structural reforms really have a wide range of policies. some reforms have immediate effect. .. construction sites, stopped employing people, and in the long run you improve our tv infrastructure. you make sure good people can actually travel properly.

other reforms such as those that affect the labor, the product in the services market are likely to unfold positive results over the longer-term horizon. yet they are essential to enhance productivity and innovation which in turn can be powerful antidotes to the impact of something that we cannot do anything about and that is affecting all of us beijing. -- aging. we done a bit of research not so much on aging. of the people can do that a little better that i but we've done research on structural reforms and we've try to flush out priorities and payoffs in the area of productivity growth labor participation entry. let me take a break will put one after the other. let's look at productivity growth. reversing that decline in

advanced economies requires lowering barriers to entry in products and services markets. our research shows, for instance, that improving the allocation of labor and capital can significantly increase total factor productivity tsb as it's called. another example is the potential benefit from approving assets to finance for small business. everybody talks about smes, encourage smes. of course, of course because they generally most countries certainly the advanced economies but also not to much larger extent emerging market economist the ribs and most of the employment. ever present the largest number of companies. unfortunately, if we look at europe, for instance, they also hold a share of nonperforming loans that is 50% higher on average than larger

corporations. so clearly putting the small business sector on a firmer footing would yield a big payoff. this is same-store in china. where small businesses play a critical role in the economy in terms of output, employment, tax from and innovations. where accessing to finance a section difficult or i discussed the matter with the prime minister of china, it is one of the angles they want to use in order to stimulate activity by the corporate world. if we look at the emerging market economies such as indonesia and russia, they can read protected by easing and in eluding -- improving the business climate. country should certainly focus on reforming the education labor and product markets. and in low income countries as well as in the middle east and central asia improving

governance, eradicating corruption, or trying to, as well as inclusion will help lay the foundation of a thriving private sector. so that's for the productivity improvement as far as capital and investment is concerned. if we look at labor now there's an important set of measures that is needed to remove the barriers to labor for participation, and that is key to tackle inequality and ensuring a broad-based growth. i give you a few for instance, us. in japan, and in the euro area there are too many tax disincentives that exist and where a change of tax policy that would be more growth friendly or labor supported would be very welcome. and they could be budget neutral your into many countries legal

inequities still exist and what did they do? they create barriers to greater participation by women in the economy. we've done a very interesting study and from all the countries we've studied 90% 90% still had legal inequities in the books that prevent access of women to the labor market. and as we know closing the gender gap which is one of the goals of the g20 only by 25% from a little 25% over the next decade could actually result in the creation of 100 million jobs. now that mean something for both growth and poverty reduction. and, finally on trade. there are potentially huge global traits to be had from further trade reform and integration. as we know trade has been a

major driver of economic progress over the past three decades, and yet again in 2015 and for the fourth year now trade will be below average trade in terms of growth. recent efforts have been welcome the the bali agreement which was a subset of the doha long expected loan agreement could actually generate a lot by way of trade facilitation. this will give a boost of 1 trillion u.s. dollars annually. not only should this agreement be implemented but we need to be more ambitious because trade remains a very major engine of the global economy. to lift growth create jobs and dispel this new mediocre that's lurking on the horizon.

of course it's difficult. those are political reforms and anything that his structural reform or that requires international consensus is difficult. they involve tough choices trade-offs come and there are winners and losers in the short run, but in the long run everybody can win. so how do we win? well my view is we can only win by working together. and i'm struck by how action to lift growth is becoming increasingly country specific. gone are the days when you could say the advanced economies, the emerging markets, a low income companies -- countries. no. it's much more competition which probably includes something like 128 boxes, depending on what criteria you use. yet all those issues that i

prefer to macroeconomic, financial risk, productivity increases, all of that is also very strongly interconnected and multilayered. so the challenge for policymakers rundle road is to combine to the policy needed to boost today's growth with those that those 45 to our prospects. how can you use your short again to make sure the long game is going to work? and to leverage the national initiative that are needed to the benefit of the global community. and if you look at think of it what is good for for the country's going to end up being good for the whole community. if countries strengthen their banks, their domestic banks it will not only serve them well and their clients, but it will reinforce the global financial system. if countries anticipate and

hedge against currency variations of volatility it will not only serve them and their own financial sector, but it will support global financial stability. and if countries implement climate friendly policies it will benefit their population and also contribute to reducing global emissions. so to all those who will say oh, we have to wait until the others come on board and reach an international treaty or agreement, or something that is intergovernmental, no. national policies will actually take the global issue further. but we also need a multilateral system that can actually leverage these national benefits and help avoid inconsistencies, risk of arbitrage that could actually generate negative spillovers. in a highly interconnected world with new and dynamic sense of

political and economic gravity generally east, there is simply no alternative to what i've called new multilateralism. so what is that? what needs to be done to reach that new multilateralism platform? well, first of all everybody must find its suitable seat. emerging markets and developing countries must have greater weight in voice in global economic institutions to reflect the actual new reality and that of the contribution and responsibilities in the global economy. now, either clear example in mind. -- i have a clear example in mind. the reform which is intended to precisely meet that objective. listen to that.

virtually our entire membership agrees, and we now only wait one ratification by the u.s. congress. it is overdue. if you meet of -- if you meet any of them, tell them. [laughter] and we're not going to give up. i'm going to continue asking them to please do it. if only to pay third u.s. leadership and the key institution for global financial security. but, you know, we can't wait for ever either. so our membership is currently considering interim steps. i'm not saying substitute, interim steps, they can take us a bit closer to the ultimate objective. now, but also the measures as well to strengthen the resilience of the international financial system, and that would

include enhancing cooperation with regional facilities and institutions, including a new asian infrastructure investment bank as i said three weeks ago in china. many institutions that have burgeoned over the last few years in europe, and asia, in various places. and we need to work together. we need to cooperate, to coordinate. second option increasing the role of these special drawing rights at the global reserve asset and facility and the integration of dynamic emerging markets into the global economy. and, of course firming up the imf resources which you can relate to the quarter reform which was intended in 2010. and as a result of that, the international monetary system would be reinforced and become more stable. so that's for the international monetary system.

what about the international development system? 2015 is really a very special moment for development, and an opportunity to make a tangible difference in the lives of a very large number of people particularly the poorest. there are three critical issues on the 2015 agenda. one is financing for development which will be discussed in july. the second is the new sustainable development goal that will be discussed at the united nations in september. and the third one is the climate change that will be discussed in paris in december. and they all interlinked in many ways. the imf will be a committed partner in this effort, and i intend to discuss with our membership next week how we can contribute through not nice words, not good intentions, but actually deliverables in the

three core areas of our business. because we cannot suddenly invent ourselves as the new development experts or the climate gurus. but we have areas of business which are core businesses which we can surely contribute to let's look at financing first period action we've already made a down payment by recently contributing $390 million to the people affected countries including which is very unusual or the imf 100 million of debt relief. the imf doesn't do that but on that particular occasion the board very strongly endorsed that proposal. what we've done is will is that we have set up a catastrophe fee and containment relief trust, because we realize on the location of this drama that affected sierra leone, liberia and guinea that we did not have the adequate instrument and we

had to be purpose resources. we will in addition to that explore the potential to increase access to imf resources for operative the members. second core area policy advice and analysis. we will continue to help our members with essential support for what very often the low income countries need badly domestic resource mobilization. capital market development and where it exists deepening. in addition we will push further on macro critical issues, some the people have considered a little bit on the side of our core business, but which are becoming core business and matter in our most. and i are thinking about the role of inequality and excessive inequality, the role of women's in the economy and their contribution to the labor market, the energy subsidy

reforms where we have extensively now published and given some very practical set of recommendations using a range of countries that actually either succeeded or failed, and carbon taxation, which is a very interesting proposition. and we all know that time is right, and if we do that they can help us get it right on climate change. our third and last core business area is capacity building and technical assistance. and here we are expanding services including through nine regional technical assistance center in seven regional training centers located in africa, asia and the middle east. and what is more we've embarked on books, massive online open courses, which already have 10,000 active participants and already 5400 graduates. in courses as complicated as

for instance, debt sustainability analysis, removing energy subsidies. as i said we can only get it right if we work together. this applies to all the areas that i have touched on, from stronger growth today the better growth tomorrow, from a more resilient international monetary system to a more robust international development system. from the world would live in today to make a better world we will help build. success will require a re- commitment to the principles of international cooperation. that have served us well for the last seven years and particularly in moments of crisis. but this new multilateralism is urgently needed to boost growth and generate confidence in our common future. wouldn't it be nice if a year

from now i might come back if a year from now instead of rejoicing in the aii be in in the silk road and this new belt out there we could also celebrate the tpp, the tt ip the imf reform a strong green fun with good governance paris 21 with actual deliverables? these are the challenges we have ahead of us. so i begins this week with a great analysis. president kennedy. i'm going to use another from the other side of the pond winston churchill who once said, i never worry about action, only in action. well, we can and we must lift better growth today and tomorrow. thank you.

[applause] >> thank you so much, madam lagarde, for the very important speech and also that not entirely convincing british accent at the end of it. and you're right that i failed imagine the synchronized swimming because -- i read when i did my search -- research the joint french to regard out the dress prison. >> correct. >> there is so much meat in that to follow up on them with a brief 15 minutes here to follow up. so let me try to go through some of the were think we really need to drill down just a little bit further. first of all did the greeks repay their loan? >> yes. i got my money back.

[laughter] >> appeared to make get that out of the way for all the press. that is now confirmed from the imf. you met with a greek finance minister last weekend. this week he was in moscow. i'd like to ask you to question. what to do next steps look like, and perhaps you can put that in the overall context of how resilient you believe the eurozone is both economically and structurally. you see the low oil prices, the quantitative easing, the reduction in the euro value all hell-bent. but on the of and you also point reforms that haven't been done. is there light at the end of the tunnel or is it an oncoming train, to quote a country western singer? >> let me take the second part of the question first and i will touch on the first part as well. you're right, i think that the eurozone has the benefit of three shots in the arm actually, ones that you just mentioned.

and that moment which is actually rare in economic history for particular economy so, is bush one as large as the eurozone is really a moment, a window of opportunity when countries that have not yet conducted the reform that have started conducting the reform have to actually get on with it. because they have the benefit of low oil prices very low-cost financing to we are seeing on the second market negative rates even for reasonably medium-term bonds. and it's intended to really support and kickstart the economy. so with these three factors if they don't to economic reforms now, it's there. i very much hope they will really continue the process. some of them have started and others i hope will continue. now, one thing that i'd like to

add, since some three years ago when we were both talking about the issues and the risk on the horizon, the euro area as a monetary zone have strengthened, build a european systemic fund to protect itself which is endowed with over 500 billion euros. it has reinforced its fiscal union. it has certainly built a banking union and, of course, they can do more and better but it is a lot stronger than it was two years ago. which takes me to the first part of your question. what is now badly needed is not to talk but is to get on with the work. and greece authorities together with the representatives of the three institutions as we call them now, have to really sit down go through the work, focus on the objective of what is intended for the better, for

greece, which is restoring the economy, stabilizing it and by so doing reestablishing and reinforcing the sovereignty of the country. so we are for our part specifically committed including on the weekends, wherever in brussels in washington to actually help the authorities navigate through the measures that will actually deliver on the objectives of the program while respecting some of the commitments that have been made in the course of the political cycle. it's a difficult part but it one that has to be walked in which will just improve the situation. >> thank you for that. let's talk a little bit about

your new mediocre. you have coined this term and it's a great term. we must prevent new mediocre from being a reality, you said. you can talk about the bottom line, its wrist to global financial stability are rising again the new video for -- with respect to financial stability. is the new mediocre another term for stagnation? is this what you're worried about? and is that what we are facing with world economy faced a prolonged period of low growth and what impact might that than have on security and stability? how great is your worried about that? >> i think it is -- borrowed by larry summers to identify the current economic situation. i think it's different because my concept of a little mediocre, the new mediocre, is that we can get out of it. it's not something that is

intended, that would risk singh for a longer time. if the measures that i have identified earlier are taken also used on the macroeconomic front, all space made available utilize, and if financial stability is strengthened and if structural reforms can be incremented in each very specific based on countries characteristics and needs, then we will not be in that new mediocre, but it's a risk that is there which is i believe the fact that potential for growth has been affected by the three factors i mentioned the scars of the crisis, the aging population, and particularly in the advanced economies but also some energy market economies and the fact that productivity

is not where it should be. >> so i think that's a very good differentiation were secular state nation may be a description of a case that is unchangeable. the new mediocre as a warning you're trying to avoid. let me get to the issues and let me put together the issues of the asian infrastructure investment bank and the 2010 quota in governance reform. you described the establishment of china's infrastructure that has a massive opportunity. that said, larry summers, a member of our international advisory board, you mentioned him, this week in an op-ed called the u.s. approach to the ai ip fm to strategy and tactics and said quote, this past month may be removed as the moment deny states lost its role as he underwent of the global economic system. number one --

>> if he is right i think the best response to that is to ratify the reform of the imf. [laughter] >> you finish my sentence. usual i just steal your ideas. this time you've finished my sentence. so that is really what i was getting it. number one does the formation of the aai be somewhere signaled new economic reality? and in the context to talk little bit even more in depth of this reform? is the u.s. undermine its role as the leading country to contribute financial order? >> you know, i think that the asian infrastructure investment bank was part of a broader project by the chinese authorities to actually develop growth, build infrastructure projects and stimulate growth and economic activities not only within china but also with many

neighbors along the old silk road and down along the maritime road. so it wasn't a huge structure, but it was part of thinking along the lines of we need to develop broader and there are countries along the way pointing toward europe that will actually benefit from that, and so will our internal manufacturing infrastructure. i think it has been elevated a bit because of the general context in which the bank has been set up as a march 31. but it's a great initiative in the sense that it's broad-spectrum. it reflects the transformation of the global economy with new key players and it embraces a

regional approach which could actually be extremely -- for economies that matter more and more today than they did a few years back. so it's both i think it's part of something which is broader and it's really reflects a new landscape for the global economy. now, what can the united states do to reinforce its natural leadership role in the global economy as well as in the international monetary seen come is to effectively ratify reform which is a governance as well as a quota reform which was engineered by many countries particularly by the united states back in 2010. what does it do? two things. and one it gives a bit more space to the likes of the emerging markets and some underrepresented countries. so that more space at the table. it reduces a little bit

participation of the europeans which has been probably excessive relatively to their size in the global economy. so you rebalance a bit less europeans, a bit more energy market economies. you double the quota which doesn't any budgetary implications, because the new arrangement has already been earmarked under in the united states budget. some of it has to be put into the form of quota which gives institutions more stability. so doubling the quota which gives more financial resources if and when a crisis occurs. and that's pretty much what it is. so the united states doesn't lose its veto right in the institution to a continues to be the key shareholder and member state of the imf and it takes zero financial risk. so i think it's a no-brainer.

>> let me ask one more question that you touched on. john kerry secretary of state john kerry is here next week at the atlantic council, really launching a campaign around these trade issues. and we are particularly highlighting that you strategic and geopolitical points and trade issues but instead of focusing on all the gains that would be had from the tpp and teacup, can the other side -- what happens is there's a downside if it doesn't happen? if we get to the end of this administration is that trade promotion authority though he tip, no tpp and there is no imf reform ratification. instead of saying everything we would gain what happens if that goes through? which could be an outcome. it is a possible outcome. >> well, i will put my sort of harper that on for a second and i'm not a big u.s. corporate and

i want to invest. i know that there is a massive growing market out there in the east and if there is no stability nation of trade, if there is no better terrorist arrangements and no more alignment of status -- tariff -- instead of necessarily investing in the united states of america i'm going to look at other investment authorities opportunities and probably invest where there are very serious growing markets. either in terms of purchasing power or in terms of population. i always think of mr. heineken when he was investing around the world. he was generally looking at where there was a lot of light. because he knew that that's where people would actually buy and drink beer. well, big corporate, that's what to do. and if there's no facilitation no lowering of the barriers, you

have to be everywhere to expand and just invest outside the so to those is a it's going to reduce employment, it's going to be bad for labor, i don't think so. i really don't. >> so let me just take one question. i'm sorry that we really have run out of time. i'm looking -- >> it's my fault. >> no, no. it was a brilliant speech. against the wall, please. you had your hand up the first. >> hello. robert shriver with international investor. madam director, the u.s. dollar is an all-time high, along with the growth of the world we've seen the growth of indebtedness, much of it helping u.s. dollars repayment schedules in u.s. dollars. if interest rates rise the problem could be exacerbated. are you concerned that it could create a crisis within any of the world's currencies? >> i'm sure you listen very carefully to the risks that try to identify, and that's the one that i have together with the

persistently low interest rates, which causes another risk. but clearly the exchange rate and the currency risks and the volatility that it creates is one of those rising risks. also a migraine risk as we call because it is probably going to affect more some of the emerging markets economies and particularly the corporate in those economies that have actually borrowed in u.s. dollars are pegged curtis but it's not just u.s. dollars but it's also those which have not -- [inaudible] that's where we see the potential origin of significant difference. as you rightly said it is exacerbated by the potential rise of interest rates you know, likely at the end of the year. >> so thank you, madam lagarde. let me close and thank you on

behalf of the audience, and also ask people to stay in the seed for a couple of minutes because i know you have to get to another meeting right outside. this was a great terrific conversation wonderful speech. i am going to hold you to what was on the podium. we will get you back a year from now. we will see been and never look forward to having you back at the let the council. >> i'm absolutely coming back if we can celebrate the tpp, the ttip and the imf reform. [laughter] [applause] >> ladies and gentlemen, please remain in your seats.

[inaudible conversations] >> more live coverage coming up today on the c-span networks. senator rand paul is on a four-day swing through new hampshire, nevada, iowa and south carolina after announcing tuesday he is running for the republican presidential nomination. we will be alive with his speech on foreign policy in mount pleasant, south carolina outside of charleston scheduled for noon eastern. vice president joe biden is giving a speech today on u.s. strategy in iraq and c-span will be alive with his comments. the national university defense university of washington to join american history tv for live coverage of the ceremonies marking the 150th anniversary of the surrender at appomattox effectively ending the civil war. c-span3 will be live from appomattox courthouse national

historical park in virginia at 1:30 p.m. eastern today and also sunday at one eastern with reenactments, historians and your calls. >> each night this week at 9 p.m. eastern conversations with a few new members of congress. >> and as a result i tried to stay disciplined and my message. and for both since i tried to stay between the hashmarks. i understand i represent everyone in montana. i am montana's one congressman and i represent not only the republican side, i represent the democratic side, independence day, the tea party site, the union site. i represent everyone in montana. and i think if we take that value set forward congress represents america. true to articulate the values and the needs, desires other district, but the purpose is to make america better. >> five newest members of

congress talk about their careers and personal lives and your insight about how things work on capitol hill. join us for all your conversations each night at nine eastern on c-span. >> house minority whip represent steny hoyer posted higher education roundtable with student leaders from 14 different maryland colleges and universities. he talked about college affordability, student loan, community college programs and preparing students for the job market. [inaudible conversations] >> high, there. how are you? okay deborah. very helpful that i can see the

sign. david, you're from -- >> the university of baltimore. >> hi. and you are from? >> i am from umb. >> and where are you from. >> university of maryland. >> where are you from? >> umbc. >> i was on the phone with freeman yesterday. don't tell wall as i said this period one of the great leaders in our country. not just on education, one of the great leaders. you are were lucky to go to school there. [inaudible] how are you doing? >> i'm wonderful.

>> yellow and black. go maryland. go terps. and you are -- [inaudible] >> i'm on the board of trustees at great -- st. mary's. great school. st. mary's as well, good deal. >> chris. >> and you are from? [inaudible] >> how are you? naomi, good. prince georges community college. i love your president. she's a terrific. editor-in-chief of the state newspaper. i need to be very careful what i say. [laughter] >> how do you pronounce your first name?

>> do you want the short version? >> ole? i'm going with ole. i met with the president. i've got two presidents here. this is rachel snyder. rachel is my senior policy advisor for education, and other matters as well but for your purposes education. and as you see we have c-span here, which does a great job of opening up public events and public policy in the congress of the united states to the people of the united states. they do a wonderful, wonderful job. i'm pleased they're here. i'm please all of you are here. as you could here i was a cracker, i am a graduate of the university of maryland. i went to high school here in prince george's county and i went to georgetown law school soybean through a number of the educational expenses.

mr. president, let me turn it over to briefly and thank you for allowing me to come your. >> good to see on campus again. let me begin by thanking all the student leaders. up have courses at a faculty, welcome to capitol technology university. we are on delighted to host this conversation with the congressman. where you can share your ideas thoughts, concerns and issues concerning higher education that can help the congressman shape policy for the united states of america as well as for maryland. we are very proud of all of you and as you complete your education at your colleges and universities i'm confident and hopeful that you can learn the skills and the arts of perfectionism and leadership and citizenship so that one day you may become steny hoyer. and have a major impact on the directions for this country. may i introduce the congressman did you very briefly. i will not read his bio. it would take the rest of our our together. i do want to highlight a couple of things about congressman

hoyer. as you probably know he is out represented from the fifth congressional district of maryland to use house of representatives, he has done wonders in supporting all the federal facilities around our county in our area. he is perhaps best known for much of this legislation and leadership on the environment, natural resources action, job creation fire safety and emergency response organizations. and he has had major impact on both domestic and foreign policy of our country. perhaps his most enjoyable and challenging role in congress is that he is a remarkable consensus builder give serve as the majority majority leader in the u.s. congress. he currently serves as the democratic whip. and if you think about that for a moment, he has the joy a developing consensus understand and support among all of his democratic party constituents in the house of representatives

and reaching across the aisle to the republicans. so if you can develop those kinds of skills i'm sure that he will be very proud of all of you in following in his footsteps whatever professions you choose. before turned over to congressman hoyer we do it to to our obligatory quips. ready? deductible out of penzone keyboard at this is a one question or look was but all i need is one right answer. how many terms has young mr. steny hoyer served in the united states house of representatives? >> a lot of. >> does anybody want to guess? >> five? >> twenty. >> we won't do the price is right over or under but he has served 17 terms which is remarkable. back in 2007 you became the longest-serving maryland represented. congratulations to you.

thank you for being here. thank you for welcoming is arrested from around our state and i wish a very you a very successful roundtable conversation. >> thank you very much. i'm going to take president would where ever i go from now on what an introduction. you were close. this is my 17th term, my 34th year in the congress of the united states. back in 1981 none of you were born in 1981. oh, you were -- close the. window you born? >> eighty-one. [laughter] >> okay. but now i won't ask around the second row their to when you were born but i'm very pleased to be here. it is a wonderful time to be a student. i think anytime is a wonderful time to be a student. but i will tell you this. in many respects your time is more challenging than my time.

i tell people when i graduate from high school which was just about 15, 20 miles from here and prince george's county, america was unchallenged. we had really jiminy and economy and military might almost everything -- hedge me. nobody to graduate in 1957 i graduate difficult and 63 i worked at cia as a file clerk saw took maybe 11, 12 credits depending upon when they were offered for three years. and then i went full-time my last two years. but nobody in that time thought that america wouldn't provide us with the job and with unabated growth. and that we didn't have any embedded in the world essentially. you have a bipolar world. you and the soviet union so you had a nuclear power. from that standpoint but

otherwise economically there was no competitor of the united states. and, frankly, we weren't as focused on how important it is to make sure that our best resource on our strongest resource, and that is all of you, were honed to do the very best they could. now, we have to do that. now we don't have a young person, and a not so young person now, i'm an old person to waste. the united negro college fund, some of you for that a mind is a terrible thing to waste. we don't have a single mind or a single individual to waste, and we need to the extent of their ability, your ability, own it empower it expand it to the greatest extent possible. because not for you, you'll be the beneficiary we need to do that, but for our country's

sake for our competitive sake, for our growth sick. so thank you for being here. one of the issues i want to hear from all of you is we know, i'm going to tell you the fact it's going to give you a little bit of pain. i got a scholarship to the university of maryland by first year, which i promptly lost. because i academically my first year was terrible. but in any event i got a scholarship, and what i owed my first semester i was a commuter, remember, i was working at night $86. each -- there's a grimace down at the end of the table. that's what you pay for a book. that's assuming you don't have -- >> a small book. >> a chapter of a book. although we're going to have a lot of books on your kindle or

under ipad or something, which i think is going to be a cost saver for you. and i went to law school, i went to georgetown law school, and my tuition again, i didn't live i don't think the of my colleagues lived on campus but was about $560 a semester or so about $1100. i got in, indeed the loan, national defense education act which was along passed in the late '50s but did they know it was ask what you are too young but you may historically know. what happened in 96 of the really got america's attention that we maybe not the only country on earth that could do really deep things? >> vietnam speak with no. vietnam was in the '60s. sputnik? >> sputnik. sputnik.

i have a 1949 dodge car, my first car i bought. first car i had whoever bought it. and i remember hillcrest heights. does anybody know where hillcrest heights is? the southern part of this counter to the radio came on and send the russians have put a spacecraft going around the earth, sputnik. and america was amazed and chagrined, and had a sense of maybe there are competitors. maybe there is somebody. we've got to get on the stick, and that's what eisenhower supported the passage of the national defense education act. now have programs and other programs that was, the reason being is because he knew that we need to make sure that people have access to affordable higher education, if they had the ability to take advantage of

higher education. and one of the challenges we have in america today is we are pricing out too many people out of higher education. when the pell grants was first adopted it replaced 70% 70%, of the tuition costs. now it's closer to 30 35 if you're lucky. now it's up to about 5400 bucks. and we increased it 37% back in '09 i think it was. so we could make sure that so many of you could take advantage of. my family didn't have the ability to contribute to my college at all zero. so what i paid for ie the bar with in the national defense education act to go to law school to college was cheap enough i could pay for by just a savings, by working.

so i want to hear from you as to what you see as the challenges tell you you know so things were done with increase pell grants. we hope to be able we ought to be passing a bill which allows students who went to school before you who incurred an average of $30,000 in loans after a four-year education allow them to refinance. if you can refinance your house and get your answers rate down them without to be able to allow you to refinance your loan. how many of you have loans? so a lot of you have loans to go. and we also acted to try to cap what you need to repay every year with based upon your income. so we've done a number of things. so in of talking from me. i wanted to really hear from what you have to say, what you suggest. not only from your own personal

expense but you talk to foster all over the state, on your campus, with other students and you're all activist to give talk to other people and that would be really interested, and which was go to take copious notes. you're taking notes as well, but -- carrington. carrington reece. when i was younger than you are steny, my name is tonight. how many of you have heard the night before? zero. my father was born in denmark. his name is steen. steny was and they. they just waited a. but i was very, very skinny as a kid. very skinny. i would introduce myself high i'm steny hoyer. and they would say skinny hoyer? so i started calling myself as

hamilton hoyer. is that something? i did for a couple of years and so my friends really got on me. who do you think you are? that in any event, carrington that's a great thing. i want to hear from you as to what you see as policies that we could pursue of course want who want to stop putting you deeply into debt which is any moral policy as well as a bankrupt policy. you guys are inheriting forward on what we should be leaving you. we have responsibly to do a much better job managing our fiscal affairs at the national level. okay, who wants to start off give them your thoughts on where we are? okay good. >> my name is abdul. i'm from and georges committed to college -- prince george's community college.

i found out over 50% of people come to my school -- [inaudible] are people that are just coming back. there are people who come coming back from work and what to do to get licenses are want to get license on something. but many of them find themselves that they can't pay for their education. and the pell grants that we have right now don't support non-credit students. some trying to find out if there is a we can get a policy that can make people come back to school even when they don't have enough money on them and instead taking loans they can utilize maybe pell grants for non-credits for scholarships so that they can follow their field of walk. because over time their work

situation depends on job or particular skills to go on to a competitive market. there are other programs like construction driving, they don't need credit cards -- classes. many of them can't afford it. is there any policy? >> there's discussion about that. clearly, there's been a lot of controversy about vocational and technical training, particularly private sector. prince georges community college obvious is private sector. there's been a lot of discussion about that. i have an agenda i call make it in america. it's an agenda that talked about manufacturing, expanding manufacturing. manufacturing leverages more jobs than any other enterprise. automobile industry, for instance, for every automobile

worker and a person making car there are nine other jobs that are created, maybe insurance people car salesmen, insurers you know, road builders. i mean you get cars, the create a lot of other jobs. so that i'm very focused on getting technical skills and urging, for instance, welding welding may be one of those non-credit -- >> i think it is in construction. >> does anybody know what a senior welder can make? six figures. six figures, welder. great demand. going to make things, one of the things you do with making things as you put things together right? and welders are in great demand. there's a shortage of welders. you wouldn't think, your parents probably didn't tell you i want you to grow up to be a welder right?

but i will tell you right now there is no discussion about trying to expand, what we're tying to do is keep the pell grants at its present level. the president would like to see expanded the we would like to see it expanded to let me tell you one of the arguments that you ought to know, an interesting argument. the president i'm sure years this. there are some who argue as soon as you expand the pell grants, the cost of higher education goes up. in other words, the more dollars you put into the system, i.e. demand supply does not expand as rapidly and, therefore, the cost goes up. and so there are many members who argue the problem with pell grants or other assistance is it simply goes into increasing college costs. i'm on the board of trustees

here st. mary's college board of trustees become the longest-serving member of the board of trustees. we are having great difficulty at keeping costs down not raising tuition, while at the same time retaining quality faculty. you know you've got this and quality support staff. it is a real challenge. so that there's been a focus on academic credits academic focus. but if we're going to expand as an economy we also need to have opportunities and availability and affordability for as you said noncredit courses but which very much lead to economic growth in our society. >> i would like to add i'm a student and our community college is more than just a

community college. .. has increased and that makes it even more harder so just what i do is i try to attend as many meetings as i can and i try to encourage other students to get involved as well because what happens is many students come to college thinking, i'm here

because my parents told me to come here but we want to change that mentality that college is more than just going there taking classes and going home. this community college is like my second home. so that is why i'm very enthusiastic about the idea of trying to find solutions for all of the student, not only internationals. i came here, i didn't speak any english, for example, i had to take at least 30 non-credit class, english classes, math classes. i had to pay out-of-pocket. i had to take a loan to start taking my credit classes because i, stopped working unfortunately, i lost my job and i had to take a loan. and, right now i'm completing 70 credits and still struggling with the bills. when i applied for financial aid, they say my husband makes too much money. so i, i said, well, i don't see

the money. >> that is the good news. >> not just me. many other students who are not coming back to college because they have other issues you know. so that is why we want to see if there is opportunity for them to get at least a discount or, you know, we were -- >> one of the challenges for policymakers however and remember private schools one of the problems is, that some of the records show that there are a number of private sector providers that, whose students don't complete. who are there for a short period of time. but enough time that the tuition is used. they don't get reimbursement but they don't get a degree or they don't get a certificate proficiency in welding or construction or plumbing.

and, because program does not have enough money to meet the needs of the numbers of students who are in need of that help there is a reluctance to expand eligibility. based upon completion rates and and employment rates. as you know, there are some requirements. but, it is a real issue because you also mentioned parents. the reason i mentioned welders all the time being able to make $100,000 plus is because that is a very important enterprise but most parents would not think of, well that is something. plumbers make a lot of money, electricians make a lot of money. it is not just about making a lot of money. it is performing a service that is absolutely essential. we need not to just think in

terms of academic programs, the traditional academic programs, but the skills that are necessary to run any complicated society. congratulations on being a student trustee. somebody over here? how about this side? i will go with the old guy? >> thank you, sir. matt williams. university college. first caveat, active duty service member. so that obviously does a lot of things with trying to finish in normal range. that is one of the things i want to talk about. the ipb does not do a really solid tracking mechanism for any type of extended college duration period. so it really, kind of focuses my understanding, on four-year institutions that have traditional sign-up rates, traditional graduations rates and if you have like university of maryland, we typically go eight years. according to that statistics

that come out of the ipb, 26,000 students only i think 20 three graduate within that traditional time frame structure. so that makes it look like we have 3% graduation rate. that affects financial aid. affects the value of the degree. if you don't it used to be called the adult school you will not be able to capture. >> umc has educated more or is giving more courses to military personnel around the world in japan and germany and other places around the world. >> congressman j.c. watts from oklahoma and i'm delighted to be in the great state of south carolina. [applause] i must commend you on your weather. i have been all over the country over the last three or four months and this is the first

time that i've seen the sunshining and it's above 75 degrees. so thank you for turning the thermostat up for me. this place you and i call home and the rest of the world calls america, it is a pretty special place and i think when you look out and see that body of water and you see the military might standing or significant behind us, it reminds us of how grateful we should be living in these united states of america. the 2016 election is upon us. the next where we will elect our next president and i'm a supporter of rand paul. i believe -- [cheers and applause] i believe as the nation gets to know him over the next year and they get to hear of his ideas his new ways of doing things and

his, his heart to unleash the american dream for every american red yellow, brown black and white, i think they're going to like what they find. and obviously we are seeing already in several states that he only announced on tuesday and they started to attack him on wednesday. [laughter]. so that reminds me, and i remind you of what my dad used to say to me often. dogs don't bark at parked cars. [laughing] so i hope that you will stay energized, be energized to make sure that rand paul not only gets the republican nomination, but that rand paul becomes the next president of these great and wonderful united states of america. [cheers and applause]

with that i would like to lead to us our pledge to our flag. i will recognize after me pastor mace will come and give our invocation. i pledge allegiance to the flag of the united states of america and to the republic for which it stands, one nation, under god indivisible, with liberty and justice for all. pastor mace. [applause] >> let us all look to the lord. father, in the mighty name of. >> , we thank you for this beautiful day we thank you for this wonderful opportunity and

we ask lord that you would lead us and guide us in moving forward and help us to understand and realize we can't move forward while leaving you behind. we need you in every decision that we make. we pray, lord, that you would have your way in this great nation. we know the things that you have done, we know that america has not seen its greatest time. we have great days ahead. we have a great candidate. and we're looking forward to the mighty name of jesus to lead us in everything we do and all god's children said, amen. [applause] >> good afternoon. my name is tom davis.

i'm a state senator in buford county south carolina. i'm glad to be up here. [applause] like a lot of you i have been a champion of the cause of liberty for a long time now. i'm reminded by the old saying of gandhi. first they ignore you then they ridicule you then they fight you, and then they win. with rand paul today, we've got a guy fighting for us and we're going to win next november. [applause] i was particularly excited that j.c. watts was going to be here and speaking before me because i've known about j.c. for a long time, when he was playing football for the oklahoma sooners and followed his career in washington, d.c. and the things about j.c. that i think bears emphasize sir he always stood for the party being more inclusive. he always stood for the party reaching out to nontraditional constituencies. he also understood when it meant to be a citizen legislator. he went to washington for a few terms and stepped back down and

stepped back into the private sector. even though none other than than rosa parks asked him to stay on. j.c. i'm glad you're here for rand paul. [applause] another thing about j.c. in the aftermath of mitt romney's defeat in 2012 he nailed it on the head. he said we republicans had our warts exposed this that election. going forward, quoting again the republican party has priority to establish relationships deep relationships with nontraditional constituencies. he said if the republican party continuedm zp%é=]úrboa.myr.[pi q d÷[ypkz2 die. if in business and politics if you're not growing you're dying. ho does that sound like today? what elected official here today is making that argument? that's why i'm here and i'm proud to be standing and supporting rand paul. [applause] with at man, who wants to make the republican party stronger, viable and inclusive.

a man who set forth a clear rationale for a presidential bid for anyone else. a rationale based on idea that is as old as america itself. that government's job its primary job, is to secure the blessings of liberty. defeat the washington machine and release the american dream, that pretty much sums it up, doesn't it? defeat the washington machine and unleash the american dream. make no mistake there are similarities between the bring e british tyranny our founding fathers rejected in 1776 and the modern day leviathan that rand paul rejects today. it is our turn to stand with rand and stand up for individual liberty. [applause] and that's a perfect segue to the introduction of someone who has stood against the government machine and for unleashing the american dream for the past 20 years. someone who inspired me to offer myself for public service a close friend for the past 35 years, two-testimony governor,

my friend, congressman mark sanford. [applause] >> thank you, tom. it's a treat to be with you all. it's an honor to follow j.c. i looked up to him back when i was in congress. i still look up to him today. nothing has changed. a treat to be with you. a treat to be with tom davis as well. i think tom davis is the most consistent voice for constitutionally-limited government in the entire south carolina legislative body. for that i'm thankful. [applause] but most of all i'm honored to be here, with a certain senator. do y'all know his name? i want to hear it. i want to hear it. >> rand paul! >> one more time. >> rand paul! >> i need to hear it a little bit louder. >> rand paul! >> okay. that's what i thought it was. but as we all know, what stand out about rand paul is what the

founding fathers what tom alluded to a second ago, and that is this belief in our promise of life, liberty and the pursuit of happiness. around the way in which they, in essence wrote out a guidebook and it was called the constitution. and the constitution itself was predicated and built on this foundation of limited government. that all three were part and parcel. what stands out for me about rand paul is the way in which during his time in the united states senate, he has been a consistent advocate for everyone of those themes. i -- [applause] i think that tom summed it up a moment ago when he talked about you know beating the washington machine and restoring the american dream. you can't do those things without doing the very things that you all have stood for and that rand paul has stood for over the years. and so i'm here as part of the welcoming committee with everyone of you all to say

rand, thank you so much for making mount pleasant one of your stops on your announcement for president of the united states. thank you for doing that. [applause] and let me just talk for one second on each one of those themes. this guidebook i mentioned, this idea of constitutionally limited government is what the founding fathers promised but it is become something of a mirage in washington d.c. and what stands out again about rand paul is the way to which it has been an absolute fixture in everyone of his pushes and activities in washington. i would also say he has stayed true to the american pocketbook, to our wallets. you could call it financial reality. what i do know paul kennedy wrote a book a long time ago, talking about the rise and fall of great powers and what he said that economic supremacy was the precursor to military supremacy. not only could you keep the

constitution without it but could not express the kind of force like the yorktown without it. rand paul stood tall in everyone of the instances in our pocketbooks. finally i think he stayed true to the individual. with the tragic events of walter scott and all gone on since this weekend it is a vivid reminder of how important it is in essence to have somebody watching even those in authority. and so all of the different candidates, nobody has stood out as rand paul has on this notion of protecting civil liberty and remembering how important a building block civil liberty is to the overall notion of liberty. and it's, i guess for all those different reasons i'm dying to introduce rand paul but guess what? that is not my job. and, so let me instead introduce a but budding entrepreneur of a florence native, usc junior, miss anna chapman to do just

that, thank you. [applause] >> thank you, congressman sanford. it is certainly a bit surreal being here today and even more so for the role i've been asked to play. i'm honored to be here to today support senator rand paul as he starts his journey to the white house. rand paul is the only individual, the only leader out there who appeals to my generation. his message resonates with those in high school, college and those under 30. all of us agree taxes should be low, most people my age yet don't pay taxes. we can barely pay our college tuition bills. let me tell you something that every student and every person my age does have, and that's a cell phone. we do everything on our phones. and tablets. we talk, we text, we email we even shop on them. i think i speak on behalf of everyone in my generation when we say we agree with senator

paul. we agree with him when he says quote, what we do on our cell phones is none of the government's damn business. [cheers and applause] can you imagine a republican receiving a standing ovation at uc berkeley? well senator paul got multiple standing ovations and delivered the same message to a liberal university that he did at the political conservative action conference. his message resonates. his appeal reaches across party lines. he will make a great president. he is only 2016 candidate on snapchat. today i stand with rand and i hope every person my age will join me. it is my honor to introduce you the next president of the united states rand paul. [cheers and applause]

>> thank you. ♪ it is great to be in south carolina. [cheering] but you know what i like most about south carolina? is that you feel free enough and confident enough to cheer for the prayer. [cheering] that doesn't happen everywhere in the country but it happens in south carolina. still happens in kentucky. it still happens in a lot of this country. i think there's no greater responsibility for any legislator or leader, than to determine when we go to war. the consequences are potentially ominous. that responsibility should never be given to any individual who frivolously or cavalierly calls for war. or bring -- war brings with

great obligations. these obligations do not end when our brave young men and women come home. it is just the beginning. one thing i know is true, we owe a debt of gratitude to our men and women who have fought and continue to fight for our bill of rights. [cheers and applause] and we owe the next generation the next generation, of warriors like these students who are here from the citadel today. we owe them the wisdom to know when war is necessary and when war is not necessary. i promise you this. i will never forget our veterans. i will never forget our soldiers in the field. i vow to judge questions of war with a solemn and profound deliberation. i will never take the country to war without just cause and without constitutional approval of congress.

[applause] as commander-in-chief the world will know our objective is peace but the world will not mistake our desire for peace for passivity. the world should not make our reluctance for war for inaction. and if war should prove unavoidable. america will fight with overwhelming force and we will not relent until victory is ours. [applause] behind me is the uss yorktown. the ship on the original yorktown were silent as they watched the ship they knew as the fighting lady sink depths of pacific during the battle of

midway. the sea was a bobbing head wrote a reporter for "life" magazine. there was no conversation or hysteria. these men were brave and proud warriors. over 100 sailors died that day. is it any wonder that the people who have served in combat are usually more circumspect than those who have never fought? the men of the uss yorktown were on the front lines. they knew better than anyone in washington the sacrifice necessary to protect liberty. they didn't talk about strength and courage. they lived it. they did not seek war, but they were there. fiercely resolute when called to fight. i believe that the men and women protecting our liberty deserve leaders who are accountable to the american people. the crew of the uss yorktown understood that our freedom and prosperity must be defended

against those who would attack us. they learned the terrible lesson that war is not a game and should not be used for political advantage. too many lawmakers in washington haven't learned that lesson. in 1964 ronald reagan warned of the dangers, the dangers of ceding our freedom to a little intellectual elite in a far distant capitol who think they can plan our lives for us, better than we can plan our lives for ourselves. freedom nurtured our country, from a rebellious group of colonies into the world's greatest nation. when tyranny threatens the world, america led the way to rid the world of nazis. resolutely we stood decade after decade against communism, the engine of capitalism, finally winning out against the sputtering incompetent engine of socialism. we won the cold war. american freedom are so

intertwined people are literally dying to come to our country. the freedom we fostered in america has unleashed genius and advancement like never before in the history of man. in our great nation still needs new ideas and new answers to old problems. if america is to lead again. today we sit atop a powder keg, a troubling $18 trillion deficit. ouw debt threatens our national security. our debt now equals our entire economy. and special interests continue to hold the government hostage. together we'll take our country back from the special interests that use washington as their personal piggybank. the special interests -- [applause] these special interests seem to be more concerned with their own welfare than with the general welfare. the washington machine that

gobbles up our freedoms and invades every nook and cranny of our lives must be stopped. [cheers and applause] when i first rand for offers nobody thought i could win including my wife. nobody thought i could win. they said, why are you running? but i said the answer is the same now and then. i have a vision for america. i want to be part of a return to prosperity, a true economic boom that lifts all americans. a return to a government restrained by the constitution. a return to privacy opportunity, liberty. [applause] too often when republicans have won we squandered our victory by

becoming part of the machine. if the republican win then we become part of the washington machine. that is not who i am. that is not why i rand for office. the truth is, i love my life as a small town doctor. i've been fortunate enough to enjoy the american dream. i worry though that that opportunity and hope is slipping away from our sons and daughters. as i watch our once great economy collapse, under mounting spending and debt i think what kind of america will our grandchildren see? seems to me both parties and entire political have let us down. big government and debt doubled under republicans and now it is tripling under democrats. president obama's on course to add more debt than all of the previous presidents combined! [booing] we borrow a million dollars every minute.

[booing] this vast accumulation of debt threatens not just our economy but our security. we need to wake up now and do the right thing. we need to just quit spending money that we don't have. [applause] this message of liberty is for people of all walkings of life. the message of liberty opportunity, and justice. you shouldn't let the liberals take the word justice. we need to be the party of justice. we need to be for all americans whether you wear a suit a uniform, overalls, whether you're rich or poor white or black, we need to be the party of all americans. [applause] we need to go boldly forth under a banner of liberty that clutches the constitution in one hand and the bill of rights in the other.

[applause] we need to be boldly for what we are for. washington is horribly broken. i fear it can't be fixed from within. we need your help. we the people, must rise up and demand action. congress will never balance the budget. i've been there. i met these folks. they will never, ever, balance the budget. unless you force them to do it. [applause] congress has an abysmal record at balancing anything. our only recourse is to force them to balance the budget with a constitutional amendment. [applause]

i've been to washington and let me tell you there is no monopoly of knowledge in washington. i ran for office because i thought we had too many career politicians. i believe that now more than ever we limit the president to two terms. why don't we limit all of congress? [cheers and applause] and while we're at it, we need more common sense rules in washington, the place is crazy topsy-turvy, upside down. common sense is a rarity. that's why i've introduced something truly extraordinary, a read the bills act. [applause] the bills are thousands of pages long, often plopped down on our desk with a couple of hours to read. we actually have rules saying

they can't give them to us without 48 hours to read them. i got one bill last year, been on my desk for four hours, 1000 pages long. so i raised my hand and said we're not obeying our own rules. so you know what they did? they voted to override their own rules. there is this disrespect in washington for the rule of laws. the freedom we fostered in america though, is something extraordinary. it is unleashed genius and advancement like never before. our nation needs new ideas and advances. i have vision for america where everyone who wants to work will have a job. many americans are left behind. the reward of work seeps to to be beyond their grasp. under watch of both parties the poor seem to get poorer, the rich seem to get richer. trillion dollar government stimulus packages only widened

the income gap. politically-connected cronies get hundreds of millions of dollars, think sole sole. one of the -- solyndra. one of the richest guys in our country got a 500 million-dollar loan. what is up with that? i have a vision though, an ambitious vision. a vision that will offer opportunity to all americans. my plan includes economic freedom zones to allow impoverished areas like detroit columbia, eastern kentucky, allow them to prosper by leaving more money in their hands and sending less money to washington [cheers and applause] in my vision for america we'll bring back manufacturing jobs that pay well. how will we do this? dramaticsly lower tax on american profit overseas and encourage it to come home.

[applause] more than $2 trillion of american profit is overseas and we can bring it home and create jobs here at home. in my vision for america new highways and bridges will be built across the country not by raising your taxes but by lowering the taxes and encouraging this american profit to come home. [applause] liberal policies have failed our inner cities. our schools are not equal. and the poverty gap continues to widen. martin luther king spoke of two americas. he described them as two starkly different experiences that exist side by side. in one america people experience the opportunity of life, liberty and the pursuit of happiness. but in the other america people

experience the daily ugliness that dashes hope and leaves only the fatigue of despair. although i was born into the america that experiences and believes in opportunities, my trips to detroit to appalachia, chicago, have revealed what i considered to be an undercurrent of unease. it is time for a new way. a way predicated on justice opportunity, and freedom. [applause] i want all of our children to have the same opportunities that i had. we need to stop limiting kids in poor neighborhoods to failing public schools and offer school choice, not just for the privileged but for everyone. [cheers and applause] currently some $3 trillion comes

in in taxes. couldn't the country just survive on $3 trillion? i propose we do something extraordinary. why don't we only spend what comes in? [cheers and applause] in my vision for america, freedom and prosperity at home can only be achieved if we defend against enemies who are dead set on attacking america. without question we must defend ourselves and american interests from our enemies. until we name the enemy though, we can not win the war. the enemy is a bar ba russ aberration. the enemy is radical islam. [applause] knot own -- not only will i name the enemy, i will do everything in my power everything it takes

to defend america from these haters of mankind. [applause] we need a national defense robust enough to defend against all attacks modern enough to deter all enemies and nimble enough to defend our vital interests. but we also need a foreign policy that protects american interests and encourages stability, not chaos. [applause] at home, conservatives understand that the government is the problem, not the solution. conservatives though should not succumb to the notion that a government inept at home will somehow succeed in building nations abroad. [applause]

i envision an america with a national defense unparalleled undefeatable and unencumbered by overseas nation-building. [applause] i envision a national defense that promotes, as reagan put it, peace through strength. [applause] we must realize though that we can not project strength by borrowing money from china, to send it to pakistan. [applause] >> president paul! president paul! president paul! >> let's quit building bridges in foreign countries and use that money to build bridges at

home. [cheers and applause] it angers me to see mobs burning our flag and chanting death to america in countries that receive millions of dollars of our aid. i say -- [applause] i say, it must end. i say not one penny more to these haters of america! [cheers and applause] >> president paul! president paul! president paul! >> to defend our country, we do need to gather intelligence on the men i but when the intelligence is not punished for lying under oath to congress how are we to trust our government agencies?

warrantless searches, warrantless searches of america's phone records and computer records are un-american and a threat to our civil liberties. [applause] i say to your phone records are yours. i say that the phone records of law-abiding citizens are none much their damn business! [cheers and applause] the president created this vast dragnet by executive order. as president on day one, i will immediately end this unconstitutional surveillance. [applause] i believe we can have liberty and security. and i will not compromise your

liberty for a false sense of security, not now, not ever. [applause] we must defend ourselves but we must never give up on who we are as a people in the process. we must never diminish the bill of rights, as we fight this long war against evil. we must believe in our founding documents. we must protect economic and personal liberty. america has much greatness left in her. we're still exceptional. we're still a beacon for the world. we will thrive when we believe in ourselves again. i see an america strong enough to deter foreign aggression but wise enough to avoid unnecessary intervention. [applause] i see an america where criminal

justice is applied equally. i see an america -- [applause] i see an america with a restrained irs that can not target or harass american citizens for their political or their religious beliefs. [applause] i see our big cities once again shining and beckoning with creativity and ingenuity. with american companies offering american jobs. i have a vision for an america beyond partisan squabbling, beyond petty divisions. with your help this message will ring from coast to coast. a message of liberty justice personal responsibility. today begins the journey to take america back, to rescue a great country now adrift.

join me, as together we seek a new vision for america. i'm in south carolina today to announce with god's help, with the help of liberty lovers everywhere, that i am putting myself forward as a candidate for the presidency of the united states. [cheers and applause] ♪

♪ ♪

[no audio] [no audio]

>> senator rand paul announced his campaign on tuesday. he is on a four-state bus swing in new hampshire here in south carolina and ohio and nevada. news that senator marco rubio will be announcing his run for the republican nomination next monday in miami. c-span will have live coverage at 5:30 p.m. eastern. he will be the third leading republican to officially enter that presidential race. news from the democratic side, former rhode island governor lincoln chaffey and senator, says he formed a exploratory committee to examine a presidential campaign. saying in video that voters want to assess the character and experience of those offering ideas. program update, join american history tv this afternoon for live coverage of ceremonies

marking the 150th anniversary of the surrender at appomattox effectively ending the civil war. c-span will be live at appomattox historical park in virginia. today and historical reenactments and your call. former abc news reporter and white house correspondent ann compton talks about covering presidents gerald ford to barack obama. that begins at 7:00 eastern. then at 8:00, booktv in prime time, tonight with authors who have written about education starting with who wrote more than a score. at 9:00 eastern mary willingham, and kay smith. cheated. athletes in big time sports. at 10, anya kaminez. why our schools are obsessed with standardized testing but you don't have to be. coming up tonight on booktv.

each night this week at 9:00 p.m. eastern conversations with a few new members of c,ngress. >> and as a result i try to stay disciplined in my message in a football sense i try to stay between the hash marks. i understand, i represent everyone in montana and that is one congressman. i represent not only the republican side. but i represent the democrat side. independent side, the tea party side. i represent everyone in montana. i think if we take that value set forward, congress represents america. truly articulate the values and needs and desires of your district. but the purposes to make america better. >> five newest members of congress talk about their careers and personal lives and share insight about how things work on capitol hill. join us for all of their conversations each night at 9:00 eastern on c-span.

>> now a discussion about our aging society, working and living longer, lack of retirement savings and impact on people's retirement years. panelists include authors, analysts professors and the chief retirement strategist at the world's biggest money manager. from the new america foundation in new york city this is just over an hour. >> can you hear me on this mic? great. this is a big talk. there are some aspects to it. that is why i said we're in a bit of a new age here. 10,000 baby boomers reaching the age of 65 every day i believe. and it's been called the end of retirement. a phrase teresa used. i will ask her to start, talking about the topic by talking about what you think about that?

why do you think this is the age of the end of retirement? >> talking about retirement that is voluntary. that promises a secure income for the rest of your life. that is pretty much gone for most people. let's take off the top 10%. that's fine. they're a little bit worried about living too long but they're okay. the real problem is the bottom 90%. there isn't a problem of long-term care insurance or of finding work if you've lost your job. liza said a lot of people are retired earlier than they thought they would be. journalists but you're not alone. most people who are retired say i left work earlier than i wanted to. so most of the so-called retirement is just withdrawal from the labor market with no fault of their own. with no choice. either because of health spousal health or because they're laid off. then they reenter the labor market at very different jobs

than they had before. so we don't, we have an issue now where policymakers, i'm on a bipartisan policy commission for retirement security, are talking about raising the retirement age. there is not an economist who doesn't think that is not a good idea for social security. however, the narrative is that people can just continue working for a year or two or more. two things wrong with that. is that, many most people don't have the choice to just work in their career job. they do have a choice to go back to work. they enter the labor market teenagers are in. retail food service other low wage jobs, if they reenter the work world after the age of 65. the other problem with that, carol is, that we're finding in our center, a growing differential in mortality by race and income level. and by, and by sex in some cases. we're finding that working women, i think every working

woman i talk to understands this. actually have about the same amount of mortality as working men. so the idea that women live a lot longer because of genetics is probably not true. there is something about the work life that actually brings down the longevity. so we're seeing that if we end pensions and make people work longer some people will be able to have some kind of a retirement for the rest of their life, the long livers, those with wealth. and other people will have to work until they drop dead. that is what i'm concerned about. >> that is the dark side. and i want to ask chip and marscy and if you want to join in here too. people say boomers are very resilient group. they have changed every age and what is you're thinking on that? >> that is true. i think boomers have been an

exceptional generation. and somebody who followed them throughout my life i'm hoping they solve this problem so that when my generation gets there it will all be good. but you know, every stage in life through which they have passed they completely remade the idea what it meant to go through that life. i agree with a lot of what teresa said. it doesn't really just apply to people on the edge of retirement. i think it applies to millenials as well that are finding the jock market to be more difficult than they thought it was. i think if we look what is happening in society right now i think there are really two important trends that are so pervasive they're almost tidal in nature around the first is that we have this very screwed demographic that is becoming more skewed in terms of, we've got people living longer. so we'll have a older segment of our population and birthrates are falling as well. so that is one trend.

the other trend is, the rapidly increasing ability of technology. technology itself is competing for jobs on more frequent basis. those two things are putting incredible pressures on all of our institutions the way we think, the way we behave as individuals, the commercial institutions that we have because i work for an asset manager. we're really thinking about how can we serve our clients in this changing environment? but also the institutions that we have as teresa alluded to around what should a retirement look like? is retirement an outmoded notion. it was nice, whoever got to enjoy it was great but let's kind of face reality of today's situation. those are, those are the things that i think will be where the if there is going to be a crisis it is going to be, i hesitate to use the word crisis because i

think it bring as little too much drama to it but all of those institutions are going to need to change. now coming back to your appointment of your question, where should we try to look for optimism here, the boomers are great at remaking institutions. kind of what they have done historically. i'm hopeful, pulling for them and hope to play a part in making sure we remake them in positive ways. >> i was in an organization, on core.org and we partnered with blackrock actually. i also don't deny anything that teresa has just portrayed but there is another narrative going on, which is, i think nicholas kristof said this best, when you asked if the boomers might be able to solve this he said, the boomers might have a the potential to be remembered for what they did in their 60s not just what they did in the

'60s. he was referring to a program we started called, the purpose prize, that gives $100,000 prize to do so social innovators over the age of 60. we're approaching 10th year of that program. we honored hundreds of individuals who are using later part of their working lives to solve big social problems. some of them the financial kinds of problems we're talking about right here. but we also -- >> you want to share with us? >> i do have many examples. i have several from new york city since we're sitting here in new york. sometimes they're everyday people. and sometimes they're people who had esteemed careers. this year we have a former tech executive, david campbell, who was motivated by the tsunami in southeast asia to go over and create a vast relief organization that allows people to be engaged in the disaster relief as temporary transients and volunteers. he put all of his life experience into that project.

he calls himself a member of the good for nothing club. he says we do good for nothing. we, last year we honored a woman from new york, barbara young who was a domestic worker immigrant in new york city who worked as a nanny and caregiver. in her on core career she became ad very cat. work at domestic workers alliance. got first paying job with benefits in her '60s. works as an ad voteca. -- advocate. honors some with paid jobs. some who founded organizations. there is a big spectrum what that looks like. >> there is push-pull between the need to work and the desire to work and i wonder, nina, if you want to comment on that, what you're seeing? >> need to work versus desire to work? >> yeah. >> i guess, i -- you asked me a question. what i [inaudible] i wanted to comment on

reflecting the things my fellow panelists say. i think maybe for me the issue is, one of the issues is if it was for some people, they're going to be able to have, sort of option of maybe doing something meaningful that has been started or that they have been drawn into by somebody who got, sort after entrepreneur. -- started this organization. i also like that there are other people for whom it would be hard. it would be hard to do that. so maybe i will give a personal story. that might help, i feel i'm babbling an incoherent. maybe a personal story will help. i think of my mother had to take care of my grandmother. my grandmother got sick and my mother had to take care of her for the rest of her life. my mother was a older worker. in early 60s. nobody would hire her. she is one of people had to take early retirement and claim social security benefits early. i feel like for her she found

meaningful activities which she can be engaged through her church. the reality is, so that is fine, with social security it is fine, as long as everything goes well. reality is, when the car breaks down then the kids have -- she is not able to buy a new car to make major repairs. anything that something require as huge chunk of savings she is not so well off. doing okay because she has kids who are employed who can help her out. certainly not a entire picture of -- she is boomer. she thought when i hit retirement i'm going to be, not on the beach not a beach person. she will be doing stuff. financially independent and not have to be calling us when there is some kind of a emergency. i'm worried about the people who are sort of in that kind of space where they might have enough to get by but they don't have a good chunk of savings when a crisis occurs that they can support themselves or handle that on their own. >> that is really important.

>> those are the kind of people i think about. >> there is a savings crisis, particularly among the boomers who were the first generation who were suddenly told midstream, it is up to you to put this together. pensions are over. savings rates is not that great for that group, at the same time people are living longer. and that's some of you want to talk about that? >> chip and i probably have the numbers on hand so i will start. okay? >> sure. >> i we look at what people have now at different age groups. this is my team at the new school. we project out what their income is going to look like. about six other groups at universities and centers do it too. so our numbers conform with knows of theirs. people with 50 and over on average have a little over $100,000, but there is huge variation. most people have nothing in their retirement accounts, an

ira, or a 401(k). but we're just looking at near retirees. look at what they're going to have. and most middle class people, this is stunning, are going to be downwardly mobile or poor or near poor. that is about $17 per day. only way i can get my students and my journalists and myself to understand what that really means. this is the first time that a generation, since our since social security was start that they're going to do worse than their parents and grandparents in terms of income security. at the same time, many of them not all that's the whole idea, but many of them will live a lot longer. 15% have a chance making it past 90. so bad things happen when you get old. you're at risk of bad things happening when you get old. and, so we are looking at what that might mean for state and local budgets because they're the first entities online to

profood and housing. what this might mean for aggregate demand in the community when the incomes of the biggest growing group falls. so, it is, and what it might mean for the quality of communities. . .