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Looking and finally the percentage of americans who have a job is just 58.6%. you have to go all the way back to 1983 to see numbers that low. mohammed el erian is the ceo of him coand austan goolsbee, former chairman of the president's council on economic advisers, we'll talk through and walk through what's happening in the market. what is the biggest thing standing in the way of the market performing better than this? >> a couple of things are standing in the way. there isn't enough demand in the economy and second, we have structural impediments and the two things together means the unemplo...

There won't be revenue. let me repeat this. i want america to understand this. there's one thing standing between us and avoiding a sequester and doing $1.2 trillion. and that one thing is the republican unwillingness to not push for the bush tax cuts to be extended now. we've even talked to them about guaranteeing them a fast track for tax reform. we'll do tax reform before next december. we'll do tax reform for business. we could lower the corporate tax rate. we could wind up with a major initiative to create jobs, avoid the sequester, show that america works, if they will just back off insi...

Pushingback and he has said there won't be revenue. lete repeat this. i want america to understand this. there's one thing standing between us and avoiding a seester and dng $1.2 trillion. and that one thing is the republican unwillingness to not push for the bush tax cuts to be tended now. we've even talked to them about guaranteeing them a fast track for tax reform. we'll do tax reform before next december. we'll do tax reform for business. we could lower the corporate tax rate. we could wind up with a major initiativto create jobs, avoid the sequester, show that america works, if they will ...

Won't do it. 650. no, we won't do it. then finally toomey sort of floats this concept which, as we said, the numbers don't work. so we said, okay, we'll take your money. we'll take the 250, we'll just do it in a way that's real. that actually measures by cbo that it's real revenue. and guess what? they backed off of that. in fact, they've all said, oh, we got too much pressure. we got backed. that's grover norquist keeps pushing back and he has said there won't be revenue. let me repeat this. i want america to understand this. there's one thing standing between us and avoiding a sequester and ...

Straps. the only thing standing between us and herman cain's america is the sanity of our democracy which as of tonight still holds. joining me now for a look inside the 9-9-9 plan, bruce bartlett who analyzed cain's plan in "the new york times." he's a former in the reagan white house. and author of the new book "the benefit and the burden: american tax reform, why we need it and what it will take." bruce, thank you very much for joining me tonight. >> happy to be here. >> i want to get into some of the tax details of this and let's start with, we know it doesn't raise enough revenue. there a...