estimate, but every three months all of the participants in the fomc turn at and indicate what they think normal, long-term levels of unemployment is. in our most recent survey in september, the range of opinion was 5%-6%. >> what you believe the real unemployment rate is today? >> the measured unemployment rate is 7.3%. >> the measured unemployment rate is 7.3%. as discussed previously, we have very high incidence of involuntary part-time employment. we have all too many people who appear to have dropped out of the labor force. >> would you agree that it is close to or probably over 10%? >> by broader measures, if that high. >> would you also agree that right now in america we have the greatest income disparity that we have had since the great depression?

>> we have had widening wage inequality and income inequality going back to the mid to late 80's and it continues. >> i just want to take a minute to speak for those who are on the lower rent due the cap the fed policy, look at the stock market, and do not have a stake as they see it, as you just explain. the day to day, they do not see their economic condition getting any better. certainly, they don't see their unemployment opportunities getting any better especially those for low job skills. what have you done to address unemployment disparity, income disparity in this country?

what would you suggest the fed pursue to avoid long-term income disparity? >> i think you are asking about something that is a very deep problem that has affect other advanced economies. they have spent a lot of times to understand what's responsible for widening inequality. many of the underlying factors are outside of the federal reserve's ability to address. >> do you believe your policies have added to the problem? >> i believe the policies we've undertaken have been meant to generate a robust recovery. i would like to see the u.s. economy and the job market appear that it helped. as we saw when we still had trends toward widening inequality, we did have real wage gains when we had an ever stronger job market. foster

growth in the united states will help a faster job market. when the economy recovers, we are going to see firms be more willing to undertake trading where they cannot find workers. they are going to be willing to invest in people and to make capital investments who will make workers better on the job and we will see better wage gains. >> i would suggest that those at the bottom are not feeling the effects of these policies. the trickle-down hasn't happened for them. they struggle every day. they may not see their wealth grow because they don't hold a lot of assets. anything that you can do taking a look at this broader issue because this is an issue that will affect the economy for years to come and affect our competitiveness in years to come. we are getting resources for those who did consume. we look forward to a long relationship with you.

>> thank you, senator. >> senator manchin. >> you've done a great job today. i enjoyed our visit. i look at you and think there's a person involved in last time we had a balanced budget. the last time that we would have been on track to be debt-free. if you go back to those days, there were naysayers then who said we could not do it. but you did it. and then we went off the tracks. what i'm asking is how we get

back on the tracks. you and i have a little difference of opinion on this. i have a concern but you have a broader view of what has worked and not worked around the world. we spoke about japan and why you believe that what we are doing needs to be done. if $85 billion a month in quantitative easing has not really given us the results that we desire, why wouldn't you recommend doing $200 billion a month? why not $85 billion? i have concerns continuing it because as another senator said, you have done everything possible to prop up this economy

and we have failed is oblivious congress to do our job. to me, to get even a budget, we don't have a budget. people would think we are crazy. it would be too harmful to have a balanced budget. those of us who come from the executive branch, that's all we understand. we had to by law. and then to even think we could be debt-free in the next generation are beyond. you think those are impossible, unreachable goals? >> it's an exceptionally important goal. >> can meet balance the budget again?

>> it requires very tough decisions. >> you made very tough decisions in the 1990's. >> congress and the administration made very tough decisions and they did it in a way that would set a model for this congress. president clinton was elected and the economy had high unemployment. it was just beginning to recover. the administration and congress

wanted to achieve deficit reduction but to do so in a way that would not harm the economic recovery so they agreed on a set of tax increases and spending cuts, not all of which came into effect immediately. at that time, there had been a lot of uncertainty among

businesses about whether or not the government would ever balance its budget. and now the fed had scope to use monetary policy to offset any adverse impact on the economy but we really did not feel a lot of that adverse impact because the economy enjoyed a long and robust boom. >> you having that experience, you lived through it, worked through it, and we have the utmost respect for the reserve, your self, and you see that we have the utmost respect for you. we just need you to speak out and help us a little bit more, challenge us to do our job. if people like yourself are in

the know, we do not have the political will to do it needs to be done. every citizen in america has to face a budget. every one of them has to live within that budget and we are unwilling to make that difficult decision. we will go into sugar shock ready soon. unless we hear the unbridled truth from people in the know, people who have been there, it's not like it's the impossible dream. we have not had a budget for five, going on six years. i would like to get back to that again. i would like to think that people like you could help steer us back in that direction. be bold. >> senator schumer. >> thank you, mr. chairmain, and thank you everyone. i want to follow-up on a question that heidi hyde cap brought up. i agree with senator manchin, it's not upgraded problem. our greatest problem is that middle-class incomes are declining. the amazing thing is that they decline not just because of the recession but they actually declined between 2001-2007. the person who alerted me to this was a professor at harvard law school was elizabeth warren who wrote articles about this

one before being a senator was a gleam in her eye but it's one of our most serious problems. if middle-class incomes continue to decline and decline close to 10% between 2001 and today how much it's going to be a different america. what's all of this populism about? the american people are a generous people. they don't mind if the people at the top income goes up one percent of theirs goes up 3%-4%. my question to you is how concerned are you about this he? what impact will this have on growth and economic attention he? is the fed have tools to do this? i understand this relates to some of our republican colleagues's skittishness about maintaining growth but given the seriousness with i regard this problem that the fed really has a dual mandate which i know you observe which is not simply keeping inflation down and not simply monitoring the budget

deficit and its effects on our economy but trying to get jobs and middle-class incomes back again. no one gives it the attention that it needs. >> senator, i would echo my agreement with you that this is a very serious problem. it's not a new problem. it's a problem that really goes

back to the 1980's in which we've seen a huge rise in income inequality. as you said, for many years, the middle and those below the middle actually losing absolutely a disproportionate share of the gains. we have not had very strong productivity growth but a disproportionate share of those gains have gone to the top 10% and even the top 1%. these are very worrisome problems. there has been a lot of debate about exactly what the causes of this problem are, perhaps having to do with the nature of

technical logical change with globalization, institutional changes in the united states including the decline of unions. there are many things that are involved with this problem. what can the fed to? we can change all of those things including education, early childhood education, job training. what we can do is try to achieve a robust recovery so that we have a stronger job market and in a stronger job market, people who are having a lot of trouble getting jobs will be drawn into jobs. they will get better jobs. there will be more training. people will move up the job ladder. opportunities will increase. it's not going to put an end to the problems or the long-term structural problems driving this but it will be helpful and i think it is the contribution the federal reserve can try to make. >> on my colleagues have criticized you for keeping rates "artificially low," but is in the zero lower bound on the short term interest rate and summarize also artificially? but say rates were 5% today but we

have high unemployment and low inflation, wouldn't you lower interest rates? if you did not do quantitative easing, would interest rates be artificially high so to speak? >> i think that's fair. if you judge what is high or low by the needs of the economy, people sometimes talk about the equilibrium real rape. what is natural given the levels of saving and investment in the economy when this a lot of saving and not very much investment which is where we are now in a weak economy. the natural forces of the economy are fishing interest rates down and it is these forces that we are trying to go with. if we were going to try to push rates up when the economy has that much saving and such weak investment, we would truly harm the recovery. having pushed rates to zero, we would ideally have negative short-term interest rates. of course we cannot achieve that. that's when we are trying to push down longer-term interest

rates. >> i think you'll make a great chair and your brooklyn wisdom shines through. >> i never forget my roots. thank you. [laughter] >> thank you for your excellent testimony. i asked the members of this testimony submit any written questions for the record for dr. yellen by close of business tomorrow. dr. yellen, please respond promptly so that the committee may proceed to a markup as soon as possible. this hearing is adjourned. [captions copyright national cable satellite corp. 2013] [captioning performed by national captioning institute]

>> c-span's wrote to the white house coverage continues today with two events. martin o'malley is the keynote speaker at the new hampshire democrat party's dinner in manchester. following that live event, we will show you remarks from earlier in the day, from a 2012 residential candidate, pauline. speaking at a birthday party for a fundraiser for the iowa governor's dad. all that plus your calls beginning live at 7:00 a.m. eastern here on c-span. >> an update on negotiations on a ron's -- iran posses nuclear program. -- iran's nuclear program.

>> president obama discusses american energy and increase oil production in the united states. the wisconsin senator ron johnson delivered the republican address and talked about the health care law and efforts by the president and congress to extend some current health their plans. they are about 10 minutes. >> hi everybody. on thursday, i visited a steel plant in cleveland, ohio, to talk about what we are doing to rebuild our economy on a new foundation for stronger and more growth.economic after years of talk about reducing our dependence on foreign oil, we are actually poised to control our own energy

future. shortly after i took office, we invested in new american technologies to reverse our andndence on foreign oil double our dependence on solar power. today, we produce more energy than ever with tens of thousands of good american jobs to show for it. we produce more natural gas than anyone and nearly everyone posses energy bill is lower because of it there it just this week, we learned for the first time in nearly two decades that the united states now produces more oil here at home that may buy from other countries. that is a big deal. it is a tremendous step toward american energy independence. but this is important. we have reached this milestone in part the not ask not only morese we are producing energy but because we're wasting less energy. --

>> hi, everybody. on thursday, i visited a steel plant in cleveland ohio to talk about what we're doing to rebuild our economy on a new foundation for stronger, more durable economic growth. one area where we have made great progress is american energy. aboutyears of talk reducing our dependence on foreign oil, we are actually poised to control our energy future. shortly after i took office, we invested in new american technologies to reverse our dependence on foreign oil and double our wind and solar power. today, we generate more noble energy than ever with tens of -- tens of thousands of good american jobs to show for it. we produce more natural gas than anyone and nearly everyone posses energy bill is lower

because of that. just this week, we learned for the first time in nearly two decades, the united states of america now produces more of our own oil here at home then we buy from other countries. that is a big deal. that is a chairman to step .oward american independence we reached this milestone in part not only because we are producing more energy, but because we are wasting less energy. new fuel standards for our cars and structs that they will go twice as far on a gallon of gas in the middle of the next decade. that will save the average driver over a thousand dollars at the pump over the life of a new car. we also launched initiatives to upgrading to work homes and factories to waste less energy. that will save our businesses money on their energy bills and that is money they can use to hire more workers. energy ande clean less wasted energy, our

emissions of dangerous carbon pollution are actually following. that is good news for anyone who cares about the world we leave to our kids. while our carbon emissions have been dropping, our economy has been growing. our businesses have created 7.8 billion new jobs in the past months. it proves the old argument we cannot strengthen the economy and be good stewards of our -- of our planet at the same time is a false choice. we can and have to do both. jobs, cheaper and cleaner sources of energy, a secure energy future. thanks to the grit and resilience of american businesses and the american people, that is where we're heading. as long as i am president, that is where we will keep adding to leave our children a stronger economy. thanks and have a great weekend. >> hi. i am senator ron johnson. says he wants to fundamentally transform america. so far, his attempt to transform

a health care system has not been pretty. with obamacare, he did far more than just fumble the ball. contrary to his repeated promise that if you like your health care plan, you can keep it, millions of americans are not only losing their insurance coverage, they are lowering access to doctors and treatments that of cap them alive. calledent obama's so- apology was as phony as his fraudulent marketing of obamacare. he seemed to be saying he was sorry americans actually believe him but took no responsibility for their plight. it was like telling someone you are sorry their dog died but refusing to knowledge you ran over the dog. sorry, mr. president. he did not work. millions of americans are coming to realize those are your tire tracks on their canceled policies. it is also obvious you did not inadvertently misspeak when he promised americans they could keep their doctors and health plans and do it all at a lower cost. the assurances were not slight exaggerations or innocent shadings of the truth.

they were statements fully vetted, coldly calculated, and carefully crafted to deceptively sell your health care plan to a trusting public. it was a political fraud relentlessly by house and senate democrats who should be held accountable for the disastrous consequences of the grand deception. consumer fraud this massive in the private sector could and should bear serious legal ramifications. for president obama, however, it helped secure enough votes to pass obamacare and win reelection. now, america must face the truth and congress must work to limit the damage obamacare will inflict on a health care system in people's lives. the systemic failure of the healthcare.gov website and canceled policies are only the tip of this destructive iceberg. if you think only those buying individual policies will lose their coverage, think again. obamacare creates huge

incentives for businesses to stop providing health care as a benefit. as a result, millions more will their tax-exempt employer- sponsored health plan and be forced to try buying insurance without tax dollars on the exchanges. hopefully, americans who were deceived will question the credibility of those who made so many false promises. does anyone actually believe obamacare has been -- that working americans will not be forced to pick up the tab? that the quality of care will not suffer? rationing will not occur? were that much needed medical innovation will not be diminished? does anyone really believe their personal information at the hands of federal bureaucrats will remain private and not be abused? or that obamacare will actually reduce said and that deficits? asking every american to believe what their eyes and ears are telling them. the federal government is dysfunctional.

it is broken, ineffective, and inefficient. do you really want washington taking over the greatest share of our health-care system? getting more involved in your health care decisions? americans are finding out that is a prescription for disaster. will not fix an imperfect health-care system. it will cause more damage for far more people than any problems it will ever solve. now is the time to start reversing the damage before it is too late. would beace to start supporting the bill i introduced in the senate called, if you like your health plan, you can keep it. or a similar measure just passed in the house. unfortunately, the implementation of obamacare has progressed to a point of millions of canceled plans reinstated. the freedom of millions of americans to keep doctors, treatments, and health plans that they do value can still be preserved if congress acts

swiftly and decisively. i also plan to introduce a new tol which will attempt protect liberty and the rights of individuals to make their own health care decisions. we need long-term solutions to the obamacare debacle, not short-term political fixes like those recently proposed by the president, the senate democrats, that simply will not work. throughout the health-care debate, republicans have proposed dozens of solutions designed to help control costs and improve colony -- quality without surrendering control of your health care decisions to bureau captain washington. now is time to act those commonsense ideas. none of this will occur unless the american people hold those who supported obamacare accountable and do so with a very loud voice. democrat senators must help republicans passed legislation to limit the damage of obamacare. --not, those who choose who

to ignore the plight of millions of americans should be replaced next november i those who will act. thank you. time aseline kennedy's first lady was described as never before. international fame and the tragedy of a grieving widow all within three years. watch our program tonight at 10:00 p.m. eastern and sunday at noon on c-span. monday, our series continues. >> mrs. johnson loved to show off the texas country and her home. the guest to the ranch would also often gather here in the den and various heads of state came to visit. we speak to her connection to the room here. one of the things she wanted to highlight is that native american heritage here in the hill country, and we have a small collection of arrowheads over here. she had an eye for copper and collected various items through the years and had gifts from

various friends. mrs. johnson gave the tour of the house in 1968 where she featured the china you see here purchased in mexico, very colorful. she spent a lot of time here at the ranch and it was very important because it provided such a respite from all of the turmoil at washington, particularly later in the presidency. did -- the johnsons could come home and recharge the batteries and make it back to the place they valued so much. >> first lady, lady bird johnson, live at 9:00 eastern on c-span. span, created by america's cable countries -- companies in 1979, brought to you as a public service by your television provider. sawnow who you are and i what you did" is the name of the book. the author is a professor of law at the college of law