all three of those are working their way through the system simultaneously. >> jason furman, thanks forith us. senate democrats have reached an agreement on a landmark energy, climate and health care bill. the deal includes 370 billion dollars worth of tax incentives to encourage consumers and companies to switch to cleaner sources of energy. for more, i sat down with the u.s. energy secretary jennifer granholm and by gann -- began by asking about the new agreement. >> what does that mean if it goes through, for the ability to reduce pollution? >> we have got to significantly expand capacity to meet our goals. and to meet the president's goal of 100 percent clean electricity by 2035. it is going to give us the tools to see that deployment happen. that is so welcome and very exciting. it hasn't happened yet, we have to wait for it to pass both chambers. the fact that there has been a deal reached in principle is exciting. >> the u.s. has been lagging behind on climate action. could this turn around the u.s. position and make it a leader? >> completely. the president campaigned on being a

presidential data around energy security, and jason furman and d.c. mayor muriel bowser. ime-tillth preview this ek january 6 hearings w presenting evidence thursday. >>> plus, former fda commissioner dr. scott gottleib is back with us as monkeypox continues to spread and new covid variants prompt questions about what kind of booster works best. it's all just ahead on "face the nation." >>> good morning. welcome to "face the nation." we have a lot to get to today, but we begin with the new january 6th investigation developments. late friday the committee issued a subpoena for secret service records following the revelation that the agency had erased text messages from the day before and the day of the january 6th attack on the capitol. last tuesday's hearing detailed a chaotic white house meeting between the former president, white house counsel pat cipollone and a group of outsides advisors over a plot to seize ballot boxes and overturn the 2020 election. this week the panel will hold a primetime hearing on thursday we're going to walk down capit >> until he issued that

. >> i want to bring in nbc capitol hill correspondent ali viatali, jason furman served as chair of the economic advisers and is professor of economic policy at harvard. i don't know how much of this you were able to listen to, jason, but if you had to sort of break it down for folks to the basics of what is, as we said, a very complex economic argument that the white house is trying to make, what is it? >> it's a very complex economic situation. the economy is adding lots of jobs but gdp growth is negative and households are falling behind when it comes to inflation. the fed is raising rates at the fastest pace it has in decades. in some sense it doesn't matter as much what the white house says about the economy because people already know how it affects them. it matters what they do about the economy and this new legislation, the deal that was reached between manchin and schumer is the right thing to do for the economy right now. >> can what extent can it make a difference and how quickly, though, jason? >> it's the bigger factor is the fed when it comes to inflation, but this is the

jason furman, an economic advisor to the obama-biden administration said the same thing. the american rescue plan was definitely too big for the moment. i don't know any economist that was recommending something the size of what was done. but every democrat was. why don't we go to steve ratner, another obama-biden economist? what did he say? the american rescue plan was democrats' original sin when it comes to inflation. think of that. steve ratner, who worked in the obama-biden administration who tried to help them during an economic crisis, especially when it came to the automobile industry, says this is the original sin, the american rescue plan, that caused inflation. he didn't say it was putin's fault. he didn't say it was temporary. he didn't apologize afterwards because he warned you about it. treasury secretary yellen, i don't know how many calls she made to try to twist arms to get people to vote for it or how many times she went on tv telling the american public this was a good thing, this was going to put us on the right path. she admitted in may she missed the

we also will talk to jason furman, who is an economist and served during the obama administration to ask him what would make a difference right now. the white house is urging congress to pass a bill that would, for example, lower the cost of prescription drugs, but that's stuck. democrats don't agree with each other on how to structure that bill, so we want to talk about what would make an immediate difference in people's lives. >> you can watch "face the nation" sunday morning at 8:30 right here on kpix 5. >>> this weekend should be a fun one and music fans will head to stern grove for another unique lineup of performers. ♪ so it's experimental pop known as spelling. she incorporates nature into her work. >> i think my interest in staying in the bay area and living here is that you always have access to so much. the trees and eucalyptus groves, it's all readily available so it's part of the reason i've lived here so long. >> well, this is the perfect venue for her. she says performing at stern grove has been on her bucket list. she'll have an ensemble of eight musicians. also kat po

joining us now is former economic adviser to barack 0bama and professor at harvard university, jason furmanhave the president and the treasury secretary saying what recession?— treasury secretary saying what recession? ~ ., ., ~ recession? what do you think based on two quarters _ recession? what do you think based on two quarters of _ recession? what do you think based on two quarters of negative - recession? what do you think based | on two quarters of negative economic growth and still strong employment? look, recession is a technical term economists use in the united states, it's decided by a group of people at the national bureau of economic research. i wouldn't get too hung up on the semantics. the basic facts are the economy is adding a lot of jobs, but, and —— economic growth really is negative and appears to be getting worse all step that's a weird combination we don't normally see if. there is good news there and bad news therefore the american people. bad news therefore the american --eole. ~ . , ., , people. meanwhile, interest rates are auoin people. meanwhile, interest rates a

coming up on "balance of power," jason furman, former advisor to obama. bloomberg. ♪ jonathan: this market is poised for his biggest monthly gain since november, 2020 with futures positive this morning. the countdown to the open starts right now. ♪ >> everything you need to get set for the start of u.s. trading. this is bloomberg, the open, with jonathan ferro. ♪ jonathan: live from new york city, we begin with good

secretary of energy, jason furman, back again, barack obama's council of economic advisors chairman, his read on where this whole inflationary thing is going, and alaska governor, mike dunleavy, of course what he makes right now, of where we're going on energy, when he says that a lot of lands are being blocked off in his own state. so we can't take advantage of that and last but certainly not least, kirk lipow, the former us s cole commander the president in the neck of the woods that has a lot of violence one way or the other against the united states, and where are we going with that. all that coming up in the meantime, this working session, that the president has scheduled now with the crown prince, and of course there are going to be a couple other key folks as well let's get the read from jacqui heinrich in saudi arabia, hey, jacqui. reporter: hey, good afternoon to you. a couple really big significant moments just in the last half hour or so. president biden touched down here and begun this meeting with the saudi crown prince which you'll recall, he initially said he wasn't go

your former colleague in the obama administration jason furman calls it brutal, nothing good in it. nobody can suppose that inflation is under control. and in his statement, president biden dismissed it as out of date. if you don't think 9.1% is the inflation rate for the last month, what is it? >> well, first of all, let's be clear. the president himself said repeatedly after that report came out that inflation is una unacceptably high. remember, this is a president who grew up in a family where issues like the price of gas, price of food were kitchen table issues. has dispatched his team to do everything we can to ease praeshs. it is his top domestic economic priority. in terms of out of date, i think what the president meant there, since the report came out, the price of gas is down about 50 cents a gallon. that's about the fastest decline in about a decade. it's still way too elevated. let's make that clear. we have more work to do in that space, but it gives americans breathing room at the pump. some mentioned the president and the congress, democrats are lined up here to under

jason furman, president obama's top economist said it was going to create record inflation. and it has. you saw the numbers the other day. they continue to go up. so gene did the best job he could defending the indefensible. this inflationary spiral is the responsibility of this all-democratic government. as you suggested, now they want to make it worse by having another spending bill, which they argue is some version of bbb, which senator manchin shot down a year ago. they're discussing raising taxes, which coupled with the interest rates is that the fed is going to have to take up likely leads to a recession. so they want to tax us into a recession after spending us into inflation. >> martha: if you tax businesses and a lot of the tax as i understand it in this bill and tell me if i'm wrong a lot of these taxes, the entities that would be taxed include a lot of small businesses. so once you raise taxes on small businesses, the thing that they're going to likely respond by doing is not employing more people, right? they're going to pull in their -- pull it in and say we're

if you're looking for any good news in today's consumer price index report, well, jason furman, a former obama white house top economic adviser t tweeted, there is absolutely nothing good in this cp ireport. let's get straight to rahel solomon. we just went through a few areas where prices have soared. gas, groceries, housing. what other ways is this affecting americans. >> it was an eye-popping figure, much more hot than a lot of economists were expecting. you don't have to look far to see all of the ways inflation is impacting americans from energy prices, higher by more than 41% compared to a year ago, household cleaning products, more than 11%, apparel and prescription drugs, when you head to the grocery store, you can't miss it there either. on average, food prices are 4.1% higher. and take a look under the hood of that and you can see cereal and bread, higher by almost 14%. dairy, 13.5%. and eggs a shocking 33%. so it is inescapable in the report. it was an ugly report, a very hard to find any silver linings here. and even though this expectation and even though this report was hig

when i'm holding boards with quotes from jason furman, something's wrong in the world. the decline in real average hourly earnings at this point is terrible. the fastest pace of decline in 40 years. what is jason furman saying? he's basically saying, people are getting poor every single day. the democrats have owned this place for 16 months? you got 16-month functionally of people being poor every single day. what does that mean? you have republican afterble, you notice the democrats almost never want to talk about what they set off, and we bring boards like this and we say, hey, do you realize your eggs are 33% more expensive? nondurable goods, if you take the whole category, there was a number a couple days ago, the inflation number, that was almost in the 30's of nondurable goods for that monthly snapshot. but i need you to think much more grand and understand what inflation. inflation is a lot more than you are paying 21% more for your butter. i need you to understand what inflation means to you, your family, survival. and the cruelty of this place not giving a damn

some democrats like larry summers and jason furman, honest democrat economists, have also.but the point is, we have to come the point is we have to come up with no new spending at all, period. that's why i've been so emphatic about this .that's why i have concerns about raising marginal tax rates and economic growth effects, we just can't keep doing this . it's a matter of common sense. let me put it to you that way. i know i'm arepublican . i know i'm a reagan guy, a trunk guide, supply side. i get that. i'm not masquerading as anything else but i want to say i think what you're seeing in the polls, in the run-up to the midterms a matter of common sense. people do not want to go out this far to the left on everything. whether it's government i spending or ending fossil fuels or taking parents out of the classroom or the open border. oror the foreign policy in afghanistan. i'm not a campaign commercial, i'm just saying what you have here is an administration that has departed from traditional democrat concerns. this is why i love joe manchin so much. i acknowledge as a form

by the way, not alone, democrats like larry summers and jason furman have also but the point is. we have to come up with no new spending at all. that's separate of my concerns of raising marginal tax rates and the negative incentive in the economic growth. we can't keep doing this read it's a matter of common sense. let me put it to you that way. i know i'm a republican i know i'm a reagan and the trump guy and i'm a conservative on the supply side. i'm not masqueraded with anything else but i just want to say i think what you are seeing in the polls in the run-up to the midterms a matter of common sense people do not want to go out this far to the left whether it's government spending or ending fossil fuels were taken parens out of the classrooms or the open border or the foreign policy. it's not a campaign commercial, i'm just saying what you have here isis administration that is departed from traditional democrats concerned. this is why i love joe manchin so much. by the way i speak as a former democrat. many years ago i acknowledge it was 45 or 50 years ago. i work for ronald

president obama the office of management and budget, they took the cost benefit analysis seriously, jason furmant cost benefit analysis which i didn't super agree with, careful about their climate plans. by taking that away, you speed up the regulation process. what i would do if i were advising president biden, we need to bring the cost benefit analysis back, president obama's team used it well to get agencies out of control and the agencies are really out of control. neil: almost any costly undertaking or investment they try to spell it out and examine it and go into the weeds. sometimes their predictions don't pan out, at least they do it. i don't know, not a bad idea. great catching up with you. thank you very much. >> good to see you. neil: a lot more coming up, flatter putin in toronto, what could we have to worry about? after this. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started tod

that was top liberal economist jason furman last month, and he was right on both counts. democrats' reckless inflationary spending has already slapped what amounts to a jie gaptic tan working american families. one recent poll found more than 90% of americans are concerned about inflation. 70% said they're very concerned. consumer confidence was at a near decade low. and less than one in three americans approve of what president biden's doing about it. but apparently, when washington democrats survey this dismal scene they see a mandate for yet another massive trillion-dollar tax hike. i'm not making this up. democrats created a runaway inflationary tax hike with their reckless spending last year, 2021, and now they want to come after the american people a second time with a huge, new tax hike. in other words, democrats have already picked the american people's pocket once, and now their solution is to pick your pockets a second time. first with inflation. and now with tax hikes. the policies that are being floated are ruinous. the worst possible mix to thrust onto a coun

jason furman he served as counsel of economic advisers under president obama and now with harvard's schooly under george w. bush and a professor at georgetown university where do you come down, jason? it's a very positive report, yet the market looks like it's got a little indigestion from being too positive how do we take it? >> look, i think this job report was, length. it's continued steady job growth there's no sign of recession in the labor day at that. the labor day at that aren't going to tell you whether you're going to have a recession. the most important is the wage data 4.2% annualized in the last three months that's way down from what wage growth was last year that's much less inflationary than what we've been sieg. the pr seeing. almost all the other numbers outside the numbers show a slowing economy. this shows a comply proceeding fine with mod rerating inflatio. which set of numbers are correct? i don't know >> do you know, nada >> i wish i did. i think at this point, there's no need to think about when we're in a recession now or not. the question is whether the fed can gai

jason furman telling the new york times, "my guess is that the negative views about inflation are sohem." um, looking a little further out, steve, perhaps november, what's your prediction? >> well, inflation makes it sound like people are kind of crazy thinking inflation is embedded in when even if gas prices come down you're still paying 80% more than you did a year ago. oh, those poor people, but the fact of the matter is, people can see reality very clearly. they know this administration hasn't a clue. they want higher taxes, they still want to wage war war against oil & gas, even though natural gas has now been declared by the europeans who are very clean as a clean fuel. hello, white house, get up-to-date, but so yes. inflation is going to be around us for a while both the monetary kind and non-monetary kind. ashley: very quickly, steve. the president comes back from his mid-east trip basically with absolutely nothing very strange kind of visit with saudi arabia and conflicting reports of what was said and what was not said, but i think it really shows a lack of leadership from

jason furman, an economic advisor to the obama-biden administration said the same thing. the american rescue plan was definitely too big for the moment. i don't know any economist that was recommending something the size of what was done. but every democrat was. why don't we go to steve ratner, another obama-biden economist? what did he say? the american rescue plan was democrats' original sin when it comes to inflation. think of that. steve ratner, who worked in the obama-biden administration who tried to help them during an economic crisis, especially when it came to the automobile industry, says this is the original sin, the american rescue plan, that caused inflation. he didn't say it was putin's fault. he didn't say it was temporary. he didn't apologize afterwards because he warned you about it. treasury secretary yellen, i don't know how many calls she made to try to twist arms to get people to vote for it or how many times she went on tv telling the american public this was a good thing, this was going to put us on the right path. she admitted in may she missed the