we have to sell them more than just 5% of the world's population. >> jared bernstein is here with us. him in a while. you're coming on, jared, as senior fellow at the center on budget and policy priorities. you're also a cnbc contributor. we'll talk about free trade. we just played ten smart people who say the opposite of what you say. that's not fair to introan introduction. here's how i want to introyou. you'll get a kick out of this. this is on politico. and i read this. top liberals and leading progressive groups perceive donald trump the gop front-runner as a dangerous and unprecedented threat. now see i haven't endorsed anyone and i probably won't, but that right there, i'm on the trump train completely. if he can stop the progressi ii agenda in its track that's all i know. i'm fully behind him. >> i pretty much agree with that politico statement. >> then we got to get this guy in. >> if i don't like him you like him. i get that. >> but on free trade you're flying in the face of that and you're a trump guy. >> i'm not a trump guy. somebody said earlier i support trump. that coul

also with jared bernstein, and money chen., "bloomberg surveillance." ♪ francine: u.s. futures are facing at an early rally, tracking oil lower. tom keene is in d.c. following super tuesday. let's get straight to the bloomberg business flash with caroline hyde. caroline: bmw is in a battle with mercedes-benz for the self driving car. the german automaker is developing technology that will let the driver watch tv and check out facebook while speeding down the highway. it will be available in four to five years. mercedes already has some self driving technology in its car. the justice department accuses aubrey mcclendon of orchestrating the prices of drilling rights in oklahoma. mcclendon denies the allegations. three years ago mcclendon was forced out of chesapeake energy, the natural gas company he cofounded. sports authority has filed for bankruptcy protection. the retailers expect to get a $595 million loan to keep operations going. it may sell some of its stores. that is the bloomberg business flash. francine? us, brianstay

i also want to thank michael author, paper we just released, jared bernstein. thank you very much.i want to thank michael author jared bernstein to all of our colleagues at the center on budget and policy priorities who gave us an invaluable feedback as we develop the ideas that are contained within our paper. when i think about the question that motivates this event, arborvitae for the next recession, i really think there are two answers to this question comes up short and the long answer. the short answer is no or not. but the long after i think is really what motivate us to write this paper added that motivates a lot of people who are also speaking here today, and it is still no, we can be if we take the right lessons from our historical experience and start to prepare for it now. with that idea in mind, jared and i in our paper try to outline two sets abroad recommendations that we think can really enhance our preparedness for the next recession before it hits. those two broad recommendations are first, we want to strengthen the automatic stabilizers that david mentioned and we

i want to thank jared bernstein and our colleagues at the center on budget and policy priorities. you gave us invaluable feedback as we develop the ideas that are contained within our paper. when i think about the question that motivates this event, are we ready for the next recession, i really think there are two answers to this question, a short answer and a long answer. the short answer is no, we're not. but the long answer, i think, is really what motivated us to write this paper and i think motivates a lot of the people who are also speaking here today, and it's still no, but it's we can be if we take the right lessons from our historical experience and start to prepare for it now. with that idea in mind, jared and i and our paper tried to outline two sets of broader recommendations that we think can really enhance our preparedness for the next recession before it hits. those two broad recommendations are, first, we want to strengthen the automatic stabilizers that david mentioned and wendy talked about, and the second is that even outside the automatic stabilizers, we think

then from the center for budget policy priorities who has a nice paper with jared bernstein posted onthe ways we might want to expand the fiscal automatic stabilizers and then the third is the university of maryland formally of the bush treasury who will talk about how he sees things. each of them will speak for seven to ten minutes and then we will have a discussion. wendy, it's all yours. >> i bet i can do it but you can do it faster. [inaudible] im from the congressional budget office and associate or a associated economic analysis and i'm delighted to be here to discuss this important topic. let me give you a quick roadmap of what i will say. first of all i will briefly walk you through the budget and economic projections and i will highlight some of the significant consequences that we see from the projections of high and rising federal debt. i will also talk about how the economic projections influence our budgetary projections and the interplay of those. and then finally i will talk about the automatic stabilizers that and the fiscal fiscal policy during times of economic s.. t

a nice paper with jared bernstein. the link on our website. ways that we can expand the automatic stabilizers. wendy: the second on the list. hello. i'm an associate director for economic analysis. i'm delighted to be here. i will briefly walk you through cbo's budget and economic projections. some of the significant consequences that we see from them. i will talk about how the economic projections influence our budgetary projections. i will talk about automatic stabilizers. revenues are projected to state roughly constant over the next decade. with the aging of the population and rising health care costs, cbo project a substantial boost to federal spending on social security and medicare. alongside rising federal interest payments, deficits are expected to rise from 2.9% of 4.9% in 2026. growing deficits are projected to raise federal debt held by the public to 86%. that is up from 74% in 2015. almost twice the average of the past 50 years. highof the consequences of and rising debt. the focus of the discussion today is that increased borrowi

snap include a push for block grant, which my colleague, mcgovern, said before, an idea that jared bernstein, former chief economist of vice president biden called, and i quote, one of the most destructive ideas in poverty policy. and let me mention several of the statistics that have been compiled by children's health watch in boston, massachusetts. if the snap benefits were reduced, either through block granting or some other mechanism to reduce food stamp benefits so as to create instability in these households, this is what they say would occur, would be likely to occur. 23% will be more likely to have householdes that are food insecure. -- households that are food insecure. 70% of children would be food insecure. 36% more likely to be in poor health if this happens. 70% more likely to be at risk for developmental delays. this is about our kids. this is about our children. 12% more likely to be hospitalized. children in kindergarten through third grade would be more likely to have measurablely lower reading and and asurably lower reading math test scores. and it would decrease the likeli

joined by cnbc contributor jared bernstein. gentlemen, welcome back, both of you. just start with you, the election cycle has taken on the -- some of the shades of a jerry springer show. >> unfortunately true. if we heed his words, this would be a much better campaign season and better country. unfortunately i'm afraid he's whistling past a campaign that is, i'm afraid going to be unreceptive to the kinds of things he's asking for. our story, the american story is not bound by party affiliations or religious beliefs, in fact, part affiliations and religious beliefs are hugely dominant in politics now, more than i've ever seen it, in terms of partisanship. great sentiment but not sure much traction. >> we would we be better off if our corporate leaders, and there are many of them, if they got more public spirited and left their jobs and went into politics, would we be better off if that was the case. we had an opportunity to elect one four years ago in mitt romney. i wish we had more interaction between the private secretator the public sector. i think there are real

i just want to mention that jared bernstein is going to take his place so you get the benefit of twoeople from the center on budget and policy priorities. i want to mention also on june 6th here at the hutch especially center, we're -- hutch chens sense, we're going to have a discussion particularly focused on what we've learned from the european experience. we have a number of people from european central banks that have been doing this, and now it's no longer theoretical. and i also want to call your attention to ben bernanke who has wrote a blog that posted last week where he took a view slightly different than the one that janet yellen took. he suggested that negative interest rates might be worth trying before the fed tries another round are of qe. and he has at length in a blog post that he wrote with our research assistant, peter olson, explaining that. so here's the deal, louise. you have the conversation, and if i feel you don't have the right question, when we get to the q&a, i'll ask it. [laughter] >> great. great, thanks. so we have both fiscal people and monetary policy