germany's council of economic advisers said the government has trained its growth outlook for europe's biggest economy to just half a percent to reverse its fortunes the council suggests that berlin drop the sacred cow of its economic policies the balanced budget critics have long blamed berlin's frugality for crumbling infrastructure and poor digital services. the german council of economic experts say germany faces continued economic weakness but they are not expecting a deep recession the economic advisors we commend lowering taxes but chancellor angela merkel makes it clear that she is calling the shots. in i can tell you that we don't always follow your suggestions but they still provide us with inspiration and you will also find many of your thoughts in what we have already done. however the council says the government has done too little for industrial policy leaving tens of thousands of jobs at risk in the auto industry the sector could easily use some state support especially for all to multiple suppliers the government could also help by subsidizing part time work and retrain

[applause] according to the council of economic advisers, the astonishing increase in production madeossible by the saves americans $2500 for a family of four in lowering electric bills and prices at the top. the numbers are now even higher than that. my administration is also restore the principal that to be a strong nation, america must be a manufacturer nation. these are great jobs, brilliant, great people that know how to manufacture. these people were underappreciated and undertaken care of, but we take care of them. we cherish them. past leaders wrote of american manufacturing as dead, but their policies were the ones that were actually killing it. we killed manufacturing, that is why we were losing all those jobs. we made it impossible to manufacture. we have opened it all up. this is a number that is hard to believe and i've been saying it for three years. i know it is right because the fake news has never corrected me. if it was wrong, it would be headlines. but they cannot say it after losing 60,000 factories under the previous two administrations. 10,000 is now gaining bran

joining us now former council of economic advisers austan goolsbee and jim petakoukis. n your experience on the council of economic advisers, how often or typical for the fed chair to meet with the president and then your thoughts on what perhaps was discussed in that meeting. >> you know, pretty not typical. i wopder if chairman powell is asking himself the question why did the president ask him to investigate the finances of vice president biden or whatever else might have come up at that lunch. i think there are a lot of people who that really raises an eyebrow. it is not unheard of for a president to meet with the head of the fed it is unheard of for the president to secretly meet with the head of the fed after publicly declaring them to be a dope, to be an enemy of the state equal to the head of china and to constantly harang them that you want them to reduce interest rates and send the u.s. into negative rates so if the president is calling chairman powell to a meeting in the white house in which he tells him here's what the economy is as i see it and i want you to

the amount of resources, national, economic, council of economic advisers, contractors, cms, hhs, trying to figure out the different modeling about what would happen under various scenarios. to be clear the way rebates are currently structured was set up in the obama administration and this is another example of an issue that should have been confronted or another issue that we have inherited. if somebody has an easy legislative solutions the rebate problem i'm all ears but i would much rather focus on the simplification of the part d benefit and going at the direct remuneration issue, congressman meadows has a bill we are supportive of and are willing to work with members on tweaking to make it stronger. we've gotten a lot of good feedback from senate republicans and the transparency of some of this would help too. i would say this, restructuring the liability and the part d benefit to put taxpayers less on the hook and payers more on the hook will get a lot of these rebates and interject more competition and aggressive negotiation in the private sector. just restructuring the benefit w

the council of economic advisers from the white house put out a report in line with an executive order from the white house saying we need to prioritize development of vaccines for influenza that are fast. and so right now, you just have mediocre and slow. a mediocre and fast vaccine is better than on the over and slow vaccine but we can make better vaccines and make them faster, but $351 billion every year is our economic cost for seasonal influenza and a pandemic goes into the trillions of dollars. we have to take that sense of urgency and economic assets to settle disruption and the lives lost in the perspective to think how do we gather this information and share it in a targeted way to accelerate development of the one of these better, faster vaccines. >> what are the principal conclusions of this group we had last year came was we need a new entity. we need something special to do this because i won't say we're spinning our wheels but we're not publishing what we could accomplish and many people would think we're not going to do that unless we do something very fundamentally diff

can mean for 2020, i'm joined by betsy stephenson, a former member of the president's council of economic advisersk zandy, former economic adviser to presidential candidate john mccain. betsy, it seems to me there's these two questions, cyclical questions and structural ones. for a while, we had the worst financial crisis in 60 years, and this long period to climb out of the problem cyclically. and now we're in this economy that should be running very hot with very low unemployment, low inflation as well. it just seems to me like we're up against some structural boundaries about whether working people and middle class families are seeing real tangible gains even in this kind of economy. what do you say? >> right. so i think what we've seen is we've recovered from the great recession, but we've got the same kind of problems we've had for a while, which is rising inequality in the united states, and that rising inequality means that as the economy improves, as incomes grow, they primarily go to the top end of the income distribution. so we've been watching this happen for a while, but i think that o

christoph schmidt to take part in a panel about carbon tax the chairman of the german council of economic experts he advises the german government on carbon pricing. and it's a misconception you have just read that it was $22.00 degrees celsius in greenland yesterday and within just 24 hours 12000000 tonnes of ice melted we want to know what we can do to stop this happening to prevent temperatures from continuing to rise. and a carbon tax is one proposal that comes up again and again. as you said people are miserly and that's why pricing works you could put it like this there's some things free it's not worth anything that was fair is used as a free dumping ground for carbon emissions there's no global cost applied to this and that's why it's overused. believes that carbon pricing would make the german government stick to its climate targets. but with the general public accept it. friday's for future is calling on the government to introduce a 180 year old tax on each metric ton of c o 2 in europe per capita c o 2 emissions are $8.00 tonnes a year so everyone would have to pay $1512.00 euros in carbon tax s

joining us is kate moore, from black rock's allocation investment team jason furman, former council of economic advisersharvard's kennedy school and michael strain who is economic policy studies director at the american enterprise institute. kate, let's start with you between these numbers today, jobs and ism, how important are they and how much to discounting for the gm strike? >> our expectation is considerably below where consensus is and we think this will be transitory i think the private payroll side will look pretty good in general when you take out what's going on with gm a lot of the earnings stories have been strong this week we've seen companies who have beaten on the top and bottom line get rewarded even more in price than they had been in previous quarters. we've had good messaging from the fed as joe was just mentioning they will be here to back us up but the economy is on strong enough footing that we don't need to cut rates further. you know, if we get a decent ism print, again perhaps sub50 but still a little bit of a bounce from last month, i think we have this really interesting solid

the german council of economic experts said germany faces continued economic weakness but they are not expecting a deep recession the economic advisers recommend lowering taxes but chancellor angela merkel makes it clear she's calling the shots stuff you don't always follow your suggestions but they still provide us with inspiration and you will also find many of your thoughts in what we've already done. the advisers feel they are not being heard on the issue of industrial policy in particular they say the government has been too slow to expand broadband internet and is not that enough to promote innovation in the automotive and mechanical engineering sectors they also believe berlin's balanced budget policy could be a threat in a recession. from our viewpoint the balanced budget is a good devise to reduce demand and shed debt in a period of recovery but as the economy slows it is very clear that insisting on a balanced budget will not make good economic sense. the council of experts says that in spite of the global slowdown germany does not need an economic stimulus package they pick german growth for next year at point 9 percent. g

. >> let's bring in president trump's economic adviser, larry kudl kudlow, director of the national economic council of the white house. very good afternoon to you, larry. good to see you. >> thank you, wilf appreciate it very much. >> what does "close" mean? days, weeks, months? >> i wouldn't put a timetable on it close means close. and i think in fairness, the two sides are still thinking about what i'll call apec time that is the chilean apec conference that got canceled so i think that would have been this coming weekend, but don't hold me to it. it could be a little bit later, it could be a little bit earlier. i don't want to put words in the president's mouth. i think the key point he made was that it's got to be a good deal, first of all, for the united states. he's said that many, many times. he truly believes that china needs a deal more than we do, because our economy is in much better shape than the chinese economy is we are taking in pretty good tariff revenues from china but on the other hand, as you noted, he said, we are close to reaching a phase i deal. i'm reading from his speech. i