U.S. Needs New Henry Ford on Worker Pay: Dowd

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Dec. 6 (Bloomberg) -- Bloomberg political analyst Matthew Dowd and Michelle Meyer, senior U.S. economist at Bank of America Merrill Lynch, discuss income inequality in America on Bloomberg Television’s “Bloomberg Surveillance.”

Is going on with the small group of people in this country.

We need another henry ford, who came along and said that we have to pay people enough to buy the products that we make.

The disruption that we have points in the other direction.

There are fewer workers employed.

Fewer workers supporting retirement.

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Matt dowd, from where you sit, this trickle-down economics work?

It works in a very small amount.

When you have wealth at the top, it does trickle down.

We have a generation now where we have not improved the financial situation.

We have fallen when you factor in inflation.

The younger voters do not think they will be better off.

Michelle meyer is joining us from bank of america.

What is the long-term ramifications if wages do not grow?

It certainly changes consumption behavior.

It changes the overall dynamics in the economy.

You have several years of slow growth.

Consumers are going to feel differently about their willingness to take on debt.

They will feel differently about their willingness to save.

I spoke last night to jeffrey at general electric.

He minced no words about it.

He simply said that there is a huge difference between two percent gdp and 3.5% gdp.

Do you agree with that?

Would that solve america's problems?

It will go a long way.

3.5% gdp is a much stronger economy than two percent.

We estimate growth to be about 2.25%. you need that to keep this trend.

This is coming off of a very weak recession.

We have a big output cap.

Things are above trend.

We need to close that gap and normalize the challenges.

Thank you so much.

We will continue with matt dowd.

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