judge: he had been beaten down by the pandemic i watched a member of the biden economic council buildtter is the answer to our inflation problem it is the worst it has been in 30 years and this guy gets on television for the economic council and says build back better will solve our problems when it comes to inflation are they stupid? >> no. stupid is as stupid does stupid at least you can make an excuse they know exactly what they are doing they are just trying to spin and i called them the woke administration. americans continue the pitch they cannot circle back but inflation is a good thing. for who? even billionaires are saying even elon musk says this is terrible. this administration has dropped the ball you are a stickler you take it from nobody let bygones be bygones not only affecting my communities and neighborhood ice people trying to decide to even bother with christmas presents because we cannot pay for a simple thing and for them to say build back better? even if that is ten years away you cannot add infrastructure with no workers or gasoline with a bulldozer to build any

are we going on of economic council? can't be allowed to happen. these people are seeking to do things a, i'm also a be observing slave race. i'm not asleep. i cannot support a goal. sufficient is a very good idea, but not, not in terms of defense of using cape john, the capital of the western cape. as great economic disparities often defined by race. critics say the chances of decision a low, many of you, the calls are sufficient by those living in the western cape has little merits and will go nowhere and that it lacks constitutional backing. but this isn't the 1st time they've been pulled from. groups of people for their own nation states was in south africa. and rather than being viewed as wishful thinking, it means they'd be an expression of anger against the governing african national congress retailer also is there a south africa u. k. has granted 23 licensees to french fishermen allowing them to operate in british waters. the announcement came off to the friday deadline passed for london to approve more licenses and resolve a long running p

>> white house national economic council director joined his secretary for a briefing at the white house and discussed the economic agenda, unemployment numbers and the supply chain. asked about the president's called to the ukrainian president. [inaudible conversations] hi,ro everyone. good afternoon. today we have joining us the director. i'm going to give brief opening remarks, take some questions then we will go from there. >> everybody. it's good to be here today. the enthusiasm. [laughter] i just want to spend a couple of minutes on providing context on where we are on the economic recovery. i will show you some charts that should be fun. the president will release the data earlier today saying the economic recovery has two components getting americans back to work and getting prices and supply chains back to normal so i want to provide a context on that. first today we learned the number of americans filing filled to its lowest level since 1969. and i will i think as i've done every time i've come to the podium, data one week we look at the averages and trends but if you look at t

council of economic advisors. i am joe mathieu. that was joe mathieu talking with cecilia rouse. you can hear him every day live at 5:00 eastern on bloomberg radio. he always has fantastic interviews. let's go to mark crumpton with the first word news. mark: welcome to the bnn bloomberg news audiences. a bill aimed at punishing china over its treatment of uighur muslims has passed in the senate and is headed to president biden's desk. it would require the homeland security department to create a list of entities that collaborate with the chinese government and the repression of the uighurs, a predominantly muslim ethnic minority, as well as other groups. the winds that hit the great plains hit with a category two hurricane. the national weather center reported costs reached in 90 miles per hour in parts of nebraska. the wind does not even include the intense gusts of the upper 20 deadly tornadoes reported across the region. the system was so ferocious, some forecasters suspect it may have been a derecho, thunderstorms that sweep la

that was brian deese, director of the national economic council on in d.c.ow are they going to position this if they try to push through more stimulus at a time when we are seeing the fastest pace of inflation in 30 years? it is going to be an interesting one. jonathan: futures up 15, advancing 0.3%. yields higher to 1.5128%. spoiler alert. i am going to give you warning, and once i say it, i'm going to give you two seconds to turn the volume down. "sex and the city." ok, let's go. kailey, they kill off mr. big, and they do it on a peloton. peloton clearly pretty unhappy about this. kailey: they says they weren't aware this was going to happen. this was a market moving kind of story. you are seeing peloton down the better part of 3%. and analyst at bmo market says it maybe won't affect sales, but peloton may be losing control of the narrative, which was one of its strongest points. jonathan: i love to analysts are writing about this. bmo saying, "although unlikely to affect sales, it does indicate peloton is losing a degree of its storytelling, perhaps its g

the white house's director of the economics council said the government is not too concerned with the year on year surge in cpi but adding how it is looking to ease the burden. >> prices are high and we are very focused on that issue we're focussed on the month-to-month movements because compared to a year ago, comparing to an economy that was in shutdown. in november we saw easing from the prior month. under the headline, half of that was driven by energy and cars. those are areas we've seen some easing in the weeks since, notably on energy we're seeing gas prices down a bit nationally, natural gas prices down 25% from november so that is something to take note of. but we here are very focused on what more we can do to try to address the price issues that americans are facing >> randall joins us now, former federal reserve governor nice to have you back with us. it's a number the market is trying to digest, the 6.8 level that we all thought would cross in that raunge, it did. is the market perhaps we're through the worst of it we'll see a falling of prices from here are you as concer

group of senior white house administration real officials including members of the national economic council behind the scenes with major newsrooms to try to reshape coverage of the president's economic agenda and coverage. but new "wall street journal" polling suggests the media is not to blame, as a president and his policies. 57% of americans say they somewhat or strongly disapprove of the job that president biden is doing in a monkey independent voters, 47% alone say they strongly disapprove of the president. kennedy, first to the rather shady meetings in the newsroom, the press was so bad, they are demanding the hunter treatment. quash the negative, lift up the positive and ignore the facts. >> kennedy: that's what you call propaganda and that's what you have in places like north korea and china where you have state run media. that's not how it should be in the country. and that's actually what i was hoping for, and after seeing all the anger and the skepticism during the trump presidency i was hoping that the press would continue to do that with this president. they have gone softer an

and despite his grim numbers, during a white house press briefing today, the national economic councilely continue into next year. but he deflected. >> we also believe that the strength of our economic recovery, the strength of the market, and the strength of wage increases and the steps that we have taken to try to provide some relief to american families position our economy and american households uniquely well to address what is a global issue around price increases. >> although many families in america may be wondering right now when exactly will that relief arrived? >> shannon: thank you so much. kevin corke is back. always a good holiday debate and the debate of all debates. on twitter, there is no middle ground. they love or they hate fruitcake. we have it here. and i love it. it came to already sliced. you tell us about fruitcake and i'm going to give it an honest try. >> i will give mina try after this. it's a debate that rages on. fruitcake. tasty treat or holiday or root? millions of them are made and sold each and every year, especially here in the u.s. and so we thought w

then there is this, jackie, the former director of the national economic council for president baracks, weighed in over the weekend on twitter, claiming antitrust enforcement to, can combat inflation. well that reflects science denial. so you can see the experts here say simply business is not to blame for this inflation. jackie? jackie: lydia hu, thank you so much for that. joining me for reaction, american action forum president douglas holtz-eakin. great to see you. as lydia points out in several industries, oil and gas, whether meat processing this is not an issue of ignorance of not understanding economics this is blame game to deflect away what the administration has done to cause inflation in these industries and point the finger at somebody else. when it comes to the meat processors, not corporate greed but higher gas prices, labor shortage, everything else goes along with running a meat processing plant. >> yeah. this is, this just does not hang together. it defies common sense. so the tools of antitrust are appropriate when firm establishes market dominance to raise prices h

today we'll ask the white house's top economic adviser because the national economic council districter, brian dees is here and only here. i'm neil cavuto, this is "your world." we have jacqui heinrich at the white house on what the president is saying about this and lydia hu in new jersey with how businesses are dealing with this. let's begin with jacqui. jacqui? >> hi, neil. you know what else happened in 1982? transportation secretary pete buttigieg was born. the president tried to highlight some bright spots today as the new report came out. highlighting areas where prices have come down on certain things, things like gas prices, natural gas, used cars. he tried to assure people that there's cause to be hopeful. >> i think you'll see a change sooner than -- quicker -- more rapidly than it will take than most people think. every other aspect of the economy is racing ahead. it's doing incredibly well. we've never had this kind of growth in 60 years. inflation is affecting people's lives. >> the president hit the same points that we've been hearing, that the u.s. is recovering faster t

larry summers was former treasury secretary under president clinton, former director of the economic council under president obama, a foerm world bank chief con nist and president of harvard university. mr. secretary, thank you so much for being back. were you prescient? is this what you saw coming? >> i did see inflation coming. i thought the combination of the large spending halfway to world war ii levels that we were doing in 2021 along with the fed having its foot completely on the accelerator along with all the cash people had built up because they couldn't spend during the worst of covid, i thought that was a perfect storm that would lead to very large demand that would be some problems. i didn't know exactly what they'd be on the supply side. so we were going to get a very inflationary situation and that's what we have -- that's what we now have, and it presents a variety of challenges, particularly for the fed. >> i know that when i have asked you previously how you have advised the president, you refuse that question and you say, i don't share the counsel that i offer the commander

joining me now is the white house director of the national economic council, brian, welcome back.ken with, they think we're a few months out. what's the president's prediction based on? >> we never put too much emphasis on any individual month's data, what i can tell you is that in november, the monthly reading for prices were high but it was a little bit down from the prior month, and about half of the increase in november was driven by energy and cars. and those are two sectors where we've seen thankfully some moderation in prices even since that data was out. gas prices are down nationally by close to $0.10. there's 20 states in the country where gas prices have already come down below their 20-year average, and the price of natural gas has come down 25% since november, so we're seeing some moderation on that front. from our perspective, the other thing the president said was that we are working hard wherever we can to make sure that we're eliminating bottlenecks in this economy to try to help goods move quicker and prices to come down faster. that's what this infrastructure bi

he was the treshry secretary for former president bill clinton and director of the national economic councilmmers, the child tax credit -- i mean, there -- there is lots of examples in this bill of things that are not going to last ten years, even though democrats are very open that they want them all to last ten years, right? but they -- they created the bill such that they did because that's what their pay-fors would pay for to only have a couple hundred billion dollar deficit. so the child tax credit that manchin brings up. that is in the bill for one year. nobody expects it to be a one-year thing. everybody expects it to get extended and extended and extended. manchin insists they need to be honest about the cost of it and put it in the timeframe they want to be transparent to the public. do you agree with manchin that the white house should be looking more, you know, frankly about the real costs here? >> look. i think everybody should understand if we want to have all the things in the bill, we are going to have to raise taxes again at the end of the year to extend the child tax credit.

former white house council of economic advisors chair thomas phillipson.ormer congressman jason chaffetz. "the hill"'s joe concha. arizona attorney general mark brnovich also joins us tonight. this new fight, should workers fired for being unvaccinated should they be denied jobless benefits? we'll dig into that big debate. this story, what do republicans plan to investigate if they win back control of congress in the midterms? we look at the variety of probes that could be coming including dr. fauci, afghanistan and the border. to crime in america, the debate over cities with historic homicides. they went left on crime and policing. now they're paying the price. it has gotten so bad in chicago, a 911 dispatcher's video goes viral. he is warning about a severe cop shortage. media hypocrisy, ignoring rising crime and the border crisis instead focus on the attacking the "let's go brandon" phone caller with the president. claiming this is insurrection. that the cia, fbi should investigate. the debate on media silence on physical threats made to trump and his f

up next, former white house council of economic advisors chair, he is thomas phillip son.he clock is sticking, the pressure is now on but biden's poll numbers are causing democrats to pass the rest of his costly agenda. we have the white house new aggressive media push. change the narrative in the media. call any negative headline fake. call it scoring of it, call the again today fake. we'll take it on next on "the evening edit." stay right there. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ experience the power of sanctuary heinco lnwi lwiist event t experience the power of sanctuary , - m , d ivd iv i'a. noportlenoalas, al - m - a i'm m , ol as o,ld o,myng wri notaso go so so i got as. ismywaionot s t as ieded t thinthg thssg missi memoremoremora saevene, hat s ns e.t thinthg thssg missi memoremoremora saevene, hat s ns (vo) t-mobile for business helps small business owners prosper during their most important time of year. when you switch to t-mobile and bring your own device, we'll pay off your phone up to $1000. you can keep your phone. keep your number. and get your employees connected on

national economic council director says it is still hard to assess how the new variant will change thingstake a listen. >> it is too early to know precisely the impact economically. we need to learn more about the transmissibility and severity of this variant. haidi: let's get more from our san francisco bureau chief. we're hearing messed mandates in the u.s. could extended until march and also the restrictions and measures coming through. there really is difficulty in making these measures when there is so much we don't know still. >> exactly. policymakers are trying the best they can to not spread panic and remind everybody it is still early days and we don't know about and really getting a clear message across that the best way to fight this is to get vaccinated and they are trained to get more people out to do that. shery: what is the message we are getting from different government agencies around the world, not to mention drugmakers, when it comes to the omicron variant? >> it is sort of mixed messages. we had markets fall after the moderna ceo said he expects he will need a new for

listen to what the president's white house economic council had to say earlier this month about how thisederal program, like the child tax credit, how those federal programs are improving the economy. [video clip] >> employment and our labor market are really important ways in which people can seek and find economic opportunity and prosperity, and the fact we are increasing the most for people in the bottom 40% of the income this tradition is something that has not happened in our economy in some time, and what it means is there are more job opportunities, and job opportunities with higher wages for people to move into, .1. .2 is -- point two if you look at the, 25% of the bottom 45% of households and you look at the increase in wages people have received and the benefits people have received because in the american rescue plan, for example, we passed the child tax credit that is not going to families on a monthly basis, we provide checks to people, and you look in the aggregate, household income with people on the lower end of the spectrum is higher today on a monthly basis, even when y

and now finally, rich, former director of the national economic council for barack obama, larry summersn twitter over the weekend. he is exclaiming that the antitrust enforcement can combat inflation and it reflects science and i'm pretty can see here come the experts are saying simply business is not to blame for this inflation. rich. >> rich: lidea in washington, d.c. lydia, thanks so much. gillian. >> gillian: west hollywood is going to ring in the new year with the highest minimum wage and nation. instead of $17.64, for locals and coworkers. so now some local companies there, who are already hurting from pandemic lockdowns say they simply cannot afford it. kelly o'grady from fox business joins us from west hollywood. hi, kelly. >> hi, gillian. yes. the high summation. it starts with hotel workers but it will trickle down into other categories as well paid over the next 18 months, more increases are planted by the end of that, it will be a 45% increase, versus where they are now. there are also mandating a month of time off. this is not just in southern california come across the nat

summers who served as the treasury secretary for president clinton and director of national economic councilunder president obama warned that injecting so much money into the demand side of the economy would lead to inflation. he was right. now the same lawmakers are gearing up to do it again. not only does build back better deal an unfair hand to the working families they claim to champion, giving a tax break to the wealthy and leaving other americans struggling to get by, it will stoke more inflation by pumping more money into the demand side of the economy. that's not what we should be doing now. ultimately the american people are going to have to look at this reconciliation package, this so-called build back better package, with its job-killing tax hikes, tax breaks for the wealthy and stimulus spending and judge whether it's the right thing for the economy right now as we grapple with high inflation and struggle to get out of this pandemic. it's certainly not the right thing. it's not in our national interest to be providing tax breaks for the wealth and burdening businesses with higher

. >> white house national economic council director joined his secretary for a briefing at the white house and discussed the economic agenda, unemployment numbers and the supply chain. asked about the president's called to the ukrainian president. [inaudible conversations]

joining us now, kevin hassett, the former chair of white house council of economic advisors. president and senator manchin are still talking but what is your reaction when you saw the media reaction. msnbc's hassan and "washington post" jennifer rubin claiming this could be the end of democracy. what do you say? >> no. this isn't the end of democracy. it is actually preserving democracy. if you think about it joe biden ran as a moderate. he was good ol' uncan joe and he was going to bring us together. he came in the white house, the first thing he did he pushed unbelievely huge stimulus bill. it got zero republican votes. he went up from there. and so what senator manchin has done, he is a person of character, he said now, wait a minute this is not what the voters voted for when they voted for you, sir. you're changing track. you're listening to aoc i will not support you. this is exactly how democracy works. if you want to pass bills through congress you need to reach out to moderates and put things in the bills that are attractive to them, you will get their votes. instead

guy: jared bernstein of the council of economic advisers going us from the white house.ery much, andy. what have got coming up for you? we are going to do what we have been talking about. we are going to take you to the port of l.a.. what can be done there to help fear of this inflation or pressure? ed ludlow is at the port of los angeles. we will hear from him next. this is bloomberg. ♪ ritika: coming up, mark manduca, the gxo cio. this is bloomberg. ♪ let's check in on the bloomberg first word news. it is a mixed decision from the u.s. supreme court on the texas ban on abortions after about six weeks of pregnancy. justice is refused to block the law immediately, but did let clinics and doctors pursue a lawsuit at a lower court. the case could end up back at the supreme court. some are saying the solution to solve the supply chain problems is on display at a nestle dissertation center in the u.k., the country's largest full hillman center using robots and automated cranes, and it employs only 1/3 as many workers as its predecessor. >> we are not talking about smashing u

joining us is glenn hubbard, colombia professor of economics and former chair of council of economicisors. you also have a book coming out called the wall and the bridge. i want your response, how you gauge this labor market in america. glenn: i think the labor market is improving and is in good shape. from a fed perspective the question is what about the participation rate? if everything else looks good, can monetary policy bring back the participation rate? i am skeptical. it is time for the fed to adjust. lisa: it is time for the fed to adjust is a message you have said before and you are not alone in this, especially with alexa bill dudley saying the same thing. at what point do we start to see it reflected in wages keeping up with prices? glenn: i think that will happen very soon. in some respects it is already happening. there are law a lot of -- there are a lot of supply problems in the economy, the fed cannot fix those. the fed has been focused on the word transitory. it has backed away from that definition. the key is to stop a wage spiral from happening. the pivot to taperi

i spoke a short time ago with jared bernstein, a member of president biden's council of economic advisersd bernstein, welcome back to the newshour. so, prices climbing at their fastest rate since 1982. how big a problem for the country is this? >> well, this is something that the president considers a real challenge to family budgets. even a moderate amount of inflation, he's mentioned, can be a challenge. however, we also have to recognize that we are in the midst of one of the strongest labor market recoveries on record. that's certainly helping to lift people's job opportunities and lift their paychecks. we're talking about unemployment claims that are down to a level we haven't seen since 1969. that's this falling unemployment rates, on record, six million jobs since we've gotten here. but at the same time, price pressures. you're absolutely right. and we are doing everything we can-- many more levers actually, that we're trying to pull, than i even envisioned. and i've been in this business a long time. fr the white house, having to do with-- with our work on the courts, having to do

host: the economic council director was asked by reporters about the concerns about inflation. here's what he had to say. >> the issue of increased prices hits people in very practical ways. no one likes to pay more at the gas pump. it can be tough. the message is employment and the labor market are important ways in which people can seek and find prosperity. the fact that wages are increasing the most for people in the bottom 40% is something that hasn't happened in some time. it's really positive. there are more job opportunities for people to move into. in terms of household income and their balance sheets, if you look at the bottom 25% of households, if you look at the increase in wages, we passed a child tax credit that is going to families on a monthly basis. we provided checks to people in their -- when you look in the aggregate, household income is actually higher today. even when you take into account increased inflation. host: let's see what some social media followers are saying about the high rate of inflation. here is one tweet that says: tweet that says: tweet tha

actually, he was treasury secretary for president clinton, chair of the economic council for president obama. respected economist. he, too, warned of this. so it's not just a partisan issue, not republicans and democrats. it's the reality. what's happening when you increase demand much more than supply can handle. you get inflation. so it's not a surprise that it happened. unfortunately his prediction came true. overheated economy, demand outstripping supply. we found ourselves in the spiral of rising prices. that was nine months ago. i think it's fair to say that the inflation that people said was transitory is going to stay here for a while. that's a real cause for concern. so why are we doing this? why are we again spending trillions of dollars and what is the cost? something that happened since we talked last week is the true cost of the build back better plan is now being revealed by this group on the outside from the university of pennsylvania, the warton school, by others, but now by the congressional budget itself. the congressional budget office is the nonpartisan group up her

host: the economic council director was asked by reporters about the concerns about inflation. here's what he had to say. >> the issue of increased prices hits people in very practical ways. no one likes to pay more at the gas pump. it can be tough. the message is employment and the labor market are important ways in which people can seek and find prosperity. the fact that wages are increasing the most for people in the bottom 40% is something that hasn't happened in some time. it's really positive. there are more job opportunities for people to move into. in terms of household income and their balance sheets, if you look at the bottom 25% of households, if you look at the increase in wages, we passed a child tax credit that is going to families on a monthly basis. we provided checks to people in their -- when you look in the aggregate, household income is actually higher today. even when you take into account increased inflation. host: let's see what some social media followers are saying about the high rate of inflation. here is one tweet that says: tweet that says: tweet tha

. >> we heard from janet yellen and economic council -- they're going to show inflation is indeed up.highway high it's going to be and what's your political danger posing for the white house. >> yes, they're higher and expectations are all over the place. we lost confidence in our able to predict precise number. it's 6.2% last month. everyone expects to be higher, high 6's. i don't want to say they're rearranging the chairs of the titanic. they're taking oil out of the petroleum reserve. it's basically to show the american people they are doing something. you guys talked about a great length on yesterday when you look at what americans are saying and feeling, inflation had become not the number one issue in the top group. you have high wage increase. inflation ticked away and a little bit. people actually on average worse off today in terms of their purchasing power than they were a year ago and that's going through obviously into the politics of it. inflation is not where you want to be. steve ratner, thank you both very much. still ahead on "morning joe," new information on the omic

listen to what the president's white house economic council had to say earlier this month about how thisederal program, like the child tax credit, how those federal programs are improving the economy. [video clip] >> employment and our labor market are really important ways in which people can seek and find economic opportunity and prosperity, and the fact we are increasing the most for people in the bottom 40% of the income this tradition is something that has not happened in our economy in some time, and what it means is there are more job opportunities, and job opportunities with higher wages for people to move into, .1. .2 is -- point two if you look at the, 25% of the bottom 45% of households and you look at the increase in wages people have received and the benefits people have received because in the american rescue plan, for example, we passed the child tax credit that is not going to families on a monthly basis, we provide checks to people, and you look in the aggregate, household income with people on the lower end of the spectrum is higher today on a monthly basis, even when y

council of economic advisers chair is here to discuss the economic impact. and mike santoli tracking all the market action. let's kick it off with you, meg, and this news this afternoon, which did send stocks lower. >> yeah, sara, so the cdc, the san francisco department of health all confirming the first case of on"options action" has been identified there in san francisco. tested positive on november 29th we just learned from a briefing from san francisco that the patient had been fully vaccinated with the moderna vaccine but had not had a booster dose the person had mild symptoms and san francisco's public health department says that person has recovered. they're doing contact tracing. we heard from the cdc that all contacts that were identified as close contacts have tested negative so, of course, the u.s. becomes just the latest country of more than 20 now around the world who have confirmed cases of the omicron variant. public health officials would not be surprised to see more potentially here in the united states as our surveillance has been ramping

. >>> council of economic advisers member jared bernstein gives us his economic outlook for the new yeares are down from last quarter, but we're hoping things will pick up by q3. yeah... uhhh... doug? [children laughing] sorry about that. umm...what...it's uhh... you alright? [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. get e*trade and start trading today. ("jingle bells") get e*trade ♪ (doors knocking and bells ringing to the music) ♪ - [announcer] this holiday season, give the gift of grubhub. >>> today's initial jobless claims report showing numbers close to the lowest level in 50 years. for the week ending december 25 jobless claims coming in at 198,000 compared to estimates of 205,000. that is good new just let's bring in president biden's council of economic advisers member jared bernstein jared, great to see the numbers come down for americans filing for unemployment claims and it makes sense doesn't it if companies ha

make a choice with the far left running his economic agenda, bernie sanders in charge of the senate budget committee and the economists who he put on his council of economic advisers who are very far left, who rejected the larry summers version of democrat economic theory that was put into place under president obama. they have decided they're going to take the country in a different direction. to them, their economic philosophy is the inflation costs that the country is going through right now, the ends justify the means to get to this idea of having more government social services to expand the social state in f.d.r.-like-style under president biden, they have to push for these economic policies. as you're seeing, the country is not buying that. the shakeup of the people advising him on the economy is what will save him if it's not too late. >> martha: one of the battles they're having between senator manchin and this bill is the child tax credit, which was added in as a measure during the worst parts of covid. manchin is saying, you know, that doesn't fit into this bill. we have to deal with that separately. here's john pierre talking about

let's bring in kevin hasson who served as chair of the white house council of economic advisers under donald trump. welcome. a year ago you called it. 7% inflation and here we are. i will give you a chance, do you see this persisting and where we do we go into thousand 22? >> you mentioned 6.8% but that's a backward looking number. inflation hadn't taken off of it right now inflation is north of 10% if you look at the last few months but when you think of what fed policy has been when you had inflation at that level, it was very precise, very aggressive, and even at times surprising. in 1979, paul volcker did the saturday night massacre. do you remember that that is where we are. he was sure and station would go higher. they are running a deficit of one.5% of gdp which is 0.one of what we have now and a poll, surprisingly interest rate which made markets realize this guy is serious. if we don't to do something like that, in the michigan survey that just came out, to a wage price spiral, all these wages that didn't keep up with inflation will go up and the firms will lift their prices,

this comes as they got an update to ease supply chain bottlenecks that lead to supplies the council of economics and now professor at harvard and brendan buck who was former an advisor for john boehner. the president says mission accomplished, saying the shelves are 90% full. that is anecdotal, probably spotty, and larger manufacturing goods that are harder to get. so there is still a supply chain problem, but perhaps a little easier than some feared. >> this is president biden focusing on a bright spot of the week acknowledging that there are way bigger problems to tackle, and saying it is not just limited to consumer goods that are arriving on time, delivered, shelves that were maybe not stocked are now maybe have been. that is something the white house felt they took action on. and politically they want to make it clear they felt that when this would be a probable probably want to take a problem. they want to talk about the fact that most americans are still feeling a pinch. and so the president did say that he wants to, of course, continue to work on that. that the job there is not finished

let's bring in kevin hassett, chairman of the white house council of economic advisors under presidentreport, 210,000 new jobs but on the other hand, who interest in the labor force and unemployment rate of 4.2%, where is the economy? >> basically fourth quarter changed on the outside it's visible on the report. the best single number is to go back to the september reserve meeting, they set 4% an appointment was about what i think is sustainable warm front and they and that meaning forecasted by the end of the year unemployment will be 4.8% it goes down to 4.2 so put an enormous amount of pressure on them to start acting. paul: the economy is pretty strong, who will have a really strong fourth-quarter probably despite omicron. let's talk about inflation, federal reserve chair, transitory climate, it took a long time. what you expect inflation to be in november at december? 6% on an annual basis? >> there's never been year for you kat to 6% as early as we did in that didn't go up from there so i would be shocked about the first time since the second world war if it didn't go up from the

this is cecilia rouse of the council of economic advisers and princeton on the present economy.ve the sterling josh wingrove with us as well. what kind of weekend is the president going to have? josh: he's going to be in delaware, and i guess they finally back burnerd= -- back burnered this build back better agenda. they hope to pass it in january. in the meantime, some things are going to expire, like that child tax credit. the last payment went out on the 15th of this month. they were hoping to avoid a gap, and it looks like there will be a gap. of course, senator manchin is the one who remains unconvinced. . him and 50 republican senators, i should say. bidens statement yesterday said he still thinks manchin supports the total dollar value. tom: for our international audience on a friday, we need the wind grove -- the wingrove translation of a man who will be 80 years old next november and your translation of what next for the president. is this an actual conversation going on? josh: it is a conversation they have been trying to tamp down. they said, for instance, vice presid

to talk about that and the other economic issues is heather boushey, member of the white house council a jobless claims but the continuing claims. a year and a half ago we were at 20 million. down to about 2 million. how close are we now to recoup most of what we lost from the pandemic with regard to jobs? heather: we have made enormous progress. we have seen the on a blended rate has come down, people are going back into the workforce, they have gotten their jobs back, and you see that in the numbers of people needing to claim unappointed benefits. this is good news, indicates that the trends we have been seeing all year, the job market getting back to where it needs to be, has been ongoing. let's remember, one year ago, before we pass the american rescue plan, we thought it would take years before we saw unemployment levels like we have today that are so low. this is ongoing good news for the labor market. paul: isn't your assumption or the assumption of the administration that the folks that left the workforce as part of the great resignation, that they are not coming back and let's

up next budget committee member jason smith and former council of economics chair thomas phillipson.overnment funding set to run out on friday, a debt ceiling approaching and a push to get the democrats costly build back better plan which still faces hurdles even from democrats. we look at it what it could mean for your wallet coming up. ♪ (man) still asleep. (woman vo) so, where to next? (vo) reflect on the past, celebrate the future. with the season of audi. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. vi trelegy for copd.e ♪ birds flyin' high ♪ ♪ you know how i feel ♪ (coughing) ♪ breeze driftin' on by ♪ ♪ you know how i feel ♪ copd may have gotten you here, but you decide what's next. start a new day with trelegy. ♪ ...feelin' good ♪ no once-daily copd medicine has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also he

for more on this report, i'm joined by a member of the white house council of economic advisers, heather, jim. >> these numbers are high, going back four decades, and they hurt people in the pocketbook when they go to the grocery, when they're buying presents for christmas. what is the administration doing today to blunt the impact of rising prices? >> well, this is an issue that's of course very important to the president and the administration. getting the economy back on track has been job one, and the president has always believed this was about making sure people had jobs as well as making sure people could afford the things that they need for their everyday lives. so, you know, what we saw this month was that inflation did tick up. it went up less than it did last month, but it was about what expectations were. and of course that creates hardships for families. but we also see some positive signs in the future. so you asked what the president has been doing. you know, one of the things he's been focused on is making sure that our supply chains, we get out the kinks in those so they

betsy stevenson is a labor economist who served on the council of economic advisers under president bidenigan. betsy, i've got to say, i think the supply chain stuff always struck me as not necessarily under the president's control that much, a, b, made a fair amount of sense. all of this has been so weird. i compared it to like when a parking lot lets out after a football game, right, and everyone wants to go and you sit there in the parking lot and it's frustrating but there's just too many people for the amount of space. but it also seems like whatever they've done, maybe it's the private sector, maybe it's government, it has gotten appreciably better. >> it's definitely getting a lot better. but, you know, it is some turbulent times. there were a lot of companies that made a bunch of stuff that they were expecting us to buy in 2020 and then we didn't end up buying it, right? so prices fell like crazy. we didn't all get together in thanksgiving of 2020 and we saw prices coming down because people could sell their stuff. then they thought, oh, i got burned in 2020, how much do i really

judy: jared bernstein with president biden's council of economic advisers, thank you very much.asure, judy. ♪ judy: today, president biden announced initiatives designed to bolster democracy around the world. election integrity, independent media, to fighting corruption. but the president and democracy advocates admit freedoms are eroding. and authoritarianism is rising. here's nick shipman. reporter: this week, president biden hosted leaders for a virtual summit for democracy. the president called safeguarding rights and freedoms in the face of authoritarianism the defining challenge of our time. >> government of the people, by the people, for the people, can at times be fragile, but also is inherently resilient. will we allow the backwards slide to continue unchecked? reporter: the nonprofit freedom house has tracked 15 consecutive years of decline in political rights and civil liberties worldwide. and of 146 countries, or than 2 million residents, only 39 are fully free. to discuss the summit and the decline of democracy, i'm joined by three experts. the senior director for l

institutions with ties to koch include alec, the american legislative exchange council, the american institute for economicarch, donors trust, the hoover institution, and hillsdale college. we are joined now by reporter walker bragman of the daily poster. he and alex kotch co-wrote the new investigation, which was produced by the daily poster in partnership with the center for media and democracy. lay, walker, what you found. >> thank you for having me. we found this vast, opaque, right when network of nonprofits has been ending promoting anti-lockdowns, into public health activism, research, and messaging. they employed the same model that was used during -- to create the tea party stop that model was laid out by jeff nesbitt, former communication official at the fda in a george h.w. bush's white house including an academic network to support it intellectually, policy networks in every state, grassroots alliance, a propaganda arm, and a national coordinator group to make it all run smoothly. our focus is primarily on the academic network. we also talked a little bit about the grassroots movement as well.

joining me now the former council on the economic advisers, austin golgsby. this good news for a minute? >> yeah, i'm kicking myself, because i filled my tank just a few days ago, it was $64 when i filled up my tank. i should have waited. >> this is definitely welcome news for people who have been hit really hard by energy costs. why are these prices dropping and do you think they'll last? >> well, a couple reasons. the biggest reason is the price of oil is dropping. the price of oil has dropped more than gas prices have dropped. so it's probably going to keep going, at least in the short run. some of that may be due to the announcements about the strategic petroleum reserve. a lot of that is due to opec and the other oil producing countries backing off. they were trying to restrict output, and that sort of fell apart a bit. and they announced that the -- in january they're going to increase production. i think all of those factors are feeding into this. but gas prices are highly variable. they go up, they go down. by next summer, they'll probably be up again

jason, theormer chair, former president obama's council of economic advisors and current economist calls this giveaway obscene. representative jared golden, a democrat from maine who voted against the so-called build back better act, said he was concerned about tax giveaways to millionaires. even senator bernie sanders came out in staunch opposition to these proposed changes for the salt cap. noticing a pattern here? consider who will be the people reaping these benefits. here's a hint. it's not hardworking american families. with the tax deduction cap at $80,000, the households with the highest income would be saving $$25,900 more than they do under the current law. the tax policy center found that this $80,000 cap would directly benefit the top 1% of households. middle and lower income households will be left behind. with only 5.4% of households earning more than $200,000 per year in north carolina, few people would receive this handout. higher income states such as california and new york and new jersey have historically benefited from salt cap deductions with north carolina being far

for the un, for un management and reform, lisa cardy to be representative to the un on economic and social council of the united states, laura hole laura holgate, representative to the iaea, and c.s. elliott kahn to. adam scheinman to be special representative for nuclear nonproliferation. i'm going to ask u.c. for all of these, because they are critical to our foreign policy and our national security, and i must say at the outset, i've appreciated the opportunity to dialogue with colleagues about a possible path forward, but as of rye now -- right now, we don't have one. so i'm seeking this unanimous consent. principal among the many nominees is my dear friend jack markell, and i'd like to turn to my colleague, also from the state of delaware, for a few minutes of remarks about this wonderful public servant we've both known for decades. mr. carper: madam president. the presiding officer: senior senator from the commonwealth of delaware. state, sorry. mr. carper: the first state. the first to ratify the constitution. the only state for the first week, if you can believe that. jack markell is one o

the council of economic advisers cecelia rose spoke with bloomberg about the pandemic's impact on inflatione. >> it has been our sense since the beginning that the inflation we are seeing is due to the mismatch of the pandemic. this pandemic was a catastrophic blow to our economy, to the worldwide economy. it generated supply disruptions because the supply disruptions because the supply chain was highly calibrated and any disruption was going to perturb that system. at the same time, the president was committed to assuring that the president had the funds to buy food, to pay their rent, to take care of their families, and that demand has outstripped the capacity of the supply chain. so it's always been our view that this inflation was tied to the pandemic. that's what we always thought of one we thought of the word transitory. i think a careful read of chair powell's statement is he did not change his characterization of inflation, which we get is part of supply and demand disruption, but as the economy needs itself back together, we expect those inflationary pressures to ease. >> you think