don't miss the interview with the secretary-general of the oecd mathias cormann. first on cnbc interview coming up at 11:15 cet. >>> coming up on the show, we'll be hearing from the ceo nikolai setzer. don't miss that interview. it is a first on cnbc. you can make money the hard way as a bullfighter or a human cannonball... or save money the easy way, with xfinity mobile. existing customers can get a free line of our most popular unlimited plan for a year! not only will you save hundreds but you'll also be joining millions who have connected to america's most reliable 5g network. sure is a lot safer than becoming a stuntman for money. get a free line of unlimited intro for a year when you buy one unlimited line. visit xfinitymobile.com today to learn more. >>> german auto parts maker continental is looking at a full-year adjusted operating profit of 5.2 billion euro amid higher freight costs. we have the conversation with the ceo nikolai setzer. good morning. a bit of a squeeze on the supply chains, are we? >> let me say we had more difficult times on the supply c

it is approaching the level of oecd countries.hed 6%, while in the fall of last year, this rate was 8.2%. during the winters , the participation rate during the corona period was very low. doing physical or informal work. continue the informal work you did during the corona period, however, the government has tried to recover the labor market in these two or three years after the corona virus and has tried to increase the participation rate . in the winter of last year , it was 405 tenths of percent, so my opinion is that our job market is now you are in a good position, we have only one problem that needs to be there. and that is the field of university graduates, where the government is trying to use the legal capacity of tabsare 18 or note d of the budget law 1403 to direct many resources to the field of employment for academics with knowledge-based employment. let's achieve a favorable participation rate. one of the main achievements of the 13th government in the field of employment. 1. the number of workers this summer has re

growth, and generating wealth, it is absolutely essential — if we had had the average growth rate of oecdc services, without having to change any tax rates. so you have got to expand the debate from this one, just around headroom, and tax measures. so you are backing all of today's budget, as far as i can, you haven't said you opposed anything. you are backing all of today's budget. they have taken on some of you ideas, obviously you support that as well. you have identicalfiscal rules, how does labour's economic policy then differ from the conservatives? well, look, we are putting economic growth at the heart of our policy. where we do differ, we will say where the money comes from, that is important, and a duty of candour to people, and we can turn the page on the kind of chaos that we have had in recent years. if we get better economic growth, we generate the wealth needed for our public services, and we get away from the doom loop we have been in of low growth, increasing tax burden and creaking public services. you have to break out of that and you can't do it with the kind of econom

side, we only pay a nickel out of the health care dollar on primary care, which is less than half of oecd. strengthening primary care to your point, focusing on prevention, that is really important, so we can reduce exacerbation of chronic disease. your point is well taken. affordability is absolutely an issue. i think you are seeing the administration trying to tackle prescription drugs there. other issues like hospital consolidation and others where prices are high. of these issues, affordability, hopefully we hear about them about in campaign 2024. host: preventative care, which people expect when it comes to being fruited from their insurance company? guest: it is part of the affordable care act, a specific section saying that all evidence-based preventive services, immunization, cancer screenings, substance abuse counseling, has to be provided by your insurance company without any cost-sharing. is actually a pretty popular part of the affordable care act. both sides agree with it. was a lawsuit, playing out in the courts now, where several businesses looking at a particular service r

that said , unlike other oecd that said, unlike other oecd countries , only 5% actually of countries,evenues is raised locally. most councils are funded through various formulas. i won't go into the technical detail , various formulas. i won't go into the technical detail, but daniel will know, as a former serving councillor, just how difficult it is to move funds between these different category . his. i actually think, given the doom loop, frankly, that all local government faces in terms of these local public services dnven of these local public services driven by technology and demographic change, it's time perhaps actually to take social care and children's services out of the local budget. that's what's actually tipping a lot of councils over. if you look at what's forcing them to declare these so—called section 144 bankruptcy, i mean, technically they're not bankrupt, but that's what's going on around the country . so but then the balance country. so but then the balance there is, do we want more local decision making and local finance raise? then we get into the whole issue of

of the united states according to oecd? you'll get a number like 144%.rtists say, well, you borrowed it from yourself and you still have is to pay it back and you have to borrow mon t back while you're paying interest for it. it's a con. we should never allow discussions in this place and not use the term "gross borrowing." but is it magic money, we don't have to pay it back? it's just money we didn't have to go float publicly traded bonds, but we still have to pay it back. the reason i built this chart is i wanted youee a line right here. even the net interest -- so the publicly borrowed money, the still the second biggest spend in this government. and i'll say it and it will probably just land on deaf ears. so let's actually walk through something that's really uncomfortable and it's going to tie in. one of my fixations is how do you stabilize borrowing? so that■u borrowing equals what our economic growth is. i'll show you some charts later and this it for people who actually care about economics. he's growth of the country and here's the debt of the c

to be able to steer structural change and have it mean something more than it used to which is the oecdy list of liberazation. and we're very hopeful that our conference which i believe includes a colleague or two from the ca -- from theea will be addressing those challenges, but again let's start off with the most important document on the most important topic of of full employment today. and we are indeed fortunate that jared bernstein and the council chose the peterson institute for this discussion. jared has been chair of the 31st chair of the council of advisors■< since being confirmed in the senate last june. he serves as president biden's chief economist and a member of the cabinet but of courser0 member from the beginning of the administration and was a prominent voice in public as well as policy discussions on all the macro economic issues of the biden administration and therefore this country. in policy he was mist and economic advisor to then vice president biden from 2009 to 2011 and served as deputy chief economist at the of labore clinton administration. dr. bernstein was

to put it in perspective, if the uk economy had grown at the oecd average this last decade, our economyy family in this country. and it will contribute an additional £50 billion in terms of tax revenues. what we are facing todayis tax revenues. what we are facing today is a decline of material different sort to that which has occupied policymakers in the past. in the 19605 and the 19705, governments grappled with a question of productivity and investment and how the uk would pay its way in the world. in the context of economic convergence. in which british decline was relative. a result not of the british failure, but the success of other western european economies. today, as the historian suggested, we are at a moment of deep convergence trailing in falling behind our competitors. this is had serious consequences for living standards with the real household disposable income set to be lower at the end of this parliament than they were at the beginning. today, the average british family is 10% worse off than their french counterparts. and a full 20% worse off than our german counterpart

havhée to be able to ster structural change and have it mean something more than it used to which is the oecdundry list of liberalization. and we're very hopeful that our confere believe includes a colleague or two from the ca -- from the cea will be but again let's start off with the most important document on the most important topic of the day which is the benefits of full employment today. d we are indeed fortunate that jared bernstein and the council peterson institute for this discussion. jared has been chair of the 31st chair of the council of advisors since being confirmed in the senate last june. he sve member of the cabinet but of course jared served as a cea me beginning of the administration and was a prominent voice in public as well as policy discussions on all the macro economic issues ofhe biden therefore this country. in policy he was previously chief economist and economic advisor to then vice president biden from 2009 to 2011 and served as deputy chief economist at the department of labor during the clinton administration. dr. bernn fellow at center on bd policy priorities

to be able to steer structural change and have it mean something more than it used to which is the oecdndry list of liberalization. and we're very hopeful that our conference which i believe includes a colleague or two from the ca -- from the cea will be addressing those challenges, but again let's start off with the most important document on the most important topic of the day which is the benefits of full employment today. and we are indeed fortunate that jared bernstein and the council of economic advisers chose the peterson institute for this discussion. jared has been chair of the 31st chair of the council of advisors since being confirmed in the senate last june. he serves as president biden's chief economist and a member of the cabinet but of courseed served as a cea member from the beginning of the administration and was a prominent voice in puic the macro economic issues of the biden administration and therefore this country. in policy he was previously chief economist and economic advisor to then vice president biden from 2009 to 2011 and served as deputy chief economist at t

it does help add to the global debt crisis we're seeing and the oecd saying they're very concerned aboute gumede live from london, thank you as always. still ahead president biden is set to deliver his "state of the union" address tonight. a high stakes speech and white house principal deputy press secretary olivia dalton joins us next with more on what we can expect to hear from the commander in chief. "way too early" will be right back with that. ander in chief "way too early" will be right back with that no, my denture's uncomfortable! dracula, let's fight back against discomfort. with new poligrip power max hold & comfort. it has superior hold plus keeps us comfy all day with it's pressure absording layer. time for a bite! if your mouth could talk it would ask for... poligrip. here's to getting better with age. here's to beating these two every thursday. help fuel today with boost high protein, complete nutrition you need... ...without the stuff you don't. so, here's to now. boost. - so this is pickleball? - pickle! ah, these guys are intense. with e*trade from morgan stanley, we're

yorkshire labmates >> are you surprised that this country, amino pretty close to top of the tables in the oecd nations is the second most unhappy, depressed country in the world only uzbekistan has it worse we're just going to play a couple of soundbites. >> i think a lot of people can be taken down by the weather, but coming from the us, from california to here, i love it i made a choice to move here and people are just getting more and more downbeat by the fact that there'll be helped by the government market forces, et cetera. and i think it just yeah, it can be we are difficult. we're not that i'm happy. i think the older generation is senior to be happier than the younger generation. are you surprised? >> well, i'm deeply concerned, but i think one of the key lessons from this is that economic prosperity alone is not the key to happiness. and in fact, what we are seeing is that in many, many countries, which are increasingly modernizing in terms of their economy, their culture, et cetera we're actually seeing that unhappiness is growing. and i think that's coming for a few different reaso

we have for an down the oecd list of countries. now sit below italy in terms of wealth, gdp per head. and i'm afraid we can park that. you can say, oh, ukraine covid no, they were international factors that brexit was one of the things that boosted the flush of british brown who we are broke the bank and we can't afford international nurses doctors i >> -- >> what -_ >> what we should do is just introduce an insurance system to run alongside the nhs. come on, i'll you point, i i'll guarantee you point, i guarantee you. let me point at the viewers. >> fish lice . i want to get >> fish lice. i want to get a word in edgeways. i think it's rude. speaking of the national health no the health service, no secret the large the uk is large proportion of the uk is net figures made large proportion of the uk is netof figures made large proportion of the uk is netof people figures made large proportion of the uk is netof people coming made large proportion of the uk is netof people coming workie large proportion of the uk is netof people comin

we have for an down the oecd list of countries.ow sit below italy in terms of wealth, gdp per head. and i'm afraid we can park that. you can say, oh, ukraine covid no, they were international factors that brexit was one of the things that boosted the flush of british brown who we are broke the bank and we can't afford international nurses doctors i >> -- >> what -_ >> what we should do is just introduce an insurance system to run alongside the nhs. come on, i'll you point, i i'll guarantee you point, i guarantee you. let me point at the viewers. >> fish lice . i want to get >> fish lice. i want to get a word in edgeways. i think it's rude. speaking of the national health no the health service, no secret the large the uk is large proportion of the uk is net figures made large proportion of the uk is netof figures made large proportion of the uk is netof people figures made large proportion of the uk is netof people coming made large proportion of the uk is netof people coming workie large proportion of the uk is netof people coming

oecd said the underfunded.id the produce the list of 32 countries last year, and they said of all the developed countries, the uk has the third best funded health care system in the world. now that's incredible. and we're on a par with somewhere like switzerland, where we give 11.3% of gdp to nhs . of gdp to the nhs. >> i don't think it's incredible, particularly comparable because we've got a pubuc comparable because we've got a public health service, other countries have a private health service. totally it's not service. it's totally it's not just you a question, which just ask you a question, which is it really our health secretary's fault if an nhs manager is telling staff to doctor records? >> so that someone's nan will never be found out exactly what she died on? >> no, not if it's just a one off, not if it's a couple. exactly. that's what i'm saying. if it was just a one off, it wouldn't be their fault. but it's a structural problem. it's a cultural problem. it's a cultural problem. it's a cultural prob

disraeli's terms, the condition of the people far beyond the expectations of the obr, the imf, the oecdit hating, british bashing acronyms, economist institutions that have become so encumbered by bureaucratic liberal groupthink. as always, let me know your thoughts . male know your thoughts. male margaret gb news and i'm joined now by the former labour adviser, mike barclay, mike, thank you very much for joining me. it's quite an interesting revelation given in the guardian that, the chancellor was going around telling tory mps that he'd have liked to have raised the threshold more, but couldn't because of the windsor framework >> well, if that is what the chancellor said, then he wasn't being entirely truthful. he can raise the vat threshold to whatever he likes within great britain, in scotland, northern ireland, raise it to ireland, he can raise it to 100,000, 200,000, 500,000 if he wants to. the only place where he can't it is in northern he can't raise it is in northern ireland, and that because to ireland, and that is because to northern ireland, protect or to protect the absence

disraeli's terms, the condition of the people far beyond the expectations of the obr, the imf, the oecdexit hating, british bashing acronyms, economist institutions that have become so encumbered by bureaucratic liberal groupthink. as always, let me know your thoughts . male know your thoughts. male margaret gb news and i'm joined now by the former labour adviser, mike barclay, mike, thank you very much for joining me. it's quite an interesting revelation given in the guardian that, the chancellor was going around telling tory mps that he'd have liked to have raised the threshold more, but couldn't because of the windsor framework >> well, if that is what the chancellor said, then he wasn't being entirely truthful. he can raise the vat threshold to whatever he likes within great britain, in scotland, northern ireland, raise it to ireland, he can raise it to 100,000, 200,000, 500,000 if he wants to. the only place where he can't it is in northern he can't raise it is in northern ireland, and that because to ireland, and that is because to northern ireland, protect or to protect the absen

guiding principles, the oecd guidelines and baking them into hard law. so, we have things like the corporate sustainability due diligence directive, which is a new process -- in the process of passing in the e.u., which applies to all companies of a certain size, with certain presence in europe regardless of sector. and that basically is a mandatory human rights due diligence law that requires covered companies to conduct human rights due diligence and demonstrate how they are doing that, how they are addressing the risks that they uncover through that. then we have tech specific regulations like the digital services act that apply to segments of the technology ecosystem and there are obligations for all kinds of different companies with the very largest online service providers and search engines have to go through a pretty rigorous risk assessment process, and they have to have that audited by a third party auditor. so there are certain elements of the human rights framework that are being codified, which hopefully will mean that not just the very larg

side, we only pay a nickel out of the health care dollar on primary care, which is less than half of oecd focusing on prevention, that is really important, so we can reduce exacerbation of chronic disease. your point is well taken. affordability is absolutely an issue. i think you are seeing the administration trying to tackle prescription drugs there. other issues like hospital consolidation and others where prices are high. all of these issues, affordability, hopefully we hear about them about in campaign 2024. host: preventative care, which people expect when it comes to being fruited from their insurance company? guest: it is part of the affordable care act, a specific section saying that all evidence-based preventive services, immunization, cancer screenings, substance abuse counseling, has to be provided by your insurance company without any cost-sharing. that is actually a pretty popular part of the affordable care act. both sides agree with it. years ago, unfortunately, there was a lawsuit, playing out in the courts now, where several businesses looking at a particular service rel

there's something known as the oecd test. and are oecd pisa test.ompare nations across the world. and actually the western world. and actually britain's improved the western world. and actually brthei's improved the western world. and actually brthei's few improved the western world. and actually brthei's few years. improved the western world. and actually brthei's few years. inproved the western world. and actually brthei's few years. i thinked in the last few years. i think in the last few years. i think in maths they've gone from 27th to 11th and reading they're currently fourth best the in currently fourth best in the in the western world. so sunak the western world. so mr sunak would say , oh look, our results would say, oh look, our results are rising . but what would say are rising. but what i would say is flip side to that is that is the flip side to that is that these results look at the middle, the average, the normal pupil. think the pupil. but again, i think the report , isabel, is report this morning, isabel, is all about the really dis

, when you combine it with the state taxes, to over 32% that would be second to dead last among our oecdon't know how our american companies can compete and win, both here in america and around the world, when we saddle them with the burden higher than china's tax rate i think this is a huge mistake to raise those rates i disagree with my friend donna about some of those numbers, studies have been pretty easily refuted. but nonetheless, we need american businesses investing in america to drive paychecks and growth >> congresswoman, it is an easy target, especially in this populous world that we're living in right now you look at ceo pay or whatever you want to talk about but when corporations do succeed as well, we're watching historic gains in the stock market, a lot of people have owned stocks, whether in their retirement plans or pension plans or mutual funds or whatever it is. so not only do you employ people, i don't think we want most of our employment coming from government employees. the private sector is where all these tax revenues come from i don't know i don't know if it make

in 2010, schools in the uk were behind germany, france and sweden in the oecd's pisa education rankingsaries and ahead of them. burglaries and violent crime have halved in the last 14 years after we invested in 20,000 more police officers , in 20,000 more police officers, our armed our armed forces remain the most professional and best funded in europe. the defence spending already more than 2% of gdp. we are providing more military support to ukraine than nearly any other country, and our spending will rise to 2.5% as soon as economic conditions allow. the nhs is still recovering from the pandemic, but has 42,000 more doctors and 71,000 more nurses than it did under labour. that is, that is 250 more doctors and 400 more nurses for every single month that we have been in office. now, resources matter , office. now, resources matter, office. now, resources matter, of course, which is why, despite all the economic shocks we have faced, overall spending on pubuc faced, overall spending on public services has gone up since 2010. in the case of the nhs, by more than a third in real terms. bu

but britain is well above the eu average in in those terms, well above the oecd average., in the early have argued, say, in the early blair years when you could have argued, okay, the nhs spends less than most of its peers , less than most of its peers, spends less than comparable systems, but that is no longer true. and it has not been true for quite a while. >> i mean, vicky, that's a good point, isn't it? 11% of gdp is a very large sum. how? when does it get to the point where we are just plugging a hole, when actually start actually we need to start looking at something like reform of rather than just of the nhs rather than just bottomless pit of funding . bottomless pit of funding. >> there are lots of different ways which you fund your ways in which you can fund your health you can have health service. you can have insurance goes directly to insurance that goes directly to pay insurance that goes directly to pay for your costs , still free pay for your costs, still free at the time of receiving that help that support if you like, when you're ill, but you pay for tha

if the uk had been growing at the average of the wealthy countries, the oecd countries over the pastmoney into public services know we have set out a number of policies that the conservatives refuse to follow, vat on private school fees, proper taxation of partners in private equity companies, that make lots of money from buying and selling businesses, that will inject billions into the economy. we also know from the national audit office and others that the government wastes a huge amount of money that we spend already, estimated up to 20 billion per year. we think that if you can get a waste out of the system and spend taxpayer money more effectively and grow the economy, raise additional money from the measures i havejust announced raise additional money from the measures i have just announced to make the tax system fairer and get the country back on track.- make the tax system fairer and get the country back on track. would you dismantle the _ the country back on track. would you dismantle the tax _ the country back on track. would you dismantle the tax cuts _ the country back on

he will do us proud as our representative to the oecd. i urge my colleagues to confirm his nomination to be the next representative to the oecd without delay. with that mr. president, i would yield -- with that mr. president, i would ask consent that the vote scheduled to start in two minutes start immediately. the presiding officer: is there any objection? without objection. the question comes on the nomination. is there a sufficient second? there appears to be a sufficient second. the clerk will call the roll. vote: the clerk: ms. baldwin. mr. barrasso. mr. bennet. mrs. blackburn. mr. blumenthal. mr. booker. mr. boozman. mr. braun. mrs. britt. mr. brown. mr. budd. ms. butler. ms. cantwell. mrs. capito. mr. cardin. the clerk: mr. carper. mr. casey. mr. cassidy. ms. collins. mr. coons. mr. cornyn. ms. cortez masto. mr. cotton. mr. cramer. mr. crapo. mr. cruz. mr. daines. ms. duckworth.ú mr. durbin. ms. ernst. the clerk: mr. fetterman. mrs. fischer. mrs. gillibrand. mr. graham. mr. grassley. mr. hagerty. ms. hassan. mr. hawley. mr. heinri

that's why when you look at oecd, theyavehe united states now closer to 144% of debt-to-g.d.p.ier borrowing over $95,000 a second if you actually look at the run rate. 365 days, or 366 u throw in the leap year, we borr $3 trillion. i'm trying to find a nays why to emphasize that word. $3 the running last year. and i'm going to -- i think i have in one of my charts here, if i don't i'llust sa the presid their budget does anyone paying attention how the game is working? we're starting to understand the game. so several months ago, when the preliminary budget numbers were put out, by the white house, hey, we're going to borrow $1.5 trilonwink, wink, nod, nod, ther that came out, what was it, yesterday? or no, excuse me, earlier todaye closer to 2.1, 2.2. but if yolo of their math it's going up higher than that. it looks like actually if you do the gross, it really is going over the $2,800,000,000,000. do we do this to lie to the bond markets or each other or sit just so the you know, in washington basically quotes the old number? but does anyone understand when you see mements of