nd when you're talking about 1/6 of the entire united states' economy, it's going to be difficult to give you entirely accurate information. but not having this essential service here, i think, would be detriment tall to this congress and our ability to gauge and forecast into the future. i oppose this amendment strongly and vigorously and i would like to yield for three minutes to the gentleman from kentucky who i know also has a strong opinion on this matter. the chair: the gentleman from kentucky is recognized. mr. yarmuth: i rise in strong opposition to this amendment. some republicans in congress and the trump administration are engaged in a steadily escalating campaign to tear down the congressional budget office and anyone else who doesn't tell them what they want to hear. this eliminates half of c.b.o.'s budget. c.b.o. is our impartial referee and their work is indispenseable to congress. this amendment is not good for democracy and not consistent with the principles of good government. republicans claim to care about fiscal responsibility, but this amendment would destroy th

♪ ♪ stephen: how about the united states economy?as recently with not a downgrade, but a lower outlook for growth, basically taking out the prospect for stimulus, meaning tax cuts, because we haven't gotten the plan, and also infrastructure stimulus. at the same time, we are on a tightening cycle with the fed. my heresies is that i think what the fed does now doesn't matter much. if you think about the white house, trump as a domestic president is highly ineffective, and that with any policy there are three or four points of view, which are the administration policy that coexist and flow together, and this is already sapping consumer confidence as allies are worried and people are postponing investment decisions because they realize we have a government with three or four different views which never seem to get resolved. and something probably will not get done. i think most of western europe, japan, and much of the united states have the problem of complacency and just getting by, and life is good enough that on any given day you ca

. >> it effects the economy in the united states and the world economy. >> is she more hawkish or doveoveish. she said we are not hitting our 2% inflation goal because production is less and the price of commodities is low, the cost of making goods is cheaper, we cannot get inflation of the 2% that the federal reserve would like to see. >> last week we talked about the fed and they had $4 trillion in liabilities. >> they have a balance sheet. they have assets and liabilities. >> now is time to pay the piper, she said, we have to make good on this. >> we do not know what the effect on the economy will be. prior to 2008, the federal reserve had $1 trillion in liabilities. today it's $4 trillion. that's 25% of our gross domestic product. the federal open market committee is working on reducing the liability, they cannot do it all at once, they plan to do 50 balanced a month. >> they have to do it slowly, right? >> yes, it's like a big train running on a track, when you get it going, it's hard to stop. if you create too much of a backlog for growth, is hard to pull back. we do not want to

it seems clear that the united states economy is recovering, that growth is picking up, that labor markets are performing better than many have expected and even inflation has it measures and looking forward is directing itself towards the 2% target is what is important is monetary policy of the united states uses the compass of the medium term that compass tells the fed we are hopefully almost, we are seeing everything that we needed to see to justify normalization. and that's why i strongly expect and support the strategy of the fefshl today to go ahead with normalization. and if it is one month or the next one, that is really secondary. what is important to note is that not all the world is ready in the same way. so we should be expecting a period in which the united states is easing its expansionary mode, namely that the united states will start raising rates further, maybe putting some limits to the balance sheet. at the same time, europe will not do it. during that period, we should expect the exchange rate to show a change and we should expect to see a depreciation of the euro relat

. >> the paris agreement, it handicaps the united states economy in order to win praise from the veryoreign capitals and global activists that have long sought to gain wealth at our country's expense. they don't put america first. i do. and i always will. >> a number of states are stepping in where the federal government is stepping back and that is supporting the paris accord. there, you see all the states that are supporting it. california is the only state tried to beat the paris climate acquired by reducing greenhouse gas emissions by selling carbon credits. it looked dead on arrival but then the governor out there, jerry brown, pulled it out and now states rights is all the rage on the left. we are back with our panel. how about that? >> this is such a phony, fraudulent thing. all these trade regimes that have been put in place, whether it's the northeast corridor in europe, they never reduced carbon. pollutants are down 70%, or 80% since 1980, americans are actually the leader on pollution control, and these schemes and everything else, it's really ironic that it's california bu

can you explain to this community white income inequality is a long-term threat to the united states economy? and who has the power to help us fix this? chair yellen: i am very concerned about inequality in income and wealth. that americans need to feel that this system, our system, economic system, is one where reports come to those who work hard and play by the rules. -- when groups do disproportionately well and other groups are lagging behind, as has been the case, there is a sense of it being a very unfair system. worse to the extent that resources are important in making sure intergenerational mobility that parents want to make sure their children have. access to the opportunities and ability to gain education. that ill and rubbing will interrupt to yield my time. i will interrupt to yield my time. >> time has expired. the chair recognizes the gentleman from indiana, mr. hollingsworth. >> you have reached the bottom of the rank, a private freshman. i wanted to touch on something my colleague talked about in the treasurer report. some of thederstand recommendations you might agree with

economy in the doghouse. that in 2009, it was the united rates and the u.k. as you got in -- the united states and the u.k. ina in 2015. today, you have every major economy not in the doghouse. doingthey are not great and japan is figuring out some things, but i think that is a very important reason why that graph you just posted is where it is. shery: and you also have to -- talking about central banks -- you have to look out the german s are doing. it shows the correlation with u.s. treasury yields will affect the market. michael: that is a very important point. if you look at eurozone economic and inflation metrics, they are the most developed markets. look at core inflation, actual inflation, where the spread between eurozone and united states inflation, you know, really has been improving in favor of the eurozone. so the point i am getting at has been at the bund very stressed yield, cap that 50 basis points. point cap would roughly correlate to our 250 basis cap on our 10 year treasury yield. the follow-through on european economic data and the inflation data, that could push mario draghi into a decid

and i think most what's impressive this year is not just about the united states economy anymore. think globally there's more economies, broader recovery. we've got more than two-thirds of the oecd economies now growing faster than the united states and we've had less than 50%. so i think this story has broadened out to main street america with middle class median income s rising and to the glob which makes this look more stable >> to the degree people are worried you talk about improving global economy now we see global central banks moving away from being very accommodative, and now talking about tightening or being less accommodative. >> right >> you saw interest rates, the long end of the curve rise pretty sharply >> right >> they've calmed down since then how much does that worry you should you fear the fed in this market >> well, i think that the fed's just gone through this massive unprecedented easing we've now raised the funds rate four times and the real funds rate is still negative 60 basis points, negative 65 basis points hardly anything close to anything that's shut do

the united states economy added 220,000 jobs in june. a robust report that came in above expectations. the unemployment rate ticked up a bit to 4% but for the right reasons it went up. because thousands of americans who had given up looking for work decided to get off the sidelines and get back in the jobs hunt. still even with strong numbers, is the economy experiencing a gangbusters trump effect? at the president suggests? >> the economy is blazing and on every front we're doing well. >> the assault on the american auto industry, believe me, is over. >> when i say that the stock market is at an all-time high, we've picked up in market value almost $4 trillion since november 8th. personally i picked up nothing. but that's all right. everyone else is getting rich. that's okay. i'm really happy. >> nice joke from the president there. optimistic talk, but numbers don't lie. look at this chart comparing the monthly job growth from the first five who months of the trump presidency to the same last year. average those numbers out, the economy

about just the affordable care act, guess what, it entangled itself into one-sixth of the united states economyat's what we're dealing with now, an awful lot of peoples' lives are at stake. we can do it better. i'm still reaching out. i still want to work with the white house. but i have to be an honest broker. i was up front. the president called me a month or so ago. i said mr. president, i can't go down the repeal path. if you could consider repairing it, you're the mr. fix it president. you didn't come through the normal channels. let's fix what's wrong. and that's where i am on this, chuck, and i've not changed. >> we've got some reporting that there's a group of six or seven of you that have been secret talks and not telling your own staff that you guys were talking. i hear you, but you were keeping it even from your staff a little bit. >> how do you -- you you've got -- >> too many leaks in this town. that's what i'm told. >> i've got to check -- i'm going to check it out. >> what does the most likely first repair, the fact of the matter is rural america needs some help here in propping

i mean we're talking about 1/6 of the united states economy. we're talking about a bill that is drawing some very lukewarm reviews. we don't know if the senate can get it out. i want to stay out of their business but we're talking about two weeks here. then we go to a four or five-week recess when we have more than the health care to do. we have debt ceiling limit. we have budget reform and tax reform coming. melissa: how realistic is it that everyone would stay in washington? zooms like the clamor to do that is growing. seems like hard to go home and face constituents when the work isn't done? >> that is the point. we promised voters we would do certain things. we've done a lot of things, clear out the underbrush. we haven't delivered obamacare repeal. we have additional things on deadlines after that. we don't want to be stuck with a budget, hey we need to vote on the budget, we can't get that dons because you have to get through 11 bills to get that done. melissa: you talk about that you haven'ted produced the repeal when some people look at

can you explain to this committee why income inequality is a long-term threat to the united states' economy and who has the power to help us fix this >> well, i am very concerned about inequality and income and wealth i think americans need to feel that the system, our system, economic system is one where rewards come to those who work hard and play by the rules and when some groups do disproportionately well and others seem to be lagging behind, as has been the case, there's a sense of it's being a very unfair system worse, to the extent that resources are important in assuring intergenerational mobility that parents want to make sure that their children have access to the opportunities and ability to gain education -- >> thank you, i'm going to interrupt you to yield my time back on opportunities. thank you, because we introduced the beatty rule after the rooney rule and now we have a black man for the first time, chairman boston -- bostitch thank you. >> it's time to take a deep breath you've reached the bottom of the rank on our side of the aisle. a mere private freshman. i want to touc

this legislation, i would ask my friend to confirm, would impact what percentage of the united states economy? mr. wyden: we're talking, i would say to my colleague, the ranking member of the budget committee, we're talking about one-sixth of the american economy. mr. sanders: one-sixth of the american economy. that's over $3 trillion every single year. now, when we are dealing with legislation that impacts virtually every american, over $3 trillion, would my friend from oregon please tell me, and i know he is the ranking member of the finance committee and i'm on the health, education, labor committee, would my friend from oregon tell me how many hearings have been held on the finance committee to discuss the economic implications of this legislation. were there five, ten? how many hearings on this enormously complicated and important issue? mr. wyden: my colleague is being logical and heaven forbid that that should be introduced into this because we would automatically assume that on a matter like this, we are talking about a sixth of the american economy, the senate finance committee would

not be the number by which we judge if it is beneficial or not we also agreed on a full-size united states economy faces a variety of challenges and that emanates domestically in that this thing is united states needs to do that do not involve china. we also agree china is changing. so into the global economy is asset of analysis but we've very in that friday. and protectionism and making it more difficult in china. this is not a question with the trade deficit or not and the difference between this behavior because of china should decide to the chinese industrial policy has a huge global effect on business michael -- business models not one company over another that is something that we focused on. so then to focus on the of benefits and the need to continue that and avoid any path with growing protectionism on either side. but our sense is the chinese decorations all repeated consistently by china's leader officials are inconsistent with the reality in the ground -- on the ground in china. in addition we go see that equivalency between the challenges and with regard to market access i don't thin

i think also we agree on both sides the united states economy faces a variety of challenges, and not ll those challenges emanate from beijing or anywhere in china but emanate domestically in things the united states needs to do to address those that don't involve china. we also agree that china's economy is changing, evolving. the world, the government and governance in managing the economy is changing. that china still is trying to integrate into global economy. we all agree on that, we differ in a variety of other ways that are very important. i think the u.s. paper you'll find, if you look at it, we focus heavily on what we see is the growing centrality of chinese industrial policy and protectionism in managing its economy and making life more difficult for those that want to export to china, and those that do business in china. and this is not a question of just whether -- how much it contributes to u.s. trade deficit or not or how much jobs it affects but first the question of the basic unfairness and the difference between just behavior and chinese commitment, as well as the eff

i think this is worth repeating because we're talking about changing one-sixth of the united states economy, impacting every american family, and yet we still have no idea what the bill actually is. but we do know this. a partisan bill to take away health insurance from tens of millions of americans written behind closed doors, opposed by every stakeholder group and by an overwhelming majority of the american people should not pass the senate. as i have said repeatedly, the only constructive way forward is for democrats and republicans to come together in a good-faith, bipartisan effort to repair and strengthen the current law. bipartisanship should not be our last resort, as senator mcconnell has suggested. it should be a starting point. it should be the foundation of what we do in this body. this is how the great majority of the american people want us to conduct the senate's business. this is what i hear from my constituents in new hampshire, and this is especially true with health care legislation which affects families all across this country. make no mistake, every bill proposed by th

balance sheet we had to account for the fact we had increasing currencies across the united states economyiability of the fed. they have to have matching assets to make sure everything matches. on the policy instruments, their inflation targeting. if inflation for levy sitting at 2% sustainably, there is no need to be aggressive here. generally the fed has that terminal fed funds rate level at 3% from where we are today. david: let me push you for one moment. that the number i have heard about. if we do it gradually, that won't be a problem. some people on the ideological right thing 2.5 to three is too high. or 1.5, what effect for that have? terry: we know how this has worked. is called suppression of term premium. expect terms to adjust more if we overshot the target data 1.5 trillion. -- down to $1.5 trillion. jonathan: great to have you with us on the program. gary simpson is ticking with us. facebook opening at another record after second-quarter earnings. we will speak with one of the only analysts that doesn't have a buy rating on the stock. and his outlook on twitter and amazon. t

on both sideseed of the united states economy faces a variety of challenges. ot all of those challenges m&a from beijing or anywhere in china, but domestically underthings the united states needs to do to address those that don't involve china. we also agreed that china's economy is changing. and china is still try to integrate itself into the global economy. i think we all agreed to that set of analysis. but we differed in a variety of other ways that are important. you willhe u.s. paper, find, if you look at it, what we see is the growing centrality of china's industrial policy and protectionism in managing its economy, and making life more difficult for those that want to export to china and those that do business in china. this is not a question of whether -- of how much it contributes to the u.s. trade deficit or not or jobs. but first, the question of basic unfairness and the difference between this behavior and chinese commitments, as well as the effect on companies that are competing with china in the u.s. and elsewhere. but even beyond that, because of

in a foreign language] >> translator: this vast region embraces the world's leading economies, including, united states, china, japan and aaccounts for 55% of global gdp and poised to advance global value chain, all in the context of the fourth industrial revolution. [speaking in a foreign language] >> translator: vietnam has been working responsibly with countries in the region to translate these opportunities into strong dinism for growth. the threats of terrorism and violence extremism, unilateral power politics, the increased pressure from resource scarcity and a thirst for new resources. complex and unpredictable elements in the south china sea. [speaking in a foreign language] >> translator: these are challenges that are beyond the ability of any single power to advance. nor have they be advanced would only selfish interests in mind. [speaking in a foreign language] [speaking in a foreign language] >> translator: these challenges compel nations to form collaborative mechanisms that are based upon international law and designed in such a way that insures a balance of interest among parties. and he

united states. in the eu, there are diverse memberships. there are economiesre export driven in goods. in the united kingdom it's a services based economy. the united states and the eu agreement has mostly been focussed on go as, there will be, you know, there are limited number of personnel that the us has but it has some of the largest numbers of trade negotiators and we are getting building upa trade negotiators and we are getting building up a team here, which will be able to deal notjust we the eu but the united states. cutting to the chase. how long with a trade deal take to hammer out? . we can build on the fact we have had four yea rs, build on the fact we have had four years, not one of the stumbling block partners. by lament redeals typically take round 17 months, that is quicker than the one they have been going on with which the european union had in canada, or with the economies like japan and the united states, so we can probably do this quickly. we can almost certainly have it ready by the end of the trap sips deal, but we could get it in by mar

its enactment, the clean air act has reduced key air pollutants by roughly 70%, while the united states economy has more than tripled. we will hear today that our country has made enough progress and we will hear claims that further progress will be extremely difficult if not impossible. but this bill's supporters may not tell us that the american lung association's 2017 state of the air report found that nearly four in 10 people in the united states live in counties that have unhealthy levels of either ozone or particle pollution. delaying e.p.a.'s more protective health standards will only serve to delay these americans access to guaranteed clean air. i believe american ingenuity continues to be up to the task of developing and deploying technologies that will protect our citizens. history has shown again and again that meeting such basic health protective standards is achievable. more importantly, advancing these protections will make american more productive, more competitive and will improve quality of life and drive down public health costs tied to asthma, heart disease and even cancer. w

the united states economy has collapsed for a lot of americans. since 2000 we've lost 6 million manufacturing jobs in 70,000 factories have closed. this seems to dismiss the whole notion of investing in the growth of the american economy. and record spending is proposed in this budget for afghanistan, iraq and our great ally in that region, pakistan. it doesn't make any sense. fact of the matter is since we engaged in these wars americans have spent $4.8 trillion for iraq, afghanistan and pakistan. we've lost 6,800 u.s. soldiers and we've spent $170 billion rebuilding the roads and bridges of afghanistan in iraq. where's the budget we are promised for a robust investment in american infrastructure? our infrastructure is an embarrassment. we were once number one, according to world economic forum. we're at about number 23 today in the world in the quality of our infrastructure. infrastructure creates jobs in the construction, trade, supply and materials industry. but also we recognize unleashes the resources and creativity of the private sector. if

symptoms of deeper problems, which are that china is fundamentally a different type of economy than the united states, western europe, japan, korea, market oriented economies. ,hen china came into the wto there was an expectation that china might become more like this, more market oriented, but it has not happened automatically. we are at a critical juncture today, 15 or 16 years after china's entry into the wto, about what to do about the fact that china has not become a market economy. are the rules of the trading system adequate to deal with that? those problems would have been there regardless of who won the 2016 election. and whether or not we had these issues of steel and aluminum overcapacity. , otheri mentioned administrations have used anti-dumping and countervailing duties. whenhubb administration the came into office has chosen to do things a little differently. they are using antidumping countervailing duties. oftheir use of these storks -- source of import reducing policies, they are increasing the rhetoric. these are flying under the radar and they do not generate political attention. t

not just because it benefits the united states economy because it gives many of these countries an alternatives. russian gas is, by and large, more expensive. and it gives russia a what they cann use for political leverage. securitys part of cooperation and for the united states. francine: good morning. does that only work in the favor of the united states if growth in eastern europe in that region exceeds western growth? robert: it works to the benefit of the united states, in part because if growth in the area continues, there will be a bigger market for energy and natural gas in particular. and the assurance that they will have a stable supply of relatively inexpensive natural gas can give their own economy a boost. because it will bring more companies in. russiansear that the could cut it off at any point in time. so it is a big deal. the numbers at the beginning will not be that great. to buildust beginning the plants in the united states. but if the process continues to pluswill be able four gas exporters here and for european economies and, it is also aimed at reducing brushes leverage

. >> the chinese economy is dependent on selling things to the united states. r economy is not dependent on selling things to them and also, we're the trade deficit country, so we don't worry about trade wars as much as a trade surplus country like china. chinese president xi jinping is in a sensitive period. just a couple of months before the communist party in either october or november. this is a period in which he could lose his position. the united states has a lot of say whether he stays or goes and we should be trying to exercise that leverage over china right now. >> to make sure that we have someone there that is a willing partner in what's going on. but, steve, with the fact that north korea has advanced and you said that it's gone too far in terms of what they've been able to accomplish, should we cut china out as the middle country, so to speak and have direct talks with kim jong-un and their diplomatic representatives about this? >> i don't think one should cut china out. china is, i think, basically a smart cal braibrator. they have this notion tha

the united states in the uk are united by commerce, trade and security. it is fortuitous that we are the first and fifth largest economiest export market, purchasing more than $200 billion of uk goods and services every year. more than france and germany put together. the stock we hold in each other‘s economies stand at over $1 trillion. the us is the number one destination for uk investment. thousands of firms have a presence in the us, from car companies to financial services. us firms employing more than 1 financial services. us firms employing more than1 million people in the united kingdom, and the same of americans here. us companies are investing in the uk, seeing a familiar environment built on economic fundamentals which allow businesses to flourish. they build universities which sit alongside there are american counterparts. a cutting—edge research environment and the ability to operate perfectly for global trading. these fundamentals are more to change, the uk will always be open for business. that‘s a summary of the news, newsday is coming up at midnight — now on bbc news it‘s time for newsnight with evan dav

we used to look at this as a proxy for the united states economy and it is not at anymore by any stretchination. amazon, the best proxy of certainly not only the consumer but businesses are doing, cloud computing business but again, we will dig into these numbers but what will be critical is how their energy businesses are doing and healthcare too. >> earnings season has been spectacular. maria: 6% profits growth. what the company say about revenue growth in terms of guidance in the future? dagen: john hilsenrath made an important point that so much of the rally starting with the election and after the inauguration many investors point to the trump agenda, hitting tax reform and healthcare reform so why is that stalled in congress? why is the market hitting all-time highs? it is because of this profit growth. >> they see an infrastructure bill is something bipartisan that can be done with reasonable democratic support. dagen: still the expectation of double-digit earnings next year so analysts don't see any end insight to the positive picture for corporations here and abroad. maria: the

nonetheless, the united states has been the reference point as the most powerful economy, with the greatest military capability with thenly nation values, interests, global alliances, and thus, the ability to uphold and defend the international order. exists and order because the united states has been prepared to enforce it, that we have had relative peace and stability in our region. hundreds ofbled millions of people to be lifted out of poverty driven by access to global markets. our region has undoubtedly been the major beneficiary of united states leadership as we have witnessed this shift of global economic power from the west to the east. with the rise of china as an , and india,erhouse japan and other asian economies, ours is the fastest-growing and most dynamic in the world today. there could be no complacency. the international world space order is under pressure. there are signs of weakening confidence as strings of anti-globalization, economic nationalism has emerged. brexit and the emergent of political parties and candidates in democratic elections advocate a return to a bygon

economy? and i think it is fundamental. you invest in basics, ensure the workforce is skilled, and you invest in research to make sure the united statesgive up that cutting-edge we have had in modern times. third, you invest in infrastructure. that is something government can do to help all businesses and the economy. david: senator, thank you for giving us your time. jonathan: coming up, check stevens, general motors chief -- chuck stevens. futures are positive, up 74 on the dow, and a big bid in the copper market since the miners are searching in london. from new york, this is bloomberg. ♪ jonathan: alphabet earnings are good but not good enough. expectations that high ads will hit profits. the president says there has been enough talk and now is the time for action. the federal reserve begins its two-day meeting. our survey says wait until september first plan to unwind the balance sheet. good morning, good morning. this is bloomberg daybreak. i am jonathan ferro, alongside david westin and alix steel. upures with a decent bid, .25 on s&p 500 and the euro on a stronger footing. german business confidence at a record high, climbing

nd when you're talking about 1/6 of the entire united states' economy, it's going to be difficult to give you entirely accurate information. but not having this essential service here, i think, would be detriment tall to this congress and our ability to gauge and forecast into the future. i oppose this amendment strongly and vigorously and i would like to yield for three minutes to the gentleman from kentucky who i know also has a strong opinion on this matter. the chair: the gentleman from kentucky is recognized. mr. yarmuth: i rise in strong opposition to this amendment. some republicans in congress and the trump administration are engaged in a steadily escalating campaign to tear down the congressional budget office and anyone else who doesn't tell them what they want to hear. this eliminates half of c.b.o.'s budget. c.b.o. is our impartial referee and their work is indispenseable to congress. this amendment is not good for democracy and not consistent with the principles of good government. republicans claim to care about fiscal responsibility, but this amendment would destroy th

symptoms of deeper problems which are that china is fundamentally a different type of economy than the united states, western europe, japan, korea, market oriented economies. when china came into the wto in 2001 there was an expectation that china may become more like us. more market oriented but it hasn't happened automatically. so we are at a critical juncture today, 15, 16 years after china's entry into the wto, about what to do about the fact that china has not become a market economy and are the rules of the trading system we have right now adequate to deal with that. the problems would have been there regardless of who won the 2016 election and whether or not we had the issues of steel and aluminum over capacity. as i mentioned, other administrations have used anti-dumping and counter veiling duties. the trump administration, when they came into office, has chosen to do things a little bit differently. they, of course, are also using anti-dumping, counter veiling duties but they have, in their use of these sorts of import restricting policies, escalated a lot of the political rhetoric. many of

vladimir putin will not challenge that, because he knows he controls a country whose economy is 1/20th that of the united statesand russia's economy doesn't compare. >> thanks for being with us today. >> any time. >> coming up, health care triage as republicans get back to work on their repeal and replace plan. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. and at $4.95, you can trade with a clear advantage. [car tires screech] [bell rings] only tylenol® rapid release gels have laser drilled holes. they release medicine fast, for fast pain relief. tylenol® "how to win at business." step one: point decisively with the arm of your glasses. abracadabra. the stage is yours. step two: choose la quinta. the only hotel where you can redeem loyalty points for a free night-instantly and win at business. thithis is the new new york.e? think again. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environ

can you explain to this committee why income inequality is a long-term threat to the united states economy and who has the power to help us fix this? >> well, i am very concerned about inequality in income wealth. i think americans need to feel that the system, economic system is one where rewards come to those who work hard and play by the rules. and when some groups do disproportionately well and others seem to be lagging behind, as has been the case, there's a sense of its being a very unfair system. worse to the extent that resources are important in assuring intergenerational mobility that parents want to make sure that their children have access to the opportunities and ability to gain education. >> thank you, i'm going to interrupt you to yield my time back on opportunities. thank you because we introduced the beatty rule after the rooney rule and now we have a black man for the first time, chairman boston, out of atlanta who is on the national federal reserve board. thank you, and i yield back. >> time of the gentle lady has expired. the chairman now recognizes the gentleman from i

united states. so we have a good feel for the economy.here is in general a better sense of optimism as to what the potential impacts of a productive tax reform this could have on investment. the u.s. economy has been led by consumer spending. it's probably time for investment to take up some of the slack, lerks st we are willing to let citizens to borrow and grow their personal indebtedness. so the just of that tax reform seems to us to be potentially very favorable to the economy. the first question you asked me, the continued presence of i would say accommodated monetary conditions. not just in the united states, also europe, the u.k. and elsewhere and asia, is taking volatility out of the real economy. he's also distorting to a certain extent the curve in terms of investment and leading to risk at times potentially being mispriced. so from our standpoint, if we could see gradual tax reform with a gradual readjustment of monetary conditions together with continued investment in infrastructure and technological intervention, it seems to

we have the workforce we need so these companies can grow here in the unit states and healthy -- united states and help the economy and great more jobs. the jobs are there, they will be here as the industry grows. a part of it, as i was struck by the conversation earlier with governor arnold schwarzenegger about giving the latter to students and showing them the path from middle school to high school to college onto a career in whatever they are passionate about, hopefully this some field and working for an internet company. the same thing is true for the corporate side, if they are investing in the schools in their community, many are, and making sure that they are having their engineers volunteer in creating opportunity where kids can come and visit the campuses and visit the companies and see and be and get inspired, that is the path. that is something that our companies are doing increasingly. we would like to see it happen in a broader section of technology companies and companies in the economy to invest in the community, start young with middle school kids. the involved with the afterschool programs. one da

an economy here in the united states that is still growing, low inflation, investors are not worried out higher interest rates. even europe, you have economies around the world that are firing simultaneously which is something that's been lacking in the -- since the financial crisis. i will say one thing though and i want to hear what gary has to say about this. investors are focused on good news. if that somehow changes it will put more pressure on washington to cut the nonsense. neil: look at some of the media and i don't think he gets a free pass on that but i will say this, gary, this is the quiet, how much of it is built on the assumption they're going to get tax cuts, these guys have been betting on that, liking that or is this beyond that? gary. i think we have trouble there. so i want to get robin's take on that one. >> ly take -- i will take that one. neil: of course, you will. the view from the left is trump's rally. >> the view from the left this is academy can i -- acceptance of the chaotic presidency. presidency in constant state of chaos and they are ignoring. they alrea

access to other markets, including the united states, but perhaps even more crucially how we can work with countries like the united states to open up the global economyich will matter a lot to the economy. but your belief is that no value will be lost? well, i hope that no value will be lost. that is what we're aiming for. that is not the same thing. and of course it makes no sense to have an assumption that you will be at one end of the spectrum rather than the other, so what we're aiming for is an open, liberal, comprehensive agreement with the european union, which is in both our interests to have — both for european producers as well as british producers. and at the same time to have a good agreement with the united states and to open up the global economy, and the reason for that is the global economy is sluggish. global trade is growing at only 1.3% at the present time, we must get that up, because we've got to see a more open trading environment or our exporters will suffer. trade is abstract, it is complicated, and i know that you accuse us, the media, of obsessing over chicken, but the reason we talk about chicken is it is tangible, people a

—— the united states. the gig economy in 2020 will take up 43% of the american workforce.ion benefits. that is not the social contract that americans make with their employers. so you hear sangam bling here about that i do heargrumbling hear sangam bling here about that i do hear grumbling about whether employers should treat their employees better, but the gig economy is actually very well—suited to the way people do business here. in this, our last week of 100 days +1 in this, our last week of 100 days +, we are looking more closely at some of the teams that have guided this problem. yesterday, we talked about the retreat of western, liberal democracy. today, we're talking about the relationship between politics and identity. the pattern was a uk government minister, also the last governor of hong kong and a european commissioner. he is a man who has seen first—hand where national identity and projects combine. his memoir isjust out identity and projects combine. his memoir is just out and he joined identity and projects combine. his memoir isjust out and hejoined us a l