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we begin in the united states where president biden hasjust wrapped up his state of the union address seen as his big pitch for a second term in office. the strength of the economy and its resilience in bouncing back from the global pandemic was front and centre in his speech. but the president said there is much to do and promised to tax the wealthy more and squeeze profits from industrys such as big pharma and oil. we are the only country who has emerged from every crisis we enter into stronger than we got into it stop and that is what we are doing again.- into it stop and that is what we are doing again. years ago the economy we are doing again. years ago the economy was we are doing again. years ago the economy was reeling, - we are doing again. years ago the economy was reeling, i i the economy was reeling, i stand here tonight after we created 12 million newjobs, morejobs created 12 million newjobs, more jobs created created 12 million newjobs, morejobs create ....
program, a ruling that will impact millions of people, one of the court s most influential cases this term with implications beyond the student loan issue. the plaintiffs which include six republican-led states, two borrowers who do not qualify for this program, are challenging the legality of the plan which would cancel up to $20,000 in debt for some borrowers. so just to give you an idea of the scope here, outstanding student loan debt in this country is more than $1.7 trillion. the vast majority of that, we re talking more than 90%, is from federal student loans and those are the ones that would be eligible for some forgiveness under biden s plan. so far 16 million borrowers had been approved for that relief. when the legal challenges put the plan on hold, officials estimate the program could cost some $400 billion. education secretary miguel cardona speaking with cnn this morning talked about why the administration is so focused on this and why the administration ....
Chairman of the council of economic advisers jason furman. good to have you on this morning. good to be here. you heard yellen there saying inflation is coming down, the fed is committed. you say, in fact, the u.s. has made little if any progress on inflation. tell us why. yeah, so we re actually talking two different things, the secretary and myself. the actual inflation experienced by consumers has gotten better, the price of gasoline has gone down from $5 a gallon to $3.25. the headline inflation rate has fallen from 9% to 6%. that s the progress she s talking about. economists in the fed, though, are focused on something else called core inflation or underlying inflation that excludes the volatile components. that s where we ve made no progress at all and that s what s scary going forward because the dis inflation we have had is the easy part, the remaining part has been really, ....
Take on that? countries. companies. your take on that? take on that? much of that is ust take on that? much of that is just nationalistic take on that? much of that is just nationalistic come - take on that? much of that is just nationalistic come from | just nationalistic come from pink. there are reasons why the united states purchases certain goods and services from other countries and we sell to other countries. there is specialisation. as for the state of the economy, i mean we had a gdp number last week that was not that strong, below the surface it looks like the economy is slowing. so some of this may be the president s attempt to sort of get people more optimistic for what could be a difficult year ahead. but if we look at the inflation reduction act, much of what is in their is reduction act, much of what is in thei , ., reduction act, much of what is inthei , in their is about boosting american in their is about boosting| american manufacturing, american made produc ....