income inequality in the united states continues to surge a study published by the economic policy institute found that income inequality cross america grew fastest between two thousand and nine and twenty fifteen the latest year with recorded data by the i.r.s. sarah montas to oka has more. the rich are getting richer and the poor are getting poorer at least that's the case across america today the economic policy institute found that rising inequality is not just a problem major cities but a trend that has been rising for decades across all fifty states america hasn't seen this level of income inequality since one nine hundred twenty eight just after world war one following the great depression one income for both the lower and upper class through at the same pace the study examine the income of families across the u.s. affecting both the middle and lower classes the top five were states when it comes to income inequality for new york at number one followed by florida connecticut. nevada and wyoming this means the one percent have exceeded one nine hundred twenty eight twenty three point n

income inequality in the united states continues to surge a study published by the economic policy institute found that income inequality cross america grew fastest between two thousand and nine and twenty fifteen the latest year with recorded data by the i.r.s. sarah monta oka has more. the rich are getting richer and the poor are getting for at least that's the case across america today the economic policy institute found that rising inequality is not just a problem major cities but a trend that has been rising for decades across all fifty states america hasn't seen this level of income inequality since one nine hundred twenty eight just after world war one following the great depression one income for both the lower and upper class through at the same pace the study examine the income of families across the u.s. affecting both the middle and lower classes the top five were states when it comes to income inequality for new york at number one followed by florida connecticut. nevada and wyoming this means the one percent have exceeded one nine hundred twenty eight twenty three point nine per

bernie made off model in america versus you know eisenhower in russia this is the russian economic policy institute run time is eisenhower you know that actually if you can learn from disaster so they went through a disaster genuine disaster in ninety eight russia did and they learned from that so we went through a disaster here as well during the dot com crash and the two thousand and seven eight nine crash we could have learned a lesson what we we haven't however we just bailed out everybody and we didn't learn the hard lessons because they made it you know the central banks basically made the system not take its medicine like. if you talk to any russians that ninety eight was a brutal brutal situation and they don't want to ever repeat that here people feel like well what was so bad about it like we can repeat the crisis because it wasn't so bad and we got free money exactly right if you can tell there is no such thing as can fall sizzle if you can't have losers in a capitalist society that you don't you have some kind of socialist quagmire like venezuela which is like the us now anyway we've go

an economic policy institute study shows, more than one- in four black households have zero or negativet worth, compared to less than one- in -ten white families. (ken) washington correspondent morgan wright tells us the maryland congressional delegation is examining ways to close the racial wealth gap in that state and beyond. studies show a significant wealth gap between african americans and white americans... and maryland senator ben cardin says this racial wealth gap is unacceptable... when we deny people their full economic opportunity their full ability to participate it's not only wrong for the individual but our community loses. senator cardin says low wage jobs are the number one factor... and he says federal government policy simply does not promote an equal opportunity in america we have well-intended programs but they're not accomplishing the objectives that they're aimed to do . we've developed policy in a universal lens - diane bell-mckoy with associated black charities not understanding that, that policy can in fact, unless you're precise can hurt black and brown people.

and heidi shierholz, senior economist and director of policy at the economic policy institute and former chief economist at the department of labor. so how we're going to run this panel this afternoon will be that each of the panelists will briefly introduce themselves, will briefly provide the initial framing of their perspective on these issues and then we have a number of questions which i posed at the beginning that we will discuss. so first, professor heinzerling. >> thanks so much. wonderful to see such a crowded room at lunchtime talking about regulation. so we've heard already from senator warren about deregulation and i guess my main message is an unsurprising one which is that the deregulatory impulse in this administration comes from the top down. as i'm sure you know, president trump has issued dozens of executive orders and presidential memoranda, many of these documents instruct agencies to reconsider existing regulations and to revoke them. these regulations aim to protect against a wide array of harms, including climate change and other environmental threats, financial cr

. >>> let's talk to the economic policy analyst at the american enterprise institute and cnbc contributor. what does it look like, jim, if the president comes out of this successfully what does the u.s. get what does russia get >> i'm not -- i'm not sure what this actually means because there's absolutely no agenda going into this. so we're sort of a do no harm situation. listen, something will come of this by no other means than you have two leaders sitting down who will take the measure of each other maybe that will go well for the united states. maybe it won't i think in the 1961 summit between president kennedy and crews chief, ended up not going well he saw kennedy as a weak leader. following that, you have the cuban missile crisis and the berlin wall. sometimes the meetings can go very badly, especially if they're not structured, which this one isn't. >> you have trump going in, feeling very confidentof his own negotiating skills his ability to make a deal he's been on the job for 1 months putin o -- 18 months, putin on the job for 18 years >> putin probably feels pretty confident.

joining us now to join the conversation, an economic policy analyst with the american enterprise institutemes, good to see you. listen, how do you square this, right? you guys are often the place that conservative administrations going to for guidance on this. whether it's the aei or the chamber of commerce or republicans on capitol hill, the white house is not sort of in step with anybody else in terms of conservative thinking on trade. >> well, i mean the president is not a conservative, he's a nationalist populist. he sort of rejects all sort of consensus economic thinking on trade, has done so for 40 years. he's very idiosyncratic. even though wall street and a lot of people in washington have been assuming that a lot of this trade talk from him that started in the campaign was just talk, maybe slowly they're beginning to take him both serious and literally, because the trade war continues to sort of escalate. in fact it really started back in january of 2017 when he pulled us out of the pacific trade deal and now it looks more and more real as the days go by and now real products are

the vice president of regulatory and economic policy at the american petroleum institute kyle, kyle,you. >> thanks for having me, neil. neil: the president can only do so much and i guess when the saudis says that they are open to producing $2 million more of oil a day, doesn't mean they will, doesn't same with the russians, doesn't mean they will, do you think they will and if they do will it change things? >> well, certainly saudis have made a commitment to balance the market as they have put it. if you look at opec from a larger scale, it's kind of a double-edged sword, you have some opec nations reducing their global output. if you look at specifically venezuela, nigeria,angola, commitments from kuwait and emirates to increase production with russia also committing to increase production, you kind of see that there's going to be a balance and there's anticipated that they'll be more overall production from the opec nations, the question is whether that's going to be able to balance out worldwide demand growth and right now, you know, in the last year, demand growth worldwide grew

economics. he now is a senior policy fellow at the brookings institution and he comes to us from washington. have you with us >> great to be here. it looks like this is going to happen. the chinese have said they will retaliate right away on an amount of imports. if it does happen, what comes next? >> i think we are now locked and loaded. if the u.s. tariffs will go into effect in china is committed to retaliating proportionally. they have a list of 106 products that they will remove on -- move on. these amounts are not very large. this is still a dark day for economists. we have seen freer and freer trade since world war ii and now we seem to be reversing that. this is a significant amount of protection. you asked the right question, what happens next? if it stops now it would be a minor irritant but the trump in ministration has indicated that in the face of chinese retaliation they will come up with another $200 billion last. to awill be subject smaller 10% tariff but that is very significant. there will have to be a 60 day comment. there seemed to be no plans for the two sides to negotia

to progress on trade and potential pitfalls with david westphal and our economic policy analyst at american enterprise institute. good to have you here. new phrase out of the administration no tariffs, no barriers, no subsidies. i first heard it from larry kudlow but president trump has used it now from steven mnuchkin how likely do you think it is that we can get a deal with the eu that has no tariffs, no barriers, and no subsidies >> zero barriers, zero subsidies, zero tariffs, zero chance that's not going to happen listen, europe was squeamish a lot of political turmoil about the previous failed free trade deal between the u.s. and europe for all these reasons. the existing subsidies have a lot of political support france will got give up its agricultural subsidies those will remain in place a lot of none tariff barriers that were a huge hindrance in previous deals such as health regulations. if that's the message going out to people to create some sort of libertarian perfect free trade zone people will be disappointed >> david, i'm astounded the love of agricultural subsidies not just in europe, but all ove

institute. listen to larry summers. >> this is the least well-conceived economic policy that the united states has pursued since the periodwhy even start these tariff wars? >> don't blame the administration. don't blame japan. don't blame europe. blame china. >> well, china is a trade cheat that breaks the rules and bends others, as i have often said. these are problems. but trump's tariffs are not the answers. in mid june, the united states announced tariffs on $50 billion worth of chinese imports. the overwhelming majority of them were on what's known as intermediate goods. in other words, parts for things like computers or cars or on machines used to build them. those are the kind of tariffs that will raise costs for manufacturers in the u.s. and the peterson institute found that those same tariffs would primarily target multinational companies operating in china, many of which are american, not chinese companies. the chinese europeans and canadians have all retaliated and their tariffs are much smarter. they target final products that will affect americans directly. kentucky bourbon, harley davidson motorcycles, all s

economics from the university of new orleans. dr. aswar is the senior professor of trade policy and professor of economics at cornell university. he is also a senior fellow at the brookings institution, where he holds the new century chair in international trade in economics and a research associate at the national bureau of economic research. he is a former head of the imf's china division. his extensive publication record includes articles of numerous collective volumes as well as top academic journals. he has co-authored and edited numerous books including on financial regulation and on china in india. finally, dr. alex pollack is distinguished senior fellow with the "r" street institute. welcome back to the industry, mr. pollack. providing thought and policy leadership on financial systems, cycles of booms and busts, financial crises, risk, and uncertainty. central banking and the politics of finance. alex joined "r" street in january of 2018, from the american enterprise institute where he was a resident fellow from 2004 to 2015. previously, he was president and ceo of the federal home loan bank of chicago, from 1991 to 2004. alex received his masters in philosophy from the uni

policies. >> guess what can hurt the economic growth? it's the tariffs that the president institutedhe fed noted that this week, something the president probably didn't like to see. thank you both. appreciate it . have a good weekend. >>> the nfl halting a new role to punish players for protesting in the neighal anthem. that's why pantene, the world's #1 conditioner brand, has conditioners for every hair type. from air-light foam for fine hair, to nourishing 3 minute miracle for thick and curly. and the moisture-infusing gold series collection. giving more women great hair days - every day. pantene. world's number one... conditioner brand. but if something happened to you... you need life insurance! and chances are selectquote can get it for you for under a dollar a day! selectquote found michael, 38, a $500,000 policy for under $23 a month. selectquote found anna, 37, a $750,000 policy for under $22 a month. selectquote's secret? they comparison shop select group of great companies like these for your best rate. give your family the security they need... at a price you can afford. s

poorest countries and those making continual progress towards economic policies that support free enterprise, and it will create lasting institutional linkages between the development finance corporation and other development agencies. . it's got strong support from the white house which made it important in the 2019 budget. in short, the build act represents a major opportunity for this congress and the executive branch to transform and modernize our nation's tools to support global development and increased opportunities for american entrepreneurs in these emerging markets. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves his time. the chair recognizes the gentleman from california, mr. sherman. mr. sherman: mr. speaker, i rise in support of h.r. 5150 and i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized for as much time as he wishes to use. h.r. 5150, the build act, which stands for better utilization of investments leading to development act, modernizes our international development finance system. t does so by consolidating the existing overseas priv

economic agenda. one way to do this is extending pell grant's to cover programs like the pathways i mentioned. it is a shift that progressive policy institute says "could dramatically expand access to valuable occupational training opportunities, especially for workers with fewer financial resources." instead of developing a new program, we can reform the pell grant program to provide affordability and access. without taking existing funds away from current uses. democrats on the education and workforce committee have a bill called "aim higher," it would allow these grants to be used for training programs that achieve certifications, not only four-year degrees. there have been proposals to allow incarcerated and formerly incarcerated individuals to axis pell grant's has a way to get their careers on track after serving their time, making sure they are positive participants in our economy and not negative. make it in america envisions an economy where graduates and workers are able to access new skills and build on what they already know, whether at the start of their careers, in the middle, or in the latter part of their careers. that is ho

economically. but that doesn't mean anything. it means they are competitors. ed: joining me live is a foreign policy fellow at the brookings institutionshington. thanks for joining us. >> a pleasure. ed: let's dispense with this question about nato. the president's critics have been saying that some of his verbal barbs that germans and others was an attempt to split nato because that's something vladimir putin wants, to see a weak nato. the president tweeted no, we have never been stronger. i'm not trying to split the alliance. but he has tough words for the e.u. where do you come down on what he's really doing here? >> there are both sides to this issue. on the one hand all of the media coverage focused on the president's hard line on the european allies defense spending. most european allies are not hitting the 2% park but they plan top hit it by 2024. but nato accomplished a lot of things. they recommitted to article 5. they committed to opening two new structures that will have an eye toward russia and try to deter russian aggression. on the e.u., i think the president sees the e.u. in transactional terms. he sees them as a trade

wilson, who was mostly progressive in economic policy and to a certain extent in international relations, is really retrogressive when it comes to race. he institutes segregation in washington dc. he fired all black federal government officers because he did not want any black people in the federal government. he establishes the league of nations. or helps to establish it, even though that's voted down by the u.s. congress. but he has this idea of national self-determination for everyone. and the moment people said, does this apply to asia and africa, he said of course not. i meant only europeans. so when it comes to race, he's extremely retrogressive. but that is how pernicious the dunning school was. it was in the white house, in hollywood, everywhere. that was the picture of reconstruction that was dominant. there is one dissenting voice, the famous black intellectual historian activist, one of the founders of the naacp, dubois. he wrote a book. it was called "black reconstruction in america." the title show shoe he wanted to censor the role of african america in the drama about reconstruction. read the subtitle. an essay on the part in which bl

economic policy despite his focus on social programs and programs for the poor being truly radical. yes, this is somebody who -- i think the biggest fear is will he govern as a democrat committed to the institutions of government. there were some comments he made like i alone can do these things. >> i think there are certain signals to watch for. i think that civil society and independent groups in mexico will need to be very vigilant, although he's occasionally dismissed those groups. some of the things to look for is, does he move forward with mexico's plan, which was passed by congress and is over a year overdue. so a point that independent attorney general that will outlive his tenure. because it is only one six-year term. will he continue and he spoke little about this in the campaign with rather extensive judicial reform to move towards an oral adversarial system such that we have in the united states, which is critical to implement the rule of law in mexico that will undergird everything they do in security and economics. there are early signs that i think people can look for to see whether he's consolidating power or does he make changes on the supreme court that looked like consolidation

economic institutions already? >> did you read my book already? yes, indeed. countries like france had a long tradition of politically impartial civil service that implemented policy that was produced by democratically elected governments. that machine which of course had to be revived after the second world war but the traditions were there. in many cases the people were still there and the public supported it. you didn't have that in iraq and afghanistan, which is another thing that was missing from the equation. thank you. >> about the spy network, and early 1950s my mother worked in state department in cia liaison, and i grew up hearing tales of how come from time to time, people were whisked out of the building in handcuffs, and the context of exposure of alger hess and whittaker chambers. so i was interested, first of all in terms of those people illicit activities before exposure. were they involved in any way in shaping the marshall plan? >> which people? like alger hiss. >> was yes, and whittaker chambers. i'm not clear on exactly what they did. and subsequent to their exposure, whether a part from mccarthyism in the more boots on the ground manner, did t

policies report to congress another priorities. the report highlights international financial institutions roles in encouraging global economic growthand financial stability, advancing security priorities, supporting the documents for u.s. business working to alleviate poverty. we are helping to better contribute to these objectives and will continue our efforts to increase the effectiveness. i would like to note that the international monetary funds periodic review quota will be concluded next year. every five years they review the financial resources and decide whether to increase them. at this time the united states finds the overall resources are adequate following the 2016 implementation following the quoting governments reform. i want to highlight the strength of the u.s. economy. we continue to implement the economic agenda focused on tax cuts, regulatory reform and trade. in six months since the tax cuts and jobs act, americans are seen faster gdp growth, more money in their paychecks and better career opportunities. unemployment numbers are historically low with an average of 200,000 jobs added each month. over 500 companie

institutions, world trade organization, nato, united nations, any number of groups. this is part of a larger strategy. from an economic perspective, this is a wildly incoherent economic policy. as we know from the 1930s, turned great depression into something even worse than it was, it could turn a robust global economy toward a recession. it has no point. there are spevecific areas of address with china we need to go after. >> self described lennonist. is this steve bannon's prediction? >> we got him off sirius xm but he's still in the white house, destroy the administrative state. just last night, the president issued an executive order changing the selection of judges. kavanaugh is another disciple of destroying the administrative state. nato, everything that exists, let's blow up the whole system. >> kavanaugh and steve bannon in the same camp? you look at george bush -- >> he may not be running around encouraging people to be racist, per se. kavanaugh is opposed to the administrative state. we've seen that in his rulings when it comes to regulatory issues, epa and what have you. so, yeah, he's part of that. >> this is the beginning of second quarter earnings season, su

go to tokyo, bloomberg economics and policy editor kathleen hays is standing by a very special guest indeed. kathleen: richard koo is chief economist at nomura research institute came up with the -- his book speaks directly to the kind of issues that central banks are trying to solve, and tells us whether or not succeeded. richard, welcome to the show. >> thank you. kathleen: we are actually showing you a picture of the book right now, it is a fascinating book. let us start with the boj, what they did yesterday, and what it means. then we can go into your basic thesis of why it not going to work. add someried to flexibility to its policies, this massive quantitative easing, negative interest rates. from theve been saying very beginning, before the boj even started this policy, that it has no reason to work. it has no reason to work because , for the kind of monetary policy to work, there have to be borrowers. and there are no borrowers, you bring rates down, nothing happens. but all the economics we have learned in universities, we assume that borrowers are always there. would always assumed that the private sector is maximizing profits. that is basically how

economically and politically, ceo matthew swift. nice to see you. >> good to see you. leland: this from the kato institute, they wrote trump is treating trade policye says, where the goal is to beat your opponent, step on his throat, and humiliate him. fair characterization? >> no, i don't think so. i think that this president is willing to do things that previous administrations have not done, to really think and understand about trade policy today and how historic a lot of these shifts in the negotiating process that the president is obviously started, he's using tools in the tool box that previous presidents haven't necessarily used. so i think that's an unfair characterization because i don't actually think that's what the president is doing. now, to somebody who is a huge advocate of free trade, i'm very much an advocate of free trade. i'm also an advocate of fair trade. i think that's what the president aims to do here. leland: it's what he says he aims to do in terms of givin gie getting a fair deal. he says we don't have fair trade deals. where is he willing to stop this? what is fair which is yet to be defined? >> i think that's a good po

institutions like the irs for example it appears the policy regarding those opportunities owns was changed at the behest of a well-connected republican donor so the administration put itself of picking economic favorites as a result of the tax file this was a donor who wanted accommodation and a got it when the state of vermont brought up a similar change there are reports the trumpet administration introduced a new untested tax form to make the experience of filing returns even more of a headache for even more americans especially senior citizens where the tax law passed most americans would not be able to file in the postcard contrary to what republican sponsors promised in the administration decided to go ahead and cram the same amount onto a smaller form anyway so that means the taxpayers will have to rifle through complicated new sets of instructions to catch multiple changes and in my view certainly it is likely to generate more errors and thehe new forms could be set up for failure in one last point me the vice president said the johnson amendment which bars 5o1c3 tax organizations, and i'm quoting the vice president of the united states will know along or be enforced under this admin

client and technology and heidi shoe hold senior economist and director of policy at the economic policy institute. and former chief economist at the department of labor. how we are going to run this panel will be that each of the panelists will briefly introduce themselves and briefly provide the initial training of their perspective on the issues and then we have a number of questions which i posed at the beginning that we will discuss. >> thank you. wonderful to be here. we were talking about regulations at lunchtime. we heard already from everyone about the regulation and the message is that in it is a deregulatory impulse in this illustration comes from the top down. as i'm sure you know, there are dozens of executive orders and print -- presidential memoranda. many of these documents instruct agencies to reconsider existing regulations and to revoke them. these regulations aim to protect against the wide array of harm against climate change and other imminent threats. airline safety, chemical actions, food safety, sexual assault, and more. in the orders and memoranda issued by president trum