imperfect and they acknowledge that's very imperfect a lot of people were quoting numbers from the itc, lower numbers but they gave wide ranges of impact on the u.s. economy over period of several years and i just wanted put that out there. the range was 176 to 589,000 jobs. that's a big range and you could drive a truck through that but it does reflect uncertainties about that are risk-taking. that's a gigantic number. similarly on real gdp there was a very wide range of 35 tases points to 1.2% in the mid-point of that was three-quarters of a% you could over time have an increase of three-quarters of a% on real gdp on trend and is much as 350,000 jobs per year. those are big numbers. those are very big numbers. one other point i want to make as there is a currency stability in there that's never been done before and that's why we always thought this was a template of a trade agreement. economic growth impact of nafta or usmca is very substantial. worker defense domestic content very substantial and new economy break is very substantial. really these are big trading partners and i know

one is the itc report. the international trade commission did a report in which they did an economic evaluation of this and some of my colleagues and supporters cite this as being really good for the economy. that's nonsense. so the data point that's often cited is 176,000 new jobs created by usmca. first of all, if you believe that that number is true, it's a trivial number. we have been cranking out 200,000 roughly new jobs and usmca will produce 176,000 new jobs over the next 72 months. so it's extremely small in scale, if you even believe it to be true, and i don't. the report -- their argument that the trade restriction policies will diminish economic growth and cost those jobs, but it will be offset by the added certainty of having codified the practices and digital trade that i referred to at the beginning. all right, maybe that's how it works out, but they acknowledge that they don't attempt to quantify the adverse impact of the sunset clause because they don't know how to do it. we know that's got

one is the itc report and the international trade commission did a report in which they did an economic evaluation of this and some of my colleagues and supporters cite this as being really good for the economy. that's nonsense. so the data point that's often cite side 176,000 new jobs created by usmca. first of all, if you believe that that number is true, it's a trivial number. we have been cranking out 200,000 roughly new jobs and usmca will produce 176,000 new jobs over the next 72 months. so it's extremely small in scale, if you even believe it to be true, and i don't. the report -- their argument that the trade restriction policies will diminish economic growth and cost those jobs, but it will be offset by the added certainty of having codified the practices and digital trade that i referred to at the beginning. all right, maybe that's how it works out, but they acknowledge that they don't attempt to quantify the adverse impact of the sunset clause because they don't know how to do it. we know that's got to be negative. it can't possibly be positive in my view and we don't underst

. -- itc report. the international trade commission did a report in which they did an economic evaluation of this and some of my colleagues and supporters cite this as being really good for the economy. that's nonsense. so the data point that's often cited is 176,000 new jobs created by usmca. first of all, if you believe that that number is true, it's a trivial number. we have been cranking out 200,000 roughly new jobs and usmca will produce 176,000 new jobs over the next 72 months. so it's extremely small in scale, if you even believe it to be true, and i don't. the report -- their argument that the trade restriction policies will diminish economic growth and cost those jobs, but it will be offset by the added certainty of having codified the practices and digital trade that i referred to at the beginning. all right, maybe that's how it works out, but they acknowledge that they don't attempt to quantify the adverse impact of the sunset clause because they don't know how to do it. we know that's got

this family lost money on the e itc. emma was getting $5,000 before. when they get married, i believe they dropped to none, or virtually no eitc benefit. at the same time, they lose some means tested benefits on the others, which is to say the tax code is saying even though you two love each other, even though you have jobs, that they are not making large amounts of money, but a couple making $36,000, $30,000, there is no reason they should not be able to have the american dream. maybe they would like to be raising these children together and would like to be married, but the tax code says sorry, if you get married, you are going to lose $10,000. sen. lee: we shouldn't be punishing them for that. mr. stone: right. we are punishing responsible decisions that everyone in the room things these people want this. it is not the state's job to get between them and raising their children together. lee: thank you. senator cassidy? sen. cassidy: chairman lee, thank you for putting this on. we announced a bipartisan solution, thank you for nodding your head yes.

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. >> ♪ wouldn'e t itce if we were older ♪ >> the beach boys emphasized harmony. what brought us together was the love of harmonizing. christmas parties, thanksgiving. arliest memories of my cousin brian singing danny boy. what an amazing voice he had. i enjoyed the base part -- bass part. the specialness is one of the e various parts cgether and blending. that is the secret sauce, the blend as well as the harmonies. i rember the first time we ever heard our record on the radio in 1961. >>♪ surfing is the only life >> it was played on her radio station which played four or five new singles by various groups. the one that got the most call in request would become the record of the week the following week. siwe had c, uncles and aunts phoning in an easily won. the problem started with my uncle marie noteing very ethical and he sol our publishing for a minuscule amount compared to what it is worth. that was a tough thing to do. he also did not credit me with writg so many of the songs i created all the words four. unfortunately because of the i had to go into si la

itc determines is actually going to shave the rules of origin it's going to shave about a tenth of the points. kennedy: any time you're talking about that, that has greater ramifications that what seems like a very small number. another big problem, especially when you get big labor groups involved, who are in haran we corrupt. they can start screwing around with factories in mexico, if they hear rumors that they are not being run according to the agreement. and the united states can have a lot to say about trade between mexico and canada, and places like china, which seems weird and very overbearing. >> that is one of the big compromises of the administration made with organized labor. the united states will actually be able to inspect individual mexican factories i neither put tariffs on or and their imports entirely. it changes the burden of proof. it assumes these factories are guilty of violating labor regulations. and distorting trade, and the burden of proof is on them. i think it opens up a lot of mischief for organized labor in the united states to target particularly certain

. >> let me ask you this because the itc, like an independent body, the international trade commission, says this is going to create 176,000 new jobs over six years, increase gdp by about 0.35%. they call it a moderate increase for comparison's sake, 266,000 jobs added here last month alone. it did note, peter, that there will be -- they think, a modest price increase in the amount americans pay for cars made here, for example. how much more should people be expecting on the consumer cost increase as a result of this? >> well, let's also point out that it's 75,000 auto jobs. and the old henry ford philosophy was to pay workers well so they could afford to buy the cars. the problem we've had in the past 15 years in international trade is we've been willing to offshore our jobs and wages have been stagnant. and the trump economy here, we have wages going up and primarily in the lower end of the income stream, the blue collar workers, republican party under president trump has become the party of the working class. we have no concerns about people not being able to afford new cars in the

the itc is a big one. you see similar problems in every means-tested program. you will have a similar issue -- you can't change one or two thresholds, you have to statutorily rewrite the whole program. sen. lee: thank you. the tax cuts and jobs act that congress passed in 2017 includes a doubling of the child tax credit and an expansion of refundability to cover payroll tax liability and counteract the parent tax penalty. in your written testimony, you wrote a model family, liam and emma, trapped out of wedlock by the marriage penalties in our tax code. this couple you described are effectively trapped out of marriage as a result of that. you note the only tax provision that did not penalize them is in fact the child tax credit. how could this family have fared without the child tax credit expansion, and why is it important for the rest of our tax code to treat liam and emma with similar fairness? mr. stone: so, in this case, what happened was that when emma, is the one who i have as the custodial parent before marriage, and she in claiming two child's -- sen.

been no analysis done whatsoever on these new provisions, the whole labor sector was written after the itc report was done and the concession on bio logics was likewise. also additional tightening and more restrictive rule of origin about steel and aluminum is in this as well. and the more stricter you make the country's specific rules of origin, the more you diminish growth. we don't have a quantification of this, but directionally we know it's going to diminish growth and jobs. bottom line, i think it's very unlikely that this produces any net new jobs and i think most likely it's probably -- it's very small, but probably a net negative to economic growth relative to where we are today. last point on the substance here. we have a cbo score that came out this week, you may have seen it. it's relatively new. and cbo comes to the conclusion that the labor rules -- i should say the minimum wage rules on auto production in mexico are -- they cannot be complied with. they won't be complied with. and so the alternative under usmca is that autos and auto parts that don't comply will be hit with

tightening and more restrictive rule of fortune about steel and aluminum is in this as well, and the itc acknowledged in the report the more strict you make the country specific rules of origin the more the damage growth. we don't have a quantification of this but directionally we know it's going to diminish growth and jobs. so bottom line i think it's very unlikely that this produces any net new jobs and i think most likely probably, very small but probably a net negative economic growth relative where we are today. last point on substance here. we have cbo score that came out this week, humana's unit that is relatively new. cbo comes to the conclusion that the labor rules, i should say than minimum wage rules on auto production in mexico cannot be complied with, and so they won't be complied with and so the alternative under usmca is that autos and auto parts that don't comply will be hit with a tariff. the cbo analysis that will go into effect and, of course, that's a tax on a consumers and it's about $3 billion. on top of everything else, usmca is a $3 billion tax increase increase,

united states, but it's going to come at a cost, because cars will be late built more thiss what the itc, the international trade commission u.s. government foun when they did a study on the change from nafta to the u.s.m.c.a. there will bjobs gained and production gained in the u.s. auto industry, but there is a larger ls in the are rest of must be and new investments to meet these nw rules. s >> nawaz we could see car price goss up. i want to ask you from the american farmers' perspective, mexico is a huge purchaser when it comes to american wheat and barley. farm. ers have had uncertainty with this deal and also under the trade tariffs. what does this deal give them? >> this is back to that first message. it gives them back certainty about their market. canada and mexico arnecredibly important markets for our agricultural community in the united shtes. there arge challenges because of the trade war going an with china, as well. whenever there irade war, agriculture is the place in the chited states that gets hit first. a will respond with tariffs on agriculture in the united states. m

itc is still in place in america. japan would be another market. for it to be mainstream, we are not that far away. the cost for solar panels has come down 80% in about five or six years. what we need to get to if the soft costs down, and that is happening. i think we are within a few years. as you add storage to that, it is rather incredible what we can do. so i think the r&d investment that companies like sunpower are making are continuing to pay off, and that is going to happen over the next few years. neil: are you happy that the systems are going to last a lifetime of a house, 20, 25 years? i know a few people are concerned that one cold winter and a lot of snow, and the panels just don't function as well as the use to. here we have experience on our side, and solar systems actually perform better than our models said. we have almost 15 years of residential systems in the field. we've installed four gigawatts of power plants. we have data, and we know that the systems perform at least at what we've warranted them for, and even better, which is

estimate the total volume for this year will be somewhere to 1.21.1 million million units. 300,000, itce over will be much smaller because over 70%-80% of the electronic vehicle market is dominated by low-cost vehicles in china. haslinda: what do you make of the timing of tesla's move in china, coming at a time when auto sales are declining and expected to accelerate in the coming year? >> tesla coming to china at the right time because if we are looking at the timing, when chinese companies approved the tesla project in 2018, it triggered a huge investment for the industry, from traditional carmakers. the tesla project approved mercedesn, bmw, announced a huge investment in china on ev sectors. triggersreally the key to keep the ev investment move on ahmed the government subsidies -- amid the government subsidies. lots ofnd of next year, global brands will launch ev models in china, including the new ev plants in shanghai .aunched by volkswagen this model will be launched next year. tesla is coming to china at the they aree because if coming to china two or three years later, probably t

i want to highlight diversity in -- when itce, it comes to private equity it is still a man's world. only 8% of senior investment roles globally are occupied by women and the numbers slowly rising. one firm leading the change is the carlyle group. women oversee more than 100 billion dollars in assets and we are joined by one of the people charge of diversity at carlisle. cara hollander. also with us is bloomberg's sonali basak. we all know we want to have female managers, but how do you get it done, what you do behind the scenes? kara: there's a number of things. one is you have to be intentional about it. it does not happen without focusing effort on it. at carlyle group, part of the reason we have half of our assets under management managed by women is because we started in 2013 with a diversity and inclusion counsel, one of the first in the alternative industry. it is cochaired by our co-ceos. the people know this is important. 17 of our most senior leaders sit on that. more importantly, each of our funds and functions have developed a specific diversity and inclusion plan that ta

>> well, the itc report which is a nonpartisan organization scored essentially -- essentially scored the trade deal and said it would create 176,000 new jobs over a period of time probably 5 to 10 years, i think that's the low end, though, i think we could see as many as half a million jobs created, look, this is a win if you're in the agricultural sector, auto sector, if you're in manufacturing, this is a win for you. neil: you know, you're the expert. i read the prompter -- [laughter] neil: this is more meaningful because these are neighbors, collectively we do a lot of business with them and it is open the door to u.s. jobs, spurs our economy here and keeps the economy going saying nothing of what it could mean to mÉxico and canada, that's a win, win, win referring to those three countries, what do you think? >> i think it is, we need to get the house in order in north america, i think the ancillary effect of the agreement it gives the president more leverage as he continues to negotiate for better trade deals with china and the eu and other bilateral deals around the country. ne

it wi itc, the international trade commission of the u.s. government, suggests there will be auto jobs created, but it comes at a cost of more expensive cars in north america because they now have to buy more expensive parts to create them. it comes at a cost to the overall economic growth and overall jobs in the u.s. economy. so a sort of specific win, but it comes at a pretty large costa cross the rest of the economy. >> give us really quickly the perspective on how if the senate passes, how the usmca will affect pharmaceuticalfarm s far part of his base. >> farmers are always on the front lines when it comes to trade, trade conflict or even trade uncertainty. farmers in the united states have been hit by tariffs in canada and mexico in the past as they disputed over steel and aluminum tariffs. they've been hit by the chinese, they've been hit by europe. fam farmers have been hit left and right when it comes to their exploration. mexico and canada are among the most important markets for u.s. farmers. and then when we take a look at the ph

but to take itce up but well work through there period of n a short time in to the coordinator nation with the white house people off and representing the president. from ohio is todd line for republicans. comment was on the articles of impeachment. f democrats are still arguing what to impeach the president ver and they still are, what exactly are they impeaching the president over and they are that.arguing and as far as the person from her first year in congress and she didn't way impeach to m-tpfrber. host: she was newly elected and phrase.that caller, are you there? he hung up. garden, to jeff, weinter florida democrat line. caller: i want to make a comment hearings. i think it is almost insane how looks at the comments and this it is anything on insane conspiratorial rhetoric. people on the democratic side who are trying as ake these salient points to why the president had abused over the of office with gross misconduct then what we -- these nonseco sebsecond terr nonsecond turs but i don't know. was like so we are this partisan where people can't logic and facts and lock in step