versus our g.d.p. which is all. come on you know that's what a lot of business people are saying in their members of the government are saying the same thing loosen up a little bit and invest it stimulate the economy but there's that's the big debate going on in the race is a very fine balance that has to be observed because russia has a fiscal rule which to some very well when you get out of where you are but yes go ahead but there are basically constraints. that are self-imposed that russia currently has in terms of how much it can spend to stimulate the economy but i think the key issue for russia right now is not to go for easy decisions it has the wherewithal it has the reserves to do the easy stuff i think right now the key issue is to do the difficult things the structural reform the productivity which is did allow you all the growth that's the question because it becomes a political question as well. i mean if there is a capability now at this juncture to deliver both growth and maintain macro stability i th

versus our g.d.p. which is almost enough to come on and you know that's what a lot of business people are saying in their members of the government are saying the same thing loosen up a little bit and invest it stimulate the economy but there's that's the big debate now going on in russia is a very fine balance that has to be observed because russia has a fiscal rule which to something when we get out of later but yes go ahead but there are basically constraints that are self-imposed that russia currently has in terms of how much it can spend to stimulate the economy but i think the key issue for russia right now is not to go for easy decisions it has the wherewithal it has the reserves to do the easy stuff i think right now the key issue is to do the difficult things the structural reform the productivity which has been allow you all the growth that's the question because it's going to becomes a political question as well. i mean if there is a capability now at this juncture to deliver both growth and maint

so shrink the g.d.p., which you do if you have a missile multiplier over one and collect less taxes, and less taxes means less of the deficit reduction that is supposedly achieved by the budget cuts. it is a vicious cycle that could keep our economy weak and our deficits high. you can go backwards, and europe proves it. from spain to portugal to greece, countries slashed their budgets and things got worse. double-digit unemployment and negative growth. we have a u.s. unemployment rate of about 7.5%. that is way too high. but it is way better than 27% in spain, 37% in greece, and 16% in portugal. we had 2.3% growth last year. they had negative growth rates. negative growth rates. their economies contracted. the evidence from the austerity spermt is in -- experiment is in. countries that cut the deepest hurt themselves the worst. as you can see, employment in the euro zone is worse by about 20% since the major austerity programs kicked in. over that same time period, unemployment in the u.s. is better by about 25%. their policies, employment worse by 20%. our policies, employment bette

publicly held debt will remain above 70% of g.d.p. which is hutch myron the historic average of 39% and c.b.o. projects that publicly held debt will continue on an upward path beyond the next decade. this growth is driven by spending, not revenue. the c.b.o. report confirms that revenues are projected to grow by 45.9% in the eight years after the year 2015. while overall spending will grow at 55% during that time period. despite the fact that inflation will be 19.5% in economic growth, 24.9% during that time period. those are c.b.o. estimates about economic growth, inflation, spending and debt over the course of the next decade. in other words, mr. president, revenues are going up, but spending is projected to grow at nearly three times the rate of inflation, meaning that we have a spending problem, an revenue problem. -- not a revenue problem. revenues will reach 19.1% of g.d.p. by the year 2023 which is well above the historic average of 17.9% since the end of world war ii. spending, on the other hand, will continue to grow even with the

our coasts, shoreline counties, which include many of our biggest cities, generated 41% of our g.d.p. which is $6 trillion. coastal communities are the engines of our economy and changes in the oceans put that economy at risk. we must find ways of using these vital resources without abusing them. just last month the democratic steering and outreach committee heard from signivities and industry leaders from across the country who are deeply worried about threats to our oceans. on the pacific coast, ocean acidification is killing off the oyster harvest, a major cash crop for that region. they're being killed off by sea water too acidic for the oysters to form their shells. live coral in some caribbean reefs is down to less than 10%, which is bad news for florida, which usually sees over 15 million recreational dives every year. think of what those 15 million dives mean for florida's economy? economy. not just for the dive boats and the trainers that take people out for scuba diving, but for hotels and restaurants and retailers. evan matthews, the port director for the port of quonset in my ho

g.d.p. growing and try to create the sustainable growth path which we haven't seen we have seen in this and this depression all so the fed's been trying to do this by printing money the money has to go somewhere it's not going into velocity it's not going into the consumer price index it is going into the asset classes basically stocks and housing so they go up and what the fed hopes is that people feel richer they spend more ball that's happening is they they stocks are going up and people are putting more money. the end of the stock market they're not actually spending more we're not seeing the change behavior and consumption and investment we're saying it in the stock market so all the really doing is creating another as a bubble but what they hope is that eventually changes the psychology of people start spending money that's where the trying to get by the way we've seen this movie four years in a row member two thousand and nine green shoots two thousand and ten the recovery summer two thousand and eleven you know that was going to be the year we broke through two thousand and twelve i

g.d.p. five percent total the debt servicing just doubled but again bernanke in the rest they don't look at that then look at fukushima remember which is the owner of fukushima one of blew up and created a radioactive fish who flew over to los angeles and ended up on the sushi place of spa go diners they did the same jack nothing about it because it wasn't convenient for them to talk about fukushima here the bond market is going through an atomic explosion but it's not convenient to talk about it because it invalidates this idea that their god the artwork suggest that they're the dow gobs of the markets of their milton friedman on crack and bernanke exemplifies that to perfection well let's continue on bonds we mentioned bernanke ian relating it to japan because he says bernanke blower of bubbles and this is from paul krugman in the new york times and he asks why all this talk about the bond bubble partly reflects the correct observation that interest rates are very low by historical standards what you need to bear in mind however is that the economy is also in a specially terrible shape by historical standards once in a three gener

that they would have to start raining in their derivatives trading which is now seven hundred trillion or fifteen times greater than the g.d.p. of the globe but that's now been eliminated so they're just making the problem a lot worse well to tie it to the top the money is being given away they're the equivalent of the prostitutes the over population of prostitutes here that are giving it away whereas gold is the way albert edwards says is is the one that's going to give the wall. spanking these derivative wielders giving away their free stuff spanking spanking stacey stacey thanks so much for being on the kaiser report thank you x. states as the second half hour of the speaking fyrst i. told you my language as well but i will only react to situations i have read the reports and like you. know i will leave them to the state department to comment on your point. to secure a car is on the job. no god. no more weasel words. when you made a direct question be prepared for a change when you run should be ready for a. pretty tough speech. down the freedom to. download the official publication yourself choose your language stream qu

that they would have to start raining in their derivatives trading which is now seven hundred trillion or fifteen times greater than the g.d.p. of the globe but that's now been eliminated so they're just making the problem a lot worse well to tie it to the top the money is being given away they're the equivalent of the prostitutes the over population of prostitutes here that are giving it away whereas gold is the way albert edward says is is the one that's going to give the world a spanking these derivative wielders given away their free stuff spankie spankie stacey stacey thanks so much for being on the kaiser report thank you max states have a second half hour of the speaking to make fire stein. a clear image of the rock to replace the. twenty day taxi trip through the country. the route. from north to south. the route of the rocky tragedy. after the war waiting for peace. like the taxi on our t.v. . choose your language. call it a killer though if. some of. the the consensus get to. choose the opinions that invigorating book. choose the stories that impact your life choose be access to your office. welcome back to the kai

that they would have to start raining in their derivatives trading which is now seven hundred trillion or fifteen times greater than the g.d.p of the globe but that's now been eliminated so they're just making the problem a lot worse well to tie it to the top the money is being given away they're the equivalent of the prostitutes the over population of prostitutes here that are giving it away whereas gold is the way albert edward says is is the one that's going to give the world a spanking these derivative wielders given away their free stuff spankie spankie stacey stacey thanks so much for being on the kaiser report thank you max stay to have a second half hour of the speaking to meds fire stein. here is mitt romney trying to figure out the name of that thing that we americans call. i don't know. i'm sorry i'm just a guy who cares an awful lot of you sorry our little you know what kind of terrorist cells in your neighborhood all want to keep us safe to feature a sunday on limbaugh and a christian. can see through to the to the. you know the corporate media distract us from what you and i should care about because they're pr

that they would have to start raining in their derivatives trading which is now seven hundred trillion or fifteen times greater than the g.d.p. of the globe but that's now been eliminated so they're just making the problem a lot worse well to tie it to the top the money is being given away they're the equivalent of the prostitutes the over population of prostitutes here that are giving it away whereas gold is the what albert edward says is the one that's going to give the world to spanking these derivative wielders giving away their free stuff spankie spankie stacey stacey thanks so much for being on the kaiser report thank you max states have a second half hour of the speaking to mitch fire stein. you know how sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize that everything you thought you knew you don't know i'm tom hard work it was a big picture. want to a. family. thank you. welcome back to the kaiser report imax keyser time now to go to misfire stein author of planet ponzi and the website plan of ponzi dot com hero

they keep pushing out to time in which they are going to stabilize their debt to g.d.p. ratio. it had the opposite effect which was to increase their debt load because they can't get their recovery picked up. >> one more? >> one more question here. the subject line is what if the fiscal multiplire is negative? the government really spending money doesn't help the economy. why should we expect a huge eficit to help us? >> it does matter what it is spent on. in other words, there are some investments that provide a greater return. r.o.i. in terms of our future. i would argue infrastructure investment is important. vem in our children's education is important. we also know in this period of the economy where you have all of this slack, you have trillions of dollars on private investment on the sidelines because of the lack of demand that moving forward and making these investments now can help the economy in both the short-term and the long-term. i should say that i do believe we should also act now to put in place this balanced approach to long-term deficit reduction. i'm not sayi

g.d.p. growth and actually lower the cost of the bill and moving on to the online sales tax bill which passedout of the senate yesterday that's going to head to the house where its prospects for passing right now are dim the house speaker of the house john boehner today said that it's not very high on the priority list to pass this bill and also there's still a lot of opposition in the house that doesn't quite exist in the senate for this bill for one there's a lot of anti-tax advocates and the americans for tax reform the grover norquist crowd is a lot more power in the house and they have in the senate and they're not too pleased with this bill either there's also democrats who aren't pleased with this bill. last night senator ron wyden democratic senator who voted against the bill spoke out saying it's going to put undue burden is on small businesses the president today the senate is voting on whether to take a few more inches off the little guy with this vote for the so-called marketplace fairness fact what you have is big business is being given the ability to force here first mind you n

g.d.p. so you really are saying your sam pickle is the stimulus which you know i was saying this is not going to wasn't enough you know it wasn't enough i mean that it would be. you know so we should take it up with jared bernstein but you know the fact of the matter is that because the president decided to give in to the republicans and make a third of it tax cuts. it didn't work as well as it should have but it did take us to lose you know but but are you guys trying to say that because the stimulus missed the mark by a point that that therefore we shouldn't do immigration reform no i'm saying that we have to be very careful on both sides on how we manage these studies and there are tons of studies around this time i think the politics around the heritage foundation's feeling the need to get this out there is telling more than anything we were talking about this in the green room a little bit. you know you've got a lot of people on both sides of the aisle that actually support comprehensive immigration reform church even in the powerful elite circles of washington well this is john mccain w

g.d.p. targeting we've done everything we can get inflation there's always one way to get inflation at the end of the day which is just to trash the dollar against gold that's when gold goes up because the market takes it there because the fed takes that there because they're desperate to get inflation and i want to keep on this trying to theme for a second because china is the biggest miner of gold they're the biggest importer of gold and of course jim rickards i mean your resume is quite impressive because you were working with the government to do the long term capital management work out you were working on the iran contra scandal days with the government in a very high level type of operation euro currency wars where you're playing games at the pentagon currency war games of the pentagon who would win who would lose so my question to you is what is it possible from your vast experience for china to do what you just said it could be doing manipulating futures contracts manipulating paper markets to give them a way to get that four thousand tons of gold how how reasonable is that jim well it's certainly pos

. >> which is why some argue immigration refor would help the economy. >> various researchers have found that g.d.p. in the united states will increase because of immigration by $1.5 trillion over the next 10 years. >> rector warns about the looming cost of retirement programs. >> about half of it is social secures 34 years old. about three decades. we have a welfare state that is unsustainably large. immigrants didn't break it and they're not going to make it worse. they might actually give us breathing room to fix it. >> cost will be a key part of the immigration debate and these are the two competing views of what reform would mean. bret? >> bret: jim, thank you. big week for immigration. it is one of the most sensational trials in memory. why is one broadcast network completely ignored it? animal rights advocates cannot ignore the actions of new jersey's governor "the grapevine" is next. are you still sleeping? just wanted to check and make sure that we were on schedule. the first technology of its kind... mom and dad, i have great news. is now providing answers families need. siemens. answers.

g.d.p. do invade and fail and so i think this conversation that we're having needs to be a little bit broader and connects the key concerns here in america which is which are basically why is our policy making so. so terribly broken ok michael you would like to reply to that any parts of that. well there are a lot of thoughtful parts of what grant said and we share some of the same concerns some different concerns but i actually i'm going to put the question back to you mr moderator to tell me what question you most want to focus on today because if we're talking about the decision to invade iraq i mean that we have whatever saying is related to what happened the entire event the war years and now we have this that was perfectly predictable isn't it ok the surge the fall surge and now we're seeing it again good it's not that simple go ahead then reply ok if the issue now is what do we do about iraq today no we're not going to return militarily that's absolutely the united states are all going to believe what has happened in iraq partially ok but i think the more and this is what i'm going to do about it now well what should we do about it you

economy obviously which is a straight some fraud just just how bad is it now for the french people understand unemployment is very high. debt is something like what ninety percent of g.d.p. at the moment we get into a crisis level that is right. yes all i think definitely crisis level and i think even more in people's minds and in people's lives then the then the aggregate numbers about. job losses unemployment and debt i think people really see now day after day processing power eroding and becoming fewer and fewer more unemployed and the people who have jobs feel that every day their job is the biggest struggle and the biggest stress to keep it in to reach to our video objectives i think there's a pretty general a stealing from a few three village people that things are getting really tough for everybody day after day in france today and how much support will be getting from brussels and indeed particularly from berlin because he was very critical of the austerity measures that germany really wants them to see any obvious he's had to make big cutbacks but he was very keen to pursue the growth policy was and it seems not to work but has that put him at odds with the re

g.d.p. is not the best way to measure the economy as it doesn't reflect the improvement in people ds lives. eetsdzyopia's booming but still relie's heavily on outside aid. some africans suggest a human development index which monitors health and education which is a more reliable indicator of economic health. >> access to health care, education, equality, gender equality and economic growth. >> but all of this needs economic development. the trading floor at the commodities exchange has generated billions of dollars. ethiopia has few natural resources other than agriculture so it relies on things like coffee beans. >> many african nations find it difficult to measure agricultural output. how, for example, can a farmer account for the produce he grows and then eats? economic growth and greater political stability has given many african countries reason to celebrate. but they need better tools to measure that progress. so help can reach the people who really need it. >> leaders at the summit will be discussing greater economic cooperation amongst other things but the body faces a number of challenges. a libyan blogger explains what the union has achieved in 50 yoors and what it still has to do. >> i think fi

g.d.p. just -- like saying the minimum wage now is $7.25, which is so much higher than it was in 1970, which is not the case. now as a dollar nominal figure it's higher and the gentleman knows that very well. he's my friend and i have great respect for him, but this bill is unfortunate. is amendment is -- i won't characterize it as harshly as i feel about it. we have to stop playing games. we have to be serious. we need to come together and adopt a big plan that's balanced, that can pass and will put this country on a fiscally sustainable path and in the process we ought to pay our bills because we incurred them. we incurred them honestly for objectives this house, this senate and the president of the united states signed for. one more minute. you don't have it. well, i can't ask him to yield another minute that he doesn't have so i'll yield back the balance of the time we don't have. the speaker pro tempore: the gentleman's time has expired. the gentleman from michigan, mr. camp, is recognized. mr. camp: thank you, madam speaker. i yield myself the balance of the time. i also have great res

which is the stereotype is first thirty if your. higher taxes have a bigger ring and your public spending the average french worker is texas fifty seven percent the. proportion of the debt. to g.d.p. is a ninety percent so clearly we should look the other way and consider structural reforms lower taxes lower back spending and lower. coming up at twelve thirty g.m.t. mock skies and stay for her but again delve into the global financial headlines to come up with a surprising theory on how the markets operate. scientists used to believe that the earth was the center of the universe today economists who call themselves scientists claim that the economy revolves around these central banks and this is the fractal reserve system behold the sacred dow as you know of course we have this secret dow if the dow jones or the nikkei or the footsie if they rise if they continue to rise then all will be ok in the economy so we sacrifice our wealth our economy jobs everything to rising a rising dow well it's not what we. predicted in other words we said that after the two thousand a crisis that there would be massive money printing and one of the likely outcomes would be hyperinflation in the sto

the top six of which have assets equivalent to 2/3 of the g.d.p. of the united states of america. i would like you in a second to comment. is now the time to break up large financial institutions which have unbelievable amount of assets and are, in my view, in danger at some point in the future of once again being in a position of having to be bailed out? issue number two deals with the structure of the fed. laws that the fed did not make but congress made. 12 regional e have fed reserve banks which have nine members each. my colleagues may not even know this, but as a result of congressional law, of the nine members, three come from the financial institutions themselves, three others are appointed by the financial institutions, and three are -- come from appointments by the fed. we have had absurd is situations where jamie dimon, the c.e.o. of the largest financial institution in america, sat on the new york fed whose job is supposedly to regulate wall street, and many of us think that is the fox caught in the hen house. we'll be reintroducing legislation to end what i consider to

g.d.p. do invade and fail and so i think this conversation that we're having needs to be a little bit broader and connects the key concerns here in america which is which are basically why is our policy making so. so terribly broken ok michael you would like to reply about any parts of that. well there are a lot of thoughtful parts of what grant said and we share some of the same concerns some different concerns but i actually i'm going to put the question back to you mr moderator to tell me what question you most want to focus on today because if we're talking about the decision to invade iraq i mean that we have whatever saying it happened the entire event the war years and now we have this that was perfectly predictable isn't it ok the surge the fall surge and now we're seeing it again good it's not that simple go ahead then reply ok if the issue now is what do we do about iraq today no we're not going to return militarily that's absolutely the united states are all going to glean from what has happened in iraq partially ok but i think the more what do i do about it now well what should we do about it you know excuse me what should we do ab

g.d.p. growing and try to create the sustainable growth path which we haven't seen we have seen in this and this depression all so the fed's been trying to do that so by printing money the money has to go somewhere it's not going into velocity it's not going into the consumer price index it is going into the asset classes basically stocks and housing so they go up and what the fed hopes is that people feel richer they spend more of all that's happening is they they stocks are going up and people putting more money into the stock market they're not actually spending more we're not seeing the change behavior and consumption and investment we're seeing it in the stock market so all the really doing is creating another asset bubble but what they hope is that eventually changes the psychology of people start spending money that's where the trying to get by the way we've seen this movie four years in a row member two thousand and nine green shoots two thousand and ten the recovery summer two thousand and eleven you know that was going to be the year we broke through two thousand and twelve it has

he or she will be eligible for the minimum wage, which will increase his buying power and drive up wages for everyone else, thus increasing our annual g.d.p. growth rate as shown here on this chart. just to be clear, without comprehensive immigration reform, our annual growth rate 4.5%. nly be but with comprehensive immigration reform, our annual rowth rate shoots up to 6.1%. if the priority of this body is putting americans back to work and strengthening our economy, then it must pass comprehensive immigration reform that creates a pathway to citizenship and allow tissue allows undocumented workers the ability to work under the same labor protections and pay into the same system as everyone else. thank you and i yield back to the gentleman from colorado. mr. polis: i thank the gentleman from california for sharing that information. what better way can we grow our economy, create jobs for americans, reduce our national debt, redeuce the deficit, if we can simply accomplish comprehensive immigration reform. many colleagues on both sides of the aisle have questioned how we can make sure social security is viable and there, making sure eour

sequestration is acting like a slow acting poison which is now affecting the economy, moody's investors services announced last week it will take a full point off g.d.p growth this year and will result in over time the loss of 700,000 jobs. it is time for this institution to focus on this self-inflicted damage that congress caused by not turning off sequester as previous congresses back in the 1980's and 1990's did when sequestration was in effect. we should stop wasting our time on repeal debate for health care, 37 times as of last week, and focus on what's important for the immediate future. it's time to turn off sequester. it's time for the leadership of this house to start focusing on the matters that most to the american people. i yield back. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from alabama seek recognition? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one minute. mr. brooks: mr. speaker, the senate amnesty bill gives amnesty to illegal aliens, regardless of public safety and the danger to amer