Power Play: What's the Jobs Plan?
The president will announce a new plan to get people back to work. But so far, it's short on details
- Duration 9:31
- Date Aug 30, 2011
The president will announce a new plan to get people back to work. But so far, it's short on details
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This transcript is automatically generated
Playing out a series of steps that congress can take immediately to put more money in the pockets of working families and middle class families to make it easier for small businesses to hire people.
To put construction crews to work rebuilding our nation's roads and railways and airports.
And all the other measures that can help to grow this economy.
That was President Obama just yesterday in the Rose Garden talking about his long promised you jobs and economic recovery plan.
And this is power play with that still is Juan Williams.
And joining us now Peter Barnes from the Fox Business Network who is not in Jackson Hole.
Not in any of the -- I'm finishing you know whenever you uncle I think when you -- rich people you get to -- that's.
Another record -- I didn't get to go live edition where.
And our butts off as a -- -- -- -- that I have got to read receipts check this idea OK now we just heard the president talking about it's complicated and that He has things that are laid out in front of the house that he's done but I want to share with you.
Right now what Barack Obama told Brian Williams of NBC news on this date.
Yes on August 20 -- 2010.
We anticipated that the recovery was growing.
The economy is still growing but it's not growing as fast as it needs to be I've got things right now before congress that we should move.
Immediately and I said so before I went on vacation.
And I keep saying it now that I'm back.
There are a whole host of measures we -- take no single element of which is a magic bullet but cumulatively can start continuing to build momentum for the recovery now.
What's the deal this is this August when He -- these it.
Year later -- the proposals.
What you know you can easily remember them because they're about to be lined out again many of them are going to be lined out again in his new proposal that we see the president's coming forward with what looks like some pretty small all of the indications.
Peter set the frame for want and I hear what's that what what's the president gonna do.
All the big picture is is that hey folks we're out of money.
Ahead where we we have we have -- out of fiscal bullets basically run a monetary bullets that the Fed do it's what we talked about Jackson Hole but that's of the bank conference there's so yeah that is small ball it is for example it once again trying to extend the payroll tax cut the 2% payroll tax -- for another year that would keep a 100000000110.
Billion dollars in people's pockets.
Extending unemployment benefits the president once again -- -- try and get a deal on an infrastructure bank and and and other things so we're gonna hero pretty a lot of old stuff rerun of some of that old stuff and then they are talking about a few new things I don't want dug into this one.
A department of jobs kind of wet -- they're got bad and yeah food they that they won't -- that they must get a call back but there is there want to look at says some kind of government reorganization did talk to former administration official objectionable about that very plan and He says yes -- might be something to look at -- -- looking at reorganizing and then there's no you don't think you talked around the other thing -- talked about is giving -- people with poor credit ratings.
Finding way to get them refinance their love -- out through through Fannie Mae and Freddie Mac O which -- For the mortgages in America and a lot of those are underwater and yet that this site is being kicked around for a year -- -- reporting on -- last week.
It would be it would be nice but it would be hard.
The president who is going to make some kind of proposal on housing He may propose this as well but anyway -- got details.
It's going to be tough and I want.
We've heard from you.
For a long time now that the president needs to get hold of this issue that when it comes to the jobs issue that you -- work your call is.
You've got to get in front of this thing.
You've been slipping behind it.
Why are we hearing a bigger we keep talking about who aren't on the left you read Paul Krugman you read other people the president's base the people who believe in him the people who -- single big man you gotta go big.
Why isn't going bigger.
We can't go bigger and I think -- -- it right on ahead we're out of money and secondly the Republicans want no part of it even in terms of the job.
Prescriptions that you just heard outlined by mr.
Barnes it's not clear that Republicans will buy into them unless the president agrees to.
-- -- -- Points and they want things like cuts in regulation that are ready you're hearing from top people in the senate like Charles Schumer.
Are just unacceptable they're not gonna play ball so potentially what you're getting -- is a -- -- of -- Debt ceiling negotiations where both sides are saying no this is what's necessary and what's best for the American people.
And nothing gets done for the American people is just it took me tragic that we -- in that position but again in a totally polarized negative situation that.
The larger point in response to your question Chris is something that I think is an underlying factor here which is that the American people don't believe the stimulus worked.
Ever so no matter what President Obama says about Republican.
Right He can't it's it's heart and to make the case here you yes.
I -- Paul Krugman we should spend more money to create jobs because guess what it is now part of those political firmament that the stimulus spending was for an.
And even though it's even -- I don't I got a great that is tell -- the political reality even though the Congressional Budget Office says that.
Unemployment rate would be higher.
Everybody says look you did create some jobs it didn't stop us from going to -- but you know what that the sentiment is.
-- you spent all that money and we still have.
High unemployment and we on the Egyptian and we must have been and we missed the mark because that would residents said was you can have unemployment over 8%.
If you don't.
Pass this stimulus right and now we have waited quite that's not -- but what fascination for music -- economic advisors I think it was Chris Christina Romer -- -- Right now this all happens Peter on the backdrop.
A brutal physical season ahead that's in -- we're going to be joined by Republican congressman.
Steve's divers here in a second and he's gonna we're gonna flesh this out -- and I -- but.
In fact we're newest -- -- I don't need your facts in here now this is another factor is -- -- that's.
That's how we roll into and out -- the the the issue is that you have these.
Grueling physical tasks ahead Fred for the president in fort congress you have the expiration of the conversion -- -- -- CR that it OJ resolution that's been funding the government.
You had the expiration of the national gasoline tax which funds road.
You have you have the super committee meeting that is supposed to find one point five trillion dollars in long term.
As we get into the heat of a presidential election season right now.
All of that being so it seems like the obvious way for the president to get the ball going here.
Is that Republicans want to talk about tax code simplification.
And the president wants talk about tax code simplification why isn't this the way forward why isn't the president just coming out and put a bear hug around us and say you want to simplify the tax those of the by the.
Tax -- said that and He says He supports that but again it's going to be hard and it's gonna take a heck of a lot longer than just you know.
The month or two that the super committee has to deal with trying to find -- That I think the way out of this but this box but -- once again as a Clinton.
A deal ala Clinton and Gingrich.
We're in which and it's not this year it's going to be after the election if TrueCrypt -- Obama gets into the and everybody in America talking -- says -- -- -- tax reform takes a long time yeah we have committees we have this process they've made some progress on it.
But the differences are are wide.
And and so I think that that they're gonna -- basically into the election -- we're gonna have an election over a lot of these very big questions what should we -- How much -- -- we -- -- taxes will include Charles Krauthammer says what is the social contract is the issue or.
13 million Americans out of work though I know that's kind of a bummer to hear that we're not going to be able to do anything about this issue myself next November.
On both guys are gonna pay a price here I do you right now active especially if that doesn't mean we've you know you look at the numbers clearly it's a pox on all their houses Americans just to discuss -- Washington white congress not a terrific but.
Yeah that's not -- that their computer video input functionality from my -- right.
It is shocking -- get anything done that -- -- if not likely that we're gonna see any jobs proposal that bears fruit in the.
Fall and I was -- all these big brain economists -- Jackson Hole and -- -- there's it it doesn't let the good that they're out of bullets policy makers at the Fed and in congress.
We're gonna have high employment unfortunately there's going to be a lot of continued suffering for people out there.
And there is gonna be no quick fix them in unemployment is probably still going to be what eight and a half percent if we're lucky by Election Day out its -- parent.
I will maintain -- -- -- that the secret is if the president would go frame rate reduction in a tax code simplification.
He could be the walk through here and I think that that's gonna happen right but and but not necessarily now -- I think they'll all agreed to that -- as part of that of the super committee but -- let all of that but it's gonna take you know a year to work out.
Tax reform kicking in in January 1 of 2014.
-- even when the news is bad we are very.
I think -- made for those facts it's.
Okay with --