employers hired the smallest number of people in eight months sus the cord to the latest bureau of labor statistics and our very own a new york resident has once again hit the streets of the because this time finding out if it's worth paying for an education when there are no jobs at the end of the . with today's tough job market if they're worth spending hundreds of thousands of dollars for college education this week let's talk about that how much does college cost in poland college for free. any this paid for it costs hundreds of thousands of dollars so probably it's a problem. i get caught and young people from all over the world are bought off on it and it needs to stop now i'm not going to say that the government needs to pay for it but i think young people need to wake up and look around them and say you know it's not an accident that bill gates was so self taught maybe if kids took two or three years before they went to school and had a little life experience and then had some purpose to their study might make more sense. but he still be worth hundreds of thousands of dollars even at that p

in in billions and here's the workers share of the national income this is from us bureau of labor statistics noticed something interesting here that happens in two thousand and seven. right there and of course right after the bush tax cuts back in two thousand and four so all those profits the corporate america in particular wall street is collecting they are trickling down to the rest of us but then again why would they just as reagan said it would happen. frankly brady law there is no trickle down theory and trickle down economics just produces a nation of peons. why should we have expected the very same banks toure's who had no problem were paid off millions of homeowners repeat off counties ripping off states refute off entire countries why should we have expected those banks to pull money out of their treasure chest out of their pockets and helped us like we helped them. this is what a wall street dominated america looks like a pay a place where a handful of wall street executives take on billions of dollars of jefferson county goes bankrupt. as the big picture for tonight for more info

hired the smallest number of people in eight months and that's according to the latest bureau of labor statistics and with the u.s. still tightly kras by the crisis there is increasing speculation washington will have to raise the debt ceiling but economist peter believes that will only make a bad situation worse but we have to do is stop borrowing all this money you mentioned earlier that one of the problems is that we haven't raised the debt ceiling that's one of the only good things out there that debt ceiling is still there unfortunately they're going to raise it we're going to go deeper into debt which means bigger problems and this is not you know the economists are describing this is the soft it's not it's quicksand and the economists who does this stop at these are the same people who wanted two thousand and seven so the u.s. economy had never been in better shape they didn't see this crisis coming right never understood the probably us economy and they still don't understand them they think that government stimulus making problems better it is you know allow the problems to get worse and

according to the bureau of labor statistics in january of 2007, the month the democrats took over congress, unemployment was at 4.6%. mr. speaker, let me repeat that. according to the bureau of labor statistics, in january of 2007, the month the democrats took over congress, with a republican president, unemployment was at 4.6%. that number has nearly doubled under the eyes of the liberal democrats and the obama administration. last year, the democrats failed to pass a budget or any appropriations bill. there has been a complete lack of leadership on their side of the aisle and at the white house. while it got very little publicity from the lame stream media, the senate overwhelmingly rejected president obama's budget proposal on a unanimous vote of 97-0. unanimous opposition to the president's budget and nothing said about it in the press? the republican house budget that we sent to the senate fared much better than the president's budget. again, mr. speaker, we've seen nothing but a lack of leadership from the administration and the liberal democrats in congress. the bottom line is that

data from the bureau of labor statistics shows that, from may through july, employment for teens was down more than 17% from 2009. but this year, outplacement firm challenger, gray and christmas says the hiring climate is looking up. ceo john challenger. >> teens should be more optimistic that last year was at the bottom and we're coming out of that now this summer. >> reporter: for the many still hoping to land position, it is not too late. a lot of teen jobs are filled right on the spot and challenger says nothing beats actually walking into a business, introducing yourself to the manage are and asking about job opportunities. >> go to places, meet the boss, tell them or her that you are reliable, you'll be on time, that you get along well with others, that you want the job. >> >> reporter: searching for jobs where others are not and looking for odd jobs at off hours should give you an advantage. >> working outside in jobs of heavy labor, being open to working at odd hours, telling the company that you will come in maybe to replace someone who is on vacation to get your foot in the

the bureau of labor statistics just last month released statistics which show that black employment is higher, black employment rather is lower than it has been since they have been kept. we are seeing a situation where in the economic sense african-americans have been hard hit by this current downturn in the recession, and we are also as the questioner in the case over the last 35 to 40 years see a huge uptick in the number of african-americans that have been cursory that and having to deal with a criminal justice system such that its current trends continue roughly one-third of african-american males. >> the studies that i site don't give any kind of objective assessment of whether things are getting better or not. they talk about people's attitudes and take on one the future which by definition is unknown and number two, with a pre-sivas their options which for many people is broader than it has been. i think that we as a society felt for a long time at least many of us did if we get a handle on racial inequality we will solve the issue of the equality in this society. i think in so

the bureau of labor statistics just last month released statistics which show that black employment is lower -- is higher, black employment, rather, is lower than it's been since the statistics have been kept. we are seeing a situation where in an economic sense african-americans have been particularly hard hit by this current downturn in the recession. and also as the questioner indicates in the last 45 to 50 years we're seeing a huge uptick in the number of african-americans who have been incarcerated. and who are having to deal with the criminal justice system such that if current trends continue roughly one-third of african-american males will end up in the -- you know, incarcerated at some point. so i agree. those are national tragedies. the studies that i cite do not give any kind of objective assessment whether things are getting better or not. they're talking about people's attitudes and take on, one, the future by which definition is unknown. and, two, what they perceive as their options which for many people is broader than it has been. i think that we as a society fought for

the economic climate democrats and republicans coming together, and according to the bureau of labor and statistics, in the two years after that kind of bipartisan effort, the country created 6.3 million new jobs, according to the bureau of labor statistics. now it's not going to be possible, of course, to pass comprehensive tax reform between now and august 2. but senator coats and i have said that as part of these budget negotiations, as part of the effort to deal with the budget in a comprehensive way and to deal with the debt ceiling issue, it ought to be possible to lock in for consideration in the fall and in the remainder of this congress the kind of bipartisan effort that we saw a quarter of a century ago that represents an idea that really works, an idea with a proven track record of working to boost the economy that has been bipartisan, where democrats and republicans instead of spending their time pounding on each other, say let's come together and eliminate some of these ridiculous special interest tax breaks which are limiting our ability to grow and create family-wage jobs. so, senato

. >> eleanor holmes norton, the bureau of labor statistics reports the average female worker earned somethingnts for every $1 earned by her male counterpart. so, at what point do you actually think we'll start seeing women earning the same as men? >> well, so far, women have had to do it mostly on their own without a lot of help from the courts, except in the early days. and i agree with mr. toobin's notion of this court, it's beginning to be called the corporate court. but today i had a conversation with the young woman who holds the very seat i once did, this chair of equal employment opportunity commission, to discussion what kinds of things can be done. i certainly agree that we can go in to smaller classes. >> jeff toobin, a lot of people really do not like the idea of the courts interfering in american life in general, and so this notion of there being a million people in a class-action lawsuit, is that just too many? is that sort of the reasonable argument in your view? >> well, i think that was very much on the court's mind. i was in the courtroom when this case was argued, and it's a

that's according to the bureau of labor statistics. showing women are working more hours overall. ared to a couple of years ago. check out the all new cnnmoney.com. ♪ we could've gone a more traditional route... ... but it wouldn't have been nearly as memorable. ♪ and all we need to do is change the way we're thinking about them. a couple decades ago, we didn't even realize just how much natural gas was trapped in rocks thousands of feet below us. technology has made it possible to safely unlock this cleanly burning natural gas. this deposits can provide us with fuel for a hundred years, providing energy security and economic growth all across this country. it just takes somebody having the idea, and that's where the discovery comes from. on our car insurance. great! at progressive, you can compare rates side by side, so you get the same coverage, often for less. wow! that is huge! [ disco playing ] and this is to remind you that you could save hundreds! yeah, that'll certainly stick with me. we'll take it. go, big money! i mean, go. it's your break, honey. same coverage, more savi

of today. traditional trade statistics fail to account for the trade in value. our bureau of labortistics cannot identify and jobs gained in a loss -- gained and lost in trade. it does not reflect the changes in the fast-growing marketplace. real-world data is a bipartisan god i am convinced we can work together to achieve -- bipartisan goal i am convinced we can work together to achieve. i thank you for holding this series of hearings. >> thank you very much. unless there are other statements, we can introduce each of the witnesses, and we can go one by one. let me start with the audience's right and are left with dr. azandzandy. he is the chief economist at moody's, where he directs for businesses, governments, and other institutions. his research include financial and regional economics. in addition, he conducts regular briefings on the economy. he is frequently quoted in news out los. -- news out los -- outlets. he received his bachelor's degree of the university of the full data -- of pennsylvania as well. we have a research fellow at the university, where he studies the u.s.

. >> reporter: in fact, the bureau of labor statistics says there are more tellers now than a decade . even with the boom of atms. a white house official points out that in context, the president was highlighting the need to, quote, do everything possible to prepare the next generation with the skills needed in a changing workplace. drew greenblad who was invited to hear the president speak agrees. he's the owner of his baltimore-based company that makes industrial steel baskets. he says robots and other technologies may cost jobs in the short term, but it is the only way his company can survive. >> we had old, outdated equipment. the only way we could transform and come to be viable in the -- with this crush of chinese competition, was to be extremely efficient, very effective and that's robot technology. >> reporter: realizing the importance of this battleground state, the gop went after president obama. the rnc chairman saying that in 2008, pennsylvania went for mr. obama based on his, quote, rhetoric, but that in 2012, it would be based on, quote, results. wolf? >> dan lothian, tr

but if you look at the numbers from the bureau of labor statistics, even in the same occupations, there's always a wage gap. even in the medical field. in the construction trade, the wage gap is smaller than in a lot of other fields and i think that is in part because in the past there has been a high level of unionization. your right. where we do see union contracts involve there is often a smaller wage gap, partly because there is a transparent scale. these are their roles. if you have this much seniority or this much experience, this is where your pay. a lot of the individual discretionary decisions where there can be a lot of discrimination do not agree been -- creep in. that being said, there have been barriers to women getting into the trade and aid to the traditional fields. but construction trade jobs, particularly the highly skilled ones, those are valuable jobs that can support families and we're excited to see women have the opportunity to take those jobs. host: the heritage foundation weighs in on the paycheck act. moving against it. do you have concerns it would increase the

bureau of labor statistics say manufacturing jobs are up to almost 12 million, 1.4% increase from last year, but with the overall unemployment rate stuck above 9%, the president is forced to acknowledge wherever he goes that things aren't good enough. >> so we have got more work to do. and that work is going to take some time. the promise -- the problems that we developed didn't happen overnight, we're not going to solve them overnight either. but we will solve them. >> reporter: now, the president is going to hold his first news conference in three months later today and when he does, look for him to acknowledge and to insist that the sacrifices necessary to make a deal on the budget can't come from just the middle class. that they have to be shared equally. that sof course, is code for changing the tax rates among the wealthy among other things. >> joining us from washington is michael crowley who is a washington bureau chief. good to have you with us this morning. bill laid out plenty of reasons there and new poll out this morning. traditionally an incumbent can be tough to beat. is

a recently poll by the bureau of labor statistics says that new business start-ups are at a 17-year low. mr. speaker, we got to get this nation back to work. america is experiencing a deficit of jobs because job creators have a severe deficit of confidence in the president's economic policies. washington cannot help the job seeker by punishing the job creator with massive debt, massive regulations. house republicans have a plan for america's job creators which will put the nation on a fiscally sustainable path, make our tax code more competitive, help create more american made energy, and take the burden of regulation off our job creators' backs so america can go back to work. the speaker pro tempore: the gentleman from illinois. without objection. >> mr. speaker, last friday marked one year since president obama promised the american people a recovery summer. but looking at the greatest grim -- latest grim economic reports, it's clear recovery is further from the truth. unemployment rose to 9.1%. the highest rate since december. the stagnant economy created only 54,000 jobs, less than

economy, stalling just in the last couple of months, all indicators across the board, and the bureau of labor statistics contradicts mr. goolsbee's view that it was the weather or japan that is the reason for the dropoff. they say it was not a weather effect, they say it was a general weakening of the job growth market. so there is confusion within the administration as to what exactly has gone wrong. bill: within the administration, what does the president do? what are his options stuart? >> he's in a very tight spot. does he double down and continue his current policy of spending and stimulus, that's going to be very hard to do in this economic climate and with this republican house of representatives, or does he change course and introduce some new policy? that's the question which everybody wants to know, will he double down or change course. we don't yet know because the president has not said exactly what he's going to do. bill: that's something to watch quickly here. you mentioned the data that came out. a lot of times we're focused on the job number. that's a slew of information. >> housing pric

. >> i'll cite a stat he can't refute, bureau of labor statistics in the obama administration says totalyment today is 2 million jobs lower than total employment two years ago, when the president took over. that's a stat you can't refute because it came from obama. obama would be fired for doing his job. if this is his job, he deserves to be fired. martha: and the president wants to turn around and needs to turn it around. >> no he doesn't. >> oh yes he does. be american. you're saying the president doesn't want to turn the economy around? >> martha: it's a question of how you do it and whether or not what they're doing is working. maybe we're getting a switch in gears and maybe that's the reason austan goolsbee is not there. >> >>> we also have some pretty ugly numbers that are just out on americans' confidence in the economy. a live report on that, coming up at the top of the hour. these numbers came from "the washington post" poll and they are stunning today. >>> and high drama is unfolding in the casey anthony murder trial. the latest testimony, and what it could mean for the case. a

of today. for example, statistics failed to account for the trade in value among two or more countries. our bureau of labor and statistics can track a job gained or lost in a local pub but not in trade. we're using strar ohio statistics that don't reflect the changes occurring in this fast growing global marketplace. accurate, timely, and real world data is a bipartisan goal. i'm convinced we can all work together towards. i look forward to hearing today's witnesses and again i think chairman casey for holding this important series of hearings. >> vice chairman brady, thank you very much. unless there are other statements from our members, we can move to -- i'll introduce each of the witnesses and then we'll go one by one. let me start on the audience's right, with dr. mark zandi. ice the chief economist of moodys analytics where he directs the resnch and consulting services to business, governments, and other institutions. dr. zandi's research includes macroeconomics, financial, and regional economics. in addition, he conducts regular briefings on the economy. he is frequently quoted in national and globa

and the kiosks at the airport never mind the president's bureau of labor statistics shows the number k teller jobs has gone up every year since 2008. the data doesn't match but i reminded of the word sabotage. you know where it comes from? back in the 1400's dutch workers feared the rise of automated textile manufacturing, the wooden machines that were used for looms and they threw their shoes into the gears of rate of manufacturing and afraid of technology. this is an old economic policy. it says something terrible and horrible about our president that he would buy into an economic policy that's been rejected from everyone from adam smith to henry hazlitt and yet the left continues to buy into this economic policy that technology kills jobs. i think we have reached the point in this statement where we can no longer give the president the benefit of the doubt that he's ignore it. we must recognize that he sabotaging the economy. [applause] my friends on the left cringe at this and say it's horrible. how dare you say that. that's so mean. the president himself in the state of the union

the bureau of labor statistics for the providence, rhode island, labor market says that on average, agest income earners in the country. they each earned over $225 million. they paid 18.2%. the truck driver earns $40,000, paying 18.2%, maybe a little over. if that truck driver gets a raise or if he or she decides they're going to work a second job at night and increase their income a little bit, guess what? they would then be paying a higher tax rate than those 400 superhigh-income earners. the highest income earners pay a rate far below what people who think their average income earners actually pay. and of course tax inequality extends beyond individuals. at a time when household budgets are strained, profitable corporations are paying about their lowest share of federal revenue in 35 years. if you go back to 1935, you see that regular americans and corporate america evenly split the responsibility to fund our country's obligations to pay for america's expenses. then in each of these following years, the ratio between what corporations pay in revenues to the government versus what i

the bureau of labor statistics has won out there. instead, we look at the big sectors of the economy -- six in particular -- that account for about 2/3 of employment today, and we calculate will likely account for 70% to 85% of future job growth. what we looked at was both the macro economic forecasts for demand in the sectors. we look at productivity trends and did a lot of interviews, as james manchin, with people in the sector to identify business models that could push job creation of or down -- as james mentioned. for each sector, we created a low, middle, and high scenario. only in the high scenario does the u.s. actually get back to 5% unemployment by 2020. on one hand, that is quite a sobering result, and it illustrates the magnitude of the challenge before the country today. on the other hand, we think this is doable. if you remember the chart james showed you about the previous decade, this is the latest job creation you saw in every decade except the last one. we can get back to an economy that even resembles what we had in

the bureau of labor statistics has won out there. ead, we look at the big sectors of the economy -- six in particular -- that account for about 2/3 of employment today, and we calculate will likely account for 70% to 85% of future job growth. what we looked at was both the macro economic forecasts for demand in the sectors. we look at productivity trends and did a lot of interviews, as james manchin, with people in the sector to identify business models that could push job creation of or down -- as james mentioned. for each sector, we created a low, middle, and high scenario. only in the high scenario does the u.s. actually get back to 5% unemployment by 2020. on one hand, that is quite a sobering result, and it illustrates the magnitude of the challenge before the country today. on the other hand, we think this is doable. if you remember the chart james showed you about the previous decade, this is the latest job creation you saw in every decade except the last one. we can get back to an economy that even resembles what we had in the

the bureau of labor statistics recently announced that it now takes on average 10 months to find a job if you are unemployed this is the longest in recorded history that americans are asking mr. president, where are the jobs? business starts entrepreneurship at a 17 year low and american are asking mr. president, where the jobs? one and seven on food stamps and americans are asking mr. president, where are the jobs? and with all due respect to the president, a $1.1 trillion stimulus program, the latest study showing that it either killed off or forestalled a half a million jobs, mr. president, that is no laughing matter. it is no laughing matter to the people that remained unemployed in the fifth district of texas that i represent. this is why republicans have announced a plan for america's jobs that has everything to do with making our tax code fairer, flatter, simpler more competitive and has everything to do with putting america on a fiscally sustainable trajectory to give confidence to our employers, to create jobs and has everything to do with eliminating our modifying regulations

of today. for example, the traditional st. statistics field account for the trade in value as a month to more countries. the bureau of labor statistics contradict jobs gained or lost in the local pub but can identify the gain or loss from trade. we are using eight track's terri hail statistics and the ipod world that don't reflect the activity or change occurring in this fast-growing global marketplace. an accurate, timely and real-world data is a bipartisan goals are you convinced we can all work together towards. i look forward to hearing today's witnesses, and again, thank chairman casey for holding this important series of hearings. >> mr. chairman, thank you very much. unless there are other statements from the members, we can move to introduce each of the witnesses and then go one by one. let me start on the audience right and left on the panel here with dr. mark zandi. the chief economist of moody's and analytics where he directs the company's research and consulting services to businesses, government and other institutions. dr. zandi's research includes macroeconomics, financial and regional economics. in addition

the bureau of labor statistics has won out there. instead, we look at the big sectors of the economy -- six in particular -- that account for about 2/3 of employment today, and we calculate will likely account for 70% to 85% of future job growth. what we looked at was both the macro economic forecasts for demand in the sectors. we look at productivity trends and did a lot of interviews, as james manchin, with people in the sector to identify business models that could push job creation of or down -- as james mentioned. for each sector, we created a low, middle, and high scenario. only in the high scenario does the u.s. actually get back to 5% unemployment by 2020. on one hand, that is quite a sobering result, and it illustrates the magnitude of the challenge before the country today. on the other hand, we think this is doable. if you remember the chart james showed you about the previous decade, this is the latest job creation you saw in every decade except the last one. we can get back to an economy that even resembles what we had in

the bureau of labor statistics released that the time it takes to get a new job is at an all-time high and americans are asking, mr. president, where are the jobs? house republicans have a plan for america's job creators to put the nation on a fiscally sustainable path to restore confidence to make our tax code repetitive and -- competitive and take the burden of regulation off our creators to american workers can get the paychecks they need and deserve. i yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. the gentleman from new jersey. >> i request permission to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection. >> the more we learn about the true impact of the majority's plan to end medicare, the more there is to dislike. seniors will pay $6,000 more in annual out of pocket costs for medications. mr. sires: there will be a spike in preventive care because free annual wellness visits will be eliminated. individuals who are 54 years of age and younger, including 540,000 people in my d

the bureau of labor statistics announced that it now takes on average 10 months to find a job at if you are unemployed. this is the longest in recorded history. americans are asking, mr. president, where are the jobs? entrepreneur ship is that a 17- year low. americans are asking, mr. president, where are the jobs? one out of seven on food stamps. americans are asking, mr. president, where are the jobs? with all due respect to the president, a $1.10 trillion stimulus project, they say it killed half a million jobs. mr. president, that is no laughing matter. it is no laughing matter to the people that remained unemployed in the fifth district of texas. this is why republicans have announced a plan for american job creators. it has everything to do with making our tax plan faireer, and simpler. we want to give confidence to our employers to create jobs. it has everything to do with eliminating or modifying regulations whose benefits do not exceed the cost of jobs in america. it has everything to do with making the cost of energy reasonable to our job creators and our families. if be sent

. >> the bureau of labor statistics compared how they are spending their time compared to four years t down 25 minutes. that was true certainly for those who lost their jobs, but even among the unemployed -- >> you mean employed. >> i mean the employed it had gone down 25 minute. >> watching tv more, eating and drinking more. we're talking about this. the eating part is comfort food. down and out. that's an understandable thing. personal care is up a little bit. telephone calls. >> telephone calls, mail and e-mail down. >> how can that be? >> people are e-mailing more than ever. >> house hold activities, an hour and 41 minutes down by a minute. >> telephone call thing is if you e-mail and text, you get charged. bills are going up. people are more savvy. >> people are e-mailing instead of calling. and i have to say people reporting the diaries of themselves. so i think we have the perception that we spend less time doing a certain activity than we actually do. >> and you want to be more correct. so you're saying i'm doing -- i'm watching less tv when, in fact, someone is watching -- so

it now takes ten months according to the bureau of labor and statistics to find a job, this is the longestperiod in recorded history, and we now have 28 months where unemployment has been north of 8%. the longest period of sustained high unemployment since the great depression. on top of this we have dodd-frank signed into law which is fraught with intended and unintended consequences that i believe has the impeded and will harm job creation in america. dodd-frank was not passed in the e you or by the g 20 and power regulators must proceed with great care. we do not know what the total impact is. we cannot afford greater job loss. i yield back. >> thank you. mr. maloney? >> thank you for calling this. i welcome all the witnesses and thank you for your service and i join my colleagues in thanking sheila bair for her extraordinary leadership during a difficult time in history. you did an incredible outstanding job. i am interested in seeing what your next goal will be and i am sure you will continue to have an outstanding career of service to our country. i join the chairman and ranking memb

i can tell you, however, that there is some restriction in this area including staff of the bureau labor statistics. the productivity growth in the manufacturing sector has outpaced the wage growth in that sector. that's true and fairly something legitimately something of this may be concerned with. it is not clear with the expectation for the trend would be. economists are certainly familiar and comfortable with the fact that productivity growth and wage growth doesn't necessarily move hand-in-hand certainly not in the short run. however, over the long run there should be a strong correlation between the two and a free number of years we have seen a lag and growth. i also note, however, that some of that media attributable to some labor policy burdens and rising compensation costs, rising health care costs and so, we have, for example, a decline in the share of wages and as a share of total confrontation across the entire economy workers are being paid more and more in hmong dollars in benefits and that could be a contributing factor in manufacturing. >> i looked at the the the in preparation and