Youre watching live coverage now here on cspan 3. Chairman furman, welcome. Both vice chair klobuchar and i appreciate your willingness to reschedule this hearing. Im hopeful that youll resume the long standing practice that chairman of the council of economic advisers testing before the jec. Welcome today. We are all pulling for a strong recovery. Too Many Americans of all ages and all races have simply given up hope of finding a fulltime job. Now, four full years after recession ended, while some parts of the nation are making progress, the current recovery remains the weakest among all post1960 recoveries in every major measure of economic performance. Generating a troubling, and we think dangerous, growth gap. While real gdp has grown by 10 since the recession ended, thats just barely above onehalf the growth in average recoveries over the same period. Producing a growth gap of 1. 3 trillion in the economy. For families the growth gap hits home. Real disposable income per capita ha
Very high and is persistent and woringly so in terms of the human cost and the long term cost for our economy. You testified before that not all cuts are the same. And that there are some ways in which we are cutting that are hurting our long term competitiveness. They produce longer term reductions in our capacity and that we should be prioritizing things that will accelerate growth, that we should not be simply trying to get through this difficult fiscal time in a way that focuses on austerity. We should be investing in a way that sustains growth. What types of policies in your view could both help accelerate growth and do so in a way that would deal with long term unemployment . And what are the budget airy implications for long term unemployment . The first part of your question, senator, of all nondefense Discretionary Spending, half represents investment of some sort about 20 of nondefense Discretionary Spending is investment in physical capital such as highways. Another 15 is go
Been several years since we have increased the minimum wage, and i support an increase in the minimum wage, but i do not believe that at a time when our economy is so fragile as is indicated by the very slow increase in g. D. P. That was reported this morning that we can afford to increase the minimum wage by some 39 . I would note, madam president , that just a year ago, president obama was suggesting that we should increase the minimum wage to 9 an hour. I dont see any change in the Economic Conditions that would have caused him to abruptly change his position and now be advocating 10. 10 an hour. I know, madam president , that there are many lowincome families that are really struggling in this country, and i believe that our economy could accommodate an increase in the minimum wage, but the congressional budget office, a nonpartisan entity, has told us that the consequences of going to 10. 10 an hour would be a loss of some 500,000 jobs at a time when our economy simply cannot affo
Friend who is a very valuable member of our committee. And all others, again, someone whos always 202 5853882. Thoughtful, always helpful, always works in a bipartisan manner. You saw it on this floor yesterday when he and chairman we will begin with the culberson delivered their bill headlines. In a very bipartisan and very this is the front page of the professional manner. He does the same thing in our Financial Times. Committee. I just want to thank my friend and reserve the balance of my the u. S. Economy came near to time. The chair the gentleman from oklahoma reserves. Stalling in the first quarter. The gentlelady from florida is recognized. Ms. Wasserman schultz madam chair, at this time i yield back the balance of my time. The chair the gentlelady from florida yields back the balance of her time. The gentleman from oklahoma is recognized. Mr. Cole i yield myself such time as i may consume. The chair without objection. Mr. Cole once again thank my friend, my working partner in t
Sandberg may have lost her billionaire status because of the stocks fall to 56 dollars. Fridays volatile session. Ended with the dow and nasdaq taking a triple digit tumbles the s p off by 24 earlier in the dow and s p had been at record highs. Gold added 19 dollar and oil 81 cents. Traders in part were reacting to the jobs numbers for march. 192thousand jobs were added to payrolls just shy of estimates. And the Unemployment Rate remained unchanged. What a great way to start the trading day with trader dan stecich of athena advisor services. Good morning dan. What a tech wreck on friday. What was behind that move in the nasdaq . Im not really concerned about why it came about. Theres a lot of reasons why people are saying it happened. I think the most primary reason out there is these markets have gotten very lofty. Theres some profit taking out there. Simply puttheres nothing more than that. How much of it though was maybe reaction to the jobs number . Thats an interesting one. On fri