Transcripts For CSPAN2 Key Capitol Hill Hearings 20160105 :

CSPAN2 Key Capitol Hill Hearings January 5, 2016

To drive up prices and so if the prices and so if you want to objectively measure wealth and inequality the last five years it is done mainly by the federal reserve. There is a very different standard for judging Monetary Policy for some reason in the tax policy when the exact same trickledown economics you might want to make could be applied to the Monetary Policy as it is as well. So a lot of times the policy gets the economy going and it tends to have the distribution will affect. It made me think of a funny story that i in the fall of 2003 i. Cantor number exactly do they but looking at the calendar from the bureau that the economic analysis, there is a situation that the head of the cea did not there are two dining rooms, theres a bigger one and a smaller one for the smaller one is for the higher ranking staff and for reasons i dont understand the head of the cea didnt have the smaller one, access to the smaller want. It didnt make sense to people like him dave and i might just ask him i didnt even tell my boss i just asked the head of the administration can we fix this and it was just tough getting a decision. The day in the fall of 2003 that we have a massive policy number showing that its back, the request was approved. [laughter] so its just the way that it happened. On the second half of the question i think that its a really good question and in my mind, the administration in 2005 made a good effort on Social Security reform starting just as i was leaving and so theres a focus on the account of peoples assets and you could have a conversation about whether that makes sense and by. But you could focus on the fiscal responsibility and the longrun future and our children and things like that and i think that is a debate we havent yet had. We are going the opposite direction with people saying there is one agreement on a Social Security benefit for people who depend on Social Security and retirement. So the security plan has a feature of the Elizabeth Warren is proposed as well theres less agreement on the entitlement benefits for people in the lifetime incomes. You can imagine saying pay more taxes or we will give you less in benefits. And of course as any business student photo you those are the same over the lifetime. So theres this polarized debate about things that mathematically are quite similar cutting benefits for the rich and raising taxes for the rich and its that kind of debate we havent really engaged in and hopefully the next president will do that. Yes, please. We heard a little bit of a trade policy so i would like your thoughts on the trade policy under president bush. We could argue a number of agreements the most pro trade weve ever had and what are the implications Going Forward in terms of the trade policy if you see any . About was one of the principles as well as comes with being a border state that he definitely be leaving fundamentally in his bones. But my time i was there cometh a big piece of the agenda was getting the trade Promotion Authority and that is a cover that is needed for the president to go into conduct trade deals. And even in 2002, trying to get the bill through the have to hold the vote open for four extra hours to get it to pass by one single vote so it is very hard to get through the congress and that was even before the rise of china and other things that may be good for downward pressure on the wages so that was something he felt in his bones. Politics were always difficult on the trade. On the deal in the beginnings of the Steel Production is a clear even the action that goes in the other direction was meant to enable the trade agenda in a Campaign Promise first of all and then today. I will be tough when tough is needed and all that. I was wondering to what degree deficit reduction was an internal struggle for the administration and if there was a moment where it became a greater concern and a peopled

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