jason furman is now going to take over. the agony with which he and i and others as we struggled as we maintained to sustain a program to help them keep their spirits and help them continue to look for work when so many of them had never done anything but work all their lives. there were so many people that would tell us at the age of 18, they went to work and worked all their lives. they worked when the worst recession since the great depression came, and they were out in the street. this country must do better and i pay tribute to all of you who came here today to join in this effort that has to be renewed. thank you very much. [applause] >> thank you so much for those kind words. speakand i used to times a dayltiple on this

also what it meant to the economy, where we would have been adjacent -- in jason furman is going to talk about this, without the impetus that came from the unemployment insurance program. that is the first reason i think it is so important that we be here. structure is a mess. you covered some of the inadequacies of the program. only a quarter of the people covered, and that is likely to become even more so if we don't change it. the problem with the state system and the number of states that are deeply in debt. to rereads, and i had it again. $3.4 billionhave in debt. three states? the state of michigan has been going in the opposite direction, and what it did some time ago was to cut the minimum benefit from 26 to 20 weeks. because theret will be another recession. i just want to close by saying this proposal were really mean. -- will really mean. it will open up the debate, once again, about what unemployment insurance really is. employed think they work for their unemployment insurance, that it is paid for in part by the employer in lieu of wages. they think they earned this. and yet

. >> today president obama's top economic adviser, jason furman, and congressman sandra levin talk aboutunemployment insurance and its role in the economy. live coverage beginning at 10 a.m. eastern on c-span. >> could 5g mobile connectivity be right around the corner? fcc chair tom wheeler is pushing for it and says the u.s. must lead the world to develop it. tonight on "the communicators," frontier communications executive kathleen abernathy talks about 5g and what it means for the u.s. she'll also discuss why 5g is needed for the internet of things, self-driving cars and the expansion of virtual reality. she's joined by communications daily senior editor howard buskirk.

that is jason furman, council of economic advisers chairman.ick reader and black. this is bloomberg. ♪ david: this is "bloomberg . -- alliancelian's chief economic advisor, mohamed el-erian. ♪ jon: mrs. bloomberg. coming up on "bloomberg markets is vonnie quinn. what have you got coming up? vonnie: we are having mohamed el-erian about the jobs report to see if this stabilizes markets. we have seen the doubt going down, but there was some things in the report that might make us more nervous. the unemployment rate ticked up. there was not much wage growth. he will address these. we will also be speaking later on the brookings institution. jon: looking forward. david: one to bring into to the story of the capital locked down. beenockdown order has lifted. a capitol hill staffer tried to get to work, and then there was a lot down because he brought a gun. a look at the movers with ramy inocencio. ramy: i want to tell you about the s&p and the dow. we both refute their losses after the post brexit vote off of what is happening in terms of market

tom: as i was going to the white house to see jason furman and his team late one night, it was not :00e are outside -- it was 9:00 and cold. we are outside, and security, we could hear the girls in the bedroom listening to the music very, very loud. it was dazzling. but the first lady had to put up with her daughters in the white house for eight years, and they are now older. we need to go to first word news. here is taylor riggs. politics,arted with reporters are saying -- they ignored sanders please not to protest. that -- in ay primetime speech, sanders said he was backing clinton but acknowledged there are still some hard feelings. mr. sanders: i understand that many people here in this convention hall and around the country are disappointed about the final results of the nominating process. i think it is fair to say that no one is more disappointed than i am. taylor: senator elizabeth warren trashed donald trump, calling him a man who cares only for himself every minute of every day. she urged reluctantly girls -- reluctant liberals to support clinton. killedthe hostages was befor

ambassador negroponte, jason furman at the last minute was called into a meeting with the president. thank you so much for joining us. we're joined by the founder of our center, sitting here in the first row. [applause] host: as all of you know, and is that round of applause shows, her vision and inspiration or to -- are helping to reframe thinking about latin america. today we have a great event. this is the launch of a larger effort. the new united states and mexico are strong partners with the relationship that is unparalleled and indispensable. from security to trade, to immigration to culture, our countries benefit enormously from highly integrated partnership. this relationship is under attack. the presidential election has put mexico in the eye of a national political storm. the country is eating wrongfully i being wrongfully blamed, scapegoated, for the anxieties many people have about how the world is changing and what it means for them. rhetoric is calling into question the benefits of strong commercial relations with an important ally and proposing unilateral action at the

finally, we'll go right to the white house, to jason furman, the president's chief economic advisor,on what the numbers mean. tom: thank you so much per let's try to get back to the jobs report today. below about her with us from citigroup, seth masters with a b bernstein. what will you discern or glean at 8:30? seth: it is always a very uncertain number, and this time especially so because the people out on the verizon strike from the previous month are coming back. that swing by itself is about 80,000 jobs, roughly. on top of that, we think there are demographic factors causing the labor force to grow slowly anyway. as the population grows, more people are retiring then entering the workforce. that is a key point. this is the terminal value bringing us down to a new nonfarm payroll norm of -- it is not 200,000 anymore, is it? seth: it is maybe 100,000. tom: really, 100,000? rightseth: that is probably the ballpark. effectively retired or it willted workers, eventually hit the full implement area, but not quite yet. there is some slack in the labor market. francine: willem buiter, w

jason furman laid out, i think, so vividly, why unemployment insurance is not in, quote, a welfare program. it is vital for the nation's economy. it is vital to keep people in the workforce. remember, we argued that endlessly and we said if you cut off unemployment insurance, it is likely that a substantial number of people will drop out and maybe for good. and so we just need to elevate this discussion as part of what this country is really all about. and not leave it to next year. >> do you think that's part of it, people don't appreciate the number of people who are leaving the workforce and -- >> yeah, i mean, 2.5 million people on ui now, but during the great recession, and the aftermath, 70 million people, including the workers, their families, including more than 17 million children benefitted from unemployment insurance. it is something that really affects a lot of people. but what i found in the debate last time is there was fatigue by the end of 2013, it was we had this for six years or seven years or whatever you had it for already, do we need it for another year, as opposed to