You're watching...
Democratic strategist Doug Schoen on the latest job numbers and President Obama's chances at re-election
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
And kicking off with a mixed bag of economic news the market seeing their worst Thanksgiving week performance in 38 years.
And a number of people applying for unemployment benefits rising slightly but there is a little bit of good news.
-- comes -- up and economists say that could boost spending during the all important holiday shopping season so.
How will voters economic jitters fact -- factor into the 2012 race.
Democratic pollster and former advisor to President Clinton Doug -- joins us and -- great to see tonight thanks for joining us thank you Shannon.
-- -- -- economic outlook right now I'm not very positive what does this president do with that going into 2012.
Well he's been running a left populist campaign he's attacking Wall Street the Republicans.
The business community.
I think what it really needs to do is re calibrate.
Go big is Tom Friedman in the New York.
-- said and try to do a budget deal to reconcile the kind of differences and issues congressman Wes was talking about but to try to get -- -- -- Trillion dollars in cuts tax.
Reform and most importantly economic growth to create jobs.
Do you think the president helped or hurt himself by staying out of the minutia of what the super committee was doing.
Well he'd gotten involved in the super committee's work.
Previously -- that which was done over the debt ceiling and it hurt him.
The left in the Democratic Party city compromised his position back in the summer so this time he stayed out.
Ultimately he was MIA.
There was no deal obviously.
I don't think he's helped his position and given the market's reaction.
There's clear evidence I think that there's increasing lack of confidence in our fiscal policies.
Well and looking ahead even as early as next week possibly some more fights here on Capitol Hill about things like extending -- payroll tax holiday about extending unemployment benefits things that will.
Evaporate at the end of the year and the president has said.
You're doing wrong by American families if you'll allow those things to go away because it's gonna financially hit people in their pocketbooks of the time they can least afford it.
But of course Republicans come back and say how -- gonna pay for this because it's not free.
Who do you think -- win this -- battle on those fights.
I think the president will probably win the short term.
-- -- on both of them on both the payroll tax cut an extension of unemployment benefits.
But I think he ultimately loses the big battle because -- he has no answer.
To the question of how -- gonna create jobs stimulate the economy and deal with the larger fiscal issues the tax cut is a popular Suez is extension of unemployment insurance.
But it misses the larger point which is the president's rating on the economy.
Is under 40%.
And people don't believe he has a plan to revitalize a sputtering economy.
Yeah and and just yesterday the third quarter GDP was revised down -- and that's another tough number for the administration to deal wet.
So how is the president doing in key states on these economic issues he's doing.
I don't think so well you look through the industrial midwest his poll numbers are under 50%.
He's even with -- behind Mitt Romney.
He's gonna try to make up for his loss -- independents and with Rust Belt voters with picking up some states in the southwest and hold on to some states like.
Virginia Carolina and Florida in the south.
That he won last time it's a tough nut to crack he can be reelected because the Republicans are arguably less well regarded -- he is but right now the electoral -- presents a daunting challenge.
Okay so we're going and see the holiday season and and a lot of people will want to look and see how confident consumers are feeling when they go -- standard don't spend on Black Friday in all the way through.
Christmas and Chanukah on holiday shopping how important is it to this administration that there be good signals from consumers that they're comfortable spending their money.
Well I think.
It will help the administration if we have a robust and healthy shopping season I don't think it's going to ultimately reassure people about the larger challenges.
Facing our country but if we have.
A drop in spending as is possible it could further.
Jeopardize consumer confidence which would be calamitous for the president.
Any predictions going into -- important shopping holidays Seattle he senses it's gonna be up because I think people sort of see you know.
Only storm clouds on the horizons -- -- have one good holidays season and let's hope that Americans have.
Good -- giving you two Shannon had a good holiday season.
You as well -- thank you very much for sharing your expertise with us tonight my pleasure.
