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President -- -- Martha's Vineyard so what about jobs He promised for starters first thing this morning He named a new chairman discounts of economic advisors -- that appointment comes just one week for the -- is expected.
To lay out his new jobs -- so who is a new chairman and will -- make a difference near times finance reporter Louise story joins.
Did -- Louisiana Russa no appointments.
Well I'm Alan -- -- been a lot of time professor at Princeton and and actually -- he's been a lot of research -- unemployment.
So the idea is perhaps says professor from prince then can con man and help us with this jobs crisis we're having in the country right now.
Does He have any experience -- -- to be sarcastic specially after hours is critical of some announcements sarcastic about governor ready cared about me.
Be careful indeed He has studied.
-- labor He has studied unemployment.
Does He have any real life experience actually hiring people -- -- so that -- -- work environment.
We now isn't as a reason real life experience wise earlier -- -- Obama administration He was the chief economist for the Treasury Department and while He was there.
When the big things He was very active and less than build America bonds program which helps a lot of cities and states.
I'm raise money with a federally -- backed program.
That was coming -- with a bit of a boon to the Wall Street banks because they made all this money and they're -- those deals He was involved -- that.
His research on unemployment is the most important piece of it has to do you went.
The minimum wage you know a lot of people say you.
Raise the minimum wage you will make it says that companies don't hire as much and what his research has shown -- even if you raise the minimum wage.
Companies will sell higher.
I guess it depends a way to erase it a dime an hour when they raise it fifty bucks an hour ago -- that would be I have and what the study -- that -- out.
Tele town in terms so it -- unemployment.
Dot in this country and -- -- -- Americans across and as you know we've discussed this before.
Who are desperate to get jobs -- -- through it that Iran and the strategy has not been effective is our unemployment spends -- Has been had not had much improvement that act does He have any sort of thoughts or policy -- -- -- as a policy or experience or ideas or is written anything issue I think that He has a strategy different from the -- the White House is currently been -- Since January of 09.
It's unclear -- Actually what -- policy proposal would be and by the way you know Obama and they already have something and the -- seen a lot of people hoping to as sense you know time is running out so.
I this that appoints email watch into the plan -- -- and some Wyatt.
Laid out that said -- one of his policies that has.
Been in -- but a lot today -- He.
When is nominated is and He came -- -- nine and said He would like at consumption tax.
And this is a -- controversy as He made it very interesting proposal for -- though He said.
Don't -- consumption tax right away because I'll be hard on the economy -- be hard on particularly lower income people who have a very big percent of there.
Spending money has to go to consumption their earnings have to go to -- and pretty -- announce now that you're gonna do it in two years.
So why make ever under spent lots money now right -- -- -- car now go buy your clothes go by.
Anything you -- -- -- get ahead of that tax which is coming so might help the economy in the short term but in the long term.
It would encourage people to save and raise money so I think a lot of people be watching to see if once he's back in the White House advising the president if we hear more about.
That consumption tax.
Is He is John Condit I mean ever -- tired in any administration as a particular.
-- feel that the presence looking for.
Is his job to come up with a strategy to get us out of the doldrums act economically or is his job were seen as someone who can sell congress.
-- American people on the pres Obama economic strategy.
It's really about you know he's supposed to look to history and to resurgent -- the president on I'm.
What might work a -- may not work but he's also supposed to be a voice out there in front -- -- cameras.
You know out there in congress convincing people when He wasn't -- Treasury Department as chief economist earlier an administration.
He was instrumental.
In pushing for some of Obama -- economic policies which of course.
People are saying now live -- -- economic policies did not go far enough and that the stimulus is not big enough back then.
But He -- He He -- for though is fact and you're sure to see him pushing a lot -- Obama's plans now.
On the flip side some said it wasn't legend pushed far enough which -- at those are plans -- failed.
You know -- it's hard to know what it would have been like without benefit -- -- -- -- it worse but on.
He was certainly at promoting Obama's plans the other twist here of course is because he's already been confirmed once -- -- and it.
That president -- administration presumably are hoping he'll need breeze through this time around again it.
What did the president consider anybody who with business experience as opposed to someone who came it was coming from -- the academic world.
We know He does -- -- and knowledge this CEO General Electric one of the biggest American companies -- is an advisor to him.
On economic and job policies so he's got and he's also got a former executives from JPMorgan as his -- the staff.
So -- -- some people with real world experience you can help out their professor and those guys at the top public somebody who's run a continuity 200 people Nash's hands on experience of what it takes to meet a payroll -- -- hire people to fire people.
Not not the guys that's silly if they had to wait at the wake up of these corporations but people of bill really Donna.
Who went Nathan that's.
How big are you stuck me -- -- that I I'm not I'm getting out of us I'm feeling a lot of thinking -- fact that the President Obama -- --
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