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00:00DEBATE HERE RIGHT NOW. THERE WE GO, "BUILDING THE NEW AMERICAN ECONOMY." LET'S GO TO THE SINGLE BEST CHART NOW. THIS IS THE DECLINE IN MANUFACTURING IN AMERICA, AND THIS IS ADJUSTED FOR POPULATION. IT IS A LITTLE BIT OF AN ODD CHART. HOW DO WE GET AN AMERICA BUILT SACHS TOUGH? HOW DO WE GET TOUGH ABOUT THIS AND BUILD A TOUGH POLICY TO BOOST TRADE AND MANUFACTURING? JEFFREY: THAT IS A GREAT CHART, BUT THAT IS NOT A CHART OF AMERICAN MANUFACTURING. THAT IS A CHART OF MANUFACTURING EMPLOYMENT. THAT IS DIFFERENT, BECAUSE MANUFACTURING HIS INCREASED, BUT EMPLOYMENT HAS DECREASED, MAINLY BECAUSE OF PRODUCTIVITY. THAT IS REALLY IMPORTANT. WE ARE DOWN TO 8% OF EMPLOYMENT IN MANUFACTURING RIGHT NOW BECAUSE WE ARE A SERVICE ECONOMY. WHAT IS WRONG WITH MANUFACTURING ? NOTHING EXCEPT THE FACT THAT IT IS ROBOTS DOING IT. THIS IS A HUGE PLUS. THESE WERE A LOT OF JOBS THAT -- TOM: BUT THEY WERE THE LABOR. WE HAD A DEBATE WITH DANNY AT HARVARD, JEFF SACHS FROM COLUMBIA. WHAT DO WE DO WITH THE LABOR THAT HAS BEEN RUN OVER, WHO VOTED FOR SENATOR SANDERS, VOTED FOR PRESIDENT TRUMP? WHAT DO WE DO FOR THOSE PEOPLE WHO ARE ANGRY, ANGRY, ANGRY? JEFFREY: FIRST YOU LOOK AT WHERE DID ALL THAT INCOME GO -- TO THE VERY TOP. THIS IS THE ONE THING WE DO NOT LIKE TO TALK ABOUT IN THIS COUNTRY. THE STOCK MARKET IS BOOMING, THE WEALTH IS BOOMING, AND THEY WANT EVEN MORE TAX CUTS RIGHT NOW. THAT IS THE BIG PROBLEM. SO INSTEAD OF SOME FAIRNESS IN OUR SYSTEM, TRUMP SAYS WE ARE GOING TO BLAME THE FOREIGNERS. SO OF COURSE THAT IS ABSURD. OR WE ARE GOING TO BRING THE JOBS HOME WHEN THE JOBS DO NOT EXIST ANYMORE. THAT IS ABSURD. THOSE -- SO THIS IS A GAME TO TAKE AWAY FROM THE FACT THAT AMERICA IS BOOMING AT THE TOP OR IT -- AT THE TOP. FRANCINE: PLAYING DEVIL'S ADVOCATE, IN CERTAIN CASES IF YOU DO NOT DO THE TAX CUTS, BUSINESSES WILL MOVE ELSEWHERE. THIS IS WHAT DAVID CAMERON AND THE U.K. WERE TALKING ABOUT ALL THE TIME. COMPANIES WILL MOVE TO ASIA, SINGAPORE. AND THE U.S. LOSES OUT. JEFFREY: WE NEED A SMARTER TAX SYSTEM THAT COLLECTS MORE REVENUE, THAT IS MORE FAIR, AND IS INVESTMENT FRIENDLY. THAT IS NOT SO HARD TO DO. IN SMART COUNTRIES, THERE IS A RELIANCE ON MORE REVENUE COLLECTED THAT GOES TOWARD EDUCATION, HEALTH, SERVICES, TOWARD INFRASTRUCTURE. WE UNDER TAX, WE LEAVE THE RICH WITH EVERYTHING, AND WE DO NOT THEREFORE INVEST IN THE FUTURE. WE DO NOT HELP THOSE WHO ARE LEFT BEHIND. SO OF COURSE WE NEED SOME TAX REFORM, BUT NOT JUST TO SLASH

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Jeffrey Sachs Says U.S. Is Booming for People at the Top

In today's "Single Best Chart," Bloomberg's Tom Keene and Francine Lacqua display the decline of U.S. manufacturing employment going back to 1939. They speak with Columbia University Professor Jeffrey Sachs on "Bloomberg Surveillance." (Source: Bloomberg)

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