economy. topics included tax policy, immigration, employee benefits, and regulatory issues. this is just under an hour. >> good morning. good morning. my name is megan van hutton and i am the director of media and external communications here at the chamber. welcome to our annual labor day press briefing. first, i have up here randy johnson, our senior vice president for labor and employee benefits and jd foster, our senior vice president for economic policy and chief economist. they will each speak for about 15 minutes, and then we will open it up for q&a. and you can ask your questions then. so, without further a do, i will pass it over to jd foster. mr. foster: thank you for coming. it's a pleasure to have you with this. randy johnson.ue fromor those suffering hurricane harvey, we wish them on behalf of the chamber all the safety and the swiftest possible recovery from what they are dealing with. the economy is in its ninth year of expansion, which is fairly hisble, as that makes it third l

in terms of the economy, india had already cut its interest rate in august, it recognises the economycture takes place in india‘s cities. that is why the floods have been particularly difficult. some of the focus has been on the gasoline industry, which is why prices have shot up. what using the prospects are going forward ? using the prospects are going forward? the storm has abated but still many refineries are right of action. a 1096 shift in the oil prices is the same roughly as a $10 billion tax hike on the consumer, so i think we are likely to seize on government action in terms of spending. this comes at a good time for spending. this comes at a good time foertrump in that spending. this comes at a good time for mr trump in that sense, because there is a clear expectation that he will find it very difficult to get his fiscal reforms through process. it is really important that the us is able to continue in business, and therefore the debt ceiling arrangements also have to be addressed within the next six weeks. so in a sense although this is a local disaster, it is not good new

consumer spending is 30% of the economy. gross output measure spending not just final output my students get it when they say topline bottom-line, they get it just like that the economists are slow. >> so what does that the supply side believe. they believe the key is innovation, entrepreneurship, shaving, i actually think ben franklin said it best, he's one of my favorite founding fathers. he says there's three virtues. if you have these virtues you can be successful in by personally as a family, as a business and as a nation, is a government. those three principles are industry, drift, pre-gallery. prudent behavior. if you work hard and are productive but you don't waste your money, your frugal, your thrifty and you live within your means and prudent with your investments. with your spending patterns you can help but be successful as an individual in business and family and destination. this is kinda like a ben franklin economics concept. unfortunately we've lost the supply side view of the world but now it's more consumer

economy. one thing that people might point to is that on prices are extraordinarily high because interest rates are extraordinarily low, continue to be extraordinarily low, are likely to be for some time. that is an area of concern, but that has been going on again for some time. one area where we do have to be concerned is in bad policy. the most immediate thing we have to worry about right now is the debt limit. the debt limit is coming due at the end of september, october. at that point the treasury will my have the resources to pay all of the bills and we will have a technical default at the very least. nobody knows how terrible the outcome of such an event will be, but it almost certainly will be quite terrible. that is an example of bad policy that is easy to avoid, and that is to raise the debt limit which is what the chamber has been calling on congress and the president to do. it's not going to be easy, but it has to be done. if you avoid that, the economy should continue to do very w

, that the economy could conceivably force us back to the zero lower band. we have said if there were that type of material deterioration in the outlook, where we could face a situation where the federal funds rate isn't sufficient tool for us to adjust monetary policy, we might stop, we might stop roll offs of our balance sheet and resume reinvestment. as long as we believe we can use the federal funds rate as a tool, that is what we intend to do. so, if there is small changes in the outlook that require recalibration of monetary policy, we will change our anticipated path in setting of the federal funds rate but not, for example, change the caps on reinvestment or continued reinvestment for a few months and then change it. we think that provides greater clarity to market participants about how policy will be conducted and will be less confusing and more effective in terms of conducting policy. >> ben applebaum, "new york times." you have now committed to a policy of reducing your balance sheet very gradually. you have described plans to raise interest rate

the economy is booming.y pricing of the increase in interest rates over 12 months. expectations are very vulnerable . hurricanes, debt ceiling, we may not be talking about any of those in a short time. anna: market expectations around , if you got your bloomberg, you can pull this up. strategists are expecting the u.s. senior to be higher, 2.48% is the average expectation now. they are expecting us to go higher but that number keeps coming down, so it is the lowest since november. strategists were expecting to see that above 3%. is that elusive echo -- elusive? the price is telling us that it is close to 2%. that is where the market is pricing it. people'selling you, expectations are higher. there is a perception. the market is consistently forecasting higher. anna: you think the market is going to get to the fed's program? eric: in february, we were at 2.6%. if you look at economic data and said why is the bond market doing that? shortages, wages are picking up, this is a very strong economy. consumer confi

keeping the french economy moving.mmanuel macron‘s government lay out its first budget, but will it bring prosperity to all? you can waffle on twitter. the mo—characters rule has been relaxed, but will this help the flagging social media giant make a profit? welcome to world business report, i'm sally bundock. we will have more in the programme, including twitter expanding the number of characters, but i am still at 140, number of characters, but i am still at m0, i number of characters, but i am still at140, ican number of characters, but i am still at mo, i can hear you breathing a sigh of relief. reforming the spluttering french economy was one of the most important pillars of emmanuel macron‘s election campaign. today his government gets the chance to flesh out some of those changes, with its first budget since he took charge of the world's sixth—biggest economy, and macron has a big task on his hands. france has a stubbornly high unemployment rate of 9.5%. that is double the rate of the other big european economie

economy is performing well. we are working down the balance sheet because we feel that a stimulus in some sense is no longer needed. so the basic message here is, u.s. economic performance has been good. the labor market has strengthened substantially. every measure of the labor market, whether it is the narrow unemployment rate, the broader unemployment rate, the number of people working in part-time jobs who want full-time work, the level of job openings, the quit rate, the difficulty firms are facing in hiring workers, the level of confidence we see in surveys about the labor market, all of that is pointing to vast and continuing improvement in the labor market. we see sufficient strength in the economy in terms of spending that growth with its ups and , downs, is nevertheless strong enough in the medium-term to support ongoing improvement in the labor market, and all of that is good, and i think that the american people should feel the steps we are taking to normalize monetary policy are ones we feel are wel

the economy is doing quite well. we are benefiting from a synchronized global expansion for the first time in many years. almost all the major economic centers in the global economy are doing reasonably well. that means they are all supporting one another. we are all stronger if we're all stronger. it means or wages should be rising. and what we have to do right now is make sure this continues. if we want to see this increase in real wages that i'm talking about, we have to keep the rest of the economy going which means avoiding unforced errors and policy like the debt limit and doing what we can do such things like infrastructure, texas reform, and trade and make sure we get the opponent -- the economy the policy supported me. if we do those things, especially the tax reform, congress passes tax reform and gets a bill to the president's desk in my timely basis, sometimes preferably this year, the economy should continue to do very well for a long time. as ellen blinder pointed out, expansions don't and because they

it is a big economy. it is diversified.et and put it on the right track. >> it all sounds good. i wonder if you are disappointed in moody's decision to keep egypt's rating and stable outlook. a lot of people were expecting an upgrade. >> the investors are ahead of moody's and the rating agencies. if investors are here, that's all that matters. we have it over 10 billion. $5 billion in the equity markets. around $50 billion over the last year. if rating agencies are lagging behind, it's up to them. >> rating agencies is one thing, imf is another. it had an image problem dealing with emerging markets. what do you expect you are going to hear from the imf? >> in terms of reforms and the top decisions, they are done. we don't expect anything. it is a homegrown program. we brought in the imf to make sure that the system would be under control. otherwise we don't expect any major shocks. yousef: coming up, a new study brings out an interesting perspective as to where investors should be playing money in africa. we will reveal the

in houston which is a $500 billion economy and how it affects the greater economy over 20% of the nation's refinery ability has been shutdown. the colonial pipeline that goes from houston to new jersey that carries most of the gasoline is not even able to run at times because there's not enough fuel coming from lake charles into houston. that will affect goline prices andilrices. the iediate lossn houston is going to be more o a regional event as far as job loss and as far as economic destruction. overall though once you start seeing fed's step in, the state step in and insurance step in, you will start seeing this slowly recover. what happened in new orleans is a bit different because you had people leave and didn't come back. it's not apples-to-apples comparison because in houston you have a much greater diversity when you talk about the river oaks and post oaks districts, this place is going to recover at that point and will start to see a bit of an economic boost. >> we have seen an economic impact from florida to indiana up into the northeast by gasoline prices going up nationwide up

we have confidence in the outlook's for the real economy. if a are shops -- shocks, negative one were sufficient. we recognize that we might be unable to pursue objectives by cutting the federal funds rate prepared told be resume reinvestment. other tools we used in the financial crisis, for guidance would also be available -- forward guidance would also be available. the fed governor recently gave a speech in which trend inflation appeared to have moved lower by around .5 of a percentage point. do you agree? what would the fed need to do to boost inflation if it has fallen? you think the inflation softness to prove transitory. compared to three months ago, how firm is your current that?ation it will remain transitory what implications with that have for monetary policy if it is not? inflationm trend usually a variety of statistical techniques that can be used to extract a trend from a series. exactly what that means is a statistical thing. there are methodologies that we show the modest declines in recent years. after all, we have had a num

what zero interest rates do is not spur the economy. they blur the economy. they just -- they remove the influence of time. so, nothing happens. what is happening in the u.s. economy is the number of companies in the stock market is about 50% since 2007. 50% the number of shares has dropped 50%. so so-called stock market boom is a massive shrink, and i think that the -- a key problem is the lack of any global money that is increasing financialization of the economy. almost 30% of corporate profits are now in finance. from this massive $5.1 trillion a day of currency trading. >> host: how does one buy a car with a bitcoin? >> guest: one can buy a car by -- with a bitcoin. you -- i sure a lot of cars have been bought by bitcoin. i don't know which consider -- i think maybe you can buy a tesla with a bitcoin. some companies announced they'll sell them. you can convert your bitcoins which have been appreciating recently, to dollars. that might be a good thing to do, and purchase a car with it. >> host: could anyone buy a bitcoin if they had the resources. >> gues

one of the problems the american economy suffers from, along with other economies run the globe is low productivity growth. it would be very desirable fiscal package had the potential in it to create incentives that would raise productivity growth. we do face in terms of longer-term deficits as the population ages, and unsustainable debt path and it will require some adjustments to fiscal policy. i hope congress will keep that in mind. beyond the few principles i don't want to weigh in on details. >> from marketplace, when you testified before congress last july, you said you might be prepared to take a forstmann actions against wells fargo if it proved to be appropriate. do you think it's appropriate? and what actions would you take? >> i consider the behavior of wells fargo towards its customers to have been egregious and on acceptable. we take our supervision responsibilities at the company very seriously. we are attempting to understand what the root causes of those problems are and to address them. i'm not able to discuss confidential supervisory information. i'm not it yet able t

is a big economy. it is diversified.et and put it on the right track. .> it all sounds good i wonder if you are disappointed in moody's decision to keep egypt's rating. a lot of people were expecting an upgrade. >> the investors are ahead of moody's and the rating agencies. over 10 billion. $5 billion in the equity markets. around $50 billion over the last year. >> rating agencies, that is another. problem dealing with emerging markets. are goingu expect you to hear from the imf? the top, they are done. we don't expect anything. it is a homegrown program. we brought in the imf to make sure that the system would be under control. otherwise we don't expect any major shocks. study brings a new out an interesting perspective as to where investors should be playing money in africa. ♪ >> welcome back to the best of bloomberg markets, middle east. egypt isrising move, africa's most attractive place to do business. us for more.oined >> if you look at the , your business environment, when we take the business environment out we k

it is an open economy. and iten needs a weaker sterling in order to rebalance not just the external balances, but also to push ministry higher. manufacturing was one part doing quite well until we only, and i think it is difficult to see how you could get more than two rate hikes. the debate is whether we get more than one. it is difficult just for them to do only one rate hike. if you get another one for instance after november, i think long and yields remain a b uy. ishink the rally in sterling likely to be limited. the momentum is with the market. it has been short. there could be some diversion, but we have completed at least half of our journey, and they think against the euro, before long, you will start thinking of eyeing eurosterling. you expectar do inflation to go, and will one or two rate hikes be enough to keep it in check? inflation is likely to people within the next two to three months. we are likely to see it come down towards 2.5% to 2.8% by the third of fourth quarter of next year. i think

the economy is doing quite well. we're benefiting from a synchronized global expansion for the first time in many years, almost all of the major economic centers in the global economy are doing reasonably well. that means they're all supporting one another. we're all stronger if we're all stronger. it means real wages should be rising and what we have to do right now is make sure that this continues. if we want to see this increase in real wages we have to keep the rest of the economy going. that means avoiding unforced errors and policy like the debt limit and infrastructure, tax reform and trade to make sure that we give the economy the policy support it needs and if we do all of those things and congress passes a tax reform and on a timely basis and some time preferably this year. the economy should continue to do very well for a long time as allen blinder pointed out, expansions don't end just because they get tired. what we need to do is make sure there's enough energy in the economy and enough strength through

is in fact is the market is the economy is that is the lies the markets are basically market people t's are very prevalent north korea now is professor it's pretty good to talk to your own country the course many thanks indeed for being with us again thank you now india's government is launching an ambitious project to connect major rivers across the country it says that the plan is especially important after severe flooding from monsoon rains this season but as divya component reports now from bihar many fear that it could lead to an environmental disaster. bihar has been submerged by some of the worst flooding to hit the state this century hundreds were killed and hundreds of thousands made homeless in the past few weeks oh no idea nobody has come to help us we were stuck with the water on around nobody cares about us. we are is flooded almost every other year thousands of homes are washed away and millions of lives disrupted but the government says it has a solution if we are able to implement these projects we will be greatly solving the problems of pride and crore in the countr

what is supporting the economy? economy?upporting the numbers are quite strong. >> that is right.der growth is supporting the economy. projects that are underway, those are supporting growth. i think these are the events and things that are positive for growth. expectationsping high as well. with thean we expect oil sectors in the region? >> it is a mixed picture. uae diversified parts of the region. it is able to suspend stronger growth. it is a more mixed picture because the oil contributes more to ged -- gdp. so they are being affected more significantly by the weakest of oil prices and the reduction in oil supply. those are the two sides to the coin in terms of the gcc. those countries that have more diversified economic growth are doing better. the uae falls into that category. yousef: the ongoing dollar weakness is going to start creating new problems. you had higher inflation levels. how concerned are you for that? >> it is early days. i don't think it is going to have an impact for the time being. if the dollar were to weaken more, you would have another element. that will

you build the economy by investoring in the middle class and build the economy outward. so doctor, offer suggestions for other ways we safeguard against corporate tax reform that overwhelmingly helps corporate america at the expense of american workers. >> sure. i think you want to look through the lens of if you're doing business tax reforms and business tax cuts, do they encourage more investment here? because that's the one channel that's going to primarily -- that will have significant benefit for workers. and you want to de-emphasize the cuts that are going to accrue to shareholders and not provide that competitive advantage. i think the other is you want to think about other aspects, you know, beyond the business tax code. there's been a lot of discussion about expanding the eitc, the earned income tax credit. things like that that could provide support and encouragement to a broader array of workers, boost take home pay. make them more attractive to employers. and i think that's very worthy to consider as part of an overall tax reform package. >> thank you. thank

with that be problematic for the economy? >> look, that is something that is a matter for congress and the white house to decide. you know, i have put 40 field principles about fiscal policies that i would reiterate that one of the problems that the american economy suffers from along with many other economies around the globe is slow productivity growth and i think it would be very desirable if fiscal package had the potential in it to create incentives that would raise productivity growth. we do face in terms of longer-term deficit as the population ages in unsustainable debt path that will require, i believe, some adjustments to fiscal policy and i hope congress will keep that in mind, but beyond a few core principles it's really i don't want to weigh in on details. >> when you testified before congress last july, you said that you may be prepared to take enforcement actions against wells fargo if it proved to be appropriate or do you think it's appropriate and what actions could you take? >> so, let me say that i consider

economy and the global economy. but i would like to see more evidence again, if bob is going to push this line, that it was the conquest of inflation that brought about globalization and all of the good and not so good things that went with it. and by the same token, i would low-inflation,me and the prosperity that bob says followed from it, for the troubles that are now upon us. bob writes that the prolonged prosperity, the continuous economic growth that went through to mild recessions, helps despond a cup -- complacency and carelessness about the consequences of increased complexity of international finance. culminating in the present turmoil. here again, my view is that we are prone to showing consistency and carelessness about financial markets every few years regardless of the chain of , events that preceded it. yes, in this case it was maybe the prosperity that made us complacent, but i am sure that if you look through the history of financial panic and financial crises you will see that there were just as ma

fuel may make that economy and. say no in the economy at about you know we say no. only am. taken off that you get on a dish is the only debt we depend enough is the tool this is all the negotiation about numbers is about people in judea lies that as we're speaking there are two of the fainting at school because of all nutrition do you realize that the hospitals that have run out of medicine do you realize that one in two families say this fancy one in two families have no one working in them and they survive on some pension and when you say you want to reduce that by. destroying their capacity to produce themselves as human beings with some degree of dignity. they get is the idea that you know still that with. a few weeks ago following the final editing of this film i came across this statement i could have spared years of research if only i had discovered it before. keep us. all. a disservice. and book. a. zone. of jane's economic. economist. any. bank. no. one. stands. killing. us. kidlet bunker. but i already did it don't mean. she didn't seem good he started killing she

at a time when there was very little of the shared economy. this is transformational moment for us to dump 70,000 pages of complexity and move something that is buoyant and inviting and ultimately transformational. speaker ryan: senator toomey. senator toomey: thank you, mr. speaker. i see this as just amazing opportunity and therefore a responsibility for us to enact the legislation that will be consistent with this framework which will allow us to achieve the growth that we have been waiting so long to achieve. there's nothing normal about a meager 2% growth for the united states of america. we're capable of so much more. and when we get this right, i'm confident we will achieve that. what that means for the hardworking families that i represent all across pennsylvania is it means a direct pay raise when we lower their direct tax burden. but it also means an indirect pay raise as more jobs are created, more businesses are launched, upward pressure on wages allows people to have a higher standard of living. so i am really excited about this o

importance ofe the chinese economy, global economy, has been increasing.table, the demand for the currency will increase. they don't want this to happen very quickly, which could have negative suggestions for the economy. we were talking about currencies that benefit from haven flows. the yen has been one of those. you suggested that want last if we get to a certain point in tensions on the korean peninsula. when does the market start to change it to be on the yen? view on the yen? thanos: the impact on the yen can be nonlinear. equities continue to be at highs. volatility is very low. markets had not -- the war. if we see a sharp market correction because of increased risk in the region, this would be negative for the yen with respect to other save having currencies. anna: thank you very much. thanos vamvakidis stays with us. russia's finance minister doesn't for see any significant changes to the currency's exchange rate. she spoke exclusively to guy johnson. -- he spoke exclusively to guy johnson. >> we are not planning any significant changes to the ru

i think when you say the economy to the president, he thinks the government economy. when he says it to me, i want it to be a private sector market economy, because i think that's the only way to build sustained growth. they need to be growing at 6% to 8% per year. they won't do that without the private sector, so everybody should focus on the private sector solutions. and if you want to have progress with the taliban, you need to talk about economic diplomacy, and jobs. that's not going to happen unless there's a private sector to hire people, and to train farmers not to grow poppy. >> i'll just end and say, certainly the objective of the government and the donors is the right objective. private sector-led growth. and targeting high value exports into the region. the real question is, is the strategy right and are the implementing mechanisms the right ones to achieve that? and that's obviously something that needs to be analyzed and discussed further. >> i would say, at the end of the day, there's no question that economic issues are ultimately what will determine th

economy. hurricanes harvey, irma, andrea has devastated communities conflicting severe hardship and rebuilding will affect economic activity in the near term. passive -- experience suggest storm is unlikely to alter the course of the national economy over the medium term. they will affect prices. higher prices for gasoline will likely boost inflation temporarily. remain 2%xpected to in the near term. back tosay it will come the target. as expected, the announcement would be october 9 and treasuries will be announced as well october 21. >> we can do this with jeffrey rosenberg mike, let me go to you first. the reduced inflation along with real gdp is the macro economic advisers as a runway to 1.7 percent, the third quarter. is this a subpar american economy, is it 4% nominal gdp? >> it is not what you see on the forecast. it -- it depends on inflation. not lowering the gdp forecast. they raise it are 2% the next two years after that, what they previously forecast. is what question happens to in

in the gulf news‘ business section, china has called on the brics group of emerging economies to promote trade. at the start of a 3—day summit in south—eastern china, beijing has sought to position itself against an america first agenda. the guardian reports on the ongoing brexit negotiations and comments made by the european union's chief negotiator michel barnier, who said the british people need to be taught a lesson about the consequences of leaving the eu single market. and in the guardian's financial pages, global asset managers schroders are predicting more than $1.5 trillion in company profits worldwide could be erased by taxes required to meet the paris climate agreement. so let's begin. with me is oliver cornock who's editor—in—chief of the oxford business group. welcome to you. we have the daily telegraph's front page and a lot of international papers, reaction to north korea yesterday testing its most powerful nuclear will missile to date, a fairly overwhelming, strong to date, a fairly overwhelming, strong response to date, a fairly overwhelming, strong response from the int

as a whole and when they don't add anything to the economy they take money out of the economy this book explains how the financial sector and real estate fire sector takes money out of the economy instead of putting it in and why were the rich are getting so much richer without producing anything and without hiring more labor right so what are the alternative economic models out there to the junk ones that you're calling out in the book or is it just a matter of cleaning up what we have and stop stop using phony baloney language. well believe it or not the classical economics of adam smith john stuart mill. thorstein veblen all in the nineteenth century they had a very clear idea of how to run an economy you want to provide you want to manufacture more you want to protect the environment which they did discuss but you don't want people to get a free lunch but today's economy is all about getting a free lunch and it's about really making capital gains rich people don't make a profit that's leona helmsley principle only the poor people pay taxes rich people make capital gains trumps give

and what does this do for apple's economy if you will because it has this whole kind of ecosystem and economy that is very much individual and to apple doesn't you know i think actually this entire range of devices is it has been extremely good for the entire aapl ecosystem probably the most important part of us is within the new update to i os you have a orcas and alternative reality. system and you have an ai chip built into the new i phone ten so these are key features which will help build which will enable apple to build an ai and smart home ecosystem that is very very powerful and very strong and most importantly very unique to apple no other set manufacturer at the moment has any ai capabilities built in and in particular none of them no the other big smartphone brands have the same sort of presence in other devices and the same strength across the home that apple can have that offical leverage to really build a very strong. entire platform based around these ai solutions should apple be concerned. about the pushback that it's continuing to get from the european union. i do thi

economy. -- how much they contribute to the kid economy. u.s.ly four hurricane harvey. republican leaders bowing to the demands of their most conservative members and will not combine legislation which would raise the u.s. debt ceiling. australia's central bank has held interest rates choosing to rely on lending curves. the rba has left rates unchanged since last august. concerns about weak wages and inflation. kenyans will vote in a fresh election on october 17 with the privatet and the former just former prime minister are the only two candidates. the chinese president has said downward risks and uncertainties to the global economy on the rise. leaders at a summit in china, xi also called for reforms in emerging economies. the latest private gauge of china's economy saw an uptick in august. the rating of 52.4 when up in the previous month. a reading of about 50 shows an sectoron, growth in the accelerated to a three-month high. global news, 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries. you can find more s

percent of the italian economy is estimated to be in the shadow economy still off the books will of course you're going to do it it's too darn hard take a look at ireland who suffered greatly during the financial crisis and look at how robust that economy is ireland ranks fifth for the ease of filing taxes and one of the great ways to grow an economy you make it easy to start a business italy ranks sixty third ireland ranks ten and there's an awful lot that can be done there when you look at the level of regulation and laws in italy it is so burdensome to get anything done here's a simple little example i go to a doctor i get a person i have to literally go and buy a stamp to put on the prescription before i can take it to a pharmacist and get the drugs in that kind of thing is everywhere you want to do anything you need a notary you need a stamp you need countless countless paperwork that just makes it so much harder the tougher action that makes it more costly for businesses to grow so we don't have very much time left about a minute for your answer but when it comes to being on the grou

i three of the five brics countries has this powerhouse of emerging economies run its course well here in sharm in china for the ninth annual bric summit the answer is a clear and definitive no now brics is made up of brazil russia india china and south africa the group is not bound by geography nor political ideology not even comparable stages in development but chinese president xi jinping who chaired this year summit believes this core group of countries can bring together its very resources markets and labor force to fully unleash the groups capabilities on the world stage. should. know the structure and situation of the world has experienced deep and complicated changes the cooperation of brics countries becomes more important against this backdrop together brics countries represent more than three billion people or more than forty percent of the world population two of its members india and china make up some of the world's fastest growing economies and while the five countries as a whole have contributed to about half of the globe's economic growth in the past decade but usherin

the economies around the world are in good shape. for the first time in over 10 years we have synchronized growth around the world where all the major economies except for the u.k. are growing. they are not overheating, they are just growing. so what do we see out of washington? we seed gridlock. but it's an interesting other side of the coin. we used to sit in business and think well unfortunately what's going to come out of washington will penalize business in this country. now we are hopeful what comes out of washington will help it and that will help the economy. everybody likes to think we are in this year 7 or 8 of this recovery, and i think they mistakenly think economic recoveries die of old age. what they die of is overheating. but we are not overheating. with good policy moves out of washington we can sustain this for a long time. maria: you see a tax policy lifting more boats fit materializes. glenn youngkin: we are right after the elect there was the so-called trump bump. and the markets ran in expectation of stronger cor

the economy is job one. part of a bigger strategy in this first year. there were four components in the strategy in the first year of. one was we had to get neil gorsuch confirmed to the supreme court and we had to roll back some of the onerous regulations that were stifling the light out of the free enterprise system. today over 800 regulations have been removed from our government with health care we are stille trying to -- and obamacare system that is hurting people. we had to reform our tax package so we could become competitive with the rest of the world and get our economy going again. job one this year was to get the economy going again. to some degree it's beginning to move. we are confident it's at a 16 year high. they see find the rhetoric in washington, talk about things they've been asking for for for 10 years and that is relief from some of the pressure the federal government has put on them that keeps us from being competitive with the rest of the world and mr. president i've been aroundy the w

economy. this is just under one hour. un. [laughter] -- [no audio] -- [applause] >> good evening. excited to be here with you all thank you for coming. and thank you for hosting this here in your facility. we have a set of questions that we have set up for rob and we will open up the floor and we will ask some questions. from a timing standpoint. economically we just head jackson hole and second quarter second-quarter gdp numbers working a little bit better. from a human and social perspective it's an unfortunate time our sympathies and prayers go with the folks in houston. i'm sure your comment about some of that later on. looks get straight get straight into it. we will talk about the u.s. economy and then we will go to global economy and the monetary policy let's start off with u.s. economy. what's outlook for the next three have in five years? >> our own forecast is that for the year 2017 the u.s. economy should grow approximately two and a quarter% not great by historical standards but ce

the internet economy almost $1 trillion and 7% of g.d.p. is growing faster and stronger than many other sectors, including construction, mining, utilities, agriculture, education, and entertainment. so, it is disturbing to me that chairman pai has made it clear that he wants to rewrite the rules that protect those businesses and create an artificial fast and slow lane, and if you want out of the slow larynx you better pay me more -- and if you want out of the slow lane, you better pay me more money. we can't do that for all the applications and small businesses continuing to work on growing our commitment of we need to make sure that instead of shedding jobs in the u.s., as we did in the last economic downturn, that we can creating jobs and power for consumers. we have seen what has been termed the app economy, which consists of everybody who makes money as a job thanks to a mobile app, that was also powered by the internet. today 1.7 million americans have jobs because of that economy. nearly 29,000 of them are in the state of washington.

>> i think the obama economy was a failure. i think that what we're seeing with-- first of all, when trump was elected we saw consumer confidence, business confidence, investment increasing. every project that people were thinking about for eight years under the obama economy, we can do it because we believe a businessman president won't vilify us. i think what we're seeing with the tax reforms and tax cuts is that the economy is going into overdrive because it's already starting to boom. and this will just push things further. liz: we do remind people, the economy is not the same as the stock market. the stock market at triple digit percentages from obama and has done extraordinary northwest airlines well under trump, but we need to remember it's not the same thing. puerto rico in dire need of help, and private companies are answering the call. the uplifting news you may not be hearing on other channels, but you will here. and that's next. g new cars. you're smart. you already knew that. but it's also great for finding the per

in a world of low oil prices, it has to reform its economy. it has modernise its economy.n in, and making them economically active agents within the economy is on is the essential part of that. it is fantastic. and as you say, it is changing quickly. some have been campaigning since 1990 on this issue, so it could not come soon enough for them, could it? issue, so it could not come soon enoughforthem, could it? it issue, so it could not come soon enough for them, could it? it is interesting, isn't it, how these changes come into effect, and then it is momentum? itjust snowballs, does that? that is it. once you get a chink, it opens up very quickly. but i think this is so interesting because it is a fascinating social story. obviously, it is absurd that they are the one country in the world we re they are the one country in the world were women are kept back in so many different ways, but it is a really interesting economic story as well, at the same time. keeping a close eye, that is for sure. they have set some goals that some would say would be unrealistic, like not bein

i mean the least that is some of the yes a lot of the economy still get. mangal not going to be a little d.c. only i. don't believe that you'll blow up if he's going to dog me. down you could have. their dinner say they. said to new york city's welcome by the people. who are all good people to see what you are doing a choice. he did believe the plumbers i mean. the school pretty clearly going to me about they. don't mean it can be beautiful going. on when. i want to live. but is it true that the national debt is a problem. you know make a move to throw them at you not to get the money is that you need to mention is that you don't have those already known yet they were in that period that impressive out of phase with the. problem or that. they sold the carry out the the mood of the immediate. with the would go america. course. put a sovereign currency is a currency that is under the control of its issuer so there is an important relationship that exists in any sovereign country that has a sovereign currency the relationship is that the government collects t

that's barely half of the growth needed for a healthy economy. or for what we have seen historically in this country going back to the end of world war ii. and while things have been looking up a little bit lately, we still have a long ways to go to get back on the right track. things need to get better and they need to get better faster and we want things to get better for the long term. during the obama administration there were periods of economic growth but quickly followed by weak periods. that's not good enough. we need to put our economy on a strong, healthy footing for the long term. so what does the tax code have to do with all of this, mr. president? how is it discouraging wage growth, job growth and economic growth? well, mr. president, i want to talk about three big ways that it's discouraging growth. to start with, tax rates on businesses large and small are too high. our nation has the highest corporate tax rate in the industrialized world. at least ten percentage points hiernt -- higher than competitors. tax ranges can range up to

economy and global economy, so with the two-way volatility that authorities want to implement.t now we are in depreciation phase, but next year, we think the chinese economy will pick up more and that will make the yuan stronger next year. david: is that what the market is not seeing? forex is closer to 6.90. you are thinking 6.30 next year. what is the market missing here after mar? >> the thing is about control. the bond market is opening up. the equity market is opening up. in order to attract foreign flows, you would like to see a strengthening currency. the second thing is trying to open up the capital accounts again. a open things up, you need stable or strengthening currency, and that allows you to liberalize. will be that next year. that's why we see cny at 6.30 by the end of next year. david: thank you for coming on the show. up, a i could help cure diseases and prevent natural disasters. that is the view of softbank ceo. that is next. this is bloomberg. ♪ ♪ david: this is "bloomberg markets: asia." we are getting a few lines coming out, waiting for this announcement.

when we talk about the economy, we should start to think about the two economies. to deal with that other economy. there is technology that is wonderful, but at the same time, it is replacing people. when we deal with algorithmic decision-making, and when we deal of that process, we can expect that that is going to increase the wealth gap, and it is going to increase that. so the biggest economic, social, and political issue of our time is that split and how to deal with it. charlie: how can our society survive if it doesn't do something about that split? >> i believe that's right. charlie: that is the question. >> that's the question. ♪ xxx >> i'm in washington and you're watching "bloomberg technology." let's start with a check of your first word news. white house press secretary sarah sanders says president trump's remarks and tweet last week were not a declaration of war. north korea's foreign minister made the claim today after trump warned the u.s. would destroy the country if forced to defend itself or its allies. the minister said pyongyang has the right to

. >> so both within the economy has been a critical part of u.s. assistance over 12 years. that was put into the budgetrs. to fund other activities to direct loan pledges support that basically has two basic budgets and those that have been in some of theubte afghanistan budget and the house conference will continue those said they think there hasn't been any major announcement that will pull back from the. and one of the closest advisers is a strong support one of the largest organization supporting women globally but that was a big focus i know she has a big voice to maintain the support long-term. so with the united states went in the southern primary focus on the implementation whether midwives are othersmen. have been implementing the vaccination and programs all over afghanistan now the death rate is down record numbers. women have done that. so sulfone penetration is a large portion have so phones.to to get the call from the midwife to do vaccinationsth and health checkups and have children there as opposed to before to go for or fibers six

but for now it is the report with a look at the recent to molt in india's economy plus what is next for gold stay with us. much faster this is the kaiser a fourth countries around the world are struggling to get a grip on the twenty first century things are happening climate change massive storms. let's check in with stacy and find what she has to say stacy what do you have to say yes you know governments just don't know how to deal with this global i citizen and the people around the world who have some sort of sovereignty they want to do monetize they want to ban crypto ban big coin but right now there's kind of a game theory going on with crypto because no nation seems willing to completely ban it because they want to maybe they don't want another nation to get a first mover advantage so that's kind of interesting to watch china has a few times like we were last year they said the exchanges weren't allowed to have the off ramp into the banking system and that caused the crash and then it's kind of stabilized and they never did anything with that then they clamp down on these i c o o'