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Doing better than the american stock market. >> and they don't have a president trump. >> exactly. and there are certain factors that can strain the ability of the economy to grow. we're approaching full employment. we're starting to see upward wage pressures which goes into some of that -- those minimum wage announcements that you read. is this tax bill something that is going to generate such a surge of productivity that it will put us on a higher growth path? most economists are skeptical of that. but we're going to find out. >> all right, john. good to talk to you as always. cnbc's john ha...

So if it doesn't, it if tax the doesn't happen you could see progress in those areas? >> you're going to get an increase, and the fight starts in september because you have to do it before the middle of october for sure. and you're going to do something with all of these appropriation bills and what we call continuing resolution, in other words, just spend at last year's level and we'll see what happens. but tax reform is important because there isn't really any other way to get the economy off of this very slow growth path right now. elizabeth: but tax reform hasn't been done in three decades...

It's also chaos on capitol hill. if they are really interested in serving the american people, they will make sure that the agenda goes forward and that the economy is one set on a growth path. >> sean: i agree with you, but do you believe that based on the information that you haven't shared with us yet. i know you are investigating every day, sarah carter is as well, that this whole narrative flips? because i believe it will boomerang. >> i do think there is a growing number of lawmakers beginning to ask questions that they weren't asking in the beginning of this controversy back in january....

That would be great. but underlying this growth pattern is slow growth in the labor force, population changes, and pretty slow productivity gains. but we are seeing improvements in wages. the latest employment cost index showed a stronger number. so, in terms of the recovery, from the crisis, things look pretty good, generally speaking. and i'd have to say, if you told me three, four years ago that we'd be where we are today, i would have been pretty happy to hear it. >> so what do you make of, then, donald trump's recipe for the situation we're in, which seems to me to be a pretty massive tax...

That would be great. but underlying this growth pattern is slow growth in the labor force, population changes, and pretty slow productivity gains. but we are seeing improvements in wages. the latest employment cost index showed a stronger number. so, in terms of the recovery, from the crisis, things look pretty good, generally speaking. and i'd have to say, if you told me three, four years ago that we'd be where we are today, i would have been pretty happy to hear it. >> so what do you make of, then, donald trump's recipe for the situation we're in, which seems to me to be a pretty massive tax...