economy. we have prepared projections under an alternative fiscal scenario. many policies will be this is down from 10% in 2009. this is the fourth year in a row in which the deficit has exceeded one trillion dollars. federal debt held by the public will reach 7% by the end of this fiscal year, the highest level since 1950 and about twice this year that measured at the end of 2007 before the financial crisis and recession. as always, we have prepared projections to reflect the consumption that general laws generally remained unchanged. those are designed to serve as a benchmark for lawmakers to use in considering changes. however, substantial changes to tax and spending policies are schedule to take effect at the end of this year under current law. whether lawmakers allow those changes to a cold, or alter them will play a crucial role in determining the path of the buckled budget and the economy. therefore, we also prepared projections under an alternative fiscal scenario, which embodies the f

economy, but it will become increasingly the local service economy. also one of the misunderstanding which is prior to 200085% of the manufacturing jobs were from domestic productivity gains, not of shoring. since 2000 there has been an increase in trade deficit, about 67 percent that has come from productivity. i think of it a bit like agriculture. 25 percent of gdp in fell to ten. that power to growth in manufacturing and productivity gains in manufacturing powered the growth in the economy. >> you know, just penny factor in for a second. one thing, i think $1 versus $19 i'm not sure. that is one type of manufacturing. and in many areas u.s. workers are much more productive. so i think the reason you still have a pretty robust, albeit declined to manufacturing sector is there are a lot of areas where u.s. workers are we more productive. the difference in pay is offset. >> absolutely. we produce more and more goods and more and more have it. >> the other thing that you mentioned earlier was the income. one of the reasons why i think that we have been

there is no textbook definition of the sharing economy. we will then begin the panel discussion which will last for 45 minutes or an hour, however long you want it to last. before i dived in here, raise your hand if you are familiar with at least one of these books. i highly recommend all of them. the one on the end is coming out in may. "share or die" -- i do not recommend that for marketing, but for a cause, we're trying to push a boundary and break a trail for new companies to follow. that is our perspective about what is at stake on a planet of finite resources with a growing population and growing per capita consumption. it should be obvious that we should be talking about sharing. this is a gigantic hole in our public dialogue. this panel and the working group and hopefully the book can fix that. see how this works. we face disaster unless we simultaneously reduce resource consumption and raise two million people out of poverty. this is the challenge we have in the 21st century. the growth the economy we are moving out of hopefully c

this is what brought me to the sharing economy. what i was after was a new way to live in a way that i felt i could live fully. could live fully. what excites me about sharing is

we have an economy here was goldsmiths answer to his own question the economy is that is the fundamental needs of society yes which office prosperity yes which are stability yes and which all can come. ok let me repeat that the purpose of an economy is to serve the fundamental needs of a society which include prosperity stability and contentment back in the one nine hundred thirty s. during the great depression when prosperity stability and content one were pretty hard to come by president franklin roosevelt believed he could restore the true purpose of an economy by establishing a good quality of life for as many people as possible as roosevelt said in one nine hundred thirty six necessitous men are not free men liberty requires the opportunity to make a living a living decent according to the standards of the time a living which gives man not only enough to live by but something to live for roosevelt knew that if someone was hungry and didn't have food or if they were sick and didn't have medical care or if they were broken didn't have a job then in a very real sense they were not free

economy. one of the things that has happened over the next decade is that we have had a high purchase the of finance and and entropy of enterprise the reason for the excess of finance, the reason why some much of wealth and the economy has migrated to finance is because the currency is so unstable that so much money can be made in betting on the ups and downs of our currency. this is a big danger today. a lot of people attack the chinese through manipulating the currency. the chinese just want to keep their currencies stable. that's all the chinese want to do. they want to maintain the dollar as the standard of value. it is us that is debauching the currency. the threat to the american dollar does not come in beijing. they defend the dollar. the threat comes from washington and wall street. i make that, as that new argument in the new addition of wealth and poverty. >> and you write in the new prologue, the united states over the last decade has witnessed a classic confrontation between the fo

the uh economy is weak. have to get the money back in. >> you look at the small business survey. they talk about it. they talk about taxes and regulations. >> i can tell you it has nothing to do with it. we never base a decision on that. >> are they making enough on spending restraint? i know henry doesn't like that. it was austin goolsby's piece today in the wall street journal. it was part of the overall fiscal package. tax cuts, tax reform, middle class isn't going to pay higher taxes but to make a deficit neutral, spending which could run 7 or 800 billion dollars. are they getting the message out? that's the problem. >> the ticket is very strong on the long-term driver of our federal debt problem. that's medicare. they are vague about meeting the cap. it's great to have a cap. i understand uh you don't necessarily want to lay out a detailed budget. out does leave people scratching their heads. >> are they too vague or will they be more specific in their convention speeches? the world is going to watch. y

economy, but it will become increasingly a local service economy. and i think there's also one other misunderstanding which is prior to 2000, 85% of the lost manufacturing jobs were from domestic productivity gains, not from offshoring. and since 2000 where there's been an increasing trade deficit, it's about 67% has come from productivity gains. so i think of it a bit like agriculture. food was 25% of gdp, it fell to 10. that powered the growth in manufacturing. and the productivity gains in manufacturing today powered the growth in the service economy. >> host: so, you know, just staying on manufacturing for a second, i mean, one thing is, i think, the $1 versus $19 i'm not sure is -- you know, that is one type of manufacturing, and a lot -- and in many areas u.s. workers are much more productive. so i think the reason we still have a pretty robust, albeit declined manufacturing sector is there are a lot of areas where u.s. workers are way more productive. so the difference in pay is offset by the -- >> guest: absolutely. it's, we've produced more

economy but won't be increasingly a local service economy. i think there's one other misunderstanding prior to 2000, 85% of the manufacturing job were domestic productivity gains not offshoring. it's about 67% come from productivity gains. i think a bit like agricultural. 25% of gdp it fell to 10. the power to growth in manufacturing and the productivity in manufacturing powered the growth in the service economy. >> host, you know, stay on manufacturing for a second. one thing, i think the one dollar versus $19 i'm not sure -- that is one type of manufacturing, and a in many workers u.s. workers are more productive. i think the reason we have a robust decline manufacturing sectors there are a lot of areas where u.s. workers are way more productive. the difference in pay is justify offset. >> guest: absolutely. >> host: the other thing you mentioned earlier was you mentioned intel. well, one of the reasons why i think that we have been successful in the high-tech sector and the internet we have in fact, we have both manufacturing and software

does that make the economy worse. >> i think it is a sign of the economy. these things shift from time to time and you have a economic contraction or expansion. they follow that and it is a lagging indicator if you will. that will change in time. i wouldn't worry about ta - it. >> tracey did you have to go live with the folks. >> three or four times since graduation. i moved home for a multitude of reasons and some good and some bad and i am fortunate enough to have family and i hope i do the same for the kids. kids are not buying first-time homes it is hurting the housing market. that means people don't have their own electric bills and food bills that. hurts the economy in the end of the day. can you move back in because you are building a brand new home. that helps. but there are two size -- sides of the story. >> with perhaps if they didn't have 26,000 in student debt maybe they could afford a down payment on a home and maybe less regulation on businesses. they could get a part-time job and move out and get to their parent's home. it is a hope they crea

. -- the entire economy. an official complication is that the quality of education and the amount we spend on education are not exactly correlate. there are other factors such as community support, quality of teachers, curriculum and so on so it is a complicated relationship. understanding very well that state and local governments, while things have been a little better lately, are still under a great deal of pressure. i hope making those decisions and thinking where to put their limited dollars that state and local governments will keep in bed that we don't want towe wao investing in our future. with our young people who will be the workers, consumers, and citizens in decades ahead. >> next we will go to cleveland. >> i teach economics to students at mentor high school. how does the fed maintained a delicate balance between not having political party meetings are pressures and at the same time offer the best objectives of financial leadership for our country? >> good question -- one of the basic findings ab

if the economy was too fragile then for a tax increase on the wealthy why is it okay now with the economy growing even morally slow at 1.5 percent? >>guest: chris, i was there at the time and let me review a little bit of history. the president was prepared to allow the tax cuts at higher brackets to expire because they cost $800 billion over a decade. we have to deal with our fiscal situation. there is in evidence those tax cuts are particularly a stimulation to the economy as part of a package agreed to by congress to move forward on tax cuts and --. >>chris: if i may, because you are mistaken. that was in december of 2010 and this is in january of 2010, before the deal with the senate. this was just on its own merits, in fact, at the republican conference, the retreat up in baltimore, and the president said it is in time to raise taxes on anyone because the economy is too weak and it is only growing at 2.3 percent and now it is growing at 1.5 percent. >>guest: chris, the president has never argued that tax cuts for the wealthy is a stimulation to the economy. we have to make a choice.

our economy needs to grow constantly to keep everyone employed. that gives you an idea of where we need to be, and what it shows you is even though we have gotten back to where we were, we are a long way from our potential, and this is where the job market took a long time to recover. we do not have a jobs problem. we have a growth problem. you cannot force people to hire if they do not have reason to hire, and that is why doing things to get growth going, that is the best way to get a recovery in the job market. if you look back, we are seeing more signs of this. second, our recovery has been very slow. is it credible to believe the u.s. economy can speed up eventually and get back to full employment, which is around 4 or 5% unemployment rate. in my mind, there are five factors are would like to throw out for you that i think are really driving a lot of what is going on, and i think these are five factors you will be hearing a lot about, and they are what is pushing the economy back to full employment, and it requires you to stretch your imaginat

it will be economy. in termings of you know, at churches, in some of the swing states, they will do mail in and phone calls . i don't think it is it a question that drives actul difference in the election . >> ed, energizinglet conservative base that is not eniastic about romney will invigorate them. >> i think it is a wash. energizes both side i don't think even the african-american pastors will not tell anyone not to vote for obama. it is hard to imagine he would lose the vote. >> hispanics are not pleased either. >> but in the end it is the economy and not decoid on gay marriage. >> tharching you, panel. don't forget to pick up with panel plus. our group starts with fox news sunday.com. make sure to follow us on twitter at "fox news sunday". up next the power player of the week. down here, folks measure commitment by what's getting done. the twenty billion dollars bp committed has helped fund economic and environmental recovery. long-term, bp's made a five hundred million dollar commitment to support

of one day in this government and economy. unfortunately not being cynical here gary has the facts right it can't and won't and gets absorbed. >> i love it when you wax poetic like that. that is beautiful. >> todd, it seems that the long-term versus short-term. once the money is spent no more jobs. >> i like the idea. look, the private sector is not hire we know about the macro and unemployment issues. and i think it is a great idea. this money was earmarked back in 2003 to 2006. and now implement and yes, it is a short-term temporary job. you have to be doing something private sector is not doing anything. >> jon as, a half billion. >> it is money already pent. you know, it is, look, if you build a road and you borrow the money to do it, you are going to create jobs. it is going to make jobs but if you have driven by a road project, there are not thousands on the road. there are a few hundred people at best. and it is not large enough. and it is a mile. and the job is. we'll start this three years ago and have to be hundreds

least here in the west ask how does one fix capitalism but do we actually have capitalism in this economy anymore or do we have credit to them as our guest richard duncan puts it he's flown half way around the world from thailand to explain to us what this means and why he fears civilization could survive a true crisis of criticism plus we'll talk about what role the abandonment of the gold standard has played in fostering this type of credit ism plus what the future could bring for gold as a monetary metal this as billionaires george soros and john paul said have again loaded up on it they ramped up their gold holdings or at least holdings of the largest gold backed exchange traded fund this is according to an f.t.c. filing yesterday that businessweek reported on and as the u.s. continues to run trillion dollar plus a budget deficits the question remains unanswered as to how long this can continue because look one major foreign creditors slowly unloads u.s. debt look how another is stepping in and increasing its holdings look at what's happening right behind me with china and japan and j

so, what does all this mean for the economy and the markets. we turn to two experts to answer that: brian wesbury, chief economist at first trust advisors and john manley, chief equity strategist at wells fargo advantage funds. gentlemen, thanks for joining us. let me begin with you, brian. is more fed stimulus coming, and what does fairly soon mean in fed-speak? >> yeah. well, it can mean anything. they have been saying fairly soon now for almost the past year, susie. people have been talking about this the qe-3. i personally don't think it's coming. one of the key reasons is this meet, the minutes were released. it was about two weeks ago, and that was before the employment report, which was much stronger than expected, before a very strong retail sales report, and before a very strong industrial production report. so, the economy has gotten better, and as a result, i don't think the fed is going to have the justification that it wants to do another round of quantitative easing. >> susie: john, do you agree, is the economy doing good enough o

not fantastic for the economy.e saving, you're barely earning anything on your money anyway. the more you save, the less you spend. nearly 13 million of you are out of work and that is not likely to change much no matter who is elected president at least not in the immediate future. economic growth continues to slow which means companies are going to be less likely to expand, to hire and open new plants. so, yes, the market, the stock market is rising. but it's not retail investors like you who are driving it. instead, the market is being driven by hedge funds and big institutional investors who are loading up on big blue chip dividend paying stocks because that is the only place they can generate yield. you heard mohammed talking about this. insurance companies, pension funds. they have to get a return. corporate earnings have been lukewarm at best. companies like caterpillar which are tied to global construction and manufacturing are showing some signs of life. but those businesses that are tied to consumer spend

economy. one of the things that has happened over the last decade is that we have had high purchases of finance and an entropy of enterprise. and the reason for the excess of finance from the reason why so much of the wealth and economy has migrated to finance come is because the currency is so unstable. that so much money can be made on the ups and downs of our currency against foreign currency. and this is a big danger today. a lot of people the chinese for manipulating. but the chinese just want to keep the currency stable. that is all that the chinese want to do. they want to maintain the dollar as the standard of value. it is us that is debauching the currency they defend the dollar, the threat comes from washington and wall street. i make that new argument in the new edition of "wealth and poverty." >> any right in the prologue to "wealth and poverty", the united states has witnessed a classic confrontation between the forces of entrepreneurial capitalism and those of established institu

by doing that, we will get a better economy.tavis: but you also argue that the government might have to get involved in redistributing wealth if the markets are too disparate. to someone else's ears, that sounds like class warfare. >> you know, warren buffett said in response to this charge of class warfare, we've had class warfare for a long time and our class has been winning. in my mind, this is not really about class warfare. what we're talking about here is, if the top uses its political influence to get laws and regulations that benefit them at the rest of our society, that's a fact and that's a distortion to our economy from which we all suffer. when you have a bankruptcy law that says derivatives get first claim, first priority, get paid before anybody else, what you're doing is encouraging derivatives. that means the economy gets distorted towards these speculative activities that led to the aig bail-out of $150 billion dollars. on the other hand, if you have a bankruptcy law that says student loans can't be discharged

and is it because of the economy? >> i think at the end of the day, it is the economy.ames carville said it is the economy, stupid. and, you know, the economic situation is bad and, whether, you know, you agree with what president obama has done, to try to reinvigorate the economy or not, i think voters will look at it and say, look, you have had four years, and the economy has not improved as much as you said after the stimulus was put in effect and frankly we'll give the other guy another chance. >> patti ann: so in 16 states, president obama is not just below 50, he's below 40% in 16 states and yet in washington, d.c., a whopping 83% approval rating. why the huge divide? >> well, look, i think that in certain states, they are naturally democratic. a lot of the states where he is above 50%, for instance, president obama, these are states that have no chance of going to the republicans, to begin with and the states that are below 40%, they are states that are just, you know, in the republican camp, no matter what. and, swing states matter. as to washington, d.c., well,

first on the economy.my today is gradually getting stronger, but we have a lot of tough work ahead of us. over the past years, despite the financial headwinds from the crisis and people in the housing construction bubble, despite the severe cutbacks by state and local governments, the crisis in europe, despite the rising oil prices, despite the confidence caused by the specter of default this summer, despite all of that, the economy is growing at an annual rate of 2.5% since growth resumed in the summer of 2009. private employers added 2.7 million jobs. private investment is up by more than 30%. productivity has improved. exports across the american economy from agriculture is expanding rapidly. americans are saving more and bringing down their debt levels and the financial sector is helping to meet the demands for credit and capital. these improvements are signs of the resilience of our economy, the resourcefulness of our workers and signs of the importance of the swift actions we took with the fed to sta

it transfers real power to command the economy. to the financial sector and away from the productive. industries and business people and entrepreneurs and individuals and so as the financial sector of the operates more power it controls move for the economy and so if it is effectively central and the central bank is saying the fine that the sec is it should have more power all right final question john the global economy. if we know that the only outcome is going to be a debt jubilee of some sort because there's no way five hundred trillion and more in debt it's going to be paid off with a global economy of a sixty or seventy trillion g.d.p. output so what's the timing on this and now what will be the winners and losers well there are three of us yet there is the debt to the what we forgive the debt and start again larry's lic the nation weather system crashes the banks go to zero and the jubilee happens that way and there's a third way which is hyperinflation and i'm not going to say which ones likeliest but given that we're in it

the economy, the economy, and the economy, and down with on care and tax cuts and the economy. the specific reference to china, drill, baby, drill, the economy. then july -- >> where did the obama stimulus money go? >> they will run more than it had been run in the history of the world. >> obama's dishonest campaign, another reason america has lost confidence in barack obama. >> it's time we had somebody who believes in us. >> freedom and free enterprise are what create jobs. >> everything i do is going to be focused on getting this economy going. >> so you look at the ten or so ads that came out of the romney campaign in the month of july, it's the economy. it's the economy, the economy, president obama is a liar, the economy, jobs, jobs, jobs, the economy. all but three ads were about the economy and jobs, and the ones that were not were about how terrible and horrible president obama is as a person. say what you will, he has been very focused. his campaign has been focused looking at the thing that is the campaign did on their own terms, it's a great way to focus on what the

where does manufacturing fit into your vision of an economy? of a u.s. economy? >> guest: i think that in the long run you can't make for what you can buy for a dollar bought you can buy that $19 to hire a doctor, a nurse, school teacher, a waitress, truck driver. so you'll grow increasely uncompetitive if you don't take advantage of that dollar an hour labor. if labor is free, how much should you get back? all of it. it's a dollar. that's the world we do live in. so we do have to transition from jobs that can be from goods that can be manufactured overseas and floated on a bet to a local service economy, driven by innovation. and we have made that transition, and we have higher median wages and faster growth than europe, who has been reluctant because of the high labor redeployment costs to invest in making the necessary transition. but it's not as though the u.s. economy can outsource everything because we would have no income to buy anything. so there will always be a u.s. economy but it will become increasingly a local service economy and there's one other mi

it was nice to have good news on the economy. they do a survey on households an fewer people said they had jobs so that's why the unemployment rate went up. the first number is a better signal of where the economy is compared to last month but the unemployment rate is so high that it just -- think of it this way, there are 12.8 million people out of work. they're still looking for work. that's as many people that live in the state of pennsylvania which is our sixth largest state. there's no way the economy is healthy. gwen: what's that about? >> i think there was a sigh of relieves leif on the markets. people were afraid we were going have another recession. the stock market higher than any time since may. it wasn't good enough news to make the federal reserve relaxed. if you read what all the economists are saying, they're pretty pessimistic about the rest of the year. and there are two reasons. one is -- it was a year ago this time of year last year that u.s. government debt was down graded by standard and poors because congres

i would like to clarify -- this is not us versus them, new economy versus old economy. there is room for both of us. these are complete the experiences that someone would have in the old economy. the trick is figuring out what is different about this, making sure laws and regulations and policies apply reasonably to this new economy, and make sure that there is room carved out for both. >> thanks for making that point. one more question? >> [inaudible] i'm curious if this conversation about companies devoted to schering physical space. the idea of using or facilitating, seven commercial space for nonprofits and that sort of thing. [inaudible] are there any modalities for sharing their? >> the question is there's a lot of vacant commercial space that could be mobilized for civil society, so is there a way to do that? >> i know of one company, loose cubes. i'm sure there's others that many of you know there. >> i see mark in the audience there. do you want to explain what liquid space does? i think it answers the question, actually. >> [inaudible] [laughter] >> mark reall

and there's definitely a part of this economy, and always sounds like the two economies, but there's definitely a part that's not seeing the time. and everybody had a-- the bottom line the stock market is not in recession and the economy is bigger than it's ever been and corporate earnings is higher than it's ever been. that's not a recession, you don't get a cut of that pie that you want the bottom line we're not yet in recession. >> okay, gary b, i know you're toby's brother, kind of. >> everybody thinks he's my brother. >> you should be proud of that. and gary about: i had to wait until last. i wanted you to hit that high c. >> and i'm too relaxed today to hit the high c. i am he a making mental notes along the way and harry said the top 20% are doing well. i don't think there's even the top 20% are doing that well to be honest. susan, how can we say we've had over three years above 8% when obama clearly said we'd be at 6%, that's good news. that's the uber spin right there. i agree with jonas, we might be in this 8% and i hope we're not headed more toward europe, greece edging cl

making the economy work for people taking risks.also did something very important, as did marko rubio. it's okay that you like barack obama. barack obama is a good guy. he's a nice family man. but he's done a bad job. and it's okay to turn the page. >> why is that important to do? >> he's got to make it okay for democrats and independent leaning democrats to vote for mitt romney. >> i know. >> let me say one thing here, hold on. i thought his narrative and biography was pretty good. i want to say that. i think what you saw was a humble man. there was a lot of humility to it. and i think that's going to help him in this likability business, which i still think is a red herring. >> jared, what about that point that larry makes, that he showed some humility, talked about his life in a way we hadn't heard before. >> i liked the aspects of the speech that weren't about economic policy. and i sort of agree with sarah in terms of his comments about obama in terms of their neutralizing effect. but factually, i thought they were way, way off

in this economy. that -- and they say that the economy is in a desperate state.o therefore, you cannot take away the tax cuts for people at the top end of the scale. do you agree with the characterization that it would be reckless to remove those tax cuts? >> the great majority of small businesses pay taxes at the individual rate. so it raises these taxes, quote, on the wealthy, he's raising taxes on small business. that kills jobs. if your priority in this country is to punish success, vote for president obama. if your priority is to create more success and more jobs, vote for me. look, i know the very wealthy are going to do just fine, whoever is elected. the middle class is the people -- that's the group of people that i'm most concerned about. they need our help. and the poor. they need our help. they need our help with good jobs. that's going to only come if we encourage this economy by keeping the burdens on small business down. >> well, but the president said if the republicans in congress had gone along with passed his jobs bill, that there would be more

, it would be bad for the economy, is all politics. it's not based on economics. >> so just quickly, yes or no. if the democrats stay where they are, and if the president stays where he is, would you be willing to say, fine, if we can't reach a deal, taxes go up on everyone? >> i'm willing to do the bowles-simpson plan. not one person who's looked at this in a bipartisan way said you need to raise tax rates. bowles-simpson says let's flatten the tax code, take the money to pay down rates. pay off the debt. >> that's sort of a long-term thing? these cuts are going to expire on the 31st. >> i'm not going to do a short-term thing that's stupid. it would be stupid in an economy this weak to raise tax rates on a million small businesses at a time they can't hire people. now, if you are looking for a job, this election's not about romney's tax returns, it's about your tax returns. look how many millions of people are underemployed or have lost their jobs. the last thing i'm going to do is play politics with their future. what we should all b

that alternative currency the last currency free economies are popping up. well it shows us that what's happening here at home in the us is happening there too perhaps faster and more extreme than that is just as the number of people left out and left behind from the mainstream the official the mass a colony gets larger and larger their creativity and their desperation drive them to look and to consider new ways to organize their economy now after all currency is something people agree on as a basis of exchange it can be ours it can be seashells it can be gold necklaces and it can be a labor bank of some kind or a time bank now this is happening in the u.s. it's happening in europe in europe you've got the euro being imposed all these different countries and they don't have individually the the ability to control their currency here in the united states we have least control our currency. isn't there a difference between the two a qualitative difference that has something to do with that. sure i mean the sort of situation of the individual european nations p

the economy is not in good shape. what would have made sense was for mitt romney and paul ryan to focus like lasers on jobs and the economy. but they've allowed the conversation to shift off to these other rounds, whether it's medicare, abortion, what's happening, how women are being treated. so i think that that overall is a net loss for the republican ticket. >> i don't hear honesty from them about what the options are here. the options are, you know, things could be tough for next year. you go off a fiscal cliff, things are going to be very, very tough. i hear them talking about how they're the man to fix it, but i don't hear anybody saying exactly how critical this moment is for the economy. i guess you can't win saying it's going to be bad if you elect me. really bad if you elect him. >> that's right. i think you're right, christine. there's no big political advantage to explain the dire consequences to the situation. both from a debt and deficit perspective and from an economic perspective. there is no big win.

and the economy is worse. recession is worse, unemployment is the worse since the great depression. >> bret: i guess looking at these polls and again these are likely powers, the first, this is first poll we have done with likely voters. this is a better look if the election were held today. >> you look at the polls and what do you see? >> i think that is good for the republicans. it bodes well. romney campaign of negative ads unlike any seen in recent history. he is now in a dead heat. he has been husbanding his resources. he hasn't spent as much as obama. he is husbanding it for the last couple of months of the campaign. as soon as he is nominated it frees up $160 million. these dayous never know with the huge deficits. which he is going to unleash. and when you hear obama talk about the fact that the other guy playing dirty, i mean, obama side is running an ad accusing romney of killing a woman with cancer. obama is in foul trouble in the fourth quarter. they are pretending they're the victim of this. for r

economy to come off the fiscal cliff. what the waiting games mean for your money. >>> the best ideas in the world are locked in people's head. >> i go inside the person who wants to take on your ideas for the world's biggest companies. >>> and the clock is ticking before school, the retailers are reaching out. is it enough to get parents to spend? "the wall street journal report" begins right now. >>> this is america's number one financial news program, "the wall street journal report." now, maria bartiromo. >>> here is a look at what is making news as we head into a new week on wall street, in spite of a sleepy summer season, the u.s. stock market had the strongest rally of the month on signs that the broader economy may be improving. retail sales rose in july, the largest in a month, consumers spending more than 400 billion. among the retailers reporting earnings, home depot, macy's and target, all beating expectationings. walmart, however, included a warning in the release that american consumers are buying less and bu

kirsten, you know, back in the clinton economy it was the economy was on fire. 3.5%. unemployment rate was down to 4%. revenues were pouring in. this is a different environment. the president is clearly running o on the clinton. >> it is a different environment. but the president raised taxes in 1993. technically, the tech boom took off around '95. but it was a little later. the reason that president clinton did that is the deficit. he did not want to raise taxe taxes. but we needed to raise taxes. what obama is doing a clear political ploy to align himself with clinton. what he is saying is completely true. it's just taking on clinton rates which were not terribly high. >> this guy has been in office for a full term. the plan as i remember, obama plan was cap and trade. trillion-dollar stimulus and obamacare. that was the plan. regulation wall street, all kind of regulation, hyper regulation of energy. that is the plan. now he pretends the plan was something he was not involved in. that happened in the '90s. extremely unusual era. it was also the decade of the

the sharing economy presents a nuanced situation. individuals are not businesses but are enjoying a new stream of income. we are interested in having that conversation in a way where we can use the new economy to benefit the city as well as individuals who are proactively taking all entrepreneurship in their own hands to leverage their own resources and knowledge to supplement their income. >> at task rabbit, we're looking to partner with the city and generate more awareness around what we do and how consumers and small businesses can get involved. we have a lot of small businesses utilizing the network as a delivery force or on demand labor force, particularly with seasonal businesses. they do not want to have to hire a bunch of full-time employees for a month or two of work. they're able to utilize the task private network to scale up and down. another case we see is for deliveries. suzy cakes uses task rabbit to get her goodies out. these tasks rabbits are using their own vehicles to do the deliveries. it is typically for a quick