Nations economy and doubling fiscal cliff. The headlineein today Financial Times read you as Third Quarter results raise fresh economic fears. Shares of ompaniesarnf a global demand. The Dow Jones Industrial average plummeting 2 over the past week, the worst drop since june. Commodities taking a hit. Goldalling elow 1,700 an ounce. The price of oil has dropped almost 7 percentsince last week. Of course, the fed. Today saidit will leave Interest Ratesnchanged and will continue qe3, pumping money or air, wherever you want to college, into the economy. Joining us on what he makes all this harvard economist jeff myers. Thank you for beg here they did basically change nothing in the fed report today it except for two things. Change in language in the inflation. They said that the inflation has cked up because of Energy Prices and the one that the Global Markets pose some downside risk. What do you make of all that . I think on the ination they also tried to emphasizethat core inflati has no
Legalized, dont expect a scent subsidy and pay every tax imaginable. And in ten years forget about bringing your brothers or sisters because those are gone. Then if that wasnt enough 20,000 more Border Patrol agents. But its worth it what youre doing. What were doing is worth it. I want to extend another hand to the other side of the aisle to say all of those things i dont like them, but im ready to accept them because the alternative is the kind of pain that you hear that young lady. And you have to multiply what they said here millions of times. I want you to think of those millions of tears every day, the pain and devastation that exist in our community. Thank you for the personal testimony and for humanizing this issue for all of us. Thats going to help inform this committee better than any statistics ever can. I thank the gentleman from illinois. The chair recognizes the gentleman from idaho. Thank you mr. Chairman. Mentally greed veem with one thing and that is my mom is the best
Are significantly lower, so this is another way the benefits of low skilled immigration. Low Skilled Services are cheaper in markets where there is a lot of immigration. Ok. There is a variety of other things that immigration does. We talked about the productivity spillover from other types of immigration. There are other impacts. I want to drive home the idea that we benefit from bringing in low skilled workers. There is this potential cost and maybe we are raising inequality, and that is a big concern, so we might want to couple this with transfer policies. It is a lot Like International trade. Maybe you can compensate the losers. In the u. S. You do not see much of this supposedly cost side of the equation. Theres good reason to think it is small. Theres the possibility that immigrants and natives work in different kinds of jobs and that firms are very adaptable in how they react to low skilled immigration. Finally, alex asked me to talk about my thoughts on policy, and all the heat
I think they definitely need to do a better job there. I think this is true not just for president obama but everyone of us. Things are complicated. They are more complex than they look on paper. You bring up the payroll tax cut. I thought it was a terrible idea in the context where we are supposed to collect this money to help pay for the retirement of current retirees. You cannot have it both ways. Claim we have Social Security selffunded and then say we are not going to collect that program. Unds that is extremely important. Do itdmitting the way you is by borrowing more money. There are a lot of things lost in the debate. Some are born and complicated. Specific tonk it is president obama. Guest was a payroll tax cut as part of the stimulus. It happened through the payroll taxes. It did not mean money going to Social Security was reduced. Guest exactly. But that was lost in the debate. Been i do think there has in messaging problem with obama. He did not do the things he could have
6. 6 million americans filing for unemployment this week, doubling the previous weeks stunning record. Just think about that number. 6. 6 million. That is the entire population of chicago and los angeles combined. And this afternoon another sign of the disruption, the Democratic National committee is now postponing its convention from july to august. But we begin with cnns Katelyn Collins live at the white house and katelyn, were seeing these record breaking jobless claims but the president spent the day on twitter saying everything is going well. Whats going on . Reporter yeah. Hes not acknowledging the numbers yet. Of course kbhoe this is something the president paid close attention to. Last week they got those numbers they had been bracing for them. Im not sure they expected the home be as high as they were today. Hes lashing out at some governors saying that they are people who are complaining about getting medical supplies and they have insatiable appetites for these supplies. The