For that rate hike. She sees moderate growth this year and beyond. The economic head winds out there that include housing and budget spending have been waning. On the labor markets, its approaching full strength. First time i believe they said that with the Unemployment Rate to fall by year end. It is close to the long run level although she does point out that it will be not fully healed along with a slack such as people working parttime. She said inflation will rise as the economy strengthened and importantly as temporary factors were received which is what she expects in the forecast. A couple of things she said the european recovery is on firmer footing, but has concerns about global on the u. S. Economy. An important economic point that we can talk more about another time but said recent productivity is disappointing and thats something they watch at the Federal Reserve. Back to you. Thank you very much. Along with mandy drury, welcome to power lunch. More breaking news with david
Okay, so thats less money for a government already deep in the red, one would assume it makes the deficit worse, right . Wrong. Romney says hell pay for that tax cut in two ways, one, hell limit the tax breaks. Hell spur Economic Growth because people can use that money that theyll save this taxes. Its not entirely clear how much Economic Growth that will produce. What is clear is that the measly 1. 3 of Economic Growth that they achieved in the Second Quarter this year isnt enough to make up for the romney shortfall, and with the u. S. Economy forecasted to grow by about 3 in 2013 and 2014, romneys plan, as attractive as it sounds, is in doubt. Kevin hasseth is an economic adviser. Kevin, romneys plan seems to assume that the simple act of lowering taxes will generate enough growth to raise the revenue to pay for the steep cost of those cuts. A lot of economists disagree with that notion, the classic chicken and egg scenario. I spoke with secretary larry m sumners a few weeks ago and
In 2013 and 2014, romneys plan, as attractive as it sounds, is in doubt. Kevin hasset is an economic adviser for the Mitt Romney Campaign and author of some of the economic plans. Kevin, romney plans seem to assume that simple act of lowering taxes will generate enough growth to raise the revenue to pay for the steep cost of those cuts. But a lot of economists agree with that notion. Its a classic chicken and egg scenario. I talked to Larry Summers a couple days ago. He cant get the math to work either. Its easy to have an attractive tax plan if your Campaign Staff can make it up. The reality is that every expert whos looked at it found that cutting taxes by 20 costs 5 trillion. Okay. Lets get down to this. We understand there will be certain revenues that will come in. There will be certain revenues lost. You kept people keep some of their money. The issue is how much more growth to you get from that . The issue is how much better is the economy because you have given everybody a disc
The speaker the house will be in order. The prayer will be offered today by our guest chape lane, reverend george dillard, Christian Church, Peach Tree City, georgia. The chaplain lets pray. Almighty god, we come before you with praise and thanksgiving because you are the giver and the sustainer of life. We thank you for freedom, help us to use it well. To bless and not to curse. We thank you for justice, help us to be righteous in its use. We thank you for an abundance of food. Help us to be generous. We thank you for life. Help us to give it the value it deserves. We thank you for your truth. Help us to use it as a light to see the path back to you. Bless the members of this house with wisdom and watch over those who serve in our armed forces as they protect our liberty. Forgive us for the error of our ways and thank you for the grace, mercy, forgiveness and love that provide a path to you through jesus, the christ, our king, amen. The speaker the chair has examined the journal of th
today we re announcing a new examination of the environmental procedures for oil and gas exploration and development. as i ve said before, domestic oil drilling continues to be one part of an overall energy strategy that now includes more clean, renewable energy and energy efficiency than at any other time in our history. but it s absolutely essential that going forward we put in place every necessary safeguard of protection so that a tragedy like this oil spill does not happen again. this is a responsibility that all of us share. the oil companies share it, the manufactures of this equipment share it, the agencies and the federal government in charge of the oversight share that responsibility. i will not tolerate more finger pointing or irresponsibility. the people of the gulf coast need our help. they deserve nothing less than for us to stand up and do whatever is necessary to stop this spill, prevent further damage, and compensate all those who have been harmed already. that s our j