joining me now, glenn hubbard, former u.s. council of economic advisers and chairman and dean emeritus of columbia university graduate school of business. great to have you, dean hubbard. do you get the sense that if congress cannot manage to pass some type of help, that that is the next step, or at least a few steps away, and that would be negative interest rates? >> i don't. i don't think negative interest rates are in the interest of the economy. i think they would distort capital allocation and might really just push on the strain. the fed does have other tools through the programs that it has, but chair powell has been right in his comments that what we really need is more fiscal support if we want to correct some of the demand problems during the virus recovery, we've got to do that. the fed can't do it. liz: yeah. but the congress can't seem to get it together to do what he is asking them to do. so it makes me wonder, the last three times he's spoken, i listen very intently, he continues to say we have to be careful bec

this week, larry summers of harvard and glenn hubbard of columbia. sam dowell of equity partners.xpect a biden administration would be more pro regulation. david: charmin of goldman sachs. beth akers of the manhattan institute. rebecca greene of william & mary. rebecca: none of that will matter if the defeated ballots would impact the outcome. david: and rick rieder of ac

glenn hubbard, a republican economist who actually ran that council that you work at right now, said this on bloomberg, and i want to quote it because i need your comment. he said about the trump economy quote, he has no economic plan. i don't mean that i don't like it. it doesn't exist. anybody who says they know what trump would do in a second term, i don't know where they're getting that from. what's your response to that? >> i don't want to really comment on glenn's comments. what i can tell you is the economy was very healthy. we saw record income growth last year, $4400 increase in real median household income to $69,000. that's the highest level ever. it is the biggest increase in both absolute and percentage terms we ever had. the unemployment rate was 3.5%. we started to see productivity accelerate late last year. we were on track for 3% growth in 2020. had the pandemic not struck, that would have been the best year since 2005. so i can tell you that our policies work and you don't change things that work and you are seeing growth come back very strongly. in fact, taking the