project that the top four hundred emerging market cities will probably contribute over half the g.d.p. growth between now in two thousand and twenty five if you look at the report we commissioned by the economy. the fastest moving cities to see as they're becoming most competitive the fastest are merging market cities whether it's in sean and south korea there's mumbai for example these are the ones that are moving the fastest time and it's about mustangs i mentioned that we took some places that must go on the global scale he's standing there but it's not quite yet what more needs to be done is it really the company well sees actually the heart of the panel international visors to support that and we've spent time with the we are with sharon on this morning and i'm talking about moscow as a financial center one of things that they are doing and the economists support picked it up because they are investing in an actual financial. center and it's called moscow city and they are trying to make it in moscow's wall street and the economist study picked up an increase in the financial strength of

job gains, g.d.p. growth very, low unemployment rate in new jersey and lower than connecticut.ecuser to a perry presidential run. i think it is a great public service, let's follow this model. >> paul: ways doing some research and states in 2012 that had the fastest economic growth in the country were north dakota, and texas number two. 4.8% in state g.d.p. in 2012. some of that is oil and gas but more diversed economy than north dakota's. is this red state, blue stated argument that perry is making is something going to have real legs? >> oh, yeah, because what he is talking about is real. he isn't just running ads. texans come into the states and they talk to business owners, large corporate scoef789 and if they go down to texas -- ceos and they will find an environment, whether the governor or comptroller's office, if you have a problem they will say let's work it out and try to help you succeed rather than as in new york you've got an attorney general whose job seems to be routinely high pressure and sue and hammer and sue businesses in new york. it's a completely different

g.d.p. and then in terms of growth. very frustrating but for a lot of the western economies it would be great to see those growth rates of even the one to two percent that russia has now first a question of what is the growth based on i mean really where's it coming from. another point i had was just about again on the investment in bringing money in there's always been discussion about you need the state to kind of back out to privatized more so that you can have more competition here and really help to innovate the economy and the figures i had maybe your figures are different but i was i was told that in two thousand and six about thirty four forty three percent of government involvement in the it's about forty three percent was government involvement in the economy and now this year it's like fifty two percent that the actual government involvement is much higher than it was so i guess it depends on what you. by involvement i mean is that head count is head count is going down. going down according to this all right

used by russian companies would be a contribution could be a greater contribution to russia's g.d.p. growth it just raises the question if the russians themselves or are investing outside of russia how does that support the theory or the argument that we need more foreign investment in russia when your own because everyone is. everyone's valorously there is the best return to show you that you get as much as. of the last five years three percent of g.d.p. goes to china or us goes to part and so the same money comes in but russian companies diversify fomor outside. those other countries such. as about one percent of g.d.p. russian f.b.i. alex wellen everybody wants chinese investment quite a few countries in the world that actually block their ability to buy assets in the world but there is russia still experiences on the russian i think there was an element where post cold war that was normal russian companies should want to diversify one hundred percent local risk. much like south africans off the post wanted to invest abroad but it's eighty twentieth's now you should want your business en

used by russian companies would be a contribution could be a greater contribution to russia's g.d.p. growth it just raises the question if the russians themselves or are investing outside of russia how does that support the theory or the argument that we need more foreign investment in russia when your own because everyone is. everyone's dollars and there is the best return to show you that you get as much as. of the last five years three percent of g.d.p. goes to china department so the same money comes in but russian companies diversify fomor outside. those other countries such. as about one percent of g.d.p. russian f.b.i. alex wellen everybody wants chinese investment quite a few countries in the world that actually block their ability to buy assets in the world but there is russia still experiences on the russian i think there was an element where post cold war that was normal russian companies should want to diversify one hundred percent local risk. much like south africans off to post thoughts i wanted to invest abroad but it's nearly twenty years now you should want your business en

works game and they could have created sustainable economic activity that would have led to real g.d.p. growth and not just a bubble that economics but you know it can amik least speaking there's a term for this if we if we jump into george osborne's mind for a second the chancellor of the exchequer i realize that's a great on seemly and dangerous place to want to be but if we were in his mind i'll take my advice on that. with what we'd see as it is a frightened man who doesn't want house prices to clear her the normal machinations of a market but wants to try to sustain his idea of normality or stability by intervening and of course time in minsky talked about this the more you try to make things. stable the greater the propensity for things to become unstable correct i mean paraphrase a bit but my feeling is that explain the minsky's theory on this then why simply understanding history and a little economics would help the u.k. avoid this tragedy go ahead steve can't. because i meant miscue said that the fundamental prize he had was the stability of period of tranquility in a capitalist econ

civilians and security forces killed last month alone it should be a good year for you grokked g.d.p. growth in a window fallacy notwithstanding. and one of the front runners or bernanke is replacement of the film of the fad janet yellen is being called into question by a bloomberg news organization notes that a fed a vice chairman which is the title go and hold the never become the actual chairman never mind that there has never been a woman and the other front runners include timothy geithner who would have publicly downplayed the possibility as well as dare we say larry summers and don't count current head of the bank of israel stanley fischer who is leaving the post in just a few days finally speaking of the fed it either bernanke encodes a job owning and the f o m c the last statement interest rates are up and that means the cost of a mortgage car loan and general collateral repo. for anyone sitting on a fixed income desk it going to the bernanke utah as interest rates would not go up until twenty fifteen so no need to worry here. and here is what the near prime interest. the loan debt

sixty's and seventy's was the only three decades in the history of states where we had continuous g.d.p. growth of over three percent you have ever but we had also strongest economy in the history that we also bombed our industrial base of the part of our job to excite orders to the stone age now we. have a debate with. this case i leave you with a last word. l.z. thank you for dropping by tonight joining me coming up the big banks are at it again learned borrowers were the scepter of mortgage refile information so it is clear that the banks didn't learn from the great recession what is to be done to ensure that we never again see another housing crisis or financial meltdown. the same story doesn't make it news. no puff pieces tough questions. a little worse if you're going to the only white house or the. radio guy for a minute. because you've never seen anything like this i'm cold. you know sometimes you see a story and it seems so silly you think you understand it and then you glimpse something else and you hear or see some other part of it and realized everything you thought you knew you don

sixty's and seventy's was the only three decades in the history of states where we had continuous g.d.p. growth of over three percent we have ever but we also saw as the economy in the history that we also bombed our industrial economy how does the other part of our energy want to excite is to the stone age now we look at some of the debate with. this case i leave you with the last word new. l.z. thank you for dropping by tonight joining me coming up the big banks are at it again lauren and borrowers with this sept of mortgage relief i information so it is clear that the banks didn't learn from the great recession what is to be done to ensure that we never again see another housing crisis or a financial meltdown. technology innovation all the developments from around russia. the future coverage. the. experience of. the time i. am. in other news this spring borough community city school district in ohio is considering a critical thinking policy that would require teachers to explore all sides of controversy all issues or in other words teachers would be required to teach creationism and intellig

. >> gregg: let's talk about g.d.p. growth had to revise the first quarter from 2 hadn't 4% to 1.8%. second quarter looks like under 2%. will higher interest rates dampen consumer spending really killing g.d.p.? >> yes, because money is more expensive were higher interest rates. we've seen a real driver in the economy in housing and in car loans. it's because we've been such historically low rates, there is less discretionary spending. i do want to point out, however, even if we go up to 5-6% in mortgage rates, that so far below what we saw in the '90s and '80s when it was 13% to 15%. you are right. it could hurt g.d.p.. >> gregg: reagan had a recovery during a comfortable period. his recession was equally devastating. he reached 5.3% economic growth. we're going to be below 2-point economic growth. are president obama's policies anti-growth? >> you look at reagan and obama, it's difficult to see two more different presidencies. reagan wanted to cut taxes. >> gregg: and he did. >> he did. and president obama is looking more fo

wages go up for all americans, jobs get increased, g.d.p. growth takes place, the deficit is reduced. how many things will we do in the senate that can bring all of those elements together? maybe some pieces of legislation might be about job growth. maybe some pieces of legislation might be about g.d.p. growth. maybe some pieces of legislation might be about how do we reduce our deficit. but what singular piece of legislation, according to the congressional budget office, brings all of those elements together? i would suggest not one that i've seen here in the last seven years. now, i -- i know there's a lot of brashing and gnashing, part of that banging on the table because when you don't have the law on your side and you don't have the facts on your side, you create a diversion. a lot of crocodile tears here about the question of amendments. let me just say, first of all, this whole process began with a bipartisan group of senators who had input from their colleagues. they did not in and of themselves, the gang of eight, just say, this is my view

g.d.p. or the industrial growth. even though they're very important. i were ultimate girls we should be interests. concrete improvements in the lives of our citizens and we work in thank you very much. about. president putin speaking there to the world business elites at the international economic forum in scent petersburg where president has announced that russia's ross snifters to boost oil supply to china in an unprecedented two hundred seventy billion dollars deal will bring you more on this and other news just ahead stay with r.t. . welcome to teal one out here you can feel it's home. to there are three choices in life i first used to work in a mccullough dora live on a miserable way like a slave. for a second just to jump the wall and catch the american dream because most of the cars and lose that a lot of. the other choice is to become a number of an organisation and get inside the drug trade. to buy something oh never forget. that. the groups might believe you did it but i paid for what i've done i would never stop a. cave . time now for some m

bernanke and how he could twist the dials and g.d.p. growth might go up .3%. do you know what c.b.o., the impartial c.b.o. showed? if we did our bill, which both brought 11 million workers out of the shadows and brought hundreds of thousands more in in the next decade, millions more in, whether through the future flow program or family unification, g.d.p. would go up 3.3%. i know of no government program or tax cut that even professes to do that much. and in the second decade, it would go up over 5%. so of course, of course this is good for america. and we want to secure our borders, and we want to rationalize our system and we want to be fair on a tough but earned path to citizenship for those who cross the border illegally. and the bill with the addition of the corker-hoeven amendment can convince everybody that they do it all. and one other point. those who said well, this new corker-hoeven amendment will cost money, well, it will, but let me read you what c.b.o. has just said in the last half-hour. the amendment, corker-hoeven, would significantly increase

that if this bill passes, real g.d.p. growth going to be at 3.3% over the first decade and 5.4% at the end of the second decade. again, this bill is something that generates economic growth. and i have to say while both sides of the aisle talk greatly about economic growth, i got to tell you, my side of the aisle tends to focus more time on that issue and i applaud that. i think it's very important, i think it's the thing that rising tide raises all boats and households do even better, standard of living increases and what this bill is going to do, is it's going to cause our g.d.p. growth, if passed, to be even higher over the next two decades. i know people have talked a little bit about wages, and there is a study that in fairness does say that over the next decade there might be .1% .1% -- .1% -- affect on wages. but what it says is by the end of the second decade, wage increases are going to grow even more dramatically than they would without this bill. productivity is going to increase. c.b.o. has scored recently that produ

thus increationing our g.d.p. growth rate. you know, not needing to have to resort to these tricks of variable interest rates on our students to raise revenue for our government. recent analysis by the social security administration showed that without comprehensive immigration reform, our annual growth rate would only be 4.5% but with comprehensive immigration reform, our annual growth rate shoots up to 6.1%. this increase in g.d.p. is going to have a tremendous effect on our job market. earlier this year, republican senator marco rubio sent a letter to social security chief act wear -- actuary asking for an analysis of the legislation. in his response, chief actuary said that the senate's immigration reform proposal 3.2 million jobs by 2024. new jobs. in his reply, the chief actuary also said, quote, we estimate a significant increase in both the population and the number of workers paying taxes in the united states as a result of these changes. 3.2 million new jobs by 2024 is a serious jobs plan for america. a report by the

that to say if we have gross national product and growth domestic product what do you talk about at weighing now how serious of a measurement g.n.p. and g.d.p. as a measure of growth in your opinion and well i differ from some ecological. this would like to just dismiss. g.n.p. completely and not counted or not even look at it to me i think g.d.p. is an excellent indicator of the size of the economy but that helps us decide when the economy is too big to at some point you don't want further girls it's like and every doctor who is in a would be specious i don't. have to cut you off but we are out of time thank you so much for joining us and says brian he is the author of supply shock. and it's the day we do a bob english do a bit of foreshadowing for me today what kind of days it going to be a prime interest it's a wasteful day ok wasteful day and we're going to get to what happens when the tax auditor that was the i.r.s. was recently audited and he was caught with his pants down yesterday revealed that the tax collecting agency spent forty nine million dollars of your tax dollars on employee conferences and just the last two years. and told

g.d.p. as a measure of growth in your opinion well i differ from some ecological economists would like to just dismiss g.d.p. and g.n.p. completely and not counted or not even look at it to me i think g.d.p. is an excellent indicator of the size of the economy but that helps us decide when the economy used to at some point you don't want further girls it's like and every director who is in all the species i don't. have to cut you off but we are out of time thank you so much for joining us this is brian tak he is the author of supply shock. and it's the day we do a bob english do a bit of foreshadowing for me today what kind of days it going to be on prime interest wasteful day ok well day and so we're going to get to what happens when the tax auditor that was the i.r.s. was recently audited and he was caught with his pants down yesterday revealed that the tax collecting agency spent forty nine million dollars of your tax dollars on employee conferences and just the last two years. told me we have some kind of q. on this i guess this is so that the virus can produce more work and that their emp

neoliberalism spec's really you know the kingdom of the one percent the washington consensus is the growth in g.d.p. numbers that doesn't take into account what girls zone in everyday life in terms of people try to struggle to hear in the case of brazilians be like a door and a half or two dollars a day on a bus fare and if they earn less than three hundred dollars a month it's just an absolute disaster in a couple in this four hours you know so far to go two hours to come back so in terms of the political elites all over it's basically there's everybody still following the washington consensus it's still a little liberalism and in there all the way. you all over is protesting against economic foundations of our system that's why this is so huge ok ask him i would have to leave it there thanks for your thoughts on r.t. today thank you but well france is growing increasingly frustrated that the european union that's according to a recent poll held across the twenty seven nation let's take a look at the numbers now well sixty two percent of french people think that he is moving in the wrong direction

budget office has said we're going to see five additional points of gross domestic product growth, g.d.p. growth, in the second ten years of this bill passing as a result of bringing people out of the shadows. it is not as if the 11 million people in are here that are undocumented are not working. they are working. many of them are working in this country. many of them are working in the agriculture sector in my state and in this country. many are working in other industries as well all across the united states of america. but they're working in an unlawful way. we're workinthey're working in h economy. they're working in a situation where they are easily exploited. and because of that, they drag down the wages of everybody in america. because workers in my state that are here that are legal -- l-e-g-a-l -- are having to compete in a market place where they are people that can pay less because they're -- you -- we know that they're people that have to take less because they don't have a lawful recourse. all the protections that we put in this bill, all the protections to make sure, rightfully so

the fourth quarter of last year g.d.p. growth was only .4%. if continued throughout the year, that's a very troubling number. and the data shows that for the last 15 quarters, almost four years, we've averaged only about 2% growth in our economy. growth in g.d.p. so i just would say, colleagues, as we vote to bring in more and more workers at a time when jobs are not being created of any significant number, we need to be aware that could cause severe consequences. the atlanta federal reserve economic study, they did several years ago, found that the immigration flow today in the atlanta area of the federal reserve there had reduced the wages of american workers in that region by as much as $1,500 a year already, and that's $120 a month. less money for the average family to take care of themselves. unemployment, declining wages are one reason, a big reason people get in trouble on their credit cards. professor borjas and others have done studies on this, another study found that $960 decline in people's annual wage which is about $80 a month. $8

economic growth with the right economic policies, regrettably we find ourselves mired in 1.5% to 2% g.d.p. growth which means, mr. speaker, a lot of american dreams go unfulfilled and a lot of our constituents lay awake at night wondering how are they going to pay the bills? so, mr. speaker, jobs continue to be job number one, i believe, of the united states house of representatives. but regrettably, those who create jobs, those who employ our constituents are drowning in a sea of red tape. there has been an over 50% increase of the -- mr. speaker, the house is not in order. the speaker pro tempore: members please take their conversations off of the house floor. the gentleman from texas. mr. hensarling: mr. speaker, there has been over 50% increase in regulations under the obama administration. we know that is directly correlated to the lackluster economic growth that we see in the nation today. i still vividly remember that one small business person in east texas came up to me out of small cabinetry shop and even though it was still profitable, he shut it down. he shut it down because of the red

g.d.p. or the industrial growth. even though they're very important can only be our ultimate goal which should be interests in concrete improvements in the lives of our citizens and we work in thank you very much. about. us president putin speaking there to the world business elites at the international economic forum in st petersburg where president has announced that russia's ross next is to boost oil supply to china in an unprecedented two hundred seventeen billion dollars deal will bring you more on this and other news just ahead so with arctic.

what other single piece of legislation increases g.d.p. growth, increases wages for all americans, increases jobs and lowers the deficit? what we realize now has been confirmed by the numbers, and that's giving 11 million people a clear and defined pathway to citizenship is in effect an nick growth strategy -- an economic growth strategy and exactly the right thing to do. it will be a long road for those who have earned the right to become citizens. citizenship won't be easy. it never is. the new americans who follow the pathway we lay out will have to play by the rules. they'll have to pass background checks, pay a fine, pay their taxes. but if they do, there will be no obstacle they cannot overcome to the day when they raise their right hand and take their naturalizeation oath. too many families have waited too long for that day. too many have waited too long to say those words that will change their lives forever. they changed my mother's life and in turn gave me the chance to stand here today and vote for a pathway to citizenship that can cha

it is a path of calling 2% g.d.p. growth desirable when we know it is far less than our own potential. it is a path where the new normal is 7% unemployment. it is a path where 48 million people are on food stamps and 10 million people are on isability. it is a path where tens of millions of children are stuck in failing schools everyday. this is a future so bleak that the recent wall street journal story said, "america's risk-taking culture appears to be fading." it is not that we are seeing the decline of the american dream. we are seeing the decline of american dreamers. so tonight my goal isn't just to focus on what we need to do to win elections. my goal is to talk about how we focus on winning back the future of this country. what is our challenge? recently i was looking at a set of pictures, black and white pictures at the turn of the 20th century, amazing photos from the library of congress and the historical treasure. what is striking about that time is that america was a young nation. you could see in the photos tha

economy is performing very well actually is posting average five percent growth since around two thousand and three actually g.d.p. has quadrupled since two thousand and one which is impressive indeed there's also vince's started going on the. moore's law is going on in turkey at the moment in terms of the economics we know they did have a banking crisis back in two thousand and one but what was interesting is how they demonstrated their resilience and how they reacted to that and in terms of the financial crisis they've managed to really go unscathed actually comparison as you say to mix of europe which is why that process did you discuss issues the economic issues with turkey most of us know that turkey is a hot spot certainly for european tourists. a fundamental part of the economy in turkey is that of tourism now when i got this morning i saw a news story with a london officials warning u.k. citizens to avoid turkey because of the danger so should we be expecting a bite to be taken out of the tourism industry into this is a concern because you say it is a popular prize that she one of the most popular places

g.d.p. . china's economy has slowed down after several years of self reported steady growth but what do we make of all this and what does it mean for the average consumer the earlier i spoke with the well traveled jim rogers and author of street smarts adventures on the road and the markets i first asked him about black markets and what country today has the biggest black market. there were three as if. there were you know in the other. markets or roger what you know what you're exactly right you know black markets. that's a big bring them in the chorus that tells you something is all you don't know what's wrong with you know something for all like taking a chance but you're you know you're sick you have a high fever but you don't know exactly what it is it's a question i don't really know of any black market breakers right now i have to sort of try to go to places that have a premium so i was thinking mostly have cyprus and what they've been through the past several months. i'm sure there's a black market for the human side but i just never been there a lot maybe we should have a program for c

g.d.p. . china's economy has slowed down after several years of self reported steady growth but what do we make of all this and what does it mean for the average consumer or earlier i spoke with the well traveled jim rogers and author of street smarts adventures on the road and the markets i first asked him about black markets and what country today has the biggest black market. is still a theory as a big black market these days i don't really know any other so i go there i don't have black markets and i'm not sure what the very end but you're exactly right you know black markets think as if they are the currency tell you something's wrong you don't know what's wrong. like taking your temperature or you know you're sick. but you don't know exactly what it is it's a big question i don't really know of any black market right there i have to start trying to go some places that have a premium when i was thinking mostly of cyprus and what they've been through the past several months. i'm sure there's a black market for your insight but i just never been there. are a program. india where you also tal

g.d.p. . china's economy has slowed down after several years of self reported steady growth but what do we make of all this and what does it mean for the average consumer who earlier i spoke with the well traveled jim rogers and author of street smarts adventures on the road and the markets i first asked him about black markets and what country today has the biggest black market. if your theory has a big black market these days i don't really know any other so i go there i don't have black markets and i'm not sure what the very end but you're exactly right you know black markets think that's a big thing for the currency it tells you something is wrong you don't know what's wrong. like taking your temperature or you know you're sick. but you don't know exactly what it is it's a question i don't really know of any black market right there i have. to go some places that have a pretty well i was thinking mostly of cyprus and what they've been through the past several months. i'm sure there's a black market for your insight but i just never been there which i reprogrammed. india well you also talk a

on a national level, though, economists say the growth domestic product is growing but not fast enough, the economic outlook shows the g.d.p. will increase or grow an average of 1.9 percent this year. >> at&t park will be hopping in an hour and a half. mike will try to bring on the sunshine. >> we are still waiting for the sun? >> you can see breaks in the cloud which is good news for sfo. and looking at the sky at 24 hours from now, all the clouds will be gone and we will give birth to a mini heat wave with an update on that. there will be a danger at the coast, too, with that information, also. >> the fallout over this photo that want viral on the internet, what is happening to the employee seen >> covering walnut creek, burlingame, campbell, and all bay area, this is abc7 news,. >> san francisco district attorney is headed up a new effort to help stop cell phone theft. he will travel to new york next week to join that state attorney general and representatives from apple, motorola, and samsung hoping to use technology that would permanently disable stolen phones. new york's attorney general says cell phone theft is a na

last quarter of last year growth of g.d.p. was only .4%. the first quarter of this year has been revised down dramatically today to 1.8%. that means over two years we had have about -- over half a year, our growth is only 1.1%. that will not create jobs. it's not creating jobs. not enough to pull down unemployment in any way. and this bill is going to bring in huge amounts of new workers to take the few jobs being created. so the bill also dramatically boosts permanent legal immigration. so the permanent legal flow of immigration will increase substantially. overall, it is a conservatively estimated that the bill would legalize more than 30 million, mostly lower 1keu8d legal immigrants over the next decade. three times the current rate. that's something i said originally. i asked senator schumer, the gang of eight leader, at the committee how many people will be legalized under your bill? well, we won't say. i said again, how many. you offered a bill. you want us to vote for it. can't you tell us how many people would be admitted, and he ref

g.d.p. a china's economy has slowed down after several years of self reported steady growth but what do we make of all this and what does it mean for the average consumer earlier i spoke with the well traveled jim rogers and author of street smarts adventures on the road and the markets i first asked him about black markets and what country today has the biggest black market. if your theory has a big black market these days i don't really know any other so i go there all black markets and i'm not sure what that means but you're exactly right you know black markets think this if they bring over the currency it tells you something is wrong you don't know what's wrong. like taking your temperature or you know you're sick. but you know exactly what it is it's a question i don't want you know of any black market right there i have to start trying to go some places that have well i was thinking mostly of cyprus and what they've been through the past several months i'm sure there's a black market for your insight but i just never been there which i wrote program cycle. india where you also talk about

would actually reduce federal deficits by $2.7 trillion, add a full point to our economics growth and raise g.d.p. per capita by approximately $1,700. you know, i started several years ago coming to the floor of the senate not just speaking about the dream act but telling their stories. it was something that i came to because i finally witnessed their courage and realized i had to share it here on the floor of the senate. when i first started talking about the dream act, undocumented young people who could be deported in a moment, torn away from their families and their lives, sent to a place they could never remember and facing a language they couldn't speak, they would very quietly wait until my meeting was over and come out in the darkness by my car as i'd go to leave meetings in chicago and say senator, i'm one of those kids who would be helped by the dream act. they didn't want anyone to see them for fear of being deported. but over time, they came to realize that standing up with the courage to tell their stories, they risked deportation but they put a face on this issue. it wasn't some pol

g.d.p. in several years not since the financial panic so if they've been overstating the growth it makes you wonder what they're actually doing in terms of being able to get us back on track they're looking for unemployment to get down to six point five percent they want price inflation to be higher than two point five percent projected one year out but at the end of the day they're not doing very well with these numbers so. can we trust them i don't think so. yeah i think that's a good point i mean he mentioned the measurements that he uses to get to the statistics of the government used in the us and the fed and you know the markets seem to think that that was the hands that tapering well in fact take place but we just don't know when but now i think i think maybe he was right the projections could be overstated i mean look at the unemployment rate. it just ticked up to seven point six percent from some point five percent and really the economy is stagnating by a lot of measures and so i think it's kind of i don't think the market really believes that long term what the fed is going to do

g.d.p. or all drags on development and even economic growth for that matter similarly part of genuine progress is raising wages as you can see they've been pretty much flat this is from one nine hundred forty seven to two thousand and eight since the era of reaganomics began is like all these other indicators although productivity is the red line this is wages productivity has gone up along with corporate pay and or corporate profits and c.e.o. pay and that's what makes maryland's plan so important and remarkable it allows state officials to assess the full impact of their policies and tweak different variables as they see fit so it's not time for us to break the mold and start using g.p.i. to measure our national development let's ask david kohn conservative commentator and tax attorney they would welcome. thanks for having me back it's been a long absence it's great to see it david you heard my intro why not why why should we measure an economy you know robert kennedy gave a famous speech about this in one thousand nine hundred sixty seven where he said you know we're measuring specs rifle a

g.d.p. we think the big impacts, the timing of the impacts will be in the first anding second quarter and that will be about 1% drag in 2014. so there will be a little bit more growthn the economy, at g.d.p. .5% of the >> was there conversation about the debt ceiling and there seems to be no progress on that? the last time around the markets seized up the closer we got. >> the question is on the debt ceiling. yes, there was some discussion on that, obviously, the deadline for hitting the debt ceiling has been pushed back. what we've heard from meetings in washington, it might be october or november that we might hit the debt ceiling thresholds. there wasn't a lot of concern, people thought it was more likely to be some action but we don't think that will happen before the dead line. until we change that date i don't think we'll have a better read on what that is headed. we've been through that a few times so it might not have as big of a market shock as it has in the past because people get comfortable with these discussions going on here in washington. >> any more questions? we'll conclude today's event. we thank you for coming and we hope you will stay around to