american life. an outsider who knows first hand, as i do, the promise of the new economy, who sees how government isragging down all americans and is determined to change it. i am running because i believe the american people share the same desire for an end of politics as usual. i believe that they share the same vision of an unshackled future-- a future that embraces all the wonderful opportunities in the new economy. i think a lot of people would agree, there is an empty feeling to this campaign so far. one reason is that none of the other candidates is raising high the banner of economic expansion and opportunity -- like john f. kennedy did with his promise to "get this country moving again," and like ronald reagan did when he cut taxes and regulation and ushered in the longest peacetime expansion in american history. but there are other reasons for the empty feeling. the fact is, the other candidates, on both sides, are insiders. and we all know that if the insiders had the answers, they would have implemented them by now. i believe any of the republican candidates would be an improvement over

what was the great depression costing the american economy? in part by the auto industry the economy grew rapidly in the 1920s generating more jobs more income, and more free time. as long as the factories were humming there was little concern about how well the nation was doing economically. but when the bottom dropped out in 1929, congress wanted to find out how bad things actually were. as lawmakers passed new deal programs to end the depression, senator robert lafollette wanted to measure the nation's economy. the greatest economic crisis in our history is a grave national emergency, which makes it imperative that we fight the depression on all fronts. congress must formulate a sound program to this end. lafollette's senate resolution directed the commerce department to estimate national income for the three previous years. dr. carol carson has studied the developments of national income accounts during the depression. you could look down your block and see that people were unemployed, but they didn't know what was happening nationwide. the

where do you turn to transform both the american military, but also to get the u.s. economy after a decade of depression geared up for this kind of production record? well, the place that you turn is american business. and that's what roosevelt did. roosevelt hated business, he despised businessmen, he had campaigned two presidential elections against business blaming them for the depression, blaming them for the prolonging of the depression. he saw them as their, as his bitterest enemies, yet he had no choice. there was no one else to turn to. he's given the army, the war department's national mobilization plan to get the economy geared up for war across the country that comes to 18 typed pages. double-spaced. he's got nowhere else to turn. and so at the advice of his wall street fundraiser, bernard baruch, he calls this man: bill knudsen. bill knudsen, danish immigrant who had come over to america started work in a bronx shipyard with a riveting gang there worked his way up, got a job with a company that was making spare parts for ford, works his way up from the shop floor

the years after the civil war saw a continuing expansion of the american economy.hough this prosperity was interrupted by periodic slumps few people seemed to worry. didn't the economy always bounce back? on the eve of world war i, economists had no theory to explain recurring downturns. why not? we asked some economic historians. the bubbles, the panics, the convulsions, revulsions, crises, gluts, they were noticed back in the 1810s, but the idea of a cycle-- good times and then bad times-- took a long time until it reached the level of the professionalists. they were just beginning to be professional economists. it took a longer time until people began thinking there was a mechanism that turned one into the other. i think the economy was just more resilient in the 19th century. a lot of thought didn't go to explaining a problem when they didn't see a problem. wages would adjust much more quickly in the 19th century than in the 20th century. interest rates would adjust, so no sense creating a tool for a problem that to them wasn't there. economists believe that in

france says if a french company sells things in the united states and they earn a dollar, the american economy taxes it, the american government taxes it the local government taxes it, the city taxes it, the state taxes it, the federal government taxes some of those earnings. when they bring that money back to france, they don't tax it again. they want that money to come back to france to be invested. our idiot government has the different policy than most of the rest of the world, civilized or not. most of the rest of the world. and that is it you earn a dollar, your company, microsoft earns a dollar in japan, the japanese tax it. if you want to leave it there, ok and build a factory ok. if you want to bring it back to the united states, obama wants to tax it up to about 43%. you know, up to the highest you could possibly tax it in the states. so there's $2 trillion that american companies have earned overseas that could be brought back to the united states tomorrow to create jobs and factories and infrastructure and all that good stuff, ok? but obama's position is it you bring it back, he wa

american life. now the outsider knows the promise of the new economy, who sees how government is dragging down all americans, and is determined to change it. i believe the american people share the same desire for an end to politics as usual. i believe they share the same vision of an unshackled future, a vision that embraces all the wonderful it -- wonderful opportunities in the new economy. a lot of people would agree if there is an empty feeling to this campaign so far. one of the reasons is the banner of economic expansion and opportunity. like john f. kennedy did, he promised to get this country moving again. and like ronald reagan did when he cut taxes and regulation and ushered in the longest peacetime expansion in american history. there are other reasons for the empty feeling. the other candidates on both sides are in deciders. if the insiders had the answers they would have implemented them by now. i would tell you that any of the republican candidates would be a vast improvement over the incumbent. i believe in their vision of what we can do is narrow and constricted. they haven't been at the cen

but i think having fiscal policy is important as well. >> if we look today at the american economy andome of the challenges and you and i have spoken privately about this, the millennial's and saving patterns and consumptive patterns, the shared economy, what concerns you about that now eight i'll eight years of change behavior consumption do you see those changing long-term consumptive patterns that may present some interesting patterns for the american economy? >> we are just beginning to understand how the millennial's amazing. they are certainly waiting longer to buy houses, to get married. they have a lot of student debt and seemed quite worried about how to the housing. they have had a tough time in the job market and exactly as the economy strengthens i expect more of them to form households of their own in my home we have yet to see how this is going to affect the generation. >> within may have experienced a change and consumptive patterns that we will present some unique challenges the whether sharing automobiles, in fact not buying homes doing the things that they have now do

oh look the american economy slowing down.ity it's doing foo in. >> some of the only wage gains that we have seen for much of the middle class. that's my point. we'll bring sarah eisen in as well. here's something else that's interesting. look around. i've talked to folks about oil. they said, you know what the panama canal might help us. they're expanding the panama canal, which everyone in houston now thinks will drive more ship traffic and bigger ship traffic and maybe ship building action here. >> who would have thought that the panama canal would have come up? today's show? fwloo isn't it spread unevenly? around some of the big cities like austin and class and san antonio, about big technology hot spots? they are not as dependent, correct? >> on the surface, you're right. let me try and get into all of that. >> we talked about intra from a structure and the ports in houston particularly the ship channel there. that's huge. that's going to be -- that's going to serve texas well almost regardless and perhaps because of lowe

automatic stabilizers left an additional $10 billion in american consumers' pockets dollars that would go to the treasury as taxes in a healthy economy0 billion helped to fuel american prosperity. by the summer of 1954, the first republican recession since the crash of '29 had come and gone, leaving a prosperous economy to continue growing. in the economic history of 20th-century america, the recession of 1954 is just a wrinkle in the upward climb of postwar prosperity. it is significant because by the 1950s most economists agreed that the government should use fiscal policy to minimize recessions. to eisenhower, that meant taking advantage of the automatic economic stabilizers. we asked richard gill how those stabilizers work. in 1954, when real gnp began to fall, federal tax revenues also began to fall simply because there was less taxable income. this meant more money for consumers. private spending did not have to fall as much as one might have expected. in terms of our diagram, this private spending curve, instead of going down, was flatter like this. instead of spiraling into a great depression, private spending was maintained

this is good news for the american economy today.the tpp put this at risk and who would feel the pinch first? >> here's this great news and then in the face of that there's a push for a trade agreement that we know would make it easier for big corporations to offshore our jobs and throw americans in competition with workers in vietnam who would push down our wages in competition with their 50 cents an hour wages. it is not that we're speculating. because as you said we have this empirical data from the government that shows since the korean agreement, just three years -- actually if you look at the data from goods, the increase from before the agreement until after in the trade deficit is 81%. it equates to 74,000 more lost jobs and that is a predictor, but worse. korea's wages are closer to ours. what would happen for working families is good jobs will be sent offshore and wages will go down. in the face of these improvements, that's especially gruesome. >> scott, where does the currency manipulation become involved here? where's th

one, our real goal must be to have a federal reserve that works for all americans to have a strong the economy that begun fits low and middle class -- low wage workers and the middle class, as much as the wealthiest and to have a stable and diverse financial system that provides opportunities for all americans. not one that threatens their savings. that's why your dual mandate to promote price stability and employment, and so i appreciate perhaps more than -- that you perhaps more than any of your predecessors or at least as much understands the dual mandate, including employment, how important that is. it remains important today. thank you. >> madam chair, welcome to the committee. we look forward to your testimony, and question and answer period. your written testimony will be made part of the record in its entirety. you proceed briefly to outline what you want to tell us. >> chairman shelby ranking member brown, and members of the committee, i'm pleased to present the federal reserve's semiannual monetary policy report to the congress. in my remarks today i will discuss the current economic

americanism. today it is a different country. its economy is closely linked to its neighbor to the north, its politicians regard america as their natural partner and the culture has become americanized in so many respects. the upsides of success are significant. if the united states can partner with india along with indonesia and japan, it is far more likely that asia and the world will be characterized by free trade, multi-lateralism and rules-based international systems. a deeper set of ties between the u.s. mexico and canada could create a north american economy and political union of sorts that will be more interconnected vibrant and powerful than any regional bloc in the world. but all of this takes time and effort. pushing these countries to reform is hard work. showing up remains vital especially in asia. the constant drum beat to deal with the crisis du jour fails to recognize opportunity costs. every day spent on one more band of thugs in the middle east is a day that cannot be spent on india or mexico. asia latin america, and afric

most productive parts of the american economy.t will go away costs will go up. you won't see it for months or years to come. stuart: you made your mark with that one. >> would you say about house of cards? "imus in the morning" when you have never seen it. >> i am not a big kevin spacey fan. stuart: thank you very much. a new bombshell report links iran to al qaeda 3 documents recovered from the raid that killed usama bin laden. we had this information for some time and we are still negotiating with iran about new? how about that? the fcc joining hands in victory after the changing of the internet as we know it. the commission that voted against the changes will be with us. you wasn't holding hands with anyone. our two two minutes away. [ male announcer ] whether it takes 200,000 parts ♪ ♪ 800,000 hours of supercomputing time 3 million lines of code, 40,000 sets of eyes, or a million sleepless nights. whether it's building the world's most advanced satellite, the space station, or the next leap in unmanned systems. at boeing, one

we'll see what it means for the workers and the fallout for the american economy. also, the chemical cloud that forced tens of thousands of people to seal themselves indoors. >> america's first climate refugees >> this is probably a hurricane away from it being gone. >> who's to blame? >> 36% of land lost was caused by oil and gas industry... >> ...and a fight to save america's coastline. >> we have kinda made a deal with the devil >> fault lines al jazeera america's hard hitting... >> today they will be arrested... >> ground breaking... they're firing canisters of gas at us... award winning investigative documentary series... the disappearing delta only on al jazeera america >>> the west coast normally bustling harbours are quiet tonight. dock workers were locked out today and will be locked out this weekend. it's a volley in a long-running labour dispute that could cost the economy billions. jennifer london joins us from los angeles. this could affect all of us. >> it could, here is why. there's 14 containerships sat with goods outside the port of los angeles. th

no problem that we face today can compare with the need to restore the health of the american economy, and the strength of the american dollar. double digit inflation has brought you and your family the ability to plan. has destroyed the confidence to buy, and it threatens the very structure of family life itself as more and more wise are forced to work in order to meet the ever-increasing cost of living. at the same time the lack of growth in the economy has introduced a justifiable's fear. soon, there will be fewer jobs and no money to pay for the necessities of life. tragically, as the cost of living keeps going up, the standard of living, which is better great pride, keeps going down. the people have not created this does that disaster in our economy, the federal government has. it has overspent overregulated. it has failed to deliver services that should be able to raise her taxes. since world war ii it has been $448 billion more than it has collected in taxes. $448 billion of pairing press money which is made every dollar you earn worth less and less. at the same time the federa

brings to an end what has become a significant headwind for american economy poised for continued, strongteady growth. >> port of oakland officials say it will take up to two months for the port to get back to normal. trucks will be moving containers in and out of the port and ships that have been hanging out at sea can finally come in. the labor distribute costs businesses millions. >>> san jose police have identified two men arrested in the killing of a security guard who was trying to save a life. prosecutors say juan hernandez and richard cruz are connected to the deadly shooting. they now face murder charges. the security guard died after stepping into the line of fire to save his co-worker. the shooting stemmed from a burglary at a liquor store. shots were fired as the suspect jumped into a waiting car. >> personal use of a firearm is specific to mr. hernandez but both of them are charged with all of those same crimes. >> police say they do expect to make more arrests in this case. >>> california farmers will be facing some tough decisions this upcoming planting season. once again,

. >> of the last four presidents which one was the best on the american economy?> bill clinton was great. >> why do you say that? >> first place he pushed nafta through congress against his own party and against the unions. you have to take your hat off for that. you -- he got reform on social security, welfare. he cut the capital gains tax. >> we take your point. you love clinton. of all the republicans thinking of running in 2016 which one, regardless of their electability, would be the best on the economy, as far as you are concerned? >> i don't know. what you have to watch in the campaign is that this is a training time for politicians. politicians do like to change their views depending on how they are received. we are going to see a lot of very qualified people -- and they really all are, and i know a lot of them very well -- they are going to go through this training and one of them is going to come out the other end a formidable candidate. that's what happened to ronald reagan. he changed dramatically because he responded to politics. these people are goin

the allies turned to the americans for weapons to continue the war. keynes feared the economyldn't stand the strain of increased demand. but in washington, his young disciples disagreed. we were more expansionary than he. he thought it was time to put the damper on aggregate demand. we disagreed partly because our view was that the capacity of the economy to produce was greater than he thought. the great depression ended with the vast production of wartime economy. government spending, which frightened roosevelt when it topped $15 billion in 1936, soared above $100 billion during the war. massive government intervention finally brought full production and full employment. why couldn't the private sector have brought us out? what keynes said was total private demand might not be sufficient to sustain full employment. suppose this is national income when everyone is fully employed. but suppose investment demand plus consumers' demand only equals this level. there isn't enough demand to sustain that level of income. keynes said full employment could be achieved if we added public

no problem that we face today can compare with the need to restore the health of the american economy and the strength of the american dollar. whether inflation has robbed you and your family of the ability to plan, destroyed the confidence to buy and affects the structure of life itself as more wives are forced to work to meet the ever-increasing cost of living. tragically, at the cost of living keeps going up, the standard of living which has been our great pride keeps going down. people have not created this disaster. the federal government has. it has overspent emma overestimated, and overregulated. it has failed to deliver services within the revenue it should be allowed to race from taxes. in the 34 year since the end of world war ii has spent $448 billion more than it has collected in taxes. 448 billion dollars a printing press money that has made every dollar you earn worth less and less. at the same time the federal government has cynically told us that high taxes will somehow solve the problem and the average taxpayer will pay less. business is not a taxpayer. it is a tax co

you are a very astute and very prospective student of the american economy. it is what you do every day. i'm going to give you a chance, you have heard a lot of opinions and received a lot of advice from this panel. i'm going to give you a chance to give us some advice. when you look at leading and lagging indicators, especially leading indicators, what troubles you and what keeps you awake at night about the american economy in the next 10 to 15 years, and what advice would you get to the united states's congress in addressing those concerns that you have, looking right now at those indicators? >> well, i have said on a number of occasions, that the rise we have seen in inequality in the united states is a great concern to me. >> we discussed this last time you were here and you offered no solutions toward that problem. you might recall. >> i think there are a variety of different things that the congress could consider and policy measures that might be appropriate, but this really isn't -- but this really is a domain for congress to consider. so that is one

you are a very astute and very respected student of the american economy. it's what you do every day. i'm going to give you a chance, you've heard a lot of opinions and received a lot of advice from this panel, i'm going to give you a chance to give us some advice. when you look at leading and lagging indicators, especially leading indicators, what troubles you and what keeps you awake at night about the american economy in the next ten to 15 years and what advice would you give to the united states congress in addressing those concerns that you have looking right now at those indicators? >> well, i've said on a number of occasions that the rise we've seen in inequality in the united states is a great concern to me. >> i -- we discussed this the last time you were here and you offered no solutions towards that problem. you might recall. >> i think there are a variety of different things that the congress could consider in policy measures that might be appropriate, but this really is a domain for congress to consider so that's one of the concerns that i have

. >> it brings to an end what has become a significant head wind for american economy to be poised forconomic growth. >> reporter: right now at the port of oakland, a dozen vessels are docked and ships are waiting to come in. ex exporters like hal simpson says that it does not mean that the crisis is over. >> we will have congestion for at least three month, and we will have to ship some product through the panama canal to ensure that our customers have products. >> the officials are saying that it could take two months for the port operations to get back to normal. reporting live on treasure island cheryl hurd. >>> knew tonight, a message on the social media has police stepping it up. there is a threat the of more violence after two gang-related shootings this week threatening for this weekend. >>> and once beloved comedian turned accused sexual procedure, and now bill cosby has said that he will not be performing after 30 women have been accusing him of sexual assault. although he is not convicted or charged, he has been canceled. 30 of his shows have been called off. >> here in the

. >> of the last four presidents which one was the best on the american economy?bill clinton was great. >> why do you say that? the best of the four, you say? >> let me go on clinton if i can. first place, he pushed nafta through congress against his own party and against the unions. you have to take your hat off for that. he got rid of the retirement test on social security. he put on welfare reform where you have to look for a job to get welfare. he cut the capital gains tax rate. >> make your point, you love clinton. >> of all the republicans thinking of running in 2016, which one, regardless of their electability, would be the best on the economy, as far as you are concerned? >> right now i can't tell you that, because i just don't know. what you have to watch in the campaign is that this is a training time for politicians. politicians do like to change their views depending on how they are received. what you going to see is a training. -- a training period like ellis island, one of them is going to come out the other end a formidable candidate. that's what ha

october of 2013 by shutting down the government for 16 days crashing and burning parts of the american economy costing us $24 billion in lost economic productivity. and now you're prepared to crash and burn the safety and the security of the american people. why would you contemplate mr. speaker, such a reckless action? particularly at a time when there are terrorists all across the world who want to kill americans including as recently uncovered, three terrorists at home in new york determined apparently to bomb parts of the coney island district i represent. why would you contemplate shutting down the department of homeland security at this moment or at any moment? simply to satisfy the right-wing thirst of the anti-immigration faction of your party? let me pause there paraphernalia theycally for a moment because they -- paraphernalia they accountly for a moment because executive action providing immigration relief notwithstanding the fact that every president since dwight eisenhower has taken executive action to provide some form of immigration relief. it's occurred 39 times since the 1950'

quite frankly i think the dynamics of the american economy is going to advance the economy much faster if you have 137 million taxpayers decide whether to spend or save, and how to spend it, and how to save it, as opposed to those of us here in the congress of the united states and the president of the united states making that decision. and it's not a question of big government, small government it's a question of where -- what does the most to expand and grow our economy, because what this country needs is not more tax rates, or more taxes. we need more taxpayers. and that's going to happen by the capital investment that individuals make. not what the government makes. is going to really grow the economy. we have a 50-year average that has said that if you have one dollar tax increase, it gives license to congress to spend $1.13. that's not going to do anything about the deficit. a license to spend more money brings us further into the hole. you can't raise taxes high enough to satisfy the appetite of congress or any president not just this president to spend money. if a tax increase

or very much helped to save the american economy the auto industry, made a very difficult decisionalthcare. some politicians criticize him for it because they say it was a bad political decision. he knew it was a bad political decision but thought it was the right decision for the country. that inspires me and a lot of people who have healthcare today who otherwise wouldn't have had it. >> you talk about a number of things he'd like to do. you said he focused on the middle class, something he talked about in the campaign but lassent been able to focus in a singular way on it and you put some of the blame on the american people for not parts participating? >> i do. there's a great deal of cynicism i think. you look at primary elections where 10 to 20% of the people participate and they're essentially taken over by the most extreme voices in the parties and that's contributed to some of the problems we have. democracy is a participatory exercise and if you walk away from it you're doing so at your own risk. >> woodruff: i have to ask you about hillary clinton. >> yes. >> woodruff: of

government unemployment report had starringerring statistics about the american economy and plus putting themselves in his shoes. the man that gained national attention for 21 mile hike to work every day is now getting richly rewarded by the kindness of stranger. cecily. >> our high today reached 3 2. that's ten below normal. plenty of warm air south and west and we into this for the weekend. i'll have detail and track the next storm in the accuweather forecast. >> this claims to be the perfect solution for gas and emergency. never get stranded again. this will get you going. does it work? plus it says it's safe and non-flammable so you can keep in your car. >> and we fet to see kimmo timonen back on the ice after a medical scare. >> northwest part of the country is on flood watch in seattle. in san francisco there's been more than 100 cancellations and plans to shut down train lines. california needs 1 trillion gallons of water to recover. >> u.s. economy is showing strength of recovery. employers added 257,000 last month and labor department says it's far underestimated how many people

regulatory agencies like for example the epa to just impose his will on vast swathes of the american economy and as james said, the internet has been a wonderful tool for productivity for not just americans but for the globe. >> well, the fcc -- we have to stop any potential discrimination, that's crucial. we'll forebear -- we won't impose all the nasty rules. in fact, we won't touch 700 or so that applied to railroads and ma bell, so don't fret. >> well the fcc said they were going to end lingering uncertainty over the future of the internet. of course the irony is that the fcc itself is what has given us uncertainty over the future of the internet. >> more uncertainty to -- >> yeah and the cost will be borne by the consumer. we'll have legal costs, we don't know what the pricing structure will be. >> they may slow down investment because of that uncertainty. dan, who wanted them. >> who won? >> no, who wanted this other than the president. why are we getting this if the internet has been working quite well? >> the democratic left wanted this. >> why? >> why? because they wanted to national

we know the american economy, the u.s. economy is doing better than anywhere else. wage inflation was an important point. we are going to talk about ford. those auto numbers were off the chart. if more people are getting jobs and they are making a little more money, they are going to have money to spend on discretionary items. >> the auto sales numbers seem tremendously popular. we haven't seen the big bump up at spending, some of the consumer names that we thought would benefit from lower fuel prices, we are seeing in terms of auto sales. the wage inflation is the thing that's given us most concern. as unemployment is dropped, that's where we weren't seeing it. seeing a bump there is a real positive. >> it is a little bump. one data point doesn't make a trend. we need more in the way of wage growth. the jobs have been bad jobs. >> we say this all the time. forget the equity market. let's look what the smart money, the big money is doing. bonds, yields, they started moving up in front of the employment number today. when you look at the move in utilities today, if t

and now they're going after the most vital part of the american economy magic. that's right. of hand you know, awkward guys doing [bleep] like this. and chinese magic expert eric-- warns, wait, where did he go? >> america magicians are no longer number one. i think the audience will see that there will be better magicians from china. >> what are you telling me is we're [bleep]. >> yeah, that's right there are other magicians that are better than american magicians. >> [bleep] yourself. >> and china is building a massive new project called magic city, with magic theaters magic schools basically magic everything. i went to alert president of america's most magicist society. >> i'm not scared as you are of someone else creating a magic city. >> i am very confident that we here in america can hold our own. >> you are not getting this. maybe i should explain it to you with a magic trick. give me a $20. this is america's future. give me another $20. >> this ought to be a good trick. (applause) >> okay. now shake your shoes within inside my shoe. >> okay. what do you see in there? >

americans back to work? to clean the air? to grow the economy and save thousands of lives? the chamber plans to continue a strong case to the congress, to the white house, and most important to the american people. along with trade and infrastructure, we must embark on a sweeping program of government reform. let's start with immigration reform. i an assure you that we will continue to make this a top priority until it is done. meaningful immigration reform can only be achiefed through bipartisan legislation. we are renewing our call for common sense measures that can provide the american economy with the workers it needs at all skill levels. improve the verification system and the employment -- let me just say that is beginning to work and it would be a big benefit for american companies and a deal with undocumented immigrants in a positive way. now we know that reform is unlikely to happen in one great big bill. that would be a lot neater. and we recognize that moving forward height not be a whole comprehensive bill. it can't be one or nothing. it has got to be something t

tell me what this means about the american economy. it means is there is a big difference between wealth and income. in the last couple of years, you have had tremendous boom than the property markets, tremendous boom in the stock market, said the people who elicited from the can by this gentleman -- the people who benefited from that can by this gentleman's diamonds. there is a very important wealth effect that we have had the last couple of years and people are spending that wealth on his diamonds. tom: tell me about the metal wrapped around the dimon. is white in now, is yellow gold coming back, what is the trend right now? henri: white diamonds are set in platinum or white gold, yellow diamonds obviously you put a yellow, what is called a basket, so it is not interfere with the color of the stone. olivia: what is your fastest-growing market? henri: it wasn't until a couple of month ago asia -- it wa until a couple ofs months ago asia, now everybody in the luxury world seemed to have their eye on america. we kind of rediscover ameri

we know that the american economy, the u.s. economy, is doing better than everywhere else. but i think that wage inflation was a really important point and so there was some other things that happened this week, too, we're going to talk about ford. those auto numbers were off the charts. if people -- more people are getting jobs and making a little more money. they're going to have money to spend on discretionary items. >> mike? >> obviously the auto sales numbers seem tremendously positive. while we haven't necessarily seen the big bumpup in spending, in some of the consume types of names that we thought would benefit from the lower fuel prices i think we are seeing that in terms of sales. the wage inflation is the thing that's given us the most concerns right? even as unemployment has dropped, that was the place we weren't seeing it. seeing a bump there is little positive. >> i think that's as big as a little bump. one data point doesn't make a trend. we need more in the way of wage growth. the jobs have been bad jobs. >> we say this all the time. forget the equity market

what does it mean for the housing market specifically and what is it mean for the american economy that millennial's and even people in their 30's and 40's paying off their student loans. this is a problem. >> over. a decade or two, where then is he that student loan debt has been a significant weight on the housing market, the ability of young households to buy similar family homes, and on the broader economy. this problem is growing deeper with each passing day because the growth in student debt is rapid. this ideal -- i don't think it matters for this year or next year, but over a longer. time it does. >> we have young people who don't live out their parents dream. they don't own a home. when they get out of college they can't find a job to make enough wages to pay that loan back sooner or their board and by crippling debt. >> if nothing changes that something we need to board about. i do think we will respond to this. i think everybody recognized that the student loan debt problem is a problem and it needs to be addressed. the obama administration has put forward a number of tweaks

you are a very astute and very respected student of the american economy. is what you do every day.ill give you a chance -- you have received a lot of advice from this panel. i will give you a chance to give us some advice. when you look at leading and lagging indicators, especially leading indicators, what troubles you and what keeps you awake at night about the american economy in the next 10 to 15 years? what advice would you give to the congress to address those concerns you have looking right now at those indicators? >> i said on a number of occasions that the rise we have seen in inequality in the united states is a great concern to me. >> we discussed this last time you were here. you offer no solutions to that problem. you might recall. >> i think there are a variety of different things congress could consider and policy measures that might be appropriate. this really is a domain for congress to consider. that is one of the concerns i have. >> snow advice on the income tax credit for tax rates? >> i will not weigh in on things that are really in your domain to evaluate. i th

is it 3.5% american economy or 2.5% sluggish american economy?is intriguing is that washington being called around -- calm around capitol hill and the federal reserve more broadly and things are heating up. we have growth within the last six or nine months and is that going to get the fed into action ? the improvement we are seeing because of lower oil prices and higher consumer confidence will be important for the economic picture. brendan: we have been talking about what is happening in washington. the assumptions that came out in the president's budget -- long-term we're looking at 2.3% inflation. can we get there? does their political will to stay there once we do? torsten obviously, the federal reserve is in a difficult situation and financial markets are pricing that we will not have that level of inflation anytime in the next 10 years. but this options in the federal reserve is that we will see a slow move up towards the 2% mark on inflation. but that is the disconnect we have in markets at the moment. phd economics expert that the fed is

a lot of the missing jobs that we have in the american economy, overall we have record levels but missing jobs when you go sector by sector are at the local level of government where tax revenues are now coming back relatively well. >> how much does the total nonfarm payroll account for workers that produce the entire gdp of the u.s. what are your thoughts? >> it gets into one of these wonderful economic debates about how you're going to define it. when we're talking about the nonfarm wage in salary we already excluded the self-employed and agriculture sector. overall we could reliably say that the payroll survey gives us a count of about 80% of all of the jobs that exist in the american economy. >> patrick thank you so much for joining us today much appreciated. patrick o'keefe. now in the last few minutes it's announced the euro zone finance ministers will hold an extra meeting on february 11th to discuss the situation in greece. this comes after the meeting between the finance minister and his greek counter part. speaking to german tv after they openly clashed in a press conference in

argue saying this was thrust upon him, this was no time to change washington, we had to save the american economy. that is all well and good but the great promise of barack obama was that. that is something some people say i cart on too much but to me that is sort of the hope and change, that was the turn the page. that was the whole idea. on that score he has failed and when i say he has not lived up to his great promise. as the president, as the commander-in-chief, as somebody who implemented the economic recovery, and overtime is going to look better and better for him. healthcare is the total -- does it ever get fully implemented? that is something that is an open question. ultimately his legacy will be judged on health care morrison anything else because it consumed the presidency. >> you can watch this and other programs online at booktv.org. >> now from the museum of jewish heritage in new york city, elana maryles sztokman reports run israel the workplace and public spaces. this is

up next, jobs day in the usa how strong is the american economy, and do these numbers give you a picture estimates -- 230 k. back in two. ♪ >> welcome back. good morning. i am jonathan ferro from london. it is jobs day in the u.s. the number we are looking at as 230,000. let's bring back in our guests. bill has put a shirt on for the occasion. thank you very much. i'm looking at 23,0,000. the payrolls report has been like it for the last two years. bullish about the u.s. economy, you run away with the topline numbers. you are concerned you talk about participation rates. when this comes out today, what are you looking for? >> we will look at the overall unemployment number which will remain around 5.6%. any number north of 230 in the short-term, and equity markets will get excited. if it is because of the likelihood of growth continuing. if it is below that, they will worry about a slowdown in growth, and particularly is it lower because as we were talking the break stronger dollar, is that affecting the economy? is it going to affect earnings? there has been talk from companies about th

>> they would love to have a direct meaningful impact on the american economy and breed and create fear across the homeland so people are afraid to go out to the malls and we no longer feel safer in our borders. they are doing a better job about making an effort with respect to the the terror movement. you are seeing coordination between the groups and what are we doing? we are worried about buying a vowel or what. whether they are islamic or islamist. we are missing the point all together. that at this point we are playing catch up and they are taking over more land in the middle east. >> the public back and forth in the media, really between, you heard eric holder take a shot at fox news but you hear the administration putting targets on people in the media, conservatives, and republicans but not where they should be putting target and that is acerbating this in the middle east. >> i remember when the tea party was called right wing terrorist and the republicans were called hostage takers during the government shutdown. i wonder if people near the mall think this is hype. dhs is sayin

the baton has not been passed and that will be the challenge for the american economy over the next six12 months. gerri: we will have to have you come back for the february report. since you are not too impressed with these numbers. >> i would like to know if brian williams will be in february report. gerri: i guess we will find out soon enough area. gerri: here's our question tonight. you consider yourself middle-class? login tonight and vote and i will share the results of the end of tonight's show. and even during tough economic times, americans rallied around each other when needed. here is a case in point. something happened at a target store in raleigh, north carolina. it's gone viral on the internet. target shopper saw a young man looking for a tie for a job interview and he wanted a clip on, but the store only sold by dealers. so a hopeful target worker showed them how to tie a tie in a random act of congress kindness they practiced handshakes and interview questions and answers with the team. the next day several employees went to the chick-fil-a and share their experience with

earned-income tax credit benefits a social security card, the ability to take any job in the american economy that maybe unemployed american would like to have, recent immigrant with a green card would like to have. no this person is in the country unlawfully just to take that job. under policy of congress dund -- fund that. the president as he said himself 20 times had no power to do this. so what is happening now in the senate colleagues? our democratic colleagues now unanimously, it appears are blocking even moving to the bill that funds homeland security. so i ask with all sincerity how can it be said that the republicans are failing to fund the operation making sure that we are, have a strong border security? how can it be made a statement by the president of the united states? i just think we need to keep talking about that. we should not allow this modern-age politicians to go to the american people with false stories about what's really happening. democratic members of this senate are systematically blocking the bill that we would like to see come to the floor that fully funds homelan

i think it is absolutely stunning that walker is admitting that there would be losers in the american economy if he becomes president. he calls them special interests. he's referring to unions. you know the folks that want a voice in the workplace, the folks that want health care, they want pension, they want to be able to negotiate for a better rate. he wants to take all of that away and those people would be the losers. that means under walker middle-class americans will become losers. he admitted it. people who want collective bargaining rights they would be losers if he's the president. this is exactly what republicans want. they want to see losers. i believe that. these are my thoughts. i believe that the republicans have a philosophy that there's going to be some folks that simply aren't going to make it there are going to be some folks who don't have the same opportunity, for the sake of profit we're going to be the man and we're going to squash some workers rights in this country because that's socialism. and they want to know why the middle class is upset in this country and they wan