any forced labor raising the bar for labor standards around the world. for the high school high wage jobs here in the united states. it's important hearing we look forward to our witnesses. >> thank you mr. chairman. this is very important hearing. they estimate nearly 25 million people in the world are victims of forced labor. the criminals behind this tragedy nearly $150 billion in profits every year. as horrifying as that is, nearly 30 percent of the victims are also victims of forced sexual exploitation. and generate maybe 9 billion or two thirds of those profits that i just read. the fight against forced labor is not a democratic issue or a republican issue. it is an issue that unites all americans. that is critical to remember. americans including consumers and businesses are all committed to this fight. in doing everything possible to combat this. the problem lies know them foreign autocrats and individuals who lack all since a basic humanity. our fight is with them. for example, is the chairman just mentioned, china's government has pressed nearl

put the ban on child labor. other things she did, fha insurance, she was the primary booster of the civilian conservation corps. she was the largest single supporter of the wpa. truly, this was a really remarkable woman. now, it's a little interesting and unusual that i came to write this book. i came from a staunchly republican family. i actually came from a family of roosevelt haters. but when i came to washington d.c. in 1988, has a young business reporter, one of the first things i did as i set out to learn my way around the town was to sign up for a trolley bus tour of the city. and one of the first things i noticed was the frances perkins department of labor. as those of you who live in washington know, there is very few buildings in washington named after women. and so i noticed it and i filed it away and wondered, who was frances perkins? i never even heard of her. as we went around in the trolley bus on this day i took that tour, we got around over by the washington monument and the tour bus driver said

on the private side, 406 to 5000. 86,000 jobs lost on the government side. labor force participation unchanged. average hourly earnings unchanged. yes, it is a good report but we are still a long way from where the fed wants us to be. you can see it reflected in this chart, the total number of jobs still way below where we were in february 2020. the yellow line is average hourly earnings, and they are diverging from the number of jobs. we are not seeing wage pressures generated by this hiring, which is surprising but not shocking. we are getting better but not anywhere near where we need to be. you mention leisure and hospitality jobs, they were up significantly, but i noted state and local jobs. when you are debating the stimulus package going forward, you are looking at the number of jobs in states and localities, those 86,000 that went away, so they still need some help. you can argue how much, but it doesn't undermine the argument of the biden administration. ron klain tweeting out, if we continue at this pace of hiring every month, we will not get to where we

ending forced labor is morally just. raising the bar forbs h laborer standards around the world willr help protect high-skill, high-wage jobs herere in the united states. so this is an important hearing. we look forward to our witnesses, senator crapo. >> thank you, mr. chairman. this is a very important re vic hearing.tiorced the international labor organization estimates nearly 25 million people in the world are victims of forced labor.y near the criminals behind this horri tragedy read nearly $150 billion in profits every year. as horrifying as that is, nearly 30% of the victims are also victims of forced sexual exploitation and generate 99 billion or two-thirds of those profits that i just referenced.. the fight against forced labor is not a democratic issue or a republican issue. it is an issue that unites all americans. that is critical to remember.ttd americans, including consumers, workers, and businesses, are all committed to this fight, and doing everything possible to nd combat this scourge. the problem lies not with them

this directs money to the department of labor. implementation side, there will still be hiccups. getting money out the door to jobless worker just like have been for the past 12 months. caroline: quite amazing if it does indeed cut child poverty in half. i am interested in the efficacy as they will deem it. many felt that perhaps the stimulus checks in particular were just save rather than spend. is that what you want to see, some savings so people protect themselves, if they do have to meet rent, it is no longer on hold, or do you want to see it plowed back into the economy so that everyone then hopefully sees all boats rise? elizabeth: i think it will depend on family financial situations. we know that black families on average have much less than that much less liquid wealth than white families. it will certainly have an effect on financial stability for families left behind in previous recessions and in our labor market. on the other hand, you want folks as soon as we all have shots on our arms to get on planes, take vacations

all of these concerns, the fed must balance equality in the recovery, why they're so focused on the labor joe, before we go into that, today's selloff, what do you make of it? joe: pretty dramatic, yesterday after the fed rates muted, victory for chairman powell, i woke up, rates spiking and that gave way to a pretty pronounced selloff, everything down, but even with that down issue, you see the fingerprints of this rotation. tech really took it on the children, q.q.q.'s, nascar back 100 down 3%. within the s&p actually like industrials and financials were up, so even in a down day overall, the trade seems to be off. romaine: j.p. morgan, bank of america, a lot of those health care stocks as well. joe: for more, let's welcome katie, what is it about yesterday, we had this little pause and we have gone right back to old ways with the selling and the tech? katie: it was pretty dramatic, as someone said on twitter, it's think again thursday. romaine: are we quoting people on twitter? katie: i'm always quoting people on twitter. joe: i'm going to tweet something right now. katie: it's pretty

the senate health education labor pension committee will please come to order. we are holding in the nomination to serve as deputy secretary of labor will each have an opening statement and then i will recognize senator padilla and in centers will have three minutes each for first round i will be happy to stay for a second round if anyone has remaining questions. i do want to walk to the covid-19 safety protocols will follow the advice of the sergeant at arms and conducting position we are all grateful to everyone including our clerk who has worked so hard to get this set up to stay safe and healthy. committee members are seated 6 feet apart and by videoconference and although we are unable to have the hearing fully open to the public the media for in person attendance live video is available if you are in need of accommodations including close captioning reach out to the committee or the office of congressional accessibility services. we received the formal nomination for 13 and with the financial disclosure on february 18 and the committee paperwork on march 2n

so, the labor mark is substantially regulated. we see slack in the labor market. those disparities have come down to record lows since we started keeping the data that way. as recent as a year ago. but they go up as twice the speed of white unemployment. our tools effect unemployment generally. but we're going to look at those as a form of slack in the labor market. and thinking there's progress there. this was something that effected many minorities. the workers in the service industries don't have a lot of financial assets. they're not tremendously well paid. they may have jobs and other things like that. this was a direct hit on the economy. so, we like to see the people continue to get supportive as the broader economy recovers, which is very much doing now. in terms of different levels of vaccinations, they're unfortunate fax. they're not something we have in our policy tool kit to address. it's true to data we have suggest there's significant disparities between ethnic groups. but that's not for us. that's for fiscal people in the kmupt to generally work on.

yes or no. >> my priority will be to best serve as labor secretary to make sure the department of labor delivers on its mission and absolutely the priority is what you just mentioned in terms of supervising, managing making sure the department works well and the staff has what they need to perform their jobs at the highest level. >> the buck stops with you as labor secretary in california. california has provided at least ten.4,000,000,031,000,000,000 in fraudulent unemployment insurance payments under your leadership. yes or no answers. shortly after your appointed secretary of state auditor urging the employment development department to address the mailing system after millions of social security numbers were included but the issues of unemployment insurance but that audit audit happened will before and then to be implement it. >> and with the federal funding in response to covid-19 and in september 2020 the state auditor was directed by the california joint committee to conduct emergency audit of edd. the audits conducted one was about fried you directed the employment with a certai

we have population growth and more people who would have entered the labor force. caroline: to that end, we know the federal reserve is so focused on the labor market and they want to run it hot because they want a full employment that we were seeing prior to covid. those at the very bottom starting to be lifted up and the participation levels were wider. is there a risk of people being out of the labor market for so long we would never get back at it? elise: i don't think there's going to be the kind of scarring people talked about in the great recession which didn't occur. many people continue to go back into the labor foyer base the labor force and the recovery continued. people were not permanently sidelined in the way many thought they would be and it's completely understandable. nobody would blame the workers because their sector was wiped out. they will be coming back in. we need to pay attention to what policymakers are going to do right now and that relief is essential to have a full recovery and by that necessary relief to workers and their families and st

the ultimate driving force. there's this massive surplus of labor. china and elsewhere there's a lot of employers that gain large profits and that is they haven't been under to increase productivity and the productivity the investment ratio in the countries and productivities and would rise again it is seeking to tie in the working age population that is one of the reasons why and the nominal wages of the workers will rise more than they have and -- >> let's dig this into two parts which is at the upper end of the income productivity that finds more capital which replaces the low productivity labor and sees jobs and incomes and there's another part of the population in the labor force which is learned productivity it was a shock to one part of the labor market and one sector in the labor market and raises wagers in that sector and it raises aggregate wages and there's something like this going on here which is that a large part of the labor force at the lower end is the part that we are required to look after. so right about the chapter four and the c

as well as the columnist at the new republican and new labor forum. at the weeks as an associate professor of women's studies at duke university she's the author of the problem with work, feminism marxism anti- work politics and post- work imaginary's and constituting feminist subjects. published in 2011. coeditor of the jameis reader. the work won't love you back our devotion to our jobs keeps us exploited, exhausted and alone as a topic of this evening's talk. please welcome in joining me sarah jaffe and kathie weekes. select thanks, thanks especially to the wonderful sarah jaffe's book were going to be talking about. i guess i just wanted to start was the big question, i know it's too big that the entire book but to give people idea what the book is trying to take on, what is the labor of love and whitey think it's a con? i'm looking for the elevator pitch. >> well thank you kathie. because without reading your book i would not certainly have been able to read this book really exciting to talk about this with you. the labor of love is this thing i h

in the national labor relations act. i thank the education and labor committee and democratic leadership for working with me to craft an amendment that addresses my concerns enough for me to support the act's passage my amendment requires g.a.o. to prepare a report on the impact of these two chidges. the president is required to consider the report and condition consider that congress modify one or both of these definitions. my amount also expresses the sense of the house that congress shall consider whether to accept, reject or modify any suggestions received from the president. this is called evidence 46 based policymaking and we should do more of it. i i urge support for my amendment and yield back. . the speaker pro tempore: the gentleman yield back. the gentleman from reserves, the gentleman from north carolina is recognized. ms. foxx: thank you, madam chair. i rise to the opposition to the democrat en bloc amendment. the speaker pro tempore: the gentlewoman is recognized. ms. foxx: thank you. madam speaker, once aga

the senate health, labor, and pensions committee will come to order. we are holding a hearing on the nomination of california secretary of labor julie su to serve as deputy secretary of labor. senator burr and i will have an opening statement and then i will recognize senator padilla to introduce secretary su. after her testimony the senators will have five minutes each for a round of questions. i'm happy to stay for a second round if any senator has remaining questions. before we begin i do want to walk through the safety protocols in place. we will follow the advice of the attending physician and sergeant at ours and conducting the hearing. we are grateful to everyone who has worked hard to help set this up and make sure everyone is healthy. committee members will stay six feet apart and some are participating by video conference. while we are unable to have this fully open to the public, live video is available on the website. if you are in need of accommodations including closed captioning, you can reach out to the committee or office of congression

the labor side of the education and labor committee. you are protecting the right to organize act of 21. that passed house last week. for viewers who don't know about the bill, what does that do? guest: well, the protecting the rights to organize act eliminates some problems that presently exist in perpetuating the right to organize into a union. the national labor relations act describes how that is done. it says that the national labor act should encourage the formation of the union, but regrettably, some of the provisions are so weak that people who want to join a union find that they can't do it. as many as 50% of the workers in america would like to be in a union if they could get in, but only 10% actually are in a union. part of that is because some of the sanctions for unfair labor practices like firing somebody illegally when they try to form a union. if you fire people, that is an unfair labor practice. but the sanction, regrettably, in many cases, has none at all. the sanction would be that you have to rehire the person and pay

this was a columnist at the new republic and new labor forum. kathie weeks is an associate professor women's studies at duke university. she is the author of the problem with works, feminism, marxism, anti- work politics and post work imaginary's constituting feminist subjects published in 2011. coeditor of the jameis reader. sarah jaffe book won't work love you back keeps us exploited exhausted and alone is a topic of this evening's talk. please join me in welcoming sarah jaffe and kathie weeks. stomach thanks, thanks to the wonderful sarah jaffe his book were going be talking about. so i guess i just wanted to start with the big question, and i know it's like two big because it's the entire book. but to give people a sense of what the book is trying to take on is, what is the labor of love detox and why is it a con? i'm looking for the elevator pitch. speak to the elevator pitch cradle thank you kathie because without reading your book i would not certainly have been able to write this book. it's really exciting to talk about this with you. the

market we never only looked at the unemployment rate which is the only indicator of labor market outcomes that in the sep we talk about participation, employment to population and the come by nation of the two, the different measures of unemployment so it's wages, it's the job flows. it's all of those things go into an assessment disparities of various groups and goes into an assessment of maximum employment the trying to incorporate that into the summary would not be practical. obviously the thing we do include is just did unemployment rate and that's an insufficient statistic so it doesn't include a lot of other thing that is we do look at and i wouldn't want to say that we look to include the other dozen things that we look at into the sep but from time to time we look at other things but i would just say the sep is a summary. it is one device and won't include all the things we look at we talk about them all the time. so we're not looking actively at significantly broadening the indicators right now. >> thank you chris, associated press. >> thank you chair powell, i wa

it is a difficult time for those who entered the labor market for the first time. how should they think of the future? what should they be excited about? >> well, there are so many challenges that we face as a global community. climateun change, diversity and inclusion, economic growth, so many challenges that we face and young people have many many differentca paths by which they can involve themselves and contribute. my view of the good life is if i'm inviting young people its it's first of all to try to figure out what really excites you, what are you interested in? most of us who work, you want to get up every day and really look forward to how you are going to spend the day and the problems you are going to work on so figuring out -- for me it was easy. i studied economics as a freshman in college but figuring out what is it you really enjoy doing and want to get up every day d and do and i hope for many people it will be economics but i think economics is a terrific field but there are obviously a lot of other paths. then the other thing i would say is most o

the technology augments labor and does not replace labor in certain industries. it depends what the technology looks like and how it's integrated stop it can be done in a way that it's not displacing workers. the ultimate result is having more productivity which is good for the economy. the critical pieces making sure the growth is shared by the workers. host: kate bond with the washington center for equitable growth serves as an economist. equitable growth.org is their website and thank you for your time today. guest: thank you so much for having me. host: the decision by the governor about lifting the mask order, ending the mask order on april 9. she says she announced it will expire on that date at 5 p.m. and the order was first put in place in july and has been extended several times and the governor said the m hospitalization numbers prompted the changes. folks, we are not there yet but we are getting closer, adding the month extension allows businesses to put their plans in place. if you go to decisions by other state leaders, democratic governor ned lamont

she is hoping by next year, we can get the labor market on track, and she does say the u.s.dressing the low wages and lack of benefits in jobs, and still concerned about the permanent scarring from the crisis. she is speaking now at an imf event. this is bloomberg. ♪ ritika: this is "bloomberg markets." coming up, cathie wood, ark investment management ceo. that is at 5:00 in new york. this is bloomberg. ♪ let's check in on the bloomberg first word news. the u.s. and south korea have reached a long sought after agreement on defense costs. seoul will pay more for u.s. troops stationed in the country. south korea's parliament still has to ratify the deal. talks stalled last year when donald trump rejected a south korean proposal. norway's dmv has been named the world most gender diverse corporation, according to the gender equality global report. dmb's chief executive says the key is making sure women aren't penalized when they have children. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 count

benefits have low wages and we are going to address that as well going forward to bring them into the labor market one of the things we see in the united states is the labor force participation for women is plateaued many people don't have paid leave we lack adequate childcare support for people who work so these are things we are going to addresse. over time. >> we are very supportive as we know to address the needs of the most vulnerable peopleov to provide relief to the poor, to those that are severely impacted byby the unemployment crisis triggered creating the policies that long-term help more women be in the labor force i hope we'd see this progressive policy not only are we responding to this crisis but we want the world economy to be dynamic on the basis of bringing in men and women you have your eyes set on making sure the united states leads the world i hope that there would be a lot of space. unfortunately, we are coming to the end of time. we've almost exhausted the time we've had for the conversation. we want to bring in the end a message to people that are watching. what shoul

the key is the labor market. forget -- everybody is focused on inflation, they do not realize the fed has a dual mandate. people look at this forecast of 3.5% unemployment rate three years from now and they think we are going back to full employment. that is not what it is saying. you could look at a 6.2% unemployment rate right now and say that is not so bad, but you have to remember over 4 million people have left the labor force in the past year. when you adjust for those people that left, who could be unemployed if they came back into labor market, the real unemployment rate is close to 9%. show me a cycle, not two months, not three months, so me a cycle of inflation that involve -- that did not involve real wages accelerating beyond productivity growth. when that happens i will change my mall, but i will not change my call because of the philly fed index. jonathan: your thinking is very much in line with the federal reserve. when it comes to the labor market, what are the data points you think we should be f

it is a difficult time for those who entered the labor market for the first time. how should they think of the future? what should they be excited about? >> well, you know, there are so many challenges that we face as a global community. climate change, diversity and inclusion, economic growth, so many challenges that we face. and young people have many, many different paths by which they can involve themselves and contribute. my view of a good life is if i'm advising young people, it's first of all try to figure out what really excites you. what are you interested in? most of us who work, you want to get up every day and really look forward to how you're going to spend the day, the problems that you're going to work on. and so figuring out -- for me it was easy. i fell in love with economics as a freshman in college. but, you know, figuring out what is it you really enjoy doing and want to get up every day and do. and i hope for many people it will be economics. i think economics is a terrific field. but there are obviously a lot of other paths. and then the secon

the bottom 20% that has been affected by unemployment in the labor market does not quite come back. maybe you get 50 percent of those jobs back, 55%. what do you do with the west? it is clear that retraining is not something this country does well on a short-term basis, so then you do have permanently unemployed. that is the risk. there is so much forward momentum, and i think a desire to engage with this service economy is palpable and real. jonathan: alicia levine, bank of new york, chief strategist. we talked about high yields in an equity market. if yields are up and stocks are up it is the right kind of move. up .2%. you can see this in the chart. it is the move in bond yields. up seven basis points. jonathan: -- tom: in the two year space -- i do not have the chart up -- but you are right. there is a lift and i do not buy the microanalysis. i would look at this much more as range bound, waiting to see the mood of the economy going back to the first, second week of february. lisa: i am looking at the move and wondering what spurred it. i am looking at the economic data because i

-- the department of labor. i'll be voting against confirming mr. walsh, who the biden administration has already signaled they will ask him to implement a variety of policies that do not serve the long-term interests of a majority of workers. unfortunately, it appears that just won't be the case at the department of labor but throughout the democratic agenda. one of the president's first acts in office was to kill thousands of american jobs, including union jobs, by canceling the keystone x.l. pipeline. both working americans and domestic energy took a back seat to left-wing signaling. we're hearing the next few months might bring a so-called infrastructure proposal that may actually be a trojan horse for massive tax hikes and other job-killing left-wing policies. remember, the house democrats tipped their hand last year. they published a proposal that was why multi-thousand-page cousin of the green new deal. it would have plowed unbelievable sums of money not into the kinds of big, practical kind of projects th

the organization. in addition to labor the faith community is important.and again people are tied together through their spiritual faith based. they have the means to pay for it and it continues from generation to generation think about safety and unions and mutual aid groups and cooperatives, they are in a perfect position to deliver the safety net is how mutualism will go to scale. >> how do we deal with the safety net in particular with the problem a lot of folks are the potential recipients seem not to qualify under your definition and that they cannot pay in potentially? so it seems we have a disconnect between the mutual aid society that you describe in the past but today it is expected those who can afford to pay taxes and those who cannot afford to receive benefits. and i think we agree on the advantages of the former mutual list model that it is inherently exclusionary had you make sure a community paying for itself also chooses to pay for those who cannot afford to pay? >> first this is not a libertarian argument people do this by themselves it's

back in the labor market more quickly. does that improve our chances? >> i do think that fiscal policy, overall, will have really helped us to avoid much of the scarring that we were very, very concerned about at the beginning. i think that that is just the size and the speed at which congress has delivered, with the cares act and since then he's going to wind up very much accelerating their return to full employment. it will make a huge difference in people's lives already. i mentioned in my opening remarks, the recovery has been faster than we expected. part of it is that it has been very hard to predict. part of it is just the strength of the fiscal response which will look good over the years. longer-term, you know, the first part of it is about avoiding scarring. we have probably avoided the worst cases there. we will keep at it with our policies, of course, to do whatever we can to make sure that continues. longer-term, though, what it takes to drive productive capacity per capita or per hour worked to raise living standards over time is an investm

an hour is the prevailing wage for unionized labor. unionized make 60% more than those who are not. the fact of the matter is -- 16% more than those who are not. the fact of the matter is it is based on a lie, the lie that theyre going to lose $500 a year in dues. those could be used to pay you in groceries. if you could make $20 an hour and control the pace of work, and create worker protections, restore the two dollar an hour hazard pay that they rescinded in may, if we can do all of that , then it doesn't really matter. you can buy your groceries, you can pay your rent. right now, they are paying starvation wages at $15 an hour, which is not that much in the first place. amy: i wanted to move onto a couple of other subject before we end today. i want to turn to the opening statements today in minneapolis for the trial of former police officer derek chauvin who killed george floyd last may by kneeling on his neck for over nine minutes. floyd's death set off a worldwide protest movement. chauvin is charged with second- and third-degree

the national labor relations act prescribes how that's done. and sayings the national labor relations act should encourage the formation of unions but regrettably some of the provisions are so weak that people who want to join a union find they can't do it. some surveys show 50% of the workers of america would like to be in a union if they can get into a union but only 10% are in a union and part of that is because some of the sanctions of unfair labor practices like firing somebody illegally when they try to form a union, if you fire people, that is an unfair labor practice and the sampings regrettably is none at all. the sanction is that you would have to rehire the person and pay back pay when somebody is trying to pay their mortgage or get food, a year from now, they need a job. the other part of that is you get to dunth what was made in the process. if you fire somebody from the job and they get another job and make even as much or even more there may not be liability at all. you don't have to fire many people in this situation without mean

the effect on the german economy 's office the having a very good situation of the labor market and it is much better than anyone expected. we have a very good situation in the economy. if you compare the development of the german economy to other countries in the world you see we are between the bests fighting get the economic consequences of crisis. matt: can i push harder to get a figure here in terms of additional spending that's necessary. 50 billion euros in additional spending, is it somewhere in that ballpark? mr. scholz: your colleagues from germany asked the same question to me and i always gave them the same answer, you will see. jonathan: let me follow-up on the election coming up later this year, you are running against chancellor merkel's party, you have to find some daylight between you and herself on the pandemic. what would you have done differently that wasn't done? mr. scholz: fighting against the pandemic is a common task of the whole government and i think we have to be very hard in fighting against the health crisis which is linked to the pandemic and save the peo

it speaks to the fact that they are all about the labor market. ely, more more, let's welcome in bloomberg knicks editor michael mckee. michael, it seems to me, the continued theme from powell, message discipline. this vision of not doing anything until something he accepts. michael: in his testimony in previous years, the fed is releasing his testimony before the house financial services committee that he is going to give tomorrow, getting an early start on not moving the markets. he will appear with, of course, janet yellen. nothing much he has said before. the virus is in control, but a bit of an optimistic cast as you are youred it when caroline read the headlines. due in significant part to the unprecedented and fiscal and monetary policy actions i mentioned which he mention earlier in his testimony which provided essential support to households, businesses and communities. that is accompanied by a warning and a promise much more to be done, we welcome this progress, powell says, but will not lose sight of the millions of americans that are st

it is a difficult time for those who entered the labor market for the first time.uld they think of the future? what should they be excited about? sec. yellen: well, you know, there are so many challenges that we face as a global community. climate change, diversity and inclusion, economic growth, so many challenges that we face. young people have many, many different paths by which they can involve themselves and contribute. you know, my view of a good life as if i am advising young people , it is first of all to try to figure out what really excites you. what are you interested in? most of us who work, you want to get up every day and really look forward to how you are going to spend the day, the problems you are going to work on. and so figuring out. for me, it was easy. i fell in love with economics as a freshman in college. figuring out, what is it you really enjoy doing and want to get up every day and do? i hope for many people it will be economics. i think economics is a terrific field, but there are obviously a lot of other paths. and then the second thing

is the only indicator of labor market outcomes. with the s&p and we look at a very broad range, you hear about participation in the fact of the employment population the combination of the two. different measures of unemployment. so the wages, and the job flow and all of those things, they go into an assessment disparity of various groups. all of that goes into the assessment of maximum employment. the trying to incorporate all of those into the projections would not be practical. obviously the thing they were do include is just the unemployment rate and that is a very insufficient statistic and does not include a lot of other things that we do look at. i would not want to say that we're looking to include the other dozen things that we look at into the s&p but at time from time to time we do look at adding different things. but i would just say that the summary, one device, not going to include all of the things we look at. thinking of the things we look at we typically talk about them all of the time. so not actually looking activ

back in the labor market more quickly. does that improve our chances? think that fiscal policy, overall, will have really helped us to avoid much of the scarring that we were very, very concerned about at the beginning. i think that that is just the size and the speed at which congress has delivered, with the cares act and since then he's going to wind up very much accelerating their return to full employment. it will make a huge difference in people's lives already. i mentioned in my opening remarks, the recovery has been faster than we expected. part of it is that it has been very hard to predict. part of it is just the strength of the fiscal response which will look good over the years. longer-term, you know, the first part of it is about avoiding scarring. we have probably avoided the worst cases there. we will keep at it with our policies, of course, to do whatever we can to make sure that continues. longer-term, though, what it takes to drive productive capacity per capita or per hour worked to raise living standards over time is an investment. inv

that is immense slack in the labor market. we put that back in the unemployment rate, we are talking unemployment in the vicinity of 9.5% to 10%. when you're talking 10% in the u.s. economy, we do not have an inflation problem. and if we look at the jobs deficit after the 2007 to 2009 recession, it is about 8 million. lisa: but in fairness, this is a completely different recession and we have a completely different fiscal impulse, coming in with a firehose of cash. janet yellen saying we will have full employment if we go ahead with fiscal support staff. do you think, by the end of next year, we can talk about the wage increases that start over in the fed's hand? carl: we start seeing some welcome wage inflation, a healthy development for the economy. the timeline janet yellen has laid out may be aggressive. we will see how it plays out. that is the difference between what fiscal stimulus should do in theory versus what it does in reality. a brief has some wise words on that front, that it does not always work out, to paraphra

in the house of commons he's no longer a labor member and is no longer labor m.p. i believe it is well within the elysees and the mindsets of the leadership of the republican party to replicate what happens in jersey coping who don't try. i don't know george what do you think about that because it seems to me and it went where we're experiencing right now and i think there's a lot of moving pieces right now is that there is a recognition that the big. s. wants trump to be in in the mix ok we don't know is like some kind of godfather figure that you know will anoint people's support you know or oregonians people and help them be primary. i think the leadership of the republican party is actually terrified of donald trump i mean really terrified because everything you throw at him and all it does is it in it gives it gives his base more oxygen and makes him even more angry and they're seeing this ok again you know when you know this you know putting the fence was wall around the capitol what is the threat you know it's it's trump supporters beating up that goes all th

labor. understandably then, this is the only area in which the american farm labor supply falls short and isented by mexican citizens, sometimes called nationals or mexican nationals, but the term most commonly used is braceros, in spanish this means a man who works with his arms and hands. it so happens that they form a tiny fraction of the total labor force used on our farms. yet, some americans feel even this tiny fraction should not be used. a typical dialogue pinpoints the major issues. >> well, with americans on relief rolls, why bring in foreigners to work on our farms. makes no sense. >> makes sense to the fafarmers though, they work for lower pay. >> doesn't the farmer realize he's cutting down american labor, cutting down our living standard. why doesn't somebody do something about it. >> mexican labor in the united states has a long and rich history. first of all, we have to understand that the mexicans didn't migrate to the united states at first. they were engulfed in the 1840s after the mexican war and the treaty of guadalupe hidalgo, which was 1848. that's when those mexicans