. >> left unsaid by white house economic adviser jason furman, employees working half as many hours will have a smauer paycheck at a time the president says he's pushing policies to lift incomes. >> presumably, that family is going to have a lot less takehome pay and less money to put back into the economy. >> but we just described that example -- first, it's a hypothetical example. >> it's your hypothetical. >> that is completely fair. again, it's a choice they're making. this doesn't -- they had something before, which was a 65-hour job, and maybe no health care and no great health care options. you now give them a new option they didn't have. a brand new thing. >> that brand new thing -- generous subsidies and enroll america is now employing two animals to get more humans to sign on. ♪ enroll today >> with an eye on the 2014 midterms, republicans had new ammunition for their long claim that the cost of the health benefits will hurt the economy in the long run. >> they can say anything they want, but this number is a lot worse than anybody thought. >> though the president insisted to f

please join me professor jason furman.applause] >> thank you for the introduction and for inviting me here today and for everything i have learned about the economy from all of you in this room has been great. i spoke a couple years ago in denver. i am excited to be able to come back today. my remarks today i want to start about the current status of the economy with the opportunities that i think we have to both strengthen the recovery the increased productivity and growth to help insure the benefits are shared by the. the u.s. economy now stands more than five years removed from one of the tumultuous and challenging period in its history that has now become a platitude i am obligated 2.0 around this time 2009 the shot that just hit the economy that was possibly worse than the shots that precipitated the onset of the great depression. my predecessor christie romer pointed out the stock market fall in 2009 was similar to the fall of 2008. but the home prices were considerably larger as a result five times larger at the ons

our guest is jason furman. this is his first visit with our group although we have been honored to address a number of his right assessors starting with herbert stein. this came into 1996 during the clinton administration when he was still a graduate student at harvard and was hired as a staff economist to counsel. since then he has served as the cheap condiments of the world bank, a special adviser to president clinton for economic policy, and a senior fellow at economic study and drafter of the hamilton product at brookings. he has earned three degrees including one from harvard. he has been a visiting scholar at nyu. and a visiting lecturer at yell and columbia. he was the principal deputy director of the national economic council before being named to his current post in june of last year. no introduction will be complete without the obligatory mention of our guest youthful ability to earn money on the streets of new york. great training for spending your life is rising about tough economic choices. that is

jason furman is an obama factotum. he is chair of the white house council of economic advisors. he disputed the cbo report saying the agency relied on outdated economic research to estimate the job losses due to a higher minimum wage. he did not dispute the aspects of the cbo's estimates that were favorable to the obama administration's minimum wage proposal. question, what impact will the cbo report have on the congressional debate over raising the minimum wage? >> i think it is going to be serious because we have a huge number of people who are not only unemployed but one of the phenomenon of last year was the number of people who left the labor force. you will be in a position here where because of gain in increasing amount of unemployment, last year we had 3.9 million people leaving the labor force compared to 1.4 million jobs. this isn't time found cut job market. >> the cbo did not do any original research to determine how many people would lose their jobs. they collateed all the research that's been done by academic institutions, think tanks, etc. we raised the minimum wa

jason furman is chairman of the economic advisors. o you share the view of mark zahndy, that the last two jobs reports are more about weather than the state of the economy? >> you know, i don't think you want to read too much -- as i said to you before, chuck -- into any given jobs reports. in you look at the last two months, it's 2.3 million sector jobs. 142,000 was a little below expectations, and other months, it's a little above expectations and it's averaging out. one of the things we find most encouraging is that unemployment rate came down to 6.6%. it keeps coming down. if you look at forecasts just a couple of months ago, people thought it would take us another year to get to where we are now in the unemployment rate. >> let me ask you on the cbo front, and not on the question that you think i may be asking, but it's on the, to me, the bigger topic, which is essentially they projected an economy that is stagnate for the last seven years because of the aging population coupled with the pressure of the entitlements, both the soci

. >> the top economic aide, jason furman, the chairman of the economic advisors was on ajam and spoke to ray suarez, he warned about a shutdown, but a debt ceiling crisis could be coming. republicans have not decided how to proceed. furman reminded us that unemployment benefits, long term unemployment insurance lapsed at the end of the year and wants congress to pass that. that is not going anywhere, and it's a vote shy. >> we have a great opportunity, we have a budget deal. if we handle the debt limit properly, then we have a stage for greater certainty, and greater ability for the private sector to move ahead and drive the economy. >> what about the republic leadership. john boehner says "where are the jobs?", that is is a mantra. he pushed for the keystone pipeline, saying it would mean thousands of jobs and poked the administration an trade, major initiatives in congress, and democrats are holding those off. >> americans that don't earn enough to put food on the table are facing more cuts. president obama travelled to michigan state to sign a farm bill trimming funding for food st

as you can see, i have with me today jason furman, the chairman of the president's council of economic advisors. because i know there's interest in today's c.b.o. report, i asked jason to join me. he will say a few words at the top, then take questions from you on that subject and others related to his expertise. i enjoy having other people making sentences for me so it's good to have jason here to do this work and i will stand by for questions on other subjects. so if you take all your questions related to matters that jason handles at the top, i'll be here for when he goes. thanks. >> thank you very much, jay. wanted to start with the main thing with the c.b.o. report, which is about the federal budget. and it confirms the very substantial near-term improvements that the united states has made in its deficit. in particular, it finds that the deficit last year was 4.1% of g.d.p. that's cutting the deficit the president inherited in half and the fastest pace of deficit reduction since the demobilization from world war ii. the c.b.o. report also finds that the deficit will continue to d

here first on cnbc is jason furman, he's chairman of the president's council of economic advisers.nice to have you. give me your reaction to what many say is simply a continued lackluster growth in jobs in the country. >> i think we've continued to see steady job growth. we've seen the unemployment rate coming down much more than most anyone expected. you look just a couple months ago, people didn't think we'd be at 6.6% until the end of this year. we've gotten there already. there's no doubt there's a lot more we need to do on both of those. would not get us caught up on the month-to-month fluctuations as i would on the overall trend here which is moving in the right direction. >> yeah, moving in the right direction, although december and january certainly don't seem to be a pace of what we were starting to expect, mr. furman, you know, given what we saw in the fall. >> look, the last year we've seen 2.3 million private sector jobs added. that's a pace of about 190,000 a month. some months are a little bit above that pace, some months you're a little bit below. this month it was 1

jason furman, the chairman of the white house council of economic advisors, spoke to reporters today about that c.b.o. report. he answered questions in the white house briefing room for about 45 minutes. >> good afternoon, ladies and gentlemen. i hope you all are well. thanks for your patience. as you can see, i have with me today jason furman, the chairman of the president's council of economic advisors. because i know there's interest in today's c.b.o. report, i asked jason to join me. he will say a few words at the top, then take questions from you on that subject and others elated to his expertise. i enjoy having other people making sentences for me so it's good to have jason here to do this work and i will stand by for questions on other subjects. so if you take all your questions related to matters that jason handles at the top, i'll be here for when he goes. thanks. >> thank you very much, jay. wanted to start with the main thing with the c.b.o. report, which is about the federal budget. and it confirms the very substantial near-term improvements that the united states has mad

last week your economic adviser jason furman talked about the new choices people have to find health care outside the workplace. i wonder if you can first explain the delay and also talk about whether over the long term you see a future where health insurance is less tied to the workplace? >> well -- >> i'm sorry. >> if i may for president hollande, you both talked about the pursuit of the trans atlantic trade agreement. i wonder if you have followed the domestic battle here over fast track authority and that raises questions in your mind whether such a deal could be ratified? >> you know, the announcement yesterday was fairly straightforward. the overwhelming majority of firms in this country already provide health insurance to employees and are doing the right thing. the small percentage that do not, many of them are very small and already exempted by law. you have some small category of folks who don't provide health insurance, who aren't exempted by

and here is jason furman struggling to explain the loss of more han 2 million jobs is an act of liberation the benefit. not a negative particle and of obamacare. >> the estimated reduction stems almost entirely from the labor that the workers choose to supply rather than from a net drop in the business demand for labor. this is a choice on the part of workers. the. lou: we will hear that expression for some time. the white house trying to make the case that a 2.5 million reduction, the so-called option that the president people refer to is by subsidizing and expanding medicaid rules to all-time highs. the government is effectively incentivizing american to stop working. leading economists warn about the potential effects were economy. damages macroeconomic performance. according to the cbo, obamacare is slowing employment income and growth to the degree that amicans are discouraged from working. maury harris simply rejects the whit house's statement, saying that it is hard to believe that the supply of labor is a restrained. including tens of millions of health care cancellation projected

they sprung in action and conference calls before the white house briefing and jason furman is a top economic adviser. while it is taken out of context they think. they know it is a problem for them. >> we'll so how jay carney explains it, ed. great to see you, heather? >> damaging testimony for the white house. nina easton senior edouter and columnist and a fox news contributor, what is your take on this? you listen to the white house, less jobs is a good thing and it is a choice, republicans say that is what they warned about all along. 2.3 million less full- time jobs in the work force in the next ten years. >> yes, this two and half million jobs they are portraying as voluntary reductions. they haven't studied that the companies will higher fewer workers in order not to insure them in the system. that was not addressed in this. i think the big concern here is that people in the lower end of the spectrum will make less money. and this white house wants to have a vibrant middle-class and you have a disincentive to work. it combines with other disincentives and a rise in disability

jason furman, the white house economic council of advisers chairman said the cbo's report that it wouldd to a 0.3% loss of jobs, and it could be essentially zero and that doesn't reflect the overall consensus view. they're pushing back, essentially saying they don't believe the cbo again. >> this is the second time, i think in two weeks or three weeks the cbo hae come out with something that undermines their arguments. however, the minimum wage hike is popular, broadly popular. even republican voters are for it. i think this is a good issue for democrats. it's good to get their base out. it is not going to hurt democrats in the states that are up for grabs for the senate. other issues, yes. the minimum wage, no. >> jay carney's tweet, nonpartisan cbo increasing the minimum wage to $10.10 would increase wages for 16.3 million americans. >> they say if you want people to smoke less, raise prices on tobacco. inyou want them to drive less, raise prices of gasoline. then they come to entry-level wages and say it will have no effect whatsoever. clearly it will have an effect. people will hire

. >> here's what jason furman who works for the president had to say. defending stimulus today.very had act had a substantial positive impact on the economy. helped avert a second-grade impression and made targeted -- long after the act fully phased out. do you agree? is he talking about solyndra? what we've seen is the massive investment by government. so many of the projects we put money in did not provide really virtually a penny of return and turned in to bankrupt companies. i think we would have been better avidding businesses with tax relief and regulatory relief of maybe, you know, putting a suspension on obamacare. things like that really would inspire companies to hire workers. my worry is that now we spend all the money now we have to raise taxes to pay for it. which makes the economy worse off as we move to the future. the lesson here, gerri, it's so critically important. the lesson of this failure of the stimulus is if government spending does not create jobs because if you take a dollar and give somebody a dollar. the dollar has to come from somewhere. the people wh

the white house pushed back with a new report from economic aide jason furman using a creative term, job years, to claim the law has been a success, declaring, quote, the recovery act by itself saved or created about 6 million job years, where a job year is creadefined as on full-time job for one year. this translates to an average of 1.6 million jobs. vice president biden who oversaw the stimulus money made the case it worked. >> here's what we did. that act five years ago, we invitted $48 billion in infrastructure. >> except many americans still do not feel the impact, with a recent fox news poll about the economy showing 58% believe the worst is yet to come. 37% think the worst is over. >> this was the worst bang for the buck ever. for the president to say for once i agree with him when he said, yeah, i guess -- which is true, because we lost so much money. >> a string of rnens noted the nation is now 17 trillion in debt and there are 20 million people who are unemployed or underemployed. the president will have an event tomorrow where he'll continue to make the case since 2010, h

>> the white house brought out jason furman, and he talked about how this could involve people carryingr to -- well, let's just -- we'll have him explain it. >> just a small picky thing. it doesn't say losing jobs. it says fte's. so to some degree, this might be somebody who used to work 60 because they needed health insurance and that was the only job that offered it, and now they can get a different job at 35 hours that doesn't offer health insurance, but they're getting it through this. maybe a spouse who wanted to be part time, so they could spend more time with their family. now is able to do that. is somebody else who wanted to start a business and become an entrepreneur and was terrified of doing it because they would lose their health insurance is now able to do that, too. and switch and take a chance on creating jobs and growing the overall economy. >> i know so many examples, personally, that fit into that. holding on to this job just for the health insurance. >> this is a huge issue. and it's a huge reason that it is hard to start a business often times in america. if your ki

jason furman chairs the president's council of economic advisers. >> even if the net result of this is a net reduction in labor supply, to the degree it's because of people's choices, we'll think about it differently than if businesses are cutting jobs. this is not businesses cutting back on jobs, this is people having new choices they didn't use to have. >> woodruff: furman also argued the report does not take into account a number of economic benefits of the law. but republicans, including senate minority leader mitch mcconnell, said in fact, the new estimate proves the law is indeed a job killer. >> the cbo report is certainly not pretty if you're interested in creating jobs in america. as we all know, they estimate up to two million fewer jobs will be created as a result of obamacare. honestly, it's not a surprising report. all the anecdotes you hear all across the country are that premiums are going up and jobs are being lost. >> woodruff: the report also lowers the estimate of how many uninsured people will gain coverage this year by 2 million. it blames the early troubles of the

however, as jason furman, chief economist for the white house suggested, there's better news in the report, as well, alex. >> is there anything that's a ripple effect of overseas of people? >> nothing i saw obviously. it's a good question. the manufacturing numbers, since we export a lot of our manufacturing might look there, they were a little better last month than in prior months, so i don't quite see that yet, but i do think that's precisely the right kind of question to start thinking about what might be underlying a deceleration, a slowing down in the pace of job growth if it sticks. you know, last month when we got the bad number for december, i said one month does not a bad trend make. this month i said, well, two months does not really so much make a bad trend either, but it does certainly get your attention. >> we'll certainly pay close attention to the third month there and see what happens. breaking down these numbers, jared, the unemployment rate of black americans is double of white americans. what do you think can be done to help this demographic, specifically? >> first of a

last week your economic adviser jason furman talk about the new choices that people have to find health care outside the workplace. one or two to first explain the delay and also talk about whether of the long term use the future where health insurance is less time to play its role as an option for me for the fresno. you both talk about the pursuit of the transatlantic trade agreement. i wonder if you have followed the domestic battle here over fast track authority and if that raises questions in your mind about whether such a deal could be ratified. oh he'll be industrious there was no one was fairly straightforward the overwhelming majority of firms in this country are to provide health insurance to their warriors are doing the right thing this small percentage. they do not many of them are very small every exam tomorrow. so you read just a small category of folks who don't provide health insurance. one exempted by a wall they are supposed to make sure they meet their responsibilities so that their stories aren't going to the emergency room jacking up for real says costs and the impor

. >> jason furman is better than good at this.rman of the president's council of economic advisers, react? >> he spent about 45 minutes at the white house press briefing trying to explain these numbers in very careful terms. he did not disagree directly with the cbo, but he did question some of the assumptions, some of the numbers they came out with and said that the cbo is not 100% certain. take a listen to read -- listen. that if weo doubt got rid of social security and medicare, there are many 95-year-olds who would choose to work more to avoid potentially starving or to give themselves an opportunity for health care. i do not think anyone would say that is a compelling argument to eliminate social security and medicare. >> you heard him try to equate this to medicare and social security. --ublicans fired right back hard to make the case that the loss of 2.5 million jobs by 2024 would be a net plus for the economy. >he made the case that the affordable care act will be a net plus for the economy, not just this one sliver of the

the 2015 budget now, with jason furman, the chairman of the council of economic advisers. he spoke this morning about some of the proposals announced next week in the budget. here is some of what he had to say. >> first, in his budget this year, the president is writing the discretionary levels to what was agreed in the ryan-murray agreement. one of the levels is just how hard and painful the choices are to write a budget to that level. for that reason, in addition to writing a budget to that level, the president also is proposing on top of that an opportunity, growth, and security initiative that would make additional 2-15 splitin fy between defense and nondefense priorities, focusing in areas like basic research, job training, and national security, and financed with a balanced package of tax loophole closures and spending reforms over the next 10 years. the president continues to look for ways to make even more sustained investments in our productivity, and one of the highest priorities in that regard is our nations's infrastructure. and the president will once again pr

. >> that was part of the remarks from jason furman earlier today. you can see all of his comments 1125 eastern here on c-span2. on the next washington general electric the democrats' legislative agenda and strategy for mitt german elections with representative jim hines of connecticut, finance chairman for the democratic congressional campaign committee. republican senator of north dakota will take your questions about the keystone next -- keystone xl oil pipeline and will be joined by author and dry there to discuss his recent article in foreign affairs magazine about the affordable care act. live on c-span2 every morning at 7:00 eastern or you can join the conversation on facebook and twitter. >> the new c-span.org website makes it easier than ever for you to keep tabs on washington d.c. and share your finds b.f. facebook, to avert a land of a social networks. easy search functions let you access our daily coverage of events. the tools leg is simple to create short video clips and share them with your friends the facebook, twitter, and other socia

jason furman, the president's tom comips said the health care law he said is helping labor markets, helping businesses, it's helping jobs. helping labor markets? because of the failed policies of the obama administration we have the lowest labor force participation rate in 35 years. people have given up looking for work. the administration should be doing all that it can to increase the labor force participation, not celebrating that its health care law is going to push that number even lower. middle-class americans all across this country have seen their insurance premiums go up significantly because of the health care law's costly mandates. they've seen their deductibles go up. millions of hardworking americans have had their insurance policies canceled. why? because of the law. now we're seeing people's personal information put at risk, and we're seeing the damage the law is doing to the labor force. president obama says it's working just the way it's supposed to. that's what he says. the president is wrong. the web site is not working and his health care law isn't working. it's not work

white house economic adviser jason furman spoke to reporters at the white house. we cover that and you can find that in our video library. chairman paul ryanin

jason furman is the president's ch ief chieeconf ecomisonomt.ist. >> & hisp>> this is not businesses cutting back on jobs. this is people having new choices they didn't used to have. have economist. >> this is people. having new >> reporter: the cb o choices they didn't report pr edicpredtsicts the workf toorce wil l grow pove r thovere the next te predict then years, just growas it would ha overve without obamacare. the-pthe next ten years cbo also predic justts the not as quickly as it would have with a obamacare.ct will boost pove rallover demall anddemand for goods and services over the next few years, as low-income americans low inc newl ynehinerieswly newlyeligible for medicaid or eligible for medicaid or ancpin seurance s insuranceubsidies fin subsidies findd they have more spending money. still, the jobs numbers are surey to & indpto find their spending way money. into still the pant i-obantiamac-obaaremacare find ads, like the their way in ones already blanketing the obamacare airwaves. >> because of the doctors and blank health insurance i had, my wave di seasdisee waas

white house economic adviser jason furman spoke to reporters at the white house. we cover that and you can find that in our video library. chairman paul ryan coming into the room. we are live on c-span2. [inaudible conversations] [inaudible conversations] >> a moment before the hearing gets underway a reminder you can join the conversation on line with your comments about today's hearing at c-span chad and on facebook.com/c-span. [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] >> hearings will come to water. welcome. i want to thank director elmendorf for joining us again. we appreciate your taking time to meet with us today and we know this baseline was late because congress was a little late. i am glad we got time to get to this. you have put together a very informative report. we still have a lot of work to do. we will run a deficit of $514 billion. that is less than last year but nothing to brag about. the debt that deficit will start growing in two year

jason furman, who works for the white house, and jay carney did their best to try to spin this bad newssed to work 60 hours because they needed health insurance and that was the only job that offered this. now they can get a different job at 35 hours. >> when somebody decides not to work 64 hours, but to work for 35 hours, even though the option of working more hours and focusly having the extra money that that option provides is available to them, they're making a choice about their overall quality of life and perhaps pursuing something, either a new entrepreneurial opportunity or a new job in which they could be more productive and they're choose to go spend more time with their family. >> here is the problem with his example, the problem is it has nothing to do with the study. if you go get another job, then you don't belong in the study. the problem is for people who say i want to work 60 hours in order to, i don't know, retire with my own pension. i want to work 60 hours to get a car i want or put your car through college. or work 35 hours, you can get more financial aid, more stud

coming up on "squawk on the street," the chairman of the council of economic advisers jason furman willd out what the white house says about that disappointing jobs figure. faster than ever, we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. [ male announcer ] this man has an accomplished research and analytical group at his disposal. ♪ but even more impressive is how he puts it to work for his clients. ♪ morning. morning. thanks for meeting so early. oh, it's not a big deal at all. come on in. [ male announcer ] it's how edward jones makes sense of investing. ♪ afghanistan, in 2009. orbiting the moon in 1971. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation. because it offers a superior le

jason furman is the chief economist. >> this is people having new choices they didn't used to have. >> reporter: they predict the work force will grow over the next ten years, just not as quickly as it would have with obamacare. low income machineries newly eligible for medicaid or insurance subsidies find they have more spending money. still the jobs are sure to find their way in obamacare ads like the ones blanketing the air waves. >> because of the doctors and health care i had, i was eligibe eligible but that was cancelled because of obamacare. he's going to have to spend more time defending the law come this fall. >>> target will testify on its massive data breach. the chief financial officer apologized yesterday while testifying before the judicial commission meeting. jan, good morning. >> well, good morn, norah and charlie. i think about this. 110 million people were affected by that attack on target. that is more than a third of the u.s. population, so it's probably not surprising when target says that the confidence that people should have when they're shopping in their sto s