the cbo assumes 208 months without a recession. double anything in history. not going to happen. the next president is going to have a recession. when you bill that in, that's the same thing we had with reagan, you're not going to have the kind of average growth over time, dave, that you're talking about. >> you're saying it's not realistic. >> on day one trump as president can start making the economy better and that's what's getting missed with this. so, everyone wants to fix everything. i think trump has laid out a program that will work. there's middle class and lower income tax cuts. so, everyone will have a share and that means more jobs coming out of small business. one of the critical things is to get small businesses starting to get financed and growing. >> are ask you satisfied with that or still a skeptic? >> i am a skeptic on the fiscal math. we have to have a mandate if trump is elected. i hope he is. he has to have a mandate to do big, tough cuts. to tell the people the truth. we're living beyond our means. social security can't be exempted. what is he thinking? tha

yowk what -- i don't care what cbo says. it can't cost money. i don't know if i call them a mistake. the regret was that we were never able to take the out of wedlock birthrate issue and encapsulated and still haven't till this -- >> then all eyes turn today congress and there's a history that follows that which culminates in clinton vetoing twice and then something happens to get the republicans to start it up again and produce a bill that he could sign. so and at some point the governors weigh in and lobby for devolution -- perhaps some unidentified aide said they wanted congress to leave money in a stump in the middle of the forest so they could take it. [laughter] >> ron, do you want to talk about the post contract history? >> yes. a lot of things happened. a big difference going in and clay shaw and republicans always want to pass a bill and santorum had been there 30 seconds and he we wanted to pass a bill. that was a big part of our thinking. other people want to make political point, show the president was a wimp and contrast and we we w

not about the cbo, but about projections of interest rates. the other piece of good news is health care spending increases have come down. so we are not in as dire as situation as we were six years ago. but we have more time to fix it. that does not mean we should ignore it. maya: and in the newest cbo report, interest rates were projected to be lower. that made the deficit slightly lower. the sad news was the reflection of more dismal projections about the economy going forward. so lower interest rates are not necessarily a good thing. they are good in the immediate budget reflect, but it is reflecting the fact that we do not have confidence that we are growing the economy the way we should be. regardless of interest rates, it is preparing for the next economic downturn that people have been identified. bob: so pentagon officials and talking to others. first, please do not use the word "lobbyists." in the pentagon, it is illegal for federal employees. but they restrict themselves from talking about the defense budget. there are exceptions. bo

the good news for taxpayers as they've achieved the coverage came at a 25% lower cost than the cbo original projected. this has benefited nearly covered americans. going into 2017, experts calculate marketplace premiums are currently 12% to 20% lower than predictions. there is no question as a country where people are paying less, getting more and with greater consumer protection than before the aca. any conversation on the cost of health insurance is a conversation about the overall cost of care in the value of give her money we spend. as cms, access and affordability for the 140 million americans who served every day is critical. but for now please, coordinate care and why we have a special task force focusing on access to care in rural america were a lack of competition has long created concerns. personally it's been very rewarding to see a master time so much transformation. for the vast majority of may 25 years in health care, it didn't seem possible that we ever achieve a real reduction in the uninsured rate we see a time that having a preexisting condition didn't disqualify a person

. >> the reflow is already built into the cbo baseliner.r words, i am saying that they're cutting taxes from a cbo baseline that is rosey scenario. its got the most growth that you can get of the important tax cut built in so you cannot count it twice. they are hiding the ball again on the swecut. it is $2 trillion for social security and for the medical entitlement. we are going to have big tested cuts. >> david, you talk about a big speech and there has been questions about the billionaire's businessman and being under scrutiny for his ties. can he be expected to pull apart and what it means to have conflicts of interests of business dealings and as pose to bei oppose of being a party of one. >> i don't think that's the issue. the conflicts of interests go to hillary clinton and the 30 years worth of status quo that gotten us in this mess. i am all for sweeping change for a disrupter but they have to start being realistic and level with the public that we are going to have to cut defense. i don't know what he's talking about raising the d

premium increases have then lower in the cbo when congress passed the affordable care act.hey are lower than we anticipated and could they estimated premiums are between 12 and 20% higher than they are today. here is another key factor. been national health care spending has slowed even more than one repass the affordable care act. spending across medicare, medicaid and private insurance market. national health care spending 2014 through 2019 will be 2.$6 trillion last -- less than cns as we pass the affordable care act. for 20 million americans. with more comprehensive coverage is is now the results of the lowest and injured rate unfortunately my colleagues will not talk about these facts. this is the rest of the story. and without offering solutions of their own. from day one republicans have been focused to undermine the allotted it has taken every single opportunity to sabotage by any means necessary. and try to defund and voted 60 times to repeal or weaken . if we want to talk about the premium increases we also need to talk about drug companies that are jacking up the

premiums to establish a foothold and as a result the average premium came in 15 percent lower than the cbo had projected. congress also constrained the risk corridor program which was designed specifically to address pricing in the newmarket congress did so after insurers have already priced their plans 2015 and 2016 resulting shortfall is responsible for about two-thirds of the financial losses incurred by insurers in 2014 premium increases were not sufficient to close the gap and, pounding the of problem reinsurance began to phase out. it is not surprising that markets are due for a correction and 2017 although it will be significant the structure will act as a stabilizing force. premiums will still be 11% lower than the average premiums would have been of the affordable care act. even the markets are not in crisis policymakers should take additional actions to a celebrate - - accelerate the equilibrium. tomb productively as possible and to my written testimony air-conditioned or consumer protections the second demonstration shin prohibited providers from medicare/medicaid through the ch

because cbo is not held in the highest -- >> cbo. >> but estimates. have you shared this information with aetna, united and humana? because the fact they bailed out of the market saying this is out of control, maybe you have a breakthrough that all these companies haven't seen. it's amazing to me health care costs have gone up. they've gone up about 69%. insurance premiums have gone up. so there's less selection. people enroll then disenroll when they're well. copays and deductibles are so high. so i hope you can show us the source of this. host: what is getting at here? guest: insurers did price lower than perhaps was expected for 2014 and 2015. the premiums didn't quite go down. but if you think about all the changes going on, some people had worries that the jump would have been higher. so what you saw heading into 2016 and now 2017 is insurers adjusting their expectations. they priced low in part because they didn't know what to expect. and in part because they were optimistic and they wanted to give people an incrntive to buy coverage and comby w

many start-ups are just financial instruments just like wall street, you know, cbo. >> tim o'reilly is head of o'reilly media. the summit starts october 10th in san francisco. >> yeah. through the 11th. >>> well, up next, silicon valley mayor says we have too many jobs. "press: here" will be back soon. >>> welcome back to "press: here." in the news business, every once in a while a perfect symbol just drops into your lap. in the case of high house prices that's kate downing. she posted an open letter to the internet announcing her resignation because she said she couldn't afford to live in palo alto despite the fact she's a corporate lawyer. are we building enough homes, can we make them more affordable? in palo alto there's an interesting reversal, are there too many jobs? is there way to slow the number of companies moving in? can city hall fight a good economy? the mayor of palo alto said the greatest prob right now is the bay -- problem right now is the massive job growth. he's also a high-tech ceo in his own. can you clarify that for me? i understand you want everyone to have a jo

according to cbo, average spending among people who are 64 or older is about 4.8 times higher. that's cost of health care system. to me it would make sense if you could get cut if you could shift the baseline back into the cost of for your people, get more people in the plant and that might help balance the demographics speak was that could be one of the benefits. i haven't seen in these days on the topics spent i would encourage you to look at that because i have legislation to allow states to do that. because that's the premise. a couple of the question. on global surgical payments in replacement for the sgr, our language offers the misuse the representative sample of docs for porting data on 10 and 90 day code for the most recent physician fee schedule is required all of docs to perform relative procedure to report under the claims analysis section. this is not in line with the intentions of congress. what we need is an appropriate representative sample, how the data is collected must change. the 10 minute reporting instruments i can tell you as if searching for research and

the cbo volatility index took another dip lower that put fed interest rate hikes on hold for a littleit longer and the measures frit much languished, so if you're wondering how common an occurrence a reading below 14 is, it's not that rare at least relatively speaking. according to data partner, since 2010, there have been 414 times when the vix has traded lower than that 14 mark. many of the days are bunched together, so when you separate oit the issues, you get bumplgs of time since 2010. but it isn't the reading that's intriguing, it's how it looks in the ecosystem. if you look at the times when it's traded below 14 and euro has traded below 1.14 and we have an effective rate of 37 bases points or lower and a ten-year treasury below 3% and crude above 50 and gold below -- like these things together, this is only happened three time frames in history. it's fair to say we're in unchartered waters for how markets will react. so, melissa, traders, still waiting to see how this range bound markets going to revolve itself if you take a look at the action right now, it's hard to say there

premium increases have then lower in the cbo when congress passed the affordable care act. they are lower than we anticipated and could they estimated premiums are between 12 and 20% higher than they are today. here is another key factor. been national health care spending has slowed even more than one repass the affordable care act. spending across medicare, medicaid and private insurance market. national health care spending 2014 through 2019 will be 2.$6 trillion last -- less than cns as we pass the affordable care act. for 20 million americans. with more comprehensive coverage is is now the results of the lowest and injured rate unfortunately my colleagues will not talk about these facts. this is the rest of the story. and without offering solutions of their own. from day one republicans have been focused to undermine the allotted it has taken every single opportunity to sabotage by any means necessary. and try to defund and voted 60 times to repeal or weaken . if we want to talk about the premium increases we also need to talk about drug companies that are jacking up t

in fact the non-partisan congressional budget office, or cbo, made predictions about premiums around the time of the aca's passage. and so to administrator slavitt, i ask, did cbo predict that average premiums for 2016 would be higher than what the insurers actually charged this year? >> that's correct. >> and why do you think premiums are coming down? why are they lower than was expected or projected? >> i think that in some cases are lower because there is good competition and good innovation. that has been terrific and welcome part of the marketplace. i think there are other occasions where premiums were priced too low because i think no one knew exactly what things would cost. therefore i think as a result we'll see more increases this year than we have in the past. >> while those early reports have suggested we may see those higher premiums in 2017, and why, can you explain why that might be the case. why would they be higher? >> i think there are go principle reasons. most of them, the good news i think is, a lot of these center on one time effects. one is, that by design reins

time of the aca's passage and so to administrator slavitt, i asked, did cbo predict average premiums for 2016 would be higher than what the insurers actually charged this year? >> that's correct. >> and why do you think premiums are coming down? why are they lower than was expected in -- or projected? >> i think that in some cases the premiums are lower because there's been good competition and good innovation and i think that's been a terrific and welcome part of the marketplace. i think there's other occasions where the premiums were priced too low because i think no one knew what things would cost and as a result we'll see more increases this year than we have in the past. >> well, those early reports have suggested we may see those higher premiums in 2017 and can you explain why that might be the case? why would they be higher? >> i think there's two princiipl reasons and the good news is a lot are centered on one-time effects. one is that by design the reinsurance that supported the marketplace exspires january 1, 2017, so there will be a meaningful increase just from that alone

cbo is not held in the high este esteem. >> but estimates. have you shared this information with aetna, united and human na, the fact that they bailed out of the market, this is out of control, maybe you have a break through for them that these companies haven't seen. it is amazing to me, health care costs have gone up. i saw one standard and say 69% in the last few years. a insurance premiums have gone up, adverse selection, people enroll, then dis-enroll when they're well. co-pays and deductibles are still high. i want hard-core data with regard to our premiums going up or not. all the data we see, they're going up. in the pittsburgh market, they're going up. other communities, up. co-ops are failing, because they can't p handle the finances. unless something is heavily subsidized or problematic health care program, the costs are going up, and that's why people aren't signing up. so it is not a matter of -- i just want accurate data so we can deal with that. let me ask another question. the committee staff report released yesterday examines

sitoodnils ang ttr eeor gos,n atan aerd emt tulyadth grs hlter asgr bkn roer- stds ogrs,heseesr re cbo s iisoofo ca ctundeqstti cbocauran qutrio anthgrs snd we alie od dws hleup e assamba. esprtis re bugo e it ste, inreiny,y mi rcsesoanonhe rah xtootos atad a vo gzi sten . itad,6 aeshawe vid to 1smle stesit t weroue t mdl anweou me r cayilemohe 1sml ll--adine onhe sllel - cdlmo es16ma cls eyou gzeha gss do tth n. ey e t gss tt s re patlebuth'd ao t eee. en y me em y ctie me em amg es 1el, 200 acs,nds gzeha wa wfod t tt aly an ora, labl asoobual gss orra, aie gss, re tivg. e kckuseeer wds t nis weecni. erwamo oorni t seesrarn. wh yonntteadine toho sllre - calentthe al aas eye mbemea trenus vuae ur o feiler thgrs aniseahi. th pceasron i ri, gzi. dheei de ccsfly l erhenid at. eao t aenavy e. tk,oul deta at i sin an wt swsn tt t.d.ali'xpieedn o ld. sulbeoi tt b.m.an weav.l. ndhas ovgred anso pplomhe t ngssndaywe, ou wod stak ctlan eeoff blan, 's juei orgze tn w n ves nyil hseas wt. e pbl wh ats,il hoesava lioo heth pndherod thhe sidoo, eye mpti t sl. ent init rs o std spi io e il y p ctl g

the cbo estimates this year potential gdp grew only 1.7%.licy has so degraded our long-term potential. is approaching actual. that is not what you call good economic policy. the immediate reason, the most detectable reason why the economy is doing so poorly, why we have shifted to this fragile economy, frankly is business investment. businesses have substantial excess capacity, not enough potential for growth, not enough hope for future growth, so business investment has fallen off significantly. in the last reporters quarters, real gross private domestic investment fell at 2.3% annualized, 3.3% annualized, and 9.7% annualized. all three are negative and larger than the quarter before. are not investing because they do not have a lot of hope for the future of the economy. they are investing as they need to but not enough to expand, not enough to expand capacity, not enough to get the economy going, and that trend is accelerating. that is why the economy is doing so poorly. if you are going to have higher potential, you need greater business

a useful reflects cbo's estimate of potential gdp, where we could be if we are performing up to snuff and the blue line, historically we have a recession, the actual gdp dips below potential and comes back very quickly. even in the deepest of recessions we come back very quickly. everything on time. every once in a while we get above it and the fed will take away the punch bowl as they say raising interest rates. but they track very closely. that hasn't happened after the last recession. we have no catch up to potential and as you extend the forecast, it is years before we get back to potential. economic policy on this is not faring well. the two lines were supposed to come together. instead we cap two lines approaching slowly. you notice the main reason they are approaching each other very slowly is the measure of the economy's potential has slowed. this year potential gdp grew only 1.7%. which is remarkably slow. the only reason the lines are together is because the economic policy has so degraded our long-term potential that actual is approaching potential and potential is approach

the problem is the staff, that includes the federal reserve informed the cbo the potential over 50ation of banks billion in assets would have an administrative cost of $60 million. do you think that is reasonable echoed --reasonable? chair i y honestlyellen: don't know. i have not looked at it . yellen: i honestly don't know. i have not reviewed that figure. write a letter, you would be willing to give us a response on that? you made a comment a minute ago with regards to what you're done with community chair yellen: examples of what we have done? >> yes. we changed the holding policy statement to raise the threshold -- >> i think we did that in congress, if i am not mistaken. chair yellen: we did, and we put that into effect. >> i am glad to know you implemented our law. they give very much. >> the time for the gentleman has expired. the chair recognizes the gentleman from california, mr. sherman. mr. sherman: madam, chair, good move, or non-move last month at the

and pay more dividend from a that is pretty close to $1 trillion over the 10 year scoring period the cbo uses. that, plus getting rid of the trade deficit. overall in0 billion the deficit of goods. just knocking out the deficit in trilliono adds another dollars. that and cutting the trade and that you have one trillion mr. trump referred to as an offset to the $2.6 trillion deficit his tax program otherwise would involve on a dynamic basis. , he will takef it out one penny a year out of every dollar of discretionary spending other than on military. that adds up to another huge amount, hundreds of millions of dollars over the period. the final would be cutting out other ways. it's very interesting that he has produced a dramatic growth plan that is pretty much self financing. let me ask you about something he said with regard to globalization. he talked about a new americanism. there will be investors who watch this speech who wonder how a move inward like that is beneficial. we've been told that the world is increasingly global, opportunities are global. isn't that inwards look inherentl

because cbo is not held in the highest -- >> cbo. >> but estimates.you shared this information with aetna, united and humana? because the fact they bailed out of the market saying this is out of control, maybe you have a breakthrough that all these companies haven't seen. it's amazing to me health care costs have gone up. they've gone up about 69%. insurance premiums have gone up. so there's less selection. people enroll then disenroll when they're well. copays and deductibles are so high. so i hope you can show us the source of this. host: what is getting at here? guest: insurers did price lower than perhaps was expected for 2014 and 2015. the premiums didn't quite go down. but if you think about all the changes going on, some people had worries that the jump would have been higher. so what you saw heading into 2016 and now 2017 is insurers adjusting their expectations. they priced low in part because they didn't know what to expect. and in part because they were optimistic and they wanted to give people an incrntive to buy coverage and comby with th

. >> cbo is not -- >> it wasn't cbo. >> estimates. have you shared this information with aetna, united. maybe you have a break through that these companies haven't seen. it's amazing to me health care costs have gone up. i saw one estimate say they have gone 69%. insurance premiums have gone up. there is adverse selection. people enroll and disenroll when they are well. co-pays and deductibles are still high. i hope you can show us the source of this. i don't want estimates. i want hard core data with regard to our premiums going up or not. all the data we see is they are going up. in the pittsburgh market they are going up. in other communities they are going up. co-ops are failing because they can't handle the finances. unless something is heavily subsidized or old or a problematic health care program the costs are going up and that's why people aren't signing up. it's not a matter of -- i just want accurate data so we can deal with this. please get us that. the committee staff report released yesterday examines how cms awarded fede

the red line reflects the cbo's estimate of potential gdp if we were performing up to snuff, and the blue line reflects where we are. if you notice, when you have a recession, the actual gdp dips below the potential and comes back very quickly. even in the deepest of recessions, we come back very quickly. every once in a while to get above it. what happens is the fed will take with the punch bowl as they say, raise interest rates, and slow things down, but the two lines always track very closely. you notice that hasn't happened after the last recession. we have no catch up at all from actual to potential. as you extend out in the forecast, it's years before we get back to potential. economic policy on this score is not faring very well. the two lines were supposed to have come together. instead, what we have is two lines approaching each other slowly, and you will notice the main reason they are approaching each other slowly is the measure of the economy's potential has slowed. the estimate that potential gdp grew only 1.7% -- has slowed. the only reason these two lines are coming to

does their leasing arrangement, and you're probably aware of this, is the way the cbo accounts for it, makes it very difficult for us or anyone to approve the resources when you're counting a 20-year lease or a 30-year lease all up front. so i'm just wondering, i actually have a bill that is called bill of the better v.a. act, but what my bill would do is to sort of harmonize the way the v.a. does this, the way general services does this for other federal facilities so that we can break down this barrier the way cbo is scoring it. do you have any comments relative to that or did you discuss that at all? >> probably not specifically, but i will say around the facility questions, there was a tremendous desire on the part of our commission to simplify and make things more agile for people leading these health care facilities today. as you know, health care is changing dramatically. there's probably as much change taking place today in the delivery of care as we have seen in 50 years. rapid changes in terms of technology and where care can be delivered safely and effectively and the abili

general services does this for other federal facilities so that we can break down this barrier the way cbo is scoring it. do you have any comments relative to that or did you discuss that at all? >> probably not specifically, but i will say around the facility questions, there was a tremendous desire on the part of our commission to simplify and make things more agile for people leading these health care facilities today. as you know, health care is changing dramatically. there's probably as much change taking place today in the delivery of care as we have seen in 50 years. rapid changes in terms of technology and where care can be delivered safely and effectively and the ability to really create those access points from an outpatient facility standpoint. you know, we're at henry ford, we continue to built more outpatient care all the time. i mean, it's a constant effort to keep up with the access needs. for the reasons you mentioned, that's one of the reasons we took out the time limit and the distance, mainly to create -- because every market is different. sometimes you're having huge ba

they went to the cbo and to the department of homeland security to see how much mr.p's plan would cost. here are the numbers. if you add all of -- everything that he has said -- well, actually, just sort of the top five things of what he has said, it totals more than $50 billion, with a "b." what is the plan to pay for all of that? >> well, the reality is big projects cost big money. what mr. trump is going to do is his primary focus will be making life better for americans. he is going to, as we have learned, he will be quickly removing the people that are here illegally. all of that costs money. securing the border costs money. unlike what hillary clinton wants to do, she wants to have an open border policy. let them all come in. this is a big project. building the wall which he has said from day one. it costs money. he will figure this out. this is a man who has a resume. he is a proven success. this is a man who knows how to have the numbers in his favor. he will get america back. trust me, there's no one else that can do the job that donald trump can do. take a

the redline reflect cbo estimate of potential gdp, where we could be if we are performing up to snuff and the blue line, historically we have a recession, the actual gdp dips below potential and comes back very quickly. in the deepest of recessions we come back very quickly every single time. we get above it and the fed will take away the punch bowl as they say raising interest rates. but they track very closely. that hasn't happened after the last recession. we have no catch up to potential and as you extend the forecast, it is years before we get back to potential. the potential is not faring very well. the two lines were supposed to come together. instead they approach each other very slowly and you notice the main reason they are approaching each other very slowly is the measure of the economy's potential has slowed. this year potential gdp grew only 1.7% which is remarkably slow. the only reason the lines are coming together the economic policy has degraded long-term potential, potential is approaching action. that is not good economic policy. the most detectable reason the econo

does their leasing arrangement, and you're probably aware of this, is the way the cbo accounts for it, makes it very difficult for us or anyone to approve the resources when you're counting a 20-year lease or a 30-year lease all up front. so i'm just wondering, i actually have a bill that is called bill of the better v.a. act, but what my bill would do is to sort of harmonize the way the v.a. does this, the way general services does this for other federal facilities so that we can break down this barrier the way cbo is scoring it. do you have any comments relative to that or did you discuss that at all? >> probably not spisecifically, but i will say around the facility questions, there was a tremendous desire on the part of our commission to simplify and make things more agile for people leading these health care facilities today. as you know, health care is changing dramatically. there's probably as much change taking place today in the delivery of care as we have seen in 50 years. rapid changes in terms of technology and where care can be delivered safely and effectively and the abi

there is a shift in cbo and there will be a shift on fiscal policy beginning in the fourth quarter of detect that? >> that is probably correct. both democrats and republicans have expressed a desire to increase fiscal spending. it will be interesting to see just what the details of that are. francine: we had some polls yesterday, and they were pretty significant, they gave an advantage to donald trump. what has been the reaction? what has been the clinton campaign's reaction? >> donald trump supporters are not worried about them. momentum is in donald trump's favor on these key battleground states. hillary gets back on the trail, today, and we will see how she tries to counter. it is significant. like we areat seems seeing the markets asking, what if trump does when -- does win? >> i think people have underestimated the donald trump campaign. i think he hasn't even chance of winning this race, and i think laura finally coming to grips with that. tom: thank you so much. we appreciate your briefing before mr. trump speech this morning. bank of england and 25 minutes. -- in 25 minutes. c

expansion of the planet to cut back hours having a devastating impact with a budget hearing with former cbo director and looking at the economic growth and how overregulated the economy is there now projecting over the next few years with the 70 year average but that has to do with health care. it is having a devastating impact on the economy and individuals and families and driving companies out of the marketplace those who provided insurance from lacrosse placentia '04 years. nighttime is almost expired but listening to the opening statement that it failed because nobody had done it the right way i think that is the arguments for the affordable care act. i yield back. >> welcoming the gentleman from south carolina. >> have a couple of follow-up questions on this memo that was sent out action it was public regarding the risk corridors and i think you are right as the videotaped your the client that makes sense. why would you send this out to? why would they tell you not to talk to the people that might be some new? don't talk to the people who will sue you let me do that. >> arrest of of t

i wish the president would say: yes, the cbo is right. yes, we have a $263 billion deficit. this is how i'm going to get it done. don't talk about growth, because even though we need growth, that's not helping. it's going to go in the other direction, as they've estimated. and give us a plan. what will you cut? whose taxes will you raise? will you finally touch that defense budget? are you going to go after social security and medicare and student assistance and the handicapped again as you did last time? if you'd just tell us what you're going to do, then the american people could compare my plan for the future with your plan. and that's the way it should be. the american people would be in charge. ms.sawyer: mr. president, the most outrageous thing your opponent has said in the debate tonight? the president: well, now, i have to start with a smile, since his kind words to me. i'll tell you what i think has been the most outrageous thing in political dialog, both in this campaign and the one in '82. and that is the continued discussion and claim that somehow i am the villai

. >> yes, we'll certainly discuss the cbo a small fraction of the client base but only a small componentse'll discuss that has a platform. >> so let's keep an move on thank you very much for your presentation and let's go to item 5. >> an action item amortization and joint to the 2013 and 2014 h cola for the retirees. >> good afternoon commissioners to continue our discussion we began last month we need a minute to bring up the presentation. >> are we having technical difficulties. >> we did again, that last month and the decision to be made just regarding the post 1996 retiree and the impacts on the july one evaluations the current funding policy will be a 5 year amortization of the liability, however, a special circumstances and reasons to consider longer amortization period i hope we gave the board enough information to have a positive - the amortization making a faster amortization the city is in a position to funds the plan at this time and make sense rather than dragging but payments and costing more the dollars is $400 million over the presents value of each amortization is the sam

the cbo is looking out, 0.38%. productivity growth has been 0.5%.two together, you are under 1%. nobody wants to say it. it's not pc. tom: what's the policy prescription for that? lakshman: stop digging. the idea that a recession is the end of the world is a poor idea in a free market economy. that is actually -- there is a lot of collateral damage that can occur, and i don't dismiss that, but it's cathartic to have a recession from time to time. when you are in a free market economy. ere, in the wake of the global financial crisis, recessions are forbidden. and we will do almost anything, which you've seen from the monetary side, to try to avoid deeperd that gets you and deeper in the hole. low interest rates means there which meanscity, there is a global deflation in goods. you can't invest in productivity-enhancing stuff because there is too much capacity. tom: channeling -- from 1945. also geoffrey moore, who founded economic cycle research. it's the state of washington. here is a data check with the mexican peso weaker. this is number. ♪ -- thi

emily: some speculation that cbo we may be open to selling that cash equity platform after the acquisitionu be open to buying that? >> i don't think we would be in a position to do that relative to our strength in the markets today. we have 74% of the ipo's. thatve an arsenal of tools we deliver to our customers and that is somewhat unmatched right now. emily: do you expect more consolidation? of an transaction part exchange is a transaction processing company, so once you build a plant to process those transactions, the marginal cost of doing the next transaction, contract approaches zero. that provides industrial logic of why you would want to put two organizations together. plant, two plants, you can consolidate down to one, and you can recognize benefit to your shareholders and customers. that will always be an undercurrent in the exchange world, sometimes front and center, but will always be there. emily: there are shifts happening in financial exchange technology. iex is putting in speed funds with high-frequency trading. how do you see this evolving? >> we are proud of what we intro

and the good news for taxpayers is that we received these coverage games at a 25% lower cost than the cboriginally projected and this has also benefited going into 2017 independent experts calculated marketplace premiums are correctly 12 to 20% lower than the initial predictions. with the greater consumer protections caprotections than f course any conversation on the cost of health insurance is actually a conversation about the overall cost of care and value that we get for the money that was spent. cms access and affordability for the 140 million americans we serve every day is critical. this is why we must work to keep medications affordable, prevent waste and coordinate care and why we have a special task force focusing on access to care in rural america where costs and the lack of competition have long created concerns. personally it's been very rewarding to serve cms during a time of so much transformation. for the vast majority in 25 years in healthcare it didn't seem possible that we would ever achieve a reduction in the uninsured rate or see the time that having a pre-existing co

cbo recently warned that such high-rising amounts of debt have "serious negative long term consequences for the economy and would constrain future budget policy." on this again, remain silent and thus its annual report loses credibility. although, the annual report is disappointing, this committee's focus must remain on the frightening and likely unconstitutional powers it ended in designation process clearly gives federal regulators broad license to concentrate immense economic power in their own hands. the designation authority is taking our financial system regrettably one step closer to a government controlled utility model, a model whereby washington will allocate credit to politically favorite classes at the cost of our freedom and our prosperity. this must change. finally, the highly politicized structure of a shadow regulatory system that is to democratic principles. that is why it's so important last week this committee favorably reported the financial choice act. the financial choice act will bring about economic growth for all and bailouts for none. it will end bailouts once

but if you follow the line of where cbo, the basic growth to where we are now now, were basically the same point. we would have this conversation if it started hire at the beginning. >> so are you concerned about the possibility of this tax spiral? cvs and cosco had a much higher target terms of people in the marketplace, higher target for the percentage that would be younger people. >> with regard to that, one of the things about the affordable care act, cbo's estimates was based on the fact that we will see a group of employer-based people coming to the marketplace and we have not seen that. their number things we haven't seen. . . but i will say though that we have many things to do to make it better and stronger and so what we want to hear whether it is more competition coming in, we think it was a transition with regards to the pricing and what happened, so we know we have work to do but i think the basic of the question are we confident, yes. >> we have an election going on. what happens to the affordable care act in the donald trump presidency with the republican congress? >> o

the corner of south van ness a nice height 80 feet will be a great opportunity for any kind of retail cbo active on the epilepsy or left-hand side the first floor are set up for privacy and a setback top floor to create a more 5 feet sorry 5 story residential building with a setback top sun shades there those are the pdrs units i'm sorry i don't mean to say that trade shops perfect for mission and communities members and craftsman any kind of activity open a garage door and show our wears this is a great way to envision the 26 frontage and have a great anniversary residential use at the ground floor to create a great pedestrian environment and link the building into the community i think lexus what say a few words. >> good afternoon, commissioners alex law group i want to add to the culture districts on the - first, the initiative didn't apply to the project whatever happens in november will not have an impact if the in nct and pdr is not permitted simply lennar has not addressed the loss of pdrs spaces in september of last year following outreach to the neighbors lennar decided to remove

isn't the cbo baseline by 2026 medicare, medicaid, social security and interest on the debt consuming 100% of revenues? a few programs plus our interest takes all of the money the federal government raises. everything else we do is borrowed. the deficit is kind of an aberration at $549 billion today. it is going to a trillion soon and is not going back down because of 80 boomers retiring, health-care costs, things that we all agree on. so you have to attack the entitlement reform issue really early, because we can do it on our own terms as a country. what i mean by that is the kind of reforms we are proposing do not affect people in or near retirement, so my mom -- i will not say how old she is. she lives in wisconsin in the summer, florida in the winter. she has been on medicare and social security for a long time. she organize her life around it. alaskan we want to do is change that, pull the rug out from under that social contract that she and everyone else arrange their lives around. that goes with the same for the people about to retire. but you have to change these programs if y

the commission supports this recommendation based on a cbo estimate calculated using medicare rates. the commission gave no consideration how it would apply to the current quality of care through the primary care physicians. vha physicians are not restricted as to the amount of time they are able to dedicate to each patient or the number of presentations per patient. medicare, on the other hand, only provides payment based on on 10 or 15-minute consultation, which would deny the full complement and quality of care. the cost of this recommendation would be at least triple, if not more, and financially is unsustainable. a better proposal is found in v.a.'s plan to consolidate community care programs. the american legion supports tiered networks that would provide access to informed choices, access to the highest possible quality care by identifying the best performing providers in the community and enabling better coordination of care for better outcomes. it rests on the principle of using community resources to supplement service gaps and better align va resources. we believe it has t

-- a cbo curve in the states?rotation into a higher -- while equities are rallying. guy: we need to talk about oil. i want to do that in the next chunk of our conversation. what you make of oil stocks? you have a trade base of two different assets, but oil has been on such a roller coaster ride today. patrick: today's of the perfect data short -- data short oil and oil companies. is not even a talk about cats, it's about maintaining production. inventories are still building. you will not have oil prices flying in those kind of environments. if you have big significant cuts, that's what you want to be long on oil in today's the perfect it be shorting oil. >> patrick armstrong, cio at palurmi investment strategies. guy: u.s. markets may be closed today. is labor day and you ironically take a holiday. brent is up. up by a percent. earlier we were up 5% in participation booty some sort of a deal. what a round-trip we have seen. cable of strongly today. 133.27. corroded says he will do more. i suspect the market will

david: i see why you were ahead of the cbo all those years ago. you for coming to us from washington, d.c. jonathan: which group was responsible for yesterday's strong consumer confidence number? the numbers -- the answer may surprise you. we are an hour and 40 minutes away from the cash open in new york. futures flat. in europe, the dax up a full percentage point. budget bank up almost 3%. coming up next, this is bloomberg. alix: this is "bloomberg ." insumer confidence rose september to its highest level since 2007. that number is literally off the charts. this is the distribution of estimates. we pull a economists and they add their expectation to the terminal. this is where it ended up. was 98.an the lowest estimate was 96. the highest estimate was just over 101. that number came in at 104.1, the yellow diamond over there. the number, led by jobs, led by spending, was off the charts. this chart shows us the spread between jobs that are plentiful minus jobs that are hard to get. as the labor market starts to improve, eventually you see the

. >> yes, we'll certainly discuss the cbo a small fraction of the client base but only a small componentse'll discuss that has a platform. >> so let's keep an move on thank you very much for your presentation and let's go to item 5. >> an action item amortization and joint to the 2013 and 2014 h cola for the retirees. >> good afternoon commissioners to continue our discussion we began last month we need a minute to bring up the presentation. >> are we having technical difficulties. >> we did again, that last month and the decision to be made just regarding the post 1996 retiree and the impacts on the july one evaluations the current funding policy will be a 5 year amortization of the liability, however, a special circumstances and reasons to consider longer amortization period i hope we gave the board enough information to have a positive - the amortization making a faster amortization the city is in a position to funds the plan at this time and make sense rather than dragging but payments and costing more the dollars is $400 million over the presents value of each amortization is the sam