That that ratio will continue to rise in an unsustainable fashion , so the addition to the debt taking what is already a significant problem and making it worse is, it is of concern to me and i think it does suggest that in some future downturn which, well, could occur just for whatever reason, the amount of fiscal space that would exist for fiscal policy to play an active role may well be limited. Sam and then victoria. Sam flemming. A couple of longer term questions. First of all midway through the year you talked about issues of whether inflation targets might need to be raised and a lot more debate in the fed system since this. It may not be an imminent issue but is it something the fed should discuss over the coming years some sort of change to the target and second of all the amount of stimulus tools that the fed may have at its disposal in the next downturn strikes are fairly limit limited. One of the incoming governors, Marvin Goodfriend talked about the merits of negative Interest Rates. I just wondered whether youll see that as a potential we are going to continue monitoring fed chair janet yellen and her final News Conference but we want to take you to the white house for President Trumps closing arguments on tax reform. President trump were joined today by college students, young entrepreneurs, families, workers , mothers, and fathers from all over our nation. You make this country run, its an honor to be with you and an honor to have you at the white house and thank you all for being here. Really fantastic. Thank you. [applause] President Trump great people. President trump as a promise i promised a massive tax cut for the every day working families who are the backbone and the heartbeat of our country. Now were just days away, i hope , i hope, you know what that means, right, from keeping that promise and delivering a truly amazing victory for American Families. We want to give you, the American People, a giant tax cut for christmas and when i say giant, i mean giant. [applause] President Trump as we speak, congress has reached an agreement on tax legislation that will deliver more jobs, higher wages, and massive tax relief for American Families and for american companies. The typical family of four earning 75,000 will see an income tax cutoff more than 2000 slashing their tax bill in half. Its going to be a lot of money, and have an extra 2000 but there are many more things than that. Our plan expands the Child Tax Credit for working families. Youll hear the numbers very soon but theyre even larger than anticipated. It nearly doubles the amount of income taxed at the rate of zero i dont know if any of you are paying zero. I hope youre not. I hope youre paying above that, but a lot of people who are having it a little bit tough are going to be paying zero. It closes special interest loopholes. It lowers tax rates for families and our plan also cuts taxes on businesses which is expected, raised income by an average of more than 4000, so your income goes up. Its like having a 4000 increase which isnt bad, which isnt bad. Its a lot of money to spend, a lot of jobs are going to be created with the money that you spend, very special, and it makes america competitive again, so we can bring back that simple but beautiful phrase, youve heard it before, made in the usa right . I dont know if theyve heard it but youve heard it. [applause] President Trump our current tax code is burden some, complex and profoundly unfair. It has exported our jobs, closed our factories, and left millions of parents worried that their children might be the first generation to have less opportunity than the last. Our factories have left so many of them, gone, but theyre all coming back and you see it even before we do this, theyre starting to come back. Our country is starting to do really well again and as a country, were being respected again. Were being respected again. Im here today to tell you that we will never let bad things happen with respect to the economy of our country. Were not going to lose our businesses again like has happened over the last number of decades. America is coming back bigger and better and stronger than ever before, okay . They will see it and they will see the result. America isnt content just by getting by. America is about getting ahead, about finding the best in ourselves and in each other. Were reclaiming our destiny as americans, a nation that thinks big, dreams bigger and always reaches for the stars. We didnt become great through massive taxation and washington regulation and by the way, we are cutting regulation at a rate never seen before in the history of our country. We became great because our people, our families and because of our freedom. We became great because of our drive to find the next horizon, to unlock the next mystery and to begin the next adventure. You know what im talking about, and thats who we are, a nation of drivers and builders and dreamers and doers sh, people who treasure their independence and dont know how to quit. Never ever give up. I say that also to our great cabinet, and theyve done a great job. A lot of things have happened. Nobody has done the job that weve done. When government loosens its grip , there is no summit we cannot reach. Our tax cuts will break down and they will break it down fast, all forms of government and all forms of government barriers and breathe new life into the american economy. They will unleash the american worker. They will tear down the restraints on discovery, innovation and creation and they will restore the hopes and dream s of the american family. Millions of middle class families will win under our plan and today, we are honored to hear from a few of those wonderful and truly great families. Bryant and ashley blick, right . Are from lancaster county, pennsylvania. I know it well. They have two beautiful children with a third on the way. Bryant manages a Farm Equipment store. Ashley works in healthcare. This year, they were in the 15 tax bracket. Under our plan they will drop to the 12 bracket. Its a big drop, instead of itemizing their deductions they will be able to file their taxes on a single little beautiful sheet of paper. Thats good. [applause] President Trump and instead of paying 2600 in income tax, they will get it down to 2000, they will save at least 600 and probably more than that. Bryant, ashley, how about saying a few words. Do you want to . Come on. Well thank you, mr. President its an honor to be here. On be half of the good people of lancaster county, my family, and specifically my grandmother linda martin, well done. Many of your predecessors promised that this reform was coming but you did it. That we are greatly excited about. With the tax savings that we are going to see, we are going to put that money into Home Renovations and i am excited that you were the one that got it over the finish line. Thank you, mr. President. [applause] President Trump thank you, bryant. The covax family also joins us today from ohio. Thats a great state. A lot of success in ohio. Adam is a veteran who works in telecommunications. Lindsay works in administration, admissions at a university and they have two beautiful children this year, theyre currently in the 25 bracket and pay nearly 14,000 in taxes. Our plan gives them their time back because they wont have to itemize and it gives them nearly onethird of their money back more than 3500 for one year. Id like to invite the covax to explain what our tax cutting will mean for them. Theyve studied it very closely and these are very smart sharp people and they know exactly what were doing here and they like it. Come on up, thank you. [applause] thank you, mr. President. It is truly an honor that you invited the covax family to the white house today. This is going to be great for our family. We have Home Renovations that we want to take care of and hopefully save for our two children to go to college. Thank you so much, mr. President. [applause] President Trump the gianpolo family is from polk county, iowa. Anthony is a Police Officer and autumn is a 911 emergency dispatcher. When theyre not at work protecting and serving their fellow citizens, their hands are full with four wonderful children. This year, they were in the 25 bracket. Their itemized deductions and theyve done everything they can they paid more than 19,000 in taxes. Thank you very much by the way. Thats a lot of money. [laughter] President Trump but i like it. Under our plan, they will file on a single page and save 2700. Anthony, maybe youd like to say a few words. Come on in. [applause] just want to thank President Trump. Education is very important to our family. Under this bill, our family will be able to save a lot of money. We have a lot of people going to school. My wife and ir both in graduate school finishing up and we still got three other, four other kids to get through college, so it will help out a lot. [laughter] [applause] President Trump leon and Maria Benjamin are pastors of new lifes Harvest Church and its a Beautiful Church in richmond, virginia and they have three wonderful children under our plan they will get a larger tax refund to help them pay their bills. They will receive a tax refund this year of 3000. Leon and maria, i would love you to discuss your middle class tax cut a little bit with the millions of people watching right now on television. [laughter] President Trump you do very well and were very proud of you and it is indeed a Beautiful Church. I got to see a very very nice picture. Well have to get there some day soon, thank you. Come on in. [applause] to god be the glory. [applause] thank you, President Trump for inviting us here on be half of the benjamin family and of course richmond, virginia. We represent a cadre of many families across the nation, african American Families, urban communities and families all across need this now and its time for a change and its time that we recognize that our president is making good on his promises. [applause] thank you, mr. President. God bless you and well continue to keep praying for you and your team as you move forward and forge ahead with this new future in america. God bless you. [applause] President Trump he can be my minister any time. [laughter] President Trump the Howard Family lives in tenino, washington, izaac owns an espresso Machine Service company and emily takes care of their four beautiful children and theyre currently in the 15 bracket and pay 2500 in taxes. Our plan will totally wipe out their tax bill and they might even get a refund of substantially more than 700. Id like to intro introduce them come on up. [applause] im going to speak for us today. We are absolutely blessed to be here, so thank you, mr. President. Its our joy to stand before you guys, and what this means to us as a family is that we will be able to pour out into our community whatever that looks like giving away to families that are in need or setting them up for success indiana any way that whatever god has planned for our family. I think that that is our goal and we are blessed to have such an amazing president and what a good stuart he is of our country so thank you, mr. President. [applause] President Trump well thank you all. Its critically important for congress to quickly pass these historic tax cuts and thats going to take place i think even before the media. I used the word media, did you notice . As opposed to fake news media. I dont say. [laughter] President Trump because today is a very important day. We want everybody to be covered very accurately so im excited to announce that if Congress Sends me a bill before christmas , the irs, this is just out, this is breaking news, has just confirmed that americans will see lower taxes and bigger paychecks beginning in february. Just two short months from now. [applause] President Trump we just got that. 55 years ago this week, president john f. Kennedy, a democrat launched a historic effort to pass sweeping top to bottom tax cuts. A half a century later, were reminded that lowering taxes is neither republican or democrat idea but an american principle and an american idea. The goal of my administration is for every american to know the dignity of work, the pride of a paycheck, and the satisfaction of a job well done. We want people to love waking up in the morning and going to work , just with that incredible enthusiasm that we have in this country and thats what were going to be doing and thats whats going to be happening. Today we stand on the verge of a new economic miracle. Our economy has already surged to 3 growth far ahead of schedule by the way, far far ahead in each of the last two quarters and if we didnt have the hurricanes we could have hit four last quarter, four. A number that was unthinkable two years ago when i started the campaign, and even my first month in office, that was an unthinkable number and ill tell you what. Its going to go higher than that. Weve created 2. 2 million jobs since the election. Unemployment is at a 17year low , the Unemployment Rate in the Manufacturing Business is the lowest in recorded history, Consumer Confidence is a 17. High, mentions and retirement accounts are soaring as the stock market hits 85 new record highs since the election. How are we doing are we doing okay . [applause] President Trump not bad, right . [applause] President Trump if Congress Sends me a tax reform, this is only a small beginning to the incredible things that our people will achieve over a very short period of time, and the tremendous heights that we will reach economically and so many other ways in our country, every day, as this victory draws closer. We are so close right now, so close. In fact almost i dont want to talk about it. Maybe we shouldnt talk about it [laughter] President Trump the voices that opposed tax cuts grow smaller and weaker and the American People grow stronger. I heard one of our opponents stand up the other day and say this is for the rich. They had no idea. They didnt even see the final bill. I didnt see the final bill. This is for the people of middle income. This is for companies that are going to create jobs. This is for very very special people, the great people of america. Every day hard working americans know that the future of this nation will never belong to those who say you cant. It will always belong to the American People who will say we will. It belongs to people like the gl icks, the covax, the benjamins , the howards and millions of americans just like them across our nation who pour out their hearts and souls every single day to take care of their families and the country they love and that we love. We are going to have a country that celebrates you again, hard working, great people. Youre being celebrated again. Remember that, because you were a little bit forgotten. We have caught the forgotten people. Somebody else called me and everybody else the deplorables. Have you ever heard that term . Were proud to be the deplorable s and were doing well were going to make our tax system work for you again. Were going to make our economy work for you again, and we are going to make the American Dream and thats the real dream. That will be the dream that you want for your children and your grandchildren once again but we need your help to get congress across that finish line. Well have very little democrat support probably none and thats purely for political reasons. They like it a lot and they cant say it. They dont like whats happening , but they cant say it some day, we have to come together and do bipartisan and hopefully it can happen soon. [applause] President Trump if you make your voices heard, this moment will be forever remembered as a great new beginning, the dawn of a brilliant american future shining with patriotism, prosperity and pride. With your help, we will bring back our jobs, we will bring back our wealth as a country and for every citizen across this beautiful land, we will bring back our great American Dreams. Thank you, and god bless you all thank you very much. [applause] President Trump thank you. With a parade of middle class families by his side giving testament to what they anticipate will be tax cuts, breaks and bigger refunds President Trump delivering his final push for tax reform this on a day that house and Senate Republicans say theyve agreed in principle on a tax deal. Let us go back to k street a few blocks away to the Federal Reserve and janet yellen finishing up her final press conference of her term. Janet and said has been an important objective, whats on my undone list you ask . We have the 2 symmetric inflation objective and for a number of years now, inflation has been running under 2 and i consider it an important priority to make sure that inflation doesnt chronically undershoot our 2 objective and i want to see it move up to 2 , so most of my colleagues and i do believe that