good to see you. >> jason furman down in washington. let's get to bob pisani here see what's moving on the floor with the dow down 20. hey, bob. >> good morning, carl. modest impact from the jobs report on our markets, but a lot more notable impact overseas where that big drop in the pound that we saw for whatever reason that's helping companies in the uk that are exporters, weak pound helps them out. so some of the commodity firms, billiton, glencore, burberry, they've had a good week overall. here in the u.s. sort of a mixed market here. the recent advancers are declining today. utilities have been a loser this week, they're up today. banks, materials and industrials are down. i think industrials and materials down because of what happened with honeywell there. we've been talking about honeywell kutding sales and profit outlook. honeywell down, textron down, remember they make beech craft and cessna airplanes, united tech, dover, not only did they lower their guidance overall on sales, but they did talk about the aerospace market beca

jason furman to address us. thank you. [ applause ] >> i'm not going to hold myself up against a quantum chemist. but thank you so much, chuck, for that introduction. thanks for organizing this discussion today. and i thought i would start with something really simple, because when we talk about health care, often our vocabulary flips around. i want to talk about the difference between cost and spending. cost is how much it cost to buy something, how much it cost to buy a shirt or a candy bar or a meal at a restaurant. and in those contexts, we rarely get the word wrong. spending is how much it costs for something multiplied by how much of it we spend in total on shirts, how much we spend in total on candy or restaurants. and that depends on both the price and the quantitity. when it comes to health care, these two have somewhat different evaluations. as a general rule, any time we can slow the growth of cost, that is the growth of prices, in this case, the price of an aspirin or the price of a treatment for hea

i had asked jason furman, who is the chairman of the council of economic advisers, conservatives tend to criticize the level of employment right now claiming it is false. that even though we're closer to full employment, that the real problem lies with labor force participation rates. it just so happens if latinos have had a larger labor force participation rate since the year 2000, 69%, as opposed to 6% -- 66% which was for the rest of the population. even today that same gap continues. it's at an all-time low level, 62 for the country, but it's 66 for latinos. and the question i asked mr. furman is do you think that the reduction that has occurred among latinos in labor force participation is due in part to the fact as it is reported in the report there's been a net wash, and in fact some years where we have actually lost immigrants that have come -- >> is your question -- the question you asked to jason furman, one of our leading economists, you're going to ask to renata. >> i had hoped to ask cecilia also that same question. the other question is -- >> i don't understand the quest

i had asked jason furman, chairman of the council of economic advisers. conservatives claim it is false and even though we are close to near full employment, the real problem lies with labor force participation rates. it just so happens that the latinos have had a larger labor force participation rate since the year 2000. 69% as opposed to 66%, which was for the rest of the population. even today, that same cap continues. it is at an all-time low level, 62 for the country but it is 66 for latinos. the question is for latinos, it is forced participation due in part to the fact if it is supported in the report, there has been a net wash in effect in some years where we have. >> we can ask jason furman, one of our leading economists or ranata. >> i had hoped to ask cecilia also, the question. >> the other question is the fact that the labor force participation reduction rates particularly for hispanics has been lowered. that's actually a plus, an investment in the future. my question for you. the impact of latinos on the overall labor force participation rat

i had asked jason furman, who is the chairman of the council of economic advisers, conservatives tend to criticize the level of employment right now claiming it is false. that even though we're closer to full employment, that the real problem lies with labor force participation rates. it just so happens if latinos have had a larger labor force participation rate since the year 2000, 69%, as opposed to 66% which was for the rest of the population. 62 for the country, but it's 66 for latinos. and the question i asked mr. furman is do you think that the reduction that has occurred among latinos in labor force participation is due in part to the fact as it is reported in the report there's been a net wash, and in fact some years where we have actually lost immigrants that have come -- >> is your question -- the question you asked to jason furman, one of our leading economists, you're going to ask to renata. >> i had hoped to ask cecilia also that same question. the other question is -- >> i don't understand the question. >> labor force participation reduction rates particularly for hispan

if you look at jason furman's response, he went through this very well, you can take several other measures -- unemployment has come down. jobs and unemployment were down much less than projected, it was difficult coming out of a financial crisis like we had, but when you look at private sector growth, it was 2.6%. when you ask, what was different about this recovery than other recoveries, it was that state and local government was contracted when in every other previous recovery going back 30 years, state and local government expanded during that time. ronald reagan was helped dramatically by a burst of state and local government spending. when you look at his private sector growth of 2.6%, if you had more help from republican congress on infrastructure and deferred maintenance come on helping state and local governments during this time, you could very easily have been over 3% growth, even with the obstacles we face globally. >> what would president trump do about social security and medicare? stephen: this should not rest -- we should learn from what happened in 2009 and the failures of

jason furman to address. thank you. [applause] >> not going to hold myself up against a quantum chemist. thank you, chuck, for this introduction. thanks for organizing this discussion today. i thought i would start with something really simple, when i talk about health care often our vocabulary flips around and i want to talk about the difference between cost and spending. cost is how much it costs to buy something, how much it costs to buy a shirt or a candy bar or a meal at a restaurant and in those contexts we rarely use, we rarely get the word wrong. spending is how much it costs for something multiplied how much of it we do, how much spend in total on shirts or how much we spend in total on candy or and how much we spend in total on restaurants. that depends on both the price and the quantity. when it comes to health care, these two have somewhat different evaluations. as a general rule anytime we can slow the growth of costs, that is the growth of prices, in this case, the price of an aspirin or the price of a tre

if you look at jason furman's response, he went through this very well, you can take several other measures -- unemployment has come down. jobs and unemployment were down than projected, it was difficult coming out of a ,inancial crisis like we had but when you look at private sector growth, it was 2.6%. when you ask, what was different about this recovery than other recoveries, it was that state and local government was contracted when in every other previous recovery going back 30 years, state and local government expanded during that time. ronald reagan was helped dramatically by a burst of state and local government spending. you look at his private sector growth of 2.6%, if you had more help from republican congress on infrastructure and deferred maintenance come on helping state and local governments during this time, you could very easily have been over 3% growth, even with the obstacles we face globally. dowhat would president trump about social security and medicare? --phen: this should not rest we should learn from what happened in 2009 and the failures of the obama stimulus. that