economy. he is a senior fellow and director of the turkey project in the center on the united states and europe at the brookings institution. at brookings and previously on the faculty of the university in istanbul he has produced a rich body of scholarly research on topics including u.s. turkish relations and turkish trade policies and foreign trade policies, the author of several books, the newest entitled "turkey and the west fault lines in a troubled airline" just came out in july. you can purchase it here if you like. we are very grateful to him for taking the reigns and i will leave to it him to introduce the panel and lead the conversation from now until 12:30. please welcome him and the panel. >> thank you. [ applause ] >> thank you. i'm delighted to be here. i'm not not sure whether i'll be able to reign the panel as eliso has done and not sure i can speak as soft as she has been able to do. please bear with me. there's a lot that will need to be covered here. oat in the program we ha

is the economy over performing? guest: i think it is performing pretty close to its peak capacity, which is what a lot of people are reporting. the other is the wages figure. we are not seeing the pickup in wages that we have seen when the unemployment rate has been near 4%. host: what does this say about the outlook? ahe can we expect to come ad? can we expect to see this continual uptick? the jobs far as market, i would expect to see a bit of a cooling. some jobs are saying it is difficult to get workers, and that might challenge them to continue to hire at a strong clip of more than 200,000 per month. growth slowing. the projections for economic growth are to continue or perhaps strengthening the heading into next year. host: we talking with eric morath of the "wall street journal" about the november economic numbers. we have a special line for the segment. if you are unemployed and looking for a job, you can call (202) 748-8000. if you are unemployed and you have stopped looking, you can call (202) 748-8001. if

economy. i can think of no better christmas present for the american people than giving you a massive tax cut. it was a year where some of the world's most influential companies hit a bump in the road. the taxi app uber will not have its licence renewed by transport for london. it says the firm is not fit and proper to operate. but others defied the critics to post record—breaking results. welcome to review 2017: a year in business. we have all that to come, but we are starting here in westminster, the home of the british government, where big ben isn't the only thing under construction. what about that brexit deal? back in march, the uk prime minister, theresa may, triggered article 50, and negotiations began. shoulder to shoulder — but not eye to eye. just two years to negotiate britain's departure from the eu. but brussels would not even begin trade negotiations before sorting out three key issues — the irish border, the divorce bill and the rights of eu migrants living in the uk. the clock

economy. in ten would be willing to pay more than $2500. and then finally, because they say they like fuel economy, it's important to understand contextually where it fits. affordability and reliability are top priorities. fuel economy and safety follow. so when a consumer goes into the showroom, they're looking for lots and lots of factors and lots of features. fuel economy is one of those, but it's not the sole determiner of their choice. thank you very much -- >> thank you very much. mr. mcconnell, you're recognized for five minutes. >> mr. chairman, ranking members of this joint subcommittee, thank you for allowing me to testify on the topic of fuel economy. thank you. my name is forest mcconnell, i'm a third generation honda dealer from montgomery, alabama. i'm also former chairman of the national automobile dealers association which represents over 16,000 dealers who employ 1.1 million people. i've been in the car business for about 40 years selling fuel efficient hondas through good tim

economy. they say it is natural. what i would say though, look underneath the numbers. when we were in the depths of the reception -- recession and pulling out of that, the people by and large have been unemployed for a long time. that is troublesome because it is hard to get a job when you have been out of work for six months or more. especially hard to get a similarly paying job. the good news now is that has shrunk, it is still a bit elevated, but a lot of the people that are unemployed at this point are people that recently either lost or quit a job and they are looking for new work. that is generally considered a positive sign of the economy. host: in the "new york times" today, your competitor paper, a slightly different spin -- there are fears that the economy could overheat. the strength could also pose challenges particularly in light , of the $1.5 trillion in tax cuts that congress could pass as early as this month. economists expect the tax bill to provide at least a modest lift to

the chancellor tried to future proof the economy, against the growth —— growth of the gig economy.had to climb down, it was embarrassing, but it is a massive problem for governments around the world, how do they deal with changing nature of work? do you pick up any of the kind ofangerand fear work? do you pick up any of the kind of anger and fear that they have been disrupted by black cab drivers here in london? i talk to cab drivers about uber, they give a very different opinion, what do you make of that? when people had tractors, they talk to people who were pulling ploughs and they were saying that people we re and they were saying that people were stealing theirjobs. i'd be worried about self driving cars then? i was about to say that, i have to accept that. hopefully we will rise against the machines and people will say no, i need a human person to speak to. luckily the gareth, driverless taxis are still some way off but what other developments can we look forward to in 2018? who better to ask than our tech are, richard dylanjones? a commissary, turn on the christmas tree. ——

for the economy? >> yeah. believe that the economy can stay in this range maybe slightly higher we are really going to be okay most signs show we are in steady growth state if we look at global health economic indicator both in u.s. and other supporting markets, we are in a really nice status quo, the majority indicators in expansion or recovery territory, we have had a few that are a little slower so doesn't seem to be showing any signs of overheating, that means that i think you raised a good point really if risk here is an economy that is stronger than anyone expects and if that happens, i think we could actually have a market sell-off because they are going to be concerned about a more hawkish fed. >> how significant a sell-off. those things are hard to say, always going to depend on numbers, but you know that is probably the outside risk i think consensus not expecting. >> a point america is % growth super duper. >> that is what i am talking about. >> what happened to us? what the heck is going on here. >

economy. i believe it's an economy people want to invest in. since the brexit vote we have seen major companies like google, facebook, making investments. a cheap currency was part of the incentive. was there a point where the cheap currency becomes a vulnerability. >> i think what people will look at is the fundamental strength of our economy and opportunities in the united kingdom. looking at the economy for the future, looking at how we can ensure the environment in the u.k. is the right environment, the best environment to do in -- to do business and invest. i look across the atlantic who takesnald trump, a protectionist attitude towards trade. what we say to him on that? >> if we look around the world generally, there is a question about free trade. it has been questioned. it goes to what i was saying earlier, people feel globalization has been negative and left them behind. we must show responsible behavior by business. government is ensuring economies work for everyone. also, show people the value of free trade. trading around the world'

, when the economy's healthier.mer tells his union supporters we're not going to do business with this guy, wait until we take control of the government, then we'll do infrastructure, i think a lot of unions are going to say i don't know if we're going to buy that deal. trump helped the coal industry, and this is the moment to get those jobs while you have a bird in the hand. so i think there could be pressure on the democrats to do a deal. paul: i think, mary, there's a chance on immigration. you've got the daca bill that democrats want, and maybe combine that with some border enforcement to get a possible deal. there could be a deal on a de minimis financial reform of a kind that's been moving in a bipartisan fashion in the senate. not going to repeal dodd-frank, but maybe a portion of it particularly for smaller banks. i don't know that there's much else. >> no, i think the democrats are going to want to obstruct, and they see that as a way to win big in november. they can say the president didn't accomplish anyt

economy "to rock." passes the republican tax plan votes are planned this week, with the first major legislative victory expected. it was voted behind closed doors by republican leaders. it would slash the corporate tax rate to 21% and across-the-board tax cuts for individuals, but the race them by 2026. vladimir putin called the white house for the second time in four days to think the cia for a tough up that led to the breakup of a suspected militant cell. a group targeted -- it was planning a series of explosions across st. petersburg. the security service says seven people have been arrested, all-time to be followers of islamic state. ronald gandhi is the latest member of india's most political party -- most famous political party. his mother described him as a new hope for congress. he has vowed to obliterate congress with the help of hindu nationalist forces. spacex has completed its second supply trip to the international space station. two years after its first. the dragon camusso. was launched f

economy?that we don't see these tax cuts and we start to see the economy cap pass and can't move through infrastructure spending and can't expand the fiscal deficit the economy needs to have that. if that does not happen, the economy will underperform. you are sticking around. patrick bennett will be with us throughout the program. if you are on twitter later today, make sure you follow the first global news network built for social media. it will offer live video coverage and update top news reports verified by bloomberg and our 2700 journalists and analysts direct, real-time insight. here is what is still to come and why you should stick around. bitcoin futures fall as they trade on the world's largest exchange. more of i am, more volatility, but france's finance minister says he wants regulation in the cryptocurrency. i will have the latest on that. but first, north korea declaring -- some of the worst case scenarios for 2018 and beyond help bad could things get question mark we take a depr

13% of washington state's economy depends on healthy internet sector. the internet economy for our state supports 250,000 jobs and when the nation is looking to see that they haven't had enough wage growth and the growth in the middle-class earning more, these tech jobs have been a backdrop to a bedrock for the middle class so the chairman is not focused on the 13,000 companies in the state of washington, 250,000 jobs and 13% of the state economy. just this past weekend my colleague and i met with many of these small businesses and their message was loud and clear, please stop chairman pie from ruining the internet by taking away key protections that make sure our business is run successful. he is abdicating his role, abandoning consumers, turning his back on innovators and he has changed the direction for us and the innovation economy. he thinks this is a light touch but i guarantee you it is no touch and what we need is to make sure these companies do not artificially charge consumers, small businesses, main street, more, for what they are already doi

what zero interest rates do is not spur the economy but they blur the economy. they just remove the influence of time so nothing happens. what's happening in the u.s. economy the number of companies in the stock market is 50% since 2007. the number of shares has dropped 50%. the so-called stock market boom is a product of the stock market shrank and i think that the key problem is the lack of any global money that's increasing the financial economy, almost 30% of the corporate profits are now in a finance from this massive $5.1 trillion a day currency trading. >> hell does one buy a car with a bit coin? >> i'm sure lots of cars have been but i don't know some companies have announced that they will sell it but you can convert your bit coin $2 that might be a good thing to do and purchase a car. >> can anyone buy a bit coin if they have the resources? how many dollars would it take to buy one today? >> today over a thousand dollars. >> so like an ounce of gold? >> they are attending to converge to the extent that it really matures as a currency in the value in th

economy. business research is trying to overtake the u.s. says the world's biggest economy by 2022. it says three of the four largest economies will be asian. china hosted top diplomats from afghanistan and pakistan a long simmering conflicts between the neighboring countries. the first dialogue in beijing comes as china expanded economic interest in pakistan. another difference in how president donald trump runs the white house, he is said to be the first chief executive in newly a century not to host one state dinner during his first eight -- his first day not this. he says to expect on early in the new year. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. carol: thank you. profound differences between house and senate republicans may role as gop fights with democrats on how the legislative agenda plays that when congress returns in january. house republicans have energized by their abilities to rally around the tax overhaul and limi

is a large and relatively closed economy, the trade does not -- is not a huge part of the economy. next year, we are likely to see the trade deficit widened. i do not think we will see a big impact from extra limits on the u.s., unless it is unexpected. the midterm elections, it is important, what will play into that is how the economy response to the tax-cut that congress has delivered. my view is that it will be modestly added to growth but the elections will be important in november of next year. shery: we had a guest yesterday talking about the potential trade protectionism arising from what this within the tax package, especially anti-trade provisions. european firms have complained about. will that have a negative impact on what could happen on u.s. economic growth, especially when expectations are so high. >> some of that, a lot will depend on -- a lot will be rhetoric, it will be interesting to see how the rhetoric of all was -- evolves and economy that is likely to see wider trade gap next year, something that this white house is not going to become people with. it is hard

economy, and might start to see the economy pick up again.: you just said the boe should not have raised rates, but they did. in a times survey, you were the only one forecasting the boe will cut rates. forecast isthat based on the fact that the value of the pound has rebounded since the last rate hike? danny: that rebound has an impact on the economy. i have been watching the labor market very closely. i have been looking at the release by eurostat, looking at employment growth. i tend to like the focus on employment growth. last quarter,he has zero employment growth. it is just above lithuania, poland, and romania. were zero, the u.k. and lithuania and poland have negatives. the economy is slowing. they forecast slowing growth in .he u.k., growth of around 1.5% you raise rates in this an economywhy, on that is the slowest growing in the e.u.? maybe we hope we are able to cut them later, when a recession comes, you have cost the economy to slow, so it makes little sense to me. the slowest growing economy in europe, and you raise rates at a t

>> the economy is doing very well. and the forward indicators like new orders suggest there's a lot of growth momentum coming into the new year. there is some talk now, increasingly, about the prospect for inflation. inflation remains low. it's below 2%. it's a point that janet yellen stressed today. but we're at a point in a business cycle where normally you would be looking for the signs of inflation picking up. and then when you add the stimulus from a tax cut, that could pour more fuel on the flames. but it's important to keep it in perspective. inflation right now is low. >> what about the impact of the tax bill? they still have to work out some of the differences. but it looks like we may have a deal and a vote by next week. do you agree with the fed chief when she says it will be mildly stimulative to gdp asxand econo growth? >> so it's interesting. a year ago, when the prospect of both new spending increases and also tax cuts were raised after the election, janet yellen gave some testimony, and she said that to

what is the biggest challenge right now facing the economy? is it rising inflation, the economy?om demontre hurst, or the impact from demontre hurst, or the gst? i would not say that rising inflation is the biggest threat. for next year, definitely i think inflation is coming back on the radar. for now, the economy has to ta ke radar. for now, the economy has to take into account that there are lingering gst related outcomes. apart from these three factors, what could potentially hurt the economy going forward. the focus pretty much remains on many‘s reforms agenda, campaign, we see 2017 being a year of two halves —— modi's. the focus has been much focus to reform speaking up. elections are coming up. ido speaking up. elections are coming up. i do not see the momentum sustaining 2018. the lead asia economies —— won a start 0xford economics will stop in aviation, air france is hoping to stand out from an increasingly crowded market by launching a new low—cost character. it isa launching a new low—cost character. it is a play on the french word for young. it is the airline's second

the innovation and innovation driven economy of the united states. chairman of fcc decided to repeal critical consumer protection known as net neutrality. this is a wrong-headed move, misguided and driven by big cable interests that want to gouge consumers and charge them more as they charge for making sure that consumers either pay or have their internet lines slow down. this decision turns the success of what has been an essential 21st century innovation over to those in big corporations, instead of making sure that main street innovators continue to do what they t do best. i don't think the american people want cable companies to be the gatekeeper on the internet. they want to have the fcc continue to playnt a role in making sure that an open internet is there for all, so that small businesses that entrepreneurs, that innovators can continue to build on the success of communicating with their consumers and their business partners without having artificially-slowed-down lines. who would this impact if the fcc moves forward? well, you could say seni

the chancellor tried to future—proof the economy, against the growth of the gig economy.lf—employed workers, there was a massive revolt, he had to climb down, it was embarrassing, but it is a massive problem for governments around the world — how do they deal with changing nature of work? do you pick up any of the kind of anger and fear that they have been disrupted by black cab drivers here in london? i talk to cab drivers about uber, they give a very different opinion, what do you make of that? when tractors were invented, people that were pulling ploughs — not that people pulled ploughs — but they were up in arms, "they've tractors, they've come and taken our jobs." every industry's been disrupted at some point. are you worried that self—driving cars could come and take yours? yeah, exactly — i was about to say that! i have to just accept that and hope that we will rise against the machines and people will be like, "no, i need a human person to speak to." luckily for gareth, driverless taxis are still some way off, but what other developments can we look forward to in

>> it is certainly a concern you have to maintain when the economy demands it. and those risks to prepare for the new risk. >> and add infrastructure. >> no way to look at that fact that we should not be prepared. >> so let me turn to mr. thomas first of all let me thank you for the port of baltimore support for the marine planning efforts and with the exhibit that is paralyzing the existence of the base. it is hard to go back to raise that infrastructure the schools and the houses with the economic ecosystem so what is the lesson for the commercial ports like yours? >> so with that recognition to attend the meeting and the om port administration has a resiliency program for climate change and to build now and our ad plus ten to raise 2 feet above the current elevation and to take into consideration it is a real thing. the newest project is revis mann -- rehabilitation all that we will raise at 10 feet. those are the things we are struggling with now. with the storm water vault. >> out of courtesy i should cut you off there. to fill out your answer further now w

an economy-transforming bill. the tax hike on tens of millions of middle-class americans, and yet republicans kept it hidden until the very last second. when it was revealed to the public, i saw my colleague, senator durbin from illinois, holding it up with illegible notes scrawled in margins. there wasn't anywhere near enough time for any member of the body to read the bill and grasp each of its provisions. even the conference committee was an exercise in reckless partisanship. news reports said republicans had agreed on a final bill. but they were empty-handed at the only official conference meeting. so what was going on at this so-called conference meeting? and this was, i guess, a reality show version of a conference committee, is the conferees were supposed to ask questions about out-of-date plans from the other body in the senate while the actual final bill was still locked behind closed doors. the chairman didn't allow any motions or any amendments, just like every other step in the process, this was a sham

be in order to reflect a healthy economy. the euro is actually believe it or not still slightly undervalued long term value to the u.s. dollar is a rug one twenty five we typically gyrate lot around that the car would find i think one or two years from now the euro could actually be slightly stronger ok holger schmieding there a chief economist at bear in the bank thank you so much for being here with us today you are now it's the season to be jolly in many parts of the world and here in germany there's no better way to get into the festive spirit and this is one of the many christmas markets across the country and treat yourself to a mulled wine or two but when it comes to the seasonal drink quality is key and it is somebody's his job to make sure the mulled wine is up to standard. here in the center of cologne locals and visitors are getting into the festive spirit for many that means indulging in a seasonal drink or two food quality tester all of our maya has come here to check they're up to scratch. for the boiling point

fuel economy and safety follow. when consumers go into a showroom, they're looking for lots of factors, lots of features. fuel economy is one of those, but it is not sold determine it. thank you. >> mr. mcconnell, you are recognized for five minutes. >> mr. chairman, ranking members, thank you or allowing me to testify on the topic of fuel economy. my name is forrest mcconnell, a third-generation honda dealer from alabama. am also representative of the national automobile dealers systems nation. we represent over 16000 dealers who employ 1.1 million people. i've been in the car business about 40 years. one thing never changes -- people buy new vehicles based on two factors. does it fit their needs and can they afford it? how fuel economy is regulated is very important to my customers. -- would be proud of the convoluted way the nation regulates fuel economy. there are not one but three programs that automakers must follow. these different programs are administered by three different agencies. nhtsa, epa, and the cal

not a market economy status at the wto, saying it'sjust not a market, economy. appetite g globalatite g global leader themselves as being a global leader and open for business, globalisation, but the reality is often different with foreign companies complaining about being discriminated against. now, when it comes to technology and innovation, disrupters are very much in vogue and one of the most famous is will.i.am. he's the seven time grammy award winning musician and front man for the black eyed peas. his company is blending fashion, lifestyle and culture with advanced technology in a way that really shakes up the status quo. he spoke with the bbc‘s reporter. shakes up the status quo. he spoke with the bbc's reporterlj shakes up the status quo. he spoke with the bbc's reporter. i still make music. i don't want to do music for a business. that's not the smartest thing to do right now for me. for other folks, that's great, thing to do right now for me. for otherfolks, that's great, but thing to do right now for me. for other folks, that's great, but for mei oth

or these already in the fuel economy goals?ey exclude them from the regulations. >> didn't they intentionally set them lower than the epa precisely because it didn't include these credits? >> if they were to allow off cycle credits attractively to its already discounted fuel economy standards, shouldn't it also agrees that the standards to make them more stringent? >> that's correct >> do you buy the estimate that this would raise the cost of a car $3,000 does that take into account with a lower gas price would be? >> i have no idea where that 3,000-dollar number is coming from. it's outdated. >> the gentl gentle leader yielk into the chair recognizes the chairman of the subcommittee on the environment, from illinois for five minutes. >> thank you mr. chairman. first following a couple of questions, to the automakers into the auto dealers you represent america in which you raise capital, assume the risk and try to sell a good. you pay living wages and health benefits to. you're paying local taxes that fund the schools and towns

, not for growing the economy. actually even if you look at hillary clinton's campaign platform in 2016, it was all about where the money should go, not growing the economy. she never talked about growth. you know, liz the only way we are going to be able to provide for seniors, provide the medicare promises, social security and all those entitle ments programs that are very important to this country is the economy is growing and we have increased revenues. that's what this bill will provide. liz: you know, the fact is that the statutory corporate rate in the u.s. for corporations is higher than france, it's higher than italy, it's higher than germany, it's higher than spain, it's higher than the uk and it's higher than ireland. >> easily one country has a higher rate. we are out of step with the world and we are now getting back in step by going down to 21 %. by the way, other countries are in that same vicinity in the low 20% range, so corporate taxes for the american corporation have been burden some and now we

we hear from the country's finance and economy minister.audi arabia's energy minister says global stockpiles will not be anywhere near close to the targets by opec. he says he is waiting for the second half of 2018 to get a real feel for supply and demand. and president trump's jerusalem decision continues to make waves. the united states uses it veto for the first time to block a u.n. security resolution on the issue. for expansionary budget 2018 for saudi arabia. a boost in spending in almost $300 billion. 2.7%, gdp to expand to after shrinking by .5% in the last year. here is how we covered the story. the chairman of the company, the minister of energy, the ceo and i thinkny, ideo --we expect the the ipo will attract people. that tadawul is one option and we are also looking at many s, going through a lot of discussion and assessment. this is not a normal ipo, it is an ipo for the world. we want to make sure that we do not leave any stone unturned, to ensure we are doing what needs to be done to choose the right one. yousef: some additio

is to to fix the economy decided a state of affairs in the country by signing a nuclear deal with the p five plus one group of nations we waited four years for that and after that when they signed it they said that they're going to fix it the economy in one hundred days and didn't happen actually we have this problem of runaway prices for the past thirty seven years or so so. this is an economic malaise that refuses to go away for the simple fact that we never had a powerful and. strong economic team in any of our current or previous governments or the current government the economic team is rubbish they don't know how to handle the economy didn't know how to take advantage of this new opening. up to the world economy and they just keep looking at each other that is the problem at the end of the day we have to we should also not forget the fact that these people are businessmen they only think about themselves they funded the sponsored president rouhani to win the election the both elections they spend millions of dollars and now they want something in return saw they get you know rol

fixing the tax code will help us get that economy. produces more careers, it pulls people who are on the sidelines, not even being counted, that's what helps. one more. [inaudible] >> it's a completely legitimate question. each of these questions make their own decisions on how to proceed but that's why we've asked greg and other members to come up with standards, come up with a system to update and upgrade the accountability act. that is now happening. you will see chairman harper rollout a slew of reforms to upgrade this law. when you get into this yet also keep in mind the victims themselves, what is it that they need to protect their interest in equity. that's why we taking time to get this right. you saw that we pass mandatory training, those regulations is coming due this week and you're also going to see the house administration committee put out a whole new slew of reforms so we have basic standards.

this is wait to grow an economy and when you do, you help families. i do also have some things to quibble with. i'm extremely disappointed at the loophole, sorry, gary, closed in puerto rico. this essentially just raises taxes on the island and it's going to push manufactured off the island. >> agreed. >> we should not kick americans while they're down and we have-- we know that we don't want them to be dependent, we want them to be prosperous, they're americans and i think this is a big mistake, but it can be fixed and we can-- paul ryan and mitch mcconnell can join with democrats and make a fix and they should. trish: that's a good point there, absolutely. >> puerto rico-- >> and can i tell you-- >> about 81 billion dollars for that bill they were putting forward, a lot of money on the table for reconstruction and we have to make sure it's spent well, that's my quibble. >> that's always a danger. let's promote investment on the island. >> go ahead, gary. >> i want to take the other side of the mandate thing. there's about 8 million people that paid

you remove these barriers to investment in our economy. you give businesses an incentive to invest in america, in their factorie s. and that's what we do. so, look. savannah, the tax rate before this bill passes is 35%. that's the highest in the industrialized world. the rest of our competers tax their companies at 22.5%. ireland is $20.5%. when we tax businesses at higher tax rates than our foreign competitors are taxing theirs, we're losing and they're gaining. what's more important is american businesses are moving overseas. they're not even american companies anymore. this is a trend that has to be reversed. and we know that if we fix these tax laws, we will get reinvestment back in this economy. the anecdotes -- i will tell you every study under the sun shows us, you lower the tax rates, you will see growth in america. >> a lot of people will be counting on that and hoping for that outcome. you have a long time budget hawk. i remember you in 2012, doing campaign events in front of that deficit clock. and it's estimated this tax cut is

economy is performing well. the growth that we are seeing, it is not based on him a for example, an unsustainable buildup of debt, as we had in the run-up to the financial crisis. the global economy is doing well. we are in a stinker nice expansion. the -- we are in a sea grunt eyes expansion. it is the first time in many years. inflation around the world is generally low. so i think the risks are balanced. think it has been true for quite some time, so i feel good about the economic outlook. i feel, you know, good that the labor market is in a very much stronger place than it was eight years ago. we have created 17 million jobs and have a good strong labor market and a very low unemployment rate. i think that has been tremendously important to the well-being of american households and workers, and i hen i hearpleased we anecdotes from firms that tell me they are having a hard time finding workers and they talk about, given that they are taking on people with skills that do not quite match what they want but are

and most importantly to revolutionize our economy leading to millions of new jobs. the ability to instantly reach consumers wherever they live has allowed american small businesses and start-ups to compete with large global corporations in a way that was unimaginable a couple of decades ago. michigan is home to 850,000 small businesses and a growingin number of start-ups. and put america on the cutting edge of the interconnected economy michigan small businesses can compete and innovate because of the free and open structure of the internet but unfortunately these are atil risk tomorrow the sec will vote to eliminate current projections that stop large corporations from stifling small businesses and harming the american people. i think the facts are straightforward and the fcc is wrong. they should stop what they'reee doing and keep the current protections in place. the current rules i have consistently supported prevent bias peas from blocking, slowing or prioritizing web traffic for their own financialhe been at the expense of small businesses and every day intern

however, that does not seem to stop the chinese economy.here's living proof that you can be successful in two or even three. will.i.am won global recognition and seven grammy awards with his band, the black eyed peas. he'll also be familiar to viewers as a judge on the tv talent show the voice. but this month his technology start—up i.am+ raised more than $100 million in venture funding — as it announced it's entering the corporate computing market. the bbc‘s lerato mbele asked him where his interest in science and technology came from. when i was seven years old i went to a buy on school. at an early age we we re a buy on school. at an early age we were leading computer science on apple computer ‘s. we were learning physics and oceanography and i was a curious young child. music was my way out of the ghetto but i always had aspirations in the world of consumer electronics. is this the end of will.i.am the musician and producer? i am still a producer. i just produce ideas. black eyed peas are still in my heart and soul and i will still make

changes in global economy. indeed one must not underscore and base to meet the the corruption element that has been experienced and so are free however it is not the only issue that we have in fact it does affect your moral and so forth but in terms of the sheer numbers if you were to be just cold to it and deal with the numbers south africa's budget is roughly around one point three trillion ranz and it collects roughly about the same amount in terms of tax revenue you don't see more than five percent of that disappearing into corruption yes it's bed yes it must be kept it disturbs the country it occupies the psyche of the nation it makes all of us just go crazy with daily news about it it's something that must be curbed stopped and really people must face the the law on it ok however there are serious problems in that the south african economy is that of in in the quote income inequality wealth redistribution we need to look closely at our monetary policy and how it actually deals. this thing for work because

the economy's growth drivers are fickle.rba changes from quarter quarter -- quarter to quarter. >> the next move is going to be up. i could not hear the commentary from sydney, but i think he will be before 2020 when the rba falls into line and starts to normalize policy there as well. the second half of next year is likely that we see a gradual move towards a normal level of interest rates. the economy is growing at the current rate. it is likely to grow 0.6% in the third quarter. the year on year will surge in part because of the base effect and potential growth is 2.75%. ordinaryan expansionary monetary policy. the rba is playing a game which other central banks are playing, which is you have extraordinarily low interest rates, but one of the key channels of monetary policy is to the credit channel. central banks are now keen to control credit growth through macro prudential measures to preserve low interest rates. you have to ask yourself why are they running interest rates this low if they're not willing to accept the c

economy and the infrastructure needs of the u.s. highways, courts and waterways. senator and half chairs this environment and public works subcommittee. this is one hour 30 minutes. >> the meeting will come to order. we are honored to have some great witnesses today and i will save the introductions. i know there are a couple introductions that would be made from up here. this morning i'll go ahead with opening statements were honored to have the chairman of the raking member. then i understand senator cardin you have an instruction to make also. >> will do that. let's recognize first senator carper because he is going to be coming back and doing his a little bit later. >> very briefly, welcome to the support hearing and i want to thank our chair and ranking member for putting this all together. i have a statement by the act to ask unanimous consent that appear in the record of have a chance to come back and give alive later this morning i will do that. again, it's good to see you all. thank you for joining us. >> thank you. we want to thank all of you for being h

boomed. >> but the fact is the president inherited an already booming economy. anyway, the stock market is a poor barometer for how most americans are doing in this economy. 80% of market gains only benefit the top 10% of earners. critics are warning that the president's tax reform package will benefit businesses and the wealthy. >> what the middle class really does need are jobs and wage growth. the whole trickle-down sales job has been belied by every historic example of these cuts. >> the white house disputes that, citing its own research that slashing corporate rates will increase worker incomes by $4,000 a year or more. whatever the case, it's clear that president trump is banking on big business and the country's rich to grow the economy even more for all americans. it remains to be seen if he will succeed. >> lots of people who were involved in trickle-down economics in the '80s and '90s have come out and said it just doesn't bear out that it works. the idea of it is that if people at the top end have more money, they spend in a way that creates demand an

if you look at the eurozone overall, the economy has picked up. the spanish economy has picked up. spanish economy has picked up. the spanish economy has picked up will stop the real danger or the problem caused by the euro was youth unemployment, running at 50%. that's a long—term issue they've got to manage. leaving that aside, it's a big thing to leave aside, the rest of the economy has picked up. even the property market, which was so badly hit before. let's talk about one of the cata la n before. let's talk about one of the catalan papers which has really said that these elections have turned mariano rajoy‘s party into an irreleva nt mariano rajoy‘s party into an irrelevant party. that's dangerous place for the spanish leader to be in. absolutely. he is the one who has been leading this and had an aggressive attitude. you will remember the action of some of the forces last time. he has been the one to be forcing this through and the reaction is very clear, his party has barely got any seats. three seats. barely any force at all, so frankly a humiliation for him. now is the tim

kevin: so you don't buy this that they will grow the economy. that economic growth will be able to pay for this? >> there's no way it's going to happen. we heard this in the george w. bush administration. he came in and proposed big tax cuts. the senate would grow the economy, provide for tremendous economic benefits. by the end of his term, we were on the brink of a depression. has everyone forgotten that? tax cuts can give some short-term lift to the economy. they are not paid for. we have a $20 trillion national debt. it actually hurts long-term economic growth. we heard from former senator conrad about national debt. >> i have a question about democrats in congress, any getce for them on how to out to the midterm election? >> my strong advice to democrats is that politics for our party is all about the economy. what are we going to do to foster economic growth? i would go back to something you were talking about. infrastructure. the most positive thing they could be done in washington today is have a significant infrastructure package to reb

economy. i believe it is a good strength. i believe it's an economy people want to invest in.ce the brexit vote we have seen major companies like google, facebook, making investments. softbank taking over in the u.k. making very significant investments in the united kingdom. >> a cheap currency was part of the incentive. was there a point where the cheap currency becomes a vulnerability? >> i think what people will look at is the fundamental strength of our economy and opportunities in the united kingdom. this is an important part of our industrial strategy. looking at the economy for the future, looking at how we can ensure the environment in the u.k. is the right environment, the best environment to do in -- to do business and invest. >> you put forward a version of britain which is free trading, i look across the atlantic and see donald trump, who takes a protectionist attitude towards trade. what are you going to say to him on that? >> if we look around the world generally, there is a question about free trade. it has been questioned. it goes to what i was saying earlier,