vice president joe biden's first economic advisor, jared bernstein, joined us here.here the convention is going to be next week. what's the essence of the democratic economic platform? >> i think the essence is twofold-- first, to build an economy where our businesses and entrepreneurs can grow and flourish, where they have the tools and the resources they need; and second, to ensure that that growth helps to build a strong middle class. >> reporter: tim mullaney is the kind of middle class businessman the democrats are pitching, and one of the interviews they lined up for us. he owns a printing business his father started in the 1960s. a loan from the obama small business administration allowed him to buy this $100,000 four- color printer. >> it was an sba express loan that id never heard of, and my banker was telling me about it. about four hours later, she called, and she said, "okay, we've got approval. are you coming into the bank or am i coming out to you with some papers?" and i just kind of took a deep breath and said, "how about tomorrow? how about i sleep o

jared bernstein says you need to pay more. every american needs to face the trust that we don't pay enough in taxes. we love hearing from you, let us know what you think. we want to know what you think at jared's comments. mamama >>> welcome back, the tech sector is one of the few bright spots today. bertha coombs has the details. >> pech is pushed higher because of cisco today. the stock has been really em battled of late. some executive departures today sending stocks higher. etrade is being replaced by ken griffin. zynga loses the coo that was out of the mix with the shuffle announced last week, and take a look at elizabeth ar den and express scripts, both at all time highs today. >> thank you, bertha. in the meantime, the s&p 500 is trying to eek out the first five-day win streak. >> yes, even though bullish sentiment rose this week, it's only at 36%. so where has this rally have been coming from? we have mike thompson and anthony chen. let's talk earnings, first. give us a sense of what you're seeing in the second quarter

that's what former obama administration advisor jared bernstein things. and later the bad economy is wagging the dog and the cat. tough times in america are tougher times from fido and mittens. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something. make it matter. >>> welcome back, one former member of the obama administration says you should be taxed more. in a financial times op-ed today, the former economist for joe biden says americans are under taxes, and not just the rich. joining us now is jared bernstein himself. good to see you. you have explaining to do. you say we're taxed less than 30 years ago and americans need to pay more in taxes, is that the middle class as well or across the board or what? >> i'm neither running for office or going to have a lot of friends after this airs, but the fact is that if you look at numbers from the congressional budget office which i feature i

. >> susie: joining us now for more analysis, jared bernstein, senior fellow at the "center on budget and policy priorities", and formerly economic advisor to vice president joe biden. also with us, dan mitchell, senior fellow at the cato institute. gentlemen, thanks jor phoning us, dan, let me begin with you, as darren said in that package the whole thing comes down to who is going tozrgk.t the economy stronger and growing again. will the ryan and romney ticket make the economy better? what do you think? >> assuming that president romney wins and he does something like the ryan budget, i think that would be beneficial because the whole key to the ryan budget is that over the next ten years, government spending would only grow by 3% a year. and since nominal gdp presumably will grow faster than 3% a year, that means slowly but surely we'll shrink the burden of federal spending as a share of gdp. having those trend lines out not future i think would be enormously beneficial as terms of leaving resources in the private sector where they will be used efficiently, rather than the governme

robert reich and and jared bernstein, thank you both very much for joining me tonight. >> thanks, lawrencecoming up, john boehner accidentally exposed one of the republican lies about government spending. that's in the "rewrite." >>> and first lady michelle obama is more important on the campaign trail than ever. we'll show you a very revealing personal interview she did this week. [ female announcer ] the power of green coffee extract is now in our new starbucks refreshers™ -- a breakthrough in natural energy. made with real fruit, starbucks refreshers™ are delicious low calorie drinks you can feel good about. ♪ rethink how you re-energize. ♪ get a boost of natural energy with a new starbucks refreshers™, in three ways. natural energy from green coffee extract, only from starbucks. trouble with a car insurance claim. [ voice of dennis ] switch to allstate. their claim service is so good, now it's guaranteed. [ normal voice ] so i can trust 'em. unlike randy. are you in good hands? unlike randy. ♪ atmix of energies.ve the world needs a broader that's why we're supplying natural gas to gene

joining us now is jared bernstein, senior fellow at the center on budget and policy priorities and also have decided they're not going to answer questions about paul ryan's proposal to privatize medicare. they're saying that's not mitt romney's proposal. it's just paul ryan's and by the way, it's obama who is going after medicare. what do you make of their effort to make this president obama's problem and not their own? >> i'm very happy to answer that question. the point you made earlier is the key one. the $700 billion in medicare cuts you just heard mitt romney complain about, that's been in the paul ryan budget for years now. and it still is. the difference is that president obama and the affordable care act takes those savings from medicare and plows them back into helping 30-plus million people get insurance coverage whereas on the republican side, in the ryan plan, something romney very much embraces, those resources, though cuts, $700 billion, same number, go to tax cuts primarily for the most wealthy. so it's big-time robin hood in reverse, around a program that is critically i

. >> let's expand the panel, we have dan bartlet, and david bernstein, jared, what are your thoughts? >> i think there is a head scratcher going on here. i think if you're one of these people not in the base and not responding to a lot of the red meat the way that larry kudlow responded, people are saying i don't get it, what's in it for me. there's a lot of 40,000 feet stuff. i don't know that people are hearing enough about solutions to the problems they face. in the job market, the mortgage market, just getting by day today. they're hearing about love and nice personal things about different people's attributes, and i think it could hurt them when people try to figure out what's in it for me? >> i can't agree with that. there's two objectives of this convention. the most important was delivered by the wife, ann romney, is can you trust this man with the biggest decisions in the oval office. that's always the biggest hurdle. her job tonight was to say to the american people i know this man, you can trust him, and i think she effectively delivered that message. when it comes to chris

. >> jared bernstein, the former chief economic adviser to vice president joe biden. to have you here but when we think about that and all things being fair how is that possible, occurring the fall of the middle class and its wealth? >> it's a fair question. i think you have to look over the decades of the 2000s. i think one of the things the pugh study focused on is that that was the first decade in the post world war ii history where middle class incomes, or middle-class net worth, as you showed actually did work even though middle-class incomes haven't been growing as quickly in that period they tended to end up higher at the end of a cycle expansion than at the beginning. that was not the case. then in the 2000 expanding, then of course you hit the great recession, massive losses in particularly housing wealth which is the key component of the middle-class kind of wealth portfolio, and that's how you get that result. so i think what that poll result you cite suggests is that people view president obama's policies as more convivial to the middle class kind of in nor

and jared bernstein, an msnbc contributor and former chief economist for vice president joe biden. first, thanks to both of you for coming on the show tonight. >> thank you for inviting me. >> thank you. >> jared, let me start with you. did romney not read the ryan plan before he signed him on as his running mate? >> not only did he read it, but he very much endorsed it as you just saw. the first thing these guys need to do is take a day off campaigning, get in a room together, and figure out what the heck they're talking about. it's not that they're contradicting each other on a minor detail. this is over $700 billion. that's real money. what the president said is accurate on the policy which matters the most. the affordable care act, the kind of efficiency savings that generates in medicare that he plows into helping to improve coverage to pay for prescription drugs, to provide wellness visits free of charge for seniors, that extends the life of the program by eight years. now, if the republicans ryan and romney want to take that away, then it's bye-bye to those eight years and it

we're joined by toure, the ko hos of "the cycle," jared bernstein. you, toure, the republicans seemed to sprint. romney has gone to new orleans to look at some storm damage. after that, he returns to dry land in ohio. so have the republicans now got the momentum they were looking for? >> i'm not ready to say that. i think it was a good speech. he looked presidential. he rose a bit in my eyes, i think in many people's eyes, but any momentum you would normally see is going to be stamped out because the the dnc starts monday, so they're not going to get that traditional bump. what really stuck out to me was the foreign policy stuff at the end that will surely scare a lot of moderates. we're going back to the cold war with russia. you know, saber rattling with raup, maybe going into iran. very frightening. if you're not a hard core conservative, that message is going to be very frightening for you. that's for the party faithfuls. we're in a base turnout election, so of course, you're going to say those things, but is that really going to suede people? i

that's exactly what president obama wants to do. >> governor ed rendell and jared bernstein, thanks for your time tonight. jared, don't forget when you run into those double down trickle down folks, i have a bridge to sell them. refer them to me. >> the bridge to nowhere, huh? >>> coming up, what do you do and who do you call when 47 million women get new access to life-saving health care? well, if you're republican, you say this. >> the other is september 11th and that's the day of the terrorist attack. i want you to remember august the first, 2012, the attack on our religious freedom. that is a date that will live in infamy. >> health care protecting the health of american freedom equals pearl harbor and 9/11? really? >>> plus the momma grizzly is roaring. what sarah palin's reemergence means for the gop future and her own. >>> and it's a dog, it's a turtle, it's a dog on a turtle. it's our summer break. and it's coming up later. you're watching "politicsnation" on msnbc. look at those toys. insurance must be expensive. nah. [ dennis' voice ] i bet he's got an allstate agent. they can

we're back with jared bernstein and dave weigel. i have a question for you, jared. it is this.ng our money. under gold who controls our money? >> the supply of gold controls the money and the federal reserve is out of the picture. you lose monetary policy if you move to a gold standard. again what does that mean? it means you no longer control your interest rates. you can't raise interest rates if inflation is a threat. you can't bring interest rates down if you need to boost the economy. here's an historical fact that economists think of. the gold standard. there's a strong correlation between when companies got off the gold standard and recovered. they had the freedom then to use interest rate policy as the federal reserve does today to boost gold. >> quickly, dave, what is the politics behind this? does this placate the ron paul folks? why is this in the platform? >> paul ryan voted to get rid of the federal reserve's mandate to decrease unemployment. it has two mandates. it has the currency mandate and employment mandate. he wants to get rid of that. that all comes from the

joining us now is jared bernstein. he was economic ad slicer to vice president joe biden.e haven't spontaneity lot of time talking about jackson hole. what do you expect to hear from bernanke later today? >> i believe the name of the speech is something like monetary policy in a time of crisis. i expect a fair bit of backward looking analysis, the idea that this has been a particularly tough recession and recovery. the role that monday taxpayer policy has played. certainly some signalling regarding future unconventional stuff as has been the case lately. the idea that we're going to keep looking. but i don't expect any big announcements of anything new on the unconventional side. remember there's a meeting in a week and a half. between now and then there's a jobs report. that jobs report is important to the fed. if they see a positive trend developing off of last month's 163,000 pop and if that withholds the revision, then you're going to see probably a different tone than if the trend -- not really a trend yet, if you get a much worse number on the payroll. >> you don't e

jared bernstein is the former chief kmeconomist for vice president biden. how would they look if they're looking for some pop on the street, they're not getting it. >> to think we're going to get it right off the bat, there's so many things we have to weigh in on. i don't think the american population is going to make their decision until they see an actually debate. seeing these men sit down face to face, hearing their storying, but i will tell you i don't think there's any person in the u.s. congress who is able to portray the right side of the opinion when it comes to fiscal cliff better than paul ryan. so i'm happy that governor romney made this choice because i think it brings everything to the forefront. >> let's also let everybody know, i know you've met with the congressman on many occasions, you're an ardent supporter. >>> how do you think? >> it's too soon to tell but some nervousness about two keyishes that ryan brings to the table. one is deficits and the other is growth. i know he has street credit as a fiscal hawk but it's totally undeserved.

jared bernstein is with us who sees a big difference here. scott, your reaction on the story?i think the fact that the white house supported this is interesting because i think it acknowledges what private equity has done well for over 15 or 20 years pl something they think ironical ironically, bain capital was one of the first to do. come into situations and make money for your investors and make it a better company and help create a much more competitive situation than the one that you're buying into, and a situation that can, over the long term, create jobs. the reason that's important is because we make money. we make money by growing companies, not by splitting companies up. i think there are two situations where that occurs. first is you find a company that's a pretty good company, and you make it a better company. and you allow them to ride a growth curve. it's also what we saw here, a company on the verge of bankruptcy. people would have lost their jobs just like people would have lost their jobs here. and private equity can work with companies not just to inject neede

jared bernstein is an msnbc contributor and former chief economist and policy adviser to vice presidentn and bill burton is cofounder of priorities usa action. okay, jared, we are going to have fun with numbers and i've actually got props today. >> oh, good. >> so, just in case you missed it, this is the kind of outline that governor romney did or i should say the detail that he wanted to give if american people so they would rest assured about what the differences in the plan are. now, jared, i mean, can you really explain something as complicated as medicare with on a white board? >> not like that. there's pretty big gap between simple, clarity and on skags and i think we're in the latter category here. actually, this isn't all that complicated. i think that governor romney, he's trying to distance himself not only from the savings that president obama generates in medicare through the affordable care act, but also through paul ryan, who has precisely the same cuts in his budget. here's the the thing. that's $716 billion of cuts in medicare don't affect beneficiaries at all. in fact,

. >> secretary of labor hilda solis and jared bernstein thank you for your time.ave a great weekend. >>> coming up, what's gabby's medal mean to young athletes across the country? . >>> but first, what happens when a bunch of robots decide to get funky? your summer break is next. >>> we're back with a pause from the political battles of the day. a time to rest, relax, and recharge. that's right. it's time for the "politicsnation" summer break. what happens when robots get loose? they bust a move. they get jiggy with it. these guys were programmed to dance for a global competition held in china. they were actually separate categories including ballet and street dancing. check out those moves. but are they ready for horse ballet? and that's today's summer break. time out. sweet. [ female announcer ] with charmin ultra soft, you can get that cushiony feeling you love while still using less. charmin ultra soft is designed with extra cushions that are soft and more absorbent and you can use four times less versus the leading value brand. ♪ ah. [ female announcer ] we a

joining us now from washington is dana milbank and jared bernstein, an msnbc contributor and former economic adviser to the vice president. good afternoon. dana, immediately after the ryan pick was announced, now wrote paul ryan's affect on mitt romney would be quote the effect of a ball and chain. how is that holding up. you wrote it. >> i appreciate it, martin. we've seep this happen before and we know how this plays out. now, paul ryan's saying this is a debate we want to have. now the results are in. he's seen the debate and you'll notice they're moving on to other subjects. this is not a debate they're going to win. now, interestingly enough, within those poll number, some of the older voters object less to ryan and romney on this. it's the overall voters saying we don't even want you to change this program down the road. >> indeed, why is their argument not working? you're an economist. paul ryan tells us he understands numbers. why is this argument not working? >> this has to be fixed down the road and the sooner we start it, the better. the problem is, how do you fix it? there's a ri

. >> jared bernstein is an msnbc contributor and former chief economist and policy adviser to vice presidentstrum says taxes are not an issue, the american people are not interested so, i guess we should move on. >> it's interesting. i was looking for a poll result much like the one you just said. that kind of supports my priors. in fact, people do want to know and let's not lose sight of the underlying policy issue here, which is really twofold. one, why is a guy who's income is in the multi-millions of dollars paying a tax rate that's well below that of so many other people and the answer is because we have extremely low tax rates on what's called owner of income. things like capital gains. groups like bain finance their work. dividends are half the rate from wage income, so it's indemic of a larger problem in our tax code and b, there's the fact we need new revenues. >> well now, paul ryan who republicans revere as a deficit hawk has a plan to cut taxes by $4.3 trillion, which is he says will be off set by spending cuts. but in today's "new york times", paul krugman writes this and i'm qu

we're back with jared bernstein and david weigel. ve a question for you, jared, and that is this. people get freaked out by the idea that a bunch of bankers in the federal reserve are controlling our money. so they like the idea of gold. under gold, who controls our money? >> the supply of gold controlled ourmany and the federal reserve is out of the picture. let me explain what that means. you lose monetary policy if you move to a gold standard. again, what does that mean? it means you no longer control your interest rates. you can't raise interest rates if inflation is a threat. you can't bring interest rates down if you need to boost the economy. and here's an historical fact that i have guided economists thinking about that. at the end of the great recession when so many were so connected to the gold standard, there was a strong correlation between when countries got off the gold standard and when they recovered. they have the ability to use the federal reserve to boost gold. >> and quickly, dave, what is the politics behind this?

joining me now to have that conversation is jared bernstein, economist adviser to joe biden. now a senior fellow at the center on budget policies and an msnbc contributor. it's good to see you. >> thank you. nice to be here. >> you know these numbers better than me. what i have missed, what i have gotten wrong or incomplete? >> you did a very thorough accounting. the only thing i would add is that you're actually a tiny been generous on their tax cut agenda. it's not nearly that these guys make the bush tax cuts permanent. it's that they double down on them. if you think of the bush tax cuts as costing something like $4 trillion, maybe $4.3 trillion over three years, they're talking about adding tax cuts that are equal in magnitude to those. this is why we at the center have talked about this as robin hood in reverse on steroids. it's not just that you're cutting programs for the poor. so deeply, as you expressed. it really strains, but you're cutting the heck out of taxes, particularly of those at the high end of the income scale. it's quite earth worldly. >> every time this