tv U.S. House of Representatives Legislative Business CSPAN June 21, 2016 12:00pm-2:01pm EDT
the speaker pro tempore: the house will be in order. the chair lay b.c.s. the house a communication from the speaker. -- the chair lays before the house a communication from the speaker. the clerk: the speaker's rooms, washington, d.c. june 21, 2016. i hereby appoint the honorable garrett graves to act as speaker pro tempore on this day. signed, paul d. ryan, speaker of the house of representatives. the speaker pro tempore: pursuant to the order of the house, january 5, 2016, the chair will now recognize members from lists submitted by the majority and minority leaders for morning hour debate. pursuant to clause 12-a of rule 1, the chair declares the house in recess until 2:00 p.m.
critical and today we haven't talked about that at all. we don't seem to have a place where we can. can you, as an impartial individual in this process, who watches our re-economy grow or falter on a daily basis, can you talk about something now to void the crisis in 10 years? ms. yellin: well, i think we all know and have known for a long time that with an aging population and with health care costs that have by and large risen more rapidly than inflation than the situation where we would have an unsustainable debt path and that this would require reforms , as you say, medicare, medicaid, social security, hose three programs would --
>> the affordable care act eeds to be reformed? part one. ms. yellin: i am not saying about the affordable care act. i'm saying the entitlement programs need to be considered, put them on a sustainable basis. senator rounds: would you say they need to be managed? ms. yellin: would you need congress to look at the structure of expenditures to ensure that those programs remain sustainable in the overall federal budget and debt associated with that remain on a sustainable course because as you go out further with an aging population, as you said the debt-to-g.d.p. ratio is rising simply unsustainably and those required changes. senator rounds: is it fair to say right now over the long-term basis every time the interest rate that we have to pay at the federal level goes
up by a quarter point it's approximately $50 billion additional increase in our sts being paid out, looks to me like simply addressing and beginning the process of slowing down the increasing federal debt and recognizing that we can't just simply say one-day period of time or two-day period of time we have all the answers but certainly we have to grow our way out of this as well as reduce the ongoing expenditures, is it fair to say? ms. yellin: it certainly would be desirable if the u.s. were growing at a faster rate. you cited a very depressed number for sfarbgt growth over the last farbgts the average growth has been about 2% and over eight quarters it's been about 2.5% so sort of smoothing the ups and downs we've been experiencing growth of 2%,
2.5%. enator rounds: we won't grow our way out, will we? ms. yellin: we have to do better than that and it's a matter of productivity growth essentially being quite depressed relative to -- for example, to the levels that we enjoyed in the second half of the 1990's. so it's not certain what's responsible for that but, you know, many factors come into play. we've had depressed levels of investment. a you know, seem to have depressed rate of business formation. change as hnological it shows in output gains seems to have fallen relative to those better times and there are a range of policies we could consider to -- senator rounds: madam chairman,
it seems like you're giving us a wake-up call for a crisis that isn't 10 years from now, it's right now? ms. yellin: productivity growth is so slow, yes, i want to highlight there. senator rounds: thank you. senator merkley: thank you. senator donnelly was raising concern about manufacturing jobs. and our trade policy has given us access to goods manufactured in countries that do not have to abide by the same labor laws, the same wage rules, the same environmental rules or same enforcement. this is a very unlevel playing field for american manufacturers, has a devastating impact. the loss is extensive and is that really fair to the american worker to have american companies having to compete against companies that are allowed completely different set of standards that lower their costs dramatically? ms. yellin: well, i guess i would just say that in the view
of most economists more open trade creates net benefits but that doesn't mean benefits for everyone. and there are gainers but there are also losers and those -- senator merkley: is that fair to the manufacturing workers? ms. yellin: well, it's important to have policies that address -- that address the losses. senator merkley: since mid 1970's, 1975, we had four decades which zero -- virtually 100% of the new income has gone to the top 10% of americans leaving basically nine out of 10 americans in our economy out in the cold. this is substantially a reflection of the shift of manufacturing overseas. we've had a series of geostrategic decisions. we wanted to nurture the recovery of japan. we wanted to pull china out of
the soviet block. now we want to pull the rest of asia away from china. is there an understanding within the fed how the cost of these geostrategic decisions upon the welfare of american families and through wage -- loss of living wage jobs? ms. yellin: well, we've certainly looked at this question of wage inequality, income inequality. we collect data. our survey of consumer finances is one of the key datest sets insight into what's happening. academic work on this topic, while it has focused to some extent on trade more broadly also looks at the importance of a phenomenal called technical change that the nature of technological change in recent decades has shift demand away from less skilled workers
toward a more skilled -- senator merkley: techno hoelogical change has occurred. the shift of jobs overseas has been -- they have been rooting up our factory machines and shifting them -- shipping them overseas. it's in a place paid less. that's not technologically change. that's an issue of trade policy. technological change does have an impact. a situation where you point out there is nor higher skilled demand, demand for higher skilled job, education becomes very important. but as compared to other developed economies, higher education, be it higher skill training or college, it's far more expensive. it's the single factor more than health care that has gone up faster than inflation than our economy and such that not only is it daunting to our students who in blue-collar communities like the one i live in, are getting the message there is not an affordable path
to fulfill their goals in life and statistically we do see our students who pursue that education have a burden of debt, which has an impact on delaying marriage and delaying homeownership which has been a major engine of wealth for the middle class so we see the high cost of college and that seems to me the type of structural concern in our economy that the fed should be using the economic expertise to highlight the long-term devastating impacts of failing to provide the opportunity for the skills needed for the economy of the future. but i don't hear the fed looking into that. ms. yellin: we are looking at the trend in student debt and believe we will be hosting a conference on student debt and looking particularly what it means for low and moderate income households. senator merkley: over the last
few years i asked the questions and the response is that's something we're looking at. it would be nice to have a muscular representation of the big changes to our economy because the fed has the expertise to put its hands around that and be able to project that into the policy debate. 'll just close by saying one issues i raised is the commodities, the ability of large financial institutions to own pipelines, to own ship loads of oil, to own warehouses of aluminum and each time i hear we're looking at that, are we still looking at that? are we going to do something bout that? ms. yellin: we'll come out with a proposal on that. but some of it reflects decisions that congress made and not fed policy. senator merkley: that's true. there are some restrictions but
there is considerable power resting with the fed. senator moran: thank you. madam chair woman, thank you for joining us this morning. i would say with my conversations with kansans, very few -- i don't have a conversation that sees their economic future brighter. they see it they're more disillusioned. no one feels more secure in their job. no one feels like their children will have a brighter future. parents are concerned about their children's opportunities when they graduate from school, ability to pay back student loan -- loans. worried about saving for their own retirement. people worried about having enough income and savings to pay for health care emergencies. so the sense of an economic recovery is far from being felt universally with kansans that i visit, across our state. i just want to raise two questions. one, in part that circumstance is related to significantly lower agriculture commodity
prices. significantly lower prices in oil production, natural gas production and part of that is a consequence of i assume the value of our dollar in comparison to other currencies and our ability to promote exports both of those certainly of agricultural commodities, although the law now allows for the export of oil as well. where are we in the value of our dollar, what's the intermediate expectations for us to be able to jump-start the sale of wheat, cattle, corn and other products, airplanes that are manufactured in our state that seemingly are not able to access those markets in part because the value of our currency? ms. yellin: so the value of the dollar has increased significantly since, say, mid 2014. partly that reflects the fact that the u.s. has enjoyed a stronger recovery than many other advanced nations, and
that's created an expectations that u.s. -- in the u.s. interest rates will rise at a more rapid pace than in other parts of the world and that's -- that flows into our assets that pushed up the dollar. but more broadly, the trends you've seen in commodity prices i think reflect the larger set of global forces. in some cases we've seen increases, significant increases in the supply of commodities. in the case of oil, the rapid growth of u.s.'s ability to supply oil markets has been a factor. and then there's been the slowdown in global growth. particularly in china which has been an important consumer of so many commodities. china's on the path and has understood to be this will
continue a path of slowing growth and the plummet you've seen commodity prices plummet from many commodity prices just because of basic supply and demand considerations. the dollar makes some difference to that as well. senator moran: we often talk about -- when we talk about exports, frayed agreements. has the fed weighed in or have you expressed an opinion previously about other countries and their ability to manipulate currencies to our disadvantage of exports? ms. yellin: the responsibility for currency policy rests with the secretary of the treasury and we don't weigh in on that. senator moran: madam chairwoman, let me ask you about something in your testimony. you indicate that business investment outside the energy sector was surprisingly weak. would you indicate to any, elaborate on the factors that lead you to that statement and
would you exclude the energy sector, is that because of definition or is something happening in the energy sector that indicates investment? ms. yellin: well, drilling activity has been very important and has counted as part of investment activities so with the huge plunge in oil prices, even though there's been recovery, we've seen a number of rigs in operation just plummet and that's part of why aggregate investment spending has been so weak and we understand that and expect it because it reflects are the decline in oil prices. even because we go outside other energy sectors in supplying inputs to it, investment spending recently -- and this is just a report on the data, i don't have a story to offer you on why this has
happened. it has been surprisingly weak ver the last several months. we talked about this earlier during the recovery, but it has been -- i think we understand some reasons why it's generally been weak, namely, slow growth and less rapid increase in the labor force. senator moran: i wouldn't expect you to say this but my view in part that lack of investment or that reduction in investment is related to wide -- array of circumstances. one of them would be the debt and deficit. the uncertainty of our economy. lack of growth. general the economic indicators are downtrending, not uptrending. a sufficient number of times to instill a sense of confidence.
the next set of regulation that may come their way, just decisions to make investments, people are deciding it's more risky to invest than to not. ms. yellin: those issues are mentioned by business people. in recent quarters, corporate earnings have also been on downward pressure for a variety of reasons. senator moran: i would conclude my remarks by indicating one of the places we would place our focus is innovation, startups, entrepreneurs and the uncertainty they face is even more of a dramatic -- has a dramatic consequence than a larger business. mr. chairman, thank you very much. chair, chairwoman. senator cotton: thank you. thank you, chair, for being forced again. i know these are two highlights every year. i want to turn to the so-called the referendum that will occur
on in the united kingdom on whether great britain should leave or remain in the e.u. says estimony on page 4 one that could shift is a referendum. a u.k. vote to exit could have significant economic repercussions. could. which you stress to senator heller in his comments. that sounds to me like the usual prudence and caution you use in all of your public statements. you also stated to senator heller, quote, i don't want to joe blow the likely impacts, end quote. that reminds me of yogi berra's old sage advice that predictions are hard, especially about the future. ms. yellin: that's absolutely true. i couldn't agree with that more. senator cotton: yet in the last few minutes, here's what "the guardian" says, quote, yellin warns on brexit.
not exactly what you said, is it? ms. yellin: i said we're monitoring it and it could have consequences. senator cotton: you wouldn't characterize your testimony as a warning on the brexit? ms. yellin: i have in -- if that means i am warning u.k. residents i am not attempting to take a stand. they're going to go to the polls. we have had an active debate on the issues and i am not providing advice on that sense. senator cotton: good. thank you. i simple thighs when headlines don't cap -- i sympathize when eadlines don't capture the meaning. and the bbc, msnbc and fortune have as well so to be crystal clear, you take no position on whether u.k. citizens should vote to remain or leemb the e.u. and the federal reserve doesn't take no position? ms. yellin: that's for them to
decide. i'm saying the decision could have economic consequences that would be relevant to the u.s. economic outlook that we need to monitor carefully. senator cotton: thank you for that i certainly think we all in america and particularly in positions of leadership in our government should respect the british people's sovereign right to govern their own affairs. one point you made in your earlier comments about brexit, about the potential source of these economic repercussions is, quote, a period of uncertainty. that's something i hear frequently in commentary about the brexit. is there any time when the global economy or u.s. economy doesn't operate in a condition of uncertainty? ms. yellin: well, there is uncertainty but this is a has no close at parallel. it's hard to know what the consequences would be.
we operate in an uncertain environment. senator cotton: many of your counterparts in the continent, many of my elected counterparts ave not treated it kindly. they've opined on what the british citizens should do. and the greek debt crisis or other debt crises in europe or the suspension of the privileges because of the flow of migrants into europe and terrorists now infiltrating that flow and launching attacks in paris and just a few blocks away from the heart of the european union, those would also potentially cause periods of uncertainty in the european and global economy, wouldn't they? ms. yellin: absolutely. senator cotton: is there risk that some of the dire recisions bout brexit could become a self-fulfilling prophecy in the
economy? some british politicians have promised or threatened immediate tax increases or budget cuts if the u.k. citizens vote to leave some continental leaders have threatened punitive or retaliatory reaction in they leave? the president would say they would have to go to the back of the qcueue. would it lead to increased uncertainty regardless of the outcome on thursday? ms. yellin: i don't want to comment what various participants in this debate have said or the advice they've given the british people. there is an active debate. it's not appropriate with a decision of this sort for many parties to weigh in about the consequences. as i said, i'm not trying to ffer advice myself to the u.k. that's about to go to the polls.
senator cotton: your counterpart of the e.c.b. that the e.c.b. is ready for all contingencies for the u.k. e.u. referendum, end quote. are you saying you're ready for all contingencies following the vote thursday? ms. yellin: following the sense we will closely monitor what the economic consequences would be and are prepared to act in light of that assessment. senator cotton: and should the u.k. vote to leave the e.u., the united states as a whole nd the period reserve would be a friendship among nations? ms. yellin: it would be my inclination to do so. senator cotton: thank you for that. >> thank you. madam chairwoman, i want to shift the conversation to a little bit. the custody banks which are very important. banks like state street and new
york, melon and i'm sure others. it's been reported that custody banks have turned away deposits or are charging fees on deposits because of the enhanced supplemental leverage ratio. senator shelby: you received public comments stating the rule could limit the ability of custody banks to accept deposits, particularly during periods of stress. is the fed examining how this rule is impacting custody banks' ability to accept deposits? one. two, could this rule increase systemic risk during times of stress? three, just for the audience, they probably know what is a custody bank as opposed to ordinary retail bank? ms. yellin: so a custody bank is one that handles transactions for other customers. senator shelby: very important.
a custody bank is important to the banking system, is it not? ms. yellin: yes, they are. and i -- we certainly are aware that they're concerned about the supplementry leverage ratio impacting their profitability. leverage ratios are normally ntended to be a backup form of capital regulation. they're not oriented toward the risk of particular assets on the balance sheet but impose a minimum amount of capital that applies to the entire balance sheet. all assets. and so for safe assets in banks that hold particularly safe, large quantity its of safe assets, it can be a burden. and it's something that we will monitor but this is the way leverage ratios have always
>> and as janet yellin leaves, she will return to capitol hill tomorrow to deliver her annual report to the u.s. house. she'll be testifying before the house financial services committee. she'll answering their questions tomorrow morning starting at tomorrow evening and of course we'll have live coverage on our companion network c-span3. the house returning at 2:00 eastern to begin debate on 22 bills, including funding for v.a. medical facility
construction projects and tightening fraud controls among federal agencies. votes after 6:30 eastern today. we'll have live coverage here on c-span. at the same time c-span3 will be live as philadelphia mayor jim kenny talks about ongoing planning for july's democratic national convention. he'll be joined by other hosting committee officials. that news conference begins at 2:00 p.m. eastern. again, it will be on c-span3. british voters go to the polls this thursday to decide whether the united kingdom will remain part of the european union or split. c-span2 and c-span.org will have coverage beginning thursday at 5:00 p.m. eastern. >> you realize this is something i would not only love to do but something that could be really different from the kinds of books that have been written by macarthur in the past and a way to rethink and re-evaluate who this person was, what his real significance was, what his virtues really
were that made him one of the most adored andage lated figures in american history but also what were his flaws and what were his -- the things that made him in many ways unpleasant and even hated by millions of people. >> sunday night on "q&a," hudson institute senior fellow arthur herman takes a look at the life and career of general douglas macarthur. in his book "douglas macarthur: american warrior." >> he saw the future more clearly than he often saw the present. whether it was america's role n asia, the rise of china, the split between schean and the soviet union which he foresaw but also, too, the fate of american domestic politics. >> sunday night at 8:00 eastern on c-span's "q&a." >> with the political primary
season over, c-span's "road to the white house" takes you to this summer's political conventions. watch the republican national convention starting july 18 with live coverage from cleveland. >> so we'll be going into the convention no matter what happens and i think we'll go in so strong. >> and watch the democratic national convention starting july 25 with live coverage from philadelphia. >> let's go forward. let's win the nomination and in july let's return as a unified party. >> and then we take our fight for social, economic, racial and environmental justice to philadelphia, pennsylvania. >> every minute of the republican and democratic party's national conventions on c-span, c-span radio and c-span.org. >> hillary clinton is giving a policy speech right now on the u.s. economy with few remarks
about donald trump's plans for the country. we are recording her remarks and we'll give it to your entirety. donald trump tweeted out he'll offer remarks about hillary clinton tomorrow. his tweet. i will be making a big speech tomorrow to discuss the failed policies and bad judgment of crooked hillary clinton. again, hillary clinton's remarks on the economy from columbus, ohio, coming up in just a few moments. right now a look at income inequality in the u.s. from this morning's "washington journal." >> washington journal continues. host: economist mark price joins us today. about how thetudy top 1% of income earners competitor the other 99%, he breaks it down along states, metropolitan, and even county lines. let's start on the national .evel
how does the top 1% compared to the other 99% wacom's income inequality? roughly 1.6 million families, in the top 1%, they 21 times what the bottom earns. is the national level of inequality. most of your viewers will not be surprised to hear when you look across the state, new york and connecticut standout with high levels of inequality where the top 1% of families earn more than 40 times more than the bottom 99%. new york and connecticut are home to a disproportionate share and more importantly, it is a home to the financial sector, the tanks as well as the hedge funds which tend to be out in
connecticut. the state of wyoming also join connecticut up there in new york with the top 1% earning 40 times more than the bottom 99%. is driven by energy extraction. a big oil and gas state. when you look at local data, what emerges is the top 1%, the most on it will area in the country is the jackson metro in the jackson hole. when you look across the data, in see a similar pattern destination places. key west florida, they all have very high levels of inequality. we think that is driven by the fact that for those wealthy
individuals who do not need to be close to financial markets, if you had $1 billion, you would probably think seriously about moving there and similarly for key west. they tend to have a lot of high income folks. the unique thing about this study looking at data on the local level as well as invite ouronally, we viewers to call in so we can talk about income inequality. if you make under $25,000, -- $26,000 to $50,000 -- more than $100,000 -- we would love to hear about your view from your part of america as you are listening to this topic.
studied the income gap over time. explain what has happened over the past several decades. guest: absolutely. that is more than anything. we all realize there is inequality and there always will be. what is more disturbing in the findings that we have uncovered is since about 1980, the top 1% have captured at a minimum, 50% of income growth. during the current economic recovery, it is up and that is quite unsettling, especially when you look back at the previous time, which we do with this data. the picture is very different. familiesm 99% of thess the state captured
vast majority of income growth. that has reversed since 1980 and it continuesto -- over time with the expansion. profits rise, rent that landlords collect, those all go up. increasingly, a disproportionate share of that rising income has an accruing. this tiny fraction of folks at the top. across thee all country, from alabama, west virginia, or gone, it does not matter which state, there has been a dramatic shift. for our viewers, you can check out the study. it was done by the economic policy institute. talk about this study. in the report, are there
thatfic policy proposals you think would be the solution? when looking at this data, back to the era when income growth was more broadly shared, where low income families saw their income double , middle income families saw their income double, and the wealthiest saw their income double. everyone got more wealthy having higher income as the economy grew. different about that era compared to today, a variety of things. suggesting changes, one that was very different today compared to that era is that union density is much lower today. we are at historic lows today. of membership really
does mean as companies do well, it is not necessarily the case that the extra income generated their shows up in people's paychecks. something we would look for it is more efforts to expand the ability to join in the united states. there are other policies that would help. raising the minimum wage is an important policy and it is important to remember in that era when income was growing for everyone, the middle wage traffic with the economy. as the economy was producing a lot of opportunity and gains, the minimum wage went up to reflect that. productivity has continued to rise and workers are working more hours overtime. the minimum wage is lower than it was throughout the country.
help beginat could to press back on the trends. another solution has been the change in overtime rules. that affects salary -- salary workers. much higher since the 1970's and the result is a lot of salary workers today that in the past would have been entitled to overtime have not been getting it. change by thent obama administration that we think is important as a step in the right direction. we want to see that as the economy grows, the income is broadly shared to people who are making sure the economy is growing, working hard and building roads and bridges and manufacturing goods and services
and providing us with all the things we desire. 99% ofe, the bottom families haven't been sharing in what they are producing. host: in kentucky, the average annual income of the top 1% is about $620,000. you need to make 267 thousand dollars to make it in the top 1%. the bottom 99% in kentucky is $37,000. the top 1% makes 15 or 16 times more than the bottom 99%. that line for those who make $100,000. good morning. caller: thank you for taking my call. downsupply side trickle economics theory has held. it is obvious.
will -- wealth will always trickle up but if you start with a pyramid type scheme, you build your base at the bottom. i will not go through economic equations that i would like to if the result has been the because has been eroded everything is up to the top, if start at the wages bottom, those people will stand and they will buy refrigerators, homes, carpets. then that money will be taxed. then that money will again be taxed and, to the people who sell this rings, and once again, until the taxed
wealthy will get their fair share. bottom, theting at tax structure has an eroded. we can now have money for infrastructure, etc. i would just like you to comment on that. thank you for calling in and those are excellent point and i want to size and build on what you were saying. everyone should remember in the early 1980's, a decision was rate theut the top tax highest income family faced dramatically. the highest top marginal tax than theylower today were in 1980. it comes back to the issue in the earlier era when a tax rates
were much higher on households, income growth was more broadly shared. we were promised that if we cut the top tax rates and give more to the financial sector, that in turn, they would take it and create new opportunity and explosive growth in the economy would carry us all forward. looking at the data across the state, that has not happened. we cut top tax rates but it did not have the effect of lifting all boats. the only folks who really benefited from attic the from the pace of economic growth over time has been those at the top. you made excellent points about what tries the economy more than anything else, our consumers and workers. that becomes other people's income and helps grow the economy. move in thet
direction of changing tax policy so it is less favorable to those folks at the very top and more favorable to low and middle come workers -- middle income workers, and what to get wages up, i think that is a good point. host: a comparison in maryland shows that eastern maryland is the most unequal metro area in maryland. makes 27.8 more -- times more than the bottom 9%. -- 99%. go ahead, zach. thank you for taking my call. a lot of interesting points so far. i recently dropped down in income level in the past two years, around 40,000, and then
i decided to get in a new field and do other things that paid less. it is interesting to see the difference. i see the nation is coddled when they start with youth. i remember being in low income at the age of 17 and 18 and doing whatever i can save money. i was making nine dollars or $10 an hour from 17 to 21 when i got promoted in management. by that time, i had made a lot savense of isis and had no to buy a cheap first house. a lot of people my age are like, i would never do that. too expensive. but realistically, it was so cheap to do. i made a good bit of money for those years and i dropped down.
going down from that, i tried to make a lot of sacrifices. job we work at the lowest wage. it is just one thing you do not do. recently in the past job, and toloyer actually threatened keep it close between us and if i mentioned it, they would let me go, which i think is unlawful in the state of maryland. unions, when i worked for best buy at the age of 17, they held meetings to talk to employees about the dangers of dissuading you from joining unions. those are my comments. host: i appreciate the comments. mark price, on the issue of income growth and who benefits and who gets affected most, can
you discuss that from your report? yes, sorry. thank you for your call, zach. certainly over time, as we reveal in the report, in times of recession when the economy is and most everyone is losing income, the biggest loss is pretending to be on the top 1% of families, one example of why that might be the case. now in the economy is growing, it is generating new jobs. it is supposed to be how the economy thinks about the labor market. you begin to see periods of
expansion where the wealthy 1% andamilies really make up do significantly better than they do worse during recessions. the top 1% have captured an increasing amount of income growth. although they are technically recoveries and they are generating new jobs, the unemployment rate has fallen genetically. -- dramatically. when you think about workers in categories,aged 25-60 five, fewer of them are working in the labor market --ay did them before 2007 van before 2007. to the full not get capacity, you do not see as much wage and income growth as you would like to.
income generated from owning stocks and bonds in trading for financial markets would be the chief executive of best buy or any other major corp. ration, those incomes do rise. major corporation, those incomes do rise. talk about the study zero for the economic policy institute about income inequality. line, your calls, on the for those making over $100,000 per year, richard. caller: thank you for taking my call and thank you for what you do. i am an indian american and have lived the american jury and appeared ever since i can to the country with a few dollars, i have gone up the ladder. one of the main reasons i did that is education.
the average income is higher than the average in the united .tates why? we have redefined on priorities on workut emphasis ethics. just raising the minimum wage and make people comfortable with minimum wage is not the right way to go. this country is the most opportune growth country in the world. it is a wonderful country. people get jobs here. if we can only emphasize education, let the kids grow up to learn their priorities. i know a young growth who works at the front desk and the first
thing she does is why a 2016 model car. as she wants an suv and she is trying to sell that to buy an suv. that is not the priority. i spoke to her and said you need to save, you need to get an education and you need to grow. my suggestion is if people need to grow economically, and my life here is all of these three things that i mentioned will definitely have the economic growth in this country, at the social level, thank you for taking my call. host: all right. mark price, weigh in. for your callou in and your work and your passion. you are absolutely right that is impossible to
emphasize how important that is. when you look at trend in income clear that even folks with advanced level education, we have a better educated population today. despite the fact that we have of greater amounts education, you look at college graduates and they do not fair well in the last decade or so, reflecting the fact that the economy has not been strong enough to generate wage growth for those folks. that goes back to the point that education, while deeply important, a value we both real challenge is even in the presence of higher-level education, the economy is not generating broadly shared gains and income growth. it continues to be highly concentrated. an area where we would agree very much that it is a problem
for the united states, there is careful research that examines the relationship between income of your parents to your income as an adult. in the united states, that relationship is stronger than most of the industrialized world. in europe in particular, it matters more hear the income of your parents than it does in those places. that is a challenge, i think, really to the american dream. we tend to think of america in the same way you have experienced it, richard. as a place that people, regardless of who their parents were or the income they had, they had a great idea and went on to become a brain surgeon. ande folks will rise up have new opportunity. the reality today is that is less true than most of the industrialized world in the united states today. it matters a lot who your parents are.
just think about all across the country and maryland and pennsylvania, there are millions of kids growing up who do not get access to a high quality education. that hurts them because they will not achieve their full potential. it hurts me and you because at the end of the day, i want my next brain surgeon or the next app developer to be the best for the job. in the united states, it matters a lot more was income of your brain surgeons parents were. and the actual ability. you look at this data, it shows increasing amount of income flowing. a tiny group of folks to the -- county inmost unequal ohio according to research. the top 1% makes 36 times more than the bottom 99%. income at the bottom about $42,000.
todd is in ohio on the line for those who make 51 and $100,000. mark price, you compelled me to want to read a report about the broadcasting. two comments for you and a question. distinctiona heavy between being unequal, not necessarily meaning the same thing as being unfair? i am finding that is a common problem with people who talk about this publicly especially in the political arena. just because things are unequal, it does not mean things are treated as unfair. me, do you acknowledge it is not just a matter of who your parents are as far as respondbut how well you to education? there are a lot of educated people who respond in a mediocre way to the good education they is, what douestion
you feel is the best way to assess the problem of a group of people who got a bad start as a result of their parent but are very capable as far as being part of the american way? that is it. todd, those are powerful and important questions. thank you. not necessarily unfair and i think that is absolutely correct. saying, home might be the rich are always getting richer, what is the big deal? again, as we demonstrate in the it has not always been the case. it is the case that the ceo of general motors in 1960 had much more income than the janitor at general motors. that is true and it reflects that the ceo had more responsibility than the janitor does. over time, this eeo pay
continues to rise while the janitor pay continues to fall. it does not reflect changes in ability. reflects changes in the economy that have buys the growth and income to float to the top 1%. i agree with you that unequal is -- it doese as fair not seem to be a good reason why income would be so poorly distributed. with respect to, it matters a lot how you use your education, i could not agree more. the greatest recession we have greatenced since the depression, a key contributor to , mortgage lenders, with some of the best educations money can
buy. they succeeded in fertility -- facilitating the construction of trillions of dollars in the u.s., not the they are solely responsible, but to a knowledge education plays a role in there is also something else going on that is driving income to the top. to the third point, beyond inequality, the greatest challenge continues to be, what do we do with kids in school districts, baltimore, downtown los angeles, these have tremendous ability and we need to step up and provide them with resources so they can achieve the full potential they have. that is one of the most pressing change,e have, climate inequality, and how we will lift up our kids. than $2 takes more
million to be the average of the york% in the state of new tot to make 1%, you need make at least $500,000. the average income in new york is about $44,000. ofre talking with mark price the economic policy institute. it is time for just one or two more calls. we will take david in new york, new york. go ahead. income inequality has been going on for so many decades, the rich are getting richer, and we are like brazil now, close to bangladesh on the position of wealth and the rich and poor.
people were in the service sector centered economy but we cannot buy anything. minimum wage. people go to the neighborhoods in the bronx, i live in manhattan, people suffer on a daily basis. people suffer in this country so that 1/10 of 1% can be billionaires. able should go back to senator sanders campaign stump speeches to see, he highlighted these things. we cannot forget. foret a choice, i will vote hillary clinton, but i cannot think the establishment of the democrat or republican party are and have brought us into a situation where we are
at the precipice of a neofascist, oh gosh, anyway. host: in ohio today, being billed as a major economic address by hillary clinton. expect to hear? do you think some of the ideas from bernie sanders you were just referencing that you wanted you thinkre of, do that will rub off on hillary clinton? caller: i really do p or i have been watching, the platform committee debate. discussions. they are wonderful and that is because of bernie. hasounds like everybody gotten religion on social , and manycial justice of those things. bernie's's movement, that the political revolution can continue as an insurgent movement in the democratic party to do but cornell west tried to
with our wonderful president obama, push him from the last four social justice. i hope that continues. i think the youth of america, i am 67, but i think the youth are wonderful, 45 and younger are showing themselves to be wonderful. we need that and we knew the political revolution to continue. unless we get money out of politics -- your point. one more call, matalin is waiting on our line for those between 26 and $50,000 in annual income. can you make it quick? caller: sorry, i want to make a comment, like, i am a minority. as good as -- [indiscernible] clinton is the last person to tell me about income inequality.
she gets thousands of dollars for her speeches. 1% [indiscernible] person and i can get my education, like, like, i can't afford college. that is going to screw me over in the long run and that is what is going to happen. host: mark, i want to leave that with you in the last minute or so. student debt, whether loans or other kinds of debt, and how it is impacting ability to make money. part of theutely, discussion today is focused on if folks would get education, it would be all right. again, another issue where you ignore that it is higher -- harder and harder to get access to a good in quality higher education.
increasingly, states are cutting back support for public universities and that has led to a rise in tuition and for a lot of students to really look at a terrible choice of a mountain of student loan debt in order to do what we're asking them to do in order to lift themselves up, it is clearly another illustration that policy has gone in another poor direction and it helps feed this inequality. it puts kids in unforgivable situation in ways where their parents and grandparents did not have to do and were not expected to do and that is unfortunate. mark price is an economist, one of the co-authors of >> democratic presidential candidate hillary clinton has just wrapped up a rally in columbus, ohio. her remarks focused mostly on the u.s. economy and donald
trump's proposal and plans for the economy. she tweeted out donald trump's tax plan would add $30 trillion to the national debt over 20 years. that's trillion with a t. here's a look at her speech from the fort hayes metropolitan education center in columbus, ohio. secretary clinton: wow, thank you. thank you so much. thank you-all. wow, thank you. it's wonderful to be back here in columbus. i want to thank whitney for not just her wonderful introduction
but for all the hard work that she has done to build her reer and the very strong endorsement that she has given to fort hayes' career center. everyone associated with fort hayes. i want to thank you -- [applause] secretary clinton: this is exactly how we will create more good jobs with more opportunities for more people. and it's exciting to be here in a place that does just that. i want to thank governor ted strictland, who i hope is soon-to-be senator ted strickland. [cheers and applause] secretary clinton: chairman david pepper of the ohio democratic party, zach klein, president of the columbus city council, john o'grady, president of franklin county board of commissioners, and all of you for being here with me. i have to say i am pretty
thrilled to be here for the first time speaking to any group like this as a grandmother of two now. cheers and applause] secretary clinton: it was an exciting weekend. chelsea and mark had a little boy and we're just truly over the moon. i have to confess. i talked so much about being a grandmother. now i'm sure i'm going to be talking doubly about being a grandmother. new stories to tell. it's always great to be back in ohio. d i want to talk about a challenge that ohio families know well. growing our economy and making it work for everyone, not just those at the top.
for more than a year now, i have been listening to americans across our country. you have told me how the recession hit your communities. how jobs dried up. home values sank. and savings vanished. and i have seen how hard you have worked to get back on your feet. if we have learned anything about the economy over the past 20 years, it's that a president's economic decisions have real consequences for families. president obama was handed the worst financial crisis since the great depression. thanks to his leadership and the hard work and resilience of the american people, we have seen more than 14 million private sector jobs created over the last 6 1/2 years. and here in ohio, the auto industry has made a strong comeback.
cheers and applause] secretary clinton: and how appropriate as we're here in the area where students learn about autos. learn about how they are made and how they work. so we know people are working harder and longer. just to keep their heads above water. and to deal with the costs, the everyday costs, the costs of basics like childcare and prescription drugs that are too high. college is getting more expensive every day. and wages are still too low. and inequality is too great. good jobs in many parts of our country are still too hard to come by. these problems are serious, but i know we can overcome them together. i really believe in this country because i believe in
the american people. america's economy isn't yet but we want it to be we're stronger and bert positioned than anyone in the world. to build the future that you or your children deserve. i have spent my adult life working to even the odds. -- odds for people who have had the odds stacked against them. i helped break down barriers to education for poor and disabled hildren as a young lawyer. i worked to bring opportunity back to upstate new york and a lot of suppressed communities there as senator and went to bat for american workers and businesses as your secretary of state. and everything i have learned and done has convinced me we're stronger when we grow together.
and i have said -- cheers and applause] i said throughout this campaign my mission as president will be to help create more good-paying jobs so we can get incomes rising for hardworking families across america. it's a pretty simple formula. higher wages lead to more demand which leads to more jobs with higher wages. and i have laid out a detailed genda to jump-start this virtuous cycle. you can go to my website, and read all about it. i do admit it is a little nky, but i have this old-fashioned idea that if
you're running for president you should say what you want to o. [cheers and applause] secretary clinton: how you're going to pay for it. and how you'll get it done. [cheers and applause] i actually set the specifics because they matter. whether one more kid gets health care may just be a detail in washington, but it's all that matters to that family worrying about their child. [applause] secretary clinton: tomorrow in north carolina i will set out ambitious new goals that will help us build a stronger, fairer economy. we'll work with both parties to make transformational investments in good-paying jobs
infrastructure advanced manufacturing and we'll tackle the twin problems. of college affordability and student debt. profit sharing because everyone who works hard should be able to share in the rewards of their hard work. and to pay for these investments we will make sure wall street corporations and the superrich contribute their air share. and we'll see how families live, learn, and work in the 21st century, that's what i'll be talking about tomorrow in north carolina and throughout this campaign. but today i want to talk about what donald trump is promising o do to the economy.
at the end of the year it's important that he be held accountable for what he says he'll do as president. and -- [applause] we need to clear the way for a real conversation about how to improve the lives of working eople. i said a few weeks ago his proposals and reckless statements represent a danger to our national security. but you might think that because he has spent his life as a business man, he would be better prepared to handle the economy. . just like he shouldn't have his finger on the button, he shouldn't have his hands on our economy. cheers and applause]
i don't say that because of typical political disagreements. liberals and conservatives say trump's ideas would be disastrous. the chamber of commerce and labor unions. mitt romney and elizabeth warren. economists on the right and the left and the center all agree, trump would throw us back into recession. one of john mccain's former economic advisors actually calculated what would happen to our country if trump gets his way. it would be the result of a trump recession. we would lose 3 1/2 million stagnate, es would
debts would explode, and stock prices would plummet. and you know who would be hit the hardest? the people who hadded hardest time getting back on their feet -- who had the hardest time getting back on their feet after the 2008 crisis. one of the leading firms that animalizes the top threat to the global economy called the economist intelligence unit, comes out with a new list of threats every month. it includes things like terrorism and the disintegration of europe. and this month number three on the list is donald trump becoming president of the united states. just think about that. every day we see how reckless and careless trump is. he's proud of it. well, that's his choice. except when he's asking to be
our president. then it's our choice. [applause] donald trump actually stood on a debate stage in november and said that wages are too high in this country. he should tell that the mothers -- that to the mothers and fathers who are working two jobs to raise their kids. he said, and i quote, having a low minimum wage is not a bad thing for this country. at a time when millions working full-time are still living in poverty. back in 2006, before the financial crash, trump said, and again i quote, i sort of hope that the housing market crashes because he would make money off of all the foreclosures. over the years he has said all
kinds of things about women in the work force. he once called pregnant employees, and i quote, an inconvenience. he says, women will start making equal pay as soon as we do as good a job as men, as if we weren't already. now, these are the words, not of someone who thinks highly of women who work, or who cares about helping parents balance work and family, but instead he clearly doesn't know much about how we have grown the economy over the last 40 years. which is largely thanks to women getting into the work force and adding to family incomes. cheers and applause] and he wants to end obamacare
but has no credible plan to replace it or to help keep costs down. it really wouldn't be good for our economy, would it, if 20 million people lost their health insurance. and we were back to absolutely skyrocketing costs for everything. it would be devastating to families and also the economy. first, there's his plan for wall street. after the 2008 crisis, president obama fought to enact the toughest most comprehensive set of wall street reforms since the great depression. they are designed to protect consumers and ensure that wall street can never again take the kinds of risks that crashed our economy the last time. so what would trump do?
he said he wants to wipe out the tough rules we put on big banks. he says they created, quote, a very bad situation. well, he's got it backwards. the very bad situation was millions of families seeing their homes and savings disappear. he also wants to repeal the consumer financial protect bureau, the new consumer watchdog that senator warren helped create to protect families from unfair and deceptive business practices. that new agency has already secured billions of dollars in returns for people who have been ripped off. donald trump wants to get rid of it. trump would take us back to where we were before the crisis . heed rig the economy for wall street economy. well, that will not happen on my watch, i can guarantee you.
[cheers and applause] i would veto any effort to weaken those reforms. i will defend and strengthen them both for the big banks and the shadow banking system. and i will vigorously enforce the law because we can't ever let wall street wreck main street again. now, second there's donald trump's approach to our national debt. now, i have a plan to pay for all my proposals because i take america's long-term financial health seriously. donald trump has a different approach. he calls himself the king of ebt. his tax plan sure lives up to that name. according to the independent tax policy center, it would increase the national debt by more than $30 trillion over 20
years. hat's trillion with a t. that's much more money than any nominee of either party has ever proposed. an economist described it with words like not even in the universe of the realistic. how would he pay for all this debt? well, he said, and i quote, i would borrow knowing if the economy crashed you could make a deal. it's like, he said, you know, you make a deal before you go into a poker game. it's not like that at all. the full faith and credit of the united states is not something we just gamble away. that could cause an economic catastrophe. [applause] 225 years of reak
ironclad trust that the american economy has with americans and with the rest of the world. alexander hamilton would be olling in his grave. we pay our debts. that's why investors come here even when everything else in the world goes wrong. you don't have to take it from me. ronald reagan said it. he said, we have a well earned reputation for reliability and credibility. two things that set us apart from much of the world. maybe donald feels differently because he made a fortune filing bankruptcies and skipping his considered as read -- his creditors. i'll get to his business practices in a minute. but the united states of america doesn't do business
trump's way. and it matters -- [applause] it matters when a presidential candidate talks like this because the world hangs on every word our president says. the markets rise and fall on those statements. even suggesting that the united states would default would cause a global panic. trump also said we can just print more money to pay our debt down. well, we know what happened to countries that tried that in the past like germany in the 20's or zimbabwe in the 1990's. it drove inflation through the roof and crippled their economy thes -- their economies. the american dollar is the safest currency on the planet. why would he want to mess with that? [applause]
secretary clinton: we have to stand up for our history. democrats and republicans have always understood this. we can't let these loose, careless remarks get any credence in our elect tore rat or around the world -- electorate or around the world. finally the trump campaign said if worse came to worse we could sell off america's assets. really? even if we so alled of our aircraft carriers and the statue of liberty, even if we let some billionaire turn yosemite into a private country club, we'd still wouldn't even get close. that's how much debt he would un up. maybe this is what he means when he says i love playing with debt. someone should tell him our nation's economy isn't a game. the full faith and credit of
the united states is scake red. we know what -- is sacred. we know what sound fiscal policy looks like and it sure isn't running up massive debts to pay for give aways to the rich and it's not painful austerity that hurts working families and undercuts our long-term progress. it's being strong, stable and making smart investments in our future. so let's set the right priorities and pay for them so we can hand our children a healthier economy and a better uture. third, there is donald trump's tax plan. when i was working on this speech, i had the same experience i had when i was working on the speech i gave about foreign policy and national security. i'd have my researchers and my speech writers send me information and then i'd say really?
he really said that? and they'd send me all the background or the video clip. so, here goes. he would give millionaires a $3 trillion tax cut. corporations would get $2 trillion more dollars. that means he's giving more away to the 120,000 richest american families than he would o help 120 million hardworking americans. even in this era of rising inequality, this is like nothing we have ever seen. now, you and i know that the wealthiest americans and the biggest corporations don't need trillions of dollars in tax cuts. they need to be paying their fair share. now before releasing his plan, trump said, hedge fund guys are getting away with murder.
and he added, they'll pay more. then his plan came out. it actually makes the current loophole even worse. it gives hedge fund managers a special tax rate that's lower than what many middle class families pay. and i did have to look twice because i didn't believe it. under donald trump's plan, these wall street millionaires will pay a lower tax rate than many working people. and of course, donald himself would get a huge tax cut from his own plan. so we don't know exactly how much because he won't release his tax returns. [applause] secretary clinton: every major presidential candidate in the last four decades has shown the american people their taxes.
in fact, donald actually told mitt romney to do it. and he said that if he ever ran for president he would release his returns. my husband and i have released ours going back nearly 40 years. and now donald's refusing to do so. you have to ask yourself, what's he afraid of? maybe that we'll learn he hasn't paid taxes on his huge income? we know that happened for at least a few years. he paid nothing or close to it. or maybe he isn't as rich as he claims. or that he hasn't given away as much to charity as he brags about. whatever the reason americans deserve to know before you cast your votes this november. and when it comes to other people's taxes, donald trump's
got it all wrong. we need to do better by the middle class not by the rich, and that's why my plan will help working families with the cost of college, health care, and childcare, the things that really stretch a family's budget. that's where our focus should be. now, fourth, donald trump's ideas about the economy and the world will cause millions of americans to lose their jobs. the republican primary featured the trump immigration plan. round up and deport more than 11 million people, almost all of whom are employed or are children going to school, then build a wall across our border, and force mexico to pay for it. now, this policy is not only wrong-headed and unachievable, it is really bad economics.
kicking out 11 million immigrants would cost hundreds of billions of dollars. and it would shrink our economy significantly. some economists actually argue that just this policy alone would send us into a trump recession. so instead of causing large-scale misery and shrinking our economy, we should pass sensible immigration reform with a path to citizenship because the youth -- [applause] secretary clinton: the youth and die dye verse it of our work -- diversity our work force is one of our greatest assets. he much of the rest of the world that we compete with is aging. by staying younger and fresher with talents that can be put to work, we're actually going to
be in a stronger economic position. in the next decades. we have always been a country where people born elsewhere do -- could work hard, start businesses, and contribute to our growth. that makes us stronger and more prosperous. and then there's trade. i believe we can compete and win in the global economy. to do that we should renegotiate trade deals that aren't working for americans and reject any agreements like the transpacific partnership that don't meet my high bar for raising wages or creating good-paying jobs. and i will be tough on trade enforcement, too. because when china dumps cheap steel in our markets or unfairly manipulates currency, we need to respond force fully. at the same time, we need to invest more here at home. i have a make it in america plan to increase 21st century
manufacturing and energy jobs in america. and we're going to build on the great ideas of senator sherrod brown and invest $10 billion in manufacturing communities. secretary clinton: i agree with sherrod that with the right investments and level playing field, american workers will outhustle and outinnovate anyone in the world. donald trump makes big threats plans to ious manufacturing, innovation, or job creation. -- job creation in our contry. there is a difference -- country. there is a difference between getting tough on trade and recklessly starting trade wars. the last time we opted for trump-style isolationism, it made the great depression longer and more painful.
interestingly, trump's only products are made in a lot of countries that aren't named america. trump ties are made in china. trump suits in mexico. trump furniture in turkey. trump picture frames in india. trump barware in slovenia, and i could go on and on but you get the idea. i would love to explain how all that fits with his talk about america first. i honestly believe -- [applause] secretary clinton: that the difference between us is not just aboutpolicy. we have fundamentally different views whether america is strong or weak. you see, i believe in the ingenuity and productivity of
american workers. i know we can sell our products to the 95% of global consumers who live outside of our country . on the other hand, donald trump never miss as chance to say that americans, he's talking about us, to say that americans are losers and the rest of the world is laughing at us. he told the crowd that america is, quote, will not survive. i don't know what he's talking about. i went to 112 countries as your secretary of state, what i saw is envy for our strength, values, diversity. the future we're making together. cheers and applause] secretary clinton: i just can't imagine how someone running for president of the united states could ever think that that is true. i do understand how frustrated,
fearful, and even angry many people are, especially if you're underemployed or making a lot less than you used to, or worrying that your kids or grandkids won't have the kind of good solid middle class life that you did. and we haven't done enough to invest in our communities and in our people. to make sure there are enough jobs with rising incomes to create that good future for all of us. the answer is to do that. to bring people along on america's ride to prosperity that we all can share. not try to turn the clock back. pretend we can't compete and decrease the jobs of the future. but those are his plans for the economy. you may have noticed there's a lot missing. the king of debt has no real plan for making college debt
payable back or making college debt free. this is a crisis that affects so many of our people. he has no credible plan for rebuilding our infrastructure, apart from the wall that he wants to build. personally i'd rather spend our money on rebuilding our schools, or modernizing our energy grid. cheers and applause] secretary clinton: he has no ideas how to strengthen medicare or expand social security. in fact his tax plan would endanger both. he has no real strategy for creating jobs, just a string of empty promises. then maybe we shouldn't expect better from someone whose most famous words are, you're fired. he has no clean energy plan even though that's where many of the jobs of the future will
come from. and it is the key to a safer, healthier planet. he just says that climate change is a hoax invented by the chinese. i'll give him this. it is a lot easier to say a problem doesn't exist than it is to actually try to solve it. cheers and applause] secretary clinton: of course he has no plan for helping urban and rural communities facing entrenched poverty and neglect. every single one of these issues matter. they affect whether young people can go to college. whether single moms can support their kids. or grandparents can have a dignified retirement. what could be more important? in the heat of a campaign, in a culture that rewards brevity and clever phrases on social media, it is tempting to give
simple answers to complex problems. believe me, i have been tempted. but i'm not going to do that because it really matters that you know what i believe we can and should do. so you can hold me accountable in the election and then in the white house. [applause] secretary clinton: because whether we increase employment in distressed rural communities, relieve the burden of college debt, or get health care to people who still don't have it, that all matters. the purpose of politics. to empower people in a democracy to have better lives. to make better choices. to seize opportunities, to give themselves and their families that pathway to the future. and one more thing, i any donald trump has -- i think donald trump has said he's
qualified to be president because of his business record. a few days ago he said, and i quote, i'm going to do for the country what i did for my business. let's take a look at what he did for his business. he's written a lot of books about business. they all seem to end at chapter 11. cheers and applause] secretary clinton: go figure. over the years he intentionally ran up huge amounts of debt on his companies and then he defaulted. he bankrupted his companies not once, not twice, but four times. hundreds of people lost their jobs. shareholders were wiped out. contractors, many of them small
businesses, took heavy losses. many went bust. but donald trump, he came out fine. here's what he said about one of those bankruptcies. i figured it was the bank's problem not mine. what the hell did i care? he also says, i play with bankruptcy. everything seems to be a game with him. well, it isn't for a lot of us, is it? look at what he did in atlantic city. he put his name on buildings, his favorite thing to do, he convinced other people that his properties were a great investment so they would go in with him, but he arranged it so he got paid no matter how his companies performed. so when his can vigneault and hotel went bankrupt -- when his casino and hotel went bankrupt because of how he mismanaged
them, he still walked away with millions while everybody else paid the price. today his properties are sold, shuttered, or falling apart. and so are a lot of people's lives. here's what he says about that. atlantic city was a very good cash cow for me for a long ime. remember that the next time you see him talking on tv. about how we'll all win big if only we elect him president. now, he's trying to say he's changed. somebody's told him he needs to say that, but he's not in it for himself anymore, he's now in it for america, but he's doing the exact same thing he's been doing for years. this is his one move. he makes over-the-top promises that if people stick with him, trust him, listen to him, put their faith in him, he'll deliver for them. he'll make them wildly successful. and then everything falls apart and people get hurt.
those promises you're hearing from him at his campaign rallies? they are the same promises he made to his customers at trump university. suing him they're for fraud. the same people he's trying to t to vote for him are people e's been exploiting for years. because it's not just other investorsers other rich people he took advantage of, it was working people. he's been involved in more than 3,500 lawsuits in the last 30 years. and a large number were filed by ordinary americans and small businesses that did work for trump and never got paid. painters, waiters, plumbers, people who needed the money and
didn't get it. not because he couldn't pay them, but because he could stiff them. sometimes he offered them 30 cents on the dollar for projects they had already completed. hundreds of liens had been filed against him by contractors going back decades. and they all tell a similar story. i worked for him. i did my job. he wouldn't pay me what he owed me. my late father was a small business man. if his customers had done what trump did, my dad would never have made it. so i take this personally. he says he's a business man. -- businessman. and this is what businessmen do. nn pointed out that no major company has filed chapter 11
more often in the last 30 years than trump's casinos. so, no, this is not normal behavior. there are great businesspeople here in ohio, in america, brilliant, hardworking men and women who care about their workers and the people they do business with, and they want to build something that lasts. they are decent, they are honest, they are patriots. some might even make fine presidents. and they would never dream of acting the way donald trump does. in america, we don't begrudge people being successful, but we know they shouldn't do it by destroying other people's dreams. [applause] secretary clinton: if i were not running against him for president, i would be saying exactly the same thing. we cannot put a person like
this with all his empty promises in a position of power over our lives. we can't let him bankrupt america like we're one of his failed casinos. we can't let him roll the dice with our children's futures. leading an economy as large and complex as ours, creating growth that is strong, fair, and lasting is about as hard a job as there is. it takes patience and clear thinking. a willingness to work across party lines, to level with the american people, and it takes really caring about whether working families will be better off because of what we do. think of f.d.r. leading us out of the great depression. imagine all the work that required, all the learning and patience, all the hard calls day after day for years but he
steered us right and we emerged stronger and better positioned to build the greatest middle class in history and lead the world toward peace and prosperity. or thinking of president obama in 2009, newly elected, confronting the greatest economic crisis of our lifetimes. he had nothing to do with creating it. it landed in his lap. and he had to be focused and he had to return to basics to get us moving again. he fought for the recovery act to get people working. he passed wall street reforms and relief for homeowners, and he saved the auto industry. and today we're on a surer footing, ready to seize tomorrow. just imagine if you can, donald trump sitting in the oval office the next time america faces a crisis.
imagine him being in charge when your jobs and savings are at stake. is this who you want to lead us in an emergency? someone thin skinned and quick to anger who would likely be on twitter attacking reporters or bringing the whole regulatory system down on his critics when he should be focused on fixing what's wrong. would he even know what to do? now, i have a lot of faith that the american people will make the right decision. making donald trump our president would undo much of the progress we have made and put our economy at risk and beyond that this election will say something about who we're as a people. donald trump believes in the worst of us. he thinks we're fearful, not confident. that we favor division not unity. walls not bridges.
and yesterday not tomorrow. he thinks the only way forward is to go back to a past prosperity that left a lot of people out n fact, the only way forward is forward toward a 21st century version of american dream with a modern economy and shared prosperity where no one's left out or left behind. i believe in an america always moving toward the future. [applause] secretary clinton: if you believe as i do in america that values hard work, treats people with dignity, offers everyone the chance to live their dreams, cares for those in need, well, the formula for america's success has always been that we're stronger together. and we need to remember that now and recommit ourselves to making that ideal real in our time. that's how we will build our
economy, to make sure it does work for everyone and to make our families and communities stronger. we'll make sure that in our country no one gets left behind. so let's carry that message across america and let's fight hard. let's win in november and let's get to work, my friends, let's make america what we know it can be. thank you-all very much. [cheers and applause] [captions copyright national able satellite corp. 2016] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. isit ncicap.org] >> donald trump plans to
respond to hillary clinton's speech tomorrow. today he tweeted i'll make a big speech tomorrow to discuss the failed policies and bad judgment of crooked hillary clinton. hillary clinton's campaign release add video about donald trump's record and business. here's a look. ♪ >> never heard of trump state -- >> you know what. >> whatever happened to trump airlines? >> trump travel, trump ice. >> trump magazine, which folded. >> it's a great time to start a ortgage company.
>> trump's corporations have declared bankruptcy four times. >> i am the king of debt. i do love debt. i love playing with it. >> knowing that if the economy crash you could make a deal. >> coming up today on our companion network, philadelphia mayor jim kenny on the planning of the democratic national convention in july. he'll be joined by other members of the convention host committee, 2:00 p.m. eastern at the national press club.
live on our companion network c-span3. here on c-span at 2:00 p.m. eastern, the u.s. house will be gasming in. members will debate 22 bills, including several dealing with construction at veterans medical centers and naming of post offices. later this week the house will deal with 2017 federal spending and health savings accounts. again the house gaveling in in a couple moments at 2:00 p.m. eastern. you'll be able to catch it live here on c-span. some news out of philadelphia today, congressman chaka fattah was convicted on federal corruption charges. the "philadelphia enquirer" reports his convention in the racket tiering case will likely send him to prison. the newspaper also reporting the verdict announced by a jury of eight women and four men comes after a four week trial in which prosecutors alleged he took bribes and repeatedly stole charitable donations. campaign contributions, and federal grant money under his control. >> with the political primary season over, c-span's road to
the white house takes you to this summer's political conventions. watch the republican national convention starting july 18 with live coverage from cleveland. >> we'll be going into the convention no matter what and i think we're going to go in so strong -- >> watch the democratic national convention starting july 25 with live coverage from philadelphia. >> let's go forward. let's win the nomination and in july let's return -- > then we take our fight for social economics, racial and environmental justice to philadelphia, pennsylvania. >> every minute of the republican and democratic parties' national conventions on c-span, c-span radio, and -span.org. >> i am pleased that the senate is a body has come to this con
clution. television in the senate will undoubtedly provide citizens with greater access and exposure to the actions of this body. this access will help all americans to be better informed of the problems and issues which face this nation on a day buy day basis. a during the election hi the occasion of meeting a woman who had supported me in my campaign . and she decided to come to shake my hand and take a photograph. a wonderful woman. she wasn't asking for anything. and i was very grateful that she took the time to come by. it was an unexceptional moment except for the fact she was born in 1894 and her name was marguerite lewis, a african-american woman who had been born in louisiana. of slavery, adow
born at a time when lynchings were commonplace, born at a time when african-americans and women could not vote. >> took our country from the time of its founding until the mid 1980's to build up a national debt of $850 billion which was the size of this so-called stimulus package when it came over here. we're talking about real borrowed money. >> 30 years of coverage of the .s. senate on c-span2. >> now on c-span, the u.s. house. today members will be debating 22 billions. including one that would expand the subpoena powers of inspectors general at federal agencies. the house also has eight bills naming post offices. and legislation authorizing construction at seven veterans medical centers. live coverage of the u.s. house here on c-span. e ke pro tempore:he