unemployment at 7.2%. one out of every six americans amongst us lives in poverty and one in six is battling hunger. in the face of the need, congress needs to be doing everything that we can to create jobs, grow the economy, help those that are struggling. it is a moral responsibility that we have. and over the past few years, we have seen a majority do nothing to address this issue. the fact of the matter is, if we do not extend ui before the end of the year, 1.3 million men and women will lose their benefits right away. another 1.9 will lose their benefits by july 1st, 2014. this is bad news for families who are already struggling. failing to extend the benefits ripples throughout the economy. it will cost us about 310,000 jobs next year. i just want to quote someone. the speaker held a hearing five years ago on the financial crisis, and it was about discussing how we stimulate the economy. one of the witnesses was mark zandy, the economist and adviser to the john mccain campaign. we asked what was the f

unemployment at 7.2%. one out of every six americans among us live in poverty and one in six is battling hunger. congress needs to be doing everything we can to create jobs, grow the economy and help those who are struggling. it is a moral responsibility we have and over the past few years, we've seen a majority do nothing to address this issue. the fact of the matter is if we do not extend ui before the end of the year, 1.3 million will men and women will lose their benefits right away. another 1.9 will lose their benefits by july 1, 2014. this is bad news for families who are already struggling. failing to extend the benefits ripples throughout the economy and will cause about 310,000 jobs next year. the speaker held a hearing five years ago on the financial crisis. it was about discussing how we stimulate the economy. one of the witnesses was mark zandi, economist and advisor to the john mccain campaign grade we asked him what was the fastest way to increase the demand and get our economy moving again.

unemployment insurance makes poor people lazy. and of course tax breaks motivate billionaires as he and other republicans in congress see it the only real way to help people without jobs get jobs is to threaten them with outright suffering and desperation and this is exactly what the republicans are doing by refusing to extend unemployment benefits thanks to republicans one point three million americans today now have absolutely no way of making ends meet this isn't just cruel it's illogical as a number of actual studies have shown people on unemployment actually work harder to find a job than those who aren't on unemployment it's just make sense extra cash in the form of unemployment insurance is people without a job the time the confidence the security frankly you know that the cost of gasoline to drive around and knock on doors to pound the pavement looking for new work all policy questions aside though this is really a moral issue a long term unemployed are victims it's not their fault the potential employers look at their lac

long-term unemployment still major concerns. we have also seen ongoing declines in labor force participation. population, but also discouragement on the part of potential workers. inflation has been running below the objective of 2%. inflation below its objective could pose a risk to economic performance. this outlook is probably consistent with individual economic projections submitted in conjunction with this meeting. as always, each participant's projections are conditional on their own view of appropriate monetary policy. increases inr gross domestic product of a central tendency of 2.2% to 2.3%. year -- with% next similar growth estimates for 2015 and 2016. the unemployment rate will continue to decline. the central tendency of projections as it falling to between 6.3% and 6.6% in the fourth quarter of 2014 and then to between 5.3% and 5.8% in 2016. participants continue to see inflation running below projections for a time. tendency projections are rising to 1.4% to 1.6% next year. let me know return to our decision to red

the unemployment rate is a good indicator of the labor market. it's probably the best single indicator that we have and so we were comfortable setting a 6.5% unemployment rate as the point at which we would begin to look at a more broad set of labor market indicators. however, precisely because we don't want it look just at the unemployment rate, we want to -- once we get to 6.5% we want to look at hiring quits, vacancies, participation, long-term unemployment, et cetera, wages, we couldn't put it in terms of another unemployment rate level specifically. so i expect there will be some time past the 6.5% before all of the other variables that we'll be looking at will line up in a way to give us confidence the labor market is strong enough to withstand the gypping of increases in -- beginning of increases in rates. the survey economic projections distributed, that's individual assessments and not the committee's collective view, but nevertheless, it gives you some sense of current expectations about the length of time. the sep shows that the 6.5% i

should the senate force the house to vote on unemployment insurance? text a for yes, b for no to 67622. you can always go to our blog at ed.msnbc.com. leave a comment there. we appreciate it. we'll have the results graphiced up later in the show. for more, let me bring in eugene robinson, "washington post." >> good to be here, ed. >> why is harry reid not fighting for unemployment in the budget? what senate rule would hold him back from putting it right back in there and saying you guys over in the house have got to rethink this thing? >> you know, senate rules are terribly arcane. i confess, i'm not aware of what the senate -- don't put unemployment in the bill -- rule. if such a bill exists, i don't know why. >> it seems strange to me. it just sounds so strange to me. the congress can find a way to do whatever the heck they want to do. >> well, yeah. of course. you know, but look, step back for a second. i think a decision has been made that it's not going to be fought for in this bill. i do take him at his word that democrats are going to fight to d

emergency unemployment compensation, the law which extends unemployment benefits beyond the standard 26 weeks, was actually signed in to law by president bush in june 2008. the unemployment rate then was just 5.6%. in the 5 1/2 years since, nearly 24 million workers have received extended unemployment benefits, according to the labor department. >> i was able to support myself because i received those vital unemployment insurance benefits. >> that money goes right back into the economy, spent on necessities like food and clothing. >> we had a victory today for the american people, and frankly, we also had a victory for common sense. >> without today's extension, the economy would have generated 240,000 fewer jobs by the end of 2014, according to an estimate by the council of economic advisors. and economic output would have been affected by as much as $26 billion through 2015, according to the congressional budget office. some have raised concerns about long-term benefits creating a disincentives to find work, but according to jpmorgan, hundreds of thousands of people would just give

no unemployment that if it's extended, the long-term unemployment benefits. the deficit cut by $22 billion over a decade. how did they do that? guest: they found a way to cut $85 billion over the next two years. they did that in a few ways. they are making federal workers in the military pay more into their pensions. $6 billion in savings that way. they also used budget tricks to extend the two percent sequester cut for medicare spending. that is another two years. so that now last two 2023 instead of 2021. there will also be higher airline fees now as a result of this this deal goes through -- as a result if this deal goes through. host: why did they do that? they had to look under every renny to find a way to get money, to basically get stuff that both sides would agree to without tackling does big things. that is not the easiest task. airline fees, obviously not everyone's happy with that. i'm sure travelers are now, that is now appealing to hear. but it is a way for them to get money. paul ryan can now go to his want toce, who does not increase spending w

what would you like rand paul to know about unemployment insurance? >> well, it's very simple, lawrence. we now have 4 million people who have been unemployed for more than six months. this is unprecedented in this country. it comes from the great recession. it is the residue of the great recession. if rand paul thinks they are doing it voluntarily. if rand paul thinks that all they need is to have less money, less help, and they will get jobs, he doesn't understand the labor market at all. there are three people looking for work today for every job opening that exists, and undoubtedly, people have been out for a long time, have a harder row to hoe, but that doesn't mean they want to be where they are. and this is one of the conservative things. that somehow they have in their minds, these conservatives, these radical republicans, the idea that poor people, unemployed people need less money in order to have the right incentives, while rich people need more money in order to have the right incentives. >> richard wolffe, this is -- this highlights to me

we're down to 7% unemployment. a lot of people like to argue with that, because they think that the numbers are higher than that. double digit and what not. we've got income inequality. you show the graphs, we show the graphs all of the time. bottom line here is that people understand the economy, and they understand hurt. and those who were unemployed who now have a job, as that unemployment rate has come down, they understand a three-month extension. let's see if congress does. before we leave this interview tonight, i want to show this picture. here he is, the young quarterback from youngstown state, tim ryan. there it is. as howard cosell said, this man was extraordinary. he is destined to help the country. congressman tim ryan, you have a great holiday. >> wow. >> you have a great holiday. >> a lots happened between then and now, ed. >> all right. see you, buddy. remember to answer tonight's question at the bottom of your screen. share your thoughts on twitter and on facebook. we want to know what you think. u

black unemployment in america is double white unemployment and it has.udged under this president. >> give me a break, senator. you are so out of touch with where this country is. all you have to do is listen to liberal talkradio and you'll hear people call in saying i went back to community college and got an mba. now they're telling me i'm overqualified. it's one turn down after another. and there's so many applicants. rand paul couldn't be more wrong. unemployment insurance helps people find jobs. it's easy to find a job when you're in your home as opposed to being out on the streets. we should also point out to rand paul that the nonpartisan congressional budget office says extending benefits would help the economy. another report from the white house shows extending unemployment benefits would save 240,000 jobs. extending unemployment insurance should be a no-brainer. democrats need to stand up and vote no on this budget. even if it hurts. because the republicans aren't bringing anything to the table. they are giving up nothing to get this done. they

insurance is the leading cause of long term unemployment. i do support unemployment benefits for the twenty six weeks that there. paid for if you extend it beyond that you do a disservice to these workers there was a study that came out a few months ago and it said if you have a worker that's been unemployed for four weeks and on unemployment insurance and one that's on ninety nine weeks which would you hire every employer nearly one hundred percent said they will always hire the person who's been out of work for weeks when you allow paul is partially right most research suggests that people have been out of work for six months or more have more trouble finding jobs and people who have been out of work less than that but that's not the fault of the unemployed it's because potential employers count that unemployment against them and that's just unfair people on unemployment insurance actually look harder for jobs and those who aren't on unemployment insurance i mean it just makes sense they have the resources to be able to go out and look for

the unemployment rate will continue to decline. the central tendency of projections as it falling to between 6.3% and 6.6% in the fourth quarter of 2014 and then to between 5.3% and 5.8% in 2016. participants continue to see inflation running below projections for a time. the central tendency projections are rising to 1.4% to 1.6% next year. let me know return to our decision to reduce the pace of asset purchases. when we began the program, we said that we would continue purchases until the outlook for the labor market had improved substantially in the context of price stability. we have seen a meaningful progress in the labor market. since we began the program, the economy has added about 2.9 million jobs and the unemployment rate has fallen by more than a percentage point. for comparison, when we started the program, we saw the unemployment rate remaining at around eight percent through 2014. nonfarm payrolls have been increasing at a pace of about 200,000 jobs per month. the unemployment rate has fallen by 0.6% since june. house

that the existence of unemployment sure it's a long term unemployment insurance makes it easier for people who are unemployed to delay tough decisions about whether they should switch careers whether they should take jobs that pay less than what they previously had so there's some evidence that increases the length of unemployment but i think i think there's two things that i think you're going to sense though doesn't i mean if you've got a master's degree in something then and that's the field you've been working in and the only job you can find is a mcdonald's isn't a rational i mean as in iran rand rational isn't it a rational thing to say you know i'm not going to take that job right now i'm going to bet that over the next three or four weeks i can find a job you know that twelve thousand all your job i'm going to find a job in the sixty thousand dollars you're category but i've got a seventy thousand dollars student loan to pay off i'm sure and that's and that's exactly the point it's rational under the system for someone in that situation to delay that decision is not a good thing th

$40 a week of unemployment. -- $400 a week off of unemployment. guest: you have a great attitude, a great work ethic. we are fortunate in texas to be a state with lower taxes, balanced regulations, and an energy industry driving the need for new jobs. some that have lost their jobs like, coal mining, where this government has put a target on their back, they have put -- .ad it tougher go of this in the regions that have not recovered, we have to do more to cannotjobs, but we also continue to spend unemployment forever because the longer you are out of the workforce the tougher it is to get back in. that is why our focus ought to be not to keep you on unemployment, but to get you into the job. host: and on our democrat line, chris in georgia. caller: hello. guest: hi, chris. how are you doing? have a question about budgetary spending. i am curious, a few months ago you said something about tackling the biggest budget problems. with you been a member of the economic committee, what is the percentage, the highest that is in the budget that we spend m

we can talk unemployment benefit all we want.n you ask the average american how long that should go on, it is usually roughly half the period of time that is being discussed at the federal level. what unfortunate to do is solve the root problem, which is turn the economy around. i'm sorry, we have -- i am opposed to -- >> i'm with you on pushing money back to the states. >> it's like being stuck in a treadmill rather than sprinting. >> do you think the republicans in congress would be willing to gran to states the flexibility, put it back to where it was in the year 2000, gives it to the states to be able to use the community colleges. do you think they would? >> i have no idea. if they decide to do it, they should do it with no net increase. i think he knew a few. i'm just saying. >> we started this show talking about improving jobs numbers. how long before we decide, object, the economy is improves? at the current rate we're going which is too slow, we'll be at two plus more years of unemployment rate at about 6.5%. what we rea

pay for unemployment insurance. i don't think it has to be paid for because it's emergency spending but nonetheless, let's have an opportunity to vote to extend unemployment benefits. when we do not -- when we ignore those investments in the future, we're not reducing the deficit. we're increasing the deficit. nothing brings more money to the frshry than creating jobs and the revenue that deuces it. nothing brings more money than thes of the american people starting with early childhood education. and as far as unemployment benefits are concerned, the economic impact is clear. every dollar spent on unemployment benefits go grow -- grows the economy by $1.5 to, according to moody's analytics. $1.50 for every $1 we spend. that's a conservative estimate. failing to extend unemployment benefits will cost us 200,000 jobs other the next year. we can't do that a recent resport shows that extending u.i. instead would produce 300,000 jobs. so again, this money is spent immediately, injects demand into the economy, creates jo

staying on unemployment for up to a year? >> it is, but we need to throw in different areas where we say find a job, we'll give you a bonus. give a relocation fee. there are opportunities. move your family from a depressed state like nevada, move to south dakota. i don't think we are talking about creative solutions. that was the foundation of the republican party, good, solid ideas. >> are there other solutions other than extending unemployment benefits every couple of months? >> well, we would need to have a rob unfortunate job creation programs. there's a lot of ideas out there that have been part of the different ideas from both parties, but there's a gridlock in congress and an unwillingness to take it on. in america we don't look at problems like this as too big. we can't forget the unemployed because it's a hard problem to solve. in the meantime we shouldn't leave people out in the cold, facing new year unable to pay the rent or mortgage payments. >> should unemployment benefits remain out there? we are seeing people g

now, youth unemployment, yes, the numbers are high, but so is the task of combating youth unemployment. only focuses on young people aged 16 and above. now, i am above the age of 16, so i am good. this issue supports me. but i am not selfish. [laughter] [applause] and i know none of you are too. let's pick an issue that affects all of us regardless of how old we are, let's take an issue that 18-cts all of the 11 to year-olds that we represent not just some of them. we need to look at why youth unemployment in such a big problem. value work experience more than anything. many young people spend all of their lives and education, all of their lives being looked after, and then we get into the world world would do not know what to do. -- into the world world we do not know what to do. we have a good education system but it is not always repairing us for the world of work. the director of a very well- known jobs website has said that the reality is as a country we have not been very good at creating graduates who are meeting the needs and demands of employers. so the most important issue is

unemployment payments are priming the pump.o want able to work and can't find work, this is a foolish thing to do economically. it's going to result in less money being spent and less money supporting the american economy and nonsense of borrowing from china to paid american unemployed, it is stupid economics. >> goldy, i think it is worth noting that 90,000 people in new jersey lost benefits, 1% of the population. state population. 65,000 in texas. 18,000 in kentucky. each of those three states boasts a potential 2016 presidential candidate. how do you say you can manage the economy when you let this happen? >> it's problematic. 1 in 4 people after today unemployed will receive unemployment benefits in this country. that means that this country will lose some 300,000 jobs because these unemployment benefits go straight into the economy. grocery stores, discount stores, retailers, utilities, places where people need to buy the things they need to run their lives and so there are people on the other side of that spending and tho

what do you attribute the drop in unemployment to? >> well, when you look at the data, people are coming away with two distinctly different stories. the way we look at the data, it looks like since the -- over the last four months, four months of data since the change in extended unemployment benefits was implemented, weave had a 1.5% drop in the unemployment rate. it appears the only thing that has changed -- we had a continued drop in the labor force, but we've seen an uptick in civilian employment. i hate to say it's a guess, but my feeling is that that drop was probably due to folks like greg who after their benefits expired had to go out and take a part-time job. it's not what they were looking for, but they needed to do something in order to keep money coming in to pay bills. >> isn't it possible that the number dropping reflects more people that have simply given up and stopped working altogether and therefore are not counted? >> it's possible. that's why i say, you can come up with two different conclusions. the problem with t

, the unemployment rate was 5.6%. that is 1.5 lower than it is now. and that was signed and pushed forward by president bush and now it is 7 percent? they can't do it? they better smell the coffee. the world is changing. the 2010e elections don't govern any longer. if republicans can confine the will to extend unemployment benefits when it was 5.6%, they can certainly find the will to do it now. and so, the republican colleagues are going to have to make another choice and they are going to have to make it very soon. will they then once again to the extreme right and leave millions of americans who are struggling out in the cold? if they do, they will find it is to their political detriment, and more importantly to the detriment of the american people in this country. or will they seize on their recent bipartisan momentum and join with democrats to provide a much-needed boost to our economy? i'm hopeful there is a breath of fresh air in the capitol and that it will mean we can find a common ground and provided this mu

north carolina, 8% unemployment. georgia, 8.1% unemployment. arizona, 8.2% unemployment. these are tough numbers and it's not concentrated in one place, at cross this entire country. this is not a -- a reddish you're or a blue issue -- this is not a -- a red issue or a blue issue. this is an american issue for workers who have worked and now can't find jobs and need support. and there's something else i think that's important to mention. and that is we've seen some progress on the work front. the last report showed that we actually grew last month 203,000 jobs. that's the good news. the bad news is, despite this improvement, long-term unemployment remains high. more than 4 million workers, 37% of those who are unemployed, were jobless for 27 weeks or longer in november. so what we're seeing is some short-term movement but the longer-term unemployed, the ones who qualify for the federal benefits, they're still finding it virtually -- well, very difficult, if not impossible, to find work. and that's exactly what this federal program is designed to assist, those long-term un

our unemployment rate was 3.8% in august. we've brought that down from the high levels that it was at before, the 6-plus, 7%. the way we did that is that we invested in infrastructure. we made investments that created top paying jobs for people in circumstances in which there was a direct public benefit from the investment. so i'm for job creation. that will get rid of the unemployment. >> let me give you one example, that's a real case study. this summer in north carolina, where they ended up not having extended unemployment compensation, and all of a sudden you had a dramatic drob, dropped almost a full percentage point because people went out and looked for jobs. that sort of matching -- you can't do that with hawaii. if you go around and look at the rest of the country, state by state comparisons, you do see has a dramically lower unemployment rate. >> why should we be concentrating on how to keep people to have an -- it's not as if someone receiving unemployment benefits will invest in long-term real estate return or buy

they see stronger growth and lower unemployment. forecast to their manage their deeds. >> is washington going to love that this uncertainty is out of the way? hear isnk what we will that there will be many ben bernanke critics on capitol hill applauding the fact that the wind down has at least started. i think you will hear as much from ben bernanke's critics that finally this move has been made. and we saw from eric rosengren posta sent -- from eric , especiallydissent at a time when congress is not extending unemployment benefits again. i think those are the kinds of criticisms you will hear with regard to this. all as ben bernanke will to his final press conference. federal open market committee decision is an important decision and an historic decision. 2006-13, ben bernanke chooses with his fed to taper. as hes his first speech returned from the woodrow wilson center in february, 2006. what a safe quotation, michael mckee, from a safe time. >> at that time, inflation was not even on the radar screen. disinflation and re-inflati

i retrieved unemployment. it is unemployment insurance.uch like automobile insurance, you have an accident, it is to tide you over. i think it is important for those who have not been through that process to understand that the unemployment payment that you receive really is not enough for the things you live on. it does help, but at the same time it is not a benefit that will result in a person not seeking employment. we all have to think about things like benefits. we were working and contributing that we the country live in into the benefits that people will see. it is not like it is free money. periodk for it over and of time. host: from maryland. on a republican line, mike from cary, north carolina. caller: thank you very much. i see this from both sides. i was unemployed during the recession and collected unemployment benefits -- unemployment insurance. my employer paid into that. my employer and the insurance that is funded for unemployment 426 weeks. anything beyond that, like the previous caller said, is a benefit. it is not being

the tea party republicans oppose the unemployment benefits. it will be up to republican leaders in the house, and mitch mcconnell to apiece the tea party as well, or pass something with majority democratic support, which is something that john boehner has only been willing to do so many times. >> and robert johnson spoke about the impact on retailers and banks. listen to this. >> that last check comes out on december 28th. then, what enabled them to make the car or home payment if it had been the unemployment benefit. if that goes away it will create pain and financial institution. >> what influence will the financial institution and businesses have on the debate if they say, "hey, this will hurt us." >> it will have some influence. retailers said that spending is down, shoppers will not come out and spend as much money as they would because the economy is struggling. there's that art. at the same time there's a fixation on deficit reduction in congress. republicans are adamant they want to reduce spending. a thing they tend to go after, spogs

if we see significant declined in the unemployment rate, we look at john growth and they look at unemploymentate moving because people are moving or leaving the labor force. it's important to recognize that the fed does not look at one number. looks at five or six numbers in the market. and it's data dependent. for the next year or two it will be on the easy side. >> we get new unemployment numbers every month, nela. we get gdp numbers once a quarter. how often does the fed revisit decisions like this one? >> i think they're constantly revisiting. there are stories that alan greenspan would go into using technical data and obscure data to make decisions. i don't think benbe bernanke does the se thing but there are economist who is are scouring data probably as we speak looking for news about what direction the economy is going, and i think along with some guidance on interest rates ben bernanke gave us a forecast on the economy that was new, ands have optimistic. this is where my doubt starts to creep in. is the economy going to be as strong in 2014 as was laid out today? >> could he be seein

youth unemployment is down. long-term unemployment is down. unemployment amongst women is down. we have talked about a million more people in work under this government. it is now 1.2 million more in work. there shouldn't be one ounce of complacency because we have work to do to get our country back to work and everyone back to work means greater stability and greater ability to plan for the future and greater help for the futures. but the plan is working. -- for their families. let's stick at that time and get unemployment down further. >> the speaker didn't answer the question i asked. it is good our economy is creating more jobs but too many of them are part-time. or low-paid or insecure. today's figures show what is happening to wages. does he agree with me that it is a matter of deep concern that average lower than a year ago wages are 364 pounds lower than a year ago and over 1,500 pounds than they were at the general election? >> let me answer directly about full-time and part-time employment. full-time employment has grown much faster in recent months. overall since the

insurance, not a handout, but unemployment insurance. i know, mr. ryan, we can carry out bipartisanship, at least to that point and be able to work on behalf of the american people, carrying forward the need to ensure that we have housing, education, childcare, all of that, a little bit is happening under this particular budget. that's why many of us are interested in moving forward getting rid of the sequester, keeping the doors opened, but i would think that there's enough bipartisanship on both sides of the aisle to be able to extend the unemployment insurance and we should not leave here. i ask the president to convene us, to call us, to call the senate, call the house and make sure we vote on that. i thank the gentleman for the hard work that you have engaged in and also how far you have brought us. ith that i yield back. the speaker pro tempore: the gentleman from maryland has one minute remaining. mr. van hollen: is the gentleman prepared to close? the speaker pro tempore: the gentleman from maryland is recognized for one minute.

folks are on unemployment -- are getting unemployment because they're having a hard time working.orget. the economy imploded in 2008. people needed help. what we have now is a situation where you have more job applicants than jobs available. >> the ratio is wide. >> what they're going to do to create jobs. >> before you give up the point, let's see what one of your rivals has to say. he explains the reasoning behind the cuts has been misguided. quote, this is paul krugman of the times. the gop answer to the problem of long-term unemployment is to increase the pain of long-term unemployed. cut off benefits and they'll find jobs. how will they find jobs when there are three times as many job seekers as job vacancies? details, details. the unemployment do not -- extended unemployment insurance benefits in the most recent recession prompted some people who otherwise would have dropped out of the workforce to stay a little longer. here we go. ron, this is a basic republican argument. i'm getting back to the politics. why do they say that? why is rand paul -- i know he's an ayn rand con

now, youth unemployment, yes, the numbers are high, but so is the task of combating youth unemployment. this motion only focuses on young people aged 16 and above. now, i am above the age of 16, so i am good. this issue supports me. but i am not selfish. [laughter] [applause] and i know none of you are too. let's pick an issue that affects all of us regardless of how old we are, let's take an issue that affects all of the 11-year-olds to 18-year-olds that we represent not just some of them. we need to look at why youth unemployment in such a big problem. employers value work experience more than anything. many young people spend all of their lives and education, all of their lives being looked after, and then we get into the real world we do not know what to do. the director of a very well- known jobs website has said that the reality is as a country we have not been very good at creating graduates who are meeting the needs and demands of employers. so the most important issue is making sure that all young people get the skills and experience needed for the workplace, our schools, the

high unemployment. >> 7%.hat is a five-year low. >> slow growth. >> 47 straight months of private sector job growth. >> john boehner says the president is stalling economic growth. >> here in the people's house, getting our economy moving again. >> wrong. you're so wrong. >> the current congress could go down as one of the most unproddive in modern history. >> senate democrats are standing in the way. president obama is just standing on the sidelines. mr. president, what are you waiting for? >> joining me now is congresswoman, donna edwards of maryland. in studio with us here in the nation's capital. good to have you with us. boehner has taken out this ad, saying that the president has stalled the economy. and he can say what he wants. the numbers are what they are. 47 months of private-sector job growth, the market went over 16,000 today, record close. unemployment is going down. but now you have to trust him to do a deal on key issues that are polling very strong in this country, what the american people wan

unemployment has dropped by 0.6%. you are running as you mentioned at 7.8%. 16,900 jobs added in the month of november. it's a bit of a double-edged sort, is it not, when you bring this to the senate and to your colleagues there in congress to say, we're doing better, but we still need this unemployment insurance? >> well, absolutely. look, first of all, as the economy continues to grow, there will come a point in time that those of us like myself who are advocates for unemployment insurance extension will say it's not needed anymore. that's when the job market continues to grow to a point that people looking for jobs will be able to achieve it. secondly, the reality is that the department of labor has put out information, as has other groups, that for every dollar of unemployment insurance that ultimately we give, we get a 2 for 1 ratio in terms of the ripple effect in the economy. so this is about helping working families be able to sustain themselves while they're looking for work. and, by the way, unemployment ins

we need to have the unemployment benefits. and yet at the same time i think i would still vote for it. why? it's a moment of bipartisan coming together. let's make real the words about inequality that barack obama put forward and the words of nelson mandela. nelson mandela, and let's look at big banks, look at big corporation, strengthen our progressive trade unions and make sure that we can stop this upward distribution of wealth to the 1% of 95% of the new income since 2009? >> in the obama economy. >> exactly, that's right. because the neoliberal regime cuts across both parties. >> i want to note for the record one of those rare histotoric moments. that we just had you say that you would actually sfroet something that is much too mild, much to meek, but you'd vote for the process. i think that's a very interesting position on your part. >> that's one reason i'm not a senator. if i was locked within those constraints, given the dysfunction dysfunctionality, i would affirm the process. >> i think i would vote for it for the o

he's talking about unemployment, inflation, and monitory policy. he mentioned today that he set transparency as an important priority for the time that he served as fed chair. when he talks like that is the public meant to follow it or really is he talking in technical terms to an audience of journalists and others who understand the technical talk? >> i think he's doing the best to straddle both worlds. his first attempt to be colloquial than his "60 minutes" interview that he did. he has done a great job, especially when you consider where the fed is coming from. his predecessor alan greenspan led in policy by discretion. we're doing this because we think its best and we're not going to tell you the reasoning behind it, bernanke has gone out of his way to use explanations to the public. he uses terminology that may not be your average person's vernacular, but he has increased the amount of transparency. >> and in this case what does that mean? >> very low interest rates for a very long time. his message is that the fed is going to remain supporti

unemployment rate for 2014, 6.5%. that is the average of projections.ter than the 6.6% it was forecasting in september. and it sees it going down to about 5.5% by 2016. on inflation, it see that is still under, under control. 1.5% for 2014. is the pce, price deflator. 1.for 2015. 1.9, i'm muching up to 2% target by 2016. show you the super chart again, the blue dot chart we always talk about on the expectations anticipation of the appropriate timing of policy firming, not much change in that either from the september chart. this is the 19, well, this is all the members of the fed bank presidents and the members of the board of governors. we now a hair more harshish with -- hawkish, with three members, participants expecting to increase short-term rates, fed funds rate in 2014. 12, most of them is unchanged in 2015. ann now two anticipating increasing rates in, starting in 2016. back to you. tracy: peter barnes. that was a lot of stuff. thank you, sir. ashley: a lot of information. we're back now with the panel for reaction. above pavlick, steven olinner

but black unemployment in america is double white unemployment. and it hasn't budged under this president. >> well, it's not going to. because you folks haven't passed a jobs package and the democrats have tried to do that. but, of course, you don't believe in investment. the doctor of denial, rand paul. first, we should point out that the nonpartisan congressional budget office says extending unemployment benefits would actually help the economy. another report from the white house shows extending unemployment benefits would save 240,000 jobs. but that's a white house report. we can't believe anything they talk about. next, the cost of extending unemployment insurance, these 1.3 million americans, well, it would be about $25 billion. hmmm. where have i heard that number before? oh, yeah. it does sound familiar. it should. the $25 billion was the amount of money that the republicans cost the economy by the last government shutdown. folks, it is amazing. they do have the microphone in our country, no question about it, with all these right wing tal