News Anchor (3:10)

It does seem like inflation is a concern. We heard that from Wal Mart today, that it's got to pass through these tariff costs somehow. Are you not worried that we have a rise in inflation that hits lower income workers especially hard if we continue to cut rates?

Labor Secretary Laurie Chavez (3:28)

Well, I think what happens when you're talking to the American families, every day, they want affordability, so they look for ways in order to provide for their families. As a former congresswoman and as a former mayor, I know how important that is. Each and every day. What we want to do is grow this workforce so that they can have more money in their own pockets. These policies that came forward with the working family tax cut are going to start to hit no tax on tips, no tax on overtime, no tax on Social Security. I think that that's what people want to see is more of their hard earned dol in their own pockets for their own choices. We've seen again, these real wages go up almost $700. And I think that that's going to be key, way different than the Biden administration, you know, when, when wages were down almost 3,000. And so, you know, do we have $700 more in a family's pocket? That matters to the American people.

News Anchor (4:18)

Don't we lose some of those dollars if we continue to see 3% plus inflation on top of the inflation that we saw during the Biden administration? Prices continue to climb for everything. Housing, isn't that a concern if we continue to cut rates, that we, that we throw more fuel on that inflation fire?

Labor Secretary Laurie Chavez (4:39)

Well, actually, food prices have been down. Energy prices have been down. We've heard over and over again our Thanksgiving meal is going to be less than it was under the Biden administration. So while we have seen oftentimes that, you know, some prices have gone up, whether it's in beef and some of the other sectors, we have seen housing, we certainly want to Address the housing costs because people want to be able to afford their homes. I think that the Fed rate cutting will give us exactly that. So I'm, I'm standing behind the president on this. I think we need another rate cut.

Economic Analyst D Riemer (5:13)

It's been a little bit secretary again.

Labor Secretary Laurie Chavez (5:15)

Too long down that Runway. But we need to cut that rate.

Economic Analyst D Riemer (5:17)

Part of what you're saying, you want to cut the rate because you want more private sector hiring. We hear you loud and clear on that. But we have to say this latest jobs report, government jobs grew. Do you want to see that reverse? Why is it growing when this is a government that's been trying to cut back on what you say was a Biden administration that only supported the economy through hiring via the government?

Labor Secretary Laurie Chavez (5:39)

The government jobs haven't grown. The only portion of government jobs that has grown in this last report that is showing have been at the state and local level, not at the federal level. Over 2 million private sector jobs have come online and that has been for native born. We are seeing massive amounts of the private sector. Out of these 119,000 jobs, 97,000 of those were in the private sector. We're going to do more and more with the private sector to grow this economy opposite than what the Biden administration did where they were all federal jobs. That isn't what the mandate was when they elected President Trump. It was to grow the private sector economy. And that is exactly what's happening.

News Anchor (6:17)

One of the other things the president is talking about is sending middle to lower income Americans rebate checks from the tariffs, which have been behind a lot of the inflation that we've seen. So giving some of that money back to those earning a little bit less. Do you support that, you know, $2,000 check push?

Labor Secretary Laurie Chavez (6:38)

Well, certainly the president has been in consultation with his economic team. I think this is one way to give back to the American people. You know, people work hard for their money and when they provide that to the government, they have a contract that's going to be spent wisely. These dollars, though, are coming in from tariffs to give back to the American people. And I think that that is a good plan that the president has set forth. He will continue in consultation with his economic team and what he determines. You know, he's a man of the people. I say this, you see on my building, I hang his banner because he is the president of the working family. He is the president for the men and women of this country. Every decision I make at the Department of Labor is through the lens of the men and women who have built this country and they deserve to be taken care of. And that's exactly what the president has been doing.

Economic Analyst D Riemer (7:24)

Ms. Secretary, before we let you go, just quickly, I know we're looking for a little bit of guidance on some of the tax code changes, specifically who's going to be exempted from overtime tax or who's going to get that overtime tax exemption. Do you have any clarity on that or at least a timeline of when we can expect the Labor Department to come out with those clarifications?

Labor Secretary Laurie Chavez (7:43)

Well, I'll be working with Treasury Secretary and certainly through the Department of Labor. I would imagine that with those policies in place from the working family tax cut, that we'll start to see stuff in the first and second quarter. But any specifics I don't have on an actual release date. But again, 119,000 jobs I think is a solid report. I'll be looking forward to see what the numbers are for November, which will be released in mid December. And I know the economists all got it wrong on this. And so this is good for the American people that we saw a solid report of 119000 jobs.

Economic Analyst D Riemer (8:17)

Ms. Secretary, thank you so much for joining us this morning. That is the labor Secretary, Laurie Chavez Darimar. And of course, tomorrow, don't miss another important conversation. Fed Governor Stephen Myron on Bloomberg Surveillance. That will happen at 8:30am Wall street time.

PayPal Advertiser (8:32)

Greetings from my bath festive friends. The holidays are overwhelming, but I'm tackling this season with PayPal and making the most of my money, getting 5% cash back when I pay in four. No fees, no interest. I used it to get this portable spa with jets. Now the bubbles can cling to my sculpted but pruny body. Make the most of your money this holiday with PayPal. Save the offer in the app ends1231.

News Anchor (8:55)

See paypal.com promoter points can be redeemed.

Labor Secretary Laurie Chavez (8:57)

For cash and more paying for subject.

News Anchor (8:58)

To terms and approval. PayPal Inc. And MLS 910457.