dr. jeffgy herb benner. and the professor of social sciences and director of the mcquinn center for research at the university of missouri. dr. john taylor is the marion robert raymond professor of academics at stanford university and george p. schultz, senior fellow in academics at the hoover institute. dr. james galbraith is the lloyd and benson junior chair of government business relations and professor of government at the lyndon b. johnson school of public affairs at the university of texas at austin. dr. alice rivlin is a senior follow in academic studies at the brookings institution and former vice chair of the federal reserve board of governors. without objection, your written statements will be made part of the record. you will now be recognized for a five minute summary of your testimony and we'll begin with dr. herbener. >> chairman paul, ranking member clay -- >> keep the mike up close. >> and distinguish members of the committee, it is an honor to appear before you. left to the market the product