when i took my first economics course remember the professor it up supply and demand curve and said what a beautiful model the market was because if people buy things depending on the price and buy or sell things if the price is right than the market is perfect and makes everybody happy i raise my hand and said the prices and the only thing when people buy something. and the professor said that's true but if we make this a simplification we can take those powerful conclusions by stripping away that extraneous stuff. >> thank you for that story and by the way i agree with you. i thought this is not mathematical enough there is too many assumptions if it was true mathematics like what i was interested in the time then you agree to like what you just said it is that question and thinking through which is the idea when we count things that we have to classify them and strip them of context that something is deeply human that we teach our children to do. so tell us about that concept of classification and the metaphor. >> that is the key point of my book. i think we are taught in school whoev

5 percent of the population has this privilege a government project is seeking to change that first economic team and why did this person there are many survivors and the result that can be done to make up your own mind. double this is d w. news and these are our top stories. u.s. president elect, joe biden has named key members of his cabinet. former secretary of state john kerry has been named climate envoy and veteran diplomat. anthony blinken will be secretary of state. president trump has agreed to allow.

when he took my first economics course remember the lesser put up supply and demand and said about the market was because people buy things depending on the price and at the point the market is perfect when it raise my hand and said prices and the only thing people think about if they decide to buy something in the professor said i know that's true make this a simplification we can get some powerful conclusions by stripping away the extraneous stuff. >> thank you for that story and i agree with you that's why with economics in college that this is a mathematical enough there were too many assumptions because if there were pure mathematics that's fine because that could be stripped-down and logical. >> but it does bring me to my first question i have been thinking through a lot with the idea that when we count things we have to classify them and strip them of the context and that is deeply human so tell us about that concept and classification as a metaphor. >> met is the key point of my book. that whoever teaches us to count that there is a right answer but in fact you have to decide w

what i took my first economic course, i remember the professor putting supply and demand curve up on the board. it is a beautiful model. and believed that everybody, even in third grade. people buy things depending on the price. in the suppliers sell things that are the point to where a buyer wants to buy it and the seller wants to sell it. the market is specific and makes everybody happy. and i thought will price is not the only thing that people decide whether or not to buy something. the professor said, that's true. but if we make this simplification, we can really get some powerful conclusions. and that just bugged the heck out of me. >> thank you for the story by the way, despite when i took economics in college, i thought this is not for me. like, is to contextual or assumptions. like you feel pure mathematics, this is what i would be interested in . that would be fine. we agree that we have a strict down of what you might need to have. but as you just said really does bring this question which is scissor at the book, i think there is through a lot. it is the idea that when we

when i took my first economics course, putting up all of these graphs in the supply and demand curves, what a beautiful model the market was, just believed, people buy things depending on the price. suppliers sell things. at the point where the price is right, a buyer wants to buy and the seller wants to sell. it makes everybody happy. price is not the only thing that people think about when they decide whether to buy something or what they want to buy. that is true. if we make this a simplification, we can really get some powerful conclusions by snipping away all the stuff. >> you know, thank you for that story. by the way, i agree with you. it is just not mathematical enough. for exactly the same reason. too many assumptions -- pure mathematics to what i was interested in at the time. of what may seem that way. >> my first actual question which is, i have read the book, but i've been thinking through a lot one of your responses. when we count things, i am not going to repeat what you just said, but really count things, that is something that we teach our children to deal. tell us a

when i took the first economics course, and graphs on the board of supply and demand, what a beautiful model the market was, people buy things depending on the price, the price is right, a buyer wants to buy it until it wants to sell, it makes everybody happy. i raised my hand and said price is not the only thing people think about when they decide whether to buy something and the professor said that too. we can really get some powerful conclusions by stripping away the extraneous stuff. >> thank you for that story. i took economics in th college, f the same reason. too many assumptions, pure mathematics, that is fine. th you make a logical inference. but the first bookish question was since i read your booki have been thinki through a lot the idea when we count things, i will repeat what you said, to classify them, strip them of context and that is something that was a deeply human thing. it ia metaphor. >> that is the key point of my book and we are taught in scho even by a parent, the right answer, one 23, on 2 things. you have to decide what belongs in the group of things you are c

cecilia rouse, a princeton economist, is now the first black nominee to head the president's council of economic advisers. another first, neera tanden, she would be the first woman of color to run the office of management and budget. but tanden, who leads a liberal think tank and has skewered republicans on twitter, is already facing pushback. >> i think, in light of her combative and insulting comments about many members of the senate, mainly on our side of the aisle, that it creates certainly a problematic path. >> reporter: but democrats blasted republicans for complaining about mean tweets after four years of donald trump. >> it will be very tough to take those crocodile tears seriously. >> reporter: most republican senators have not even publicly acknowledged that biden won the election. but each day, more states are officially certifying his win. today, arizona. >> the votes have been tabulated, all 15 counties have certified the results. >> reporter: in pennsylvania, a federal judge appointed by trump himself dismissed the president's efforts to throw out votes, writing, "calling an elect

i took my first economics cours course, i remember the professor graphs on the board of supply and demandves. sediment a beautiful model the market was. if you just believe he did say believe, but people buy things depending on the price. and suppliers sell things. and at the point where "the price is right", a buyer wants to buy in the seller wants to sell. the market is perfect, it makes everybody happy. and i raise my hand and said price is not the only thing people think about when they decide whether to buy something or what they want to buy. in the professor said oh, i know that is true. but if we make this a simplification we can get some powerful conclusions by stripping away all the extraneous stuff. and not just bug the heck out of me. thank you for that story. i agree with you, that's why when i took economics in college unlike this is not mathematical enough. for exactly the same reason. as to contextual too many assumptions. it was pure mathematics which is what i would consider the time, that is fine. you agree it stripped away. stripped-down and then c. >> what you just sai

know what is more important for hispanics and recent they are railing for president trump in the first, economic prosperity and on that score an incredible story to tell an incredible credibility with hispanic community in the history of the united states. there have been 28 months where hispanic jobless rate was below 5%. records have been kept. all but one of those have been under the leadership of president trump here there was one time in 2006 where the president bush, george w. bush, one month and the other 27 months have been during the china virus nl trump boom 2.0. >> tammy: what we found, steve the american's color color blind, and it is something all of us care about are here to immigrate because you are fleeing things and regimes that kept you from being able to do it. trump represents comic you know, the attitude of general personal freedom. and obviously he did way better among hispanics this time around and then 2016, nationally, he increased his share of hispanic vote by seven points. in florida, it shot up by 12 points, as you know. he got half of the hispanic vote in that state

probably what led to this book, it's an itch i've been scratching for so long, when i took my first economics course i remember the professor put the graphs on the board of supply and demand curve and it said what a beautiful model the market was because if you just believe it didn't say believe but people buy things depending on the price and suppliers sell things and at the point that "the price is right" the buyer wants to buy in the seller wants to sell in the market is perfect and everybody is happy, i raise my hand and i said price is not the only thing that people think about when they decide whether to buy something or what they want to buy in the professor said i know that is true but if we make this a simplification we can really get some powerful conclusions by stripping away the extraneous stuff and that bug the heck out of me. >> they stand for that story, i agree with you and that's when i took economics in college this is not mathematical enough, for the same reason, too many assumptions like if it were pure mathematics which i was interested at the time that's fine because you

. >> that's president-elect biden giving his first economic address yesterday since winning the election he was an informal adviser to the biden campaign. great to see you this morning. we've had many segments already this morning about how this denial of the transition is perilous for national security. you say it's perilous for economic security. how specifically is it? >> well, because the economy is so closely tied to controlling the virus. as the virus is raging out of control and the vice president/president-elect's team cannot get in to start designing policies to control the virus, it's going to have a massively negative effect on the economy. if the virus rages out of control in the form that it looks like it's doing right now, we could easily ily have a double-dip recession, we could stop growing and have the problems we had in the spring. >> if this were a normal transition of the kind that you were involved in in 2008 between bush and obama, what could president-elect biden be doing in the next 65 days? >> well, it would be done in coordination with the administration that's

which is probably what led to this book, it's been scratching for a long time when i took my first economicsourse i remember the professor put up the glass of supply and demand and said what a beautiful model the market is and people buy things depending on the price and suppliers sell things and at the point where "the price is right" a buyer once a buyer and the seller wants a teller in the market is perfect and it makes everybody happy and they raise my hand and said price is not the only thing that people think about when they decide whether to buy something or what they want to buy and the professor says i know that's true but if we make this up with we can get some powerful conclusion by stripping away the extraneous stuff. >> thank you for the story and by the way i agree with you and that's why i went on to economics in college is not just mathematical enough. into many assumptions and i believe the assumption if it was pure mathematic which i was interested in at the time, that is fine because you agree. but what you just said does brg me to a question whichs i've been thinking thro

mike took my first economics course, i remember the professor put up all these graphs on the board of supply and demand curves. and said what a beautiful model the market was. because if you just believed he didn't say believe. people buy things depending on the price. an supply or sell things. at the point where "the price is right", a buyer was just by the seller was to sell. the market is perfect and it makes everybody happy. i raised my hand and i said price isn't the only thing people think about when they decide whether to buy something, or what they want to buy. in the professor said oh no that is true. but if we make this a simplification we can really get some powerful conclusions by stripping away all the extraneous stuff. and that just bugged the heck out of me. >> thank you for that story. by the way i agree with you. that's what i took economics in college i was like this is not mathematical enough. for exactly the same reason. was too contextual to many assumptions. if it was pure mathematics, which is what i was interested in athe time because you agree t strip away abo

first economics professor david rose argues that moral beliefs and culture are essential to a thrivingl society. that authors share their thoughts on how to reinvent american democracy in the 21st century. also tonight come open markets institute director hassall he hubbard looks at the history of monopoly in american industry, former appellate judge douglas ginsburg examines a constitution to the eyes of judges, legal scholars and historians paid former president barack obama reflects on his life and political career. find more schedule information a booktv.org or on your program guide. now, here's david rose. >> welcome everybody to the heritage foundation into the russell kirk lecture series hosted by the fuller institute and the simon center of american studies. i am a director of the simon center. and it is a real privilege to be part of the lecture series because of the amazing influence of russell kirk is one of the most important conservative thinkers of the 20h century. we are proud to honor his legacy right here at the heritage foundation. before introduce the speaker just a

and cecilia rouse, first one of color nominated to serve as the chairperson, chair woman of council of economic advisers. this is an academic position that advises the president and west wing on the economy as well as the number two person at treasury, deputy treasury secretary, first person of color in that position as well. he is currently serving as the president of the obama foundation so that is currently the economic team. also a series of firsts on communications. first time in the west wing, an all woman team will lead the president's communications efforts. it will be some familiar names to those that follow politics. white house press secretary incomin incoming, jen saki. she was press secretary at the state department, communications director at the obama white house in the second term as well. kate beddingfield, communications director. the person in charge with behind the scenes planning, strategizing for the message of the white house. she was a deputy campaign manager in the biden campaign and out front in every respect on that. simone sanders, another familiar face. she will be

this is putting science first in putting politics aside and saying what are the things we have to get done, and that is what i am hopeful joe biden can do. put the science and economicsirst and put the politics later. you as always. former obama campaign manager jim messina. cabinet palm it is a big round number we like to talk about even though the dow is price weighted, not market cap. it is dow 30,000 for the first time ever. mean record highs we continue to see on the s&p 500 and the russell 2000 also fresh record highs. ons is "balance of power" bloomberg tv and radio. ♪ kevin: this is "balance of power" on bloomberg television and radio. i am kevin cirilli in washington, d.c. taylor: i am taylor riggs in new york. time for our stock of the hour. we do a deep dive into individual stocks like marijuana stocks also spiking after the dsa approved a transition to a -- after the gsa approved of a transition to the biden government. emme chandra with a look at what is next. emma: we are seeing double digit pops up some of the biggest and best-known names. the likes of tilray, sundial, aurora. as we bring up the chart, that will show the industry as a whole benefiting

this is one of many reasons why the first rule of virus economics is to beat the virus or else you won't have an economy. and that's got to be the focus. brian: i didn't know there was virus economics, but he says it's on the table. the president's taken the lockdown off the table. he's in power. joe biden's in power, it's on? >> yes. it's not just on the table, brian, that is, in fact, the plan of joe biden. he's said it. he's not just hinted at it, but said it. there you have pete buttigieg, his adviser, admitting it. we know how to handle covid-19 now. of we know who it affects. we know how to protect our elderly, our seniors, our vulnerable. americans have lost their jobs, their way of life, their wages. we're finally coming back with historic gdp growth under this president. we cannot have a president that succumbs to the virus. we need a president that overcomes the virus, and that is exactly what president trump has done while joe biden will put his hands forward and surrender, lock down your schools, churches and workplaces. steve: you know, kayleigh, election night 2020 is unlik

first his economic philosophy became clear because he took supplies from jack kemp and said basically i'm just not for balancing the budget. i'm for a big tax cut. so he had a conservative message that suddenly had a little more to it. then he united with religious conservatives and people forget that hadn't happened. it was a revolutionary idea that people in the evangelical movement would get out of the churches and into the political movement. that hadn't happened before certainly on this scale. they came to him and linked on so that was the second leg of the stool in the social religious conservatives. then he made the common cause with the neoconservatives and the hawkish democrats in the foreign policy were very anti-soviet and very much cold warriors and he brought them into the coalition and that is when the kind of anti-communism that held this group together for so many years kind of provided the glue that kept it all together. what ronald reagan did is put those elements together and created a coalition. suddenly there wasn't just a conservative message but there was a full

to you, what are the first economic policies that are going to be rolled out by the bideninistration? >> well, first off thank you so much for having me on the show. hope you had a nice thanksgiving and your family is well and all of the viewers as well. i think people are struggling personally, professionally, financially and economically, and so it's important to get people back on their feet to get some kind of stimulus going to help people move forward and also to help them financially. i think that's key. david: but specifically, kelly, i want to stick with you. what kind of policy are we going to see tax hikes, what are we going to see specifically from the biden administration first off? >> right, well biden has said, i made it clear, that if you make under $400,000, you're not going to get a tax increase, and so he's in regards to taxes, he is going to trump adminitration increase the taxes that have to be paid not by the corporations, i'm sorry i misspoke. he basically, trump made sure that the corporations pay the left and so biden is going to increase that so th

they came here from england seeking freedom meant a better way of life, established first a communal or collectivist economic system? they did, both at jamestown and at plymouth rock. let's look at the plymouth colony. in december 1620, 101 pilgrims from england reached the atlantic coast in the mayflower. their primary purpose in risking the great hazards of an atlantic crossing for life in a primitive land was to gain religious freedom for themselves. they had no preconceived ideas about building a nation or a society or a system of economics. by common consent, the colonists' economic system was communal. the property was community property or public property, owned in effect by the colony's government. the people worked together at assigned tasks, shared and shared alike in the total production of the colony. it worked like this, there was a common storehouse. each family brought all its produce of whatever kind to the storehouse. the government of the colony allocated the goods on the basis of equal shares. this was the christian spirit of sharing. our forefathers were people a sickly motivated by chris

first t bring economic relief to the city's states and triba communities. the lost reven from covid and the cost of covid is devastating to state and local budgetsnd governors al of them indicated we have got to come togetr. the federal government has to delive this relief sooner rather than later and with with the flexibility to thetates to meet their needs. this incdes businesses, schools, working families from unemployment benefits to ucation connued access to affordable health care, all that is needed during this pandemic to states and communities should t delay of teachers cops and firefighters cut vital services for falies and businesses. the second thg we are in uniform agreement on deliveng a safe equitable a free vaccine. the governors acknowledged as one of the greatest operational challenges we will have faced in the nation. one statistic that was raised by the goveor, it took eight months to provide 100 million covid test, eight monthso provide a covitest. just imagine how much difficult it will be they pointed out that would don't fd a more efc

artemis against the young less experience senator barack obama and the country first, it looked like a political economic country first. argued against it. i lost the argument. and i'll freely admit that in the first week or so i thought maybe i was wrong, it wasn't till later on, nothing can prepare even a seasoned politician for the strain and spotlight of a presidential campaign. it's a daunting, daunting experience and not many people can handle the pressure that someone who so relatively new to politics and certainly never was prepared for that kind of attention before found crack under the strain. >> what about s decisions over his head on the economic summit. >> at one i did argue against, unfortunately i argued for . we had managed to come out of the convention with 856 point lead on obama, part of the convention is usually we get to take and we knew they would participate but both by the end of september, late september we work i thought very competitive. we still have a chance and i thought was then a horrible environment for the republican candidate. president bush, bless him, not entirely his

the second wave is hitting italy just as hard as the first and the economic consequences are rough. italy along with many other eu states is anxiously awaiting a multimillion euro finance packets to help ease the crisis. the funds are blocked, hungary and poland reject conditions. >> we say no to all mechanisms that are designed to punish us and which treat poland and other countries unequally. >> on the table is the eu budget of 1.8 trillion euros for the next several years including 750 billion euros of coronavirus aid. payment of the recovery funds is blocked in cases of corruption or violation of the rule of law. that is what hungary and poland want to prevent, they along with lavinia oppose the other eu members -- >> there are many other member states who are not willing to make major compromises on the rule of law. >> the leaders are trying to find a middle ground, but given these entrenched positions, it is clear the pandemic is not the only crisis in europe needs to solve. brent: the money and the virus, let's cross over to our correspondent in brussels following this summit

geoff bennett, first, take us through the president-elect's day, what we know about the expanding team. and the big economic team announcement today. >> well, andrea, in addition to nursing his hairline fractured foot, the president-elect, as you mentioned today, is receiving for the first time since winning the election the president's daily brief. and for those who are unfamiliar, the pdb is a highly classified top-level collection of national security information and analysis. and i suspect that. db and joe biden ands have president-elect kamala harris is looking a lot different than joe biden grew accustomed to in 2007. in large part because this pdb was changed to suit president trump it's shorter and less nuanced. and the report is that when joe biden gets sworn in he basically gets to form the pdb to his own liking. the president-elect is forming the upper echelon of his economics and history making team. for the first time, the senior white house team responsible for crafting the white house message and speaking on behalf of the president, they will all be women. jen psaki named press secretary. bey

so first of all his economic philosophy as he took supply-side economics from jack kemp and said i'm not for balancing the budget but a big tax cut so he had a conservative and then aligned with religious conservatives that was a revolutionary idea that those in the evangelical movement out of the church is into that political movement ronald reagan went to them and they came to ronald reagan and they linked arms and with the economic conservative and then he made common cause those hawkish democrats very anti- soviet and will use of bringing them into the coalition with the anti- communism that hold the group together for so many years provided the glue that kept it together and created a coalition now there is this conservative message that's fully formed and that's what reagan but to the table in the 1980s. >> all the was not entirely clear to get these massive tax cuts for the next thing that happens is they are hit by a recession going back on those economic policies implemented in his first year. >> that's a good point of the cut taxes and everything came back to life there is

she'd be the first woman to hold the job, helping shape biden's economic policies. previously yellen was the first woman chief of the federal reserve. in the 1990s, she was an economics professor at uc berkeley when she was tapped to be on the fed's board of governors. >> it's just a real emphasis on people who know how to work. >> the biden team also announced six foreign policy and national security choices to lead the cabinet, reflecting experience and diversity. they include alejandro mayorkas, the first hispanic secretary of homeland security. former secretary of state john kerry is going back as a special climate envoy. >>> governor newsom is getting lobbied on both sides over who should fill kamala harris' senate seat. today california's latino community urged the governor to appoint california's first latino senator to fill the remaining two years of harris' term. >> we're 40% of california. 40% of our state population. we own 25% of our state's small businesses. we generate approximately $100 billion annually. >> several oakland council members asked the gov

first presidential briefings today. they announced new team members. the economic team. e history again naming the first women and people of color to key positions and cnn has learned biden has narrowed down his choice for defense secretary. so for all of that let's go to cnn political correspondent m.j. lee. so, m.j., who did he announce today as part of his team? >> reporter: well, brooke, this is such a critical team because this is the team that will be spearheading biden's efforts on the economic recovery in the middle of this ongoing covid-19 pandemic. a couple names worth mentioning, janet yellen is being chosen as his treasury secretary pick. we have been reporting this name for a while. she would be making history, if she is confirmed, serving as the first woman in that role. we also have nerra tanden. for the office of management and budget. we have cecilia rouse, a princeton economic, chosen to be biden's head of the council of economic advisers. the roles i just mentioned will require congressional approval. now, while the announcement came today, we also expe

princeton economist and veteran of the clinton and obama administration as the first woman of color to lead the council of economic advisers and neera tanden the first woman of of color and south asian to run the office of management and budget. press secretary jen psaki, and sim own sanders among the women leading the team. >> hi everyone. >> psaki a veteran of the obama administration is already overseeing confirmation of biden's nominees in the senate which is for now controlled by republicans. >> we don't need a fabricated crisis in the senate and i don't think the american people are going to tolerate that if there is a refusal to move forward with qualified nominees. >> reporter: one early criticism from some progressives and conservatives is tanden who has run the center for american progress a left leaning think tank. as a top aide to hillary clinton she tangled with bernie sanders in 2016 and has blasted many republicans. the spokesman for senator john cornyn saying because of the disparaging comments about the republican senators whose votes she'll need tanden stands zero chance of being confirmed. while

coronavirus and the lockdown — the economy is still more than 8% smaller than when the virus first hit. 0ur economicsndy verity reports. today's figures refer back to what now seems a bygone era, july to september. with lockdown over, restrictions lifted and half price fry ups at taxpayers‘ expense, economic activity rose by a record 15.5%. at this exeter pub, business was up by 30% in august, though it slowed down in september, and now once again it's a bit dead. eat out to help 0ut was absolutely fantastic for us. we were turning away so many people, and we were very busy. our trade was around 25% up on the previous year in august, so we felt that this money that we make in august will probably be used to get us through the hard winter ahead. but in some parts of the economy, there was no summer bounce back. just as the economy shrank by record amounts when restrictions were imposed, so it grew by record amounts when those restrictions were lifted in the summer. this 3d printing company makes models for exhibition, and was growing before the pandemic struck. it reallyjust sort of took the feet away

more on that in a moment, but first our economics editor faisal islam reports on the potential pay freezeublic sector workers face a pay freeze at next week's spending review as chancellor rishi sunak makes the case for pay restraint to reflect falls in private—sector earnings during this pandemic—afflicted year. at the start of the spending review process, the chancellor outlined that in the interests of fairness, we must exercise restraint in future public sector pay awards, ensuring parity with the private sector. the treasury has taken an interest in a report on the issue by the centre for policy studies, suggesting a three—year freeze would save £23 billion by 2023, or 15 billion if nhs workers were exempt. it is expected that nhs workers would be exempt from a freeze to reflect efforts during the pandemic, but four million workers still include many key workers lauded for their service during the pandemic, from the armed forces to police, teachers and civil servants. unions are already planning a campaign against such plans, having already had rejected their efforts for a special pa

first woman to serve as u.s. treasury secretary, but also as the head of the u.s. federal rerve priestly and under the clinton administration,he was at the council of economic advisersfirst person to ever hold all three of those roles at different points. katty: an investigation is underway in sri lanka after 8in tes died in a prison right near the capital. more than 70 people werenjured in the disturbances in the maximum security jail, which broke out over coronavirus fears. it is the latest in a series of similar protests in the island's prisons fulsome hours have --the island's fulsome hours of asia correspondent has this report. reporter: fire engulfed offices and cells causing massive damage inside the jail. all this time inside, guards were battling to regain control. teams of elite police commanders were deployed, towing a cordon ound the jail to keep it secure. in the darkness and the chaos, the main focus was on fighting the re. but while this was going on, some prisoners try to to use it as a cover to break out and force their y to freedom. and that is apparently when ths prison guard inside opened fire. all the dead and almost all the injured were inmates

first, delivering economic relief to the cities, states and travel communities. the cost of covid recovery is devastating to state and local budgets. as governors, as all of them indicated, we've got to come together. the federal government has to deliver this release sooner rather than later and with flexibility for the states to meet their needs. this includes helping businesses, schools, working families, from unemployment benefits to early education, to federal health care. everything is needed during this pandemic. states and communities shouldn't have to lay off teachers, cops, firefighters, cut vital services. the second thing there was uniform agreement on, delivering a safe, equitiable and free vaccine. he all acknowledged this would be a massive undertaking, one of the greatest challenges we face as a nation. one statistic raised by the governors, it took eight months to provide 100 million covid tests. eight months to provide covid tests. just imagine how much more difficult it will be, they pointed out, if we don't find a more efficient and effective

they have all but based on gabriel's economics. the firsted automatic enrollment and companies now just and rolled people in the plan unless they do something to get themselves out and that in and of itself gets enrollments up to about 90%. jack: that is from -- from where? >> while, from say 50% to start. people eventually we'll figure it out to joint but automatic enrollment gets them in faster. the second is what we call automatic escalation or what we originally called save more tomorrow which is keep increasing the saving rate four, 2% every year and then before people know what they are saving a respectable ten, 12% and then the third is the creation of sensible default investment vehicles like targeted funds. if you do all those things and put people on automatic pilot they can safely go to sleep and their retirement future will at least be decent. jack: using the same philosophy of the guided those changes are there things individuals can be aware of to try to do in their own lives to avoid making the wrong decisions? >> again, anyth

likely begin at the end of the month even the pandemic we're told he'll name his health and economic team firstester >> all right kristen, thanks. good to see you here >>> two days after biden's projected victory, still n concession from president trump. but he was hardly silent as he fired his defense secretary and fired off a string of new grievances about the election our hallie jackson is at the white house. >> reporter: the transition turbulent already with president trump announcing via tweet defense secretary mark esper has been terminated. the president this summer mocking him a yes-per. >> some people call him yes-per. no i get along with him i get along with him fine he's fine. no problem. >> are you considering firing him, mr. president? >> i consider firing everybody. >> reporter: counter terrorism head christopher miller will take over as esper in a newly released interview defends himself as more than a yes man telling "the military times," who's pushed back more than anybody? it comes as president trump again out of the public eye rejects the reality of the election outcome onlin

but as we saw from the first the economic effects are much longer lasting for businesses and areas that today that the furlough scheme will not be extended for one month, it will be extended until the end of march. the government will continue to pay people's wagers, up to 80% of the normal amount, all employers will have to pay for i was not worked is the cost of employer mixed and pension contributions. we will review the policy in january to decide whether economic circumstances are improving enough to ask employees to contribute more. of course, as the furlough itself is now being extended to the end of march, the original purpose of the job retention bonus to incentivise employers to keep people in work until the end of january employers to keep people in work until the end ofjanuary obviously it falls away. instead, we will redeploy a retention incentive at the appropriate time. and for self—employed people, i can confirm that the next income support grant which covers the period november to january will now increase to 80% of average profits, up to £7,500. mr speaker, i also want

first. >> the potential economic impact, 7.5 by 2022, cumulative gdp lost by 2030.is tune if you want to say that that they will not been fracking do you believe him when he says that? >> he's been a politician for 47 years. was can you believe? >> you are protesting for a reason because, the economic ramifications of that. >> it is the protest but we like to call the movement, the repercussion it could have is bad, the only way we can show america, what could possibly happen. last time four six years ago, in a position of power, how much is the -- a down the independent blue-collar worker, why not sure what it is like? >> thank you for sharing your movement. thank you everyone who supported me. and to a fox news alert pro-democracy lawmakers chanting a fight on hong kong after resigning en masse, four legislators being disqualified after china's congress passed a resolution, those who support, china's sovereignty should be disqualified. bypassing new national security laws of antigovernment protests last year. the 95-year-old world war ii veterans is a positive att

first time the team has been entirely female. the president has also said to formally name key members of his economic team this week. treasury secretary, she was the first woman to lead the federal reserve, she taught economics in uc berkeley for 25 years. economist cecelia is also expected to lead the council of economic advisors, resident trump has fallen short on a wisconsin recount his own campaign spent 3 million on, wisconsin confirmed joe biden was victorious and gained 87 votes in the recount. >>> still ahead and streaming on cbs and, a family displaced with a fire ravaging their home. a look at what the flames left behind. >>> the march of the nutcracker, one of the most beloved holiday traditions will be going virtual. >>> be sure to look at the sky tonight, why the full moon is extra special. >>> there is also going to be a eclipse, more on that later. it is cold already, it is the morning lows just before sunrise that are the issue. we will take >>> a dublin family is displaced after a fire tore through their home. a look at a bystander capturing video of the flames shooting through the roof. you can see

chair of the economic advisers. the firstoman to chair the -- federal reserve and treasury secretary. no human man or woman has done that before. >> she's a really interesting choice for a nrm of reasons. she has a very deep background in government and economic policy expert. so in some sense she's suggests that biden will be turning to people with a will the of deep experience. to help right the ship and arrest the sense of chaos we have had. another thing to note about yellen is that she has a very storied career as an academic economist. look at research and get a sense of what policies she's likely to pursue. and one of her passions has been studying poverty. the causes and how to alleviate it. she's very concerned always about the employment rate. and sees a important role keeping interest rates low during high employment. we can assume that those will be big priorities for her. especially now. she probably would also be a little less likely to embrace bail out policy, rescue packages. that favor big companies and wall

-- blah house come as we sit here eight-month into the pandemic, with the resultant economic downturn, he talks first about what covid impact has been on the health of the social security system in this country. nott: it probably will surprise your viewers to see that it is having a negative effect. the recession that has been , wages have covid gone down. all of that weakens the financial sense of full security. -- ate looking at a painful security programs even before covid, and this has made the situation more urgent than before. it?urgent is what is the status of social security right now? guest: i would say it is extremely urgent. wen before the pandemic hit, were risking getting past the point of no return with the social security finances. the five readjustment that we have to make if we want to continue to have our social security program that has been financed and historically the weight has been, five of those changes have been difficult to overcome, and there is another aspect in which things are becoming urgent. the pandemic having an effect on worker wages, and of course social security