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Speaker 1: Global business news twenty four hours a day. If Bloomberg

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Speaker 1: this is a Bloomberg Business Flash and I'm Karen Moscow.

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Speaker 1: This updates brought to you by American Arbitration Association. International

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Speaker 1: for Dispute Resolution, the leader in alternative dispute resolution around

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Speaker 1: the world. I see dr dot org. Global stocks are rallying,

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Speaker 1: emerging market currencies rising, in crude oil climbing after investors

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Speaker 1: across Asia responded favorably to stimulus in China. To check

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Speaker 1: the markets every fifteen minutes throughout the trading day. On

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Speaker 1: Bloomberg SNP EVENI futures up sixteen points, Dow E Mini

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Speaker 1: futures up a hundred twenty seven, NASA DOCUMNY futures up

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Speaker 1: thirty six That acts in Germany's up one point seven

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Speaker 1: per cent, ten Your treasury down four thirty seconds, the

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Speaker 1: yield one point seven five percent. NIMAX Scrude oil up

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Speaker 1: one point six per cent, or fifty three cents to

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Speaker 1: thirty four twenty eight A barrel Comex gold up one

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Speaker 1: percent or twelve dollars to twelve sixty ounce, the euro

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Speaker 1: a dollar O eight seven three the again one thirteen

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Speaker 1: point one one. That's a Bloomberg Business flash. Tom and

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Speaker 1: Mike Karen, thank you so much. Super Tuesday. We are

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Speaker 1: at a news bureau in Washington getting ready for all

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Speaker 1: of Bloomberg Media's coverage through the evening. Many people a

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Speaker 1: Bloomberg Politics article like talking about landslides on both sides

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Speaker 1: of the um aisle. Jason Furman with us, the chairman

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Speaker 1: of the Presidents Council of Economic Advisors, Jason within the

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Speaker 1: great divide that we see in America, that the terrific

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Speaker 1: success you've had and lowering the deficit, lowering the unemployment rate,

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Speaker 1: the level of miserable out there, I've never seen the

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Speaker 1: number of people they flat out feel they're not participating.

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Speaker 1: Why aren't they first? So I'm not sure I agree

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Speaker 1: with that. You look at measures of consumer sentiment, they

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Speaker 1: reached the high US levels in that they had, you know,

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Speaker 1: since two thousand and four. You know, they've fallen down

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Speaker 1: a little bit with the market. You know, one thing

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Speaker 1: is gas prices being so low always show up in sentiment.

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Speaker 1: Consumer spending has been one of the strengths in the

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Speaker 1: US economy, I think we're spending a lot of it.

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Speaker 1: Um It started out slowly. The first quarter, we didn't

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Speaker 1: the second, and third we did. The fourth, some strange

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Speaker 1: things happen. Warm weather meant utility bills went down. But

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Speaker 1: I look at a range of research and I think

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Speaker 1: we are spending it. You know. But but in terms

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Speaker 1: of what's frustrating people after a couple of decades of

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Speaker 1: income growing more slowly than it should, layer on top

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Speaker 1: of that a huge reception, you know that we're not

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Speaker 1: all the way dug out of you, I'd be frustrated too,

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Speaker 1: So I I understand the frustration that people have, but

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Speaker 1: that doesn't mean that people don't recognize progress and don't

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Speaker 1: get more optimistic as a result of that. Prob gross, Well,

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Speaker 1: do you think give me your forecast for the economy

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Speaker 1: as of the first Tuesday in November. You know, I

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Speaker 1: think our unemployment rate is going to continue to trend

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Speaker 1: down slightly. I think we're going to have growth above

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Speaker 1: two percent this year. And the most important thing to

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Speaker 1: look at is wages. And I'd like to see continued

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Speaker 1: real wage growth, some strengthening of our real wage growth,

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Speaker 1: and that's going to be the most important test for

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Speaker 1: the economy. I mean, do we see something that people

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Speaker 1: will feel happy about if you accept the truism that

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Speaker 1: it's always the economy stupid in the elections, you know,

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Speaker 1: I think, um like this, When you see the fastest

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Speaker 1: job growth you have since then, you know there's a

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Speaker 1: lot to feel good about in our economy right now.

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Speaker 1: You saw Warren Buffett out there, you know, the other day,

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Speaker 1: talking about how America is a great country and not

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Speaker 1: to believe the naysayers. That's a message the President had

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Speaker 1: in his State of the Union address. He's trying to

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Speaker 1: depict an optimistic, positive future for America while also talking

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Speaker 1: about the things we need to do to make it

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Speaker 1: even better. You know, expanding trade, continuing to lower our deficit,

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Speaker 1: reforming our business tax system, investing in infrastructure. All of

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Speaker 1: those are things we need to do to raise our growth.

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Speaker 1: We also need to make sure more people sharing that

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Speaker 1: growth with steps like a higher minimum wage. There's a

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Speaker 1: lot we need to do as a country, and you know,

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Speaker 1: that's the debate I'd love our country to have over

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Speaker 1: the next year. Tori still Will and Sarah McGregor have

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Speaker 1: a spectacular article out today for Bloomberg summarizing the angst

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Speaker 1: and sort of how we got here on this Super Tuesday.

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Speaker 1: The basic theme is a lot of Americans agreeing with

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Speaker 1: everything you're saying, except they're not part of Jason Furman's America.

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Speaker 1: Are they removed because of technological skills? Are they removed

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Speaker 1: because of technological aptitude? Now that's one of the biggest

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Speaker 1: questions or face thing, and but it is a study

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Speaker 1: that needs to be done. Yeah. Absolutely, And you know,

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Speaker 1: I'll tell you one thing that concerns me is you

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Speaker 1: look at the labor force participation right in the United States,

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Speaker 1: and for men it's been falling for sixty years now,

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Speaker 1: for women it's been falling for fifteen years now. We

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Speaker 1: are lower than most of the other advanced economies in

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Speaker 1: both of those dimensions. And you know, we need to

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Speaker 1: figure out a better way to get people into work.

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Speaker 1: I think, you know, more flexible workplaces, childcare, investments in infrastructure.

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Speaker 1: There's a set of things that we need to do.

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Speaker 1: Larry Summers and Iron Dubash, he brought it up twice.

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Speaker 1: He brought up JFK's terminals. Terminal one at JFK worst

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Speaker 1: place in the world. Why you're in the White House

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Speaker 1: you're in those meetings. What is stopping us from fixing

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Speaker 1: the potholes on fifty ninth Street. Well, the President's had,

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Speaker 1: you know, ambitious proposals since his first day in office.

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Speaker 1: On infrastructure. We saw last year at the end of

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Speaker 1: the year, Congress took a step. They did a five

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Speaker 1: year reauthorization of our surface transportation programs covering highways and transit.

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Speaker 1: They increased the amount of spending about five percent in

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Speaker 1: real terms. So that's a good thing, more stable funding,

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Speaker 1: more funding. But it's not enough. It's just the first step.

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Speaker 1: We need to be doing a lot more. Alan Greenepan

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Speaker 1: told us yesterday that his biggest problem he faces right

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Speaker 1: now is uncertainty. You don't know what's gonna happen with China,

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Speaker 1: don't know what's going to happen with oil prices, don't

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Speaker 1: know what's gonna happen in the political process. As a

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Speaker 1: fellow economist, are you as uncertain as he is? And

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Speaker 1: is it as hard as he suggests to understand what's

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Speaker 1: going to happen going forward? I think there's a lot

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Speaker 1: of puzzles in the economy right now. The jobs date

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Speaker 1: in the g d P tatus telling you do different stories.

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Speaker 1: Services and manufacturing or telling you two different stories. The U.

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Speaker 1: S economy versus the global economy. You're telling you two

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Speaker 1: different stories. The real economy versus financial markets are telling

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Speaker 1: two different stories. See see you know a lot of

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Speaker 1: different stories depending on what you're looking at. I tend

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Speaker 1: to focus, you know, mostly on the United States, mostly

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Speaker 1: on the real economy, mostly on the job market. And

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Speaker 1: if that's what you do, um, you do see something

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Speaker 1: positive right now? Jason, Thank you so much. Jason Furman

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Speaker 1: is the Chairman of the president Council on Economic Advices.

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Speaker 1: What's your next budget? Do you're gonna write five five

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Speaker 1: pages this week? We are the President submitted his last

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Speaker 1: budget to Congress last month last month, so that's it

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Speaker 1: like a coach for thirteen weeks, right, Thank you so much.

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Speaker 1: Michael McKee and Tom Keane is super Tuesday from Washington.

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