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Interview With Jared Bernstein, Member, White House Council Of Economic Advisers; Funeral Services Began Today For Some Highland Park Shooting Victims; Biden Signs Executive Order Aimed At Safeguarding Abortion Rights; White House Announces 15th "Fly Formula" Mission From The U.K. To NYC; "Patagonia, Life On The Edge Of The World" Premiers Sunday Night At 9:00. Aired 2:30-3p ET

Aired July 08, 2022 - 14:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[14:30:00]

ALISYN CAMEROTA, CNN HOST: The S&P 500 had their worst first half of the year since 1970.

What is most concerning here to the White House?

JARED BERNSTEIN, MEMBER, WHITE HOUSE COUNCIL OF ECONOMIC ADVISERS: Well, first of all, we could have a whole duel about good versus less good or bad numbers out there. And I think there's both.

So I think you have to really kind of get the nuances. I think when you're talking about consumer spending, that's actually held up very well in this economic recovery.

Even last quarter, when GDP had negative handle, consumer spending was a real plus. That negative came from inventories and imports.

And one of the things supporting consumer spending, which, by the way, is 70 percent of the economy, is the very strong labor market, wage gains, the fact that industries across the board are strongly adding employment.

But the other thing is that families have uniquely solid financial balance sheets. Now, this is an aggregate result that varies across the income scale. But on average, families have more savings than they had in the past.

And part of that has to do with the American Rescue Plan. The shots in arms and checks in pockets made a lasting difference. And that's a real buffer against some of the issues you raised coming at households right now, particularly elevated inflation.

CAMEROTA: Let's talk about inflation, because that's what obviously hits people in the pocketbook.

Here is food prices. These are the latest numbers that we have. This was May compared to last month.

So if we look at that, milk is up 15.9 percent, meat and fish up 14 percent, eggs up more than 32 percent, fruits and veggies up more than 8 percent.

When will these prices come down?

BERNSTEIN: Well, first of all, let me say that -- I was going to say I certainly understand this because I, myself, have been doing food shopping lately, so I know exactly what you're talking about.

More importantly, the president consistently starts every economic speech recognizing these constraints to households.

So two things. First of all, imagine going through what you're describing with an unemployment rate that was 6 percent or 7 percent instead of 3.6 percent, where you pointed out it's been for the past four months. That's just about where it was pre-pandemic.

If we weren't adding record number of jobs, if we didn't have this strong job market behind us, helping consumers get through this period, along with an elevated savings measure that I talked about a second ago.

But the second thing is, let's talk about energy. I think we have to bring to this conversation that the price of gas is down. It was $5 a gallon at its peak, it's now $4.72. No one would mistake $4.72 for acceptably low enough gas prices for Americans feeling the pinch.

So I want to be very careful. This is not a mission accomplished moment by a long shot. But it does show that critical pricing in the economy is going in the right direction and provides some measure of relief to consumers filling up their tanks.

We've got to do a lot more in that space.

CAMEROTA: Jared, I specifically actually didn't bring up gas prices because we've talked about it a lot. And I know that the president has done a lot to try to bring it down. And I know that he's not in control of that and that it's ticking down slightly, but not enough obviously for people.

But the food thing, I really wanted to go to the food thing because that affects every single American. What can they have in terms of a timeframe in their mind for when those will come down?

BERNSTEIN: So let me get back to that for a second. Whether we're talking about gas or food, we are in no small part talking about the conflict in Ukraine, Russia's brutal aggression against Ukraine.

That is a commodity breadbasket for the world, whether we're talking about energy, food or metals.

The president was consistently tried to explain to America that part of prosecuting that war on behalf of the Ukrainians means that those prices are elevated.

Now, I'm not going to stand here and predict to you when the constraint comes off because that's geopolitics and we're talking about economics. The best I can say in that regard is that we are not only tracking

these prices, but we've seen some of them begin to come down.

If you look at commodity prices for food, grains, korns, you've seen some slowdown. I don't think I has made its way into our price deflators yet, but that should provide some relief. Not nearly enough, but hopefully movement in the right direction.

CAMEROTA: OK, Jared Bernstein, thank you very much for your time.

BERNSTEIN: My pleasure.

CAMEROTA: We have some heartbreaking new details out of Highland Park where an 8-year-old boy is now paralyzed from the waist down. We have an update from his family.

[14:34:46]

And the couple that had been separated for days following the shooting has now reunited at the hospital. We have their story of survival next.

(COMMERCIAL BREAK)

CAMEROTA: Funeral services began today for some of the victims of the July 4th parade shooting in Highland Park. Memorials are growing along the parade route.

CNN's Adrienne Broaddus is in Highland Park.

Adrienne, tell us what's happening there today.

ADDRIENNE BROADDUS, CNN HEALTH REPORTER: Alisyn, today, services for three of the seven deceased are beginning. And those families are remembering their loved ones for how they lived, not how they died.

[14:39:57]

That includes the family of Steven Strauss. Just moments ago, his granddaughter speaking at the funeral, saying when she walked into her grandpa's closet, she smelled one of his shirts and that comforted her. She looked up and saw photos of all of his grandchildren and that, too, gave her comfort.

The family of Nicholas Taledo, his granddaughter telling me he loved to play the guitar and doodle.

Then there's Jackie Sundheim, who friends say she always planned the celebrations and funerals at their synagogue, but this week they had to plan hers.

The family of an 8-year-old, Cooper Roberts, hoping that their son will wake up today after undergoing surgery. They also told us the shooting left the 8-year-old paralyzed from the waist down.

Indeed, there's so much sorrow here in Highland Park. But we've seen moments of solace.

And I want you all to see for yourself. Take a look. This photo was captured by Samantha Whitehead. It shows the reunion of a couple who was shot Monday at the parade.

That's Joey Kolpack and her husband, Stephen.

You notice in the photo, Stephen gently touches his wife's cheek and kisses her on the forehead, followed by a hug. Her eyes are close, but she smiles.

Her friend, Samantha, says she had to capture this moment. Listen in.

(BEGIN VIDEO CLIP)

SAMANTHA WHITEHEAD, BEST FRIEND SURVIVED SHOOTING: It was just pure joy, like you could just feel the love. I was very emotional. I was like, I need to take a picture of this, it's beautiful.

And I think that people that have supported and help raise awareness and donated deserve to see this, this reunion is so beautiful.

She thought that her leg was going to be amputated, honestly. It was completely out of place. Yes, it was grim.

(END VIDEO CLIP)

HOWARD: Meanwhile, Whitehead says the road to recovery for her friend, Zoe, will be long. It includes physical therapy. She was also shot.

Whitehead created a GoFundMe account to help the Kolpacks with their medical bills. And she says her friend, even though she's still in the hospital, can feel the outpouring of love and that is helping her move forward -- Alisyn?

CAMEROTA: Adrienne Broaddus, we pray for all of those victims.

Thank you very much.

Well, President Biden signs an executive order aimed to protect women's health and calls the Supreme Court's decision to overturn Roe v. Wade extreme and terrible. We're live from the White House next.

(COMMERCIAL BREAK)

[14:47:05]

CAMEROTA: President Biden signing an executive order aimed at safeguarding some abortion rights. Specifically the order attempts to protect medicated abortions, privacy for patients, and contraception like IUDs.

CNN White House correspondent, M.J. Lee, joins me now.

M.J., how does this work with the Supreme Court ruling? M.J. LEE, CNN WHITE HOUSE CORRESPONDENT: Well, Alisyn, as you know,

there are so many frustrated women, families and abortion rights activists that have been waiting for the president to say more and to hopefully announce any additional actions that can come from the White House.

So let me just first walk you through this executive order that we saw the president sign earlier today.

The White House says that they hope that this order can protect access to reproductive health care services, including things like abortion medication and contraception.

They also are focusing on protecting the privacy and information of patients, and the other area this executive order covers is the protection of the safety of patients and health care providers.

Now, two big caveats that I do want to throw out there. One, the details are not all clear on exactly how these things will be enforced or executed.

Second, some of these ideas are ideas that we've already heard from the White House. So some critics are going to say these don't sound very new.

Now, I will also note that the president used some very strong language earlier today when he gave his remarks. He said this was a terrible and extreme decision from an out-of-control Supreme Court.

Take a listen.

(BEGIN VIDEO CLIP)

JOE BIDEN, PRESIDENT OF THE UNITED STATES: This was not a decision driven by the Constitution. Let me say it again. This was not a decision driven by the Constitution.

Despite what the justices and majority said, this was not a decision driven by history. Today, Supreme Court majority, that is playing fast and loose with the facts. What we're witnessing wasn't a constitutional judgment. It was an exercise in raw political power.

(END VIDEO CLIP)

LEE: The other thing that we heard from President Biden is the acknowledgment that he is pretty limited in what he can do from the White House.

He once again said that he would like to see Congress codify Roe v. Wade. But he also acknowledged, again, that the votes are not currently there in Congress to make that happen.

So he said you need to go out and vote. If this is important to you, you have to vote in November.

But that message of go out and vote in November, that's not going to be satisfying to a lot of people who feel like November is very far away and they would like to see actions being taken now.

CAMEROTA: M.J. Lee, thank you very much.

The White House is also launching its 15th Operation Fly formula mission in two weeks. This shipment of baby formula will be coming from the U.K.

The shortage remains a problem. Last week, more than 22 percent of formula products were out of stock in U.S. stores.

CNN's Jacqueline Howard joins me live.

Jacqueline, why is it taking so long to get this shortage under control?

[14:50:02]

JACQUELINE HOWARD, CNN HEALTH REPORTER: That's the question many parents and shoppers have out there.

Alisyn, what we know about the current situation, we know that 20 percent of formula products have been out of stock for the past month, and that includes powder formula. That includes ready to drink. That includes liquid formula.

And to try to help with inventory, some retailers are limiting the supply that you can purchase while at a store. So we heard from CVS, Kroger, Walgreens, Target.

They are some examples of stores that are limiting how much you can buy. Kroger is limiting purchases to four containers per person. And

Walgreens is limiting to three items per person. So this is an ongoing situation.

And what we know about the upcoming Operation Fly formula mission that you mentioned, Alisyn, that 15th mission that's approaching, we do know that it's to transport Kendamil baby formula from England to New York.

And we know that will be done with two flights, one on July 17th, one on July 2nd the two deliveries with have approximately 2,000 pounds. And those products will be available at Target stores.

Of course, we plan to stay across this shortage and we plan to watch what happens as we approach that mission -- Alisyn?

CAMEROTA: Keep us posted.

Jacqueline Howard, thank you very much.

So former Japanese Prime Minister Shinzo Abe gunned down during a campaign event. What this means for the world, ahead.

(COMMERCIAL BREAK)

[14:56:16]

CAMEROTA: Patagonia, it's remote, harsh, stunning, and it's one of the last untouched places on earth.

Now the CNN original series "PATAGONIA, LIFE ON THE EDGE OF THE WORLD," takes viewers on an immersive journey to the breath-taking and varied region revealing people and places and animals that you simply will not see anywhere else.

Here's a preview.

(BEGIN VIDEO CLIP)

ANNOUNCER: This is Patagonia. See this land of extremes, like never before. Where animals and humans once fighting together against new challenges.

What does it take to live in one of the most wild and isolated places on earth?

(END VIDEO CLIP)

CAMEROTA: Joining us now with a sneak peek of the special Patagonia series is Bill Weir, our chief climate correspondent.

BILL WEIR, CNN CHIEF CLIMATE CORRESPONDENT: Hello.

CAMEROTA: Hi. That is really dramatic stuff.

WEIR: It's beautiful. It's so good.

CAMEROTA: Tell us more about "Patagonia."

WEIR: This is one of those projects, I'm proud we did it.

It turns out, during COVID the sort of British star photography team couldn't come over. It's all local crews. And it turns out they had this most incredible access to stuff you wouldn't see otherwise, like the mating dance of the redheaded grebe.

CAMEROTA: Oh, show me.

WEIR: Somebody is going to put this to hip-hop music, and it's going to go viral.

It's incredibly elaborate. First, the guy does the dunk, and then she does the dunk, and it becomes this tango.

CAMEROTA: Wow.

WEIR: In which she's deciding --

CAMEROTA: What's happening there?

WEIR: -- is this the man for me. How is his credit rating? How is his forward head dunk? And there's hundreds of millions of years of evolution going into this moment, beautiful moment.

And now about a thousand of these birds exist on the planet. The lakes in Chile where they live are shrinking as a result of a warming planet as well.

But there are discoveries that these guys are making down there that could help us survive a more inhospitable planet.

These are guys going to the bottom of glaciers, looking for dragons.

Watch.

(BEGIN VIDEO CLIP)

(MUSIC)

UNIDENTIFIED MALE: Isa has found what he's looking for. Lightning and the bedlam, aka, the Patagonian ice dragon.

(END VIDEO CLIP)

CAMEROTA: Oh, my gosh.

WEIR: This is a creature that's evolved to thrive in those temperatures, and pretty much has sort of antifreeze for blood.

And if we could unlock, you know, the DNA, the sequencing of that to help us and exploring other planets, you don't know what we don't know about these miraculous places.

And Patagonia, the whole tale of South America, truly one of the last wild spaces. We hear about the Amazon, what's being devastated there.

[14:59:58]

But there are models of conservation happening down there that I think could be emulated everywhere.

CAMEROTA: Bill, you have a cool job.

WEIR: I do. I do.

CAMEROTA: You really do.

I appreciate you bringing it to us.

WEIR: Thanks.

CAMEROTA: Great to see you.

WEIR: Good to see you.