Political action necessary. What do you think we and you can do to raise the alarm that the biggest and Fastest Growing cost must be addressed . I will follow the path of my predecessor to say, not become a regular commentator on fiscal issues but limit myself to a couple of overarching points. The first is we need to get on a sustainable fiscal path. It is time to be doing that now. The second thing is when fiscal changes are made, it is important that to the extent possible they be directed at enhancing the economy. We cant effect productivity other than keeping prices stable and regulation on a balanced basis. Run risecomes to over time. You have much more authority over that. To the extent fiscal policy can focus on ways to increase attachment to the labor force and create incentives for more skills, to have greater investment, that is a healthy thing. Thank you very much. The chair recognizes the gentleman from new york. Mr. Powell, welcome. The Treasury Department is currently un
Been near 0 and feds been printing money like never before jay powell has to unweekend that without damaging the economy. Lets see how that Opening Statement is being received on the stock market. Fairly well, dow industrials and the s p 500 and the nasdaq they will all open ever so slielgtly lower. Remember, this follows two day of gigantic tbains. Theres other news, fedex will not join the boycott nra movement that is intimidated several other Big Companies and the state of georgia threatens to take away a sales tax benefit from delta if that airline continues its nra boycott. The state to play is this, boycott that will be hashtagged boycott nra as politicized business. And it is trying to silence anyone who supports Second Amendment rights. And then theres the nfl. Commissioner Roger Goodell will reportedly demand 2 million from cowboys oiner jerry jones for his activities during last seasons anthem protests. That is not over. But Varney Company were about to begin. Stay there plea
Outlook for the economy is strengthened since december. Greater confidence that inflation will rise. Additional headlines, mike and morgan, about nbs, the agree to which they were a success says the new normal for a Balance Sheet to be around 2. 5 to 3 trillion and the emphasis by powell on the strength of the economy, the tail winds, the fact that perhaps the low inflation is transitory that was a take away too in response to representative maloney, she asked if were on pace for three rate hikes . He said well see over the next couple weeks what is submitted in terms of projections. But since the last round, you see continuing strength in labor market stronger economy, signs that inflation could be moving closer to target. More stimulative physical policy thats really when you saw markets begin to move lower. Lets bring in our senior economics reporter Steve Liesman who can help us understand what this may mean for the march meeting as we watch the odds closely today, steve. Good poin
Committee will come to order. Without objection, the chair is authorized to declare a recess of the committee at any time and all members will have five legislative days within which to submit extraneous materials to the chair for inclusion in the record. This hearing is for the purpose of receiving the semiannual testimony of the chair of the board of governors of the Federal Reserve system on Monetary Policy and the state of the economy. I now recognize myself for three and a half minutes to give an Opening Statement. Notwithstanding the greatest monetary and fiscal stimulus in your nations history, the economy has limped along for eight years, arch averaging only 1. 6 gdp growth. Savings failed to recover from the 2008 financial crisis. A new phrase was coined by leftleaning academics in an attempt to rationalize the phenomenon, namely secular stagnation. A far more accurate and descriptive phrase, though, is high taxes and heavyhanded regulatory policy. Fortunately, with the electi
Quorum call during this. Id note the absence of a quorum. The presiding officer the clerk will call the roll. Quorum call quorum call mr. Durbin mr. President , i come to the floor to discuss the republican tax reform plan and what impact it will have on the Fiscal Health of our nation, but especially the impact it will have on working families across the United States and in my home state of illinois. Ive represented illinois and congress both as a house member and a senator for a number of years. Im proud to say that during my career i have not shied away from tackling big issues, maybe one of the toughest assignments ive ever had was in 2010 president obama created commission on fiscal responsibility and reform known as the Simpson Bowles commission. I was one of 18 democrats and republicans given the responsibility to balance americas budget and reform our Spending Program and our tax code. This is no small task, but it was an important one. We spent month after month in bipartisan