yeah, i talked to jason furman, chairman of the council of economic advisers, but he's also somebodyhen he went to harvard, one of the first people he met was matt damon, the oscar-winning actor, who tells the story that he almost went home because he was so intimidated by how smart furman was. president obama obviously not intimidated. the two have worked closely on key economic issues. he won the nobel peace prize, but unlike the fictional jim bartlett, he does not have a nobel prize in economics. take us inside the room. what's it like to be with him tackling a tough economic problem? >> the thing to understand about the nobel prize in economics is it's usually given towards the end of your career, for a lifetime of work. >> reporter: you think he might still get it? >> it is still a possibility for him. >> good afternoon. we've seen the longest job streak on record and wages have gone more than any in the past 40. >> the thing i love most with meetings about him is he always has the economic people in the room and he has the political people in the room, and he always starts with

. >>> and we have jason furman. (b) ♪ nice work brother dominic. we just need 500 more... translated into 35 languages, personalized oh and shared across the 7 continents. (other languages spoken) look abbot, i got it. it's a miracle. ♪ we're drowning in information. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley. . >>> welcome back. it is time for the executive edge. transcanada has resubmitted its application to the u.s. state department for the approval of the keystone xl pipeline. the move comes a few days after president trump signed an executive order clearing the way for the completion of keystone and dakota access pipelines. the keystone line had been rejected by president obama in 2015 on environmental concerns. >>> president trump going after defense contractors again. in an interview with fox news lat

why do you think it is so much more supply than say jason furman? >> i guess they think it is more supply dave jay said the cda. by the way, they deserve a huge so that for putting this on washington's agenda. there are very few in the administration of the congress who have done as much to put this on the agenda. it is really a question of the proportions, whether we talk about demand 70% per demand 40%. i tend to think that both the institutional barriers have been severely underestimated. this is the incarceration, felony, criminalization of a large proportion of american population. obviously, mostly younger men. i think that has been severely underestimated in part because government kind of forgot to collect the information which would allow us to examine this. i think that the supply aspect has solved the bed to some degree understated our underestimated in the general meredith because i don't think most of the general work has actually taken to comprehend the book at the role of disability programs in the overall tableau. i can understand wh

walmart has reduced prices for the poor by an estimated $2,000 plus per household, that's from jason furmanas obama's economic adviser. more than $2,000 to every family in america -- can. john: this was his research before obama. >> exactly. intellectually honest economist. if you're poor and you can reduce your costs, your life is better. capitalism, when allowed to do so, always reduces costs, increases quality and creates more diversity which is why we need to allow walmart and other companies to give more poor people more access to better goods and services for lower prices. john: all right. they and we can buy stuff, save money, buy it for less. but when they're paying $9 an hour and they voluntarily raised it above minimum wage because it's good pr for them, and it helps them keep good workers and it's how the market should work, but people say $9, that's good middle -- that guts good middle class jobs. people can't live on that. in fact, a lot of walmart workers are getting government subsidies. >> it's not walmart's fault. walmart is part of a globalization movement. millions of job

way this has been resolved starting under clinton was the key person doing economic affairs, mike furman was one of the more stronger and powerful people in that position. >> those under obama and he was a deputy at the nfc and merge that. one other point on temperament and how to think about it. as bob said at the outset, the key characteristic you want to the national security advisor some who can create trust within his counterparts particularly the secretary of state and secretary defense that their views will be viewed fairly to the president. the national security advisor just because of the nature of the job sees the president every hour on the hour almost at the beginning of the day in the end of the day. the secretary of state and secretary of defense everybody else needs to know that their views are going to be presented fairly, openly, and they need to trust that. the moment that breaks down is the moment the system breaks down and it happens i don't know if it's two thirds of the time the lesser tears but it happens way too often. it's a great skill to be able to be very clos

jason furman of the council of economic advisers did a report that coincides with the publication of the book where there's a disagreement about what is the nature of the cause. how much of this is something about the man that leads them not to be interested are willing or capable of working on how much is about the demand and when you look at next chart, you can draw a line, but she also see a lot of ups and downs. recently over the last 12, the labor force participation rate has risen by one percentage point. so we know that it's not immune to the health of the economy, but we also know from historical patterns that it's not only about the economy. it is good to focus on 25 to 54-year-old man because that eliminates the problem of baby boomers aging. in that category of man, if you look at the 35-order for your outcome of the highest labor force participation represents less of this score. it is really important. the category takes care of most of it, but not all of it. what's going on? just a couple observations. american manufacturing has changed. these were the jobs you could ge

david furman, a professor at the university of illinois. and the university of illinois in chicago. we recently heard that some policymakers are considering the possibility that the apa may be altered to offer states an option between keeping something similar to the current medicaid expansion or opting for some kind of medicaid block grant program. what's the realistic possibility? if so, is it viable and in general is it viable that federal policies often offer choices between different kinds of partnerships with the federal government? >> you are talking about the collins gap, the proposalthat came out earlier this week. i will it, there are papers on our website . i think the answer to the second question is that the devil is in the details. so if you want to know the devil about this proposal, go to the papers on our website. more generally, >> john, do you want to tackle the question of whether it makes sense to offer these partnerships to state? >> it's an interesting question. in general, state as i said earlier, states give less flexibility to tell us what the purpose is in

what i can say is jason furman at the white house has looked at the minimum wage increases that haveput in place in states across the country. skb if doomsayers are correct, we would have seen the et e evidence of that in all these statewide minimum wage increases that have been enacted with the strong support and encouragement of the obama administration. and guess what, once again the evidence shows that people have more money in their pockets and it hasn't been a job killer. how many times have we seen that evidenced? but it's the same old talking point. and so this president's been fighting for higher wages, we're going to continue january 21st to be fighting for higher wages because americans deserve a raise. and many states have given them that. and it's put money in their pockets. and it's been great for the economies there. by the way, more people buy hamburgers when they got money in their pocket. >> secretary perez, love to get your take on sort of the bigger picture. i've asked you about this various times along the way, but as you leave office, the rise of robotics, the r

it will not be to disappointing as we get to jason furman. jonathan: who writes the headlines?david: exactly. now we go to bloomberg radio where tom keene will speak -- tom keene and david gura will speak to bill gross of janus capital. >> let's start by taking stock. president obama in his last two weeks has been counting his achievements with regard to the labor market in the memo yesterday. give us your assessment of how market lookslabor today under the tenure of president obama. mr. gross: he has done a fine job from where he started eight years ago, down at 4.7% unemployment as i remember to a 10%.9% or close the labor market is improving. in contrast to what jim glassman said, the underemployment rate is relatively high and needs to come down by 1% or 2% because we are talking about the labor force that wants to work as opposed to the -- number. it is a decent number and gigi -- suggests gdp is moving along. to get a healthy economy, trump suggested a strong economy needs 3% real growth and 5% nominal growth. -- a point under for both of those. crucial if we are to see a