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Unidentified Speaker, -
JOURNAL" CONTINUES. HOST: WE CONTINUE OUR
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| 00:00:06 |
McArdle, John - Guest Host
LOOK AT UNEMPLOYMENT INSURANCE AND ITS ROLE IN THE FISCAL CLIFT DEBATE, WE ARE JOINED BY MICHAEL TANNER AND JOSH BIVENS. MR. MICHAEL TANNER, IF YOU HAD...
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| 00:00:32 |
Tanner, Michael D. - Senior Fellow
EMERGENCY EXTENSION SHOULD FADE AWAY AND WE SHOULD GO BACK TO THE 46 WEEKS THAT WE HAVE BEEN AT, THE 26 WEEKS OF TRADITIONAL EMPLOYMENT, AND EXTENDED...
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| 00:01:22 |
McArdle, John - Guest Host
DO WE SAVE IF WE DO NOT EXTEND EMERGENCY BENEFITS? GUEST: $30 BILLION, AS MUCH
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| 00:01:29 |
Bivens, Josh - Economist
AS $40 BILLION. CLOSER TO $30 BILLION. HOST: MR.
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| 00:01:35 |
McArdle, John - Guest Host
JOSH BIVENS, FROM YOUR PERSPECTIVE, HOW SHOULD THIS PLAY OUT. GUEST: THE
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| 00:01:46 |
Bivens, Josh - Economist
EMERGENCY IMPLEMENT SHOULD BE EXTENDED. WE STILL HAVE A WEEK LABOR MARKET. WE SHOULD BE CLEAR ABOUT WHAT IS KEEPING THE ECONOMY WEAK AND THAT HIS LACK...
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| 00:02:31 |
McArdle, John - Guest Host
CALLS THE NUMBERS ARE THERE FOR YOU. WE WILL STILL HAVE THE LINE FOR THOSE RECEIVING OF EMPLOYMENT INSURANCE -- TOOL 2-585-383. YOU CAN GIVE US A CALL...
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| 00:03:15 |
Bivens, Josh - Economist
GUEST: I AM NOT SURE. I AM AFRAID WE HAVE HAD SUCH LOW EXPECTATIONS THAT PEOPLE MIGHT SEE THIS AS A FANTASTIC JOBS REPORT. ARE HAVE NOT GONE INTO THE...
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| 00:04:02 |
McArdle, John - Guest Host
TANNER? GUEST:
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| 00:04:03 |
Tanner, Michael D. - Senior Fellow
I AM IN AGREEMENT. IT IS NOT A TERRIFIC NUMBER, BETTER THAN EXPECTED, BUT THIS IS A MUCH SLOWER RECOVERY THAN WE HAVE HAD IN PREVIOUS RECESSIONS. THE...
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| 00:04:31 |
McArdle, John - Guest Host
SHOWING THAT IT IS A SLOW RATE OF RECOVERY, IN YOUR OPINION IS NOT AN ARGUMENT TO EXTEND THE BENEFITS? GUEST:
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| 00:04:40 |
Tanner, Michael D. - Senior Fellow
AGAIN, IF WE ARE DEFICIT- FINANCING THE BENEFITS, I DO NOT THINK IT IS SLOWING ECONOMIC GROWTH. I CANNOT BUY INTO THE ARGUMENT THAT WE HAVE THE DEMAND...
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| 00:05:32 |
McArdle, John - Guest Host
INSTITUTE AND THE ECONOMIC POLICY INSTITUTE WITH US THIS MORNING, AND THE ONE AREA WHERE PEOPLE SEEM TO DISAGREE IS MEASURING THE BENEFITS OF WHAT...
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| 00:05:55 |
Bivens, Josh - Economist
A LOT OF ECONOMIC FORECASTERS AGREE THIS IS THE MOST EFFICIENT FORM OF ECONOMIC SUPPORT YOU CAN PROVIDE THROUGH FISCAL POLICY. WHEN DOLLAR SPENT YIELDS...
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| 00:06:33 |
McArdle, John - Guest Host
MICHAEL TANNER, YOUR READING ON WHAT THE DOLLAR BUYS? GUEST:
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| 00:06:38 |
Tanner, Michael D. - Senior Fellow
NOT SURPRISINGLY, I DO NOT AGREE. I AGREE WITH ECONOMIC EXPERTS THAT SUGGEST THAT THE KEYNESIAN ECONOMICS MODEL THEY ARE USING THEIR DOES NOT WORK, AS...
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| 00:07:21 |
McArdle, John - Guest Host
YOU DO WITH THE CATO INSTITUTE. GUEST: WE ARE
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| 00:07:28 |
Tanner, Michael D. - Senior Fellow
A LIBERTARIAN THINK TANK, BELIEVING IN INDIVIDUALITY AND FREE MARKETS. A HINT OF THINGS THE SOCIAL WELFARE, HEALTH CARE, RETIREMENT. HOST: AND THE ECONOMIC
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| 00:07:44 |
McArdle, John - Guest Host
POLICY INSTITUTE? GUEST: WE ARE A
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| 00:07:47 |
Bivens, Josh - Economist
NON-PROFIT, MAKING SURE THAT LOW AND MODERATE-INCOME AMERICANS ARE REPRESENTED IN THE DEBATES. I AM AFRAID OUR EXPERTS TO DATE ARE ENTANGLED WITH THE...
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| 00:08:15 |
McArdle, John - Guest Host
TEXAS RECEIVES UNEMPLOYMENT INSURANCE. GOOD MORNING TALK ABOUT YOUR SITUATION AND WHAT YOU ARE DOING TO PREPARED? CALLER: I DO NOT KNOW IF I
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| 00:08:28 |
CALLER, -
WILL BE EFFECTED, BUT I KNOW SOME CALLERS WERE CALLING IN ABOUT SIX MONTHS AND HOW THEY WERE ABLE TO SOMETHING. I MOVED FROM FLORIDA. FLORIDA WAS...
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| 00:09:38 |
McArdle, John - Guest Host
HAVE PROBLEMS APPLYING FOR UNEMPLOYMENT INSURANCE WITH THIS ISSUE? CALLER: NOT A PROBLEM
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| 00:09:46 |
CALLER, -
APPLYING, BUT THEN, OF COURSE, IT GOES TO A CERTAIN TIME WHERE, RIGHT NOW, YOU WILL BE FACING A CUT OFF. HOST: TALK ABOUT
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| 00:10:01 |
McArdle, John - Guest Host
THE QUALIFICATIONS. ARE THEIR SUGGESTIONS FOR CHANGING THEM, OR THE RIGHT PEOPLE WHO NEED THE SYSTEM GETTING THE AND IN USING THEM? GUEST: YOU NEED...
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| 00:10:14 |
Bivens, Josh - Economist
A STRONG LABOR FORCE ATTACHMENT RECENTLY, AND TO HAVE LOST YOUR JOB THROUGH NO FAULT OF YOUR OWN. AND, -- IT DIFFERS BY STATE, BUT BASICALLY YOU NEED...
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| 00:11:34 |
McArdle, John - Guest Host
TANNER, ARE TO MANY PEOPLE QUALIFYING FOR UNEMPLOYMENT INSURANCE? GUEST: I DID NOT THINK
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| 00:11:40 |
Tanner, Michael D. - Senior Fellow
IT IS A QUESTION OF QUALIFICATION. PEOPLE HAVE TO HAVE THE LABOUR FORCE ATTACHMENT. IT IS A FORM OF SOCIAL INSURANCE. THE FEDERAL SECTION IS A GENERAL...
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| 00:12:45 |
McArdle, John - Guest Host
MONTICELLO, MINN.. REPUBLICAN LINE. GOOD MORNING. DIANE, ARE YOU THERE? MARYLAND TO A DEMOCRATIC LINE, WADE. CALLER: GOOD
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| 00:13:02 |
CALLER, -
MORNING. THESE PEOPLE KEEP TALKING ABOUT THE SLOW RECOVERY COMPARED TO PREVIOUS RECOVERIES, BUT NOBODY CONSIDERS HOW MANY JOBS -- HOW MANY COMPANIES...
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| 00:13:27 |
McArdle, John - Guest Host
HOST: MR. MICHAEL TANNER? GUEST: THE NUMBER OF
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| 00:13:32 |
Tanner, Michael D. - Senior Fellow
JOBS SHIPPED OVERSEAS IS MUCH SMALLER THAN PEOPLE REALIZE, BUT IT IS NO LONGER GLOBAL TO BE A HIGH- SCHOOL DROPOUT AND GETTING MANUAL LABOR JOB. WE ARE...
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| 00:14:16 |
McArdle, John - Guest Host
WHERE YOUR GROUPS SEEMED TO DISAGREE IS WHETHER THE UNEMPLOYMENT INSURANCE CREATES A DISINCENTIVE TO LOOK FOR WORK. MR. JOSH BIVENS, WE START WITH YOU...
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| 00:14:31 |
CALLER, -
THE TWO PREVIOUS CALLERS IDENTIFIED THE ROOT PROBLEM -- THERE ARE NOT ENOUGH JOBS. THE RATIO IS STILL OVER THREE- TO-ONE. IF WE COULD WAVE A MAGIC...
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| 00:16:19 |
McArdle, John - Guest Host
TANNER ON DISINCENTIVES? GUEST: AN AREA
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| 00:16:25 |
Tanner, Michael D. - Senior Fellow
OF DISAGREEMENT. MOST ECONOMISTS BELIEVE UNEMPLOYMENT INSURANCE DO INCREASE IN UNEMPLOYMENT RATE, THEY JUST DISAGREE ON HOW MUCH. IT EXTENDS THE LENGTH...
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| 00:17:50 |
McArdle, John - Guest Host
UNEMPLOYMENT INSURANCE. TELL US ABOUT YOUR SITUATION. CALLER: 5 IN A
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| 00:17:56 |
CALLER, -
SINGLE-EARNER, AND THANK GOD I HAVE MADE A GOOD LIVING. ASSUMING I COULD GET A JOB, AND NOTHING AGAINST THE FOLKS AT FAST FOOD OR NOTHING LIKE THAT, BUT...
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| 00:18:57 |
McArdle, John - Guest Host
A CHANCE ON THIS ONE. GUEST: THAT POINTS OUT
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| 00:19:01 |
Bivens, Josh - Economist
THAT UNEMPLOYMENT INSURANCE IS A FORM OF SOCIAL INSURANCE. PEOPLE TAKE LOWER WAGES BECAUSE THE EMPLOYER HAS TO PAY TAX. THEY PAY INTO THE SYSTEM WHILE...
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| 00:19:59 |
McArdle, John - Guest Host
DAVE, MICH., INDEPENDENT LINE. CALLER:
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| 00:20:04 |
CALLER, -
GOOD MORNING. I WORKED FOR A COMPANY THAT IS CLOSED AND HAS MOVED TO CHINA, AND WHEN THOSE GUYS WERE LAID OFF, SOME OF THEM WERE IN HOLLAND AND BELGIUM,...
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| 00:21:22 |
McArdle, John - Guest Host
HOST: MR. MICHAEL TANNER? GUEST: A GREAT NUMBER
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| 00:21:25 |
Tanner, Michael D. - Senior Fellow
OF ECONOMIST WOULD SUGGEST THAT OUR REASON WHY YOUR PIN UNEMPLOYMENT RATES HAVE BEEN SO MUCH HIGHER IS THE EUROPEAN UNEMPLOYED RATES ARE SO MUCH HIGHER...
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| 00:21:56 |
Bivens, Josh - Economist
TWO THINGS THERE. IT POINTS OUT JUST HOW NONLIFE- U.S. UNEMPLOYMENT BENEFITS ARE. A LOT OF THE AGAINST -- NON- LAVISH U.S. UNEMPLOYMENT BENEFITS ARE....
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| 00:22:28 |
Bivens, Josh - Economist
IS NOT THIS SIMPLE RELATIONSHIP THAT HAVE BEEN EXTENSIVE UNEMPLOYMENT INSURANCE SYSTEM AND YOU MECHANICALLY GENERATE A HIGHER UNEMPLOYMENT RATE. HOST:...
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| 00:22:39 |
McArdle, John - Guest Host
DALLAS, TEXAS, RECEIVED UNEMPLOYMENT INSURANCE -- NATE FROM DALLAS, TEXAS, RECEIVES UNEMPLOYMENT INSURANCE. CALLER: RIGHT NOW
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| 00:22:53 |
CALLER, -
I LOST MY JOB BECAUSE MY BOSS WAS FIRED FROM THE UNIVERSITY. AND RECENTLY GOT MY DOCTORAL DEGREE FROM THAT UNIVERSITY, AND I AM SPENDING EIGHT HOURS A...
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| 00:24:01 |
McArdle, John - Guest Host
HOST: MR. IT TANNER?
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| 00:24:05 |
Tanner, Michael D. - Senior Fellow
GUEST: EMPLOYERS ARE TRYING TO GET THE BEST EMPLOYEES THEY CAN. PRODUCTIVITY OF THE EMPLOYEES IS WHAT MAKES THE BUSINESS PROFITABLE. IF THEY'RE NOT GOING...
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| 00:24:38 |
McArdle, John - Guest Host
SUBJECT OF EUROPEAN COUNTRIES AND THEIR UNEMPLOYMENT PROGRAMS, DON RICHEY RIGHTS IN, EUROPEAN FOLKS CAN PROVIDE FOR THEIR FAMILIES AND MAINTAIN FOR THEIR...
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| 00:24:55 |
Tanner, Michael D. - Senior Fellow
CANNOT AFFORD IT ANYMORE. THESE COUNTRIES ARE HUGELY IN DEBT, AND THEY HAVE FOUND A SIMPLY CANNOT AFFORD THEIR WELFARE STATES ANY MORE, BUT WHICH IS WHAT...
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| 00:25:17 |
McArdle, John - Guest Host
BIVENS? GUEST: THAT
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| 00:25:20 |
Bivens, Josh - Economist
IS NOT WHAT CAUSED THE DEBT IN THOSE COUNTRIES. I THINK IT SHOWS THEY DO NOT HAVE AN INDEPENDENT MONETARY POLICY. THEY CANNOT HAVE AN INDEPENDENT CENTRAL...
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| 00:26:36 |
McArdle, John - Guest Host
REPUBLICAN LINE, FROM MAINE. CALLER:
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| 00:26:44 |
CALLER, -
I THANK UNEMPLOYMENT IS PROBABLY A GOOD THING, BUT WHEN YOU EXPANDED TOO FAR, IT PUT A REALLY HEAVY BURDEN ON THE EMPLOYERS. AS ONE LADY CALLED IN ON...
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| 00:27:20 |
McArdle, John - Guest Host
MR. TANNER? GUEST: THE UNEMPLOYMENT
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| 00:27:25 |
Tanner, Michael D. - Senior Fellow
TAX IS GENERALLY UNDER 1% EVEN WHEN YOU INCLUDE THE MATCH THAT GOES INTO THE EXTENDED BENEFITS. WE'RE ALREADY RUNNING IN FEDERAL DEBT MORE THAN 100% OF...
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| 00:28:22 |
McArdle, John - Guest Host
MR. BIVENS? GUEST: THE
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| 00:28:26 |
Bivens, Josh - Economist
EMPLOYER TAXES THAT KICKED IN ARE MORE MODEST THAN THE PREVIOUS CALLER SAID. I THINK SHE HAD A 15% NUMBER. IT IS AN AVERAGE OF $40 A WORKER. A LOT OF...
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| 00:29:07 |
McArdle, John - Guest Host
JOSEPH AND IS ON THE DEMOCRATIC LINE. CALLER: WHILE THIS
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| 00:29:12 |
CALLER, -
MONEY IS TURNED OVER TO THE STATES ON BEHALF OF THE EMPLOYE UNEMPLOYED, HOW MUCH OF THAT IS KEPT BY THE STATE'S TAX HOWS? TO THE STATES TO GIVE THAT...
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| 00:30:02 |
Tanner, Michael D. - Senior Fellow
NOT SURE HOW THAT WOULD BE HANDLED. THE DIFFERENCE BETWEEN WHAT IS HAPPENING IN THE STATE FUND, WHICH IS STATE-FUNDED, AND THE FEDERAL REIMBURSEMENT,...
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| 00:30:17 |
Bivens, Josh - Economist
UNDERSTANDING AS WELL. I DID NOTHING STATES ARE ABLE TO KEEP MONEY THAT IS NOT DISBURSED TO THE UNEMPLOYMENT. -- DO NOT THINK STATES ARE ABLE TO KEEP...
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| 00:30:40 |
McArdle, John - Guest Host
TANNER, WHO IS BETTER AT RUNNING THESE PROGRAMS, THE STATE GOVERNMENTS OR FEDERAL GOVERNMENTS? GUEST: STATES
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| 00:30:50 |
Tanner, Michael D. - Senior Fellow
HAVE VERY DIFFERENT ECONOMIC CLIMATES. WHAT IS GOING ON THE DAKOTAS RIGHT NOW, THEY'RE NOT EVEN ELIGIBLE FOR THIS EMERGENCY UNEMPLOYMENT EXTENDED BENEFITS,...
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| 00:31:19 |
Bivens, Josh - Economist
IT IS ADMINISTERED BY STATES. I THINK A LOT OF THE STATE PROGRAMS ARE TOO RESTRICTIVE IN THEIR ELIGIBILITY AND HAVE TO LOOK CAPPS. THERE ARE SOME IMPORTANT...
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| 00:31:58 |
McArdle, John - Guest Host
ILLINOIS ON THE LINE FOR INDEPENDENTS. CALLER: I WANT TO DIRECT
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| 00:32:02 |
CALLER, -
THIS TO MR. TANNER. I HAVE NEVER BEEN IN DEBT. I HAVE A RETIREMENT, HAVE A VERY NICE PENSION FROM THE STATE OF CALIFORNIA BAR WHEN I WAS A STATE POLICE...
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| 00:33:02 |
Tanner, Michael D. - Senior Fellow
SUFFERED A TREMENDOUS RECESSION, AND THERE HAS BEEN AN ENORMOUS LOSS OF WEALTH. THE QUESTION IS, HOW DO WE CREATE MORE WEALTH? HOW DO WE CREATE MORE...
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| 00:34:15 |
McArdle, John - Guest Host
HOST: PLEASE ASK THE QUESTION REGARDING THE LONG-TERM HISTORY OF WAGE DECLINE, A TWEET. GUEST:
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| 00:34:22 |
Bivens, Josh - Economist
IN THE LAST 30 YEARS OR SO, YOU HAD WAGE GROWTH FOR MOST AMERICAN WORKERS. WAGES AND TRACKED OVERALL PRODUCTIVITY FOR MOST OF THE DECADES AFTER WORLD...
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| 00:35:44 |
McArdle, John - Guest Host
CALL, DAN ON THE REPUBLICAN LINE. CALLER: MY QUESTION
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| 00:35:51 |
CALLER, -
IS, IF YOU WERE TO CUT OFF EMERGENCY UNEMPLOYMENT AND YOU STILL CANNOT FIND A JOB, WHAT DO WE DO THEN? CLACKMANNAN STILL GOT TO LIVE. IF IT DOES NOT...
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| 00:36:18 |
Bivens, Josh - Economist
IT IS THE COMPASSIONATE, RIGHT THING TO DO TO CONTINUE THESE PROGRAMS. IT IS NOT JUST THE COMPASSIONATE THING TO DO. IT IS THE SMART THING TO DO TO KEEP...
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| 00:36:46 |
McArdle, John - Guest Host
TANNER, LAST WORD. GUEST: WE'RE GOING
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| 00:36:50 |
Tanner, Michael D. - Senior Fellow
TO CUT IT OFF AT SOME POINT. WHAT HAPPENS TO THE PERSON WHO IS UNEMPLOYED FOR 61 WEEKS IN THE STATES THAT HAVE 60 WEEKS OF UNEMPLOYMENT? IT WILL NOT...
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| 00:37:33 |
McArdle, John - Guest Host
OF THE CATO INSTITUTE, AND MICHAEL BIVENS OF THE ECONOMIC POLICY INSTITUTE. UP NEXT, WILL CONTINUE OUR "AMERICA BY THE NUMBERS" SERIES. THE FUTURE OF...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.