massive economic growth. so she takes out the nobel laureates, human capital, industrial revolution, technology, geography, trade etc.. she says the primal cause as of 1700 is the first time the moral language changed and if you think that through my tradition hasn't been perfect, abraham, moses, gondhi, anybody. any tradition, aristotle, augustine, mohammed, et cetera. nowhere do you find capitalism or economics is good. it's something you put up with what we change thif we change ta problematic thing is the reversal so now you ask what are we teaching our kids in school, k-12, are we teaching kids that business and capitalism is good? business wall street is nasty and unfortunately there are a few bad apples but the predominance of people in america it's just basically good. every small business person wants to give their employees health care. that's one thing i learned. a teaching economics i didn't get out enough. people are basically good and want to help their employees. we have to reverse that languag

he made many bold statements in his economic speech before the new york economic club. what was your initial reaction when you went through the numbers and his plan? >> well, this is certainly improvement from donald trump's previous tax plan. his last plan cost $9 trillion. this one only cost about $4 trillion. but there's still a lot of pie in the sky here. still a lot of promises of economic growth that we can't possibly get. and still a reliance on just one-third of the budget to come up with all of the budget savings. >> why is it unrealistic to have 3.5% growth? that's what we had during parts of the clinton administration. when he says at least 3.5% over the next ten years, whiy is tha unrealistic? >> we had 3.5% during the '90s. that's when the baby boomers were at their prime working years. now they're retired. that's a point off growth. add the fact we're not in a tech boom, that's another half a point, that brings us down to what we think growth will be which is 2%. >> 2% is better than 1% or 1.5%. when he says he can create all these jobs if he reduces taxes

is economics will read incredibly smart person becker product says the cause of economic growth every person made mud does a dollars per year. then you get a hockey stick so she takes on 20 nobel laureates. human capital and the industrial revolution, technology and trade they are causal but the probable cause is up 1700 family started to call the business manner the business will but morally good my a tradition has not been perfect. anybody or any tradition. that the d.c. it is morally good. but we changed the l. ego to say it is reversal. yes water we teach a hour kids every teaching them it is good or it is corrupt with business wall street is nasty? the one i would knock out thousands that is something that i've learned. you don't get doors do you have. people are very good to help them felice. we have to reverse that leg wage it is said just a skilled but a colleague. you better be happy and passionate every waking igor of your life for it will be miserable. we have to show them this is good for you. and by the way did politics. did is clear that you love from the book cannot jus

and economic dynamic. but if you get a chance, that is a great book that talks a lot about what's going on. let me talk about a couple other things while we have some time. the book writing process this is a very thoughtful book and i enjoyed reading it. i've written a book. if you go bet my college roommas 30 years ago -- [laughter] but i did. and i found the process to be therapeutic in some ways and enjoyable. i would try to carve out some time like a weekend or something because i would have t i would o rhythm and right. some people get up at 5 a.m. before they get off the treadmill. how do you as a member of the house into someone who prides himself are home having constituent meetings how did you find the time to -- >> a lot of that was already written. there were couple of books. then i had a philosophical. if you are really sleepy at night, was that bad, but his knowledge today. that was socrates and plato with his knowledge and how do you know what you know. we have a 2,000 year search for that an

and there's obviously, going to be an economic disadvantages to operating with less broad economic market. i mean that was one the great things of the united states is we broke down. you know, the parochial interests when we came au unified country so that the economic could satisfy the scales of larger market now. part of the uncertainty in determining what the economic impact, is we don't know what it's going to replace the membership in the european union. it could range from almost complete independence, like the united states or very, very proximate to what it was before, which is what norway enjoys. we do know that uncertainty always is economically harmful secure, and right now britain because of the uncertainty of what the landscape is going to look like going forward that becomes less secure or predictable, it will come to the united states for example, where the strength of the dollar has been remarkable after the brexit. >>> that is true. kim. >> guest: so what can officials here in the united states do to sort of keep the markets here as stable as possible while the situation

thank you very much. >> and donald trump wrapping up an economic speech at the economic club of new york. good day, i'm andrea mitchell. at the westchester county airport awaiting hillary clinton's arrival as she returns to the trail, she's been home for three days recouperating frm pneumonia. we'll talk about that in a moment. you can see her campaign plane behind her. her plan today is to fly to north carolina, where we'll be flying with her. she's going to be giving a speech focusing on family and children before heading to d.c. for the hispanic caucus. donald trump just wrapped up that speech at the economic club of new york. it's a club known to be all of the top people from wall street. it's a platform that's been used by presidents, been candidates for the presidency. now donald trump today laying out his plan. joining me by phone is mark goldwine, with the committee for a responsible federal budget, nonpartisan economic group that judges the budget plans, the economic plans of candidates and of administrations and congressional budget offices. mark, thanks very much for joining u

it is economic. those rural small towns, mostly caucasian, high school educated, we let them drift and now they are upset. black and brown people have the same issues. what the mayors have done is take the emotion out of it. i'm going to actually solve the emotional issue by being nonemotional. we have to take the emotion out of the issue to solve it. this is an emotional issue, issue of dignity, issue of fair play, but if you get emotional, i guarantee you will lose. you cannot react, you have to respond. the mayor, who i'm sure wants to curse every other day because somebody is doing something irrational, is smooth and balanced and reasonable and listens to everybody. just like dr. king did. the president does the same thing. they are able to find this common ground. the is like atlanta is eighth largest economy in the country. we have problems, challenges, yes, but we are addressing those. think that we have to respond and not react to the inequalities, unfairness, on balance and we had to do some

i think that's good economic policy.ook, presidents have the authority to appoint their own fed the chair people. he hasn't made up a decision on that. so i'm going to let that assaye. the point of this exercise today is, again, to show that regulations come down and tax rates come down. that's what you need if you're in a stagnation. mrs. clinton has the story tax rates go up, regulations go up. trump remembers jfk in 1962 at this economics club. mrs. clinton has forgotten jfk's lessons. >> look, my thing is what i call the trump prime directive. we should not spend more time debating trump's policies and whatever nonsense he comes up with than he spent coming up with it. and at the end of this segment we've already exceeded that. the fact is that i feel bad for larry because donald trump cannot be trusted toll restate on the policy he's announcing today, on most of the other major policies he's nouned, whether it be the fed as you say, carl, or others, he's been contradicting himself within the same speeches. he's not

unken come bur third intellectual paradigms of university economics, flawed as they were. this supreme associating standing he indiana come economy douglas dillon, and the the ambition estimated the reason and credibility when the administration's commitment to seeing the tax cut through. with kennedy gone, the mechanism of the tax cut that kept the logic keen and motive was gong, too. no matter the phenomenal quality of the prosperity it unleashed. so,. >> didn't take johnson long to undo the best damn policy he was associated with and for a lot of different reasons relating to the war and politics and whatnot, he raised tax rates. might have put the original rate back to 78% and began to unhinge the dollar and as i said, this is a bipartisan, nonbipartisan book, so the next president, richard nixon, who i have met many times and this family is dear friend of mine but nixon once said to me when he was out of moves office you don't think much of my economics. said, no, sir, i really don't. so, nixon raised taxes. and nixon unleashed the dollar, unhooked it from any gold or

all right, let's listen to his economic speech at the economic club of new york.d trump: i don't know where to begin, that is a good feeling. we are, cnn just came out, we are leading nationwide with cnn. i're leading in ohio and think it just came out we are leading in north carolina, florida, and we're having a lot of fun on the campaign. it is wanted to say that, when people of fun don't of the teleprompter working but that is ok. [laughter] lucky about some notes. i want to outline a plan for american economic revival. it is a bold and ambitious looking plan to massively increase jobs wages income and opportunities. the great people of our country, i plan will embrace the that people floors under a minimum government burden, and will tap into the incredible unrealized potential of our workers and their dreams. now, 92 million americans are on the sideline outside of the workforce. they are not a part of our economy. it is a silent nation of jobless americans. look no further than -- i mean no further -- all your use look at flint, where i spent a lot of time.

he spoke to the new york economic club today. introduced here by his vice presidential runningmate, mike pence. r. pence: thank you. it is a great honor for this smalltown boy to be in the big apple and to introduce today the next president of the united states. [applause] particular honor for me to be here at the economic club of new york, a historic and storied place. and a place where men and women who drive not only this great city but much of the dynamic american economy over the decades of our nation's history in so many different ways, each one of you makes an extraordinary difference. i'm honor to be before you today. the also great to be back in new york city. i've been on the campaign trail now for the last couple of mobblets. this is my first time back -- months. this is my first time back since i accepted my runningmate's invitation to run and serve as the next vice president of the united states of america. [applause] i was humbled to accept that invitation. with my wife as my side. but i did it in a heartbeat. becau

this is a great advance in economic statistics.f you think about it, it is incredibly complicated the economy. you need to have surveys of lots of things to count what we produce. surveys of health care and automobiles and lotteries in college tuition, you name it. somehow they have to measure it. they also have -- a lot of distances intermediate goods, you do not want to cap it twice. a chunk of still into a car, you don't want to count the steel and the car because the car's value also reflects the value of this deal. el. want to -- the ste you want to count value added. that is a complicated process. count -- yout to want to just cap the final product that people are paying for. thatunt the final product people are paying for like going to a movie or flying in a plane or a tangible product like an automobile or dishwasher or microwave, or whatever. wrote,b: may 29, you maybe the middle class is not so stressed anymore. we in the media are riley criticized for a pessimistic bias. recover the unfortunate, the groom and the tragic.

trump's economic team. specifically -- >> mr. paulson. >> specifically to the comments about what the fed won't do. the fact that the market will remain artificially high. sxwl so, within one paragraph, you're saying the economy is a dase disaster. >> but you know, this is a campaign that loves conspiracy theorys. >> that also has strong momentum right now. i think nothing b about that speech is going to derail that. i thought it was a very good speech. >> he sound much more presidential. >> i agree, it was a good speech. >> but obama in past has had -- >> let's wrap this up. for all of you that the markets are having a pretty good day. "power lunch" is going to pick that up as well. d guys? >> here's what's on the menu for "power lunch." instant reaction to trump's economic plan. steve is going to choin join us ahead. plus, you'll hear from elizabeth warren, why she's calling for for jail time for some of wall street big bankers and apple doing something it hasn't done in seven years. "power lunch" starts right now. >>> welcome

it was 5% economic growth. year between 1962 and when it ran out of gas and policies changed in 1969. if americans had known this history, we probably would have called tried to jfk policy mix years ago in our slow growth in the 2000's. we would've kept tax rates low and maintained a dollar and yet this history has been obscured. it is liberals and progressives as the tax rate are shockingly far right policy. they were never put into practice in the 1960s and failed in the 80s and could only work in a dream world. it was democrat committee who launched those policies. that by itself is a great factoid from this book. >> let me read you just a couple of quotes. we were recording along radio interview and he actually found a tape with kennedy's boston accent. there was a great speech that kennedy made in december 1962, a very famous speech which really was the breakthrough of his new policies. in short, it is a paradoxical truth that tax rates are too high today and tax revenue is too low and the soundest way to

it helps to create economic expansion. it helps to bring capital home from abroad and helps to encourage investment. >> let me take this to julie. a lot of trump's plan is based on somewhere between 3.5 and 4% growth. that's impressive. cutting the corporate tax rate, that's one area where we could really stimulate the economy. 3.5% is not out of the question. >> every respectful economist from the congressional budget office and many others things there's an incredibly unrealistic proposal, i would love him to say how he's going to do it, pie in the sky proposals are just that. he's said he will repeal obamacare. he's talked about replacing it. he's told us to stay tuned how he's going to do that, i would love details on that. i'm happy to hear republicans are finally on the bandwagon for paid family leave, i would like to see it expanded to women's partners, a father who may be taking care of a child. these are nice baby steps but without specifics, all we hear from donald trump is trust me, trust me. where are the speci

it's economic. going in resetting the economy in those small towns, mostly caucasian and educated, we let them through another upset. they have a reason to be upset. black and brown have the same issue. what the mayor has done is to take the emotion out of it and i'm going to actually solve the emotional issue. we have to get the emotion out of the issue to solve it. this is very ironic. this is an emotional issue, an issue of dignity, it's an issue of fair play, but if you get emotional, i guarantee you will lose. you can't react, you have to respond. the mayor who i'm sure once to curse every other day because someone is saying something radical is smooth and balanced and reasonable and he listens to everybody, just like doctor king dead. the president does the same thing. the treasury does same thing and are able to find this ground. the only international city in the south and the number one place for black people to arrive. we have challenges, yes, but we are addressing those. were not avoiding

we have two esteemed economic experts here who know a lot about taxes.ne romans, donald trump's tax return, again, these 12,000 pages, just remind us what they would tell us or what types of things they would tell us and why, in donald trump jr.'s words, it may be such a distraction from his father's -- >> they would give us insight into how much money he pays, what is his tax rate, how much money does he give to charity, where is the money coming from, his income coming from. and just i mean the tax rate is what's really interesting to me. we know that real estate developers in particular have very creative kind of tax rules. honestly. >> charitable way to put it. >> and what about his charity donations. personally, does donald trump give to charity. you know it's almost proforma for somebody running for president. >> everyone tries to get the lowest tax rate possible. creative or not. everyone's trying. we've even said that. of course work the system to my advantage. everyone would do that. >> i suspect what you would see is a very low tax rate, overal

these are economic behemoth. behemoths.n i say they have to pay more, a general came to refute my statement and said, doesn't mr. trump no that japan pays 50% of the cost? and i said, why don't they pay 100%? the numbers you talking about are massive. when you added altogether, a lot of good things happen. all, a lot of good things happen. [applause] tax rate,corporate the cornerstone of your economic policies reducing the corporate tax rate to 15%. the secretary of treasury proposed a 28% rate, the u.k. is at 20%, ireland is at 12.5%. how did you settle on 15% of the target --as a target? >> it has to do with the cutting. we will cut cost. we will unleash something that is going to be so amazing and a lot of it is competition. you look at ireland being about the lowest. we are not the lowest but we are getting down there. hottest --we are the highest of the world. from a competitive standpoint, we set it and added to that, the cost cutting. when we tremendous -- buy companies, we like to buy companies that are poorly run b

any textbook proof of our new economics, whether it is boj with their original economics today?r maybe the idea of janet yellen not working in a vacuum of a global slowdown? are we in a land of new economics? ewen: i think we are. -- japanhat moving moving into the era of regulating is is rates, the next stage it will regulate recredit goes is a kickback to what you had in the u.s. in the 1940's and 1950's and the nationalization of financial markets is taking place. we have seen during wartime. the textbooks will be written after the events rather than before. tom: i look at this, francine. there is so much going on today pit we look at the bank of japan as may a part of what the fed action the fed meeting was that today, this is absolutely this isly -- -- absolutely original economics from the bank of japan. francine: i wonder longer-term if they will be more disappointing because they could've done more. tom: it is most interesting. in our next hour, questions from wilbur ross. if you are a trump supported, mr. ross is your guy. he is adamant on the advantages of mr. trump ov

donald trump and vice presidential nominee outlined their economic plan today at the economic club ofew york. this is about one hour and 15 minutes. >> i'm the president of the economic club. the economic club of new york is the nation's leading nonpartisan forum for speeches on economic social and political issues. more than 1000 prominent guests have appeared before the club over the last century. and has established a very long. -- strong tradition of excellence. we want to personally recognize the 234 members of the centennial society. these club members continue to make an extraordinary contribution to ensure that financial stability of the club in its second century. their names are in your program. we would also like to welcome the member sponsor table of students from nyu school of business. after the convention this summer, the economic club with the support of its board of directors extended an invitation to both of the candidates to come to the club and present their economic platform. this afternoon, we are honored to be able to welcome our guest speaker, donald j. trump,

economic policy.tom keene in new york city. francine lacqua in london. thrilled you're with us on economics and finance investment, international relations, and the bank of england. we will do that in a minute. francine: of course. tom: first, bloomberg first word news. sebastian: a new push to investigate and jail wall street bankers for their role in the wall street crisis. a massachusetts democrat wants to reopen the investigation into 200 individuals and departments that was opened in 2011. --er, we will call the later today, we'll speak with senator warren on bloomberg television republicans backed off their demand on impeaching the head of the internal revenue service. he has been criticized for handling the investigation into the treatment of conservative groups. the house committee will hold a hearing, but a vote is not likely until after the election. american companies welcoming obama's decision to lift sanctions on myanmar. the country is transitioning from military rule. the head of the u.

his economic plan widely panned. joe stiglitz giving him an f on economics. no surprise there.t is an adult. that's it doesn't add up. -- it doesn't add up. his trade plan would cost 4 million jobs. friday he had a news conference which he used for an advertisement for his washington hotel. and then the whole thing when he reversed himself saying he lied about obama and the birth of thing. then friday he went out and said this arm hillary clinton's secret service. tom: is he running this campaign? or is he running to these two key officials? it there is no question he is running his campaign but they seem to be setting off his rough edges. a week from the today -- only from today, the debate is going to set the stage. tom: michael mckee with a quick update on the campaign. it is historic. ♪ hey how's it going, hotcakes? hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on

the revolution was not just another economic boom. it was on the basis of technological innovation access to the mother load of all hydrocarbons. they knew they were there when they were drilling in conventional vertical wells that allowed them to extract maybe only 1%, maybe only 10% of the actual resource trapped in shale. that is what is acceptable whatever the price of oil is, that is what is accessible and it was not a result of government plans or programs or subsidy. it was not the result of the global major oil companies, nothing wrong with them. this was an achievement of risktaking energy entrepreneurs whether they are geologists or financiers, operating in competitive markets, enormous risk, enormous game. we don't have a minister of oil in this country but i think for the first time in history we have a truly market generated energy revolution, the future remains uncertain but the opportunities that provides, the book goes on in detail, living in texas where the technology was first developed and first utilized, still the

donald trump unveiled his economic policy in new york city.are some of the highlights. >> a national goal of reaching 4% of economic growth. >> over the next ten years, our economic team estimates that under our plan the economy will average 3.5% growth and create a total of 25 million new jobs. our tax plan will greatly simplify the code and reduce the number of brackets from 7 to 3. one of our greatest job creation measures is going to be a business tax rate and a reduction of more than 40%. >> we will make america wealthy again. we will make america strong again. and we will make america great again. >> all right. here with reaction, trump campaign national finance member and host of fox business network, also, economist at the heritage foundation and a trump economic adviser, steve moore. let's go over this. half of america doesn't pay income taxes. he will drop the rate and we're nearly at ireland at that point, right? >> that's right. we have the highest corporate tax in the world. our businesses are leaving. you've seen that with burger

symptom of the underlying economic situation. they reflect weak long-term growth trends and the protracted macro economic slump that has resulted from the crisis. policy hasonetary provided significant accommodation to limit the negative affects of the global and euro area specific shots on the economy, thereby mitigating their dis-inflationary impact. nevertheless, monetary policy cannot determine the sustainable level of really just rates in the long run as they in turn depend on long-term growth prospects. that out of policy actors need to do their part pursuing fiscal and structural policies which will contribute to a self-sustaining recovery and increased economic growth potential of the euro area as i discussed with you in june. in the meantime, the lower interest rate environment has a range of implications for economic actors, the need to be carefully monitored. i'm sure this was part of your exchange today with the chairs of the european supervisory authorities. i am happy to continue this discussion and answering your q

part of speech as economic club. talked about boosting economic brouj up to 4% growth.ce bill clinton in the house and it was the daut come boom. 4% growth has happened. could happen. a very different time. would be double where we are right now. how would all of these proposals put together affect the average joe. >> where does the rubber meet the road? exactly. it's hard to see how his economic plan benefits average person day one because what he's talking about 25 million jobs created, that's what americans really care about, over a ten-year period. for context have hit that rate under the obama administration, not sustained but you can see from the chart if we have it available, in 2014 and 2015, we had close to 3 million jobs a year created. he's talking about 2.5, sustaining that rate. and to your point, this is a very different economic reality that we're under versus the 990s, the last time we that that sustained economic growth. we have aging work force, we have more and more automation, make it more difficult to generate that kind of growth. day one the wealth

these are economic behemoths, behemoths.althy countries and when i said they have to pay more a general came to refute my statement, and said, doesn't mr. trump know that japan pays 50% of the cost of its defense? and i said, why don't they pay 100%? the numbers you're talking about are massive. [applause] and when you add it all together, a a lot of good things are going to happen. >> thank you. [applause] on the corporate tax rate, a cornerstone of your economic policy, is reducing the corporate tax rate to 15%. secretary of the treasury lew proposed a 28% rate. the uk is at 20%. and ireland is at 12 1/2%. how did you settle on 15% as target for the u.s. >> a lot of that has to do with the cutting because we'll be cutting costs as part of our tax plan, we have to cut costs. i think we'll unleash something that will be so amazing and a lot of it is competition. you look ireland being about the lowest. a little bit lower. we're not lowest but we're getting down there. essentially we're highest in the world, certainly of the

economic wise, what we see is economic freedom in israel over the course of the decade. improved by 45 percent over the decade area 45 percent is a big change. that's going from 15 percent below the overall global average to 12 percent of all. going from 90 245 in the index. this is a substantial improvement and that jumps in the index rankings a time when the rest of the world is becoming more economically free. break it down to individual areas, four out of five individual areas improved economic freedom significantly over the course of the decade. one exception is size of government, that declined during the course of the decade which when you look at the component, its transfers went up. if you have a large migration of 20 percent of the population that comes with the welfare state and israeli culture with the idea that we are responsible for taking on and taking care of these immigrants, they will get the type of nato blowback reaction that's common in literature and the european social democrats. but what we find is by 2005 it had recovered to 97 percent with the l

today i do want to outline a plan for american economic revie value. it's a bold and ambitious and forward-looking plan to massively increase jobs, wages, income and opportunities for the people of our country. great people of our country. i will tell you. my plan will embrace the truth that people flourish under a minimum government burden and will tap into the incredible unrealized potential of our workers and their dreams. right now 92 million americans are on the sideline outside of the work force and they're not a part of our economy. t's a silent nation of jobless americans. and look no further, and i mean no further, all you have to do is look at flint, where i spent a lot of time, the city of flint. and what a disaster has taken place. the jobs have been stripped from the community and its infrastructure has totally collapsed. in 1970 there were more than 80,000 people in flint working for general motors. . day it's less than 8,000 that's going down. and they're making very, very little and people are trying to go down to that $8,000 mark. what

one thing on this agenda is an economic forum. he and putin, that's president vladimir putin, will attend theent on saturday, an event on saturday in vladivostok. ai uchida joins from us the business desk. what's the aim of this forum. >> the russian president wants more investors to come to the region and that's why he's opening this international event. the eastern economic forum was launched last year. about 2,500 people from 30 countries are schedule to attend the gathering that just opened. shinzo abe, park guen-hye and corporate representatives from asian countries will be among the participants. government officials and corporate executives from japan and russia will attend a session on the first day on bolstering economic cooperation. day two will see putin give a speech pitching the russian far east as an investment destination. western sanctions over ukraine and other issues have put a squeeze on russia's economy. putin is hoping to use the forum to highlight abe's cooperation plan. >>> let's get a check on prices. share

trump rolling out the details of his full economic plan. he says he will raise the minimum wage to $$10 an hour. shane is joining us live, long awaited details of his economic plan, what did we learn today? >> a lot of what we learned today we have heard before, but it was consolidated. i think the big picture message is the same, quite simple, he has been arguing that if you cut taxes you will get higher economic growth. the number he mentioned, 3.5%. he talked about lowering taxes on businesses. from 40% to close to 15%. they love that here. the audience largely made up of new york area business people. they also talked about individual rated. they heard in the past there would be three brackets under a trump plan. what trump talked about was the income levels. if you make less than $75,000 a year you're at 12%, if you're $75,000 to $225,000, you're at 25%, and if you're more than $225,000 it is 33%. >> this is the most progrowth, profamily plan perhaps in the history of our country. >> he talked about fewer regulations, he talked about h

david: you cover politics as well as economics.o the politics of what is going on -- to whom is mr. trump trying to appeal, and what is going on with the battleground states? brendan: that is the right question. we have two different things going on -- today's speech -- the appeal is donald trump wants to give permission to responsible republicans to vote for him. look, we have a plan -- we're going to the new york economic club. watch what we are doing for mainstream republicans. as far as the battleground states -- i do not know if that has to do with what is happening today at the new york economic club. that has to do with his trade policy. he is doing a better job of giving republicans permission to vote for him. who knows what is going on in ohio -- we have seen are up, down, and he is back to tweeting out poll results. david: thank you very much, brendan greeley, reporting today from washington. today at 11:30 a.m. eastern time, donald trump's q&a with john paulson after his speech at the economic club of new york. we will c

thet, we're joined by professor of economics at stanford who combines comparative evidence in economic theory to design more effective policy. policy toenough for a sound good at meetings or forums like this, we need to be designing and implement an evidence-based solutions. -- he brings a suspected -- prospective to identify dissociative we will also hear from the chairman of the 100 black men of america to talk about his role in transforming the lives of youth and improving communities through their mentorship. he has boots on the ground experience and his expertise is relevant as we focus on policies that affect people at the individual level communities of color. design a more successful financial infrastructure, we turn to curly for answers. aswill hear about his role president of the georgia pacific foundation and better understand how philanthropic investment can help build meaningful communities. in finally, john rogers. we'll hear his perspective as the chairman, ceo and chief investment officer of aerial investment. and his experience working in the south side of chicago. as

trump see in economic gdp?e have the fundamentals, which far -- are a cyclical downturn that has been going on since early 2015 in growth. , but at a recession vector of growth. you have both gdp and payroll jobs growth year-over-year falling since early 2015. that's a long time. tom: are you here today to reaffirm a new recession call? lakshman: there is no recession imminent. into 2017,e too far but there is nothing imminent in terms of a recession. but first, before we get to that, the downturn in growth is undeniable. that is part of the reason why the fed has -- they will probably try to get one in this year if they can. just for a minimal amount of credibility. but the slowdown in gdp -- you have it at a 36-month low. job growth at a 26-month low, year-over-year. qen if gdp comes in at 3% in below 1.5%are still year-over-year. they have a problem because they have stagflation light. forward-looking future inflation gauge has turned up. you go back to your inflation chart. we see inflation rising. francine

earlier today donald trump unveiled his economic agenda as we mentioned the at new york economic club. bring in fair and balanced someone who back hillary clinton proposes. center for american progress economic policy managing director, andy green. donald trump said this today. not one, single idea from hillary clinton will create one new job. counter that from your side. >> well, something like that would be just a malarkey. you know, secretary clinton has a plan to invest in infrastructure, rebuild this country. so, we well know that infrastructure has a net job creating impact, multiplier. so i don't know if donald trump is saying that the good, hard-working men and women who are laying down concrete and rebuilding our roads and bridges are taking a welfare check. that seems what he was saying. liz: can i just ask though, when you're talking about what hillary clinton plans to do, infrastructure, her plan is apparently still as with we heard 250 billion. his is 500 billion. >> well, i mean, he proposes stuff without having anything to back it. so i don't think the 500 billion is re

these are economic and he myths, but he myths -- economic behemoths, behemoths. doesn't mr. trump know that japan pays 50% of the cost of its defense? i say, oh, why don't they pay 100%? the numbers you are talking about our massive. ,hen you add it all together lighter things are going to happen. corporate tax rate, a cornerstone of your policy is the rate. secretary lew proposed a 28% rate. the u.k. is at 20%. ireland is at 12.5%. how did you settle on 15% of the target for the u.s.? of that has tot do with the cutting because we are going to be cutting costs. i think we are going to unleash something that is going to be so amazing and a lot of it is competition. you look at ireland being the lowest. we are not the lowest, but we are getting down there. ofht now, we are the highest the world, certainly of the industrialized countries. and we said it from a competitive standpoint and we added to that and very importantly added to that the cost cutting. and there is tremendous fat. it's interesting, when all of us and so many in the room do this, when we buy companies, we li

we think that actually affects economic growth and not just the level of well-being -- economic well-being in the economy. that's one thing. of course, it's not only skilled immigrants that innovate, but we think they innovate more than less-skilled immigrants, or people, workers in general. that's one thing. and then the second thing is that we think that skilled workers, which would include skilled immigrants, might actually have what we call positive spillovers on their co-workers. so actually, it's easy for a professor to think of that in the professorial context, we professors try to seek out jobs in departments where there's other very good colleagues, because we know we'll interact with them, and they will make us more productive. similarly, in general, if you have some skilled immigrant coming into the u.s., they may actually raise the productivity of not -- now i'm not talking about the entire economy, but a group around them. and nowadays, around you means essentially farther away. also electronically, but face-to-face is still important. so those are two ways. but also, in the w

but today, i do want to outline a plan for american economic revival. and it's a bold and ambitious and forward-looking plan to massively increase jobs, wages, income, and opportunities for the people of our country. great people of our country, i will tell you. my plan will embrace the truth that people flourish under a minimum government burden and will tap into the incredible unrealized potential of our workers and their dreams. right now, 92 million americans are on the sideline outside of the workforce and they're not a part of our economy. it's a silent nation with our american workers. and look no americans are on the sideline outside of the workforce. and they're not a part of our economy. it's a silent nation of jobless americans. and look no further, and i mean no further, all you have to do is look at flint, where i spent a lot of time. the city of flint. and what a disaster has taken place. the jobs have been stripped from 8,000 people, and that's going down. and they're making very, very little. and people are trying to go down to that $8,0

this was really a great advance in economic statistics.ecause if you think about it, first of all, it's an incredibly complicated economy, and you need to have surveys of lots of things he would not think of to -- you would not take up to sort of count what we produce. surveys of health care, automobiles, college tuition, you name it. somehow they have got to measure it. they also have the problem that you have a lot of businesses producing intermediate goods, you don't want to count it twice. if you have a chunk of steel that goes into a car, you don't want to count the steel and the car. because the car's value also reflects the value of the steel, so you just want to count the "value added," occurring at each level of the business, so that's a complicated process of filtering out the value one business provides to another business, and you don't want to count, you want to discount the -- just count the final product people are paying for, whether it is a service like going to a movie, or flying in a plane, or an actual tangible product

my economic plan rejects the cynicism that says our labor force will keep declining.our jobs will keep leaving. and that our economy can never grow as it did once before. and boy, oh, boy, did it used to grow. we reject the pes simism that says our standard of living can no longer rise and that all there is really left to divide -- because frankly we're looking at an economy now of no growth and redistribution of wealth, and that's not going to work. everything that is broken today can be fixed. and every failure can be turned into a truly great success. just look at the way i just melded into the teleprompter that just went off. who else could have pulled that off, okay, who else. jobs can stop leaving our country and they will just absolutely start pouring in. it can happen. failing schools can become flourishing schools. crumbling roads and bridges can become gleaming new infrastructure. inner cities can experience a flood of new jobs and investment. and rising crime can give way to safe and prosperous communities. all of these things and so much more are possible.

i think it is possible on macro economic policy. the fed has drawn itself in to the regulatory vortex and will have to answer to congress on it. >> what about the decision the fed took last week? what is your view in which the speed should be -- the speed of which they should be raising rates? >> i think the fed has signaled beforeected rate hike the end of the year. .he problem facing the economy we had a divided open-market federal committee policy last week. there are certain and balances in the system. where do you stand on that? are there and balances in the the early action after the crisis were very positive. the continued altra accommodative stance, why are we on life support? that is a real question the fed has to answer. the fed says we have to bring .he labor participation rate up i expect the fed to continue to get questioning on this unless it normalizes policy. abouthave heard a lot this. are the banks overregulated or just regulated enough? >> i do not think it is a matter of over or under but whether it is the right

on thursday, i will outline my full economic plan, which is completely paid for through economic growthnd proposed federal budget savings. it's going to be something special. like this country hasn't seen in many, many decades. >> reporter: but you see there, he's not offering a whole lot of detail yet on how he's going to pay for it. that should come thursday in an economic speech we're expecting in new york. back to you, guys. >> that will be certainly interesting. thank you, sara for that. let's dig deeper into trump's child care plan. trump now has three main proposals for working families. his workers do not pay maternal leave. they could get six weeks paid maternal leave. job else benefits. critics say this leaves out fathers. second, will have a dependent care savings account, getting a tax bake break for anybody who saves up to $2,000 a year. finally, parents could deduct the average cost of child care in their state, based on their child's aage. some warn that this would invite employers to drop their paid lead. staying ti ining stick it to th. it would fund that by ridding the

donald trump's economic speech yesterday. we are breaking down the economic plan coming up. a scare in the heart of new new york city to report, gunshots fired after a man attacked a police officer, an update with the officer's condition, we will tell you what went down coming up. a massive recall with chrysler, 2 million cars off the road which are tie today at least three deaths. samsung recall now finally the response to the exploding batteries could be helping iphone 7 sales, the new device hitting stores today. why gasoline prices on the upswing very soon and deutsche bank still haunted by the financial crisis. the justice department hitting the german lender with a 14 billion-dollar fine over toxic mortgages. the stock continues to plunge this morning again, the bank says it will fight back. futures, meanwhile pointing to a lower opening this morning. a wild week for the market. take a look at where we stand right here. decline of 50 points in the dow jones industrial average. the stock plunged weighing on the banking sector in general, makes performances right now wit

steve cortez along with berkeley economics professor and economic advisor to president bill clinton, so great to see both you guys. i say this is lower regulations, cut taxes, lower taxes, cut regulation and there you go. >> agreed. this is donald trump's wheelhouse blues wealth generation and economic growth, watching stefan curry play basketball, something he does well and makes it look effortless. what is important here is he has an optimistic and detailed plan to achieve economic growth, something we haven't seen in a meaningful way in a decade and americans are starving for in their personal lives, this is exciting and bold and it will work. we are capable of growing double the rate we are growing now, we are too greater country to accept one and 2% economic growth. >> he is being conservative, not promising 5 but what issues do you take with what you heard today? >> we could get 3.5% growth, we could get for, we couldn't even get 5 but only with massively greater integration than we have now so over the next we 4 years the machines we have to work with are largely in place you

the economic club of new york is the nation's leading nonpartisan economic, social issues.minent guests have appeared before the club over the last years and have established a strong tradition of excellence. we want to personally recognize the now 234 members of the entennial society. these club members continue to make extraordinary contributions to ensure the stability of the club in its second century. their names are in your program and they are seated in the front. we would also like to welcome the member-sponsored table of students from n.y.u. cern school of business that are in attendance today. after the convention this summer, the economic club and the brd of directors extended an invitation to both of the candidates to come to the club and present their economic platform. this afternoon, we are absolutely honored to be able to welcome our guest speaker, donald j. trump, the republican presidential nominee. [applause] i'm delighted to say that to introduce mr. trump today we are pleased to welcome indiana governor and vice-presidential candidate mike pence. [appla