cnbc contributor jared bernst n bernstein. jared's got a lot at stake in this debate. >> and art laffer, laffer investments chief investment officer. i want to start with my pal, art laffer. where does this $5 trillion number come from and is it a good or bad thing, the romney tax reform? >> i think the romney tax reform is wonderful. i think what the president did was i think he looked at all the tax rate reductions and didn't realize that romney was also proposing a huge increase in the tax base by eliminating deductions, exemptions, exclusions and other loopholes. and there are lots of them that could be eliminated that will bring it to revenue-neutral. and romney promised it would be revenue-neutral. and i believe him. i think it would be great. i don't know why obama didn't take that issue himself -- >> art, let me say first of all, it's great to see you, art. >> lovely to see you, jared. >> you guys must be very pleased. this is very much your agenda. and i get that, okay. it's not my agenda, but it's yours and i respect

jared bernstein, dr. james peterson, and jimy williams. thank you, gentlemen.on the president's diagnosis of mitt romney and his ever changing moods. stay with us. >> all of a sudden you heard governor romney claim $5 trillion tax cut, what are you talking about? all of a sudden as my little granddaughter natalie would say, what happened, did casper the ghost steal it? where did it go? i hope you all don't get romnesia. a taste of what's hot? check out the latest collection of snacks from lean cuisine. creamy spinach artichoke dip, crispy garlic chicken spring rolls. they're this season's must-have accessory. lean cuisine. be culinary chic. overmany discounts to thine customers! [old english accent] safe driver, multi-car, paid in full -- a most fulsome bounty indeed, lord jamie. thou cometh and we thy saveth! what are you doing? we doth offer so many discounts, we have some to spare. oh, you have any of those homeowners discounts? here we go. thank you. he took my shield, my lady. these are troubling times in the kingdom. more discounts than we knoweth what to

jared bernstein is currently on leave from the center on budget

you talk to jared bernstein on the left.in's former policy adviser says the same thing in a story this morning. elaine child the former george w. bush's labor secretary said the same thing. so serious republicans who understand that these are two totally different surveys, they sort of understand the process and the way bls works there's not really a conspiracy here. >> can i ask you? you've been around d.c. for a long time. has anyone ever questioned this number, any reason to be suspicious of the integrity of it? >> i don't think so. you heard what jared said earlier. you heard what all the other folks say. i love that little line that jared had that they don't let the jan tors take out the garbage until after the numbers are released. it's funny. remember last month when the rather weak unemployment numbers came out, president obama knew them, knew what the numbers would be when he was giving a speech at the democratic convention because the president gets to know the day before when his council of economic advisers chair

joining me is jared bernstein former chief economist for vice president joe biden, also an msnbc contributor. jared, as we look over these estimates and they're really rough now in the very beginning. >> very rough. >> sandy could cost when it's all said and done, the total $20 billion or more. exceeding the damage certainly from irene last year which was about 12 to $16 billion. meantime moody's an lytics estimate economic losses will total $10 billion a day, lost wages, production, sales for businesses. do you think that estimate is on target? >> yeah, i think that estimate is on target but i believe moody's said they're not going to alter their estimate for gdp in the fourth quarter because some of this will be made up and also some of this stuff that gets destroyed you have to put people to work to rebuild it. that actually adds to gross domestic product. it subtracts from the net but adds to the growth. >> one thing i'm being told in my ear, we have an updated death toll i want to pass along to everyone. we now have 27 -- 29, excuse me, 29 confirmed deaths. again, we started this hour i

jared bernstein. and the man with the golden throat, msnbc political analyst and georgetown university professor michael eric dyson. halloween has come early for the romney/ryan ticket. we've already gotten a sneak peek at governor romney's costume. he showed up at monday's debate disguised as a foreign policy moderate. now looks like his running mate will dress up as a champion for the poor. in a few hours congressman ryan wil deliver his first major policy speech of the campaign that will foe tus on poverty and upward mobility. according to excerpts released ryan will say -- what a costume. as a champion for america's underprivileged ryan will likely attempt to hide the fact that 62% of the spending cuts he proposed in his 2013 house budget come from programs that help the poor. according to the center on budget policy priorities and while romney will say that every american should have the ability to rise to escape from poverty his budget would bring the cleaver down on programs that give the disen

roberts and jared bernstein rethinking about how to do a wpa type of thing.the one thing like that in the stimulus where they await the subsidy program were state sen nonprofits could hire people and the fed's -- was welfare to work program which was ironic given what we are hearing 90 them haley barbour, republican governor of mississippi, it created 250,000 jobs at 5,000 per job so it was incredibly successful program. kristy roemer started calling government agencies, how many could you hire, we could hire a lot for 20,000. that eroded the administration hiring four million people in the winter of 1934. jared bernstein gave a presentation, a few different ideas and the third idea was a national inventory of structures. the idea was to take people working on the census, 300,000 people who had their clearance and do the national inventory that would be very helpful for data collection, and joe biden's guy was like just stop there. i might be able to sell something where we are going to build buildings. i am not going to sell something where we count building

jared bernstein, former advisor to vice president joe biden is with us. mr. bernstein, always nice to see you. >> thank you. >> let's talk first about the most recent story we talked about, and that is the idea that the administration is effectively giving a pass on a law to companies that might otherwise be required to give 60 days of notice that layoffs were impending. senator mccain calls it a blatant violation of the law. do you agree? >> no, i disagree. by the way, i'm not going to say there is not some politics in here. of course, there is. but i thought eamon javers gave a very good and complete explanation of what's going on here, and certainly senator mccain amped up the politics. facts are, that absent a certainty that layoffs are coming, there is no requirement to send out warn act notices. and by the way -- most people -- and i would argue the markets -- believe that the fiscal cliff issues will be resolved. now, that's not a sure thing. but i would argue that that is the way of most people's perspective on this. >> but it's not merely a waiver on

the roosevelt administration could hire four million people in the winter of 1934 and jared bernstein when he gave a presentation, where he had a few different wta ideas and his third idea was national inventory of structures. the idea was take people who are working on the census and have 300,000 people who have their clearance and keep them on to to the national inventory to be helpful for data collection and planning purposes and joe biden's guy was just stop there. i might be able to sell something where we are going to build buildings. i am not going to sell something where we count buildings. national inventory structures went nowhere. the feeling was this isn't the new deal. there's no political appetite for trying to create massive government bureaucracy. it is a lot harder to stand them up these days. in a way fdr had it easy because big government hadn't been created yet. you could have something like the ccc which skirted the million urban youth out of their cities and sent them to rural work camps. they were known as concentration camps before that term got kind of uncool.

. >> joining us now is jared bernstein who you just saw there responding to jack welch on "hardball" today. he is a senior fellow at the budget and policy priorities and msnbc and cnbc contributor. thank you for being here. i was absolutely riveted by that today and could not wait to continue the conversation. >> look. it's funny. i just walked by the bls on my way up here. it is a venerable institution. they've been putting out reports for well over 50 years and there's never been any allegation or any substance to a claim like that at all. in fact, i was trying to remember there was something and it was back in 2008. the bureau of labor statistics mistakenly released a report 25 seconds early and, boy. heads rolled and they had to do a whole investigation of the data release procedure. i mean, this is an agency that, where statistical integrity is above all. if i took you through some of the procedures, the encryption, the discipline. when they have meetings they put paper over the windows. janitors aren't allowed to empty waste baskets until the reports are released. so if you are

we're joined now by jared bernstein, former chief economic adviser to vice president joe biden and a eats numbers for breakfast. jared, we mention mr. ryan's problems with the math, so please take a listen. >> you're the master of the budget, so briefly lets go through the plan. >> i don't know exactly when it balances because we haven't -- i don't want to get wonky on you but we haven't run the numbers on that specific plan. >> you haven't given me the math. >> well, i don't have the time -- it would take me too long to go through all the math but -- >> paul ryan says he doesn't have the time to explain his budget but we do. so you tell us, does it add up? >> no, it doesn't. and the problem that he's having basically is that of two plus two doesn't equal five no matter how much time you have. the issue here, and we've talked about this before, the nonpartisan tax policy center figured out the following. if you cut the tax rates on the top 1% by 20% as mitt romney has proposed and you close all of their loopholes to try to make up the difference, there's just not enough revenue in all

so today you booked larry summers, peter orszag, jared bernstein. i'm going to be -- >> you'll be just fine. >> no, i'm not. high bladder is really acting you up. i'll be leaving a lot. >> vacating the set? >> dryeah. >> we do have peter orszag. there's a piece in the "new york times" that explains the cover, sort of the history of the pandit exit. we all woke up last week and he lost his job. he said that he had resigned on his own. it's an incredible story because what it explains is that the chairman, michael o'neal, literally had him come in the office, he had no idea what was happening, the day after -- the day of the earnings report. just a regularly scheduled meeting. and he says i have tlooe press releases here. i have one press release that says that you are going to resign immediately. i have another press release take says you'll resign by the end of the year and another press release that says you've been fired without cause. what would you like to swleelec. >> this races questions about disclosure. obviously o'neal wasn't on the confere

jared bernstein and professor michael eric dyson thank you. >>> coming up, more lunacy from a man whocomings. stay with us. >> i have a very large number of twitter, you know my tweterrors are very large. i bring a lot of people with me. look at my twitter, look at my anything. if you look at my ratings. ♪ we got a real mom and the family car to do an experiment. we put a week of her family's smelly stuff all in at once to prove that febreze car vent clips could eliminate the odor. then we brought her family to see if it worked. tell me what you smell. something fresh. a beach. take your blindfolds off. oh! look at all this garbage! febreze car. eliminates odors for continuous freshness, so you can breathe happy. have you tried this yet? save on febreze car and other innovative products with the october 28th p&g brandsaver. a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your bo

jared bernstein served as chief economist and adviser to vice president biden from 2009 to 2011. he's now a senior fellow at the center on budget and policy priorities. douglas holtz-akin is a former director of the congressional budget office. he was chief economics adviser to john mccain's presidential campaign and is now president of the american action forum, a policy think tank. neither holds an official position with the current campaigns. jared, i want to stewart the $5 trillion number because there's a dispute over it, where it came from, what is the president referring to? >> mitt romney has proposed to cut taxes across the board by 20%. cut tax rates, i should be precise about that, because it matters. you lose $5 trillion in revenue over ten years if you cut tax rates by 20% across the board. that's the calculation of a non-partisan group widely agreed to be accurate, the tax policy center. now, here's where things get complicated because what the --. >> brown: you're going tligt there right away, aren't you? (laughter) >> it's like we're up there on the stage last nig

. >> with me not to fight with jack but to have a different point of view a jared bernstein, former chiefconomist and economic adviser to vice president biden. you heard that discussion. i like jack. i'm fond of the guy. jack welch has raised the question but it was obviously his business instinct and his it's a tud i think towards this president that came together at 8:35 and he tweeted out this unbelieve jobs numbers. these chicago guys will do anything. can't debate so they change the numbers. i'll do back to what i haerz ezra klein say in the room that a 0.3 of 1% shift in the unemployment rate is not wild. it's very conceivable. your thoughts. >> that's absolutely true. i mean, what i just heard from jack welch was about with respect i guess was about ten minutes of absolute nonsense with no grounding in what the bureau of labor statistics actually does. now, he's absolutely right that a very large jobs number in the household survey is an outlier. it's unusual. these things happen. that number has a large margin of error around it. the bureau of labor statistics is very public about

. >> thank you jared bernstein for coming on. >> thank you. >>> who is that masked moderate man on the debate stage, the guy who plans no $5 trillion tax cuts? who won't cut education, insists his health care plan covers people with pre-existing conditions. it's the same guy who now says his 47% comments were wrong. did mitt romney take his mask off or has the emperor got no clothes. >>> also, we're beginning to learn more about the flawed strategy that caused president obama to lay a debate egg wednesday night. it best not happen again. >>> and unemployment rate dropped sharply last month. add rick santorum and newt gingrich to the list of republicans who would like to see big bird on the unemployment line. >>> and finally, what the jobless number means and why some people don't like looking at it. this is "hardball," the place for politics. >> after about losing 800,000 jobs a month when i took office, our businesses have now added 5.2 million new jobs over the past 2 1/2 years. this morning we found out that the unemployment rate has fallen to its lowest level since i took office. m

. >> and last night on "politics nation," jared bernstein explained to al sharpton that the math in mitt romney's tax plan doesn't add up. >> if you're going to cut taxes 20% across the board, which is mitt romney's plan, you're going to blow a $5 trillion hole over ten years in the government's revenue. now, what governor romney says is i can make that up by closing tax expenditures and loopholes, but there's two problems with that. one, the arithmetic. if you look at people over 200,000, just look at the wealthiest couple of percent, the revenue cuts about $250 billion, and the deductions, the broadening of the base, gets you back about 160. so you're short about $90 billion. >> and don't miss reverend al sharpton and "politics nation" weekdays at 6:00 eastern here on msnbc, the place for politics. >>> so how will today's monthly jobs report impact the candidates? economists are predicting the unemployment rate could tick up from 8.1 to 8.2%, which could be bad news for president obama. brian mooar has the latest. he's in washington. good morning. >> reporter: hi, lynn. even if it's no

. >> joe biden posted she economic advisor jared bernstein and murray took part in a debate hosted by the tariff board school of public policy. this is about one hour and 20 minutes. [applause] >> thank you. in 1962, 50 years ago, mike published "poverty in the united states." at the time the american economy was in the golden age of economic prosperity. a rising tide was lifting all boats. the economy had grown rapidly. the wages of most workers have been growing faster than the rate of theinflation. almost no one talked about poverty. book not only change the discourse but the public policy landscape. he wrote "there is a familiar america that has the highest standard of living the world has ever known. that is not change the fact that tens of millions of americans are at this very moment existing at levels of been need those necessary for human decency." a short time later. the article appeared in the new yorker called "our invisible port." they said "the extent of our poverty has suddenly become visible." it is said that walter heller gate kennedy both the book and the new yorker

dana milbank, jared bernstein, thank you for your time this evening. >> thank you, rev. >>> coming up, did you hear what governor romney's son said he wanted to do to the president of the united states during the debate? it was deeply disrespectful. tonight, the over the line attacks on this president. >>> and stop the freakout. bill campaigns for the president as new poll numbers in key states bring good news. team obama and look who's stumping today. >>> plus, mitt romney is running away from views on women's issues that he held way, way back earlier this year. today he canceled his appearance on the view and sent his wife instead. just wait until you hear how she deen fended his record on women's rights to choose. they actually think this is going to work? okay. you're watching "politicsnation" on msnbc. ♪ i look at her, and i just want to give her everything. yeah, you -- you know, everything can cost upwards of...[ whistles ] i did not want to think about that. relax, relax, relax. look at me, look at me. three words, dad -- e-trade financial consultants. so i can just go talk to

and jared bernstein, msnbc contributor and former chief economist for vice president joe biden. bb, let me start with you. what are your thoughts? >> first of all, romney won a victory that was a victory of performance art built on a whole set of lies. i think people have counted up to 28 to 30 lies. and i actually think the president deserves some credit for at a couple of critical points holding romney accountable. it's a big victory to get romney to own voucher care as a replacement for medicare and the president also took romney on when he said no one over 65 will be affected because of the rebeautiful obamacare in fact as the president pointed out, seniorses will pay $600 more for prescription drugs and the medicare trust if you said will expire eight years sooner. secondly the president talked straight to 50 and 55-year-olds and said do you really want to replace medded care with voucher care? romney is now lashed to the idea. >> he definitely did. jared, let me go into the facts about the $5 trillion tax plan that romney all of a sudden got amnesia about last night. the f

pacific when joined by lawrence o'donnell, michael steele, jared bernstein and michael eric dyson.sorts of exciting tidbits at facebook.com/now with alex. "andrea mitchell reports" is coming up next. rachel quit the corporate grind to start her own interior design business. she's got a growing list of clients she keeps in touch with using e-mail marketing from constantcontact.com. constantcontact is easy and affordable. it lets her send out updates and photos that showcase her expertise and inspire her customers for only $15 a month. [ dog barking ] her dream -- to be the area's hottest interior design office. [ children laughing ] right now, she just dreams of an office. get a free trial at constantcontact.com. >>> right now on "andrea mitchell reports" final face-off. president obama plays tough. governor romney plays it safe. >> i know you haven't been in a position to actually execute foreign policy, but every time you've offered an opinion, you've been wrong. >> attacking me is not an agenda. attacking me is not talking about how we're going to deal with the challenges that ex

jared bernstein for fed reserve chair, he, like you, friend of the show. because she seems like a super woman and facebook is awesome. >> did you pick one for the other guy that you won't name? >> i did pick a team but i didn't write it down. >> no, for the wild card. >> sandberg was a wild card. >> you have four positions. you have some of the right ones, the ones i would pick. mike bloomberg, he scores very high. we scored all the candidates. 70 different people. mike bloomberg scores high in all of those counts, right? you want to put him in. i don't know if he'd want to be treasury secretary. that would be working for other people. i thought you could propose him as budget czar in the wild card. the other guy, not just obama, could choose him to do that. that would be an interesting way to reach across the aisle and get something done. >> what do you want people to get out of playing this game? it's fun and a little educational. what is the point? >> really educational, right? it's really fun. no. the truth is i want people to focus on the economic iss

host of a syndicated radio program called the market scoreboard report and with us from waution, jared bernstein, former economist for joe biden. it's good to have you here. jared, i start with you. as we look at these numbers, is this a true game changer for the president? >> it certainly helps. i mean, this month's decline in the unemployment rate that you have been talking about from 8.1% down to 7.8%, that's the good kind of decline in unemployment because it came from a lot more people getting jobs. if you recall back last month, i was sitting in this chair telling you that the decline in unemployment from 8.3% to 8.1% was illusory. it tells you, as i said, more people came into the job market and got jobs. but it also tells you that the monthly surveys are volatile. however, i think there's other evidence in this report, perhaps we can get into it, that shows some momentum moving in the right direction. the pace of employment growth appears to be accelerating in the payroll survey as well. >> ron, i want to ask you about jack welch's tweet about the books basically being cooked. you know,

others, including jared bernstein, who is an economist here until recently in the white house, said that welch should be ashamed of himself. you know, he's sort of out there on an island, jack welch. he was on "hardball" last night and he said he wouldn't take a word back of that tweet, but he admitted he had no evidence the to back it up. again, there are people on both sides of the aisle who are rushing to defend the integrity of the people who get those numbers together every month, melissa. >> the president said the burden is now on congress. what is it that the president now wants congress to do? >> reporter: congress is not coming back until after the election. that is clear. and the first order of business at the lame duck session is what to do about the fiscal cliff, this whammy, this triple whammy of tax hikes and defense cuts and social program cuts that are scheduled to take effect the first of the year. i talked to one democratic congressman, a leader last night, i ran into him at an event in suburban washington. he said, don't look for congress to do anything substantiative

is very much under way and let's discuss this whole story and the i my all-star cnbc panel and jared bernstein, former chief economist and vice president joe biden. jennifer rubin, author of "the washington post" right turn blog and jamie peth kuke as, let me start with you. my note is a simple one. when he teed off and just accused of administration of mismanagement and i don't know if he used the word cover up and he said you guys have done everything wrong, to me, that hot topic which is increasingly important in this presidential race, that blew biden up, and that gave the win to ryan who held on for the rest of the hour. what about benghazi and what about biden's lies and falsehoods about benghazi last night? >> joe biden at least got the story in the front page of the new york times who had been burying the story and that's something and i think you're right and that will be a big problem for the obama ticket going forward. the president will have to do clean-up work on tuesday at a time that he wants to be on the offensive. there are two problems here and one is that we left those peopl