and what did you find would be the effect on economic growth of extending the bush tax cuts? >> our findings in that testimony are consistent with what i've said today, that extebding those expiring tax it cuts for a few years provide as boost for-to-the economy during those few years but will by the end of the decade and beyond be a drag on gdp because the effects of the accumulating debt in crowding out private investment outweigh the beneficial effects of lower tax rates. that's what we showed in this testimony you referred to in 2010 and the senate and again consistent with the analysis we presented in this outlook yesterday. >> it sounds really great in political speeches. the actual effect of extending the bush tax cuts over the next decade is to reduce economic growth by between 1% and 2%, isn't that correct, over the decade? >> yes. again, there's a range of estimates, depending on precisely what one does. >> that doesn't inclues any plus economic growth. all of it is negative in extending those tax cuts. >> in the outlook we released yesterday, congressman, thing wha

. >>> next up live on c-span3, federal reserve chairman ben bernanke testifies on the economic outlook for 2012. yesterday the committee heard from the head of the congressional budget office which forecast unemployment at around 8.9% and slow economic growth through the rest of the year. >>> the committee will come to order. all right. thank you, chairman bernanke for coming to our committee today to talk about the state of the economy. you've been here a number of times. we appreciate your time. we know your schedule is tight. we'll proceed quickly so we can get you back on your schedule. nothing is more critical to today' economy than restoring real job and business growth in america. yet for almost three years, the u.s. economy has remained minored in a slow growth high unemployment trap. the president and his party leaders say things are getting better. yet we continue to hear from families and businesses in our districts who tell us this kind of talk is completely disconnected from reality. the fact is, this administration told a stimulus plan would keep unemployment from ever ri

the economic future of italy and europe. as fred mentioned, yes, i delivered a few words in 2006 on the topic does europe have an economic future? and after all, europe did have an economic future. but i think that many of the questions surrounding europe then are still there today. and, of course, i feel the responsibility in my temporary and luckily enough sharply timed to give a contribution to the solution of those problems. everybody has in mind, of course, theure j ureuro zone cr. i think everybody should be aware and i think everybody in this room is aware but not everybody in this country or in italy or in europe is aware of the fact that this has not been a crisis of the euro. the euro has continued to display very, very remarkable stability, solidity. it has not incurred on any of the two situations in which a currency shows its weakness in terms of the domestic purchasing power and in terms of external -- in term of exchange rates. so i think it is a really remarkable that although there has been and partly there s

the out look remains uncertain and close monitoring of economic developments will remain necessary. >>> as is often the case the ability and willingness of households to spend will be an important factor in how the economy expands in the coming quarters. households continue to face significant headwinds. notably real household income and wealth stagnated and access to credit was tight for many borrows. it remains at low levels by historical standards. household spending will depend heavily on developments in the labor market. the job situation has improved modestly over the past year. private payroll employment increased ed 160,000 a month l year and, new claims for unemployment insurance declined somewhat. we have a long way to go before the labor market can be said to be operating normally. troubling is the unusually high level of long-term unemployment. more than 40% of the unemployed have been jobless for more than six months, roughly double the fraction during the economic expansion of the previous decade. >>> uncertain job prospects and tight mortgage credit continues to hold ba

so this summarizes the economic effects of the policies. and the baseline under the alternative scenario. if you look at the middle column for 2013, we project that real gdp under the alternative scenario would be between .5%, and 3.7% higher at the end of 2013. so for my comments i just picked the mid point of that range. we use the range deliberately, because this is an uncertain business. the other thing i did was i talked about gnp. and i talked about gnp, which we show on the bottom row of the table. it's not much different in the near-term, but it's a fair bit different by 2022. this is not just an arcane matter of national income accounting, this is a substantive and important difference. gdp is a measure of what's produced in the country. some of the income from what's produced in the country goes to people overseas. because they have either worked here or they have sent their investment capital here. similarly, we as citizens of this country collect money that, from overseas investments of ours, that adds to our standard of living.

we'll have more from the world economic forum tomorrow, including a panel on the political and economic future of africa. plus eos of several major corporations talk about the role their countries are playing in the global economic recovery. >> new york governor andrew cuomo delivered his second state of the state address at the empire state plaza convention center in albany in january. the governor reviewed 2011 and released his agenda to boost new york's economy during his second year in office. he announced plans for the nation's largest convention center in new york city, a $1 billion jobs initiative for the city of buffalo plans to repair 2,000 miles of bridges and roads. his speech is about an hour. >> thank you. thank you very much. thank you. thank you, thank you, thank you. happy new year, new york. it is going to be a good one. 1st lt. governor bob duffy, isn't he great just listening to the lieutenant governor? he is when we started the administration, we has three call words, performance, integrity, pride that you see behind me. bob is the personification of that. he was a g

we could continue this for a month and get more plans in place for the office of economic and work force development to share with us how we're going to work with other city departments, what kind of models would work in the neighborhoods that are harder to serve with this find. that is another idea that i have had, as well. i cannot quite remember what it was, but those are some of my ideas. why i want to be able to support at another time. they have talked about putting loans to credit unions and community development financial institutions in terms of a community investment strategy, and to me, there are things happening in san francisco that we have that we could use to broaden the scope and reach an have new ideas about how it can be structured, and i think that is worthy of discussion, with the office of work force development, how we can perhaps look at how there are financial institutions like credit unions that want to access this, how that can work in concert. those are my ideas. i feel most comfortable getting more information. i do want to support the continuance of the revol

improvements in expectations of the market economics picture this year there's i think and i think most of their fund managers pretty much priced in their greek default and greece exiting the euro zone and this is. not happening and that needs to be then taken back to this all this you know that things which were priced in the their equities and their high risk gasses need to be bid up to take back that discount foreign investors are eyeing russia's regions that's according to keel greentree of the head of the country's investment fund speaking at an economic forum in siberia have told business r.t. about the main attractions for foreign money and russia as a specific interest in logistics area that's very important there is quite a bit of interest in the infrastructure and those are very specific projects so for example airports infrastructure is very interesting and with helpful now a trip if on to which is one of the largest investors and airports worldwide we tailor investments and we invest with those investors into areas in industries in the stand well and therefore they can do a

we provided this committee out of convenience, and i appreciate their work of the office of economic and workforce development, our labor and community allies, the laborers, carpenters, and we have had some good developments in our discussions around the new work force and small business inclusion plan. that will be discussed today. i appreciate that movement. just yesterday, we were talking about how we can move forward on prevailing wages and local hire. the office of economic workforce development in the event authority were able to come to some concessions and some real benefits that i think are important to note. that is the payment of prevailing wage. subcontractors also be bound by these wage provisions. and there will be a lot of work in bringing the premises of into line as well. i think it is great progress. i want to say that that movement is very well-appreciated. i think it is going to have really great benefits for residents here in the bay area and locally. i think there is more to go. i believe that our local hire ordinance that we passed in 2010, that was a great part

that means are we going to be able to generate the kind of revenue we expected to come out or the economic benefit we expected to come out of the event, and i would say we are not seeing that, and then we have the kind of tourism we were expecting from the event, for spectators to come to the bay area to enjoy, or is this something that is going to be on television, and what are the economic factors that are going to be changing because of looking at having the event go on here in san francisco. as it is today, i could not vote for this measure, and i hope what the discussion we have today will lead to the port being able to go back to agree to negotiate a lot of the terms of the event. the financing i think is not as well as it could be. i am concerned about 330 going up for the sales, and we are really not doing as well as we could in terms of the interests with the transfers on those sales that are going forward. i think we can do better. i think the interest rates for covering the gaps in meeting the cost of the events going forward that we have going forward is way too much for us to

the economic numbers, and a great round table on sunday. we have mariana huffington, very diverse perspectives to engage in the round table. we will look at all of the big stories of the week. will have the results of nevada sunday morning as well as the controversy between planned parenthood and the susan komen foundation. as well as the facebook ipo, and that phenomenon. i also may have the super bowl predictions. >> thanks a lot, george stephanopoulos he does not have one job he has two, good morning america and this week. we will be watching them both. >> watch "this week" with george stephanopoulos tomorrow morning at 10:00. is suspected terrorist list has doubled. the list has doubled from about 10 dowson to about 21,000. most are from other countries. the surge came after the failed christmas 2009 underwear bombing in detroit. president obama has called for broader criteria to be put on that list. still to come -- >> i really don't think we'd need the government telling us what we need to do. >> the results of the new study that has r

bernstein introduced the concept of yo-yo economics, you're on your own. how would you characterize that in comparison to the free market principles which i understand that you're advocating? >> well, you know, it's interesting. on the topic of trickle down economics, i have to admit there is no respectable economist that i know that trickle down policies. so perhaps we're in agreement here. there really isn't a school or an academic journal that publishes regular leely or teac its students that we ought to be directing sources to the wealthy and hope that they will somehow turn around and spend that. there is a well-respected school of economics that says we ought to treat all people equally and shouldn't single out some for particular treatment one way or the other. and so what i would actually say is that while there isn't any economic school that teaches some sort of top-down, trickle-down economics, unfortunately governments do quite often practice down top-down economics. by that i mean, you study

either they are cultural and recreational benefits, the economic benefit to the department, and the economic benefit to the city. one of the things that we look at spacing, we assessed generation fees around these events to pay for special park worked out i will talk about a little bit more later. supervisor mar: that is to restore the grass? >> i will go into details about what we do, but we didn't used to do that. otherwise to be pulling gardeners' of work that we otherwise need to do. this allows us the materials and time to do it. we have pecial event staff assigned with gardening knowledge to supervise those events. i want to talk a little bit about events and what has been happening. since 2010, there are new events, a road closure on one side of the park for an all-day by events. this year is only going to be one time, and in april, we are moving it to the mlk side. it does involve a road closure which adds to traffic congestion. oyster-fest will be july, a ticket event in a lower peak period of time. the lung cancer walk is in mid- september. it is late in the day, and it has been so

twenty summit later this year the far will focus on the social and political dimensions of the economic crisis and up next we talked to the russian finance minister on tone steve ott of about what's two thousand and twelve has in store. special but mr siegel one of welcome to our program i'd like to start with this question a number of world leaders including the russian president are warning of a possible recession and the global economy what chances are there for this scenario to unfold. and indeed this option is possible to a large extent it depends on the efficiency of the decision making by the eurozone countries and those that find themselves in a heavy debt crisis therefore functioning of the financial market particularly in the euro zone and operation of financial institutions banks and financial companies which they are the most vulnerable and largely dependent on the unstable financial economic situation is a priority issue for europe therefore today european countries are taking a number of steps to provide banks and financial companies with the quiddity so they would settle

sanctions it's the iranians who are feeling it it's the tension the pressure of the economic problems are all one sided this is like a great power the seven hundred pound gorilla who decides to sit wherever it wants to sit and it can create immense tension and pressure and economic suffering somewhere else without having to endure any political price so that that's the big problem and as a peace activist and as someone who believes in human rights in i think will do will see this more and more in the united states we are starting to concentrate our efforts to expose the fact that the united states government is carrying out through a different set of tactics the same thing that they did in iraq they carried out regime change in iraq not to make iraq more democratic more human rights oriented but to dominate a wreck and i think they they want to do that in iran and we need to have people outside of iran stand up and say iran should not be alone on this that's not presidential elections have any say in what's going on in and what's going to happen with iran in terms of washingt

what is our assessment of the economic outlook? the pace of the recovery has been slow since the recession ended two and a half years ago. we project it will continue to be slow for the next two years. reflecting both the lingering effects of the financial crisis and recession and the fiscal restraint that will rise under current law. current law fiscal policy will reduce the growth output in 2012 and 2013 through a large combination of tax increases and spending cuts. our

with china being the biggest foreign creditor for the us the economic interdependency between the two is raising red flags in the minds of many americans that china can very easily just bankrupt america overnight all they've got to do is just dump dollars in treasuries switch to euros radio the current lets him have a market except experts agree china would never do that because beijing is just as interested in preserving the value of their us treasury holdings as well as the rich market for their manufactured goods but this economy interdependency becomes a headache for washington when china demonstrates policies independent from america's will and the white house has to stifle this content behind full on smiles china blocking the u.s. back. resolution on syria is one example russia came under fire from washington for opposing forceful regime change in syria while u.s. criticism for china was far more muted for taking the same position but the reality is that china the west have to treat with much more with kid gloves because of the integral relationship in terms of the way that the

the estimates that we do. so there's no, i don't think there's a right answer from an economics perspective of what the relative tax rates should be. because it is a combination of both economic effects and value judgments, again. we can do work about the effects and changes in particular sorts of taxes. as can our colleagues in the staff on taxation for you. but i don't have comparisons to use here. on the second question you asked, the economic effects of extending all the expiring tax provisions would be a little larger than the economic effects of extending all the expiring tax provisions except for the top tax rates. so in the short term, the lower the taxes are in general and the higher spending is in general, that tends to boost the economy, as i said. in the analysis we've done before, we've said that the effects of lowering the top tax rates is smaller on the economy in the short term than the effects of changes in tax rates in the income distribution because hiring people tend to spe spend a smaller share of the money they have. the effects will be smaller dollar for dollar in the short term. in the l

the budget. and we have a four-part agenda we are here to discuss economic assumptions. he is going to talk about the importance of the budget. >> i want to comment on four of the economic assumptions first the economic assumptions are developed jointly by the office of management and budget and the treasury department. >> i want to comment on four of the economic assumptions first the economic assumptions are developed jointly by the office of management and budget and the treasury department. when we when we made the projections, the unemployment rate had been at 9% or 9% -- or at 9.1% for several months. since we made our forecast we have learned that the unemployment rate has come down 0.8% in the last six months. we have also seen an improvement in other economic indicators particularly for the labor market, such as initial unemployment insurance claims. as a result of this welcome news, the budget forecast for the unemployment rate should be considered stale and out of date. the private sector forecasters have shaved over 0.5% from their 2012 forecast of the unemplo

then the economic collapse occurs. that gives a whole new edge to the tea party. think in terms of how their household budget works. we have less money. we have to cut back. it gives the republican party a huge leverage in politics and public policy making. they can portray obama as being a big spender at a time driving up the deficits, driving us into a european entitlement society. it is an ideal circumstance for one party. the democrats are split on this issue. half of them are austerity democrats. half of them are not. you have one party fully in favor of austerity and the other divided and uncertain. in that circumstance, the people that are united are going to win. tavis: thank you very much for that. i am enjoying best. i am learning from it. why are democrats divided on this particular issue? if you consider what the democratic base is, how can democrats be divided on austerity? >> democrats are always divided. that is inherent in the party. there are divisions in class, race, and ethnicity it within the democratic party that are less so within the republi

to give us the economic impact. now, included in the analysis would be a statement of critical assumptions and also sources of data underlying its estimate which would provide for maximum transparency. so if there were questions we would have the information in front of us so that we could ask additional questions and be sure that we had all of the information in order to make an informed decision. this is just another tool in our tool kit. and this will help congress create policy that affects our economy while creating a pro-job agenda which is on all of our minds and it should be our priority. the more information available to policymakers the better decisions. look, there is no panacea in the budget process. but this is one more step in reforming what is a broken process and we're going to see more information and more bills in the next several weeks talking about this broken process but this is one more piece to give us one more piece of information. thank you and i yield back the balance of my time. the chair:

it will markedly slow the economic recocoverry are. on the other hand, changing current laws to allow current policies to continue would boost the economy and hay lou people to pay less in taxes and benefit more from government programs in the next few years but would put the nation on a quickly unsustainable fiscal course. if policymakers wanted to achieve both a short-term economic boost and medium-term and long-term fiscal sustainability, they would need to enact policies that would leave deficits significantly wider than our current baseline in the next few years but significantly narrower under the significant policies that we've described. in conclusion, how much and how quickly the bijt declines in the coming decade will depend in part on how well the economy does. probably more critical, though, will be the choices you make as you face the substantial changes to tax and spending policies that are slated to take effect within this year. thank you. i'll take your questions. >> so in other words, it's pretty bleak to sum it up. the

there is nobody who's making the economic decision about the effectiveness of care. and that's an essential element of an effective system. there are many ways to address. that but that's one of the issues. >> thank you. i appreciate you coming in. we'll let you go. could i have two minute more? >> absolutely. >> i just would like to -- if we can show on the screen some of the numbers. this goes back two administrations. but the numbers indicate that even though unemployment rate looks like it's moving down and maybe that number on the right moved up a little bit, we are still having fewer people working today than in 2001. and that is pretty significant since the population in the working age has increased. would you agree? >> couldn't agree more. >> and then the other chart is the labor participation rate which is looking at the percentage of people in the working age cohort who are working. and that is a steady downward trend. and all of us need to be thinking about how to do that. i think one factor we talked about is depth. it may be having a crowding out. but i

i'm in this job because i care so much about the basic economic future of the country. we share that basic obligation. i would just make the suggestion that as president reagan recognized, and i think most presidents have had to confront, you cannot govern a country if you commit never to raise taxes on anybody because things change, wars happen, crises happen and millions of americans are retiring. >> if that's the kaerks i'm reclaiming my time, thank you, mr. secretary. if that's the case, what is the proper amount for a federal government to confiscate from its people in order to run its operations? >> well, in our budget -- that's a good question, although i wouldn't use that word. >> you're confiscating property. you're confiscating the work and the money of individual citizens to run your operations, and if the current level is not accurate, it's not appropriate, what is appropriate if it's arbitrary. what is the appropriate amount for a federal government to confiscate from its own people in order to run itself? >> can i ask this question. do you think a tax to p

congress in order to balance the budget ensure stability on the macro economic level we hope to see such measures implemented and the risks we're talking about reduced now let's discuss russia do you think that russia's a session to the w t o is a well timed move especially now in the period of crisis how will it affect the sector of financial services was going to happen to banks british can fight we can see even there that russia has practically entered the debbie to your because we observe most of what the devil does on the other hand we hope to gain some benefits and advantages from our entry in order to increase competition and make it possible to protect our goods and western markets within the w.t. or framework that is why our companies already incurred the expenses linked to the entry that we're waiting to see the positive impact on russia's economy as a whole what are your forecasts for the g.d.p. growth this year and the inflation rate you know i mean could be a real to the inflation level this year will be lower than in twenty eleven at least the dynamics of the first months o

and president obama has, you know, a very good sense not just of the economic requisites for kind of financial crises fire fighting but also how you build a political support. >>> we continue this evening with a look at the energy crises and the price of gasoline with daniel yergin awe ter of the quest, energy security and the remaking of the modern world. >> if we were looking at $4.50 or $5 gasoline in the united states, that would be a pretty big set back for economic recovery. it would affect consumers, it would affect spending, it would take tens of billions of dollars out of consumers pockets. it would affect a lot of companies and it would affect something else which you can already see. it would start to affect confidence in people would pull back. >>> lael brainard and dan yergin when we continue. captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: lael brairnd is here, she's a treasurer department's undersecretary for international affairs as america's top financial europe for urgent task to convince europeans to buil

the unemployment rate remained above 8%. as economic growth picks up, the unemployment rate will decline. in our production, it remains above 7% until 2015. before dropping to 5.25%. while the economy continues to be weak, inflation and interest rates remain low. let me turn to a budget projection. under current law, we expect this deficit will be about 1.1 trillion dollars. at 7% of gdp, that is two percentage points less than the deficit last year. it is still larger than any deficit between 1947 and 2008. over the next few years deficits in the baseline at narrow sharply as you can see in the picture averaging 1.5% of gdp and totaling $3 trillion. deficit small relative to the size of the economy, it drops a little as share of gdp but remains high. much of the projected decline occurs because under current law, revenues will rise considerably. between 2012 and 2014, revenues in our baseline shoot up by more than 30%. because of the expiration of tax provisions and new taxes and other collections that our struggle to go into affect. f

divide in america and its poisonous consequences leo hindery is the chairman of the economic growth smart globalization initiative at the new america foundation and a member of the council on foreign relations leo is currently an investment investor in media companies and is the former c.e.o. of telecommunications and liberty media and their successor eighteen t. broadband natalie foster is the co-founder of rebuild the dream an organization focused on strengthening working families by creating good jobs and making sure that all americans pay their fair share of taxes natalie was pivotal in organizing more than nine hundred house meetings across the united states' image ally for those attending selected priority issues and created the contract for the american dream and finally joining us from university of california berkeley is robert reich the chancellor is professor of public policy at u.c. berkeley and former secretary of labor under president bill clinton he's the author of thirteen books books including his most recent aftershock the next economy and america's future w

. >>> negotiations for a second bailout package for greece and the senate panel looks at the economic outlook for europe. and then we talk with congressman tim ryan of ohio about u.s. manufacturing. and later, house and senate republicans talk to reporters about the federal budget. >> for the last 60 years, every president since dwight eisenhower has attended the national prayer breakfast and tomorrow, president obama will be on hand at this year's prayer breakfast. watch live coverage at 8:00 a.m. eastern on c-span2. >>> u.s. officials continued to monitor europe's economy and debt crisis. up next, the senate budget committee looks at the economic outlook for the eurozone and we'll hear from economists and financial analysts at this hearing chaired by north dakota senator kent conrad. >> i want to welcome everyone to the senate budget hearing and today's focus is the outlook on eurozone and its impact on the u.s. and global economy. we have three really distinguished witnesses with us this morning and i want to thank them each for being here. first, we have dr. simon johnson, sr. fel

the economic challenges continue to play out across the region. quite rightly improve their economic prospects. regardless of political reform, countries in the region will still face the challenges growing, well-educated, populations with high aspirations and the job prospects social unrest could continue. some in the region rely on the natural resources making the currency on competitiveness and competitive limited. the fundamentals in the mog rebel are particularly weak but even with political change, changing economic trajectories can be the slow process. the young and growing populations have the potential to try the economic growth and can immunize against the problems of the aging populations. and with the load factor productivity to a large extent caused by the investment decisions to the policies there's real potential for growth for the distortions, trade barriers and lamarca of regulations reduced on privatization has given a push. the wheel and gas sectors will undoubtedly play a major part in this economic reconstruction in the region.

and we'll have more from the world economic forum tomorrow, including the panel on the political and economic future of africa. plus the ceos of several major corporations talk about the role their companies are playing in the global economic recovery. >> it is our cause to dispel the foggy thinking which avoids hard decisions in the delusion that a world of conflict will somehow mysteriously resolve itself into a world of harmony if we just don't rock the boat or irritate the forces of aggression and this is hogwash. >> as candidates campaign for president this year, we look back at 14 men who ran for the office and lost. go to our website cspan.org/thecontend cspan.org/thecontenders, to see the contenders who had a lasting impact on american politics. >> this is also the time to turn away from obsessive preoccupation overseas to the rebuilding of our nation. america must be restored to her proper role in the world. but we can do that only through the recovery of confidence in ourselves. >> cspan.org,/thecontenders. the nation's governors are headed here to washington, d.c. this week

welcome to the land use and economic development committee from the board of supervisors. my name is eric mar, i am sure the committee. to my right is supervisor cohen, to my left is supervisor wiener. we're joined by president chiu. >> be sure the silence of funds and electronic devices. anything being submitted should be on file with the clerk. supervisor mar: i like to thank the staff of sfgtv for broadcast of us today as they usually do. we have five items on the agenda at including three hearings at the end of the meeting. we have a packed house and another as an overflow room in the supervisors' chambers and to 50. -- in room 250. security might be asking people to find a seat in overflow room 250. we will allow them to come back into this room if they fill out speaker cards, but i know that it is filled with people to speak on the items we have today. we will do our best to keep moving the items so that we get to them as quickly as possible. please call items one and two together. >> amending the transit special use district and prevent the demolition of a mixed use

the national institute of economic and social research or otherwise known as the niesr says that it is a leading research economic body we should point out think tank extremely -- says the uk economy is likely to contract and is more pessimistic when it comes to the outlook from the government's own forecasts predicting about 0.7% growth for this period. the economy, let's remind you strengthened 0.2% over the course of the last quarter. so another consecutive quarter of contraction would technically mean that the uk would be inside a technical recession because the definition of that is two consecutive quarters of shrinking output. as a look at how this is playing out on the market starting with the ftse 100, everything is basically rather flat at the moment. despite the fact that we've had all that news surrounding xat that time xstrata, passed 5780 yesterday. things pretty flat at the moment. andrew? >> okay, well, one stock we'll keep an eye on here on monday, nina, is panasonic. after the close in tokyo, panasonic announcing it was doubling its loss forecast for the fiscal year 20

of the economic and back to the recovery act. and they both agree that the recovery act helped substantially in restoring growth of the economy and saved millions of jobs. >> your question is about tax increases. these are your numbers not mine. i was not up here. could you explain which tax increases will close the obama jobs gap? we were promised an additional $5.4 millions that didn't appear. can you describe, your $1.5 trillion in tax increases -- >> mr. secretary, this is your number, not mine. this is your number. >> if the gentleman will yield. >> it's the roamer and burn -- >> the right question is did the recovery act -- >> answer the correct question, mr. secretary. mr. secretary, these are your numbers and the numbers in your budget are based on a similar philosophy. tell me which tax increases are going to create new jobs? >> the budget -- spending and tax reforms combined with investments, and you can ask cbo if it would be good for growth or not. >> honestly i hope you're right. but you're 5.4 million jobs wrong. yo