we continue with jason furman.linkage of america international economics. nathan sheets is with us. this is bloomberg. ♪ ♪ taylor: this is "bloomberg surveillance." procter & gamble is adding over-the-counter medicines to its lineup. merck wants to put more money into testing new drugs. a $7.4r is planning billion share buyback. it is a way for the company to as mass-markets brands such as dove scop -- dove power.e -- lose buying first quarter sales of nestle got a boost from americans spending more on pats. -- on pets. in the united states the pet care business improved and there was stronger demand for foods and online sales. the sale of nestle's american confectionary unit weighed on the results. much.ne: thank you so we are looking at live pictures of london. we do also have the queen and .rince charles they will talk about further integration or them splitting up. i will bring you data from the u.k. we are a lot of snow in the u.k. as in the u.s. for march.s plunging my view of the commonwealth event here and

tom: jason furman was on our desk yesterday and he had your affairs both open with the peterson instituteas looking. this is hard to see. all you have got to know is the united states looks like a banana republic in this chart 117% debt go out to to gdp. for our global audience what that means for the united states. are we on the edge of japan? are we on the edge of italy? is the united states a special case? vitor: the united states is a special case. reserveed states is the -- issues the reserve currency of the world coul. u.s. treasury are typically regarded as safe assets. we are concerned with that and ephesus in the united -- debt and deficits in the united states because we have this upswing and the increase in debt is procyclical. we do support the corporate tax reform. the imf has been calling for corporate tax reform in the united states for years. the cut in the corporate income tax rate brings the tax rate in the united states to the average of the oecd. with the mann here was oecd. francine: have there been distribution problems with how the tax cuts have been implemented? vi

even jason furman, the former cea chair, wrote about this. winter storms in the first quarter. so economically significant storms. so smoothing through that, this number's just about three. but down in the details you can see that the policies are working exactly as you and i have discussed, so there's a big surge in capital data despite the storms. if you go q1 over q1, the average american family because of president trump's policies ge of $2,900. that was in the data as well. stuart: should tell you the numbers were a bit stronger than expected, they've upped the forecast for the quarters still to come. i'm seeing one analyst saying, look, we're going to get to 3.5% annualized growth in the second quarter of the year. that's kind of optimistic, isn't it? >> i think that's about what will happen if we get the normal seasonal pattern. the first quarter has been low by as much as a percentage point, and then in the next couple of quarters it's been maybe a little higher than it should be by an offsetting amount. but, yeah, i think right now y

when the trump boom started, when we started talking about this stuff, the trump, jason furman came oute problem you can't do what trump says, it is systemic. that is the problem with obama. we didn't fail, it was everything changed. larry summers comes out and says, believing trump's prediction of 3% gdp growth is like believing in tooth fairies. guess what, for first three quarters of this year we averaged 3.1% and so 3% is something like believing in tooth fairies. i guess now we all need to believe in tooth fairies. stuart: i am glad you brought me a free copy night is yours. stuart: will you autograph it? >> i absolutely will. stuart: pleasure having you on the show. >> thank you. stuart: let me turn to something else here. very shortly we'll bring you president trump and emannuel macron tape from their meeting, some comments from the president. right now we have the dow industrials down 43 points. we have yield on 10-year treasury, right at 3%. now, ladies and gentlemen, here is president trump meeting with france's president emannuel macron. >> mr. president, they're all saying w