chair hassett: i googled it. you spend all your money on twinkies and your money is gone and you are fat. you are pretty upset about it and sorry you did that. that is what a sugar high is. people said the tax cuts would have no effect on the economy. when we passed the tax cuts, now we have a booming economy and it's a sugar high. it is not. what happens is, we build factories. it is not like we bought twinkies. we bought machines and buildings and put people to work. now this factories are turning on. they are producing output. it is not a sugar high. it is exercise and vitamins and so on. the sugar high argument is hysterical. there is a one-to-one mapping of the sugar high argument to people he said the tax cuts would have no effect. you can go back and look. probably worth a ramesh article. ramesh: what are the threats to the economy? chair hassett: one serious that we are following closely now which is that it -- a big chunk of europe is very close to being in recession. parts of southern europe have financ

our guest is kevin hassett, chair of the white house counsel council of economic advisors. this is his first appearance at a monitor breakfast so welcome. like yours truly, chairman hassett is a native of the great commonwealth of massachusetts, though he's from a more rural part, greenfield. dr. hassett: and i did not get the vote of either of my home state senators. linda: he's a graduate of swarthmore college and earned his phd in economics from the university of pennsylvania. he was a resident scholar at the american enterprise institute in washington. it was also a professor at columbia university, worked at the federal reserve board of governors, and served as economic adviser to three present for candidates, george w. bush -- presidential candidates, george w. bush, john mccain and mitt romney. now for the ground rules. we are on the record here so please no live blogging or tweeting. in short, no filing of any kind while the breakfast is underway. there's no embargo when the session ends at 9:30. we will email pictures from this breakfast to all the reporters here as

chair. thank you both for being here and congratulations on your nominations. mr. hassett come also with you. would go back briefly to the discussion about immigration. the point of your report had to do with legal i would assume legal denigration, guest worker programs, they create an economic multiplier. some would even argue they create american jobs as a result of that reliable, predictable guest worker program that ebbs and flows in this country and is something we need to get sex. was that the essence of your analysis? >> yes, sir. >> i am looking forward supporting your nomination but now with a little asterisk since i read your report on deflategate. i'm not a patriot samper ensure the folks in new england love you. no, i thought of remarkable. it's going to have to make a go and change my -- not going to use the hearing to drill into that. i do want to talk about a report, you are very well published in very impressive list of writings. what i want you to spend maybe a minute or two on is the spending taxes and certainty roadmap a 4% gdp. in your current role how

. >> kevin hassett has been inked by the preside to lead the national economic council after serving as chairuncil of economic advisers during the first trump administration. we will show you his confirmation hearing for that position in 2017. this was before the senate banking, housing and urban affairs committee. >> this hearing will come to order and we will consider the nomination of mr. kevin hassett to be chairman of the council of economic advisers