'Don't underestimate' Biden handling U.S. economy: Penny Pritzker

Former Commerce Secretary, Biden Campaign Adviser, & Chairman of PSP Partners Penny Pritzker joins Yahoo Finance’s Akiko Fujita to discuss what the economy would look like under a Biden administration.

Video Transcript

BARACK OBAMA: I did hope, for the sake of our country, that Donald Trump might show some interest in taking the job seriously, that he might come to feel the weight of the office and discover some reverence for the democracy that had been placed in his care. But he never did. Donald Trump hasn't grown into the job, because he can't.

AKIKO FUJITA: That was former President Barack Obama delivering his speech at the Democratic National Convention. And last night, the DNC wraps up today with Joe Biden taking the virtual stage to address the party as the presidential nominee. We're also going to be hearing from South Bend Mayor Pete Buttigieg, as well as Senator Cory Booker, who will be addressing the convention.

Let's bring in Penny Pritzker. She's the former commerce secretary under President Obama, and of course, a Biden campaign advisor right now as well. Madam Secretary, it's great to have you on today. I'd love to get your thoughts on this speech from last night from President Obama, because this was a strong rebuke of a sitting president from his predecessor, which is not often something that we see. He didn't just go after President Trump, but also said that his reelection would essentially threaten democracy as we know it right now. What did you make of the strong language?

PENNY PRITZKER: First of all, thanks for having me. I thought President Obama delivered a sober message to all of us, which is that our democracy depends on each of us as citizens, and that we exercise our right to vote. And you were just talking on your program about the Postal Service and challenges there.

We need to make it easy in this country for every American to vote, not make it difficult, like our current president is doing. But given the circumstances, the responsibility rests with each of us to find a way to make sure that our vote counts. And that's really what President Obama was trying to say, which is that it's up to us to take this election into our hands as citizens of this country.

AKIKO FUJITA: I mean, we've heard this message consistently over the last three days, which is to frame this election as a real crossroads between what we have witnessed over the last four years and what's to come. Is that the kind of message you think that will resonate with voters who may still be undecided? Which is to say, you tell voters, look, if you think it was bad the last four years, things are about to get even worse?

PENNY PRITZKER: Well, I think the real message that Joe Biden brings-- and I think he's the right president for this time-- is really around three major things, which is, well, first, he will bring integrity back to our office. And he'll bring certainty and greater stability for all of us.

But really, he's giving a message of several things. First he has a plan to end the pandemic. He's going to bring therapies and vaccines to us and a message around that that is science-dependent and fact-based.

The second is, he's offering us an inclusive economic plan where we'll invest in our workforce. We'll make sure that families have the benefits that they need. We'll invest in manufacturing to make products here in the United States, products that we vitally need, invest in R&D so that we lead the world and critical technologies like AI, quantum, and 5G, and invest in clean energy so that we have an environment that is one that we're leaving a healthy environment, not only for ourselves, but for the generations beyond us.

And the last thing I think that Joe Biden represents is, he will put America back in a leadership position globally. He'll work with our allies. He'll stand up to our adversaries. And that's really the message of this campaign. We need Joe Biden because he will be a great leader for us and for all of us.

AKIKO FUJITA: I want to get to the foreign policy bit in just a bit, but let's go back to the economic message here for the Biden-Harris team, because when you look at the polls right now, while Joe Biden is leading President Trump, on the issue of the economy, he hasn't been able to erase that divide. At a time when we're seeing record unemployment, the greatest economic downturn since the Great Recession, what more do you think Joe Biden needs to do to erase that deficit that he has on the key issue of the economy?

PENNY PRITZKER: I think people need to understand that Joe Biden will be a good jobs president. Remember, we've lost tens of millions of jobs, multiples of what we lost in the Great Recession. And this country is going to need-- we're going to need to come together, and we're going to need a certain kind of investment in order for us to be able to re-employ all the people that had been employed.

And whether it's in manufacturing, whether it's investing in workforce training, whether it's investing in R&D, whether it's investing in clean energy-- these are growth industries for our country. These are good job-creating industries for our country. And Joe Biden needs to get that message across. And those of us in the business community know that.

And don't also underestimate the fact that he'll be good for certainty and stability. And I know as a business leader that I make investment decisions, I make hiring decisions, when I feel confident, when I understand what's coming in front of me. And the problem we've had over the last four years has been massive uncertainty. Facts have not been clear, and we've not making-- decisions come and go, as if they're just hypotheticals. That's not the way we grow our economy. That's not the way we create inclusive growth for all Americans.

AKIKO FUJITA: One of the things we haven't heard a whole lot over the last three nights is on the issue of foreign policy, and specifically China. You led the Commerce Department. You've certainly seen how strongly the department has moved over the last three years in going after China on the issue of tech transfer, on the issue of IP theft. As commerce secretary, you sat across from Xi Jinping to raise these very issues. What's different about the Joe Biden policy on China?

PENNY PRITZKER: Standing up to China is tricky business, because so much of our economy depends on doing business with China. And so it's important that we hold China to account to the world trade rules. It's important that we stand up in terms of IP protection, of course.

But it also means we have to recognize, we live in a globalized economy. And we cannot just pull up the bridges around the United States and expect that we're going to be able to thrive and create the kind of jobs and well-being in this country for all Americans, unless we have a balance.

And it doesn't mean Joe Biden isn't going to stand up to China. He will stand up to China. But we also have to recognize, we need to do trade around the world. We are only 5% of the world's population, and yet our GDP depends upon us being able to do business around the world.

AKIKO FUJITA: So would a President Biden, for example, keep the trade deal in place as it is? Would he go after the issue of [INAUDIBLE] in the way that we've seen President Trump do?

PENNY PRITZKER: I think what Joe Biden will do is, he will work with our allies to make sure that as we stand up to our adversaries, and in certain instances China, that we work together, and we work in concert, not alone. Because the challenge of working alone is, we don't bring to bear the weight of the world. There are too many other competitors and businesses there who can just work around if we create policies on our own.

I think the other thing that Joe Biden will do is, he will hold the WTO to account to make sure that the rules are being applied fairly.

AKIKO FUJITA: Let me ask you, finally, about where you think this election is won. One of the criticisms I've heard consistently is that while there are a lot of people who are just fed up with this administration, they're not necessarily excited about Joe Biden as a presidential candidate. How do you change that dynamic in-- it seems like over the last few nights, the strategy has been to talk about how big the tent is, how inclusive Joe Biden is. Is that where the election turns, you think? What [INAUDIBLE]

PENNY PRITZKER: I think there's a couple of things to keep in mind. First of all, Joe Biden is the kind of unifying leader that can manage and can embrace a big tent. And you're seeing that message coming through in the convention.

But also, leading is a team sport. And one of the things we need to recognize is, Joe Biden attracts great talent, real competency, people around him who will get things done for the American people, whether it's helping us with training, whether it's helping us with trade, whether it's helping our country with getting therapies and vaccinations so that we can be healthy and be out and about again.

And so I think that the messaging is really around, Joe Biden will be good for jobs in this country. He will be good for our health. He will be good for our relationships around the world. And at the end of the day, he's a unifier and a healer, and we need that.

And I think the enthusiasm is actually building. I see it in my inbox. I see it from people calling me who not necessarily have been Democrats in the past, who say, you know what? I can get behind this agenda.

AKIKO FUJITA: Former commerce secretary Penny Pritzker. Great to talk to you today. Appreciate your time.

PENNY PRITZKER: Thanks so much for having me.