as president trump's national security economic states, economic security is national security. it's clear, a big part of america's international economic future is in this region. so just as the united states made foundational contributions in the past, today i'm announcing 113 million dollars in new u.s. initiatives to support foundational areas of the future. digital economy, energy, and infrastructure. these funds represent just a down payment on a new era in u.s. economic commitment to peace and prosperity in the indo-pacific region. our strategy seeks to catalyze americans businesses to do what they do business. -- what they do best. expectsident trump greater support for indo-pacific for all companies to share our vision of a region ruled in sovereignty, the rule of law and sustainable prosperity. the first initiative is the digital connectivity and cyber security partnership. this will start with a $25 million initial investment to improve partner countries, digital connectivity and expand upper stick -- opportunities for u.s. technology exports. the u.s. will support co

behind the new silk road that leads to kazakhstan's economic capital. behind the trains that run through the steps china is pursuing a strategy. the opening of a new export route to absorb any excess industrial production but the main goal is to intensify china's economic and political influence all across central asia a region that historically has looked towards russia. in the new forward till you can have made their logic of the generous roads that. the railway lines. for us for all the new transport options are an advantage to those located on this line in kazakhstan and elsewhere in central asia in this case there's a to leave a note central nevertheless it's largely a chinese project that's aiming to solve china's problems that could take a guess the vishay three for china's constantly trying to find new space for its population. to tell us their years of course russia has a lot of empty land but russia is still strong central asia is weaker it's the weakest link in the chain. as so often china's population figures are a cause for concern the fear

alan krueger, he is the professor of economics and public affairs. he is published widely on the economics of education, unemployment labor demand, econ distribution, social insurance, labor market regulation, even terrorism and environmental economics. that he holds joint appointments in the economics department and the woodrow wilson school at princeton university. ofis the founding director the present university survey research center. he previously served as chairman of president barack obama's council of economic advisers. assistant secretary of economic policy and chief economist at the u.s. department of labor. president of the american economic association just last year.

we are in the third-largest economic expansion since 1854. 19. not 1954 of 1854. 18 year low in our on employment rates, african-american unemployment for the first time in recorded history below 6% at 5.9%. hispanic on employment at 4.6%. the lowest recorded as well. wage growth 2.7%, the highest levels in 2009 in the atlanta federal reserve suggests we could have 5% gdp growth in the second quarter. small businesses have not been this optimistic in 45 years. that's got to be a record. beyond a doubt, tax reform combined with responsible regulations have resulted in more americans having more money in their pockets and another great example of the economic reality that we face today is that the core labor force participation rate is starting to climb in the right direction. my question for you is what has been the overall impact of the economic growth for the long-term unemployed and can we rea read into the primates labor force participation rates increase positive news for those long time unemployed? >> the labor force participation has been c

zones in the south of mexico to try to promote their economic growth. the next one it's very likely to continue with that and also there are talks about expanding those economic zones to the north of the country there is also a big issue in terms of youth unemployment and that is not only fuel in issues related to drug related violence and many of the youth go into organised crime but. also creating issues in terms of discontent specially in the south which is a part of mexico or usually have brought as an strikes for different reasons against the government and where does mexico's currency the peso fit into all of this. because as that takes a hit there that has implications on inflation in the country as well yeah certainly the best so has been here very hard over the past year mostly related to the ongoing negotiations or got enough every time that there was a conflict or or or the other situation in which there was no agreement or every time the u.s. administration criticized mexico's stance on trade the best so usually weekend and that obviously ha

i don't know if we call it demand side economics, rise up economics, innovation economics but we need an answer to supply-side. two final points. the eit see expansion can be explained that way. if you look at donald trump's $1.5 trillion tax cut you can say here is how it works. if you concede is number $1000, $10,000, getting $9000 to corporate executives and investors. and if you believe that is what drives america's innovation and drives america's success you are for that plan. what we would have done is $100,000, if your machinist or firefighter or teacher you would've got $9000 could have gone to the corporation. now you can. you get $9000, we believe in the greatness of the teachers and nurses, the best in this country is going to drive america's economic growth. we believe ordinary people are, the elites are, the party of elitism, the final thing i would say is we have got to get the sense of future aspiration in places left behind. when i had my nephew come out to silicon valley, and got tickets for the 49ers and the as, he wanted to go see google and apple and facebook. thin

working to safeguard both economic security and economic prosperity for the american people. in addition to the dedicated officers here in washington, the state department has over 1500 economic officers posted in embassies and consulates around the world who explain our foreign governments and enlist their support of our goals. our ambassadors and senior officials meet with foreign leaders to discuss our mutual priorities. they also advocate directly for u.s. companies. the department works in coordination with our colleagues at ustr, commerce, and other agencies to ensure that we are in close contact with our allies to explain the administration's trade and economic policies. we have heard some concerns and questions from our allies and trading partners and we have engaged with them proactively on a regular basis. addressing their concerns about our international trade policy a part of our larger conversation with them. the department is clear with our to havehat we continued shared interest with countries around the world, from countering terrorism, to the denuclearization

we may germany economic policy and we did an outstanding job. any intercept on i will talk about all the details of what we did, but broadly speaking, the ambition of the marshall plan was to re-create germany again as the main capital goods supplier to your. after the war we were the main capital goods supplier, and although many revisionist historians take the soviet line that this was just a boondoggle for american industry, it was the opposite. the goal of the marshall plan was to reduce the american trade surplus with europe and researcher me to its traditional position so you could come back into balance. this was remarkably successful. too close, let's take things forward to working timber context and think of it about u.s.-russian relations today and what we can possibly learn from the marshall plan. historically, political upheaval in germany has had massive reverberations throughout europe and 1989 was no different. 1989 of course was when the berlin wall fell. and after the berlin wall fell, the soviet security buffer collapsed entire

born in the united states but there were a guy forget his name at the institute for international economics in washington who kind of wanted to try to understand the middle east and he ran an analysis of the whole world now not at the city level but at the national level and in this analysis he said i want to look at the role of openness to to gay and lesbian people in relation to things how globalized economy was and how productive and how well it performed economically and he was shocked he was literally shocked to find that the openness to the gay and lesbian population had a lot to say about how globally oriented that economy was and how economically productive i assume that i suppose there would be another correlation to how well that country's relations have in the united states because the united states stands to export its countries if they're on its allies so that would be a crime to here i just don't know but i think look i i have no agenda i truly interesting you know i grew up in a working class blue collar family in a very racist and homophobic environment so for me the discove

world's best economic management says the i.m.f. former top man in the country martin gellman he spent twenty four years at the international monetary fund much of it as the funds man in russia before during and after the country's the final crisis of the late one nine hundred ninety s. a devaluation and default that reverberated around the world since two thousand and five is then a professor of economics at moscow's higher school of economics and a well connected observer of the government's policies so bloomberg asks him how does russia's economic management today differ from what it was back then and he answered that well it's much better largely because so many of the people now in charge experience that crisis for instance the head of the central bank elvira nebula was a deputy economy mr alexei khujand a close putin advisor and chairman of the accounts for chamber was a deputy finance minister german graf the chief executive officer of the state controlled sperm bank was a deputy minister of state property these people want t

another challenge is economic nationalism. we've seen the state capitalist model become more prominent in the region over the past decade, and not just in china. despite all of this, there are more reasons for optimism than pessimism. there are many bright spots in the region. india, for example, has become an increasingly close commercial partner to the united states. in fact, i'm heading there, along with a good number of you, for a series of meetings with industry and government leaders. hard work still lies ahead in india and throughout the region. everyone here can agree that we have enormous opportunities to seize, and everyone here can agree that there are challenges standing in the way. what we don't always agree on is how to solve these challenges, but the most important thing is that we remain determined to work together to achieve that objective. the event today is evidence that the trump administration and the business community are determined to keep the discussions going between us and to work towards common solu

economic and business affairs. in this role she is responsible for advancing american prosperity, entrepreneurship, innovation worldwide. we thank you for being here. i would not want to be in your position today, but you're gladly here to do so. we look forward especially to our private panel that will come up after without some of the same relationships but with it -- with that, if you would give your testimony in about five minutes. any written documents you have without objection will be entered into the record. we thank you for your service. do you want to make an opening comment? why don't you get a cup of coffee and take a deep breath and give an opening comment. >> these days, mr. president -- mr. president? i wish. mr. chairman. >> recently i've been feeling the same way. >> i hope that doesn't get you into any trouble. a deep breath is not enough these days. mr. chairman, thank you for calling a very timely hearing over the past few months we have watched the president pose a series of trade measures agai

that would get us to 4% economic growth. the last time we had 4% economic growth was about 20 years ago when we had a 300 billion-dollar budget surplus and we created 22 million jobs. mr. chair i would respectfully request that we give that to rationality here and do what is necessary to reduce the debt and deficit and to grow jobs. i yield back. >> i now yield to the gentleman from california mr. carbajal. >> thank you representative gettleman. state budget resolution completes the gop three-step to give trillions of dollars to the richest at the expense of middle-class working families. republicans passed a plan which gives 83% of the tax benefit to the top 1% and its load our federal deficit by 2.3 trillion dollars even after accounting for savings for economic growth and now my republican colleagues want the huge debt they helped create instead of working in a bipartisan way or solution to address our fiscal situation they demand deep cuts to programs like medicare, social security and the affordable care at. millions of

premier of the largest province ontario but here's what i think we are going through a dramatic economic and social and cultural transformation parts of our society are winning and parts of these cosmopolitan urban centers have new values that women want to participate gay and lesbian people want immigrants want rights in many cities are saying that's my way but there are more traditional parts of society that are saying no i don't want that i live in a more of a rural community in the united states a signal issue is gun ownership here's where i get in trouble as a as a person of the west here's where i get in trouble with my colleagues on the left i believe we should have one national policy i believe in a country that's divided probably as much as any in the world we actually have to localise our government we have to say we can't get into other's face if i want to live in a cosmopolitan city with incredible women's rights and gay rights and no guns and whatever i should be able to live there if you want to live in a city that has a different approach and that's what you like you shoul

all future economic advancement ?o the first thing is directly, the way we've done a lot of this is obviously this nation was 0%very rural for a long time. over 50 percent of workers were in agriculture. 120 years ago and to a large extent, this is the story claudia goldman and i told in the race in education and allergy. we were leaders in investing in the education of young people in rural areas and agriculture in small cities and 100 years ago in fact in places like iowa and nebraska , montana were the leaders in education, more than larger us cities and kids educated in rural areas and i would go and outcompete kids in chicago and los angeles the first part is, as we advance in agricultural productivity we are going to be moving out of some areas in population so educating young people and being leaders the same way the high school movement did, we need to do this with postsecondary education.the second is clearly infrastructure, and action to the economy through transportation, through broadband. third is to thin

i would call it a lost opportunity, lost economic advancement. it is literally a deserted ghost town on one of the most beautiful beaches in the world. one of the most beautiful towns in the world. yet i have constituents that i represent that crawled out of one town on their bellies as the turkish planes were dropping bombs after them and their dream is to go back to their homeland. but it is a wasteland. when you pass the green line into the occupied area, it's like totally deserted. it's like a lost economic opportunity, lost living style, lost life. when you see it it is a visualization of the -- of so many opportunities lost for this great country. the time wasted. and the development foregone because of this extended conflict and separation between the greek and cypriot areas and the turkish areas. some may not be aware that the buffer zone is patrolled now by u.n. peacekeeping forces. the u.s. must maintain its financial support for these forces that are keeping peace in cyprus. it is anesquive investment, especially now, and it's needed.

so despite historic levels of economic productivity, so that we have historic levels of economic productivity and decreasing prices and a rising standard of living but many americans were forced to live on the edge. they were making do. they were like george wilson who you see here from the great gatsby. they were living in the ash heaps. there is a lot of disagreement and no -- no scholar has figured out exactly how many americans were living in poverty during the 1920s. there wasn't an official bureau charged with collecting statistics about poverty, there is no official agreement today what constitutes living in poverty or living out of it. so i looked and i have seen some scholars estimate that 70% of all americans lived in poverty and in the '20s that would be seven out of ten americans and others say it is only 20%, that is two out of ten. i think both of those estimates are extreme. extremely high, extremely low. i think the best guess is about a third. about 30%, 33%, about a third of americans were living in poverty. we're living lives of privation and economic difficulty and another

the repercussions are much broader than so simply but the narrowly economic ones are in a meeting coming last do you agree with that perino going in hong kong is the u.s. now a rogue state where the implications of of the u.s. would draw in from w t o rules and norms for example i think there has been far too much focus just on the dollars and cents the trade despite i think this growing and there could perceptions of china not just as a rule spending competitor in treatment commas but as an all run strict and that is what i believe is underpinning that the fight and the poor are that china is now an all round stat. not just in trade and this does but in political domination in military aspects in technology suddenly there's the perception of china being a real huge threat so it's more than just trade it's it's this fear this this tour of and an ice age of the relationship if you like with china that i think will continue. so for the trumpet ministration pauline this is about as far as you're concerned containing a rising china yes it is and remember that. this has the support bilateral

we have a lot of economic interests in common with the eu. we met developing together our transport infrastructure. all the business projects with with the europe including for example, nord stream ii our purely commercial. economically, physical. there is no political subtext to get. the key to ensuring security and stability in europe is in expanding cooperation and rebuilding trust not in deploying new military bases and military infrastructure close to russian borders, which is what is happening right now. such aggressive actions post direct threat to russia. we will respond to them appropriately. to our colleagues, trying to draw ukraine or georgia into nato should consider the consequences of their irresponsible policies. what we need today is constructive positive agenda bringing our positions closer. this is what was discussed them a meeting with u.s. president donald trump. even though our views are vastly different, we both agreed that relations between russia and the u.s. are unsatisfactory in many ways. there are even worse than d

airlines influence continues to grow politically economically and above all militarily. does iran truly want peace. the countries of homes have their doubts to isolate. iran from younger see. the cold start aug fifth on g.w. . earth. earth. said a g.'s e milf belongs to what's become a red.

we know that there is such a profound and robust part of economic growth in our states, the economic parts. but i wanted to kick off if i could, i discussion of the art. i remember checking into a hotel in washington a few months ago. and oh's talking to someone who was behind the desk. and he asked, are you related to frank in sleep? yes, i do, he was my brother. he said, after chelios a story brother.r i was a junior in high school a few years ago and was getting to drop out, things weren't going well in my life. and there wasn't a path for me to be connected to school, it did not seem relevant to my life and what i wanted to do. then he said, governor, your brother frank took me aside and said, i see some talent in you in this particular sketching. i want you to come in, because i want to make sure you stay in school. and the england side, i stayed in school and i graduated, and i am now manager of this hotel. he credited my brother for that, who was an art teacher. that story stuck with me because , i believe arts can. be transformative in people's lives. . aytime we can keep kid

the discussion included harvard economics professor. this is just over an hour. >> ladies and gentlemen, come -- welcome to the closing session to the summer meeting. i mentionedyou, before, it has been a privilege and honor to lead this organization over the past year. as i look out over my fellow governors, it is a humbling experience to be able to lead this organization. for those of you who have had the opportunity to be chairs, i think you would appreciate how i feel right now. when i think back to our last summer meeting in rhode island, i'm really proud of how far we have come and what we have accomplished together. obviously, i don't lead the nga alone. and its entiren staff was with me every step of the way. their bipartisan council was crucial, not only to my success as chair, and also to our collective success as governors. initiative, i'm trying to look at sue, if you are not here, through this past year, sue and her team have been tireless in their efforts and what they have done for this initiative. what they have done to

so i don't know what we should call it, demand side economics, innovation economics. the supply side. two final points. the ietc expansion can be spl explained that way. if you look at donald trump's $1.5 trillion tax cut, you can say here's how it works. even concede his numbers that he says $1 sthou is ,000 is going workers. he's giving $9,000 of those dollars to corporate executives and investors. and if you believe that that is really what drives america's innovati innovation, that is what drive's america's success, maybe you're for that plan. what we would have done instead is if you make under $100,000, if you're a nurse, a machinist, a firefighter, if you're a teacher, then you would have gotten $9,000. maybe $1,000 could have gone to the corporations. now you pick. we're not saying you don't get up to $1,000, you would have gotten $9,000 in ours. we believe in the greatness of the teachers and the machinists and the nurses. the bet in this country is, who is going to drive america's economic growth? we believe ordinary people are. they believe the elites are.

that's not your biggest economic challenge. it's also proper for advanced economies like the united states to insist from reciprocity from nations like china that are no longer solely poor countries, to make sure this they're providing access to their markets and that they stop taking intellectual property and hacking our servers. servers. but even as there are discussions to be had around trade and commerce, it's important to recognize this reality. while the outsourcing of jobs from north to shout, to east to west, a lot of them was a dominant trend in the late 20th century. the biggest challenge to workers in countries like mine is technology. and the biggest challenge for your new president, when we think how we're going to employ more people here is going to be also technology because artificial intelligence is here and it is accelerating and you're going to have driverless cars and more and more automated services and it's going to make giving everybody work that's meaningful tougher. and the pace of change is going to re

hit man was very successful so for many years the economic it francis and morris set into place as a way to respect and the global empire is really a corporate empire i think a big mistake was made in the round the year two thousand and later the bush administration the clinton administrations in the united states when the military industrial complex basically said hey you know. the world has been kind of taken over by corporations but we're not part of that we're going to get back into militarization and nine eleven provided a fantastic excuse for the bush administration to get back into the military process we're in that yeah it's lose and it's our working on the other hand the russians and the chinese are playing the game that we used to play which is really our economic hit man. and that seems to be doing quite well that's going to be six david. thank you and that's it for the show will be back on wednesday when we speak to one of the world's greatest social geographers professor danny dorling about his new book the inequality britain's ticking time bomb and nearly one hundred th

in terms of what they expected economically, people are very realistic.the election to lay out a very carefully articulated, very clearly explained, step—by—step programme towards economic recovery. i don't think the blood taken in by sound bites that the years is going to open up and flour. they want a realistic programmer can work towards. thank you for your time. we have a team based there throughout the day you can keep you up—to—date with how the historic election progress is going. let's take a look at some of the other stories making the news. retail sales injapan rose more than expected in june, mainly because of increased spending on fuel, appliances and cosmetics. sales were up 1.8% compared to a year earlier. the figures are a positive sign that households are growing more confident in the state of the economy. just a week after the election in pakistan, the country is looking to secure its largest ever bailout from the international monetary fund. according to reports, pakistan is looking for a loan in the region of $10 billion to stabalise it

so the pressure is on but auburn western balkans economically fit to join the e.u. well that's what i asked analyst to reget sht. well i think that most of the countries which previously join the e.u. are actually not fit to join the e.u. it's a process of catching up for the countries of the worst some bold starting point is not that favorable they had a huge wall behind them in the ninety's of the last century so the prime reason for the e.u. to engage with a simple cause is not of economic nature it's about conflict transformation and about ensuring peace in the whole of the continent so this is the reason why the e.u. is highly interested to have the countries on board quite soon you just sit right at the beginning of your arm so that most of the country certainly in the southern europeans you would fit economically to join the e.u. is the us strong enough to make the same mistakes all over again. i don't think that these are mistakes i think that this is a natural way to deal with some historic problems the countries of southern eastern europe are already not d

your bones influence continues to grow politically economically and above all militarily. does iran truly want peace. the country's opponents have their doubts to isolate. iran from congress and. our stars of august fifth on g.w. . it. to. zero in a very warm welcome to focus on europe with me peter craven and we begin with this question to the full veils worn by some muslim women in european countries stand for oppression and isolation or are they perhaps the symbol of self-expression garments like the new cab remain relatively rare here in europe but they've.

the eurasian economic union is a big project for russia.e are happy our partners are working together with us in europe and this work is quite effective. we're using i want fwration opportunities to simulate the growth of the -- stimulate the growth of the economies of all member states and we want people and companies to feel the practical result of this work. we have a free trade zone with vietnam. we are engaged in talks with israel. serbia, singapore soon will start up with india. we have prepared a free trade agreement with iran. on the whole we have about 50 treaties being prepared with eurotech. we have good prospects in working together with china. europe signed an agreement with china on trade cooperation and china's initiative of one belt one road complement each other. harr monoizing this project will provide a strong foundation for a greater injure asian partnership for economic cooperation free from all sorts of barriers. this is the logic we should also use in developing our relations with the european union. despite current d

in my state it's $35 billion of economic activity. and growing very rapidly,i it's one of the most rapidly growing part. it's growing al 8% a year. so i would suggest the first thing to note about art is it's a big deal when it comes to economic growth. second thing i would like to tee up for discussion is that it is an increasingly important in the transformative part of our economy. i have a high tech economy in the state of washington. life science software. video gaming. aerospace. online retailing. this all demands high tech skills. but what i am hearing more and more is that the real delivery of high technology requires creative skills and communication skills, and there is no better way to do that than to build an eco system where people have that kind of skills. and the arts themselves provide that. so if you go to my tech company today, you will find a lot of people that maybe or not are working in the life sciences industry today but they were working in the video gaming industry last year, working on graphical interface of

he is an expert in labor market economics.k that analyze the role of education in american economic education. work,lleagues called his the best of what economics has to offer. thank you for being here, please come up to the stage. please join me in welcoming. [applause] >> all right. amplifiedonor to get some of the themes that governor bullock was just arresting -- addressing. my colleague talked about this earlier, about america's job challenges. it is not the quantity of jobs that is the real issue today. we have a reasonably low unemployment rate. we have a fair amount of vacancies. and tohe quality of jobs think about where the governor started off, this is the famous graph that my colleague and former student put together using newly available big data, being able to track millions of american children across different birth cohorts and looking at them at age 30. the american dream that is doing better than your parents was a most guaranteed to people born in the mid 20th century in the united states, in a. of rapid pro

the uerashean economic union is a -- you eurasia economic union is key.e're happy our partners are working with us. and this work is quite effective. we are using degration opportunities to stimulate the growth of the economies of all member states. and we want people and companies to feel the practical result of this work. we have a free trade zone with vietnam. we're engaged in talks with israel. serbia, singapore, soon we'll start talks with india. we have prepared a free trade agreement with iran. on the whole, we have about 50 treaties being prepared with the eurosect. we have good prospects in working together with china. signed an agreement with china on trade cooperation. euro sect and china's initiative of one belt, one road complement each other, harmonizing these projects will provide a strong foundation for asian -- eurasian. and we need to have a relationship with the european union. the e.u. remains one of our key trade partners. we have a lot of economic interests in common with the e.u. for decades, we've been developing together our trans

and so, i would hope that the most recent economic system, our current economic system, is the one thats most beneficial for everyday people. but what we're also starting to see is that, first of all, i think that, when we talk about socialist -- or especially democratically socialist economies -- first of all, they're done with the full input of everybody. you vote. it's democratic. so if something is not a good idea, it doesn't get voted for, ideally. and the other thing, too, is that we're starting to see that the people who create value in society are not experiencing any portion of the value that they are creating. and so i do think that, absolutely, capitalism was the most efficient and best economy, perhaps, for the time that it was at, perhaps. but as we evolve, as automation begins to really take out extremely large industries, we need to say that we're not going to throw those people away. >> so, in the context of democratic socialism, then, do you think it calls for an end to capitalism? >> ultimately, we are marching towards progress on this issue. i do think that we are goi

that ideology may be some kind of economic ideology they had, but in terms of implementing economic policy on the south and reducing the south, as many progressive historians argued, into a colonial status, was simply not what happened. you can also see why the progressive school of historians said this. they were dominant during the progressive era. is the era ive era of trying to address the gilded age.the of conflict, strife, strikes,. this is when the government should regulate the economy. clean food, clean air, those sorts of things come into play. you can understand why the progressive school of historians were influenced by that kind of reform attitude at that time, talking about economic issues far more than the issue of the war, which was slavery and race and questions of rights. there was one person who dissented and was in the dunning school. even though you have these challenges coming up, in terms of popular culture, these are dominant. there is a journalist who writes "the tragic era," from indiana, and he basically re-casts the dunning school for a broader audience. the bir

the women's entrepreneurship and economic empowerment act addresses barriers to women's economic inclusion in developing countries. by requiring that all usaid strategies and projects and activities be shaped by a gender analysis and by expanding the agency's microenterprise assistance authorities to support small and medium-sized women-owned businesses. this is critical as small and medium-sized enterprises create four out of five new jobs in developing economies. so the bill is a result of the committee's extended focus on empowering women and girls through u.s. foreign policy. which has been the subject of five full committee hearings and other subcommittee hearings in recent congresses. our women's empowerment initiative is produce -- has produced significant legislation, including the girls count act in 2015, the protecting girls' access to education in vulnerable settings act, and the women peace and security act of 2017, among others. i believe that we should invest our limited foreign assistance dollars wisely. and i have seen the good things that happen when we focus on empowering

you take all of those economic policies and would have actually done? >> it's gone down significantly. >> what is happening to the african-american unemployment? >> it's come down quite a bit. >> how about the hispanic unemployment rate cut has that gone up under these policies? it's come down quite a bit. the policies maybe are not harmful, but they are growing the economy putting people back to work. is that a fair assessment? >> they are very low and a lot of things go into that. so you wouldn't say today that it has anything to do with regulation or tax? >> you look at all of the different factors that come into play. have these have anything to do with the growth that you have seen in this economy? >> i attribute this to positive surveys on businesses where they feel good about the business climate. >> they get to keep a little more of their money. >> what if they actually get a focus on running their business, could that attribute to those? >> we have seen the business surveys. >> i want to talk about trade. i am a free trader like you are and i t

we want an economic that works for everyone. and that happened in essentially all advanced economies. and probably a range of factors are responsible for that. in the last five years or so, labor share of profits has been sideways, this is very much akin to the flattening out of median incomes over the last few decades. so it's got to do with a number of global factors. the thing that we can do is to take seriously your congressional order that we seek maximum employment. so we in tight labor markets, work remembers more likely going to be paid well and paid their share. i would say most of the factors that have driven down labor share of profits are really not under the control of the fed. and so those are, those are issues that we don't, that we don't have control over. >> would you say that the tax bill did not affect those downward trend in wages, positively? >> that the fact that it's done nothing to reverse what you've seen as decade or more of decreases? >> i think, i think wages are set in the marketplace between workers