Solutions for US economic recovery
Economic adviser Gene Sperling weighs in
- Duration 5:02
- Date Jun 12, 2012
Economic adviser Gene Sperling weighs in
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-- back -- top stories today at that and being the economy of course in a new report revealing just how hard Americans were hit by the housing crisis and by the recession.
-- the median net worth -- an average family dropping the levels we haven't seen.
Since the early 1990s actively look from 2007 to 2000 intend.
We look like we have wealth levels of what we saw in 1990 to do so let's remind you what was happening back in 1919 in this country.
And forgiven one best pictures at the Oscars.
Eric Clapton's tears in heaven wasn't song of the year at the grammys the average price for a gallon of gas back then one dollar and 85 cents.
And the average price for a new home adjusted for inflation.
Just over 236000.
Dollars who tried to -- a picture of our next -- back -- -- ninety that FaceBook did exist back that Gene Sperling is the director of the National Economic Council assistant.
To the president for economic policy probably best not.
Ted any of our pictures from 99 -- you.
On the screen not.
I would love to have a picture of me remind me to I would be twenty pounds then there and you actually see my hair was Dark -- -- out.
We look toward to Sherry now what they're viewers at any time -- stateside you wish your personal voters the photos we'll take it let's talk a little bit about this on this Federal Reserve.
I've studied it since your research a group is looking at -- -- analyzing some of the numbers.
And they said as recently as April household in come with still about 6% lower than when the recession ended.
So we're still not repairing what happened during the last couple years how we fix that what can we do.
Let me let me make two very important points obviously the numbers -- talking about are a tough and brutal snapshot.
Of this financial crisis and housing bubble odd that this president inherited any show is.
It's just another sign of how much damage was done.
From the recklessness.
That took place in our financial system previously too typical American families.
But is important to note that that is a snapshot of what took place.
Up -- twenty -- The Federal Reserve also has additional information in their flow of funds that looks at what's happened.
Two household that wealth since the end of when he can and while it's not good enough.
There is good news that you have seen a substantial share of what you are reported as lost wealth -- captured over the last year and a half.
And that really just shows getting -- your second point that we've got to fight this and all on all fronts now first of all one thing we should not be doing.
If we shouldn't happy trying to repeal.
Wall Street reform as some of our Republican friends are so that we make sure something this devastating never happens again.
And secondly we need to do everything within our power to help.
More families recapture.
The wealth that was lost and -- some other -- news IRAs and 401K the total amount.
Is actually higher now but it was before the crisis but I'll give you an example of everything we can all come together on that would help.
President right now supporting universal refinancing.
One of the thing was.
Tina I unfortunate side are critical time and I'm an LSU yeah -- -- the second the president has expressed frustration with congress for not doing more and some of the job plans that he's put out their job proposals.
But congress seems to be acting the way that it is what's the backup plan if congress -- -- take up some of the stuff.
What are the new ideas.
I think what I things is to oppress people on the things that are so bipartisan so common sense that it's too hard for them.
To say now and the one I'm just speaking up universal refinanced I don't know any Republican family's pain 7%.
On their mortgage that would rather -- 34000.
-- four and a half or 4% on the mortgage we have a bill it's have a Republican.
I support for the idea of offering every take -- taking the barriers away from refinancing that would help this economy.
You know the president last year proposed cutting payroll taxes in half for small businesses that's been supported.
By people like Michelle Bachmann before I that would have an instant a -- impact on job growth in wages in our economy right now.
-- the president has another proposal to cut taxes for small businesses.
Who for the additional lump that their hiring or adding wages this year he proposals like that that are.
Absolutely bipartisan have often been endorsed by Republicans were supporting those -- others with things like bringing teachers back we have real question is.
How can people who say they're concerned about the economy.
Say no it every idea no matter how common sense no matter how bipartisan or even propose -- that were one point proposed by -- Look we have heard some of those ideas and we look for to have -- back to talk more about than we know the president has a big address in Ohio.
And one of the big questions for Thursday.
Is whether or not there may be some new ideas presented by the president or not and we look forward to having you back maybe in this league team to talk more about -- ideas.
Thank you for your time today and we'll be right back with more happening now thing.