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tv   Key Capitol Hill Hearings  CSPAN  January 16, 2015 12:00am-2:01am EST

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doug from capital group. the board mentality that you describe which i agree with. i just spent 10 days in cuba last week. i agree with that sounds. does that live fond beyond role and fidel castro or does that die when they go? >> i think we would all like it to as quickly as possible but there are a lot of generations that have been born under it and know only it so i think the process will not be swift and i don't necessarily think that we want to be swift. i don't think we want a hilton style transition that would put
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ussr to rush at the beginning. no one knows. there is a lot of love and hate. cubans have one of the highest awareness is of u.s. brands in the world and one of the highest preferences in the world so if u.s. companies launching into cuba comes with less cost than some other marketplace that makes it attractive so and that's because the folks do have, the people of cuba many of them have access. we saw what no one expected with fidel. most people, most of the modeling done in the u.s. government was fidel's speaking, he drops dead worries in his office and people drop dead and people know where they don't know but no one expected a succession and then a transition from brother to brother. i would say don't expect raul
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dies and it's a switch. it's going to be more of a wave. >> thank you. >> bill lane. >> good morning. bill lane with caterpillar and first of all i want to thank you for a great program and great timing particularly the fact that this is two days away from the big anniversary. some of the folks here may recall that on january 16, 1998, 17 years ago u.s. engaged in coalition officially took the american business community over the line calling for a new policy toward cuba took out full-page ads in "the wall street journal" and felt that was the time to move forward great since then there has been a cicada like policy for 17 years. so to say we have to move slow
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as a whole different frame of reference when it comes to cuba. here is my question. they seem to be moving with a fair amount of vigor and they have stayed engaged during that entire 17 year period. the business community as related to industrial and consumer goods has not and usa engaged and ftc the trade missions planned and the congress department is going down in april. the council of the americas meeting or some of the americas and come on and april as well. what is planned and the one thing about what american business gets excited about a market every other business community around the world gets excited about the same market. my question is are we going to
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move with vigor or are we going to take a cicada type approach and have a different type of policy? jake i guess the question is to you and what have you got planned? >> well thank you bill. that was a great commercial for usa engage. i did encourage that at all so that was on his own. i thank you. first of all interests in the business the broader business community has ebbed and flowed according to what they think is possible so you saw a huge blip of interest in 2009 after president obama was elected and when chairman berman was trying to move forward a repeal to the travel ban. at that point they usa engage had a meeting and it was like this room here. a lot of interest and enthusiasm because there was the potential for something significant to happen. everyone woke up. we were on the hill a lot but when that faded and it didn't
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come to pass everyone went into hibernation again. so you are seeing it at right now -- you are seeing a flow right now because of the announcements. what i think is important is for the regulations to come out for cuba to be re-examined in terms of its role for congress to take up this question on the hill. you have a positive momentum that enables businesses to continue to engage in to explore explore. we are going to start doing that. we have been talking to the commerce department. i don't know if i can talk about your trade mission. do you want to talk about your trade mission mission? the agricultural committee has something planned for me, excuse me, marge. there will be interest. you will see a drumbeat of support and talking to her colleagues and the chamber of commerce making sure there is part of this and committee
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support moving forward with the administration on the hill. >> could i say something? a couple of times it's been said this morning go slow. i'm not sure what that means. it seems to be an attempt to contrast legislation lifting the embargo on the hill with regulatory activity. the president the executive branch can go much further much faster than congress is going to go on lifting the embargo. there is zero possibility the embargo is going to be lifted. it's not going to happen. not one of these bills is going to come out of committee let alone reach the floor. so to the extent i feel it's almost an implication being made that those of us who favor regulatory action by the president and i hypothesized that legacy project here great presidential discussion to
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pursue it but i think we are getting pushed off into the side channels but talking about lifting the embargo on capitol hill right now. >> help me because i'm an optimist and i believe optimism keeps us going on the right path. why won't the bill come out of committee? >> i leave it to the room to judge whether bill is going to come out of the republican-controlled house and the senate. >> robert let me follow up on that. my reading of the tea leaves is your conclusion that congress is at two views some strongly in favor of lifting, some strongly opposed to what the president steps has taken and if you had to bet i think i would bet where you have placed her money which is unlikely there will be legislative action on this to the world that what the
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president is doing more to advance the policy further. my question to you though is your initial remarks you suggest you're reading a burden as a legal matter is that the president has full legal discretion to lift the embargo to take expansive steps. my question is do you think that politically than congress would not act if the president next month or at some point in his tenure took steps far beyond what he has already announced? >> i think there's a contradiction within congress. the majority of members of the house and senate don't privately support the embargo. they haven't for some years. but that doesn't mean they are going to affirmatively support
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legislation to lift the embargo. as far as legislative interference with anything president obama may do in terms of cuba i think it unlikely. i think it's also for presidential candidates jeb bush and marco rubio ebo said they support the embargo. i don't know that that's the most attractive position to take into a presidential campaign. i noticed both christie and paul were slow to react to what the president did and when they did paul endorsed it and christie said essentially nothing. so this tension between america as a forward-looking country america that promotes trade globally existing congress and i think that wealth prevent direct interference within a presidential initiative on congress but i think the simple reality including pacs funding on capitol hill makes the long-term project.
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by no means do i want to disparage those to lift the embargo. i think they are a necessary conversation in overtime i think it's going to happen. and i don't want to go on into greater length but if the president can forage ahead using the historical prerogatives of the presidency to establish some kind of bilateral trade with cuba you can then see the embargo as a tidying up of operations on capitol hill. not a frontal assault but a recognition of an existing reality that the embargo is more holes than she's at that point then i think a repeal becomes a much easier thing to accomplish. >> thank you. a question over there and then we are going to move back here. we are scheduled to go until 10:30 so hopefully we can get to a lot of questions out there but
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i think we are on track to get to all of them. >> thank you very much and i agree with bill, great panel and good to hear your perspectives. >> my question for the panel is a little bit of historical perspective so as i listen to the debate on executive versus legislation that you do it i wonder if anyone has any perspective up there of comparing it to when the trade ended with vietnam and the missteps there and whether that informs your different perspectives on how to move forward with cuba or is it just too different because of the legislation that controls in this case? thank you. >> others may have views but one perspective on that was when we normalized in vietnam there was a fairly protracted negotiation
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in terms of what trade would be how explore it -- expropriation claim to be sorted out so vietnam was not a member of the wto. cuba obviously is so was not a complete apples-to-apples comparison. what i do think vietnam and other instances suggest that there would be a multipronged negotiation and an agreement of different issues to be sorted out including of course claims. >> said to john's point in 1995 as women normalize relations and that's when cargo set up our first sales office and get him and then we had the permit trade relations in 2005. estimate of that one across the finish line. we can strictly draw parallels between what happened there and what we think will happen in cuba and that is that we went in
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with zero investment and now if you fast-forward to where we are today cargill has a very robust animal feed business. the import u.s. products into the vietnamese market and over that course of time we have through investments and through working in those communities we have actually built our 70th school on the ground in vietnam. what we can say is not only the power of trade but u.s. investment and the ability of businesses to engage in what is known as commercial diplomacy. in the case of cuba cuba is artier wto member. women normalize relations would have to ensure that we would gain the same that the wto members have we would also have to have the pntr is part of that as well. >> i would say two things about vietnam on the hill that make it
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different from cuba. one is it was not an active embargo vietnamese lobby on my cuba. secondly the senators that on the issue of vietnam mccain and kerry brought an emotional dimension to their desire for a -- with vietnam. it works the other way on capitol hill. the cuban-american legislators bring hearts and minds to the embargo. that tends to be deferred to somewhat by their colleagues on the hill. there are many dynamics that make vietnam and cuba sufficiently different. john makes a good point that we can have ex-appropriation claims will be similar but the dynamic on capitol hill is different. >> over here please.
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>> i have a question on specifics. do you all have any idea on licensing policy changes like in the nitty-gritty like the aviation industry? we have got issues with de minimus content. a plane in europe. the spanish carrier happens to be a plane going in and out of cuba that becomes a problem for boeing or airbus if it has a u.s. engine etc. etc.. with that is changing with the high-level policy how soon could we expect perhaps licenses granted or changes in the regulations on the specific issues? >> the administration has announced they expect opec to promulgate new rags in the next few weeks. time will tell but i think that as a general matter we are going to see a loosening of the
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sanctions. >> i think congress will release regulations in the next week or two or three. i think what will happen as a result of the policy changes for example licensing travel instead of requiring specific licenses for several of the categories the travel to cuba. that will free up resources so even if you still do require a license you are going to have more resources rather than focusing on things like specific daily licensing travel. >> than when the cba was signed into law in 1982 which reauthorized health care exports to cuba there was nothing in the law is that individuals could make sales calls to cuba that
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you could take product to cuba as samples. all of that was pretty sick -- basically putting regulations in overtime as companies went to the white house and treasury and said hey what we want to go on a sales trip. now we need to put together some rags so a lot of what president obama companies doing to this expansively we know that. it's not going to be restricted. going to be expansive but a lot of the new one thing is going to basically come from lawyers and companies calling up the iis and saying hey you didn't address this can we get addressed. >> that's an important point. the distinction is there will be draft to come out. i think there's an expectation among the government. they are not going to get it entirely right the first time so there will be a rush of you and us to come in and say you didn't get this right and fix fix it and
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hopefully they do. >> right behind you there. >> eric furry furry and associates. administration's said they will authorize u.s. depository institutions to have cuban accounts but not cuban banks to have u.s. dollar accounts. as that presented no problems or is that going to be good enough? >> it doesn't address egg export financing issues at all. >> the problems a journalist called me the other day from the financial times and have been talking with european banks on american banks on how they view the financial provisions which are limited credit card services and direct correspondence banking relations with cuba. she said that the european banks seem more interested in trying
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to expand their presence in cuba in light of those regulations than the u.s. banks. we have a grave problem right now that u.s. banks don't want to handle anything to do with cuba including the consular account here to accept visa payments with the cuban interest section. it's a tremendously complicated problem that involves that one and cuba on the terror sponsoring list. i think it's probably coming up shortly. john kerry's been instructed to do or rip view of the report in six months and i think everyone is concluded that he will recommend that you would be taken off the list. that's only the beginning. the bank secrecy act, the patriot act even dodd-frank sarbanes-oxley money laundering statutes make american banks extremely risk-averse when it comes to countries that are under any kind of sanctions at
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all. i think we need more leadership from the administration treasury in particular the comptroller of the currency and among other things some scaling back of what has become almost a predatory instinct of the u.s. government to hit financial institutions for gigantic penalties. for many cases whether inadvertent areas -- errors bookkeeping or for example cuba buys wheat from argentina. somehow the payment goes to the u.s. depository system system because it's wrongly been nominated in dollars. the treasury department will go after that foreign bank for millions of dollars in penalties. most recently party bus the french bank was hit with a $10 billion settlement with the u.s. government so it requires a change of culture and some of the regulatory agencies and also
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an attempt to deconstruct this thicket of laws and regulations that circumscribe u.s. banking services. >> over here on the right. >> thank you. it's dana marshall with transnational strategy group. i wonder if i could get the panel to put themselves in a position or try to report to us on another issue that we haven't gotten much into. you talk a lot about the sanctions on the laws in these sorts of things which are critical. i wonder if they were represented by the panel say from a european trade association, japanese canadian. how do they see that market in terms of the market? is it comparable to any market we might be familiar with? how might they see it differently because let's say as we peel off various sanctions we
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are likely to confront the same kinds of pressures that they have. i wonder if there might be some general comments to help us understand what we are talking about? >> any takers? >> you didn't mention canada but they might be most relevant and i think for nursing cuba have had complicated history and relationships. canadian companies have had their property expropriated and if not receive payment so i think some of the challenges that they face were taken later here on a panel earlier on this morning which is in the attitude of the bay where the cuban government that matters and how they participate in trade and investments. i think with candidates than the huge focus on tourism and d.c. canadian tourists going to cuba
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and services being provided and then you see a focus on basic industries. i know in a report in the press recently with asian economies they sell cars and a cell buses and transportation equipment. there are some relationship in the biotech and pharmaceutical sectors between cuba and china but i think everything is still really nascent. someone asked how behind the curve are u.s. companies that they are trying to get into cuba with foreigners there already? there is no advantage to having been there for 10 years or if there is it's very specific to a couple of sectors. the growth in trade and investment will calm as the cuban economy grows and as cuban attitude start to change and his things on the ground started
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changing cuba. >> jono to put you on the spot but do you have anything to add as far as what the experience of other companies and other countries that have been able to deal with cuba what their experiences are? >> we have worked over the years members of the organization with non-u.s. companies and we have had government trade groups. most countries -- i will use the example of farm equipment. in the u.s. let's say dear and case and then you have farm equipment manufacturing from india and japan and others. they have overtime watched what u.s. companies have done and how u.s. companies position themselves. u.s. companies, no one should
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think that u.s. companies don't know what's happening in cuba. many companies back in the 90s developed teams because there was a belief in the clinton administration that there was going to be substantial movement and companies developed substantial teams some of the largest companies in the united states, teams of executives would get together quarterly and sometimes monthly to develop strategies and make sure they knew was going on. some companies had containers sitting in warehouses in miami ready to go with stuff. over time it waned as cuba would do something politically to make it untenable to do something. the food shelf in 2002 many embassies from other countries that are in cuba panicked because they saw at the food shelf that fidel castro was walking around and everyone is pointing in every company that
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went there got an order. it was incredible. the numbers went way up and cuba saw great benefit from it. and you had many of the embassy staff saying this is the end, what are we going to do? but they also saw that so i would agree that because you have been there a long time if you are government entity then you have got some staying power by private entities, companies that they curry favor with from europe and ask for investment guide investment build things, develop businesses. they then put those people in jail but the companies out of business, took the business over so cuba is still going through a crisis of identity. they are trying to figure out what the definition of success is, what the definition of wealth is. how wealthy do we want people to
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become before we say that it's too wealthy and again not criticism but it all goes into the psyche. they will tell you when you go down there and meet with ministers we want everything. we will buy everything, give us everything and the question is who's going to pay for it? and the foreign countries know that that is all about money. the communications element to present upon this announcement i don't know but i missed raul castro fidel castro anybody down there saying that they wanted everyone to have ipads, smartphones gmail siskos servers and routers and the rest of it and if you are a cuban and you are in the ministry of communications and someone from the u.s. comes with hardware at some point you're going to say
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how do we know it's not compromise before it arrives or that it can be compromise once it gets here? you people don't have the greatest reputation when it comes to securing your hardware. and i'm not making a joke but these are real listed business decisions that cuba is likely to continue to look at china and russia and brazil and other places where they have political interests, where the governments are financed and ex-im bank is going to start getting involved. that's not going to happen here. they prefer to deal with government entities so most of their existing trading partners were all of a lot of money and cuba and has $14 billion in much of it hasn't been serviced on a regular basis. they are horrible credit risk, horrible. so the countries have and they know that.
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>> can i say something about how it applies to this? >> certainly if you can be brief and we'll try to get in a couple more questions. >> depending on how realistic the u.s. government is their schizophrenia by cuba. rove castro periodically reaffirms that however they have necessary are opening to the world more and more in trade and foreign investments so it's like allowing building materials to be sold. ..
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at some.in time when that is permissible what we will the risk scenario b? you alluded earlier, if you want to restate the.you made >> i can only recite what i have read. there is an anticorruption crackdown in cuba that has been going on for about a year or two that is implicated some mid to high level cuban officials and is also because the only hard currency sector of the economy are foreign businesses, that anticorruption has landed heavily on english and
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canadian companies. executives have been in prison, so i do do not no where quite that is going. i think a greater risk at the moment is being pulled into a cuban anticorruption drive rather than the justice department knocking at the door. >> a question. yes. right next to you. >> good morning. i work here in dc. i am interested in knowing what do you think will happen with the foreign claims settlement commission who will pay them? do you have to pay them before receiving commercial relationships with cuba? clarksburg,.
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[inaudible conversations] [inaudible conversations] the 10th chief of the claims are top-heavy. the top 25 companies represent represent approximately two thirds of the total value of the awards. so if some kind of disposition of those claims can be made the rest can be worked out over time through some kind of lump some agreement payable over time. how that we will be resolved, resolved, the company should approach this and eventually inflexibly and consider using claims against cuba as the basis for negotiated reentry perhaps through a deck to
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have debt equity swap perhaps swap, perhaps recovery of a property that they think currently fits their business model. it is going to be complicated. those those who we will come out best will be those who help themselves. companies that set back and wait for the government to knock on the door and have the government and the macek are going to do quite poorly in this. >> we don't no how that we will resolve itself. as we have seen in other instances there we will have to be some resolution of the us government espousing those claims
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certifying those claims were now more than $7 billion. there will be some resolution of that but it will ultimately be a political question. but i think it we will require resolution and there we will be some payment on his claims. >> right next to you. >> before i ask my question. there was a comment made by cuban community in florida. frankly the anti- castro community does very little fundraising for the vast majority of republican members of the house or senate. rank-and-file republicans typically look to certain members of the florida delegation who they
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personally like and respect and considered to be experts on latin american policy. the cuban issue is a personal and emotional issue. >> much of the business that has been done has been done from state-owned companies as they don't company. >> what has been their experience with a privately provided credit? >> i cannot speak specifically to any particular european company. we can just look at the statistics. what we are seeing in the agricultural community is the europeans are being successful. they have been successful. like any business you do not sell without getting paid,
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so certainly because we have seen the uptick in sales whether brazil or europe over time they are working out financing arrangements that are beneficial. >> to comment it gives on a bipartisan basis i have watched over time approximately half the black congressional caucus vote pro- embargo. very artfully debbie wasserman schultz in charge of the house reelection committee for democrats is a principal recipient of some of that money. i did not mean to suggest the republican opposition to lifting the embargo is solely because of funding. in the bill was brought to lift the travel ban could
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not get out of a democratic-controlled committee and to have in a democratic-controlled house. that is a testament. >> very quickly most european companies have had collection issues with cuba. many of those companies have had government entities within their respective countries guarantee and provide credit guarantees. almost in all cases that has to be >> we have time for one last question in the back.
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>> -right-curly-bracket. >> some of the priorities of the new us cuba coalition for agriculture generally. there was a lot of talk about how some of these changes don't have to be made legislative palace on to the impression that credit purchases might be one of those changes. what authority does the executive branch had to make changes to credit payment with regard to keep and also more broadly what is the agriculture coalition going to do what is being those that they are working on members of congress back. >> we would agree with you on the credit side. the announcement can only take us so far.
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it may offer a few extra days. for example we we are not allowed to put a ship to queue until we have secured a 3rd country letter of credit or have cash in hand. with the announcement has done is allowed us to perhaps put the ship and queue, get the process music , love the vessel shift the vessel and the transfer of title takes place that is what we need to have the cash in hand. certainly our read is the same as yours. definitely limiting primed for a private financing. it will take an act of congress for us to be able to take advantage of flexible financing terms. the answer is yes.
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we certainly do have recommendations on what the bill should look like. it is clean and about a page and a half and would overturn the restrictions and work toward a pathway of liberalization and we will certainly be going up with a consistent voice. again,. again, we don't define this is republican democratic issue. and to robert's am glad to here you agree. the bulk of the members of congress would tell you that they do not agree with keeping the embargo in place our need to do is provide the information, the flexibility and quite frankly we do believe the story will begin selling itself. again, i'm an optimist.
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>> well unless anyone has a burning comment that they want to close with our like to say thank you and the want to thank reader for sponsoring this thank you for your participation and out few have an unthought day out there today. [applause] [inaudible conversations]
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>> we have george right now that when given to people who are hiv-infected i can
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show the dichotomy in the early 80s of someone came and my clinic with aids the median survival would be six to eight months which means half of them would be dead in eight months. now tomorrow when i go back to rounds and someone who comes into a clinical's 20+ years old relatively recently infected and i put them on put them in a combination of three .-dot 253 drugs i can accurately predict, looked him in the eye and say, we say, we can do mathematical modeling to say that if you take your medicine regularly you can live an additional 55 years. to go from knowing that 50% of the people dying eight months to knowing that if you take your medicine you could live essentially a normal lifespan, a few years less that's a huge advance.
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>> structure of the national institute of our g and infectious diseases sunday night at 8:00 o'clock eastern and pacific a proposal for addressing income inequality in the u.s. they up veiled the plan at an event hosted by the american center for progress it's just over an hour. >> good morning, everyone. my name is nirra tanden president and ceo of the center for american progress, and i'm really honored to be joined by
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our esteemed commission members for the new report from the inclusive commission a commission convened over a year and a half ago. i'm very honored to be joined by our co-chairs, dr. larry summers, former treasury secretary, and ed ball shadow chancellor of the exchequer for the u.k. we convened this commission because we at cap are very focused on the challenges the middle class is facing in the united states, challenges of stagnating wages rising costs. what we recognize these were not just trends that the american public is facing. it's really global trends are faking us and we can learn from other countries. so that is why we've undertaken this effort. i hope everyone has gotten our report, a very big report.
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and i'm going to now turn it over to larry and ed, and then i will ask questions of our commission members to get their thoughts, and then really want to have questions from the audience, answer any questions you have. we're very proud of this work, it is a truly collaborative effort and we very much look forward to a discussion. dr. summer. >> i want to just start by thanking you and nirra and cap for having the wisdom to convene a commission of this kind, and providing me with an opportunity to co-chair it with ed. i have learn an enormous amount from my fellow commissioners in the course of this effort, and in particular i think we in the united states have a certain tendency of large countries to
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insularity, and i've learned an enormous amount about the international experience in what is a central challenge for all industrial democracies, creating increases in middle income families' income and standard of living and assuring a society in which parents can look forward to children living better lives than they had the opportunity to live. a crucial lesson of overwhelming importance that came through in this report is that while there are large forces globalization technology and more, that are creating large challenges for many workers there is no excuse
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or basis for fatalism. there are countries, canada and australia stand out as two examples -- that live in the same world of globalization and technology that we in the united states do, and they have succeeded over the last 15 years in generating rising standards of living through these turbulent years for middle class families. we stress in the report that rising incomes for the middle class require two things. they require economies that are growing strongly with a sound foundation for sustained growth, and what has become increasingly
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clear in recent years is that while strong growth is necessary, it is not sufficient unless the mechanisms are in place that assure that the fruits of that prosperity are widely shared, and we note in particular the divergence in many countries, including the united states between the fortunes of the bottom 90% of the population and the fortunes of the top 1%. we begin by noting four important respects in which the world has changed over the last generation that have to frame responses. globalization, the growing ability of technology to substitute for many categories of labor the distressing trend
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towards the come modtywidation of worker and -- and the tendency of global competition to lead to a race for the bottom as competition takes place for mobile factors capital money, top entrepreneurs and leaves them to get better results too often at the expense of middle class workers we target the putting people first strategy that was in place in the 1990s contains crucial elements that remain very valid today but has
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to be built on if we're to meet the challenge of exclusive prosperity going forward -- ininclusive possess spirit going forward, and i will high light two areas of policy, and in the discussion of my fellow commissioners will highlight many others. throughout the industrial world, on both sides of the atlantic there is a compelling case for a very substantial increase in infrastructure investment. it must be that a moment when united states can borrow money at 1.8% for ten years, in a currency we print ourselves, and when the construction unemployment rate approaches double digits is a moment when
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kennedy airport should be fixed. it is a moment when tens of thousands of schools with chipping paint should be repaired. it is a moment when an air traffic control system that risks lives and wastes energy by being based on vacuum tubes should be put right. and yet, it is a moment when our net investment in infrastructure as a country has never been lower relative to income, and is below one insure tenth of one percent of -- one-tenth of one percent of gdp. we call on growing demand in the short rein promoting reply and potential in the medium and lodge run, and on grounded of removing the burden of deferred
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maintenance from our children's generation for a substantial increase in infrastructure investment in the united states and in the industrial world. we also recognize and stress that the great financial crisis of last several years was the culmination of a series of events. the lattin american debt cried of the early 1980s, and stock contracts in 1987 the s & l problems in 1980. the bursting of the japanese bubble. the real estate problems the mexican financial crisis the asian financial crisis, the russian crisis the internet bubble and enron. for more than a generation roughly every three years, a financial system whose function is to manage and disseminate
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risk has in fact been a source of risk that has had accidents that have resulted in the unemployment of tens of thousands, if not hundreds of thousands or millions of people. we hold as an absolute imperative the necessity of defending and maintaining the financial regulatory safeguards that have been put in place already, and resisting their erosion, and we suggest a number of areas for further action including most crucially, the shadow banking system and provision for satisfactory mechanisms for assuring clawbacks in cases of misperformance of malfeasance or nonperformance. we are united in the conviction
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that stagnation in wages and middle incomes is a choice not a necessity. that a different choice is possible and we offer our report in the hope that some of the ideas within it along with many other ideas that should and will come from a broad debate can reverse this disturbing trent. thank you. >> ed. >> thank you very much indeed. let me echo the other co-chair larry, thanks to cap, great honor to be asked to co-chair this. i'd also like to thank my fellow commissioners, we have a number of meetings over the last two years, and not everybody will sign up to every word but we're all on the same page here because of the intensity of the
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work we have done together so thank you to them. as larry says this is a -- the biggest challenge for this generation to show that we can deliver not only growth in our economies, growth in a sustainable way but also a growth which is fairly shared so that everybody shares in the rising prosperity, not just some. and as the report says this is not only about social justice and delivering a fairer world but is also about sustaining public support for an open global economy and also sustain -- for sustaining trust in the democratic process to deliver rising living standards for all and not just some. we refer in the report to the international evidence that in many countries we have seen walt we refer to as a toxic combination of slow growth and rising inequality stagnating living standards in many
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developed countries. and we use those words advisedly because you only have to look across europe and look at small parties attacking the u.on union, attacking integration, and proposing an antitrade, isolationist agenda. we see that in to our country from the u.k. independence party and in france and germany and ireland and many countries across europe, to see there's important issues at stake. this is an argument we need to win but our report says it's not going to be done simply by carrying on with a traditional right of center, trickle down less laissez-faire view and that it will be okay, and the evidence is that is not working and we need to have a change. these will be very big issues in our general election in four months times and all of our countries.
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when people hear politicians say, we're recovering from the global financial crisis and our economies are recovering and growing again the common refrain from left and right is for people to say to politicians who say, it's working, is to say, well, it may be working for somebody, but it's not working for me, for my family, for our community in our country in the unite kingdom, we have a record from the oxfordshire high lighting the celt sentiment that people feel left out and this is not just an issue in the united kingdom. so that's why focusing on an inclusive prosperity which makes sure the wealth is widely shared, and it sets out two things. first of all -- of course, there's differences in different countries -- the kind of things that government's got to do to make sure that growth leads to
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an inclusive prosperity and larry mentioned a number of issues across raising minimum wages or investing in vow sayingsal skills and early years education, making sure there are public-private sector work in a long-term way making sure that our tax systems work in a fair way. the other thing which is very important in this report, it is not only about individual countries pursuing their own agenda and learning from each other. it's also about what we need to do together and therefore the report talks about not only progressive policies, a race to the top in our own countries to deliver growth and rising wages and talks bat progressive agenda which countries need to work on together to make sure we do as world community to make sure that we strengthen growth in those parts of the world where growth is still too weak. to make sure that we work
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together, as larry says to make sure that our financial system and the global financial system is stronger and more secure for the future also, to make sure that as we make sure the rules of the game are fair, we continue to open up trade and involve developing countries, emerging markets and all of our countries in the international economy and sets another what we need to do there fourthly the international process we have to improve our global tax system and our individual country tax systems so people see where profit is made taxes are paid and the global tax system is fair and there are important things working on, and so things we as countries need do individually and that's up to us individually as politicians. there's a progressive agenda for the global economy which we all want to see rising up the agenda in the next few months.
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the one thing which is clear, if we do nothing, if we are complacent, if we say it will be okay in the end, if we say what are you complaining about? our economies are starting to grow again. i we deny the fact there is actually a crisis of cost of living for working people out of inequality, undermining the strength and integrity of our societies, i'm afraid that the forces of reaction are going to grow and that is why as i said, this is such an important report. this is the challenge of our generation, and i think you can see from the report and everybody here today, we are determined to rise to that challenge. >> thank you so much ed. we have -- we are truly honored to have so many fantastic commissioners as part of this process. i'm going to briefly introduce them and then turn over questions to them. e.j. dion is a senior fellow at the brookings institution. wayne swan former deputy prime minister and former treasurer of
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australia. edward deen from george -- -- jennifer grandholm, former governor of michigan former minister of finance for sweden and mary k henry, president of the service employees international union. i start off my first question to you, mary kay. one of the issues highlighted in the report which analyzes the structure of the work place across the globe -- there you are -- is -- one issue that becomes apparent is the lack of worker power or ability to bargain for higher wages and the disparity between the u.s. and other countries. most other countries have much
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higher unionization rates than the u.s. most developed countries do. what are your thoughts on the issue of worker power, worker voice, and its contribution to shared prosperity? >> thank you, nirra. i just want to address the question by saying we are delighted the number one policy recommendation in this report is raising wages, and before i speak to the question i just wanted to thank you for your leadership. i think if anybody could have been inside the rooms, this woman has galvanized thinking from around the world into a report that that i think meets the challenge that larry talk and the determination that ed udescribed and for me, i thought that the discussion in this commission really helped illuminate that there's no reason for the inequality that
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exists and the specific thing about raising wages that matters so much here in the u.s. is if we recognize the service economy and -- fastes growing jobs service jobs all pay under $15 an hour. families that ed just talk about that we as a commission are trying to figure out what are the mechanisms that larry described as being required to change this terrible gap and the stagnation of wages in this growing sector of our economy. and larry spoke to this about mechanism. i think about it in terms of the stories of workers all across this nation who have the determination and courage to join together and say enough is
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enough, i deserve better. my employer is prospering and this commission is bound and determined to figure out how everybody who is generating the wealth in this nation in sweeping floors securing buildings, cooking food, caring for people also shares in that wealth because of their determination to provide for themselves and help their employers survive. the person i think about is laquatia la grand fastfood worker in brooklyn who has been trying to join together with fastfood workers across the nation and say i want to help my employer succeed but i also want to be able to make ends meet. i'd like to have schedule that is predictable and return to community college and provide for my daughter but earning 7.25 an hour in brooklyn, new york doesn't make that
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possible. in fact, we as taxpayers are subsidizing her employment through all the public assistance she needs in order to make ends meet. she is like the ortiz family in houston, texas, all four members of the family are working in fastfood and earning minimum wage and if as a nation we could make the tough choices that nirra, larry, anne, and all the other commissioners talked about, and think about the ways in which we can encourage workers being able to join together and have a voice with their employer and maybe imagine a bargaining system that doesn't yet exist in the u.s. but could, if we made tough choices. we could create the situation that australia canada sweden -- we heard about in this commission -- where middle classes are growing and service work is work that people can provide for their families on and that is what wayne and
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christina have shared with us as a commission, where they found a way to give workers a voice in their economy and recognize that the job that is being done in new york city at 7.25 is paid $20 an hour in denmark and $18 an now australia. and that isn't the one thing that is the silver bullet. that what i thought larry and ed said. we know that raising wages is a very important lever in creating an inclusive economy but there are many other things other commissioners are going to speak to. that why i think when -- the way larry concluded was so important, that this is about choices. this is not about we're trapped in a system where you can't turn it around, and i just want to honor the courage of workers who are making choices every day to take a stand and make this terrible situation of inequality
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public. i want to call on employers to recognize those and imagine how we can create a collective bargaining system in this country that is nonconflicting where we focus on innovation and growth and think about the ways in which work is changing. we can innovate in the u.s. and draw from the experience of people around the world, to create a difference life supported by the government policy solutions in this report. thank you very much. >> i just want to highlight one important point. one thing we learned from other countries is that providing more worker voice allows companies themselves to innovate more get greater productivity and whatever mechanisms worker council, collective bargaining. it's not only about improving conditions for workers but improving the company's bottom lines over the long run. e.j., i want to town to you because i think -- turn to you because i think we try in the record -- ed comments the
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connection between an anxiety around declining prospects for the middle class and what is happening in politics. so could you make that case for us? >> sure. first of all i also want to thank nirra and cath christian and these extraordinary people. if larry summers learned a lot about economics in this group imagine how much i learned. [laughter] >> so i want to thank you all very, very much. and -- but it wasn't just an academic seminar. this had a very clear goal of putting forward practical ideas based on the conviction that fatalism is not called for and gets us nowhere, and one over the titled of the report could be "against fatalism." fatalism can be fatal to democracy, and one of the points that we underscore particularly in the preamble is that the challenges our democracies face
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are not primarily military or philosophical. it's rather that for the first time since the great depression many of our industrial democracies are failing to deliver a rising living standards and opportunities to all our citizens. in the united states we have a particular challenge because we have on the one hand a stage in remarkable recovery from a disastrous economic circumstance but we have a last piece of the job to get done, which is to restore living standards. and i think this economic problem can become a political problem for our political systems and for democracy itself. i think all of our citizens value their freedom, value the right of self-government, but count on the political systems to create circumstances in which they can use their talents and labor to provide decent standards of life for themselves and have their children have an opportunity to rise and when democracies and market systems
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nail to do this, they create political alienation, and the kind of distemper and disaffection and anger that ed referred. to i think it's worth remembering back in the 1930s there war lot of people who were sad, disturbing number of people who said that the democracies were no longer capable of dealing with their problems that they created a -- thank god all those predicts were wrong in the 1930s but we have to make sure they're wrong again by ensureing shared prosperity. two other points. one is we now have a situation where both of our political parties seem prepared to talk about the problem of wage stagnation and declining social mobility in parts of our
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society. the challenge is to come up with concrete ideas, and one of the striking things about this report is that there are a lot of big, very practical ideas of how we can make things better. and for people who want to say some of these ideas don't work well, let them come up with an alternative set of ideas. and i think as was pointed out while everybody on the basketball broadly shares progressive views of the world, the idea of profit-sharing is not an ideological idea. more worker ownership ought to be something that friends of the market support. and last thing -- this is a mortis sol cav point -- there has been a -- more philosophical point -- there has been a great debate in our country over whether government has a role in solving problems or whether we simply let the market do what it
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does and just promote more tax cuts and more deregulation. obviously the core commitment of this report is that government can act to make things better and again i think what matters is the specificity of the idea, because you can say over and over that government can make things better but you need to come up with ideas to do what john stewart mills said dish always loved this line. he said that our purpose really to -- ought to be to provide help toward doing without help. the idea is that we can't just have a safety net. we also need a trampoline or a ladder for people to rise. the american idea has always embodied the notion that we can do better and we need to do better to create higher standards of living and enhanced opportunity for all of citizens and i really do believe that the
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future of democracy depends on our ability to do that. >> thank you so much e.j. wayne, we learned a lot from the australian experience. particularly policy ideas but also the macro numbers and ability to deliver on the promise of a shared prosperity. can you share with us some of the ideas and note able things. >> i'm very proud that countries have done as good a job of matching growth with social equity as australia and that was particularly the case during the great recession as well but essentially we've done that over 100 years. good sometimes, better other times. the last 30 years a whole set of productivity enhancing reforms
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which were underpinned by three or four key policy areas that have justice and equity. first of all a really strong industrial relations system based on a decent minimum wage, decent minimum conditions and collective bargaining over and above that based on productivity. that's been critical in delivering strong income gains amongst low and middle income earners. and really very simple concept that's based on. the dignity of labor. that we're all wealth generators. as mary kay said before, everybody out there who is working in any form is a wealth generator. we don't have a society that should be divided between the so-called lifters and leaners that ann rant talks about and on which so much policy is based.
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secondly a fundamental commitment to affordable and quality health and education, because that provides the human capital you need to lift your productivity, but also to have an optimistic and content society. i guess thirdly a progressive tax system that is very important to fund the quality services which deliver the productivity and the peace of mind for people wherever they are, and of course, highly targeted transfer of payments system which delivers for those that are left behind. so the other fundamentals of the australian experience. >> thank you so much. ed montgomery we do spend fair amount of time talking about human capital and innovations in human capital policy. can you share your thoughts? >> yes, thank you. one, i want to thank the commission and the work that we have done for bringing out examples around the world that other countries have found a way
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to think about human capital in broader and often more successful ways than the united states clearly when you think about human capital you need to start from pre-k get kid early, need to invest in them to make them school raidy. you need to make schools they go to places that provide quality education. access to community college and higher education play a row. another key piece we the united states don't emphasizes a much but our successful countries in germany and australia and austria and sweden have done is working on apresence tisships. that -- apprenticeship the large number of people who aren't going on to higher education. those countries opened up a broad set of jobs for people that pay off. when people have looked at apprenticeship systems they clearly raise earnings in the united states $300,000 increased
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lifetime earnings for participation. the return on every public dollar in terms of higher earning in some cases as high as $23 for every dollar invested in the apprenticeship programs. they play a vital role in increasing access to those with high school education or less than high school education to high good are paying jobs of the future. >> fantastic. thank you so much. also, i would like to ask jennifer grandhome, who provided a lot of information, and really looking at how -- can you share your views. >> thanks so much and thank you to cap. i appreciate having been invite teed be part of this because as former governor of michigan representing a part of the country that has been the poster child of the loss of middle class jobs are and, so my obsession on this and i think the report adequately addresses, is how do you create jobs in
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america in a global economy and what can learn from our allies who are up here? what have they done well? one thing they have done and that we have done in some measure in this country but we need to do a lot more of, is to create economic clusters, to really focus on local strategies. governors do not have the ability, however to compete against china or singapore and so support for research, tax credits, from the federal government such an important aspect of creating a cluster. a cluster is great because it doesn't lend itself to being picked up and moved. when you have a bunch of companies and a bunch of talent in one place, they feed off of one another. it's called an agglomeration economy. how can states foster that kind of innovation? well support for the universities to be able to do transfer of technology and ideas from laboratory to classroom is
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one way. having incubators that make sure that those companies can grow inside of a region is one way. having the ability for a state to create access to capital so that companies, when they're just starting can actually have access to moneys that would allow them to take their ideas to scale. those kinds of things are done in other countries with the support of the federal government and the state government. we ought to be doing more of that here. one of the great things i would just like to point out that the obama administration started to do are these competitions that allow regions to compete for federal resources to be to go to place for a particular technology in ohio, youngstown ohio, hard hit area, comp peteed to become the center of 3-d printing technology and they're creating an ecosystem around that, including training. this is a holeisic approach, an approach that says we can
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compete with the likes of china and india, and countries who are very hands-on but laissez-faire, do nothing, hands off, just not going to work in a global economy when our economic comp pet temperatures are hands-on. so i show appreciate that's report bass it's chock-full of idea how federal and state governments can have a role in creating jobs in a global economy. >> canada is another example of greater experience with shared prosperity. a lot of people pointed to the banking system the education system. can you share your thoughts on what we can learn from canada? >> well, thank you, nirra and i do want to start by echoing the thanks to nirra permanently. nirra was really ahead of the curve in pulling together this group in identifying specifically inclusive prosperity as the challenge of
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our time and i'm really grateful to you for doing that. as e.j. pointed out, imagine how much fun we had in rooms with larry and ed no holds barred, economic conversations. i can assure you there were no sacred cows and some of the people who gave presentations were a little surprised how free are ranging the debate was and thanks to my fellow commissioners. this is a wonderful group and really diverse. rare to have such an international group and people from different disciplines. on canada, one of the things -- this may be particularly relevant to a debate happening in other parts of the world, particularly the u.s. right now about financial regulation. one of the lessons of the canadian experience is financial regulation is not just for
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bankers and it can sound esoteric and is very detailed and specific but if you get it right, you can have a very great protective impact on the lives and wealth of the middle class and that's one of the lessons of canada over the past 15 years. thanks so in really prescient decisions by paul martin we regulated our banking system and we didn't give in to that vogue of deregulation and the result was canada didn't have a banking crisis. canadian banks didn't fail didn't have to be bailed out. that had a really specific impact which you see now measured in average canadian household wealth. they didn't experience that big loss. so financial regulation matters as larry pointed out. it's really important not to let that get eroded as the crisis immediately recedes. having said that for me the importance of this report is in
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identifying a collective challenge. i really agree with ed, this is the challenge of our generation, the western industrialized economies are in the midst of a really profound change, and there's lots that is great about it but there's a lot that is challenging. we seem to be suffering from secular stagnation. larry has talked about that a lot. and even when we manage to have our economies grow, we're really really struggling to have middle class incomes and jobs work and this is a huge problem. please don't treat this like a regular report with the policy recommendations. i my former journalistic colleagues, we good to a million things like that. this is the challenge of our time and what for me is so important about this report is it says, hey this is a really big deal, and not only is it possible, it is essential to do something about it.
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if we don't, we're going to run into real trouble, really it's not an exaggeration to say democracy will be imperiled. of the specific recommendations we work on the things that really stand out for me and, like ed, i'm going to face on election this year, and things that we're going to be talking bat lot are infrastructure. now is a great time for infrastructure investment all of our infrastructure is decaying and infrastructure investment not only can fix it, it can be tremendously stimulating to the economy. the imf has been saying this, too. and the second really key point i'd like to echo ed is the extent to which this is a global challenge. everyone has been really nice and all you americans talking about how you learned from our international experience. we learn from you guys, too, and we're in this together. we're living in a time when politics is mostly national capital is global. ed0s opinion about the work the
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oecd is doing is really important and we'll have to work on that together and it's going to be really important in this time when we are all struggling and as politicians, talking to people who are worried about jobs in their countries not to let that give way to a protectionist trend. one thing i was proud of in this report is the extent to which we continued to call for an open global economy. we're going to have to fiction this together. thanks for letting me be part of it. >> thank you so much. par, last but not least by any stretch. we did learn a lot from your experience in sweden and from the experience of really investing in people particularly family policy education policy. could you touch briefly on that and then we'll go straight to questions. >> thank you very much. it's already been said that
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europe is experiencing very tough times right now. this toxic cocktail of low growing and growing inequality its very dangerous. however, there are some countries in the northern periphery that has been better off than average europe and that is the scandinavian countries in general and sweden in particular. there are a number of reasons for this but i'd like to highlight one. that is the fact that we have contrary to many other countries in europe and elsewhere, mobilized the whole work force not only the male part but also women, so, the female participation labor ratio is higher than issue in necessary the scan navian countries, and -- scan navan countries and the reason goes back to the 19 1970s when we started a program to mobilize women in the work force. three components. first, generous child allowances
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of universal character. second free very high quality universal preschools and third, parental leave system that allows parents to combine work with work. we have the most generous parental leave in the world. you can stay home with your kids 13 months and we call it's parental leave system, not a marital system. and this is of course very costly. only the parental leave system costs one percent of gdp paid over the tax bill. however it delivers one of the highest participation labor ratios the tax base is widened. so, in this sense, and to conclude in the scandinavian context, equality is not a cost for the economy. on the contrary, --
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>> i'm excited. thank you so much. i am happy to turn it over to questions. i just say before i do that i would like to call up just a few people who worked on this report. there are millions of parents to this but it feels like -- i wanted to just acknowledge a few people who worked day and night editing this report. will straw one of our ippr one of our british colleagues who has worked on this. i want to thank them for literally their days and nights contributing to the ideas. and now let me ask questions. we're happy to have questions. if you can identify yourself and someone will come over to give you the microphone for the
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cameras. >> thank you. storm cunningham with citizen. we're about to publish a guide to resilient prosperity and our research for that certainly indicated that inclusiveness is a major element of that resilience. there's four economic changes within the last generation that you detail in your report but our research on the guide we're working on indicated another huge economic change is taking place in the last generation that doesn't seem to be really represented in the report except for the infrastructure investment that dr. summers alluded to. and that is the -- for the last 5,000 years humans have been building our wealth based on extraction of virgin resources and building of new cities and the sprawling of existing cities, and within the last generation, major portion of the
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world economy, well over $2 trillion, is now focused on redeveloping and regenerating revitalizing the cities we already have as home sure governor granholm knows about. >> can you just get to the question. >> yes, on the restoration of natural resources like fisheries and watershed. so i'm wondering whether i -- i flipped through the report quickly. there is a reference than just infrastructure renewal to restore -- >> the issues of the requirement -- >> well, environment -- built and natural enenvironment cleaning up contaminated sites reuse of boats, all that regenerative work. >> the answer is yes, the term -- when we're talking and jennifer talk about the importance of clusters and those can be not only the coming together of firms but the
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particular way in which you can have strong global economies around accommodations and some of the work in the u.s. looking at what happened in cities and the way cities suck in opportunities and build upon them. that's in there. it's also the case that we talk about the importance of making sure that growth is sustainable from the point of view of the environment as well. it would depend -- different countries are different in our country, we have a big need for more homes an important part is around the regeneration of existing sites and the use of land, and that is reflected in the report. so hopefully you'll fine it there. >> ohe >>
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>> thanks. i'm from the daily telegraph. york cochair begin the presentation to say now is the time when interest rates are low for substantial infrastructure investment. in your speech in september you seemed to rule out any additional borrowing for capital investments. do you disagree with your co-chair? [laughter] or our conditions different on the other side? or could the cochair rethink his position? [laughter] >> i am always happy to spend more so but we say we
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are at different points of the economic cycle going back to three years ago absolutely at that time that is something that we strongly advocated. but to move from elected gross to alongside productivity. we need to make those long-term decisions. part of that is to make share -- surer and it worries me with the government that it seeks to reduce capital investment but in the future years to have the profile of rising again. and to do more of the housing side you are right to. for britain to day we are making proposals for additional spending by
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borrowing for more infrastructure. we're focusing on the productivity in the next five years. >> i am a retired army physician now was going to ask about inflation but now i am more interested in citizenship. into any of you think for citizens make for economics? with more than 50 percent of eligible voters to vote in the local election. so how does that link when i suspect those are the higher percentage of not voting? >> one of the reasons we focused in the beginning in the problem for democracy is
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the lack of shared prosperity is the effect it has of the morale of citizens. when you look at what happened in the last election, then i think there were a lot of voters who stayed home because they did not think the proposals were of the table that was substantially improve their lives. the one to take issues without but i don't think they made us sufficient case into voting. the other thing to call attention to is that it did not just about but it did to me, things that could be done better countercyclical. there is a lot of opportunity for national service. i always thought with that expansion of opportunities would have been a very good idea both on economic grounds for those who were having trouble planning jobs
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but also to do something important to promote devotion to country and having said that thank you for your service to cover country. >> we have time for one last question. >> what to talk about the need about improving labor relations because that is key. to one to ask a quick question on the democracy issue because the challenge in the u.k. and in the u.s. and europe and has increased the majority of children are now children of color and it goes beyond their hands full employment. 10% plus 11% of americans to earn a degree in computer
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science are black. in silicon valley to percent are black in washington it is 22%. is not just more education or in the right field but a deeper problem with policing in the problems that the u.k. has to a sort nt inclusive of social minorities. , like to hear your thoughts to make that inclusive them that will help with also the democracy question. >> i will just say briefly if anyone would like to add, in the report we to make as a primary value that inclusive economics has to be inclusive of diversity
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racial, economic and it is a key point as a progressive way articulate that an economic growth has to be all parts of society. this is a challenge not only in the west but also increasingly in europe of very senior fullback responsive interrupted we need to stand against that. and to speak for the commission that was a universal view. >> you make a good point and what we were trying to do to write this report was think about inclusion but not to get into a country by country details it is necessary but not sufficient creating jobs is a necessary condition and improving the education is necessary in the workplace was democracy is a necessary condition. other things we could
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envision and to think about but trying to ride a report standing the problems of united states that could be different from sweden or australia. we're thinking of necessary but not the full list of exclusions. >> whenever any thoughtful americans believed about the need to make further progress with respect to racial issues six months ago in the united states side of see how they could fail to see a much greater need today than they did six months ago. and i will offer the judgment that economic empowerment and a well functioning middle-class are crucial civil-rights issues
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of our time because precisely as you suggest suggest, the victims of any quality a disproportionately the members of minority groups. so the success with the agenda laid out here is the increasing prosperity but if you look issue by issue education to construct the infrastructure they will disproportionately be members of the minority and i appreciate your bringing that out. >> via with brookings.
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i am curious if the commission explicitly did george it not consider the role of demographic changes said it accentuated in the u.s. and the number of children in the west board to lower educated parents were born outside of two-parent families it is a huge issue in the west that these trends have exacerbated it become a quality and also distinctly american. with kids growing up in single-parent households are more than twice in australia and canada. i am curious to hear how the commission dealt with this. >> there is a significant challenge it is very distinct the u.s. is a distinct challenge that other countries don't have they all seem to do a better job of family stability but i will say because of that
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disproportionate issue we did not spend a lot of resources to discuss it because the countries are so different but i would point you to of paper that the center for american progress put out and the way these issues interact is that economic dimension of what is happening to families that our low in, working class is profound. is a reinforcing issue and is hurting family structure it is comparable to every other country. so to direct these economic challenges would provide in our view to strengthen
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infrastructure but we have other ideas did we did that this monday. >> taliban tries to tell you about family structure because you are one of the nation's leading experts. but i would say i think there is a fair amount of evidence related to economic issues is something we under appreciate we are proud to celebrate our flexible labor markets use a simple comparison what fraction of men are working? the distaste does dismal with that standard. our fraction who are working is lower than in france or
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most of europe. i cannot help but wonder if that is not related to our difficulty of formation of families and persistence of families. >> with the american debate or the u.k. debate and the other european countries have a much higher rate but what is the average age of a single parent? said famously ask what is the age of a single parent? the answer is 35 the average
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parent h -- age. lowe's did not have us a single parent that the longevity of relationships that there was positivity as well because they were stuck in relationships there were not good relationships to begin. we have to understand more of the causes to make sure your policy gets to the heart of the issues that children do best when they are supported by loving parents from what you have imposed of longevity and those to do extremely well
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and then made the get together with another single parent that there is some one type of family with those excess blood dash susceptible issues for the whole of the lifetime of this child but you can still support families did child care to be conditioned on a particular structure that is more than sometimes they will advocate. >> thanks for reseed the question it does identify that this is one conversational wish we could wall off all the live absolutely certain we will
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bought the of a vituperative the bid because the progressives need to take seriously the cost of family breakdown whatever phrase you used the data also seems that our conservative friends have to take seriously what declining economic opportunity does for family formation and if we really care about this problem we have to think about those causes and i would love to see a genuine national conversation as opposed to the eye gouging debates where we may try to help the kids and families they get to the commission members and our chairs for all the fantastic work and
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we will be available to me answer any questions for any member of the commission. we appreciate you being here. [applause] [inaudible conversations]
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[inaudible conversations]
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>> i wrote to these books, there are two volumes. the reason i thought it was important is that really is transformed into an industrial city the latter part of an 18th-century and early part of the 20th century and it is done, but it was virginia in that emigrants from various parts of europe cave here in search of jobs and opportunity. so that generation is pretty much gone. was important i thought to record their story to get the memories of the emigrant generation it is important part of our history as most people focus on the frontier or the civil war history it is important but in my mind of people the importance is this industrial period of
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immigration period of wheeling. >> wheeling's starts as an outpost on the frontier that prefer was though western experience of the evidence states in the 70's and 70's. the first project funded by the federal government for a road production was the national road extending from maryland to reeling virginia. and when it comes here to be laying it will give this community that was about 50 years old, the real spurt that it needs for growth. over the next 25 years the population will almost triple.
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a new initiative to fund research and scholarship that address national problems. initiatives is part of the institution's 50th anniversary celebration. from a national press club, this is an hour. [inaudible conversations]
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good afternoon. welcome. before we begin of would like to ask you all to stand and observe a moment of silence in memory for the paris attack of the french satirical publication news editor in leading cartoonists were among the 12 killed at the newspaper last wednesday. we are under their memories and their contributions to our profession and to the freedom of the press. and as of march of special respect we at the national press club are observing one minute of silence is their memory at the start of every event concluded with their original membership tomorrow.
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[silence] >> vicki very much. please be seated. we'll come. and the edges and professor at the george washington university school of media of public affairs former bureau chief for the associated press and the 107th president of the national press club. the world's leading professional organization for journalists committed to our profession's future through programming with defense such as this while fostering a free press worldwide. for more information please visit our web site but dash website at press.org i like
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to welcome our speaker and those of you attending today's events. werke journalist as well as club members idyllic good members of the general public are attending so does not necessarily evidence of lack of journalistic objectivity for god also like to welcome c-span and public radio audiences. follow the action on twitter after the speech concludes we will have a question in an answer period i will ask as many questions as time permits. dell it decided to introduce our guest. please stand briefly as your name is announced. to the audience right, a hubert humphrey fellow and a fulbright scholars program.
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a free-lance journalist. and washington correspondent for the arkansas democrat gazette. carol schneider of -- did a guest of our speaker. nick, a deputy ceo of united states capitol visitors center and a. organizer of this legend. thank you. >> betsy, director of the smithsonian american art museum and a guest of our speaker. jerry, washington bureau chief for the buffalo news and chair of the speaker's committee and former national press club president. skipping over our guest of honor comedy b. henderson of
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the national portrait gallery and organizer of this legend. thank you again. and guest of our speaker. and then the director of information that the austrian embassy. florence thompson, president of thomson and associates. [applause] . . this year marks the 50th birthday of the national endowment for the humanities independent federal agency

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