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Old mitt romney 47% argument. just gnome -- the current chief member has openly scolded congress for its approach to fiscal policy to no avail. does janet yellenbring anything different to the table. >> i think she's a creative and smart person. i think she's a good appointment now, in the sense that she clearly cares a lot about employment. you don't have to ask if she cares a lot about employment. but she can't solve these problems, these -- this better necessaryian war fare. i think the fed needs to sort of step back, try to provide some stability, but it can't cover up all these problems. ...

Be truly established. >> all right. of the president himself, david said thatless some $2 trillion in cash that corporate america is sitting on. what does it take get employers to spend that money and hire? >> one aspect might be to go to what ken is talking about, changes in the tax code. there are particularly of that $2 trillion, a big chunk of it is overseas and corporations argue if you would let us bring it back and reinvest it and we don't have do pay the high rates when we come back, we're more likely to do that. i think that's worth exploring. you'd have insure somehow it doesn't go i...

At this the other day, in the reagan years, over 20 million jobs, clinton years over 20 million jobs. since 1999 coming up to today, net new job creation in this country is dero zero. zero. >> ken, why is that? three successive administrations have pursued policies that have sparked globalization. meant that companies don't necessarily, the interests of a corporate america is not necessarily coupled preprecisely with the interests of of the american workforce. >> it's certainly in the case in the huge recession we've had, employers have been really relentlessly pruning jobs and finding that th...

But at all levels, adults. of course infrastructure. but especially we need to invest in our people or we will not be able to compete. >> and what about cutting, ken, the corporate tax rate? right now at 35%. although we know with all the loopholes, a lot of companies don't pay 35%. the president has said he would consider lowering the corporate tax rate if he got rid of all the loopholes is that a good, will it create jobs? >> explaining the corporate tax rate is so complicated, but basically we tax our profits over the whole world. and we're about the only country that does that. that's a pr...

Of stronger job creation, we cannot consider the recovery to be truly established. >> the president himself said there's some $2 trillion in cash corporate america is sitting on. what does it take to get employers to spend the money and hire. >> well, one aspect to go to what ken rogoff has been talking about, changes in the tax code. particularly of the $2 trillion a big chunk of it is overseas. corporations argue if you would let us bring that back and reinvest it and we don't have to pay the high rates when we come back, we're more likely to do that. i think that's worth exploring. you have...