it.

STEVEN MNUCHIN, SECRETARY OF TREASURY: Nicely, first, let me dispute, I became once taken aback to listen to the speaker we create no longer agree on the need to atomize the virus. We completely agree on the need to atomize the virus.

And let me simply dispute, the president acted very aggressively when this virus first came from China to shut down all whisk. And since then, we relish aggressively funded over seven totally different vaccines into production. We’re very optimistic that we’re going to relish outcomes out of these vaccine and we’ll relish a vaccine on hand by the conclude of the year.

So, we completely agree on the need to atomize this.

And let me moreover simply dispute the president is extremely bearing in mind the expiration of the unemployment insurance protection. We proposed a one-week extension at $600 so as that whereas we negotiate an extended-time duration solution, no longer less than all these of us create no longer lose their money, and I’m taken aback that the Democrats may also simply no longer conform to that. They are insistent on having this as segment of a higher deal.

RADDATZ: I simply are looking out to claim, I’m no longer obvious that the president shut down all whisk at that level. But let’s circulate on.

The Democrats handed their idea to lengthen these benefits via January higher than two months in the past. Why did Republicans wait so lengthy to begin negotiating?

MNUCHIN: Nicely, on the time, let me simply dispute, we had mammoth bipartisan improve on the closing two presents, handed 96-0 and 100-0. And because of that, we relish approved over $3 trillion into the U.S. economic system. This has never been done in the history of time.

We relish now keep about half of that into the economic system. We wanted to wait and compare how the cash became once going to work.

And we need to balance. There may be clearly a need to improve workers and improve the economic system. Folks via no fault of their hold are shut down thanks to this disagreeable disease. On the alternative hand, we wish to examine out about no longer piling on mammoth quantity of cash owed for future skills.

So, the president is place to exhaust what we need to exhaust and we’re performing in a fast time now.

RADDATZ: The president has been highly important of the Democrats, announcing this on Friday.

(BEGIN VIDEO CLIP)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: I think the Democrats create no longer care referring to the of us of our nation. I truly create no longer. I urged my of us, the — the Democrats carry out no longer care referring to the of us of our nation. They are looking out to defend up out what it’s doubtless you’ll perhaps simply soundless be doing for the of us of our nation, whether or no longer or no longer it’s unemployment or the relaxation else.

(END VIDEO CLIP)

RADDATZ: He moreover tweeted that he became once very disillusioned in Senator Schumer for blocking the non permanent extension of the $600 unemployment benefits. The carry out-nothing Democrats, he acknowledged, are extra attracted to playing politics than in serving to our deserving of us.

And yet, Senate Majority Leader Mitch McConnell himself acknowledges that between 15 to 20 of his members — that’s about one-third — announcing, think that we relish already done adequate are no longer going to vote for the relaxation.

Your response?

MNUCHIN: Nicely, let me first dispute that Rate Meadows and I basically were updating the president progressively and he’s anxious because he’s most obsessed with, we relish obtained to gain young of us abet to college, we relish obtained to address unemployment tell, we need to address renters who’re now in threat of — of being evicted. And the president wants us to gain a deal done fast because this is important to the American of us.

Now, I could simply dispute, across both parties, there are more than just a few things which will most seemingly be very contentious. The Democrats, proper now, are insisting on over a trillion greenback to that exclaim and native governments. That is one thing that we’re no longer going to defend up out to bail out these states that had financial problems. But there’s the truth is areas of agreement. Issues esteem the PPP, I think there’s mammoth bipartisan improve. Issues about tests in the mail, I think there’s mammoth bipartisan outcomes.

So Rate Meadows and I will most seemingly be abet there on on day by day foundation foundation except we reach an agreement. We mark there’s a need to compromise. But, on the alternative hand, there’s moreover a enormous need to gain young of us into faculties, gain of us abet to jobs and support the economic system beginning and support of us precise.

RADDATZ: You know, Speaker Pelosi acknowledged the Republican provide became once $200 no longer the $600 of us were receiving. That is a mammoth lower for folks with mortgages and rent funds and making an are trying to feed their households.

MNUCHIN: Nicely, there became once a $600 provide for one week. I am no longer going to hold public comments, but Rate Meadows and I basically relish made three or four totally different presents that address the enhanced unemployment. I think as you acknowledged, Steny Hoyer and others mark that unemployment is intended to be wage replace, so it may well also simply soundless be tied to some percentage of wages. The true fact that we had a flat quantity became once most efficient a controversy of an emergency the place we had 30-year-light laptop systems.

So I think on the figuring out that, we completely agree on enhanced unemployment. We’re looking out to repair the tell the place in some conditions of us are overpaid and we’re looking out to hold obvious there’s the proper incentives.

But, all yet again, let me simply emphasize, we keep on a desk a proposal. Let’s lengthen it for one week on the equal rate white we negotiate so we create no longer wound the American public.

RADDATZ: So — so you carry out think it’s miles a disincentive to fetch a job while you relish that extra $600?

MNUCHIN: There may be not any request in obvious conditions the place we’re paying of us extra to work — conclude home than to work. That is created problems in the entire economic system.

But let me simply dispute, you ought to look the least bit these items —

RADDATZ: I are looking out to — I are looking out to interrupt you there for only one 2d. You — or no longer it’s no longer the entire evidence. A Yale compare from this month refutes that, announcing many economists who relish studied the advantages acknowledged that to this level they create no longer compare any evidence in labor market data that the funds are affecting at which of us are returning to work during the pandemic.

MNUCHIN: Nicely, let me simply dispute, I went to Yale.

RADDATZ: I know that.

MNUCHIN: I agree on obvious things. I create no longer ceaselessly agree. There may be a Chicago compare that goes via the entire of us which will most seemingly be overpaid.

But — but let’s simply face it, all of us know factually, OK, there are conditions the place of us are overpaid, there are conditions the place of us are underpaid. The tell is, we need to reach up with an agreement to lengthen this. We must always gain young of us into college. And we’re going to work on on day by day foundation foundation except we reach an inexpensive agreement that is proper for the American public.

RADDATZ: The GDP noticed its finest contraction in popular history this week wiping out the past 5 years of business growth. What carry out you suspect our economic system will look esteem in the coming months and after the pandemic with any luck is over? I compare all these boarded up structures, of us unemployed. Appropriate give us a vision of what you suspect this will look esteem.

MNUCHIN: Nicely, let me simply dispute, this virus has devastated our economic system and or no longer it’s no fault of folks. This virus came from China. They need to were extra forthright early on.

And I’ve acknowledged sooner than, the — the 2d quarter became once going to be opposed. We have never had a scenario in the history of time the place we shut down the entire U.S. economic system. It’s esteem turning off the water taps. So, for sure, GDP goes to be down. As we beginning up the water taps, and heaps sides of the economic system can safely operate, obvious sides of the economic system can no longer, and we relish obtained to address that. I think you may be going to look a actually enormous soar abet off of a actually low quantity this quarter assuming we proceed on the proper policies.

But we relish a form of labor to defend up out and all of us agree we relish obtained to atomize this virus and we couldn’t be extra contented with the scientific improvements that we’re making on making an are trying out, that we’re making on — on — on the vaccine. And I think when we relish a vaccine and lifestyles will get abet to customary, you may be going to look a mammoth economic system all yet again next year.

RADDATZ: And — and we relish simply a pair of seconds here, but I are looking out to request you about TikTok. The president says he plans to ban the Chinese language video utility via govt order.

Is that one thing you advised?

MNUCHIN: Nicely, let me simply hold a pair of short comment. I — I carry out chair CFIUS, which is the Committee on International Funding on the United States. I’ve acknowledged publicly that or no longer it’s below evaluation. I will dispute publicly that the entire committee agrees that TikTok can not conclude in the fresh format because it risks sending abet data on 100 million Americans.

I’ve spoken to Senators Cotton and Rubio. I spoke to the speaker and Senator Schumer. All of us agree there has to be a replace.

The president can either force a sale or the president can block the app utilizing IEEPA [International Emergency Economic Powers Act]. And I’m no longer going to touch upon my exclaim discussions with the president.

But all people agrees it will no longer exist as it does.

RADDATZ: OK, thanks so essential for joining us this morning, Mr. Secretary.

Critical extra on the coronavirus disaster ahead, including FiveThirtyEight’s Nate Silver along with his grab on mail-in vote casting. May moreover it lengthen November’s presidential election outcomes?

(COMMERCIAL BREAK

(BEGIN VIDEO CLIP)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: Mail-in ballots will result in the finest fraud.

I are looking out to relish the election, but I moreover create no longer are looking out to need to await three months, after which fetch out that the ballots are all missing and the election does not imply the relaxation.

BARACK OBAMA, FORMER PRESIDENT OF THE UNITED STATES: There are these in energy who’re doing their darndest to discourage of us from vote casting, even undermining the Postal Service in the bustle-as much as an election that goes to be dependent on mail-in ballots, so of us create no longer gain in miserable health.

(END VIDEO CLIP)

RADDATZ: President Obama eulogizing John Lewis on Thursday, speaking out towards voter suppression, as President Trump continues to solid doubt over mail-in vote casting, even suggesting that the November election be postponed.

There may be not any evidence that mail-in vote casting leads to frequent voter fraud. But with an anticipated develop in absentee vote casting this November, may we compare a lengthen in the outcomes?

We requested FiveThirtyEight’s Nate Silver to weigh in:

(BEGIN VIDEOTAPE)

NATE SILVER, EDITOR IN CHIEF, FIVETHIRTYEIGHT.COM: Races are inclined to tighten the closer you gain to election night time.

So, Joe Biden’s fresh eight-level lead over Donald Trump in the FiveThirtyEight polling common may also simply no longer defend.

If it does reach all the system down to particular person states in November, shall we be taking a examine a actually lengthy election week and even longer.

The first motive is mail ballots. Merely now, 29 states allow for no-excuse absentee balloting. And that quantity may develop over concerns about in-person vote casting with coronavirus.

And there are another 5 states that habits elections entirely by mail.

The thing about mail ballots, that no longer all of them are counted instantly. In some states, basically, votes most efficient need to be postmarked, no longer truly obtained, by Election Day.

In general, ballots that lengthen in later are extra Democratic, since Democratic voters are inclined to be youthful. And youthful of us — no judgment here — are inclined to procrastinate.

Take into legend what came about in the Arizona Senate whisk in 2018. In the insensible of night time on election night time, Republican Martha McSally led by a pair of percentage level. But Democrat Kyrsten Sinema in a roundabout blueprint won by 2.5 functions once unhurried-arriving mail ballots were counted. That is a finest enormous swing.

The 2d tell will most seemingly be problems at vote casting locations, esteem the lengthy lines we noticed in states esteem Georgia and Kentucky during their primaries, which may reflect some combination of social distancing, plus fewer poll workers, plus voters no longer receiving their absentee ballots in time.

All of that may result in poll hours being prolonged and the alternative of litigation over absentee ballots.

Ogle, no person wants a replay of Bush vs. Gore, but while you relish an election at some level of a worldwide pandemic, with a 2d wave, basically, doubtless in the tumble, the relaxation can happen.

(END VIDEOTAPE)

RADDATZ: Something is doubtless.

Our thanks to Nate for that.

Coming up, we can are trying to hold sense of one of the important most urgent questions going via Americans as they prepare for the tumble. Dr. Jen Ashton and Tom Bossert are next, plus our powerhouse roundtable.

We will most seemingly be proper abet.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: We can no longer take a look at our blueprint out of this or every other pandemic. Trying out does not change personal responsibility.

DR. ROBERT REDFIELD ,DIRECTOR, CENTERS FOR DISEASE CONTROL AND PREVENTION: Right here is the most intricate public successfully being response this nation has undertaken in higher than a century

DR. ANTHONY FAUCI, DIRECTOR, NATIONAL INSTITUTE OF ALLERGY AND INFECTIOUS DISEASES: It’s this form of highly transmissible virus. It’s far unlikely that or no longer it will depart.

(END VIDEO CLIP)

RADDATZ: One of the crucial crucial nation’s high successfully being officers on Capitol Hill Friday testifying about why COVID is soundless surging in the United States. For additional let’s herald our chief scientific correspondent Dr. Jen Ashton and ABC News contributor and broken-down Fatherland Security adviser Tom Bossert.

And Tom, let me beginning with you, the director of the Harvard International Nicely being Initiative urged ABC this week that the motive the United States is the worldwide hotspot is that we simply have not taken this seriously.

So what’s going to we provide out now when of us relish corona fatigue, when there is soundless blended messaging? Is it time for a reset?

TOM BOSSERT, FORMER TRUMP HOMELAND SECURITY ADVISOR, ABC NEWS CONTRIBUTOR: It’s time for a reset no longer simply with our public successfully being officers who need to make better plans for making an are trying out allocation, who need extra resources. So as that is a joint responsibility of all of our federal, exclaim and native officers.

But as he acknowledged, or no longer it’s miles a responsibility of every of us for the of us which will most seemingly be looking out to send their young of us abet to college this tumble, how are they going to change their behaviors now to put that proper? And I create no longer imagine I am seeing a form of evidence in a lot of the nation that of us mark that what they create out now issues to what the nation appears to be like to be like esteem in the lengthy bustle.

RADDATZ: And, Jen, the whisk to wear masks has intensified in fresh weeks. Thirty-three states and D.C. now mandating sporting masks. But esteem it or no longer, there are these in the nation who’re soundless no longer convinced. So are there stories showing they create out battle the disease? And are you able to order why the masks create no longer provide protection to the wearer as essential as they provide protection to these they reach interested with?

DR. JENNIFER ASHTON, ABC NEWS CHIEF MEDICAL CORRESPONDENT: Nicely, Martha, first of all, we need to needless to dispute this bother of aerosol science and transmission dynamics of this virus is literally evolving in actual time. You know, we relish most efficient identified about this virus for seven months and in that time we relish seen data that shows that masks dramatically lower transmission or unfold to another person and there is fresh and rising data that it may well also simply, underscore may also simply, provide protection to the wearer.

So, all yet again, we need to merge here and hybridize science, treatment and public successfully being and personal behavior simply as Tom Bossert simply talked about.

RADDATZ: And, Jen, I watched your terrific interview with Dr. Fauci this week, the nation’s high infectious disease specialist. What — what became once your finest grab away from that?

ASHTON: Nicely, the finest takeaway, Martha, is that, you understand, he’s utilizing commonsense and constructed-in science and scientific data. And he urged me that, you understand, mucous membranes are how this virus gains entry into the body. Those are our eyes, nose, and mouth. And he talked about why peer protection in the create of goggles, customary glasses and even a face defend is, quote, perhaps a proper recommendation, even supposing or no longer it’s no longer yet a popular advice. So I think as we hear someone esteem Dr. Fauci dispute things esteem that, we need to mark that, you understand, these items are dreadful, they’re no longer acquainted to us, but proper now it has to be a possess the boat, all arms on deck blueprint if we’re looking out to sluggish and modify this virus, because it’s no longer going wherever. So we need to be taught easy strategies to arrange it so or no longer it’s no longer managing us.

RADDATZ: And, Tom, making an are trying out soundless faces truly excessive backlogs, 55 p.c of the tests over the closing month took higher than three days to total. And then there is contract tracing, which you are solidly unhurried as a potential to wait on beginning up the economic system. But is that even doubtless to defend up out successfully now when so many folks are waiting days or every so progressively weeks for their take a look at outcomes?

BOSSERT: Nicely, you understand, two things about these take a look at outcomes. First, there’s a clinical need for them. So while you may be too lengthy and to unhurried in getting the take a look at outcomes, they’re clinically unnecessary. And then for contact tracing, think it this blueprint. My reply is, while you understand you may be in miserable health on day one and you may order all these you relish got been interested with, you relish got obtained a smaller quantity of of us to keep in touch that data to. But while you create no longer know except day four, you no longer most efficient relish extra of us with whom you relish got reach into contact in the closing four days, but you relish got then obtained extra of us that every of them relish reach into contact with. And you relish got basically increased all people’s odds by a four-fold factor of getting other of us in miserable health. So while you create no longer contact hint fast, you may be working out of your likelihood to having any a success contact tracing and isolation.

RADDATZ: And that appears to be like to be like esteem that is taking place. You unbiased can no longer carry out it now.

BOSSERT: Nicely, that is proper. You know, it’s miles a actually troubling thing. The evidence now is more fit sure from in another nation and from the key wave here in the spring that the total quantity of deaths — eventual deaths from any wave is set six to seven instances that of the tip deaths from any high of any wave. And so if we rob even 33,000 deaths connected to this summer season wave, multiply that by six or seven and we’re talking about adding another 200,000 or 230,000 deaths to the reward depend, which stood at about 119,000 when we started this summer season wave.

RADDATZ: And, Jen, with these disagreeable statistics, I are looking out to flip abet to varsities. Tom talked about the faculties. We realized this week a pair of YMCA overnight camp in Georgia the place 260 of the 597 on the camp tested obvious. They had most efficient been there four days in June. That doesn’t appear to bode successfully for going abet to college in obvious areas.

ASHTON: It does not bode successfully, Martha. And I think that we need to replace our mindset here with a fresh paradigm that basically has to defend up out with out a longer being taken aback about when we hear of conditions but how we can arrange these conditions, how we can mitigate the likelihood. You can also never tumble the likelihood to zero.

But what I’m bearing in mind is a whisk on a timeline that basically — you understand, we’re on the virus’ timeline. We’re no longer on an academic college year timeline, and if steps are not bother in to mitigate risk and to provide protection to the successfully being of college students, their households, workers and college. We’re no longer in a clinical or scientific or scientific or tutorial bother to circulate ahead.

So, this has to be worked out in actual time with flexibility and the ability to integrate fresh data and data as we gain it and adapt and answer to it in a successfully being, scientific and scientific blueprint.

RADDATZ: Due to you both. And you is also abet with us, I hope, over and over in the coming months.

Up next, a more in-depth look on the increasing efforts to derail President Trump’s re-election order from inner his hold social gathering. May moreover it sink his probabilities?

All that, plus, the roundtable, coming up.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

DR. JILL BIDEN, JOE BIDEN’S WIFE: From what I’ve seen, a form of Republicans are going to vote for Joe. Presumably they’re no longer announcing it publicly, but when I became once available on the path, a form of of us came as much as me and acknowledged, Jill, I’m a Republican but I’m going to vote in your husband because he’s moderate and he’s an everyday leader and we imagine in Joe.

(END VIDEO CLIP)

RADDATZ: Dr. Jill Biden making the case that Republican voters are going to be crossing the aisle to vote for her husband this November. Several Republican groups are hoping for the equal, waging warfare towards the president of their hold social gathering.

Right here is senior congressional correspondent Mary Bruce.

(BEGIN VIDEOTAPE)

POLITICAL AD ANNOUNCER: COVID has robbed The United States of so essential, none of this had to happen. We relish now suffered needlessly because Trump is a idiot, a liar and a failure.

MARY BRUCE, ABC NEWS SENIOR CONGRESSIONAL CORRESPONDENT (declare-over): Blistering ads targeting President Trump, no longer by Democrats but from a crew of Republicans intent on taking down the leader of their social gathering. Many utilizing the president’s hold words towards him.

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: And, all yet again, while you relish 15 of us, and the 15 inner a pair of days goes to be all the system down to shut to zero.

POLITICAL AD ANNOUNCER: Shut to zero, near zero.

REED GALEN, CO-FOUNDER, THE LINCOLN PROJECT: We pull no punches. We don’t order of us about Donald Trump. We illustrate why he’s unfit for bother of business.

BRUCE: It’s called the Lincoln Mission and co-founder Reed Galen tells us a lot of the ads which are working closely on Fox News are intended for an target market of one.

GALEN: What we compare strategically is that he throws him and his campaign off his game.

POLITICAL AD: Howdy, Donald, your campaign supervisor urged you 1,000,000 fans wanted to reach out to your first enormous rally. Turnout in Tulsa, a dud.

BRUCE: Trump isn’t any longer amused but he’s taking the bait.

TRUMP: They mustn’t call it the Lincoln Mission. It’s no longer honest to Abraham Lincoln, a mammoth president. To boot they may be able to simply soundless call it the losers’ project.

BRUCE: Trump’s response to the pandemic is taking a toll. A fresh ABC News/Ipsos poll out Friday found that 66 p.c of Americans detest of Trump’s handling of coronavirus. The president now trailing Biden by double digits and down in the key battle ground states that delivered him the White Residence.

The crew of Republican Voters In opposition to Trump is hoping to develop the voices of frustrated Republicans.

UNIDENTIFIED MALE: I voted for Donald Trump. My dreadful, fam. Not my proudest moment.

UNIDENTIFIED MALE: He’s an anti-masker. He’s a conspiracy theorist.

UNIDENTIFIED MALE: He has mismanaged — zero leadership via the coronavirus.

BRUCE: The unbiased: to sway Trump voters to abet Biden.

TIM MILLER, REPUBLICAN VOTERS AGAINST TRUMP: We can wait on nudge them over to Joe Biden’s camp utilizing these messengers from of us in their crew moderately than extra or less wagging our finger at them.

BRUCE: Its founder Tim Miller, tells us, the coronavirus has been a tipping level.

MILLER: About two — a pair of month in the past, when we were doing focal level groups with these — with these form of sentimental Trump supporters, a form of them were making excuses for him on the coronavirus response.

In the closing month, you relish seen of us truly beginning to gain frustrated with him.

BRUCE: Outdated Bush administration officers are now piling on.

ROSARIO MARIN, FORMER U.S. TREASURER: What’s going to we relish here? The finest nation in the enviornment on its knees thanks to failed leadership. We can no longer relish four extra years of this.

BRUCE: Galen is extra blunt about his lengthy-time duration unbiased, wiping out Trumpism.

GALEN: I carry out imagine that a philosophically-pushed middle-proper social gathering is wholesome for the United States. We carry out no longer relish that proper now.

BRUCE: The Lincoln Mission now broadening their scope.

NARRATOR: They chose Trump.

BRUCE: Concentrating on Republican senators who relish sided with the president.

GALEN: It’s no longer about simply Donald Trump, though he’s the highest target. It’s far set all of these of us that failed their oaths of bother of business.

BRUCE (on digital camera): Nicely, you may perhaps be gutting your hold social gathering.

GALEN: Nicely, or no longer it’s no longer our social gathering anymore.

BRUCE: And I assume that is what it comes all the system down to, then?

GALEN: It’s — for us, or no longer it’s no longer even referring to the social gathering. It’s referring to the nation.

(END VIDEOTAPE)

RADDATZ: And, with that, let’s herald our senior congressional correspondent, Mary Bruce, who’s joined on the roundtable by Axios national political reporter Jonathan Swan, ABC News White Residence correspondent Rachel Scott, and FiveThirtyEight senior writer Perry 1st Baron Beaverbrook.

Welcome to you all.

And I are looking out to trek abet to you, Mary.

Republican strategists targeting both President Trump and Republican senators up for reelection, how does Joe Biden’s workers survey all this?

BRUCE: Nicely, Martha, I think they no doubt welcome any wait on that they’ll gain on this department.

They are fast to level out that these groups, seriously The Lincoln Mission and all these others, are no longer simply now anti-Trump groups, but relish truly become expert-Biden. And they also compare that as yet another difficulty for President Trump.

I think what strikes me here, seriously in watching all these ads, is that these groups are in a bother to defend up out what Joe Biden politically simply can no longer, proper? Joe Biden is making an are trying in many ways to defend up this squeaky trim describe. And now you relish these groups who’re doing the relaxation but.

These ads are no longer subtle. They are brutal. They are hitting Trump the place it hurts, making an are trying to beat him at his hold game. These are ads that Biden simply may no longer bustle.

And the request, though, is whether or no longer or no longer they’re simply needling the president, or are they truly going to sway voters?

RADDATZ: Something we can gaze in the coming months.

And, Rachel, let’s flip to the president’s recommendation to lengthen the election, a circulate I basically relish, frankly, seen in authoritarian worldwide locations, but no longer so essential here.

It appears to be like esteem a mark he acknowledges his reelection probabilities at this moment relish diminished. So, is that this simply a distraction, what he’s announcing, or is there truly extra to it?

RACHEL SCOTT, ABC NEWS WHITE HOUSE CORRESPONDENT: Merely, Martha.

And I think the president is unsleeping that he can not circulate the date of the election, but what he can carry out is are trying and solid doubt on the system.

But, look, the fact here is that the president is down in the polls. The economic system, which many of his supporters relish urged me is a sticking level for them, is suffering. And less than 100 days out from the election, his campaign has acknowledged that it’s now reviewing its diagram.

They pressed stop on TV advertising and marketing, one thing that they’ve spent tens of millions of greenbacks on in the past several months, no longer to level out that the president’s fresh campaign supervisor has most efficient been in that bother for simply over two weeks.

So, it’s miles a campaign that is moreover facing a pair of shakeups in the final stretch main as much as Election Day. They are making an are trying to refine what they imagine goes to be their winning diagram, making an are trying to elaborate Joe Biden.

And, the entire whereas, the president is making an are trying to solid doubt on an election that proper now poll shows he’s on the likelihood of shedding.

RADDATZ: And, Jonathan, as his polling outlook worsens, the president’s makes an are trying to undermine faith in the election carry out appear to develop.

I know you spoke to the president about this a pair of days in the past. What did he order you? What are you able to order us extra about that interview?

SWAN, AXIOS NATIONAL POLITICAL REPORTER: Nicely, or no longer it’s miles a puzzling effort.

It’s puzzling, in the sense that or no longer it’s self-defeating, in the survey of many high Republican officers. And the motive or no longer it’s potentially self-defeating is because, who’re the of us — and it’s miles a dialog I had unbiased lately with a high Republican lawmaker who’s tearing his hair out about this and has tried to steer the president to pause doing this.

Who carry out you suspect are the of us which will most seemingly be going to be persuaded by the president announcing that mail-in vote casting is a fraud, or no longer it’s entirely illegitimate?

It’s no longer going to be Democratic voters. They devise no longer hear to him. They tune him out. They imagine every little thing he says is untrue. It’s Republican voters.

And the Republican Earn together is illustrious for its successfully-funded, sophisticated, extremely effective mail-in vote casting program. And you relish got got the Republican National Committee, you relish Trump’s hold campaign inserting out drives to gain of us to vote by mail.

So, or no longer it’s miles the — or no longer it’s miles the voters — because they overwhelmingly esteem to vote by mail — who’re sitting at home in Florida who’re panicked about going to the polls during an endemic and are then hearing this president, who they dangle on every discover he says, in some conditions, telling them that this is untrue.

So, the Republican Earn together better hope for good climate on election day or a diminished virus. They may well compare this truly backfire.

I believe, based on no longer most efficient my dialog with the president this week, but simply by reporting from of us around him, that this is extra a personal thing moderately than broader strategic. Right here is Donald Trump, in my estimation, making an are trying to place down a marker for him in general claiming after the outcomes reach in on election day that or no longer it’s miles a stolen election. And that I think for democracy one of the important important referring to eventualities is you may compare a vote on election day via which Donald Trump is doing totally, because his of us relish long past to the polls and Democrats relish overwhelmingly voted by mail, after which as the outcomes beginning coming in with the mail vote, you understand, in the next couple of days, Donald Trump will dispute, compare, I urged you so, or no longer it’s untrue after which are trying and launch diverse forms of litigation. I think that is the place this is heading.

RADDATZ: And Perry, to Jonathan’s level, no longer a single prominent Republican voiced improve for the president’s recommendation to lengthen the election. And mail-in voters as successfully, that is an real tell for the aged. But you create occasionally compare the entire social gathering push abet towards him.

PERRY BACON, FIVETHIRTYEIGHT SENIOR WRITER: Merely. I believed it became once important this week. Admire all of us know that Trump is seemingly to lie, and so a degree are trying to cheat any election, because we noticed that in the Ukraine scandal appealing Joe Biden, so all of us know that about President Trump. What struck me this week became once the Republicans in general, and practically about all of them, as you acknowledged, Martha, rebuke this figuring out of altering the election days, which is important because it tells me they would rebuke other suggestions that Trump has to undermine the Democratic path of and the electoral path of.

RADDATZ: And Mary, I basically need to request you, I support having of us reach to me and dispute carry out you suspect if he lost he’d truly trek away the White Residence? Is there actual difficulty ab out that?

BRUCE: Nicely, the president no doubt has floated that figuring out. There may be some difficulty about that. The Biden campaign is fast to level out that they create out relish ways to gain an unlawful tenant, so as to claim, out of the constructing.

What strike me this week is that the president, you are seeing him typically it appears to be like are trying to undercut and request the legitimacy of an election. You create no longer carry out that while you suspect you are going to grab. And for sure or no longer it’s no longer simply him questioning, you understand, the perhaps intelligent the date of the election, but for sure we moreover noticed him questioning the postal provider in and of itself, which is definite a popular target of the president. He has a controversy with the postal provider. He has long past after them over and over.

But now there are questions about whether or no longer the president is making an are trying to undermine the postal provider, most definitely his postmaster general, who’s a Trump donor, making an are trying to create some delays in the postal provider simply to extra are trying and complicate this methodology.

For sure, we noticed Barack Obama earlier this week elevating that connected request about whether or no longer this would be another political circulate in essence to are trying and erode belief and faith in the postal provider and belief and faith, then, on this election as a total.

RADDATZ: And Rachel, overall it’s miles a blunt technique to allure to suburban voters, moreover warning of metropolis violence, is that a methodology that can work?

SCOTT: Merely, and rolling abet that Obama-skills housing law that has overwhelmingly helped minority, low-profits Americans. So the president here is making an are trying to pitch white suburban voters that he won over in 2016, but this time around it does not appear that that connected message is sticking. An increasing selection of polls are showing that an increasing selection of suburban voters are disapproving the president’s handling on the job and moreover his handling of whisk members of the family on this nation.

And no longer to level out that they are no longer the finest ones which will most seemingly be going to be heading to the polls in November. So what message does that send to minority, low-profits residents in cheap housing who’re taking a look on the president’s Twitter feed to be taught that based on him they’re now no longer welcome in majority white suburbans of this nation.

RADDATZ: And Jonathan, I are looking out to flip to the veepstakes. Joe Biden says he’ll hold his VP grab in the coming week, or perhaps reasonably of longer, what carry out you understand referring to the unhurried-stage deliberations?

SWAN: So I am urged by a supply conversant in the discussions that or no longer it’s unlikely to happen this week. They’ve kicked it reasonably of bit down the avenue.

You would relish seen a unhurried effort by a quantity of Biden allies to atomize the candidacy of Kamala Harris. You would relish seen that apprehension rise to the surface in diverse news articles. And from the system or no longer it’s been described to me by several of us, Biden wants any individual who in general is a partner, who he can work with, who’s also the equal role that he served for Barack Obama. But basically the most glaring one who fits that description is Susan Rice, and she has actual political liabilities and positively will most seemingly be extra energizing to the Republican sinful.

Kamala Harris, on the alternative hand, is successfully vetted, has a lengthy profession in politics and, clearly, has been alive to to be president for a actually lengthy time, which has shaped her behavior in a extra cautious blueprint in the closing decade. But of us create no longer relish a mammoth deal of affection for her in Biden’s inner circle and so they have not forgotten the fact that she successfully called him a racist on the controversy stage. So, all yet again, or no longer it’s miles a — or no longer it’s miles a tug and a pull and a — and I create no longer portend to relish any, you understand, finest data of the place they’re going to land because or no longer it’s been very tightly held inner a miniature crew across the vice chairman.

RADDATZ: And — and, Perry, we — Jonathan talked about Kamala Harris. We noticed the close-up photos of Biden’s notes with Kamala Harris’ title on the tip, followed by “carry out no longer defend grudges,” which comes as some of Biden’s advisers are bearing in mind how tough she became once on him during these debates. What are you hearing?

BACON: Appropriate to make certain, I carry out no longer imagine she called him a racist. I imagine that she criticized his (INAUDIBLE) views. So I are looking out to emphasise, I create no longer think that characterization became once correct.

That acknowledged, what I think goes on here is Kamala Harris will most seemingly be the obvious candidate because she has a national profile. She’s a sitting senator and she’s dim on this skills, you understand, the place we’re having these protests about racial inequality. So I think she is the obvious candidate in a form of ways.

That acknowledged, lot of Democrats are panicked, while you reflect Kamala Harris, you, in some ways, relish — relish, you understand, keep her ahead in the 2024 dialog because, you understand, Joe Biden may also simply no longer bustle for a 2d time duration. So while you reflect Kamala Harris the place it’s doubtless you’ll perhaps simply, in some ways, be anointing the next person ahead. And that is the reason one thing of us are fearful about. They’re no longer obvious they’re looking out to grab Kamala Harris and relish her as their candidate for the lengthy bustle. I think that is what’s occurring.

But while you examine someone esteem Karen Bass, the Residence member from California, she simply — has no longer bustle sooner than. It’s no longer sure if she’d bustle (ph) for president if she became once the vice chairman. The connected thing of (ph) Susan Rice. So I think that is the request is esteem, Harris makes the most sense on a form of ranges, but carry out you desire her as your nominee for the lengthy bustle?

RADDATZ: And — and, Mary, I simply are looking out to shut, we relish about 30 seconds. Let’s fast focus on what you heard from Speaker Pelosi and Secretary Mnuchin. It truly does not dispute — sound esteem they’re very near a deal the least bit.

BRUCE: Certain, Martha, I think while you slay up one of the important 30 million Americans who relish now lost this lifeline, that $600 weekly unemployment attend, you may perhaps be laborious pressed to listen to to these interviews this morning and think that wait on is on the system.

Ogle, or no longer it’s proper to listen to them use words esteem “constructive” and “productive,” but we’re soundless very far away from a deal. There may be not any longer one in figuring out. Democrats are insisting these $600 funds proceed. Republicans who relish struggled to reach up with a idea, or are making an are trying to reach up with a fast-time duration fix.

Base line, you relish tens of millions of Americans who’re truly struggling to hold ends meet now with out this price and there simply isn’t any longer any deal in figuring out. This may grab weeks, Martha.

RADDATZ: And 30 million Americans with out that paycheck.

Due to all of you on this Sunday morning.

Thanks for sharing segment of your Sunday with us.

Try “WORLD NEWS TONIGHT” and relish a mammoth day.

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articlesofnote · 5 years ago

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an hypothesis

so this whole COVID pandemic has been pretty fuckin’ wild, to say the absolutely least, and i’m trying to come up with any kind of comprehensive theory that can account for the literally murderous leadership of the USA right now. parenthetically, I recently came across a quote from Marx’ “18th Brumaire of Louis Napoleon,” that being, “the tradition of all dead generations weighs like a nightmare on the brains of the living” and boy does that seem relevant these days! particularly in the United States!

anyway, i think a lot about debt - like, what is it, really? why does it have value i.e. why do institutions agree to issue it? and the simplest explanation i’ve been able to come up with is that “debt is the promise of future repayment.” an obligation. you give me something now and I promise to give you more later. straightforward. only, what if I then don’t give you something later? the fancier word for that is “defaulting” and institutions that issue debt Really Don’t Like It when their debts are defaulted on, so, there are various ways we have to make sure that debtors don’t default depending on the situation. ultimately, though, the basic means is the threat of force: i will harm you (physically, emotionally, financially, or all of the above) if you default - if you don’t keep your promise to pay me back! pretty drastic but them’s the rules, and in theory we all understood the rules when we agreed to create a debt. the united states - as an entity and as a collection of smaller entities - creates a lot of debt. big institutions all over the world loan us money all the time, constantly - the US government has been accumulating debt at varying rates (sometimes slower, sometimes faster) for decades now; as i understand it, a big, or even the biggest, way that this happens is when the government issues Treasury bonds and other entities buy them. bonds obligate the issuer (the debtor) to pay more over time than they got from selling the bond. the extra over time is the yield, and it’s roughly a metric of how “safe” the bond is considered; generally if it yields less, it is because it is considered less “risky” i.e. the bond issuer won’t default. remember, defaulting is Bad! and only Bad people and governments would do it!

us treasury bonds (bills? not sure if the same, I think they are fwiw) are considered The Safest - it is assumed that the US govt will never default, for two main reasons: one, which is less directly evil, is that it can just print more money. “oh, you need $1 billion in interest today?? here’s a fresh truckload of $100′s, enjoy” is possible, but fancy money people Kinda Don’t Like That because it makes their shit worth less: there’s not more stuff, just more money, so in some abstract sense each individual dollar is worth less. in a more literal sense, somebody just got a billion more dollars that they can maybe spend on the shit you also wanted, so now you have to pay more of your Fancy Money for your shit than you otherwise would have. either way it’s called inflation, and inflation is like farting: a little bit is necessary and healthy, but too much is a sign that shit’s fucked up. bottom line, the fancy money people don’t really like inflation so they don’t really like printing more money than they have to. the other option for paying off our debt is the use of force! the united states can, in principle and practice, just take your shit from you if it needs to in order to pay off debts. at this scale, it’s a cost-benefit analysis: the rules say we need to pay our bondholders, but rules can and are broken if whoever’s making the decision thinks it’s worthwhile to do so, so really the question is: do we need to pay our bondholders even if it means we have to literally force people to produce wealth at metaphorical and/or literal gunpoint? psych! the premise of the last question is that the people who would make that decision give any amount of a shit about who it would ultimately harm. or, more precisely, there are (roughly) two groups in this equation: decision makers and wealth creators (”capital” and “labor”, “wall street” and “main street”, “people with a lot of fucking money” and “people like you and me,” you get the idea), and the decision makers get to decide which of these two groups gets shafted the most. i wonder what they’ll decide? remember, we don’t want to just print money, because that makes things worse for people who already have a lot of money (which might as well just be called “power,” these days) but forcing people to work under threat of punishment or death does tend to piss off the people so forced, and in aggregate they’ll be a lot less productive. and so, in my rambly way, we come to the present. what exactly happens to the structure i’ve just described when, practically overnight as far as institutional behavior and human attitude goes, our economy has a massive COVID-driven stroke? employment is crashing, and spending probably has too although I don’t know this for sure. seems likely, though - as one data point, I personally spend about ~60-70% of what I did, pre-COVID. and if there’s one thing that our economy depends on, it’s “people having jobs so they have money to buy stuff!” we literally call what we have a “consumer economy!” so when people can’t consume, our economy suddenly starts to look really fuckin’ shaky. this was at least part of the fear on the part of the fancy money people when the housing market collapsed: people would spend less because their main asset suddenly was worth a lot less and they couldn’t borrow against it as readily. leverage can absolutely fuck you up if you haven’t found a chair when the music stops! continuing on: no fucking wonder the decision makers want us all back to work, as long as not too many of us die - the alternative is: we don’t buy shit, so taxes go down, but even worse: the confidence on the part of bond buyers that the US will be able to do everything possible to make those payments happen without just printing money (and making those bonds worth less - or worthless) starts to go away. that is perhaps the real nightmare scenario here: the fancy money people stop thinking that the US treasury bonds are The Safest, or even that they are At Least Reasonably Safe... and so they stop buying them. Or, god forbid, start to sell off the ones they already have, at higher rates than usual. Because what happens in either of those cases is that the US government no longer gets to just have as much money as it wants. The decision makers have to start making harder decisions, with more tradeoffs. And they have to (get to? will finally have the excuse to?) force all of us to pick up the tab, again, like always - and if the last few months of protests have shown us anything, it’s that the gunpoints are always right there. But all this is background! I said I had a hypothesis, and it is this: the exact scenario I just described in the last paragraph is happening right now. It’s not a fast process - there’s a lot of confidence left to lose, I guess, and I have no real depth of knowledge in this area if I’m being perfectly honest. At least some and perhaps all of what I’ve said above is wrong! And thank god for that, because it’s a pretty pessimistic view I’ve painted above. The thing to keep an eye on is bond yields - one way or another, they tell a big piece of the story. So far in this crisis they’ve dropped a lot, which is another way of saying that people still have faith in the US Govt to pay those payments (at least, relative to the alternatives - although if I remember right, some German government bonds have a negative rate, which means people are accepting a straight-out loss in order to buy them). If the yields start to go up, though... I’m guessing that’s bad news.

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melodeemarsh · 5 years ago

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aaaaaaand she’s finally lost it.

i. am. ready. to. go. outside.

whooooooooooooooo.

3 days til my REBIRTH INTO THE WORLD.

Li Zi Qi just put out new videos on blue-dyed calico ❤

youtube

If you don’t know who she is yet, please watch all her videos!!! They are straight out of a fairytale and at the same time just such a wonderful, slow, beautiful understanding of life. She makes almost everything from scratch—salted duck eggs, lipstick from roses, silk dresses, wool cloaks.

Her channel is honestly what I aspire towards. I want to make videos and blogs that slow down, offer a space to breathe, create wonder and beauty.

Life moves on and it never falls into a complete standstill. The world is having a meltdown right now, but here, Li Zi Qi is quietly making blue-dye calico clothes.

The media tends to intensify the anxiety and fear, and it always urgent and demands attention. So it feels as if everything and everyone is in a sort of a mental frenzy, a sort of panic. But that isn’t true. In some places, life is going on at a slow, sweet, unhurried pace. In fact, perhaps, people who are under lock-down or quarantine or stay-at-home notices are living a slower, sweeter life, too.

I hope so.

I’m sure there are many also struggling with living at home, and trying to homeschool the kids. And people who cannot afford to stay at home and must go out for work, risking their health.

Of course, we all risk our health every day. More people die from car crashes than airplane crashes—and now both are cut at a drastic rate, so perhaps we are also saving people from vehicle crash deaths. Just like how pollution has decreased because of the lockdown in China, which has also saved lives (more lives than from the disease) from pollution long term.

But yet again, it is the people who cannot afford it who are hit the hardest. Malaysia shut its borders a few days ago, and many Malaysians cross over to Singapore to work every day. So a lot of them crossed over with sparse belongings and nowhere to sleep for the next two weeks (could be shorter or longer, but as of now, two weeks). I’m just glad to see how the community here is mobilising. The Jurong East sports hall was opened up for stranded workers to stay. Druggists and Mikkellar Bar are pulling together a donation drive of essentials to ensure they have all the necessities they need.

On the other end of things, Jimmy Fallon now has an At Home edition of his show and I love it—and I never even watched a single full episode of his stuff before. He features a guest and a different charity every episode. So far, he has featured feedingamerica.org, savethechildren.org/savewithstories, which are pulling together resources to support the kids in the States who rely on school for food. Then, there is a donation drive for artists and performers who are affected.

youtube

There is a keen balance of hope and sober reality that needs to be held in these times. We cannot underplay the suffering that people are going through—mentally, physically, emotionally, financially, socially—and yet we cannot be solemn and despairing. Try and understand and see clearly what the situation is, but yet hold on ruthlessly to hope and to humour, to joy and laughter and bright days.

Keep loving and living. Look out for one another, see how we can help our friends and neighbours. This lady posted a wonderful post about supporting the more vulnerable small businesses/gig workers who are directly impacted by the situation right now. Taken directly from her post:

Profiles of those who are also getting hit terribly:

– Those who work in SMEs facing the trickle down effect (those who earn under 100m or employ <200 workers but contribute to 48% of SG’s GDP, employ 65% of SG’s workforce and constitute 99% of all SG’s enterprises.)

– Those who freelance and do gigs (freelance creatives, musicians, actors, food delivery, etc)

– Those whose work depends on having medium to large sized groups of people show up (events managers and organisers, conference organisers and support, trainers, teachers, F&B, film crews, small renovation/contractor firms, party planners, arts-based companies etc)

– Those who run events that are too easily and unfortunately deemed “non-essential” (social enterprise CSR events, creative work like theatre, film music, celebrations etc)

– Those who work in hospitality, F&B, tourism, aviation, trade

There are some ways you can help:

1. Ask them how their work has been hit by the Covid crisis. If they’re doing badly, ask them if you can financially support them somehow. Find ways to commission work from them or ask around on their behalf. Pay them fairly and generously for their work. Bonus: You never know if the thing you’re commissioning from them can also be the financial and psychological invitation they need to explore a pivot in their business.

2. If you’re one of the luckier ones who are actually not worried now and are sniffing for cheap, plummeting stocks to invest in so you can get even richer, consider investing in people around you who exhibit great potential. I’m not talking about pity investments. I mean thoughtful intentional investments that support Singapore’s economic and societal well-being. Consider using some of your significant loose change to be a mini venture capitalist or mini impact investor.

3. Tip the gig economy people you come across – like your food delivery person, your taxi driver, your part-time waiters and food servers. Be more generous than normal. Tipping has never been our culture but the option has been built into the apps’ system if we choose to use it. There are many around us who are forced to choose between taking medical rest and keeping up their hourly paid work. Tip them so they know if they are sick especially with flu like symptoms, they have some kind of financial relief and psychological permission from someone to stay home and rest.

4. If you bought tickets to a local theatre performance/concert/workshop that got cancelled, if it is possible for you and you have more than enough, don’t harass them for refunds especially if you know they are a smaller player without deep pockets.

5. If you are a big corporate/govt agency that has to cancel your events and workshops (especially those CSR events run by smaller social enterprises), pay them something – anything. In exceptional times, explore how to make an exception to the usual contractual rules. Write in a new goodwill clause if you want. Pay them a goodwill amount – your generosity could mean some employees get paid. This is especially for social enterprises which hire the elderly or people with special needs. If possible don’t cancel but postpone the event and still pay upfront as a gesture of solidarity.

6. If your friends are running F&Bs, go dine-in (at an appropriate distance). Or order takeaway/catering from them.

7. If you run some kind of community group or religious group especially, find a way to gently and kindly ask if there is anyone going through hard times in their business who needs some help. You’ll be surprised how many real needs are there in front of you even amongst those who look comfortably middle class. People may stay quiet and stoic because the global situation seems so dire out there and they feel their own hyper-local needs seem smaller in comparison.

❤

On a more light hearted note… Someone made lo-fi beats with PM Lee speaking in the background…

youtube

this has become a very, very long post.

I would like to end with a quote from Avery’s own quarantine diaries (she is on day 6) because I think she puts what I am trying to say in this blogpost perfectly:

“Finally, I came across a really beautiful metaphor in Jeremiah 17 today. It’s worth typing out here.

Thus says the LORD:

“Cursed is the one who trusts in man and makes flesh his strength, whose heart turns away from the LORD.

He is like a shrub in the desert, and shall not see any good come.

He shall dwell in the parched places of the wilderness, in an uninhabited salt land.

Blessed is the one who trusts in the LORD, whose trust is the LORD.

He is like a tree planted by water, that sends out its roots by the stream,

and does not fear when the heat comes, for its leaves remain green,

and is not anxious in the year of drought, for it does not cease to bear fruit…

Oh LORD, [you are] the fountain of living water.” – Jeremiah 17:5-8, 13

I love the imagery of a tree planted by water that never fears in drought or heat. I’m doing all right for now, but for many people, right now is a time of personal and financial drought. And yet God says our leaves can remain green. We will still bear fruit. Because the very source of our life is God, the fountain of living water. Last year I began to learn about joy in all circumstances, joy despite drought. I know I’ll keep learning more.”

Joy in all circumstances. Peace beyond understanding. Love beyond all reason.

That is where I turn to, in times of trouble.

There is a part of me that feels a little nervous or fearful, writing and speaking about my faith, but I truly believe that Jesus died for me and saved me, and that God’s love sustains me, and that God turns all evil into good.

Truly.

Keep on burning bright, you little light.

Melody

the quarantine diary – day 12 aaaaaaand she's finally lost it. i. am. ready. to. go. outside. whooooooooooooooo. 3 days til my REBIRTH INTO THE WORLD.

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deployhub-blog · 5 years ago

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On the State of Tech Funding in NM

How Can New Mexico Create a Thriving Technology Economy?

Let’s be honest here, the technology startup scene in New Mexico is somewhat lacking. There is to be sure, the Labs (Sandia, LANL etc), a source of a certain kind of technology but when you compare New Mexico’s economy to our neighbors in the region, we’re so far behind as to be embarrassing.

In 2017, our state is “The highest in the nation in general unemployment, skilled labor is well below the national average” according to a report cited on the NM Tech Council website, (Robert Half Technologies, 2018).

The New Mexico Technology Council is a member-based business that advocates for, promotes, and represents technology companies in the area. Since 1972, NMTC has slowly expanded to now have 160 IT/Tech related companies. Their focus, in a 2017 report, stated that they encouraged more STEM education and training programs, encouraged Tech Based Economic Development, and wanted to address the need for more training to create a suitable software workforce. The website also puts out a Call for Action: Outsource your Software Development to New Mexico!” Their launch, when giving reasons to software businesses to set up shop here, talks of low business costs, quality of life, and the skilled workforce. Didn’t they just contradict themselves? Well, that aside, let’s look at how we’re doing statistically compared to Arizona, Utah, and Colorado. Oh, let’s look at Kansas and Oklahoma too.

First though, the backstory and then some definitions to clarify what I’m looking at here and why you should care.

This spring, I realized that my little side project, running an online sharing platform for travel blogs has a potential to become a profitable and scalable technology-using business, employing others. With a global reach of 58,000 views in the first year with only $350 spent on marketing costs, and with readers from 114 countries and writers from 64, the website (www.wanderlust-journal.com) has expanded beyond hope. Once I saw these numbers, I contacted a few successful business entrepreneurs and incubators for advice. The responses varied considerably; SCORE told me to get QuickBooks and WESST suggested looking for venture capitalist funds. I went with the latter, which leads me to the following definitions.

I’d not thought of my website as a technology startup but in some circles, it is. I’d thought of tech as being software development, those behind the scenes geeks coding in little cubicles with mugs of Starbucks and Bluetooth earbuds, nodding off to some inner enthusiasm for numbers.

Technology is many things to many people. For now, I’ll give you the definition of software by the BSA Foundation, an association that advocates for the software industry around the world. Their website, software.org, explains that the modern definition of technological advancements no longer is limited to only tangible and packaged software products. The term now includes cloud-based software as service (SaaS), cloud storage and computing, mobile application development, hosting, software publishers, computer system design, data processing and internet publishing/websites/broadcasting, my own area of interest.

The BSA Foundation reported on the Economic Impact of Software (2017) by compiling information from US Bureau of Labor, US Census, US Bureau of Economic Analysis and others. I focused on software jobs’ growth as a percentage, the total number of jobs both direct and indirectly created by software technology companies, and the direct value to the state’s GDP, all within a four-year framework of 2014 to now.

Arizona had a 21.21% increase in software jobs, with a total of 99,625 such jobs, and a $6.7 Billion value added to their GDP.

Colorado’s software jobs grew by 12.2% with a total of 140,271 tech related jobs, and $14 Billion.

Kansas grew by 37.5%, a total of 38,382 jobs, and $3 Billion.

Oklahoma grew by 11.8%, a total of 24,706 and $1.8 Billion.

Utah was up 13.3%, to 98,282 jobs, and $5.9 Billion.

New Mexico’s software jobs grew by 14.8%, to a total number of direct and indirectly software related jobs to…9,993. The direct value added to the NM GDP was $874 Million.

After reading this report, my question shifted from worrying about my own selfish wish for funding to what are these states doing that we’re not? How can we become a thriving software economy like our neighbors have? Let’s look first at one of these states, checking the facts and figures and then I’ll address what I found to be the case for New Mexico.

Utah ranks as 7th for venture capital activity. Over the last 20 years, Utah’s expanded from 1500 tech companies to 6,700. Their technology industry provides over 302,000 jobs. Twenty-five years ago, they had only one VC Fund. Their Governor, Michael O. Leavitt, called it “a whopping $20 Million.” (Remember this figure, it comes back into conversation.) Leavitt actively went to the big tech companies in Silicone Valley and asked what could he, and Utah, do to become a viable destination for their businesses to move their headquarters? He was told that in order to bring in tech jobs to Utah, he needed to invest in creating a skilled workforce. Since 2007, the Utah Engineering Initiative has grown to more than 40,000 students graduating with relevant skills at higher education levels. In the last three years alone, Utah has added over 17,000 small businesses (not just technology) with approximately another 400,000 new jobs created.

New Mexico is not quite so impressive for venture capital activity although we too have $20 Million available, just like Utah did — twenty-five years ago.

With $5M from US Treasury, $10M from NMSIC, and $5M from private institutional investors, New Mexico has the Catalyst Fund. The program was implemented in 2016 to invest in locally based technology startups who would benefit the state’s economy. Sun Mountain Capital, a private investment partnership, acts on behalf of this Catalyst Fund. They have the job of finding, vetting, and investing in approximately 8–10 Venture Capital companies to act as portfolio fund managers, who themselves then are responsible for investing in technology startups. The average investment into these Portfolio funds was meant to be about $2M. These chosen VC companies must then raise at least 60% matching capital. The Executive statement of 2016 says that Catalyst Fund was to invest in fifty tech startups within three to five years. It’s now 2019, three years in, and it’s been challenging and interesting to ask where that original $20M of federal money is now. Who’s benefitted from the funds? Bear in mind, these funds are matched by the companies working as portfolio managers, so somewhere there’s approximately $40 Million waiting to be invested in the NM tech economy.

I spoke to a couple of partners at Sun Mountain Capital, who explained how the process of finding and vetting appropriate VCs to hold the Portfolio Funds took longer than expected. Another Venture Capitalist said, (quite candid once promised anonymity), “The decision to have six companies to manage the CF investments is questionable; some of these VCs have limited experience in the field of tech startups, they’re unfamiliar with the challenges and needs of the industry or staffing.” As part of my research, I also talked to Dorian Radar from NMA Ventures. When I asked for her opinion on the current situation of the tech startup industry, she said, “It’s growing but there are problems with outreach. Five years ago, in Albuquerque, there were many business accelerators and little funding. Now it’s the opposite, more funds than tech startups and not enough entrepreneurs know what’s available.”

When I asked four of the six Catalyst Fund Portfolio Managers how they define ‘tech’ in this context, the range of answers covered medical, customer software for sales and marketing, and hard sciences for bio/agriculture industry. Not one mentioned or focuses on business to business software development. One VC replied that it’s “a wide category that includes Meow Wolf since they use so much technology,” although I’ll admit to thinking of Meow Wolf as an immersive entertainment experience and not a tech startup. Another interviewee mentioned that if the startup were innovating software, then their product should be patented. Unfortunately, that’s not a realistic case in this industry. Big corporations such as IBM and Microsoft no longer innovate or develop software; they buy smaller companies who already have the adoption. Think about the modern definition of technology and software that I mentioned earlier. Perhaps the fund managers’ understanding (of the field they’re meant to invest in) is outdated and needs a good reboot? VCs, I’m talking to you.

So, who is getting funded with the Catalyst Fund?

“Targeted companies will originate from New Mexico’s research universities and national labs, as well as from the private sector,” Sun Mountain stated in their Executive Statement in 2017. This seems to be the consistent focus as in an article online at Santa Fe Today (2018) repeated the idea: “New Mexico is well leveraged to develop and commercialize innovative technologies from its research universities and three federal laboratories.”

Cottonwood and Tramway invested in BennuBio, a hard science/health company. The second success story is BayoTech, another hard science/agriculture focused company based in Albuquerque, who had help from Cottonwood and Sun Mountain. NMA Ventures recently invested in Fusion Funnel, a sales and marketing tool software company for $300,000. These examples were all I could find on Crunchbase, Discover.org, through various web searches and in conversation with four of the main six investors in New Mexico. I’d love to be corrected if my findings are wrong. Why? Because it brings up the lack of transparency and oversight. Why is it so hard to know who has benefitted from the federal govt’s fund for our state? Why has it taken me so long to only uncover those three?

Compared to other states, NM is the only one that tries to build technology companies with seed rounds under $500K. This approach may work with smaller cottage industries like mine but is somewhat unrealistic for tech companies. According to some, it’s safer to invest at this initial amount to test out the idea before investing at a higher level of $1.5M with an expected growth to $100M. That initial round of funding at $300K is only enough for a small team over six months — not enough time to create a product, much less understand customer needs or product market fit. Bearing in mind that only three such companies have received Catalyst Funds so far; we know that NM still has the money. The recruitment of experienced CEO, management, and staffing is still the issue. How then do we create the ideal of innovation, management, and money?

On May 9th, 2019, Mayor Webber hosted an event called the Santa Fe Tech Industry Spring Convening. The question raised at the meeting was how do we develop a thriving, sustainable technology industry? And who supports such efforts? Is this all talk and no action?

Matt Brown, from the Office of Economic Development spoke of how many tech business startups have 1–5 employees and are still in their first five years of development. Matt mentioned the obstacles of funding, recruitment, and education, and the need for a game plan to work together across the sector. Peter Mitchell from the NM Economic Development then gave an overview of state-run programs. The NM Tech Council is promoting the state as a destination for new software businesses to move here, citing lower running costs, lower salaries (as if that’s a good thing), and ample skilled workers (which I question). NM Tech Works offers basic coding, website building classes, and social media type skills. The NM Job Training Incentive Program has supported the creation of 46,000 jobs within 1500 businesses in the last 47 years. We also have the programs such as the Small Business Development Center, WESST, Arrowhead, Startup New Mexico, SCORE, not all are focused on software or technology, but software relates to all aspects of our lives these days whether it’s acknowledged as such. Still, it looks like we’re actively looking for solutions.

Mayor Webber joked that “Santa Fe is one large TED Talk,” a combination of the creative and technology minded. Many of us living here are freelancers, independent, creative, and educated, looking for work through networking opportunities. The state has a history of history, technology, art, entertainment, film, tourism, service industry. He asked, how do we connect across the different areas to share our expertise and experiences to grow our economy together?

Dorian Radar, one of the panelists, talked of how a few years ago, there were many more events and conferences, almost too many. Nowadays, she said, there are less events and outreach opportunities to reach those in rural NM with great ideas and products. NMA Ventures and NM Angels hold Office Hours in Alb and online/virtual for those with ideas to get suggestions, references, ideas. More coaching opportunities are still needed for startups in my opinion, the information is hard to find, and the path to funding is difficult to maneuver.

Others mentioned how there’s problem with creating an ecosystem for employees. There’s money to invest, there are some great ideas here, but there’s not enough of a skilled or experienced workforce. It’s a concern and a challenge to bring in qualified leaders and managers. Paying high enough wages is only one aspect of the struggle to bring in qualified managers for any businesses. People might move here with an offer of work but what happens if they want to change companies? Who else can they work for, especially in the tech industry? Employees need to cross-pollinate, as in, be able to find other local work in the industry rather than move away, following the money and funds. Many of the tech staff moving here are young adults, with families, interested in settling long term.

At this meeting, the Mayor stated, “Denver and Austin are losing their souls” with their big tech growth. He even said, “you can have tech sophistication, growth, investment but we’ll keep it our way.” He then introduced Descartes Labs on the panel for discussing the state of technology in New Mexico.

Descartes Labs, Skorpius, and RiskSense are often mentioned as role models for other tech startups. However, Skorpios received seed funds from out of state and once at Series B rounds only then did Sun Mountain and Cottonwood invest. RiskSense got seed funding from out of state and at Series A, Sun Mountain invested. They opened an office in CA to attract funding. Mark Johnson, the CEO of Descartes Lab, did all the hard work himself, he brought in both funding and higher management from Silicon Valley and other states to complement the core group from the Labs. None of these companies received Catalyst Funds or financial help as true startups, they were only invested in locally after they’d proven themselves through their own efforts.

The Mayor talked highly of investing time and money into new solutions and programs, networking across the existing technology community in the state. He mentioned the need for affordable housing, jobs for the trailing spouses, but said little of investing in STEM education (science, technology, engineering and mathematics), internships’ training and he seemed interested more in quality of life and creating a downtown innovation district.

After the meeting, I handed him my notes on what the neighboring states are doing, the original version of this article, and he agreed to meet with myself and Tracy Ragan, of DeployHub, a central microservice sharing platform for software developers. (I work for DeployHub as a Communications Officer part time.) We’d wanted to share our findings on funding for tech startups, coming from both ends of the spectrum, with my customer focused product and hers a business to business for enterprise software development. We had an appointment for June 13th at 10.30am. The Mayor’s secretary, once we’d driven from Madrid to Santa Fe, rescheduled for half an hour later. We returned only to be postponed for another week. The next day, a call from the Mayor’s office cancelled our upcoming meeting. They wouldn’t reschedule for another time. It was most odd to put it politely. Especially after all his talk of being open to coffee with his constituents, community building, and sharing information.

I’d hoped to give him my research on how Utah, Arizona, Colorado, Kansas and Oklahoma are all creating huge technology growth, impacting their states GDP in the millions, improving median incomes, lowering unemployment, training tens of thousands of students with technical skills, and creating anywhere from 24,000 to 140,000 tech jobs. Unlike in New Mexico with our 9,000 jobs. I’d wanted to give him their recommendations and share the programs that worked. We don’t have to do it “our way” as the Mayor says, we can learn from others and collaborate by reading their roadmaps to success for software and technology startups.

In the meantime, I’ll share with you what these neighboring states say contributed to their economic growth. These are the steps and programs they have implemented with incredible success, their recommendations.

1. Mayors and Governors to actively approach the technology corporations and find out what they need in order to move to our region.

2. Create community: sponsor monthly social events for local tech industry people to gather, chat, talk shop, share ideas, ask for suggestions, and build strong network.

3. State-run meetings: Each quarter host a gathering for tech industry that is educational, and network/skills based with a featured speaker (startup leader etc.) followed by breakout sessions on various topics of interest.

4. Websites: User friendly, easy access to resources, to training programs, to events, and relevant information that is updated regularly, with clear links that work.

5. Education/Training programs:

- Create scholarships for higher ed training in tech

- Internships (e.g. Talen Ready Utah’s certificates/hands on training while in high school)

- New businesses sponsor in-house internships as part of the initial funding agreements

- Provide training programs across the state at all levels of entry into field

- Higher education degrees (not only entry level skills)

6. Invest in education from both sides: Pay teachers well and keep talented workforce committed to the state which then creates an educated, well-paid and engaged populace, more likely to stay. Support staff, new textbooks, upgraded technology and infrastructure.

7. Taxes: To develop and pass pro-technology legislation. Easier and business friendly regulations that respect the needs of different business needs. Research & Development (R&D) tax credits, and others that promote incentives for more investments for startups.

8. Physical Clusters/real estate for tech companies who can collaborate, share info, resources, and buildings to create a stronger micro-community/economic base. (e.g Utah created clusters and real estate by voting to move state run prison off prime location along their business corridor)

9. State-wide Collaboration: Connect with other cities to work together, share programs, resources, information across Santa Fe, Alb, Las Cruces etc. Connect. Develop. Work together.

10. Promote these partner programs, the infrastructure of light-railway, housing, incubators, co-offices etc. and not only the quality of life aspect when courting investors and businesses.

11. Annual Tech Summit with featured speakers, startups, investors, from the region, spread over two days, treat the investors to explore the area and colleges as Utah did with great pro-active success.

12. Inclusive/Diversity: When promoting each state for new tech businesses, be wary of language that is divisive, xenophobic or limiting. Encourage outsiders. Welcome investors and companies. Invite them to visit, ask them to talk at local universities and schools in exchange.

And lastly, I’d like to return to a specifically New Mexico concern: The Catalyst Fund.

Created three years ago to invest $20M in tech startups, it now has approximately $40M with the matching funds. It has not done its job. There needs to be oversight, accountability, and transparency. Who benefits from holding onto the funds? Why is it so impossible to discover who has received CF $? Which tech companies have received the funds, how much, and why were they chosen?

As far as I can tell, the local venture capitalists could

- Take more financial risks

- Research what technology (software) is these days

- Better understand the various needs of tech startups

- Invest at seed instead of waiting for second rounds of funding

- Be open to soft science tech/software business to business development

- Consider larger initial funds so the startup caps tables aren’t impacted negatively

- Learn more about the industry

- Update the Catalyst Fund website regularly with full information, links to the fund managers and lists of who has received help and why.

- Focus on outreach and education about the money available

- Research other state’s investments and successes

And finally, please, simply invest in more tech startups.

New Mexico needs to play catch up as without greater investments, pro-technology legislation, and the government physically out on the field, we’re a losing team. After all my research into our neighbors’ successes and the situation here, I believe that it’s a matter of scope. We need to expand the dollar amounts invested, increase the number of larger sized startups, build more STEM programs in high schools and higher education, outreach to our rural communities with more access to training, and actively seek technology businesses to move here. We can grow into a thriving technology economy, we have the beginnings of great lifestyle, climate, real estate, a need and hunger for training and skilled employment, ideas and prototypes for tech startups. Let’s expand what we’re already achieving and aim higher, wider, and claim our state as one to invest in. We’re doing it. We just need to expand our idea of what success looks like in New Mexico.

Startup

Nm Tech

Technology

Funding

New Mexico

#startup #developers & startups #NM Tech #funding #venture funding

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fxikb0ay-blog · 5 years ago

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