jason furman joining us.ll have that interview followed up with house majority leader, cell phone mccarthy and the republican response as we head to a break. look at the major companies reporting this week. we got all that and more when "squawk box" returns in a moment. flr in new york state, we believe tomorrow starts today. all across the state the economy is growing, with creative new business incentives, the lowest taxes in decades, and university partnerships, attracting the talent and companies of tomorrow. like in utica, where a new kind of workforce is being trained. and in albany, the nanotechnology capital of the world. let us help grow your company's tomorrow, today at business.ny.gov . >>> welcome back to "squawk box," 12 year lows in oil, however, crude, down 15% for 2016, one noted analyst thinks half the shell players could be bankrupt before the crude markets reaches e kwquill lib y saying they don't have business to be in a business where the price forecast in a recovery is going to be betwee

we jason furman, chairman of the u.s. council of economic advisers, joins us from the white house. n: what is in store is the 's optimistic vision about the future of this country and what we need to do to achieve it. -- have a tail wind with we had a tail wind with 70 straight months of job growth, what can we do to raise wages and make the country stronger? jon: the price of crude this morning around $32 a barrel. the u.s. is one of the biggest crude producers in the world. how does the u.s. handle where crude is trading now? we see whatof why we have seen in oil markets, we have cut back our oil consumption in this country. that is good for climate and good for stability. we are still net and importer of oil and low prices are on net a good thing for the u.s. economy because of what it does for consumers. you see strong consumer spending of the last year. david: you paint an optimistic picture and i'm sure the president will tonight here it is not what we read every day in the paper. is their frustration in the white house? why hasn't the white house been able to get the message

important message in the president's address will be whitecovering economy as house economic adviser jason furmanoted. in 2015 wereers the most optimistic they have been in any year for over a decade because wages are rising the fastest they have in the recovery, the unemployment rate -- atovering at the the fastest rate. hensarling serves as chairman of the financial services, the house financial services committee. congressman, thank you for joining us today. despite the juniors we are seeing now in the markets, particularly on the back of the decline in oil prices, the president is going to come out and run a victory lap. but the economy -- is there no credit the republicans can give to him for an economy that has recovered millions of jobs? as you pointng: out, the white house is billing this speech as a victory lap, and it will probably be the shortest state of the union ever. it should be only a minute or two. the facts are these. since president obama came into office, the average american is down. their income their take-home pay is down. the average american family has less savings. the

erik: thank you very much jason furman. he is chair of the economic council. now. we are coming up on 12 minutes into the day. matt: we are still looking at gains, but they are not huge. the s&p putting up again of 11 points. the dow up 56. the nasdaq up 43. it is the worst start for stocks since time started being recorded. i am looking at five days of trading in the dow jones industrial average. you can see this little blip here is the beginning of today's trading. it is nothing compared to this huge avalanche we have seen. i will zoom in. right around here, stephanie said, oh, it is the weather. it is the only reason we have had these gains and jobs. stephanie: no, that is not what i said. i said specifically in construction. dr. fuhrman gave a positive note in construction. i was reminding our viewers that we have had hot weather, and once it gets cold, the construction jobs may not be here. i jump on weather all the time. anytime a ceo tries to use the weather as an excuse, stephanie sent him packing and takes his microphone. in any case -- stephanie: i w

furman pointed out the ugly way of doing it is say that can't happen but that leaves open the possibility it's much cheaper for a foreign company to come in and bipartisanship these companies. >> jasonist. he knows you can't say it can't happen. designee said you could say that. did he say that. >> one way or another these jobs will find their way to the lowest tax haven they can get to. it's very bad. not just for companies -- you have the inversion problem but problem of foreign companies coming here and buying our companies. >> i didn't have anything to say. >> since you're here -- >> i feel i'm like on "squawk box" >> you're close to michael bloomberg. >> tell us. what do you think the chances are that he runs? >> you know, i have a rule you never talk about the guy who signs your paycheck. it's a really bad idea. >> let me ask you about this. >> whether mike bloomberg runs. that simple. >> what do you think about fiat chrysler making all this noise that they would like to merge with fwm gm. how would you feel about that when u.s. taxpayers stepped in to saved in to save general motors. >> the united states taxpayer got what he asked for out of general motors. we saved millions