tv CNN Newsroom Live CNN October 29, 2021 1:00am-2:00am PDT
climate crisis, energy prices and disruptions in the global supply chain. they are all on the agenda, but the u.s. president joe biden comes without an agreement from lawmakers back in washington on his truly sweeping domestic agenda. for the second time in as many months, house democrats have postponed the vote on the trillion dollar infrastructure bill. progressives say they won't support it unless it moves in tandem with a much larger economic and climate package. meanwhile, here in rome, president biden is hoping to mend fences with u.s. allies, especially france. he's scheduled to talk with hips french counterpart president emanuel macron in just a few hours. president biden will soon head also here to the vatican to meet with pope francis. he's only, by the way, the second catholic to serve as president of the united states. i want to bring in our vatican correspondent delia gallagher who is watching all this for us. for president biden, this will be, as it always is, his fourth meeting with the pope, a very
emotional moment. >> well, it is. this is his first meeting as president. he's met with him as vice president, but he's coming back as a catholic and as president of the united states. and you know, wolf, these meetings typically, they last under an hour. so there is a lot to get through in terms of talking points and agenda, but really the crux of the meeting is shoring up the personal relationship between the two, which pope francis from the vatican side, you know, really is hoping to have a good relationship with the u.s. leader because he wants these issues that they will be discussing at the g20, they'll be discussing at cop-26, those are issues the pope has spent a lot of his pontifficate advocating for and he needs the u.s. leadership to help organize and move those issues forward. let's keep in mind that the catholic church has on the ground in every country in the world major organizations. catholic relief services,
catholic charities, hospitals, schools, and, you know, they are there on the ground. they are ready and willing to put plans into action for -- on vaccines, for example. but they need the united leadership of many of the world's countries, of pharmaceutical companies and so on. so they need to have people who can put pressure on these governments and show the leadership. and obviously he's going to be looking to president biden for that. >> for pope francis, the pharmaceutical companies and their distribution of these vaccines is such an important issue. explain. >> absolutely. so, one of the pope's major calling points is to say to pharmaceutical companies, you have an obligation, an ethical obligation to waive your patents. he's had donations, he's asking wealthy countries to donate to poorer countries. he's in favor of waiving patents. he's in favor of getting the
hubs into africa where they can produce the vaccines. look, i mean, the pope's point is whatever it takes, but -- is for wealthier countries and pharmaceutical companies to share, to share their patents, to share the vaccines. you know, it's kind of a no-brainer, as we say, but obviously the pope can only sort of say it, so much. it's actually got to be put into action. >> has the pope spoken out aggressively? there are some people out there for religious reasons don't want be to get a vaccine. they've claimed religious reasons. is this an issue the pope has addressed? >> yes, he himself is vaccinated, of course, as is the pope emeritus. from the beginning he has said it's an act of charity. it's an act of love towards other people. it is an act of responsibility to get vaccinated. he's even said he doesn't really understand those who are skeptical of the vaccine.
so he has certainly taken every opportunity. he has vaccinated, many people even the homeless people around the vatican. he's tried to show that as well not to be afraid of the vaccine, that people should get vaccinated. that is absolutely his -- >> you mentioned the homeless people around the vatican. aomor i've been walk you around here since i arrived. you see homeless people all over the place. >> we have seen an increase. there are two reasons there. one is the pope has set up dormitories, set up places around the vatican for the homeless, a barber shop, and so on. the other thing is that the police before used to move them away, and now with francis they understand they don't really want to be doing that. so there's kind of a double thing here, which is welcoming them in, but also trying to provide places for them to sleep and to have a shower and so on, and to eat. they have cafeterias here for the homeless. >> delia, we'll stay in close
touch with you as usual. thank you very, very much. i want to bring in our senior international correspondent ben wideman he is here in rome watching this unfold. set the scene for us on what's expected to emerge from the world leaders who have gathered here in rome. >> reporter: well, there are sort of muted expectations from the g20 given that several of the major leaders will not be here. among them, the leaders of russia, china, japan and mexico for a variety of reasons. for instance, vladimir putin apparently is somewhat distracted by the fact that the pandemic is surging in russia. but because so many of them will not be here in rome for the g20, it's not clear what is going to come out of this meeting of major developing and developed
economies. they don't necessarily see eye to eye. for instance, china and india are resisting the demands that everybody bring their greenhouse gas emissions down as quickly as possible. so there may be at the end some sort of communique where some vague and broad goals are endorsed. but in terms of specifics, it's not really clear what's going to come out of this meeting, wolf. >> there will be a very significant meeting between president macron of france and president biden given the tense relationship that has developed in recent weeks. talk a little about that, ben. >> reporter: yes, this is something that macron, for instance, was clearly satisfied to see biden replacing president trump with whom he had a somewhat troubled relationship. but when the united states announced that it was pulling
off a submarine deal with australia that actually was -- there was a similar deal that france had done with australia totaling $60 billion. the french were absolutely outraged. they felt that they had been betrayed by the united states, a country with which france has had a long and close relationship. and the americans are trying to mend fences. we understand that when the two leaders meet today, that biden will offer increased american support for counterterrorism -- french counterterrorism activities in africa. but the damage has been done and this, the blow-up over the submarine deal has really clouded the optimism that somehow the relationship between the united states and its key
european allies was on the mend after the administration of donald trump. wolf? >> all right, ben, thank you very much. ben wideman reporting from here in rome as well. joining us now, stuart lau, the eu china correspondent. thanks very much for coming in. what are you going to be looking for specifically today and torment? >> -- tomorrow? >> we are looking possibly a communique on what ben was saying, describing to be broad and vague commitments about climate, about vaccine distribution. what we are hearing from eu sources is that there is very intense negotiations. on climate, for example, saudi arabia is trying to block a lot of concrete commitments about climate financing or, you know, phasing out carbon, phasing out coal. different issues blended together. what we are hearing is yesterday the italian presidency chairing the negotiations have proposed a
sort of compromise deal to try to talk about bringing back the kind of 1.5 degrees point back to the table, but also linking it more closely with what the diplomats are describing as critical enablers, what sorts of financing will be required on the part of developed countries. so we are going to see what the negotiations will come out. >> the g20 is the meeting of the wealthy nations around the world. but missing in action will be the president of china, the president of russia, president xi is not showing up. president putin is not showing up. others aren't showing up either. what does that say to you, stuart? >> definitely not helping because the negotiations that usually take place is really about the kind of high-level person to person interchange, trying to persuade each other to take a step forward or take a step backward in some cases. china, for example, is sending the foreign minister here instead of the president. we understand he might be giving
a virtual online sharing, but we'll have to see what exactly will be going on. but then, unknow, also because, you know, on the other hand, people are also judging italian prime minister for how he conducts the negotiations. he is new to the job. he is a very respected international finance person, you know, person, of course, but is also, you know, going to be a very significant kind of litmus test for his diplomacy, diplomatic skills and whether he can actually bring china and russia to the table even though they are not really here. >> is there much of a difference -- because in washington before i left, i was hearing u.s. officials complaining that there were different attitudes towards china among the eu nations as opposed to the united states. how much of a division is there right now? >> so, the really interesting case here would be germany because for such a long time, germany plays pay very critical role in trying to bring the eu
towards a more engaging position vis-a-vis china. we are now seeing angela merkel stepping out of the chancellory after 16 years. interesting also bringing her successor, likely successor who is currently her finance minister, even though he's not from the same party to the same table to the same room to meet with other g20 leaders. we'll have to see what his policy is going to be on china and also the french president emanuel macron, you know he's a very critical -- vocal proponent of strategic autonomy which means having eu's own policy on china. slightly different from washington's. so we'll have to see what comes out of, again, what ben was saying, the meeting between biden and macron on the fallout and whether france will get a diplomatic guarantee from the u.s. in the pacific. >> the u.s. has been desperate to strengthen relations with france right now. and today president macron will
be meeting with president biden. how strained is this relationship? >> very, very. so, france has been really building up the case in the european union to the partners in brussels, look, basically, biden is not respecting us. what can we expect from the u.s.? of course, you know, the caveat here is a lot of european union members are not on board with this idea. the vortex space, for example, and the northern space, they are very stern allies, tough allies for nato. there is the dynamic, this momentum being built up towards what macron envisions to be a european army, european, you know, defense force. so we'll have to see whether france is able, is capable of mustering a strong enough alliance within the european union when it comes to its next presidency and the eu at the start of next year. >> stuart lau is the european
correspondent. thank you. >> thank you, wolf. coming up, world lead herbs preparing to meet in scotland for what's called the cop-26 climate conference amid dire warnings that time is running out. we'll have a live report from london. that's ahead. plus, the u.s. treasury secretary janet yellen, she is standing by live. she'll join me for a live one on one interview to discuss president biden's spending and infrastructure bill and whether arriving at the g20 without a deal in hand is a failure. much more of our special coverage coming up right after this. [♪] looking to repair dry, damaged hair without weighing it down? try pantene daily moisture renewal conditioner. its color-safe formula uses smart conditioners to micro-target damage helping to repair hair
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as world leaders convene here in rome, looking at live pictures coming up. and in later in glasgow, climate activists plan protests just ahead of both the g20 in rome and what's called the cop-26 meet things scotland. we are expecting to see demonstrations today in london, berlin, rome and other cities as activists demand stronger international commitments to reduce greenhouse gas emissions. the british government is presiding over this year's top
26 climate conference in glasgow, scotland. i want to go to cnn's scott mclane standing by in london for us. scott, set the scene. what do you anticipate? >> reporter: hey, wolf, look, if there is going to be any meaningful progress that comes out of the cop-26 meeting in glasgow, we may see the first signs of that progress on climate change at the g20 summit in rome. this is a group of countries that for all intents and pi purposes can solve climate change on their own. they account for 80% of global greenhouse gas emissions. they want to take meaningful steps to keep the world from going -- warming by 1.5 degrees. some of the biggest emitters are decidedly less key. chief among them is china which on its own accounts for about a quarter of global greenhouse gas emissions. even with their updated targets they released ahead of the glasgow summit, they are still very, very modest by international comparison, and even still they rely on this
metric, wolf, called carbon intensity which in theory, at least, allows the country to pollute more overall over the next decade as long as their economy continues to grow at a very past clip. president xi also will not be at the g20 nor will he be in glasgow. any chance these world leaders had or plans they had to pull him aside to try to make the case that china needs to be doing more on climate change, well, it's simply not going to happen. the same is true for russian president vladimir putin who will be absent as well as leaders of mexico, japan, and saudi arabia. now, wolf, obviously you are waiting to see president biden meet with the pope, pope francis. he is a climate change believer. this is a guy who has faith in the climate science and he has made that clear for years, blaming global corporations, politicians and energy companies for the mess that we're in right now on climate change. and as you mention, climate
change campaigners, activists, they are not waiting to make their voices heard. several cities around the world, we'll see protests, even today ahead of the glasgow summit. the one in london will be led by teenage climate change activist and climate celebrity greta thunberg. the protest specifically is outside the standard charter banking headquarters here in london. they're kacalling on the financl sector to stop investing in fossil fuel projects, specifically standard charter bank as well. that bank did come out with a statement saying by 2030 it will no longer deal with any clients that are more than 5% reliant on coal. coal, as we know, emits a lot of methane that doesn't stay in the atmosphere as long as carbon. while it's there, it has a magnified impact on climate change. so the european union says that's sort of the low-hanging fruit when it comes to climate change action. it's calling on countries to
sign up, to pledge to cut methane emissions by 30% by 2030, it says, that 60 countries have already signed up. obviously they're hoping for a lot more, though, wolf. >> all right. thank you very much, scott mclane reporting from london. a lot going on. i'm wolf blitzer at the g20 summit. i'll be back in a few minutes at the bottom of the hour with the latest developments from here. right now want to turn it over to my colleague kim brunhuber who is joining us from atlanta. kim? >> all right, thanks so much, wolf. we're going to start with some troubling signs in the global fight against the coronavirus. the world health organization says new infections and deaths are up around the world for the first time in two months. it is being driven by rising cases across europe. the w.h.o. chief blames the continued spread of the virus on in equity. let's listen. >> it's another reminder that the covid-19 pandemic is far from over. the pandemic persists in large part because inequitable access
to tools persists. >> europe accounted for 57% of new cases worldwide last week and is the only w.h.o. region to report increases in infections. today the u.s. food and drug administration is expected to authorize pfizer's covid vaccine for use in children ages 5 to 11. this will allow the company to begin shipping out its version for younger kids. pfizer says clinical trials show it's more than 90% effective against symptomatic covid after the fda grants authorization, the cdc still needs to give its approval. the cdc vacciner advisers are expected to hold a meeting on tuesday and the agency's director gets the final say. donald trump's former chief of staff mark meadows could soon find himself in the same fix as the former president's ally steve bannon. multiple sources are telling cnn that members of the house committee investigating the january 6th insurrection are considering setting a deadline
for him to comply with subpoena or risk being held in criminal contempt like bannon. now, while his counsel has been in talks with the committee, one source with knowledge of the negotiations told cnn it's becoming, quote, increasingly clear that he has no real intention of cooperating. but unlike bannon's case, it's possible meadows could have executive privilege protections as trump's chief of staff. a major rebrand for facebook. the tech giant will now be known as metta. facebook will become a subsidiary company like instagram or what's app instead of the overarching brand that it was. c.e.o. mark zuckerberg made the announcement during a virtual reality event on thursday. >> i am proud to announce that starting today our company is now meta.
our mission remains the same, still about bringing people together. our apps and their brands, they're not changing either. and we are still the company that designs technology around people. but now we have a new north star to help bring the meta verse to life. and we have a new name that reflects the full breadth of what we do. >> zuckerberg says this so-called metaverse is a new online virtual reality realm while people will be able to work, play and shop. now, all this comes says the social media site faces scathing criticism over misinformation and its harmful impact on society after a whistleblower leaked hundreds of internal documents. chief executives from four of the world's largest oil companies appeared before a u.s. house committee to answer for what democrats call a disinformation campaign on climate change. the bosses of chevron, exxon-mobil, bp america and shell all denied any involvement
in deliberate efforts to deceive the public. but democrats don't seem to be buying it. they are now vowing to subpoena company records and they're urging these oil giants to own up to their history and make this a turning point in the climate crisis. >> spare us the spin today. really, we have no interest in it. >> spin doesn't work under oath. in 1994, the c.e.o.s of the seven largest tobacco companies appeared right here before our committee. they, too, faced a choice. they chose to lie under oath, denying that nicotine was addictive. as i'm sure you realized, it didn't turnout too well for them. >> today don't think of yourselves as the c.e.o. just think of yourselves as human beings. >> and, wolf, back to you in rome. >> all right, kim, thank you very, very much. one big question emerging right now. what does it mean for president biden to come here to rome
without a final deal on his key domestic agenda? i'll speak live with his treasury secretary janet yellen. she's standing by. we'll discuss all the late-breaking developments. make sure to stay with us. that's coming up in a few minutes. automatically responding to both of you. and, it's temperature balancing to help you stay comfortable all night. it even tracks your circadian rhythm, so you know when you're at your best. in other words, it's the most energy-building, wellness-boosting, parent-powering, proven quality night's sleep we've ever made. and now, save up to $1,000 on select sleep number 360 smart beds and adjustable bases. only for a limited time. to learn more, go to sleepnumber.com.
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welcome back to our viewers in the united states and around the world. i'm wolf blitzer in rome. we're following president biden. he hasn't arrived in rome for the g20 summit, but with less swagger than the white house clearly wanted. that after congressional democrats once again failed to pass his trillion dollar infrastructure package. his departure for washington for the summit was supposed to be the deadline for getting it
done. this latest miss, though, likely raising serious questions abroad about his leadership. the u.s. president actually delayed his flight to italy to go to capitol hill thursday and pitch progressive democrats on a framework for his other huge initiative, that major social spending bill. progressives, while not ready to budge, still say they remain hopeful. >> we are going to pass both the bills. >> how long do you think it's going to take? >> i think we can pass it pretty quickly. >> do you think you can get it done this weekend? >> i don't know. let's see. >> cnn white house reporter kevin has been closely covering all these developments. the wheeling and dealing that's going on. he's here with me in rome right now. clearly a disappointment for the president that the house of representatives didn't pass what clearly passed bipartisan support in the senate. the traditional $1.2 trillion infrastructure package. >> yeah, it is a disappointment. remember, the president set this deadline for himself.
he had been telling lawmakers in the oval office meetings over the past two weeks that america's prestige was on the line if he shows up to these summits without a deal. some of the participants said he actually locked eyes with them and told them, went around the room one by one and told them that he needed this bill before he arrived. well, yesterday was really an attempt to force a vote on this. these talks have slogged on weeks, months even. he made an effort in the east room to tell democrats he needed these bills to pass before he got off of air force one here in rome. so it is a disappointment. it really comes down to this mistrust between the progressive democrats in the house and those two moderate senators, joe manchin in west virginia, kyrsten sinema in arizona. they can't vote on the infrastructure bill until they have a signal from those two senators that they'll support this larger social spending package. those two senators have been supportive in their statements, but they have not said explicitly they'll vote for it. that's really what they're
looking for. >> behind closed doors, kevin, the president seemed to suggest his presidency was on the line right now. >> he said that in his meeting with house democrats yesterday. he said -- another thing he said was democrats' political future was at stake. remember those midterm elections are coming up in just over a year. what the white house says is world leaders at these summits are certainly well aware of the president's predicament. they say they're savvy enough to understand what he's going through here. but remember, this is more than just about any individual portion of this bill. this is about what the president says is autocracy and democracy. he wants the bills to deliver. he comes without any evidence of that yet. this isn't over by any means. you saw the progressive house democrat jayapal say she thinks this will pass eventually. he did not say it would pass this week.
>> you're going to be busy the next several days. thank you very, very much. in a few hours, the presidents of france and the united states will sit down together here in rome. it will be the first time that joe biden and emanuel macron have spoken face to face since they had a serious falling out in september over a canceled submarine deal. paris is still furious over what it calls america's betrayal for leaving it completely in the dark. secretly negotiated security agreement between australia, the u.s. and the uk, cost france a multi-billion dollar contract, tens of billions of dollars we are told. i want to bring in cnn correspondent melissa bell. tell us what we anticipate emerging potentially from this meeting between president biden and president macron. >> reporter: well, president macron going in with a series of very concrete examples of what he's hoping to get from the american president. you know, when the biden administration came in, there was such hope here in europe, wolf, there would be a
restoration of the old multi-lateral ways. i think that is part of the explanation, that disappointment that france felt. not only the fact of losing out on a deal that was worth tens of billions of dollars, wolf, but also that it wasn't consulted and that it learned of it with the rest of the world. even on the day when europe was announcing its own indo-pacific strategy. and that miss step, that miscalculation by washington in terms of the announcement and how it dealt with its oldest ally at that point i think is still something that sticks in the throat of the french. so, going into it, emanuel macron much clearer about what he wants to get. more cooperation on that indo-pacific region, and more help with the ban to the south of the sahara the french have been fighting to try and clear the area of vying groups affiliated to al qaeda, others affiliated to isis. it's been arguing, campaigning for american support for years and it's one of the things he's going to be raising with joe biden today.
in terms of restoring the tryst that was lost, that will be a tall order from this meeting. all the more so, wolf, because emanuel macron has the reason to play the strong mind. he's facing reelection in a few months. what he's been arguing foreis a stronger european defense policy and one that he wants to get joe biden's support for. the idea being that it shouldn't be incompatible with the strong nato. >> it's interesting, melissa, because as much as the u.s./france relationship is strained, all of a sudden the french relationship with the uk has been strained as well, right? >> reporter: that's right. they're in the middle of a spat over fishing rights in the english channel. france essentially threatening to cause massive chaos to any goods leaving the united kingdom or coming towards them. one of the fallouts post brexit in the united kingdom. the blow dealt to the franco
americana american alliance. it was involved in a deal europe was not only entirely excluded, but over which it was never even consulted, wolf. >> serious development indeed. we'll see what happens at that meeting today between president macron and president biden. melissa bell in paris, thank you very much. president biden has arrived here in rome with a signature economic agenda clearly stalled right now in congress. so is it an embarrassment on the international stage? the u.s. treasury secretary janet yellen is standing by live. we will discuss this and more right after a quick break. with mucinex all-in-one you've got unbeatable relief from your worst cold and flu symptoms. so when you need to show your cold who's boss, grab mucinex all-in-one... and get back to your rhythm. feel the power. beat the symptoms fast.
president biden arrived here in rome without a final deal on his key social and climate package. that's despite the fact that he personally made the case to house democrats on thursday to get this done. and despite making it clear he would have liked to have had the deal in hand before the un climate summit in glasgow, that clearly did not happen, at least not yet. for more, i'm joined now by the u.s. treasury secretary janet yellen. madam secretary, thank you for joining us. i know you're here in rome for the start of the president's g20 meetings, but he arrived without a deal. the house speaker nancy pelosi urged her fellow democrats not
to, in her words, embarrass the president out of this trip. isn't that exactly what happened? he's here in rome without a deal in hand. is this an embarrassment for the president? >> well, i'm very hopeful and fully expect that congress will pass both packages. and these will be historic wins for the president and for the american people. they will contain truly fantastic investments in people, in infrastructure, in climate change mitigation, reduce home health care costs, support two additional years of early childhood education, really benefit all of america's
families. >> i know he clearly was disappointed that the democrats and the house of representatives couldn't get it done before he left. the president, as you know, madam secretary, is touting this deal potentially as a historic economic framework, his words. president biden's white house chief of staff ron klain said, in his words, twice as big in real dollars as the new deal was. but without paid family leave, without two years free community college, without vision and dental care expanded to medicare, is this plan truly, truly a transformational as they say? >> well, i think it's transformational. i think we should focus on what's in the deal. we have two additional years of early childhood education that's universal. we have investments in child care that will limit the cost of
child care for most of america's families to no more than 7% of their income. investments in home health care for the elderly and disabled. support that will reduce health care costs. and, of course, very, very important investments to address climate change, which is an existential threat. and remember, president biden is ten months into his term. he's fully committed to working to achieve paid leave for the american people and to add vision and dental care to medicare. and he has time to pursue these additional programs which are also important. >> he's certainly going to have his hands full. if democrats do get this bill across the finish line in the
coming days or weeks, madam secretary, president biden will have passed nearly $5 trillion worth of legislation in just the first ten months or so of his presidency. why is that level of spending still necessary when the u.s. is recovering from the covid-19 pandemic? >> well, you know, i want to distinguish between the $1.9 trillion that was in the american rescue package and what's proposed in the infrastructure package and the build back better package that's under consideration and reconciliation. the american recovery plan addressed the severe shock to households and the economy from the pandemic. it wasn't paid for, and it was intended to promote rapid recovery so america's workers wouldn't be scarred. the additional packages are
fully paid for, and the amounts that are spent will occur gradually over almost a decade. and they're really intended to address long-run challenges that have really been afflict being america's families and america's economic growth now for decades. and not a single household earning under $400,000 will see any increase in their tax bill, but corporations will be asked to pay their fair share. very high income individuals. and there is really an historic investment in the internal revenue service so that we can improve enforcement and begin to collect the taxes that are due under our current tax code. but these are historic investments that will invest in
people, invest in infrastructure, in the modern infrastructure necessary for our economy, in broadband and research and development. supports for families that will let them participate more in the labor force and really boost economic growth. >> you say, madam secretary, that the former obama administration treasury secretary larry summers, a man you know well, is wrong -- you said wrong, the u.s. could use control of inflation. it was months ago that president biden said this was temporary. now you say inflation -- correct me if i'm wrong -- may not subside until the second half of next year. clearly, madam secretary, this inflation problem in the u.s. is not temporary, right? >> well, i still would say it's temporary, although i don't mean just a matter of a month or two.
although monthly inflation rates have substantially declined from where they were just four or five months ago. but what we are really seeing is the impact of the covid pandemic has severely disrupted economic activity. it's hugely boosted spending on products, on goods, and diminished spending on services. it's created an enormous demand for semiconductors and the supplies, although they have increased, are -- have encountered bottlenecks. and it's really caused some inflationary increase in recent months as people get back to work, as we defeat the pandemic, and as demand shifts back to
services, and supply has a chance to adjust. i believe that price increases will normalize, and we'll see lower monthly inflation rates i think by the second half of the year. annual inflation rates will begin to decline toward their more normal level of around 2%. >> as you know, madam secretary, inflation for all practical purposes is like a tax on working class people, the middle class people are spending a lot more on gas, food, thanksgiving meals coming up, holidays coming up. is this going to get worse before it gets better? >> well, there will be some continued shortages. semiconductors are in very short supply. that's caused the prices of new and used vehicles to surge.
energy prices have gone up, but i believe energy prices will begin to moderate in the months ahead. that's what market signals and fundamentals suggest. and let's remember the rescue package that was put into effect quickly when the president was elected has meant that people have jobs. they find it easy to find work. they're confident about the job market. compare this with what happened in 2008 after the financial crisis when it took years to get employment back to normal levels. the unemployment rate has declined from a peak of almost 20% now to just 4.8%. and it will fall further in the months ahead, so prices have increased somewhat. as i say, i believe those price increases will subside.
but income growth has been very, very strong, and wages are going up, especially for low-skilled workers in the service sector. >> well, that's good to hear that. the u.s. treasury secretary former federal reserve chair janet yellen here in rome. thank you so much for joining us. we really are appreciative. and to our viewers, we'll be right back. r really make my dry skin healthier in one day? it's true jen. this prebiotic oat formula moisturizes to help prevent dry skin. impressive. aveeno® healthy. it's our nature.™ new daily moisture for face.
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president joe biden has arrived here in rome just ahead of the g20 summit of the world's wealthiest countries, but he's coming without an agreement from lawmakers back in washington and his sweeping social agenda including plans to fight climate change. the president will meet soon right here at the vatican with pope francis. after the g20 he travels to glasgow, scotland, for the cop-26 climate summit. that wraps up this hour of our special continuing coverage of president biden's trip to europe for the g20 and what's called the cop-26 summit. i'm wolf blitzer in rome. i'll be back later today in the situation room, a special situation room from rome live 6:00 p.m. eastern. "new day" is next.
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♪ good morning to our viewers here in the united states and around the world. happy friday, right. happy friday, october 29th. i'm brianna keilar alongside john berman and chris cuomo is standing by as well. president biden is about to meet with the pope. two of the most notable catholic leaders in the world. one maybe more notable than the other, i'll say. set to discuss a range o