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-- on the state of the American economy which comes as no surprise to anybody except members of the Obama administration now.
According to the Labor Department claims for state unemployment benefits rose by 5000 last week.
Which brings the total number -- Americans filing for state unemployment benefits to a whopping 4171000.
-- meanwhile the national debt has skyrocketed four trillion dollars on this president's watch.
And that's something that the anointed one himself called unpatriotic.
When of course -- applied to George W.
Bush back in 2008.
So here to defend the Obama administration against these devastating economic realities one of the architects of the president's economic policies.
The former chairman of the council of economic advisors He just recently stepped down from that post.
Austan Goolsbee is -- us -- -- of the program.
Thank you just appreciate BI wouldn't let me let me just start with the president.
We're you know saying repeatedly that the economy is recovering over a period of time He said it again and again last summer was recovery summer.
And -- -- take.
The economy now is starting to stabilize and grow again the economy was predicted to be brought it about 34 point 5% the economy's now growing again the truth of the matter is is that the agricultural sector.
The -- -- states like Iowa.
Is doing very well.
The truth is now we've accumulated more debt than any president a short a period of time under President Obama.
The truth is I have the latest Bureau of Labor Statistics.
And lost -- -- to -- million jobs since his stimulus under Obama's plan.
He said He would cut the debt in half his administration said they keep unemployment below 8%.
You -- part of this what what wrong.
Well respectfully -- I'd say you get a year and your mix it up to that the time frame there.
In the year 2010.
Which is when most of the clips when the president was saying we were starting to grow again we were growing.
And over that seventeen months we added two and a half million jobs.
Now at the beginning of this year we get.
Revolutions in the Middle East.
European financial crises.
Now they've got earthquakes outside at Washington DC -- -- we've had a series of things that have.
Put some heavy blows and slow the economy Baghdad only way ahead on a site I think it's a little I I don't think you want to confuse.
Well things things -- -- way in general and I during the war hero -- labored at the statistics the Bureau of Labor Statistics.
President Barack Obama has lost 2.4 million jobs since his stimulus plan that's the -- result.
He said He was gonna create millions of jobs He said He cut the deficit in half.
He said unemployment would stay below 8% over promises He made of the candidate none of which came true are you actually gonna make the case that the Arab spraying.
And the Japanese earthquake.
It had -- had a had a more significant economic impact than say 9/11.
On the economy or Katrina on the economy.
What the price of gas shooting up to four dollars a gallon affected everybody -- -- in the bush years very direct way.
She is may happen in the bush years.
It happened at the end of the bush years and then preceded the worst financial crisis.
In all of our lifetime so I don't know if that's necessarily the perfect example of the so there are what we face like.
Where we lose a significant number of jobs and 78.
Pushing more -- up to nine million.
In the downturn.
But let's not get into a thing where.
You know guy takes you.
When the president takes office we're in the midst of what is now recognizes the worst downturn.
Since we have had data.
In the 1940 -- The president said He it -- well.
That's our struggle -- get out of it there's no question that president said that this is the worst economy since the Great Depression He knew what He was inheriting here.
And it seems to me -- blame bush for a couple years -- both houses of congress that to his credit He got his budgets passed.
He got -- stimulus He got his health care bill He got the economy He owns the economy according to David -- and Dave dead Debbie Wasserman Schultz.
And it's unpalatable in the tsunami little blame the Arab spraying we're gonna blame George W.
Maybe should we stops you know blaming the fact that He spends more money that He takes and.
And He doesn't seem to understand how to unleash the economic.
-- -- -- -- Well what wheel quote board trillion dollars and Obama debt.
Before President Obama even became the president -- always had where the bush policies.
The Congressional Budget Office said -- -- going to have one point three trillion dollar a year deficits.
Based just on how the economy is doing that was without any policies from President Obama one trillion dollar stimulus not fair.
One trillion dollar stimulus this year that was a really want here is six she shares fell that three years come on -- -- -- this year is that this year's deficit is one point 65 trillion.
And we're trying to get out of the worst downturn of our lifetimes I mean to look.
I don't know how are you shooting.
Yes three years would shut up I'm out of this -- -- where -- there are all of these international.
Economic officials from other countries.
The consensus of the international.
-- marina is bad.
In -- -- when countries come out of deep financial crises it's a tough messy process.
Our fastest recoveries like the one under President Reagan.
-- in the circumstances where you can just go back to doing what everybody was doing before the recession began.
We -- but we did not -- We had -- -- the opposite John and -- didn't drop the top marginal rates Obama's -- income tax the rich tax or Obama Barack.
Drop the top marginal rates.
From seven minutes you're hitting the presenting all make stuff up I don't know I I don't -- -- I didn't -- -- -- He dropped tough talk in order rental rates Ronald Reagan.
The top bars are red under Ronald Reagan was 50% of you -- -- -- -- -- from seventy to 28%.
That was the first that was the first ability pass that led to 21 million new jobs He didn't go blaming his predecessor -- It was their budget get out of the recession that you can't they work here of saying.
We can argue about what happened two and a half years ago for as long as you want I don't believe.
That the lack of rules on the financial industry.
Was the cause what what what what is the way to the -- do -- they regulations of financial industry.
Is the way to get the economy going yet I think it was the lack of rules.
They got us into this -- let me show you if we disagree on that let's pick the things we agreed not but I.
-- -- -- -- -- a growing up there I wanna go back to President Obama in 2008.
This is July 3 2008.
I want to hear He now is hit the four trillion dollar of Obama debt.
That's true for the fight in a trillion dollars a vote of new Obama dad.
This is what He said in in 2008 July 3 about George W.
And the four trillion dollars that bush accumulated over two and a half years but over eight years here's what He said.
The problem is is that the way bush has done it over the last eight years.
Is to take out a credit card from the bank of China in the name of our children.
Driving up our national debt.
From five trillion dollars for the first 42 presidents number 43 added four trillion dollars by -- -- some.
So that we now have over nine trillion dollars of debt.
There that we are gonna have to pay back.
30000 dollars for every man woman and child.
It unpatriotic and.
Based on his they don't definition four trillion dollars He did in two and a half years that He would you send out a little here's my question that was Derek are here -- -- Well the boy is He irresponsible He is responsible no injuries and that is Obama irresponsible.
And -- Obama unpatriotic.
The bush -- numbers that he's citing -- during a boom.
Obviously if you go into the worst downturn in your lifetime I'm surprised they're not giving him credit -- Because at the same time for -- had to go up to deal with the crisis.
He's had the lowest taxes as a share of GDP.
In sixty years because He couldn't get -- I don't why did -- try to raise them.
-- -- -- try to eat out -- eliminate the bush tax cut taxes for a 150 million workers the biggest middle class tax cut ever.
I -- -- all I can say is -- forget Sean Hannity and I'm a conservative look at his numbers on the economy on the right track wrong track.
Our faith in the government to solve the problems Obama's personal approval ratings this week.
The lowest in his presidency the American people are judging as of this moment.
That his economic policies have failed you won't acknowledge that his broken promises on cutting the -- deficit in half.
On and on 8% unemployment on turning the economy around you you're gonna say that he's been -- success that he's met his promises.
No look look I'm saying -- -- we're look -- -- laying a foundation.
For -- we had a period where we were growing at least added two and a half million jobs over 2010.
For the seven what are we gonna see any.
We've got to get the growth rate back up John that's what we've got He said if He didn't go to three years -- -- a one term president.
Rather than argue about what happened three years ago and how deep the recession is.
Let's talk about the things that we can agree on whether it's infrastructure.
Instead Mae and educate fascinating stimulus -- taxes.
Let's cut spending let's have a balanced approach to get the deficit that our last question I would -- so -- -- 100 happens good -- great what Charlotte cut capital balance why wouldn't you support cut capital balance why would you support.
The Mac Connie -- -- plan.
Well if we get into the details I think it's an extremist version of a balanced budget amendment that even the Ryan budget would not satisfy so I think if you start.
-- attacking the -- -- It would hurt the education.
And the investment budgets of the country -- The budget isn't Charlie debate about that but battle I don't it might get a extreme.
It's not extreme but we've got to do that in a balanced way they'll -- and I like -- was tantamount on the budget let's have a discussion about.
But they they float bonds and and issue debt.
While they balanced the budget so that -- a federal government's accounting it is slightly different about my point this.
There are things we can't agree -- hundreds of things -- that you and I would disagree on.
But there are five or six.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- If it would be affected.
All right now the president cut He eliminated the capital gains tax for people starting their own businesses -- investing in small businesses.
Because there I think the evidence is is pretty good that it can't be effective.
-- and others as long as we do this that a balanced way I think I think you could work.
All right Austin -- that do give me credit no one else in the administration would had the guts to come on the show and I appreciate.
Shot it it is time.
It's great decision I'll hold you to that thank you reveal whether it's -- and I don't forget -- they.
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