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May 18, 2024
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cbo, cbo makes no normative judgments. what the policy is how much spending on the bored patrol, homeland security, on education on housing, national parks, all ofpa these things. if future congress decides that discretionary spending should keep pace with nominal gdp rather than declining that would decrease deficit by more than $3 trillion over the next 3 years. monthly budget review, monthly budget review for april, cbo noted that the administration has announced that it will record credit reestimates in 2024 of more than $100 billion, that's $74 billion for student loans and $33 billion for loans from the small business administration, 100 billion from the deficits. we don't know what future credit reestimates will come. those could be from policies tthat were previously nuanced bt nott fully modeled. there could be changes for haeconomic conditions, cost of future policies. petroleum reserve, those have not been recorded. we expect those to be recorded over the next few days. we are not sure when. we will put them in
cbo, cbo makes no normative judgments. what the policy is how much spending on the bored patrol, homeland security, on education on housing, national parks, all ofpa these things. if future congress decides that discretionary spending should keep pace with nominal gdp rather than declining that would decrease deficit by more than $3 trillion over the next 3 years. monthly budget review, monthly budget review for april, cbo noted that the administration has announced that it will record credit...
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May 27, 2024
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the cbo line item. i still maintain friendships and with people who both receive the services and provide the services, however we are not talking allocation of funding to any particular organization. chapter 12g of the administrative code covers those kinds of things. we are just talking how will a budget line be funded and so i have no conflict. so,-can you tell me why this is a-this legislation only covers one year when we are contemplated getting to hundred percent over 3 years? >> um, there will likely be other expenditure changes to the budget next year, and we have developed a fee model that we plan to plug next year's budget into, and then that will spit out new fee amounts, so just if those changes to next year's budget, let's say city retirement costs go up significantly, then we would need to rerun the model and it makes the most sense to set the fees for a year as close to the start that year as possible, because who knows what may change if we set fees for three years from now, something wi
the cbo line item. i still maintain friendships and with people who both receive the services and provide the services, however we are not talking allocation of funding to any particular organization. chapter 12g of the administrative code covers those kinds of things. we are just talking how will a budget line be funded and so i have no conflict. so,-can you tell me why this is a-this legislation only covers one year when we are contemplated getting to hundred percent over 3 years? >>...
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May 13, 2024
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the debt to cbo is going up. it going up or going up a lot and those are the two possibilities and given that, still may need to rethink that ceiling of 250% for his graph because otherwise he's going to have to a footnote explaining why the end of the series is cropped from the picture. >> thank you both. right now we'd like to take questions from the audience for the next nine minutes and then we have a hard stop at 9:50. >> your graph, going back to the '90s surplus, showing the surplus under zero and interest. >> yes. >> beside taking that surplus all wrong, political and trying to find a way he could find a trillion dollars. where does all of this interest come from in the '90s while the surplus is there? i have a lot of political stuff on that. >> oh, sure, sure. >> so you know, since it's budget arithmetic, even as the debt to gdp was going down in the second half of the '90s, there's still debt, there's still, you know, interest rates and we still had net interest outlays, so it was still there just much
the debt to cbo is going up. it going up or going up a lot and those are the two possibilities and given that, still may need to rethink that ceiling of 250% for his graph because otherwise he's going to have to a footnote explaining why the end of the series is cropped from the picture. >> thank you both. right now we'd like to take questions from the audience for the next nine minutes and then we have a hard stop at 9:50. >> your graph, going back to the '90s surplus, showing the...
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May 14, 2024
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in fact, cbo baseline assumes discretionary spending will shrink of gdp over time and if you want to think of it at the time it's offsetting even more on thett sustainability than wod otherwise appear. it's ironic because this gets into the political question a little bit. i'm not trying to two there. i'm really going back to 2011, the budget control act and last year with the debt limit between former speaker mccarthy and president biden. they relied heavily on discretionary spending gaps even though discretionary spending is shrinking of the share of the economy under the baseline anyway and, you know, answer the question that kind of goes to the political but that leads to what i think 80-pound gorilla in the room. interesting that there is a parallel problem between the federal budget and the economy on health care that it's not just the health spend asking growing unsustainably as a share of the federal budget but national health expenditures are growing as a share of gdp both public and private healthcare expenditures, you can sayc thats good or bad but it's certainly where hig
in fact, cbo baseline assumes discretionary spending will shrink of gdp over time and if you want to think of it at the time it's offsetting even more on thett sustainability than wod otherwise appear. it's ironic because this gets into the political question a little bit. i'm not trying to two there. i'm really going back to 2011, the budget control act and last year with the debt limit between former speaker mccarthy and president biden. they relied heavily on discretionary spending gaps even...
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May 16, 2024
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how can the cbo try to explain that way?ow can jared bernstein -- who is a friend of ours, for heavens sake -- still propagate the lie that biden inherited a 9% inflation rate, jodey arrington? >> well, no. they obviously had to borrow from trump's economic successes to mitigate the profligate spending and the failed economic policies of president biden. and my democrat colleagues. that's what they did. that's why they had to dip into the years where you had high wage growth, you had low inflation, you had a good economy, and you just described the disastrous economy under this current president where the american people are a paying almost 20% more for the essential goods and services, $17,000 on average a year which is why, larry -- and, you know, all reports and studies and surveys aside, the american people and the consumer confidence index show a slower confidence than we've seen since covid. since all the shutdowns and the mandates and the depressioned -- depressed economy and society of covid. larry: you know -- thank
how can the cbo try to explain that way?ow can jared bernstein -- who is a friend of ours, for heavens sake -- still propagate the lie that biden inherited a 9% inflation rate, jodey arrington? >> well, no. they obviously had to borrow from trump's economic successes to mitigate the profligate spending and the failed economic policies of president biden. and my democrat colleagues. that's what they did. that's why they had to dip into the years where you had high wage growth, you had low...
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May 18, 2024
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everybody loves to hate on cbo and the other groups like that. i will say one thing way worse is not having them in particular just look to europe how budget often works there, the policymakers, the politicians will tell the agency what number to come up with. it's a really problematic process of there. but they are busy and academics need to really get involved in these to help and bring that sophistication melissa bring that sophistication with throwaway code. let's would bring in a platform that becomes reusable. and the united states we've been contacted and is not quite yet but that's what worked on is to really make that base usable by everyone. eventually by the way were going to start grantmaking process, how use model sets, we will pay you to try to get the framework used and so forth. all right. [applause] >> kent, why don't you sit it and we can have a conversation and see if we have any questions. i want to just make it . about the first thing that kent emphasize, which is the distinction between explicit, or the comparison between ex
everybody loves to hate on cbo and the other groups like that. i will say one thing way worse is not having them in particular just look to europe how budget often works there, the policymakers, the politicians will tell the agency what number to come up with. it's a really problematic process of there. but they are busy and academics need to really get involved in these to help and bring that sophistication melissa bring that sophistication with throwaway code. let's would bring in a platform...
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May 18, 2024
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the other thing i will say from a a time at cbo, i'm surrounded by my old cbo colleagues making her happy. at my time at cbo, i mean, as we thought, we thought a lot about how to effectively committed these issues to policymakers. and you show a projection of current law where under current law debt to gdp after 30 years is going to be, i can't did member, 150%, 130%. did you say but i know, i know i know, i know will get them to act. let's do debt to gdp under current policy. i know what will get. what if its current policy and we put in an alternative scenario for interest rates are even higher? at a certain point, if 100, if that as a share of gdp rising 50% overtime was going to get their attention, like, is 70 going to get their attention? 80? like, it's common we, i always my personal expense was ever scary you projections were not going to do the thing that broke through all of the political hurdles where we started. >> i think quicktime for one more question maybe if there is one. back here. >> this has been a great day, great panel. let me ask bill gale. i found interesting you'r
the other thing i will say from a a time at cbo, i'm surrounded by my old cbo colleagues making her happy. at my time at cbo, i mean, as we thought, we thought a lot about how to effectively committed these issues to policymakers. and you show a projection of current law where under current law debt to gdp after 30 years is going to be, i can't did member, 150%, 130%. did you say but i know, i know i know, i know will get them to act. let's do debt to gdp under current policy. i know what will...
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May 30, 2024
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partners and cbo partners with communicating within in their staff to make sure that is the policy? existing on site and i reported previously we created a share we're sharing documents one of the things assist are adequate communication with the cbos we put in a um, a sample dwelling agreement they can see terms of lease and the terms of observecy, etc. and provided for them a copy of what is first of all, a container notice looks like an individual gets served with a forceable unit they know what the pro is and the - they know what is served and response times so we're constantly working on bridging that communication. um, but it is something that is a regular conversation. with the cbos we - we can um, periodically even provide update in a dramatic difference to the number of units with forcible detainers we finally got the materials and had everything boarded up that is shared with the cbos. >> thank you and we want to assure they're protected they are making the outreach an engagement with animal control to vacate the unit we want to keep our partners staff as well as our peopl
partners and cbo partners with communicating within in their staff to make sure that is the policy? existing on site and i reported previously we created a share we're sharing documents one of the things assist are adequate communication with the cbos we put in a um, a sample dwelling agreement they can see terms of lease and the terms of observecy, etc. and provided for them a copy of what is first of all, a container notice looks like an individual gets served with a forceable unit they know...
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May 16, 2024
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all right, folks, phony cbo inflation report that cover up for harmful effects of bidenomics joiningtalking about it is art laffer, great art laffer. former reagan economist and we welcome back texas congressman and budget chairman jodie arrington. let me get this right, phil swagle, the ceo director, he's a republican. i don't know what he's doing, but he's covering up biden inflation by using 2019 as a base instead of 2021. i and numbers. hear me out, i'll be through with it in a second. actually inflation rate under biden annualized is 5.6% at annual rate. under mr. trump's four years, this is biden three years and one quarter. under trump's entire administration, it was 1.9. 1.9 trump, 5-point # biden. second point is the level of cpi through april, 19.9, okay, percent. it's 19.866%. i'm only doing that because art laffer likes to do math and arithmetic. it's up almost 20%. call it 20%. you know what, the entire trump term, four years, the level of cpi was up 7.7%. it's 7.7 versus 206789 couldn't be clearer. how can the cbo try to explain that away and how can jared bernstein, wh
all right, folks, phony cbo inflation report that cover up for harmful effects of bidenomics joiningtalking about it is art laffer, great art laffer. former reagan economist and we welcome back texas congressman and budget chairman jodie arrington. let me get this right, phil swagle, the ceo director, he's a republican. i don't know what he's doing, but he's covering up biden inflation by using 2019 as a base instead of 2021. i and numbers. hear me out, i'll be through with it in a second....
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May 22, 2024
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a lot of our cbos went to do virtual case management. also being able to continue to really serve our clients during one of the most terrible times of our, of our lives. and so i do think, though, because there is a standard and what we have to report to you all in the state, it does not reflect the tremendous work, to your point, that our, our cbos have done, given the small amount of our budget and the volatility of it, a lot of our cbos have been able to do tremendous work with the with the mental health services act. and i do think it is an opportunity with the reporting requirements that they are going to change. we are going to have to report on all of behavioral health. it will give you all a clearer picture on how we work collaboratively with other systems of care to address those unmet needs. right now, it's more focusing on you know, trying to spotlight how we're spending. again, we have these requirements that we have to adhere to the state to get approved, to keep our funding. and it could be it could help to, you know, we ha
a lot of our cbos went to do virtual case management. also being able to continue to really serve our clients during one of the most terrible times of our, of our lives. and so i do think, though, because there is a standard and what we have to report to you all in the state, it does not reflect the tremendous work, to your point, that our, our cbos have done, given the small amount of our budget and the volatility of it, a lot of our cbos have been able to do tremendous work with the with the...
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May 28, 2024
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it's $3 trillion more than cbo projected and if you look at the number they projected with higher tax be $44.7 trillion. is $1.3 trillion more than you would have with higher rates, this is art laffer's practice, lower tax rates, lower economic growth, more tax revenue, that is where they prove that. the guy who was a social worker, the council of economic advisers need to stop deceiving the public, inflation was 9%, tax cuts cost $2 trillion, they didn't. stuart: would you like to run a fast food chain again? >> no. it would be difficult. it was hard when i did it. very competitive business, very cutthroat but now the government is making it impossible particularly a company like i had which was stationed in california. i moved it to nashville. that's why it is surviving. if you were located in california i don't know how you would survive. stuart: glad you are on the show. thanks for joining us. appreciate it. also thanks, appreciate you being with us. let's go get a burger. still ahead, lisa booth on cbs anchor grilling pete buttigieg, jimmy failla saying disney needs to change cou
it's $3 trillion more than cbo projected and if you look at the number they projected with higher tax be $44.7 trillion. is $1.3 trillion more than you would have with higher rates, this is art laffer's practice, lower tax rates, lower economic growth, more tax revenue, that is where they prove that. the guy who was a social worker, the council of economic advisers need to stop deceiving the public, inflation was 9%, tax cuts cost $2 trillion, they didn't. stuart: would you like to run a fast...
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May 23, 2024
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a lot of our cbos went to do virtual case management.able to continue to really serve our clients during one of the most terrible times of our, of our lives. and so i do think, though, because there is a standard and what we have to report to you all in the state, it does not reflect the tremendous work, to your point, that our, our cbos have done, given the small amount of our budget and the volatility of it, a lot of our cbos have been able to do tremendous work with the with the mental health services act. and i do think it is an opportunity with the reporting requirements that they are going to change. we are going to have to report on all of behavioral health. it will give you all a clearer picture on how we work collaboratively with other systems of care to address those unmet needs. right now, it's more focusing on you know, trying to spotlight how we're spending. again, we have these requirements that we have to adhere to the state to get approved, to keep our funding. and it could be it could help to, you know, we have 200 pages
a lot of our cbos went to do virtual case management.able to continue to really serve our clients during one of the most terrible times of our, of our lives. and so i do think, though, because there is a standard and what we have to report to you all in the state, it does not reflect the tremendous work, to your point, that our, our cbos have done, given the small amount of our budget and the volatility of it, a lot of our cbos have been able to do tremendous work with the with the mental...
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May 14, 2024
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year which is higher but the other thing to keep in mind and to look for in the next version of the cboaseline is this is the market year on the ten year treasuries since the beginning of 2024 and it's really gone up substantially. now of course only one component of o the interest of the debt service because of the structure of the national debt but this is obviously not going to be good news in terms of what the next forecast tells us about debt service. it's going to be a lot higher of course taking into account the fact that government spending will be higher because the baseliney is generally very optimistic about what is happening and as mentioned in the recent weeks we've got two major shocks upward in the defense bill and the student debt release. one has to assume more of the same is coming in both of those areas and that is going to make discretionary spending over the nextxt several years much higher than it has been projected in the most recent baseline. the final point i want to make has to do with shocks and the smooth projection that you see here so there's historical deb
year which is higher but the other thing to keep in mind and to look for in the next version of the cboaseline is this is the market year on the ten year treasuries since the beginning of 2024 and it's really gone up substantially. now of course only one component of o the interest of the debt service because of the structure of the national debt but this is obviously not going to be good news in terms of what the next forecast tells us about debt service. it's going to be a lot higher of...
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May 15, 2024
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the federal debt up to 116% of gdp . 48 trillion is the cbo estimate, it could be more. you know what else caught my eye, committee to unleash prosperity, food stamps, almost as expensive as it was at height of covid and still able bodied recipients are not working, i am troubled by that russ vought, do you have a thought? >> well i too, i think problem with food stamps, they are cyclical with a downturn. in reality, they don't go down. they continue to scale up, what is different is that with all our welfare programs we lost the ability to expect work from the programs, historic reforms that were put in place in 1990s are gone by the way side. what we now have are benefit hammocks people are not encouraged to get back into workforce, that is something that i think you will see in a difference with a president trump all of his budgets had welfare reform, both to improve what we had on the books already, and apply to new programs. larry: that will not balance think about but it would help and get more people to participate in the labor force that throws off benefits. i th
the federal debt up to 116% of gdp . 48 trillion is the cbo estimate, it could be more. you know what else caught my eye, committee to unleash prosperity, food stamps, almost as expensive as it was at height of covid and still able bodied recipients are not working, i am troubled by that russ vought, do you have a thought? >> well i too, i think problem with food stamps, they are cyclical with a downturn. in reality, they don't go down. they continue to scale up, what is different is that...
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May 14, 2024
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you know, i recently met with the cbo director. had done some of the numbers myself.g it and is just -- what she didn't say is they won't raise taxes on anyone who makes under $400,000. that has worked for me, too. i can guarantee you that yellen and the biden administration do not have cuts in mind. i think that the trump administration would have lots of cuts in mind. david: a trump administration, assuming he's reelected, would it be only cuts or only tax enhancements at all? and you get to where we need to to get our fiscal house in order without some taxes? scott: look, i don't think -- if we go back to 2017, i don't think we need to increase anything from their. i think that what we need to do is a lot of deregulation. if i look back and think about the difference between trump 1.0, before covid, and the first three years, 3.5 years of biden, it's two separate visions of how to deal with the economy. trump 1.0 was a demand shock from tax cuts met with a downward supply shock or upward supply shock that put downward pressure on prices, so you didn't get any infla
you know, i recently met with the cbo director. had done some of the numbers myself.g it and is just -- what she didn't say is they won't raise taxes on anyone who makes under $400,000. that has worked for me, too. i can guarantee you that yellen and the biden administration do not have cuts in mind. i think that the trump administration would have lots of cuts in mind. david: a trump administration, assuming he's reelected, would it be only cuts or only tax enhancements at all? and you get to...
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May 9, 2024
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now, what i think our our cbos are saying is that there have been shifts to those dollars, and that is part of the review that we're going through right now in terms of, where did those shifts happen and, and the gaps that was created when those shifts were, were made during the rfp. and then just selfishly, i noticed when you talked about safety and the work , you didn't mention the district ten safety plan. so i was just wondering, i am was that an accident? so sorry. that was definitely an accident. and a huge oversight on my part, one of the one of our partners is working very closely with the district ten safety planning group. that is led by supervisor walton. no, thank you. and i only brought that up because we also have a lot of folks in community that are doing the work with the department. and i just want to make sure that they know and feel that they're they're part of the team as well. thank you, i do have a question for moseyed. supervisor. thank you, i know on i think it was the second to the last slide you just talked about, no proposed general fund decreases and i know
now, what i think our our cbos are saying is that there have been shifts to those dollars, and that is part of the review that we're going through right now in terms of, where did those shifts happen and, and the gaps that was created when those shifts were, were made during the rfp. and then just selfishly, i noticed when you talked about safety and the work , you didn't mention the district ten safety plan. so i was just wondering, i am was that an accident? so sorry. that was definitely an...
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May 14, 2024
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federal debt is 116% of gdp. 48 trillion is the cbo estimate.y come in more than that unless there is major policy changes. you know what else caught my eye, russ? committee to unleash prosperity running this today or yesterday. food snaps, snap program, it is almost as expensive as it was at the height of covid and still, i hate to say this able-bodied recipients are not working. i am troubled by that, russ vought, thought you might have a thought? >> well i am too and i think the problem with food stamps, always supposed to be cyclical, like when you have a a downturn, food stamps go up, when things pick up they go down. in reality they don't ever go down. they continue to scale up. what is different, with all the welfare programs we lost the ability to expect work from these programs. historic reforms that were put in place in in the 1990s are largely gone by the wayside. we have benefit hammocks where people are not encouraged to get back into the workforce. that is something i think you will see with a difference in president trump. all the
federal debt is 116% of gdp. 48 trillion is the cbo estimate.y come in more than that unless there is major policy changes. you know what else caught my eye, russ? committee to unleash prosperity running this today or yesterday. food snaps, snap program, it is almost as expensive as it was at the height of covid and still, i hate to say this able-bodied recipients are not working. i am troubled by that, russ vought, thought you might have a thought? >> well i am too and i think the...
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May 11, 2024
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cbo estimates unpaid for extensions of the tax package would increase primary deficits by over 1% of gdp over the next decade. that is the long-standing magical thinking of trickle down. the bush tax cuts, there extensions on the trunk tax cuts have added $10 trillion to the national debt. that accounts for 90% of the non-emergency increases in the debt to gdp ratio since 2001. there is no reason to believe another round of lopsided tax cuts would turn out any different. it's past time to reject the republican argument that tax cuts should not be offset. republicans will likely respond to fiscal pressures created by those unpaid for tax cuts by pushing for draconian cuts to social security and medicare. they have already raised taxes for millions of americans by opposing the extension at the end of 2021 of the presidents expansions of the earned income tax credit and child tax credit. they also propose to actually increase taxes on middle-class families by eliminating the president premium tax credit expansion that would raise the cost of health insurance for millions of americans an
cbo estimates unpaid for extensions of the tax package would increase primary deficits by over 1% of gdp over the next decade. that is the long-standing magical thinking of trickle down. the bush tax cuts, there extensions on the trunk tax cuts have added $10 trillion to the national debt. that accounts for 90% of the non-emergency increases in the debt to gdp ratio since 2001. there is no reason to believe another round of lopsided tax cuts would turn out any different. it's past time to...
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May 30, 2024
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there is a from cbo to ms. errington and dr. burgess from our committee mr. harrington, the chairman of the house budget committee. the letter was from cbo said that, quote the share of venture capital reaching pharmaceutical companies has been trending upward, end of quote, since the drug negotiation program was enacted. so i think that that's important important, when i'm presenting i think it's important to be part of the record today because they are, i think this stands contrary to what testimony has been given. so i thank you for give me the time to do so. >> window investments company and we all know where disease are included in that. so thank you so much for being part of this subcommittee hearing. as i said, members submit a question by the close of visit march 14. without objection the subcommittee is adjourned. writes a lot. thanks everybody for being here. thank you. [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] >> c-span's washington journal. our form involving you to discuss the latest i
there is a from cbo to ms. errington and dr. burgess from our committee mr. harrington, the chairman of the house budget committee. the letter was from cbo said that, quote the share of venture capital reaching pharmaceutical companies has been trending upward, end of quote, since the drug negotiation program was enacted. so i think that that's important important, when i'm presenting i think it's important to be part of the record today because they are, i think this stands contrary to what...
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May 10, 2024
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we make cbo and grants to provide others like daca and green card renewals. we support immigrant workforce program this is year is the 10th year for fellowship program support youth regardless of status get career experience. we provide grants to city services. the group supports the city in implementing the language access ordinance. the last slide i will share about the approach. and planning for this year, following the mayor's direction and framework preserve the core functions meaning we prioritize programs individuals and families provided with assistance and service. getting support top complete a citizenship application and helping access to city service. [inaudible] lastly prioritize minimizing the impacts to program this is are mandated and strong presence in the office language access work and voting. the 10% reduction prosecute pose the reduction to our ground making budget of 695 thousand includes the mid year cuts and the allocation to community ambassador program of 380,000. this reduction will not impact service deliver net next year this equa
we make cbo and grants to provide others like daca and green card renewals. we support immigrant workforce program this is year is the 10th year for fellowship program support youth regardless of status get career experience. we provide grants to city services. the group supports the city in implementing the language access ordinance. the last slide i will share about the approach. and planning for this year, following the mayor's direction and framework preserve the core functions meaning we...
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May 9, 2024
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the cbo forecast is for weak growth into the future.e the weakness leading to wars in multiple parts of the world. they look at the fiscal situation in the u.s., the inverted yield curve and say why would i invest into that high a short-term interest rate? annmarie: you think under trump there would be an of thomas fed? would you go back into a trump administration? david: right now that is premature. the issue is for people to sort out the policy differential. you have a choice of weak versus strong and growth versus stagflation. that is the decision for people to make. trump would have an array of people who could implement a growth policy. that is quite possible. it is the election cycle, so let's focus on that. annmarie: david malpass, thank you for your time. that was the former head of the world bank. he thinks we are potentially going into a stagflation environment. we should remind with the audience -- we should remind the audience what jay powell said, he does not see any stag or any flation. jonathan: i want to check out sterl
the cbo forecast is for weak growth into the future.e the weakness leading to wars in multiple parts of the world. they look at the fiscal situation in the u.s., the inverted yield curve and say why would i invest into that high a short-term interest rate? annmarie: you think under trump there would be an of thomas fed? would you go back into a trump administration? david: right now that is premature. the issue is for people to sort out the policy differential. you have a choice of weak versus...
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May 16, 2024
05/24
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libby: we did talk a lot about this idea of higher deficits for longer and cbo estimating 6.5.his is the big question for investors? is the u.s. so exceptional that it can continue to spend and deficit spend? we are worried about the longer-term fiscal picture at the same time the dollar continues to be the reserve currency in the treasury bonds continue to be the reserve asset and is on the set continues the music will go on for longer. jonathan: this is the focus for you going into november? lisa: people shrug off the liz trust moment some policy that will push off bigger deficits. structurally this market has not changed with primary dealers so it is getting bigger and bigger. do you see that is a possibility ? a 'truss'moment. libby: we don't want to be sanguine about this because we are concerned about this fiscal picture over the long-term. i do think there are important differences between the u.k. and the u.s. in terms of the way their politics works in importantly, we will have a split congress over whomever is the next president and even if there is unified control of
libby: we did talk a lot about this idea of higher deficits for longer and cbo estimating 6.5.his is the big question for investors? is the u.s. so exceptional that it can continue to spend and deficit spend? we are worried about the longer-term fiscal picture at the same time the dollar continues to be the reserve currency in the treasury bonds continue to be the reserve asset and is on the set continues the music will go on for longer. jonathan: this is the focus for you going into november?...
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May 1, 2024
05/24
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your budget versus cbo. to try to wordsmith these different numbers i just don't see it. >> i appreciate the exchange. i wish we can continue it. in the interest of time let's go to our colleague from the great state of texas. >> congratulations for leading the first bipartisan budget process reform, ever, i think on on the floor of the house of representatives. remarkable achievement. i do have two consent threquest finding medicaid recipients have worse health outcomes. and the next one, a memo from looking at the -- with that objection so ordered. >> thank you. >>> first off. thank you for the call, prior to this meeting. editorial comment i heard the back and forths on the ev and the charging stations. i have been a student of the hybrid technology since 2004. consumer of hybrid since the first toyota car came out with that in the early 2000s. it strikes me that we missed the mark here by trying to force the entire country to go completely from internal combustion engine to electric vehicles suddenly is
your budget versus cbo. to try to wordsmith these different numbers i just don't see it. >> i appreciate the exchange. i wish we can continue it. in the interest of time let's go to our colleague from the great state of texas. >> congratulations for leading the first bipartisan budget process reform, ever, i think on on the floor of the house of representatives. remarkable achievement. i do have two consent threquest finding medicaid recipients have worse health outcomes. and the...
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May 14, 2024
05/24
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>> sure can think of cbo data cvo datafor calculations for coe years ago they looked at social security benefits at a percentage ofy people's pre-retirement earnings the social security benefits percentage of your earnings adjusted for inflation. her people in the bottom that lowest income of an tyree's they receive social security benefits equal to 80% of the preretirement earnings. if you wonder why low income people don't say much that's part of it. there's not that much reason too. when you go to the middle you'rl looking at 50% replacement rate you go to the top you're looking at 25%. this expends the outsize of socialsecurity for lower income retirees. my cottage industry is telling people the u.s. retirement system is working pretty well. so on and so forth. if you are each look at the source of cuts the social security benefits that would happen of the trust fund just last week the social security trustees release their latest projections for the program. i was glancing over them i was reminded of the recent billy joel song, turn the lights back on the second line is nothing thi
>> sure can think of cbo data cvo datafor calculations for coe years ago they looked at social security benefits at a percentage ofy people's pre-retirement earnings the social security benefits percentage of your earnings adjusted for inflation. her people in the bottom that lowest income of an tyree's they receive social security benefits equal to 80% of the preretirement earnings. if you wonder why low income people don't say much that's part of it. there's not that much reason too....
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May 23, 2024
05/24
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which is running nearly a quarter of gdp, that is a peacetime record, cbo estimates that budget deficits will run close to 3 trillion dollars by 2034. spending continues unabated from biden policies. deficits estimated to rise to 6% of gdp, that is an unheard of level in an economy with unemployment less than 4% and a troublesome high inflation rate. debt held by public totals 27 trillion. and to rise from current 99% of gdp to 116% of gdp . total federal debt itself now 34.5 trillion. net interest expense running over 800 billion a year, that is near unbelievable number. that is actually just as costly as our kno entire national defense budget. and joe biden treasury making a huge mistake, by financing the debt at shortened of the curve through monday prez bills -- treasury bills, 5 and a quarter%, they are higher than 10 year bonds. treasuries should be selling much longer duration bonds to avoid high interest expense. and to properly fund out the debt burden over a long period of time. maybe 50 to 100 year bonds, would make more sense for future generations than 3 montre3 month, treas
which is running nearly a quarter of gdp, that is a peacetime record, cbo estimates that budget deficits will run close to 3 trillion dollars by 2034. spending continues unabated from biden policies. deficits estimated to rise to 6% of gdp, that is an unheard of level in an economy with unemployment less than 4% and a troublesome high inflation rate. debt held by public totals 27 trillion. and to rise from current 99% of gdp to 116% of gdp . total federal debt itself now 34.5 trillion. net...
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May 9, 2024
05/24
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the cbo reported that extending all of the trump tax cuts which republicans support and donald trump has promised to do if elected would add $4.6 trillion to the deficit. that's $4.6 trillion. let me say that again. an extension of all of the tax cuts would add a wopg $4.6 trillion to the deficit. to the self-proclaimed fiscal hawks on the right who always complain about deficits, this cbo report about the trump tax cuts is like a pie in the face. this report should come as no surprise. we all saw what happened when donald trump and republicans first pushed their tax cuts a few years ago. they blew a nearly $2 trillion hole in our deficit. they left american families out to dry with no trickle down stemming from the benefits for the very wealthy and the largest corporations. the trump tax cuts were a dud for our economy and a political loser at the same time for the republican party. so i ask my republican colleagues, are they really willing to double down on the disastrous trump tax law and blow a hole in our deficit? are my republican colleagues, who claim to be the party of fiscal
the cbo reported that extending all of the trump tax cuts which republicans support and donald trump has promised to do if elected would add $4.6 trillion to the deficit. that's $4.6 trillion. let me say that again. an extension of all of the tax cuts would add a wopg $4.6 trillion to the deficit. to the self-proclaimed fiscal hawks on the right who always complain about deficits, this cbo report about the trump tax cuts is like a pie in the face. this report should come as no surprise. we all...
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May 24, 2024
05/24
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>> i'm worried and alarmed the cbo director is more concerned that i am, and shrugging off deficits and and spending crosses little frightening for me. edward: it is coming off of the year. it has been wavering a little. >> friday is a holiday weekend, half of the traders go home. and the market was positive. and we are through with earnings season. and and more focused on what the fed is going to do. and they are optimistic. and not raise rates and that's the big story out there. >> you said it, blowout earnings, the company announced a stock split. is nvidia by today, and wait until after the split. >> was a bible for the earnings report. wall street expression means to buy the rumor and sell the news. it's not the best time to buy. it's a broader ai story, and a story of what's going on on a macro basis, a handful of names are growth companies that are growing and broader market is just limping along and what concerns me, business-to-business spending. can businesses continue to buy technology from these companies if they are reliant on the consumer and the consumer is not there. edw
>> i'm worried and alarmed the cbo director is more concerned that i am, and shrugging off deficits and and spending crosses little frightening for me. edward: it is coming off of the year. it has been wavering a little. >> friday is a holiday weekend, half of the traders go home. and the market was positive. and we are through with earnings season. and and more focused on what the fed is going to do. and they are optimistic. and not raise rates and that's the big story out there....
SFGTV: San Francisco Government Television
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May 5, 2024
05/24
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and also, you know, we've worked in, like, some capacity to help cbos. but, what the real feedback and what what your. excellent. not only that, you're a subject matter expert. i would you know, know what you do, but, there's not that pushiness. right. because if you're with a broker, there's a commission in place. so you're like, here, eat this, shove this down your throat. or if you're with an attorney, it's billable hours. so, like, you're very approachable and there's not like an agenda, you know, like that's what the feedback has been to small businesses that i'm like, oh, i know who you, you know. and i'm like, yeah. and i was like, i know that's in my heart, right? so, it's a great program. like it definitely. i concur with, director, we need more of you, but more of you. iris. like, because you're friendly and welcoming to small business. and this is very intimidating. yeah, and this is sometimes the make or break for the business. you could be the best chef in the world, the best whatever in the world. but if you sign a lease that you don't real
and also, you know, we've worked in, like, some capacity to help cbos. but, what the real feedback and what what your. excellent. not only that, you're a subject matter expert. i would you know, know what you do, but, there's not that pushiness. right. because if you're with a broker, there's a commission in place. so you're like, here, eat this, shove this down your throat. or if you're with an attorney, it's billable hours. so, like, you're very approachable and there's not like an agenda,...
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progrowth agenda and here's what i would tell you and your viewers, if we could grow 1% over the 2% that cbobut we have to link that with mandatory spending reforms and reining in the spending and we have to be able to grow the economy faster than we are spending, faster than we are borrowing. if we do that just like our forefathers after world war ii did it we can bring debt to gdp down and have our best and brightest economic days ahead of us. neil: you've been warning about that. jody arrington, sitting on the house ways and means committee, he knows the numbers the colleagues are facing if they are up to facing it. the big rocket launch do you laid, they had valve issue. but they scrub but it, they are looking at may be friday. we will see, after this. ♪ ♪ .. we love being outside, but the sun makes our deck and patio too hot to enjoy. now thanks to our new sunsetter retractable awning, we can select full sun or instant shade in just 60 seconds. it's 20 degrees cooler under the sunsetter and we get instant protection from harmful uv rays and sun glare. for pricing starting at less than $
progrowth agenda and here's what i would tell you and your viewers, if we could grow 1% over the 2% that cbobut we have to link that with mandatory spending reforms and reining in the spending and we have to be able to grow the economy faster than we are spending, faster than we are borrowing. if we do that just like our forefathers after world war ii did it we can bring debt to gdp down and have our best and brightest economic days ahead of us. neil: you've been warning about that. jody...
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May 18, 2024
05/24
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the cbo says, on average, purchasing power increase, but the effect varied by income group. in particular, for households in every point i'll, or fifth, of the income situation, their share of income required to pay for their consumption bundle decreased on average, because income grew faster than prices did over that four-year period. houses in the top quintile had the largest decline on average -- food prices are up 20%, gas prices 50%, mortgage payments 30%, 40%. people are really suffering from higher prices. you know that because you talk to people every day on c-span. the bottom line is really big gains in income under trump and really swift declines in income hunter biden. -- income under biden. host: the dow industrial average top 3000 for the first time. it is a milestone that appeared implausible a little more than two years ago when the federal reserve began raising interest rates to cool an overheated economy. the forecast abounded with the central bank ending the era of ultra low rates. as the months passed, employers added jobs and people kept splurging on big-
the cbo says, on average, purchasing power increase, but the effect varied by income group. in particular, for households in every point i'll, or fifth, of the income situation, their share of income required to pay for their consumption bundle decreased on average, because income grew faster than prices did over that four-year period. houses in the top quintile had the largest decline on average -- food prices are up 20%, gas prices 50%, mortgage payments 30%, 40%. people are really suffering...
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May 31, 2024
05/24
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but $10 trillion since the pandemic with debt at $35 trillion while gdp is around 26.3 trillion, the cboe ratio is only 80% of debt to gdp, it's really 1.33 times so that's the pro problem, it's bending and more spending and indiscriminate spending. the last thing as interest costs have gone up two years from 400,000,300 billing because the treasury spending at the short end of the curve. >> so the april personal expenditures, a mouthful, it will break people's brain know that i set up. the federal reserve measure. inflation is sticking 2.7% higher in april versus same time last year. what you make of msnbc host wanting a quote economic explainer to tell americans they are confused king they are not doing well? we have double digit increases in the cost of groceries? chicago that president to say wait a minute, you got more purchasing power since the pandemic. what you think of this? >> it's not true. what we know his real incomes have gone down joe biden was elected so that does not translate into more purchasing power. condescending and hideous the democrats keep thinking the general p
but $10 trillion since the pandemic with debt at $35 trillion while gdp is around 26.3 trillion, the cboe ratio is only 80% of debt to gdp, it's really 1.33 times so that's the pro problem, it's bending and more spending and indiscriminate spending. the last thing as interest costs have gone up two years from 400,000,300 billing because the treasury spending at the short end of the curve. >> so the april personal expenditures, a mouthful, it will break people's brain know that i set up....
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May 21, 2024
05/24
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committee to unleash prosperity, host of "moore money" on wabc radio, and douglas holtz-eakin, former cboirector, president of american action forum. doug, i'm just looking at your latest report here. it get as better and better or it gets worse and worse, if you know what i mean. final rule costs for mr. biden, 1.6 trillion, final rules. for mr. trump, were a minus 160 billion. so trump's fell enormously, 160 billion. biden is up 1.6 trillion. paperwork hours increasing under mr. biden, 292 million, mr. trump, 74 million. so, is there any end to this and right to the end they just keep piling this on? is that what's happening? >> there appears to be no end to it. we kept track since day one of these administration at some point, during mr. trump's administration, they reduced the regulatory burden. it is something i didn't think could be done. one of the great accomplishments of the administration. biden did this one than barack obama did in two, which is hard to wrap your arms around. this is an onslaught of unprecedented proportions and it is really hard on small businesses, it is hard
committee to unleash prosperity, host of "moore money" on wabc radio, and douglas holtz-eakin, former cboirector, president of american action forum. doug, i'm just looking at your latest report here. it get as better and better or it gets worse and worse, if you know what i mean. final rule costs for mr. biden, 1.6 trillion, final rules. for mr. trump, were a minus 160 billion. so trump's fell enormously, 160 billion. biden is up 1.6 trillion. paperwork hours increasing under mr....